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                                                                   Exhibit 10.11

                              EMPLOYMENT AGREEMENT

          THIS EMPLOYMENT AGREEMENT ("Agreement") is made and entered into as of
the 21st day of August, 2002 by and between Ramiro Ortiz (hereinafter the
"Executive") and BankUnited, FSB (the "Bank").

                                    Recitals

A         The Board of Directors of the Bank (referred to herein as the "Board")
have determined that it is in the best interests of the Bank and its shareholder
to obtain the services of the Executive.

B         The Bank, on behalf of itself and its shareholder, wishes to engage
the services of Executive.

C         This Agreement is entered into as a complement to the employment
agreement (the "BankUnited Agreement") between Executive and BankUnited
Financial Corporation and is set out separately in acknowledgement of the Bank's
legal status and to assure the Bank's compliance with applicable federal and
state regulations. Nothing in this Agreement is intended to bestow greater
rights on Executive than the BankUnited Agreement or to prejudice Executive's
rights thereunder.

D         The Board has determined that this Agreement will reinforce and
encourage the Executive's attention and dedication to the Bank.

E         The Executive is willing to make his services available to the Bank on
the terms and conditions hereinafter set forth, but desires assurance that in
the event of such a threatened or actual Change of Control he will continue to
have the employment status and responsibilities he could reasonably expect
absent such event and, in the event of his termination or a Change of Control,
he will have fair and reasonable severance protection on the basis of his
service to the Bank at that time.

     NOW, THEREFORE, in consideration of the premises and mutual covenants set
forth herein, the parties agree as follows:

     1.   Definitions. In addition to the words and terms "Date of Termination,"
"Disability," "Disability Effective Date," "Notice of Termination," "Change of
Control Payment" and "Vested Benefits," shall have the same meanings as set
forth in Section 1 of the BankUnited Agreement.

     2.   Employment.

          2.1 Employment and Term. The Bank agrees to engage Executive, and
Executive agrees to provide services to the Bank, on the terms and conditions
set forth herein, for a period of one (1) year commencing on September 20, 2002
(hereinafter the "Commencement Date") and expiring at the conclusion of
September 30, 2003 (the "Term") subject to renewal by

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the Board of Directors, from year-to-year for up to four additional years,
unless Executive resigns prior to that time or is sooner terminated as
hereinafter set forth.

          2.2 Position and Duties of Executive. The Executive shall serve as the
President, Chief Operating Officer and Chief Administrative Officer ("COO") of
the Bank and President and a member of the Board of Directors of the Bank so
long as he continues as the President and COO. During the Term of employment,
the Executive shall diligently perform all services as may be reasonably
assigned to him by the CEO, Board or its Chairman and shall exercise such power
and authority as may from time to time be delegated to him by the CEO, Board or
its Chairman. The Executive shall be required to report solely to, and shall be
subject solely to the supervision and direction of, the CEO, Board or its
Chairman and no other person or group shall be given authority to supervise or
direct Executive in the performance of his duties. The Executive shall devote
substantially all his working time and attention (other than during weekends,
holidays, approved vacation periods, and periods of illness or approved leaves
of absence) to the business and affairs of the Bank, render such services
efficiently and to the best of his ability, and use his best efforts to promote
the interests of the Bank.

     2.3  Place of Performance. In connection with his employment by the Bank,
the Executive's principal place of employment shall be the Bank's executive
offices in Florida.

     3.   Compensation.

3.1  Executive shall be compensated in installments, consistent with the Bank's
normal compensation practices, as may be changed from time to time with advance
notice. Executive's compensation entitlements, for the first Term of this
Agreement, and for any annual Term thereafter, if renewed by the Board, shall be
in accordance with the compensation schedule and process set forth in Sections
3.1 and 3.2 of the BankUnited Agreement.

     4.   Additional Benefits.

          4.1 Expense Reimbursement. During the Term, upon the submission of
supporting documentation by the Executive in form sufficient to permit deduction
thereof under applicable tax law (but without regard to actual deductibility),
the Bank shall promptly reimburse the Executive for all reasonable expenses
actually paid or incurred by the Executive in the course of and pursuant to the
business of the Bank, including expenses for entertainment and all travel and
living expenses while away from home on business or at the request of the Bank,
provided that such expenses are incurred and accounted for in accordance with
the Bank's regular policies and procedures.

          4.2 Executive shall receive those other benefits provided under
Sections 4.2, 4.3, 4.4, 4.5, 4.6, 4.7, and 4.9 of the BankUnited Agreement.

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          4.2 Indemnification and Insurance.

              (a) During the Term of this Agreement, the Bank shall cause the
Executive to be covered by and named as an insured under any policy or contract
of insurance obtained by it to insure its directors and officers against
personal liability for acts or omissions in connection with service as an
officer or director of the Bank or service in other capacities at the request of
the Bank. The coverage provided to the Executive pursuant to this section 4.2
shall be of the same scope and on the same terms and conditions as the coverage
(if any) provided to other officers or directors of the Bank.

              (b) To the maximum extent permitted under applicable law, during
the Term of this Agreement and for a period of 3 years thereafter, the Bank
shall indemnify the Executive against and hold him harmless from any costs,
liabilities, losses and exposures to the fullest extent and on the most
favorable terms and conditions that similar indemnification is offered to any
director or officer of the Bank or any subsidiary or affiliate thereof.

     5.   Termination.

          5.1 Termination for Cause. Notwithstanding anything contained herein
to the contrary, this Agreement may be terminated by the Bank for Cause. As used
in this Agreement, "Cause" shall mean (i) any action or omission or failure of
the Executive which constitutes a material breach of this Agreement, including
without limitation failing to carry out his duties and responsibilities in
accordance with Section 2.2 (if, however, the Board determines that it is an
action, omission or failure which can be cured, the Bank agrees to provide one
cure period of sixty (60) days after receipt by the Executive of specific
written notice of the issue. If the issue is not cured within the sixty (60) day
period, or is of a nature that the Board determines cannot be cured, the
Executive will be terminated for cause as specified in a Notice of Termination);
(ii) the Executive engages in an act(s) of personal dishonesty, incompetence, or
willful misconduct in connection with his employment, the performance of
services or handling the affairs of the Bank; (iii) the conviction of Executive
for, or a plea of guilty or nolo contendere to, a criminal act which is a
felony, or which is a misdemeanor involving theft, dishonesty or moral
turpitude; (iv) the Executive breaches a fiduciary duty owed to the Bank
involving personal profit, intentional failure to perform stated duties, or
which could seriously prejudice the interest of the Bank, its depositors, or
shareholder; or (v) the Executive's breach or willful violation of any law,
rule, regulation, corporate policy (other than traffic violations or similar
non-material offenses), or final cease and desist order in connection with his
performance of services for the Bank. An express termination by the Bank for
reasons other than those included above or which otherwise does not fall within
another part of section 5, will be considered a termination without cause under
paragraph 5.3. All disputes shall be resolved by Arbitration as provided in
Section 22.

