Document:

Amendment of Employment Agreement between BankUnited and Alfred R. Camner

 Exhibit 10.1 
  
 AMENDMENT NO. 7 TO EMPLOYMENT AGREEMENT 
  
 This Amendment No. 7 (the “Amendment”) to the Second Amended and Restated Employment Agreement effective as
of April 1, 2002 (the “Agreement”) is made by and between BankUnited Financial Corporation, a Florida corporation (the “Company”) and Alfred R. Camner (the “Executive”) and is effective as of April 21, 2006.

  
 RECITALS 
  
 WHEREAS, Section 4 of the Agreement provides that, as a part of
his cash compensation, the Executive shall have the opportunity to earn between Seven Hundred Thousand Dollars and One Million Dollars upon the satisfaction of certain pre-established short-term compensation goals set by the Company; and 

 
 WHEREAS; the Compensation Committee considers that, given
management’s focus on achieving extraordinary performance for fiscal 2006, it may be appropriate, as an incentive to such achievement, to set performance goals at extraordinary target levels, with the opportunity to earn additional cash
compensation in excess of the currently specified amounts; 
  
 NOW, THEREFORE BE IT RESOLVED, in consideration of the mutual agreements and premises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree
as follows: 
  
 1.        Section 4 of the Agreement is hereby amended by removing Section 4 of the Agreement in its entirety and replacing it with the following paragraph: 
  
 In consideration for the services to be rendered by the
Executive hereunder, for the period commencing April 1, 2002 and ending September 30, 2002, the Company shall pay the Executive no salary, but shall provide the Executive with the opportunity to earn between Three Hundred Thousand and
00/100 Dollars ($300,000) and Five Hundred Thousand and 00/100 Dollars ($500,000) upon the satisfaction of certain preestablished short-term compensation goals set by the Company. For the period commencing October 1, 2002 and continuing through
December 31, 2005, in consideration for the services to be rendered by the Executive hereunder, the Company shall pay to him a salary at an annual rate of Three Hundred Seventy-Five Thousand Dollars ($375,000). For the period commencing
January 1, 2006 and continuing through September 30, 2006, in consideration for the services to be rendered by the Executive hereunder, the Company shall pay to him a salary at an annual rate of Four Hundred Seventy-Five Thousand Dollars
($475,000). The Executive’s Salary shall be payable in approximately equal installments in accordance with the Company’s customary payroll practices for senior officers. In addition, for the period commencing October 1, 2002 and
continuing through September 30, 2006, the Company shall provide the Executive with the opportunity to earn between Seven Hundred Thousand 

  

 1 

 
and 00/100 Dollars ($700,000) and One Million and 00/100 Dollars ($1,000,000) per year, upon the satisfaction of pre-established short-term compensation
goals set by the Compensation Committee of the Board of Directors; provided that the Committee may review and approve an increase in the total amount of compensation which may be earned for any short-term period based upon the achievement of such
pre-established goals, subject to the requirements specified for performance-based compensation under section 162(m) of the Code. Prior to each Anniversary Date occurring during the Employment Period, the Board shall review the Executive’s
annual rate of salary and may, in its discretion, approve an increase therein. In addition to salary, the Executive may receive other cash or stock compensation from the Bank for services rendered hereunder at such times, in such amounts and on such
terms and conditions as the Board, in its discretion, may determine from time to time. For purposes of Section 9(b)(iv), the term “Salary” shall mean the aggregate value of the annual rate of cash compensation and the fair market
value, determined at the time of grant, of the stock compensation paid to the Executive pursuant to this Section 4 hereof. 
  
 2.        Except as modified by this Amendment, all other terms and conditions of the Agreement remain in
full force and effect. 
  
 IN WITNESS WHEREOF, the Company
has caused this Agreement to be executed and the Executive has hereunto set his hand, all as of the day and year as first written above. 
  

			
	 BANKUNITED FINANCIAL CORPORATION
	 	 EXECUTIVE:
  

		
	 By: /s/    Lawrence H.
Blum                
	 	 /s/    Alfred R.
Camner                

		
	 Name: Lawrence H. Blum
	 	 Name: Alfred R. Camner

		
	 Title: Vice Chairman of the Board and Secretary
	 	 
		
	 ATTEST:
	 	 
		
	 By: /s/    Dellene
Acampa                    
	 	 
		
	 Name: Dellene Acampa
	 	 
		
	 Title: Assistant Secretary
	 	 

  

 2Amendment to Employment Agreement between BankUnited and Alfred R. Camner

 Exhibit 10.2 
 AMENDMENT NO. 8 TO EMPLOYMENT AGREEMENT 
 This Amendment No. 8 (the “Amendment”) to
the Second Amended and Restated Employment Agreement effective as of April 1, 2002 (the “Agreement”) is made by and between BankUnited Financial Corporation, a Florida corporation (the “Company”) and Alfred R. Camner (the
“Executive”) and is effective as of June 7, 2006. 
 RECITALS 
 WHEREAS, Section 9(b)(viii) of the Agreement currently provides that the Executive may make an election following his termination of employment
with the Company, and subject to the Company’s consent, to receive a lump sum payment for the difference between the Market Value and exercise price of the shares subject to his stock options, upon surrender of such stock options; and