          5.2 Termination for Death or Disability. This Agreement shall
terminate automatically upon the Executive's death and may be terminated by the
Bank upon the Executive's Disability. Upon a termination by reason of the
Executive's Disability, the Bank shall pay to the Executive or his
beneficiaries, as the case may be, (i) any compensation or other obligations
accrued for periods prior to the Date of Termination, all of which shall be paid
within

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fifteen (15) days after the Date of Termination, (ii) six (6) months of Base
Salary, all of which shall be paid in installments consistent with the Bank's
payroll practice for executives, and shall implement the provisions for the
Executive's Vested Benefits as of the Date of Termination. If Termination is due
to the death of the Executive, the Bank shall, within fifteen (15) days after
the Date of Termination, pay to the Executive's estate or beneficiaries, as the
case may be, any unpaid Base Salary, Annual Bonus and benefits accrued for
periods prior to the Date of Termination, or, if an alternative beneficiary is
designated in proper legal form, the payments and benefits shall be paid to said
designated beneficiary. In addition, the life insurance proceeds from the
policies described in this Agreement shall be paid to his personal
representative or such other persons as the Executive may have designated in
writing.

          5.3  Termination Without Cause. At any time the Bank shall have the
right to terminate Executive's employment hereunder by written notice to
Executive; provided, however, that the Bank shall (i) pay to Executive any
unpaid Base Salary, and benefits and amounts due under the programs described in
Sections 4 up to the Date of Termination, (ii) continue to pay Executive's Base
Salary and benefits, described for the balance of the then effective Term
without extension, and (iii) implement the provisions for the Executive's Vested
Benefits as of the Date of Termination. The Bank shall be deemed to have
terminated the Executive's employment pursuant to this Section 5.3 if such
employment is terminated by the Bank without Cause. The Bank and the Executive
hereby stipulate that the Bank may condition the payment and delivery of the
amounts specified in clause (ii) of the first sentence of this Section 5.3 on
the receipt of the Executive's resignation from any and all positions which he
holds as an officer, director or committee member with respect to the Bank or
any subsidiary or affiliate and gives the Bank a full release of all then
existing claims under this Agreement. Any disputes shall be resolved by
Arbitration as provided in Section 22.

          5.4  Resignation. In the event Executive resigns other than upon
written request of the Bank, Executive shall have not further right to any
payments or grants due under this Agreement and all Executives' rights and
benefits under this Agreement shall terminate. A termination of this Agreement
under Sections 5.1, 5.2, or 5.3 shall not be considered a "resignation" under
Section 5.4 unless specifically agreed to in writing by the Executive and the
Bank.

     6.   Change of Control. A "Change in Control" shall be deemed to have
occurred under the conditions set forth in Section 6 of the BankUnited Agreement
and shall include a qualifying disposition of the Bank. In the event of a change
in control, Executive entitlements and the Bank's obligations will be as set
forth in the BankUnited Agreement.

     7.   Gross-Up of Change of Control Payments (if applicable) .

          (a)  This Section shall apply if Executive's employment is terminated
upon or following a Change of Control as defined in Section 6 of the BankUnited
Agreement. If this Section applies, then, for any taxable year, the Executive
shall be liable for the payment of an excise tax under section 4999 of the Code
with respect to any payment in the nature of compensation made by the Bank or
any direct or indirect subsidiary or affiliate of the Bank to (or

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for the benefit of) the Executive, the Bank shall pay to the Executive an amount
equal to X determined under the following formula:

                  X = E x P
                      -------------------------------------
                      1 - [(FI x (1 - SLI)) + SLI + E + M]
                -------
                 where

                  E = the rate at which the excise tax is assessed under section
          4999 of the Code;

                  P = the amount with respect to which such excise tax is
          assessed, determined without regard to this Section 7;

                  FI = the highest marginal rate of income tax applicable to the
          Executive under the Code for the taxable year in question;

                  SLI = the sum of the highest marginal rates of income tax
          applicable to the Executive under all applicable state and local laws
          for the taxable year in question; and

                  M = the highest marginal rate of Medicare tax applicable to
          the Executive under the Code for the taxable year in question.

          With respect to any payment in the nature of compensation that is made
to (or for the benefit of) the Executive under the terms of this Agreement, or
otherwise, and on which an excise tax under section 4999 of the Code will be
assessed, the payment determined under this Section 7(a) shall be made to the
Executive on the earlier of (i) the date the Bank or any direct or indirect
subsidiary or affiliate of the Bank is required to withhold such tax, or (ii)
the date the tax is required to be paid by the Executive.

          (b) Notwithstanding anything in this Section 7 to the contrary, in the
event that the Executive's liability for the excise tax under section 4999 of
the Code for a taxable year is subsequently determined to be different than the
amount determined by the formula (X + P) x E, where X, P and E have the meanings
provided in Section 7(a), the Executive or the Bank, as the case may be, shall
pay to the other party at the time that the amount of such excise tax is finally
determined, an appropriate amount, plus interest, such that the payment made
under Section 7(a), when increased by the amount of the payment made to the
Executive under this Section 7(b) by the Bank, or when reduced by the amount of
the payment made to the Bank under this Section 7(b) by the Executive, equals
the amount that should have properly been paid to the Executive under Section
7(a). The interest paid under this Section 7(b) shall be determined at the rate
provided under section 1274(b)(2)(B) of the Code. To confirm that the proper
amount, if any, was paid to the Executive under this Section 7, the Executive
shall furnish to the Bank a copy of each tax return which reflects a liability
for an excise tax payment made by the Bank, at least 20 days before the date on
which such return is required to be filed with the Internal Revenue Service.

          (c) Notwithstanding the provisions of Sections 7(a) and (b) above, in
the event that the Executive shall be required to pay any additional amount of
excise tax under section 4999 of

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the Code, or any successor to such section, or under any similar federal, State
or local tax provision in connection with his receipt of payment in the nature
of compensation from the Bank or any direct or indirect subsidiary or affiliate
of the Bank to (or for the benefit of) the Executive, the Executive shall be
entitled to receive an additional payment (a "Gross-Up Payment ") in an amount
such that, after payment by the Executive of all taxes (and any interest or
penalties imposed with respect to such taxes) and the excise tax under the Code
and/or State and local tax provision imposed upon the Gross-Up Payment, the
Executive retains an amount of the Gross-Up Payment equal to the excise tax
imposed by the Code or any State or local tax provision upon such compensation.
For purposes of this paragraph 7(c), the term "taxes" shall include, but not be
limited to, income taxes and the Executive's share of any employment taxes.

          (d) This section shall not apply to any entitlement to stock options,
stock grants, or other securities of BankUnited.

          8.  Regulatory Considerations.

              Notwithstanding anything herein to the contrary, any payments to
Executive by the Bank, whether pursuant to this Agreement or otherwise, are
subject to and conditioned on compliance with Section 18(k) of the Federal
Deposit Insurance Act, 12 U.S.C. ss. 1828(k) and any regulations promulgated
thereunder.

              Executive acknowledges that, as a result of recent corporate
responsibility laws enacted, including the Sarbanes-Oxley Act, employment
contracts with executives of publicly traded companies may have to be modified
to bring their agreement into conformity with the law and the Executive agrees
to cooperate in all reasonable respects and consistent with other high level
executives.

          9.  Non-Competition.

              9.1 The Executive acknowledges that during the Term of this
Agreement including all renewals, he will learn or be privy to valuable
confidential business information, and he will develop and cultivate on behalf
of the Bank substantial relationships with past, present and prospective
business customers of the Bank. During the term of this Agreement with the Bank,
and thereafter, Executive will not, directly or indirectly, use or disclose to
anyone, or authorize disclosure of any confidential information or trade secrets
except for the benefit of the Bank.

              9.2 The Executive acknowledges that the confidentiality of the
protected information with which Executive has been or may become privy is
essential and proprietary to the Bank and is owned and shall continue to be
owned by the Bank. The Executive agrees that at the termination of his
employment, for whatever reason, he will return to the Bank immediately any and
all documents in whatever form that are in his possession or control and that
contain, reflect or refer to confidential information or trade secrets.

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              9.3  During the Term of this Agreement and for a period of
eighteen (18) months thereafter within all counties where the Bank or its
subsidiaries have branches or offices, including any extension, the Executive
shall not, either directly or indirectly, or for himself or through, on behalf
of, or in conjunction with any other person, persons or legal entity, own,
maintain, operate, engage in, assist, be employed by, or have any interest in
any business engaging or planning to be engaged in banking or offering other
financial services offered by the Bank, in any respect.

              9.4  During the Term of this Agreement and for a period of
eighteen (18) months thereafter, Executive shall not, except if this Agreement
is terminated as a result of a Change of Control:

                   (a) either directly or indirectly, employ, retain the
services of, or seek to employ or retain the services of any person who is at
that time or was within the previous six (6) months employed by, or providing
services to the Bank, without the prior express written permission of the Bank,
which the Bank may in its absolute discretion withhold;

                   (b) either directly or indirectly solicit or contact
customers of the Bank which solicitation is for or on behalf of any entity
engaged in or seeking to be engaged in the Bank's banking or financial service
business, or in direct competition with the Bank.

                   (c) In the event of a violation of the provision of this
Section, the Executive's rights to receive grants of the Bank's Class A Common
Stock as provided in Section 4.8 of the BankUnited Agreement shall terminate and
no additional shares shall vest or be granted as provided in paragraph Section
4.8 of the BankUnited Agreement.

                   (d) The Executives direct or indirect ownership in Casita
Mortgage Co. during its liquidation period shall not be deemed a violation of
this Agreement.

              9.5  Executive and the Bank warrant that it is their intention to
agree to restrictions on disclosure of confidential information and on
competition that are as broad as permitted by Florida law (save only for the 18
month limitation set forth in paragraph 9.3) and hereby agree to subscribe to
any expansion of the recited agreements as may be authorized by any subsequent
amendment to, or interpretation of Florida Statute Section 542.335 (2000) or any
other Florida law. For purposes of this non-competition provision, the Executive
shall be deemed retained by the Bank during any period of time in which he
receives compensation from the Bank or its successors.

              9.6  The Executive acknowledges that Section 9 is reasonably
necessary to protect the business interest of the Bank and that the provisions
of Section 2 and Section 9 are the essence of this Agreement for the Bank and
the Executive agrees that if he engages in activities prohibited by Section 9,
irreparable harm to the Bank will likely result, for which a remedy in the form
of damages may not be ascertainable. Under such circumstances, the Executive
acknowledges that the Bank may seek temporary, preliminary or permanent
injunctive relief against him in any court of competent jurisdiction upon three
days written notice provided to the address listed in Section 16. This section
shall not limit any other legal or equitable

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remedies the Bank or its successors may have against the Executive for violation
of this Agreement. The prevailing party in any action to enforce Section 9 of
this Agreement shall be entitled to attorney's fees and costs.

          10. Representation By the Executive. The Executive represents and
warrants as of the Commencement Date, that he is not a party to any agreement,
contract or understanding, whether of employment or otherwise, or subject to any
governmental restriction, which would in any way restrict or prohibit him from
undertaking or performing employment with the Bank in accordance with the terms
and conditions of this Agreement. The Executive further represents and warrants
to the best of his knowledge as of the Commencement Date, that he is physically
and mentally capable of performing all the essential function of the job and all
duties reasonably assigned to him for the entire term of this Agreement.

          11. Withholding. The Bank may withhold from any amounts payable under
this Agreement such federal, state or local taxes as shall be required to be
withheld pursuant to any applicable law or regulations. In the event Section
162(m) of the Internal Revenue Code of 1988 shall be applicable to Executives'
compensation, the Executive shall cooperate with the Bank to restructure his
compensation so as it to be fully deductible for income tax purposes; provided,
however, such cooperation shall be on such terms, if any, as both the Executive
and the Bank agree, both utilizing good faith efforts to structure payments in
such a manner that the Executive's total compensation, on a present value basis,
is not diminished.