 WHEREAS; upon consultation with various advisors, the Committee and the Executive had determined to delete the Executive’s
right to make such an election; 
 NOW, THEREFORE BE IT RESOLVED, in consideration of the mutual agreements and premises contained
herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1. Section 9(b)(viii) of the Agreement is hereby deleted in its entirety and replaced by the following: 
 At
the election of the Company made within thirty (30) days following the Executive’s termination of employment with the Company, upon the surrender of options or appreciation rights issued to the Executive under any stock option and appreciation
rights plan or program maintained by, or covering employees of, the Company, a lump sum payment in an amount equal to the product of: 
 (A) the excess of (I) the fair market value of a share of stock of the same class as the stock subject to the option or appreciation right, determined as of the date of termination of employment, over (II) the
exercise price per share for such option or appreciation right, as specified in or under the relevant plan or program; multiplied by 
 (B) the number of shares with respect to which options or appreciation rights are being surrendered. 
 For purposes of this Section
9(b)(viii) and for purposes of determining the Executive’s right following his termination of employment with the Company to exercise any options or appreciation rights not surrendered pursuant hereto, the Executive shall be deemed fully vested
in all options and appreciation rights under any stock option or appreciation rights plan or program maintained by, or covering employees of, the Company, even if he is not vested under such plan or program; 

 Amendment No. 8 
 BankUnited Financial Corporation 
 Alfred Camner Employment Agreement 
 Page 2 
 2. Except as modified by this Amendment, all other terms and conditions of the
Agreement remain in full force and effect. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed and the
Executive has hereunto set his hand, all as of the day and year as first written above. 
  

									
	BANKUNITED FINANCIAL CORPORATION	 		 	EXECUTIVE:
					
	By:	 	 /s/ Lawrence H. Blum
	 		 		 	 /s/ Alfred R. Camner

	Name:	 	Lawrence H. Blum	 		 	Name:	 	Alfred R. Camner
	Title:	 	Vice Chairman of the Board and Secretary	 		 		 	

  

			
	ATTEST:
		
	By:	 	 /s/ Dellene Acampa

	Name:	 	Dellene Acampa
	Title:	 	Assistant SecretaryAmendment to Employment Agreement between Bank and Alfred R. Camner

 Exhibit 10.3 
 AMENDMENT NO. 4 TO EMPLOYMENT AGREEMENT 
 This Amendment No. 4 (the “Amendment”) to
the Second Amended and Restated Employment Agreement effective as of April 1, 2002 (the “Agreement”) is made by and between BankUnited, FSB (the “Bank”) and Alfred R. Camner (the “Executive”) and is effective as of June
7, 2006. 
 RECITALS 
 WHEREAS, Section 9(b)(viii) of the Agreement currently provides that the Executive may make an election following his termination of employment with the Bank, and subject to the Bank’s consent, to receive a lump sum payment for
the difference between the Market Value and exercise price of the shares subject to his stock options, upon surrender of such stock options; and 
 WHEREAS; upon consultation with various advisors, the Committee and the Executive had determined to delete the Executive’s right to make such an election; 
 NOW, THEREFORE BE IT RESOLVED, in consideration of the mutual agreements and premises contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1. Section 9(b)(viii) of the
Agreement is hereby deleted in its entirety and replaced by the following: 
 At the election of the Bank made within thirty
(30) days following the Executive’s termination of employment with the Bank, upon the surrender of options or appreciation rights issued to the Executive under any stock option and appreciation rights plan or program maintained by, or covering
employees of, the Bank, a lump sum payment in an amount equal to the product of: 
 (A) the excess of (I) the fair market
value of a share of stock of the same class as the stock subject to the option or appreciation right, determined as of the date of termination of employment, over (II) the exercise price per share for such option or appreciation right, as specified
in or under the relevant plan or program; multiplied by 
 (B) the number of shares with respect to which options or
appreciation rights are being surrendered. 
 For purposes of this Section 9(b)(viii) and for purposes of determining the Executive’s
right following his termination of employment with the Bank to exercise any options or appreciation rights not surrendered pursuant hereto, the Executive shall be deemed fully vested in all options and appreciation rights under any stock option or
appreciation rights plan or program maintained by, or covering employees of, the Bank, even if he is not vested under such plan or program; 

 Amendment No. 4 
 BankUnited, FSB 
 Alfred Camner Employment Agreement 
 Page 2 
 2. Except as modified by this Amendment, all other terms and conditions of the
Agreement remain in full force and effect. 
 IN WITNESS WHEREOF, the Bank has caused this Agreement to be executed and the Executive
has hereunto set his hand, all as of the day and year as first written above. 
  

									
	BANKUNITED, FSB	 		 	EXECUTIVE:
					
	By:	 	 /s/ Lawrence H. Blum
  
	 		 		 	 /s/ Alfred R. Camner
  

	Name:	 	Lawrence H. Blum	 		 	Name:	 	Alfred R. Camner
	Title:	 	Vice Chairman of the Board and Secretary	 		 		 	

  

			
	ATTEST:
		
	By:	 	 /s/ Dellene Acampa
  

	Name:	 	Dellene Acampa
	Title:	 	Assistant Secretary

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