          12. Enforcement Costs Upon a Change of Control. The Bank is aware that
upon the occurrence of a Change of Control, the Board of Directors or a
stockholder of the Bank may then cause or attempt to cause the Bank to refuse to
comply with its obligations under Section 6 of this Agreement, or may cause or
attempt to cause the Bank to institute, or may institute, litigation seeking to
have Section 6 of this Agreement declared unenforceable, or may take, or attempt
to take, other action to deny the Executive the benefits intended under Section
6 of this Agreement. In these circumstances, the purpose of this Agreement could
be frustrated. It is the intent of the parties that the Executive not be
required to incur the legal fees and expenses associated with the protection or
enforcement of his rights under Section 6 of this Agreement by arbitration,
litigation or other legal action because such costs would substantially detract
from the benefits intended to be extended to the Executive hereunder, nor be
bound to negotiate any settlement of his rights hereunder under threat of
incurring such costs. Accordingly, if at any time after the Commencement Date,
it should appear to the Executive that the Bank is or has acted contrary to or
is failing or has failed to comply with any of its obligations solely under
Section 6 of this Agreement for the reason that it regards this Agreement to be
void or unenforceable or for any other reason, or in the event that the Bank or
any other person takes any action to declare Section 6 of this Agreement void or
unenforceable, or institutes arbitration, litigation or other legal action
designed to deny, diminish or to recover from the Executive the benefits
provided or intended to be provided to him under Section 6, and the Executive
has acted in good faith to perform his obligations under this Agreement, the
Bank irrevocably authorizes the Executive from time to time to retain counsel of
his choice at the expense of the Bank to represent him in connection with the
protection and enforcement of his rights under Section 6. The reasonable fees
and expenses of counsel selected from time to time by the Executive as herein
above provided shall be paid or reimbursed to the Executive by the Bank on a
regular, periodic basis upon

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presentation by the Executive of a statement or statements prepared by such
counsel in accordance with its customary practices. Counsel so retained by the
Executive may be counsel representing other officers or key executives of the
Bank in connection with the protection and enforcement of their rights under
similar agreements between them and the Bank, and, unless in his sole judgment
use of common counsel could be prejudicial to him or would not be likely to
reduce the fees and expenses chargeable hereunder to the Bank, the Executive
agrees to use his best efforts to agree with such other officers or executives
to retain common counsel.

          13. Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of Florida, and applicable to contracts
entered into and to be performed entirely within the State of Florida.

          14. Non-Alienation. The Executive shall not have any right to pledge,
hypothecate, anticipate, or in any way create a lien upon any amounts provided
under this Agreement, and no payments or benefits due hereunder shall be
assignable in anticipation of payment either by voluntary or involuntary acts or
by operation of law. So long as the Executive lives, no person, other than the
parties hereto, shall have any rights under or interest in this Agreement or in
the subject matter hereof.

          15. Notices. Any notice required or permitted to be given under this
Agreement shall be in writing, and shall be deemed to have been given when
delivered by hand or when deposited in the United States mail, by registered or
certified mail, return receipt requested, postage prepaid, addressed as follows:

              If to the Bank:

              Alfred R. Camner, Chairman
              BankUnited, FSB
              255 Alhambra Circle
              Coral Gables, Florida  33134

              If to the Executive:

              Ramiro Ortiz
              7250 S.W. 99 ST.
              Miami, FL 33156

              with a Copy to:

              Richard Josepher, Esq.
              Gutter Josepher & Rufkin
              100 W. Cypress Creek Rd., Suite 900
              Ft. Lauderdale, FL 33309

or to such other addresses as either party hereto may from time to time give
notice of to the other in the aforesaid manner.

          16. Severability. The invalidity of any one or more of the words,
phrases, sentences, clauses or sections contained in this Agreement shall not
affect the enforceability of the remaining portions of this Agreement or any
part thereof, all of which are inserted conditionally on their being valid in
law, and, in the event that any one or more of the words, phrases, sentences,
clauses or sections contained in this Agreement shall be declared invalid, this

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Agreement shall be construed as if such invalid word or words, phrase or
phrases, sentence or sentences, clause or clauses, or section or sections had
not been inserted.

          17. Successors; Binding Agreement.

              17.1 The Bank shall require any successor, whether direct or
indirect to all or substantially all of the business or assets of the Bank
whether by purchase, merger, consolidation or otherwise, prior to or
contemporaneously with such acquisition, by agreement in form and substance
reasonably satisfactory to the Executive and his legal counsel, to assume and
agree to perform this Agreement in the same manner and to the same extent that
the Bank would be required to perform it if no such acquisition had taken place
(to the extent not previously performed by the Bank). As used in this Agreement,
"Bank" shall mean the Bank as hereinbefore defined and any such successor which
executes and delivers the agreement provided for in this Section 19.1 or which
otherwise becomes bound by all the terms and provisions of this Agreement by
operation of law.

              17.2 This Agreement shall inure to the benefit of and be
enforceable by the Executive's personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees.

              17.3 This Agreement is personal to the Executive and, without the
prior written consent of the Bank, shall not be assignable by the Executive
otherwise than by will or the laws of descent and distribution.

          18. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

          19. Entire Agreement, Modifications and Waiver. This Agreement
constitutes the entire agreement between the Bank and the Executive with respect
to its subject matter and supersedes all prior negotiations, agreements,
understandings and arrangements, both oral and written, between the Bank and the
Executive with respect to such subject matter including, but not limited to, any
employee manuals of the Bank. No modification or waiver of any provision of this
Agreement shall be binding unless executed in writing by all parties hereto. No
waiver of any provision of this Agreement shall be deemed or shall constitute a
waiver of any other provision (whether or not similar), nor shall any such
waiver constitute a continuing waiver. The failure of the Executive or the Bank
to insist upon strict compliance with any provision hereof shall not be deemed
to be a waiver of such provision or any other provision thereof.

          20. Non-duplication. It is intended that the BankUnited Agreement set
forth the aggregate compensation, benefits and perquisites payment to Executive
for all services to the Bank or any of its direct or indirect subsidiaries. Any
payments by the Bank to Executive shall be applied to offset any corresponding
compensation or payment obligations of BankUnited.

          21. Survival. The provisions of Section ? shall survive the expiration
of the Term of the Agreement plus extensions, if any, or termination of the
Agreement.

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          22. Dispute Resolution-Arbitration.

              (a)  This paragraph concerns the resolution of any controversies
or claims between the Bank and the Executive (except for claims arising under
Section 9), whether arising in contract, tort or by statute, including but not
limited to controversies or claims that arise out of or relate to: (i) this
Agreement (including any renewals, extensions or modifications); or (ii) any
document related to this Agreement; (collectively a "Claim").

              (b)  At the request of the Bank or the Executive, any Claim shall
be resolved by binding arbitration. The Bank will pay the filing fees and
arbitrator fees. The prevailing party to be awarded fees and costs.

              (c)  Arbitration proceedings will be conducted by the American
Arbitration Association or any successor thereof ("AAA"), and the terms of this
paragraph. In the event of any inconsistency, the terms of this paragraph shall
control.

              (d)  The arbitration shall be administered by AAA under employment
rules and conducted in Florida. All Claims shall be determined by one
arbitrator. All arbitration hearings shall commence within 90 days of the demand
for arbitration and close within 90 days of commencement and the award of the
arbitrator(s) shall be issued within 30 days of the close of the hearing.
However, the arbitrator, upon a showing of good cause, may extend the
commencement of the hearing for up to an additional 60 days. The arbitrator(s)
shall provide a concise written statement of reasons for the award. The
arbitration award may be submitted to any court having jurisdiction to be
confirmed and enforced.

              (e)  The arbitrator(s) will have the authority to decide whether
any Claim is barred by the statute of limitations and, if so, to dismiss the
arbitration on that basis. For purposes of the application of the statute of
limitations, the service on AAA under applicable AAA rules of a notice of Claim
is the equivalent of the filing of a lawsuit. Any dispute concerning this
arbitration provision or whether a Claim is arbitrable shall be determined by
the arbitrator(s). The arbitrator(s) shall have the power to award legal fees
pursuant to the terms of this Agreement.

              (f)  By agreeing to binding arbitration, the parties irrevocably
and voluntarily waive any right they may have to a trial by jury in respect of
any Claim. Furthermore, without intending in any way to limit this agreement to
arbitrate, to the extent any Claim is not arbitrated, the parties irrevocably
and voluntarily waive any right they may have to a trial by jury in respect of
such Claim. This provision is a material inducement for the parties entering
into this Agreement.

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          23. Guarantee. This Agreement is complementary to Executive's
Agreement with BankUnited in which BankUnited has agreed to guarantee the
payment by the Bank of any benefits and compensation to which Executive is or
may be entitled to under the terms and conditions of this Agreement effective as
of the 21st day of August, 2002 between the Bank and Executive, a copy of which
is attached hereto as Exhibit A ("Bank Agreement").

                                       12

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          IN WITNESS WHEREOF, the Executive and, pursuant to the authorization
from the Board, the Bank has executed this Agreement as of the date first above
written.

                       BANKUNITED, FSB

                       By: /s/ Alfred R. Camner
                           -----------------------------------------------------
                       Name:   Alfred R. Camner
                       Title:  Chairman of the Board and Chief Executive Officer

                       ATTEST:

                       By: /s/  Michael J. Clutter
                           -----------------------------------------------------
                       Secretary/Assistant Secretary

                       EXECUTIVE:

                       By: /s/ Ramiro Ortiz
                           -----------------------------------------------------
                       Name:   Ramiro Ortiz

                                       13

<PAGE>

                        Amendment to Employment Agreement

         This Amendment to Employment Contract (the "Amendment") entered into
this 23rd day of August, 2002, by and between Ramiro Ortiz ("Executive") and
BankUnited, FSB (the "Bank").

                                    Recitals

         A.  The Bank and the Executive entered into an employment agreement on
August 21, 2002 (the "Agreement").

         B.  The Agreement provides in paragraph 2.1 Employment and Term that
the "Commencement Date" shall be no sooner than the close of business on
September 20, 2002.

         C. The Executive and the Bank desire to modify the "Commencement Date",

         NOW, THEREFORE, in consideration of the premises and mutual covenants
set forth herein, the parties agree as follows:

         1.  Section 2.1 Employment and Term is restated as follows:

                  "The Bank hereby agrees to engage Executive and Executive
                  agrees to provide services to the Bank, on the terms and
                  conditions set forth herein, for the period of approximately
                  one (1) year commencing August 23, 2002, (hereinafter the
                  "Commencement Date") and expiring at the conclusion of
                  September 30, 2003 (the "Term") subject to renewal by the
                  Board of Directors, from year-to-year commencing October 1 for
                  up to four additional years, unless Executive resigns prior to
                  that time or is sooner terminated as hereinafter set forth."

         2.  All defined terms no otherwise defined herein shall be having the
meaning as indicated in the Agreement.

         3.  Except as modified by this Amendment, all other terms and
conditions of the Agreement remain in full force and effect.

BankUnited, FSB                             Executive:

By: /s/ Alfred R. Camner                    By: /s/ Ramiro Ortiz
    --------------------------------            --------------------------------
Name:   Alfred R. Camner                    Name:  Ramiro Ortiz
Title:  Chairman of the Board and
        Chief Executive Officer

ATTEST:

By: /s/ Michael J. Clutter
    --------------------------------
       Assistant Secretary

                                       14<PAGE>

                                                                   Exhibit 10.13

                              EMPLOYMENT AGREEMENT
                               (Change of Control)

     This EMPLOYMENT AGREEMENT is made as of the 2nd day of November, 1998,
between BANKUNITED FINANCIAL CORPORATION (the "Corporation"), BANKUNITED, FSB, a
Federal Savings Bank ("Bank"), and LAWRENCE H. BLUM, ("Officer"), an officer of
the Bank.

     WHEREAS, Officer is employed by the Bank and currently holds the position
of Vice Chairman of the Board; and

     WHEREAS, Officer has made and is expected to continue to make a significant
contribution to the management, profitability and growth of the Bank, and,
consequently, of its parent, the Corporation; and

     WHEREAS, Officer possesses an intimate knowledge of the Bank' s business
and affairs, including its policies, plans, methods, personnel and problems; and

     WHEREAS, the Bank considers the continued employment of Officer to be in
the best interests of the Bank, the Corporation and the shareholders of the
Corporation, and desires to assure itself of Officer's continued services on an
objective and impartial basis and without distraction or conflict of interest in
the event of any efforts to effect a change of ownership or control of the
Corporation; and

     WHEREAS, Officer is willing to remain in the employ of the Bank upon the
understanding that it will provide him with income security in the event his
employment should be terminated without cause, or by him for good reason,
following a change in control of the Corporation, upon the terms and conditions
provided herein.

     NOW, THEREFORE, in consideration of the foregoing, the Bank and officer
agree as follows:

     1.   Operation of Agreement; Position and Duties.

          (a)  This Agreement shall be effective immediately upon its execution.
Nevertheless, the Bank will be obligated to provide Officer the compensation and
benefits described in Section 5 only upon the occurrence of a "Change in
Control" of the Corporation. Upon such a Change in Control, all provisions of
this Agreement shall become operative immediately.

          (b)  The Officer shall serve as Vice Chairman of the Corporation and
the Bank and shall exercise such authority and perform such executive duties as
may from time to time be assigned to the Officer by the Board of Directors of
the Corporation and the Bank or the Chief Executive Officer of the Corporation
and the Bank. Such services shall be performed at the Corporation's principal
executive offices in Dade County, Florida, or at such other location as shall be
mutually agreed to by the parties. It is understood that the Officer shall not
be required to devote his full business time to his executive duties as
described herein, but will perform such duties faithfully and efficiently; and
that the Officer shall be engaged in other full-time employment; and may be a
director of other corporations and engage in charitable, civic and similar
pursuits.

     2.   Change in Control. A "Change in Control" of the Corporation shall be
deemed to have occurred if:

          (a)  "Change in Control" shall be deemed to have occurred on the date
     when:

               (i) A reorganization, merger or consolidation of the Corporation
shall have been consummated, in which the Corporation is not the continuing or
surviving corporation or pursuant to which shares of the Corporation's voting
securities would be converted into cash, securities or other property, other
than a merger of the Corporation in which the holders of the Corporation's
voting securities immediately prior to the merger have substantially the same
proportionate ownership of the voting securities of the surviving corporation
immediately after the merger;

                                       1

<PAGE>

               (ii) Liquidation or dissolution of the Corporation or Bank's, or
sale, lease, exchange or transfer (in one transaction or a series of related
transactions) of all or substantially all of the Corporation's or Bank's assets
shall have been consummated;

               (iii) Any "person" (as such term is defined in Sections 13(d) and
14(d)(2) of the Securities Exchange Act of 1934, as amended [the "Exchange
Act"]) or group of persons, excluding BankUnited and any of its subsidiaries,
other than Alfred R. Camner or a group acting in concert with him, shall have
acquired direct or indirect beneficial ownership (within the meaning of Rule
13d-3 under the Exchange Act) of securities of the Corporation representing 25%
or more of the voting power of the Corporation's then outstanding securities;

               (iv) Any "person" (as such term is defined in Sections
407(q)(9)(A) and 408(a)(1)(G) of the National Housing Act of 1934, as amended
[the "NHA"]) or group of persons, shall have acquired "control" (as such term is
defined in Sections 407(q)(9)(B) and 408(a)(2) of the NHA) of the Bank.

     3. Effect of Agreement Prior to a Change in Control; Termination of
Agreement Prior to a Change in Control.

          (a)  The Bank's employment rights and obligations with respect to
Officer are not affected by this Agreement prior to the occurrence of any event
which constitutes a Change in Control of the Corporation.

          (b)  This Agreement shall remain in full force and effect unless and
until:

                    (i) it is terminated by the written agreement of the parties
               hereto; or

                    (ii) the employment of the Officer with the Bank and its
               subsidiaries and affiliates is terminated by the Officer or by
               the Bank and its subsidiaries and affiliates, for any reason,
               prior to a Change in Control of the Corporation, in which case
               this Agreement shall terminate concurrently with the termination
               of employment.

Nothing contained in this Agreement shall be deemed to require or imply any
obligation on the part of the Officer to continue in the employment of the Bank
or any of its subsidiaries or affiliates prior to or following a Change in
Control of the Corporation, or to require or imply any right on the part of the
Officer to continue in the employment of the Bank, the Corporation or any of
their subsidiaries or affiliates prior to a Change in Control of the
Corporation, or to limit in any way the right of the Bank to terminate the
employment of the officer, with or without cause, at any time prior to a Change
in Control of the corporation.

     4.  Termination Following a Change in Control. Following the occurrence of
any event which constitutes a Change in Control of the Corporation, the
provisions hereinafter set forth shall apply:

          (a) Death. If officer dies prior to Notice of Termination being given,
his rights under this Agreement shall terminate upon his death.

          (b) Disability. The Bank may terminate officer's employment under this
Agreement if, as a result of his incapacity due to accident or illness, officer
shall have been absent from his duties with the Bank for 150 consecutive
business days and, within 30 days after written Notice of Termination is given
by the Bank, he shall not have returned to the performance of his duties.

          (c) Cause. The Bank may terminate Officer's employment under this
Agreement for Cause. For purposes of this Agreement, "Cause" means any action or
inaction of the Officer involving personal dishonesty, incompetence, willful
misconduct, breach of fiduciary duty involving personal profit, intentional
failure to perform the Executive's duties as described in Section 1, willful
violation of any law, rule or regulation (other than traffic violations or
similar offenses), or final cease-and-desist order, or material breach of any
provision of this Agreement.

For purposes of this Agreement, no act or failure to act on officer's part shall
be considered "willful" unless done, or omitted to be done, in bad faith and
without reasonable belief that his action or omission was in, or not opposed to,
the best interest of the Bank, its affiliates and subsidiaries.

                                       2

<PAGE>

Notwithstanding the foregoing, Officer shall not be deemed to have been
terminated for Cause unless and until the Bank shall have delivered to him a
copy of a resolution duly adopted by the affirmative vote of a majority of the
entire membership of the Board of Directors of the Bank at a meeting called and
held for that purpose, after reasonable notice to Officer and an opportunity for
him, together with counsel, to be heard before the Board, finding that in the
good faith opinion of the Board he was guilty of conduct set forth above in
subparagraphs (i), (ii) or (iii) of this paragraph, and specifying the
particulars thereof in detail.

          (d)  Voluntary Termination by the Officer. Officer may terminate his
employment under this Agreement for Good Reason. For purposes of this Agreement,
"Good Reason" shall be deemed to exist under any of the following circumstances:

                    (i) Officer has been assigned any duties inconsistent with
               his position, duties, responsibilities and status with the Bank
               or the Corporation in effect immediately prior to a Change in
               Control, or has been assigned reporting responsibilities, titles
               or offices of a lesser scope than those in effect immediately
               prior to a Change in Control, or he has been removed from, or not
               re-elected to, any of such positions, except in connection with
               the termination of his employment for Cause;

                    (ii) the Bank has reduced officer's base salary as in effect
               immediately prior to a Change in Control or as the same may be
               increased thereafter from time to time, or has failed to give him
               annual salary increases consistent with performance review
               ratings as compared with other employees of the same or similar
               rank;

                    (iii) the Bank or the Corporation has failed to continue in
               effect any benefit, retirement or compensation plan, thrift and
               savings plan, stock bonus, stock option/stock appreciation rights
               plan, life insurance plan, health plan, or disability plan in
               which Officer is participating at the time of a Change in Control
               of the corporation (or plans providing substantially similar
               benefits), or the Bank or the Corporation has taken any action
               which would adversely affect his participation in or materially
               reduce his benefits under any of such plans or deprive him of any
               material fringe benefit or perquisite enjoyed by him at the time
               of the Change in Control.

          (e)  Notice of Termination. Any termination of officer's employment
shall be communicated by a written Notice of Termination to the other party to
this Agreement specifying the "Termination Date". For purposes of this
Agreement, a "Notice of Termination" shall mean a notice which shall indicate
the specific termination provision in this Agreement (if any) relied upon and
shall set forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of officer's employment under the provision so
indicated. The Board resolution adopted pursuant to paragraph (c) above may
constitute Notice of Termination under such provision.

          (f)  Effect of Agreement on Other Rights. This Agreement shall not
diminish or increase other rights Officer (or his estate, survivors or heirs)
may have under any other contract, employee benefit plan or policy of the Bank
except as expressly provided in this Agreement.

     5.   Compensation and Benefits Following Termination. If the Bank should
terminate the employment of the Officer other than for Disability pursuant to
subparagraph 4(b) hereof or for Cause pursuant to subparagraph 4(c) hereof, or
if Officer should terminate his employment for Good Reason pursuant to
subparagraph 4 (d) hereof, during the two-year period following the occurrence
of an event constituting a Change in Control of the Corporation or the Bank,
then the Bank shall provide Officer the following severance pay and benefits:

          (a) Compensation through Termination Date. The Bank shall pay Officer
his total compensation (salary plus consulting fees) through the Termination
Date at the monthly rate in effect at the time that Notice of Termination is
given, together with an amount equal to the product of (x) a fraction, the
numerator of which is the number of days in the year of termination preceding
the Termination Date and the denominator of which is 360, and (y) the greater of
the following amounts:

                    (i) one-third (1/3) of the aggregate bonuses paid or payable
               to the Officer during the most recent three full fiscal years; or

                                       3

<PAGE>

                    (ii) the total of all bonus payments to which the Officer
               would be entitled with respect to the year of termination,
               projecting, on an appropriate basis, the Corporation's actual
               performance from the beginning of the applicable performance
               period or periods through the end of the month preceding the
               Termination Date, to the end of the applicable performance period
               or periods, and assuming, where applicable, that the Officer is
               entitled to the maximum award potentially available under the
               applicable bonus plans or other arrangements.

          (b)  Severance Pay. The Bank shall pay the Officer within thirty (30)
days following his Termination Date, a lump sum payment in an amount equal to
twice the sum of (i) the Officer's total annual compensation (salary plus
consulting fees) at the rate in effect at the time that Notice of Termination is
given, plus (ii) the greater of the following amounts:

                    (x) one-third (1/3) of the aggregate bonuses paid or payable
               to the Officer during the most recent three full fiscal years;

                    (y) the total of all bonus payments to which the Officer
               would be entitled with respect to the year of termination,
               projecting, on an appropriate basis, the Corporation's actual
               performance from the beginning of the applicable performance
               period or periods through the end of the month preceding the
               Termination Date, to the end of the applicable performance period
               or periods, and assuming, where applicable, that the officer is
               entitled to the maximum award potentially available under the
               applicable bonus plans or other arrangements; or

                    (z) the total of all minimum awards potentially payable,
               with respect to the year of termination, under all applicable
               bonus plans or other arrangements.

          (c)  Insurance Benefits. The Corporation or the Bank, as the case may
be, shall maintain in full force and effect for two (2) years after the
Termination Date all employee life, health, accident, disability, dental,
medical and other employee welfare benefit plans, programs or arrangements
(other than benefits under any supplemental retirement plan of the Corporation
or the Bank in which Officer was participating immediately prior to Notice of
Termination being given) provided that his continued participation is possible
under the terms and provisions of such plan, programs and arrangements. In the
event that officer's participation in any such plan, program or arrangement is
barred, the Bank at its option shall arrange to either provide Officer with
benefits substantially similar to those which he would have been entitled to
receive under such plan, program or arrangement if he had remained a participant
for such two (2) year period or compensation Officer in an amount equal to the
cost of the benefit for the period during which his participation is barred.

          (d)  Legal Costs. Other than provided in Section 6, the prevailing
party shall be reimbursed by the non-prevailing party for all legal fees and
expenses incurred as a result of any litigation arising out of this Agreement.

          (e)  Calculation of Benefits Under Certain Plans. For the purposes of
calculating the amount of severance payable to the Officer following a Notice of
Termination under paragraph (b) of Section 5 of this Agreement, if at the time a
Notice of Termination is given the Officer has not been employed by the Bank for
a period of time sufficient for the Officer to have been eligible for a cash
bonus under an Annual Incentive Plan as in effect for the applicable number of
years prior to the Notice of Termination, then the officer shall be deemed to
have earned the maximum bonus award potentially available to an officer of the
same grade under the Annual Incentive Plan (computed based upon the officer's
current annual base salary) for the applicable year or years prior to the Notice
of Termination for which the Officer was not an employee and therefore not
eligible for a cash bonus under an Annual Incentive Plan.

                                       4

<PAGE>

     6.   Certain Regulatory Considerations.

          (a)  Any payments made to the Officer pursuant to this Agreement or
otherwise, are subject to and conditioned upon their compliance with 12
U.S.C.ss.1828(k) and any regulations promulgated thereunder.

          (b)  If the Officer is suspended and/or temporarily prohibited from
participating in he conduct of BankUnited, FSB's affairs by a notice served
under Sections 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C.
1818 (e)(3) or (g)(1)), (the "Act"), the company's obligation under this
Agreement shall be suspended as of the date of service, unless stayed by
appropriate proceedings. If the charges in such notice are dismissed, the
Company shall pay to the Officer all of the compensation withheld while the
obligations under this Agreement were suspended and shall reinstate its
obligations hereunder.

          (c)  If the Officer is removed and/or permanently prohibited from
participating in the conduct of BankUnited, FSB's affairs by an order issued
under Sections 8(e)(4) or (g)(1) of the Act (12 U.S.C. 1818 (e)(4) or (g)(1)),
all obligations of the Company shall terminate as of the effective date of the
order, but vested rights of the parties hereto shall not be affected.

          (d)  If BankUnited, FSB is in default (as defined in Section 3(x)(1)
of the Act), all obligations under this Agreement shall terminate as of the date
of default, but this subsection shall not affect any vested rights of the
parties hereto shall not be affected.

          (e)  All obligations under this Agreement shall be terminated, except
to the extent determined that continuation of this Agreement is necessary for
the continued operation of BankUnited, FSB, (i) by the Director of the Office of
Thrift Supervision or her designee (the "Director"), at the time the Federal
Deposit Insurance Corporation ("FDIC") or the Resolution Trust Corporation (the
"RTC") enters into an agreement to provide assistance to or on behalf of
BankUnited, FSB under the authority contained in Section 13(c) of the Act; or
(ii) by the Director, at the time the Director approves a supervisory merger to
resolve problems related to operation of BankUnited, FSB or when BankUnited, FSB
is determined by the Director to be in an unsafe or unsound condition. Any
rights of the parties hereto that have already vested, however, shall not be
affected by such action.

     7.   Arbitration.

          (i)  All disputes under this Agreement shall be settled by arbitration
in Miami, Florida, before a single arbitrator pursuant to the rules of the
American Arbitration Association. Arbitration may be commenced at any time by
any party hereto giving written notice to each other party to a dispute that
such dispute has been referred to arbitration under this Section. The arbitrator
shall be selected by the joint agreement of Bank and Officer, but if they do not
so agree within 20 days after the date of the notice referred to above, the
selection shall be made pursuant to the rules from the panels of arbitrators
maintained by such Association. Any award rendered by the arbitrator shall be
conclusive and binding upon the parties hereto and not subject to appeal;
provided, however, that any such award shall be accompanied by a written opinion
of the arbitrator giving the reasons for the award. This provision for
arbitration shall be specifically enforceable by the parties and the decision of
the arbitrator in accordance herewith shall be final and binding and there shall
be no right of appeal therefrom. Each party shall pay its own expenses of
arbitration and the expenses of the arbitrator shall be equally shared;
provided, however, that if in the opinion of the arbitrator any claim for
indemnification or any defense or objection thereto was unreasonable, the
arbitrator may assess, as part of his award, all or any part of the arbitration
expenses of the other party (including reasonable attorneys' fees) and of the
arbitrator against the party raising such unreasonable claim, defense or
objection.

          (ii) To the extent that arbitration may not be legally permitted
hereunder and the parties to any dispute hereunder may not at the time of such
dispute mutually agree to submit such dispute to arbitration any party may
commence a civil action in a court of appropriate jurisdiction to solve disputes
hereunder. Nothing contained in this Section shall prevent the parties from
settling any dispute by mutual agreement at any time.

     8.   Notices. All notices, requests, demands and other communications
provided for by this Agreement shall be in writing and shall be sufficiently
given if and when mailed in the continental United States by registered or
certified mail or personally delivered to the party entitled thereto at the
address stated below or to such changed address as the addressee may have given
by a similar notice:

                                       5

<PAGE>

                         If to Officer:
                         LAWRENCE H. BLUM
                         3235 Treasure Trove
                         Coconut Grove, Florida 33133

                         If to the Bank:
                         EARLINE G. FORD, Executive Vice President
                         255 Alhambra Circle
                         Coral Gables, Florida 33134

     9.   Successors; Nonassignability.

          (a)  Any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or
assets of the Bank, is bound by this Agreement in the same manner and to the
same extent as the Bank and the Corporation if no such succession had taken
place. Failure of any such successor of the Bank and the Corporation to
acknowledge this Agreement upon written request by Officer shall be a breach of
this Agreement and shall entitle Officer, if he thereafter terminates his
employment with the Bank, to compensation from the Bank in the same amount and
on the same terms as he would be entitled to hereunder if he had given Notice of
Termination due to a reduction of his responsibilities pursuant to paragraph (d)
of Section 4 as of the day immediately before such succession became effective
and had specified the day on which he terminates his employment as his
Termination Date. As used in this Agreement, the Bank shall include any
successor to all or substantially all of its business or assets or which
otherwise becomes bound by all the terms and provisions of this Agreement,
whether by the terms hereof, by operation of law or otherwise. Except as
provided in this paragraph, this Agreement shall not be assignable by the Bank.

          (b)  All rights of Officer under this Agreement shall inure to the
benefit of and be enforceable by his personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees and
legatees if the Bank should terminate his employment other than for Disability
pursuant to subparagraph 4(b) hereof or for Cause pursuant to subparagraph 4(c)
hereof or if officer should terminate his employment for Good Reason pursuant to
subparagraph 4(d) hereof. If officer should die while any amounts would still be
payable to him hereunder if he had continued to live, all such amounts, unless
otherwise provided, shall be paid in accordance with the terms of this Agreement
to his devisee, legatee, or other designee or, if there be no such designee, to
his estate.

     10.  Whole Agreement. This Agreement constitutes the entire understanding
of the parties relating to the subject matter hereof and supersedes all prior
agreements, understandings and representations, whether oral or written,
relating to such subject matter.

     11.  Separability. The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement.

     12.  Modifications. This Agreement may be modified or amended by the Bank
prior to a change of control. After a change of control, no provisions of this
Agreement may be modified, waived or discharged unless such waiver, modification
or discharge is agreed to in writing signed by Officer and by such officer as
may be specifically designated by the Board of Directors of the Bank. No waiver
by either party at any time of any breach by the other party of, or compliance
with, any condition or provision of this Agreement to be performed by such other
party shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time.

     13.  Withholding Taxes. The Bank may withhold from any benefits payable
under this Agreement all federal, state, city or other taxes as shall be
required pursuant to any law or governmental regulation or ruling.

     14.  Governing Law. The validity, interpretation, performance and
enforcement of this Agreement shall be governed by the laws of the State of
Florida without giving effect to the principles of conflict of laws thereof.

     15.  Counterparts. This Agreement may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, and
such counterparts will together constitute but one Agreement.

                                       6

<PAGE>

     16.  Application of Section 280G of the Internal Revenue Code. It is the
intention of the parties that, in the event of a Change in Control of the
Corporation, the payments under Section 5 shall not constitute "excess parachute
payments" within the meaning of Section 280G of the Internal Revenue Code of
1986, as amended, and any regulations promulgated by the Internal Revenue
Service thereunder. In the event that the independent accountants acting as
auditors for the Corporation on the Date of the Change in Control (or another
accounting firm designated by them) determine that the payments under Section 5
may constitute "excess parachute payments," the amounts payable pursuant to
Section 5 shall be reduced to the maximum amount that may be paid without
constituting the payments "excess parachute payments." Such determination
pursuant to this Section shall take into account (i) whether the payments under
this Agreement are "parachute payments" within the meaning of Section 280G and,
if so, (ii) the amount of payments under Section 5 that constitutes "reasonable
compensation" within the meaning of Section 280G. Nothing contained in this
Agreement shall prevent the Corporation after a Change in Control from agreeing
to pay the Officer's compensation or benefits in excess of those provided in
this Agreement.

                                        7

<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.

BANKUNITED, FSB

BY: /s/ Nancy Ashton                         /s/ Lawrence H. Blum
    -------------------------------          ----------------------------------
    Name:  Nancy  Ashton                     Name:    LAWRENCE H. BLUM
    Title: Senior Vice President

BANKUNITED FINANCIAL CORPORATION

BY: /s/ Nancy Ashton
    -------------------------------
    Name:  Nancy Ashton
    Title: Senior Vice President

                                       8

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