Document:

Amendement to the Employment Agreement between the Bank and Ramiro Ortiz

 Exhibit 10.15 
  
 Amendment No. 2 to Employment Agreement 
  
 This Amendment to the Employment Agreement dated August 21, 2002 (the “Agreement”) is hereby made as of the 19th
day of November, 2003, by and between Ramiro Ortiz (“Executive”) and BankUnited, FSB (the “Bank”), and is effective as of the date hereof. 
  

Recitals 
  
 WHEREAS, the Bank and the Executive entered into an employment agreement on August 21, 2002 (the “Agreement”), as amended on August 23, 2002;
and 
  
 WHEREAS, the Bank and the Executive have been advised by
banking regulators that the Agreement should be amended to include certain regulatory provisions; 
  
 NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein, the parties agree as follows: 
  
 1. The Agreement is hereby amended by adding a new Section 24, “Required Regulatory
Provisions,” to read in its entirely as follows: 
  
 Section
24. Required Regulatory Provisions. 
  
 (a) Notwithstanding
anything herein contained to the contrary, any payments to the Executive by the Bank, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with section 18(k) of the Federal Deposit Insurance Act
(“FDI Act”), 12 U.S.C. §1828(k), and any regulations promulgated thereunder. 
  
 (b) Notwithstanding anything herein contained to the contrary, if the Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the affairs of the Bank pursuant to a notice
served under section 8(e)(3) or 8(g)(1) of the FDI Act, 12 U. S. C. §1818(e)(3) or 1818(g)(1), the Bank’s obligations under this Agreement shall be suspended as of the date of service of such notice, unless stayed by appropriate
proceedings. If the charges in such notice are dismissed, the Bank, in its discretion, may (i) pay to the Executive all or part of the compensation withheld while the Bank’s obligations hereunder were suspended and (ii) reinstate, in whole or
in part, any of the obligations which were suspended. 
  
 (c)
Notwithstanding anything herein contained to the contrary, if the Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under section 8(e)(4) or 8(g)(1) of the FDI Act, 12
U.S.C. §1818(e)(4) or (g)(1), all prospective obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights and obligations of the Bank and the Executive shall not be affected. 

 
 (d) Notwithstanding anything herein contained to the contrary, if the
Bank is in default (within the meaning of section 3(x)(1) of the FDI Act, 12 U.S.C. §1813(x)(1), all prospective obligations of the Bank under this Agreement shall terminate as of the date of default, but vested rights and obligations of the
Bank and the Executive shall not be affected. 
  

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 (e) Notwithstanding anything herein contained to the contrary, all prospective obligations of the Bank
hereunder shall be terminated, except to the extent that a continuation of this Agreement is necessary for the continued operation of the Bank: (i) by the Director of the Office of Thrift Supervision (“OTS”) or his designee or the Federal
Deposit Insurance Corporation (“FDIC”), at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in section 13(c) of the FDI Act, 12 U.S.C. §1823(c); (ii) by the
Director of the OTS or his designee at the time such Director or designee approves a supervisory merger to resolve problems related to the operation of the Bank or when the Bank is determined by such Director to be in an unsafe or unsound condition.
The vested rights and obligations of the parties shall not be affected. 
  
 If and
to the extent that any of the foregoing provisions shall cease to be required or by applicable law, rule or regulation, the same shall become inoperative as though eliminated by formal amendment of this Agreement. 
  
 2. All defined terms not otherwise defined herein shall have the meanings
indicated in the Agreement. 
  
 3. Except as modified in writing
by this or any other amendment to the Agreement, all other terms and conditions of the Agreement remain in full force and effect. 
  

	 BankUnited, FSB
	 	 	 	Executive:
					
	By:	 	 	 	 	 	By:	 	 
	 	
	 	 	 	 	

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

  

	ATTEST:	 	 	 	 
					
	By:	 	 	 	 	 	 	 	 
	 	
	 	 	 	 	 	 
	 Assistant Secretary
	 	 	 	 

  

 2Amendement to the Employment Agreement between BankUnited and Ramiro Ortiz

 Exhibit 10.16 
  
 Amendment No. 3 to Employment Agreement 
  
 This Amendment (this “Amendment”) to the Employment Agreement effective as of August 21, 2002 (the
“Agreement”) is made by and between BankUnited Financial Corporation (the “Company”) and Ramiro Ortiz (“Executive”) and is effective as of this 19th day of November, 2003. 
  
 Recitals 
  
 WHEREAS, Section 4.6 of the Agreement states that, “Stock Option Compensation. Executive shall be granted
options within sixty (60) days of the Commencement of the term of this Agreement to purchase 30,000 shares of the Company’s Class A Common Stock, at the market price of such stock at the date of grant, one-fifth (1/5) which shall vest each
year, subject to performance goals established by the Compensation Committee. Executive shall also be eligible to participate in stock option, incentive compensation and other plans providing opportunities to receive additional compensation.”
and 
  
 WHEREAS, the Company and the Executive have agreed
to remove the requirement that the stock option grant under the Agreement be subject to performance goals set by the Compensation Committee; 
  
 NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein, the parties agree as follows: 
  

	 	1.	 	Section 4.6 of the Agreement is hereby amended and restated in its entirety as follows: 

  
 “Stock Option Compensation. Executive shall be granted options within sixty (60) days of the
Commencement of the term of this Agreement to purchase 30,000 shares of the Company’s Class A Common Stock, at the market price of such stock at the date of grant, one-fifth (1/5) which shall vest each year. Executive shall also be eligible to
participate in stock option, incentive compensation and other plans providing opportunities to receive additional compensation.” 
  

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

  
  

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 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 first above written. 
  
  

	 BankUnited Financial Corporation
	 	 	 	 Executive:

					
	By:	 	 	 	 	 	By:	 	 
	 	
	 	 	 	 	

	Name:
Title:	 	 Lawrence Blum
 Vice Chairman of the Board and
Secretary
	 	 	 	Name:
	 	Ramiro Ortiz

  
  

	ATTEST:	 	 	 	 
				
	By:	 	 	 	 	 	 
	 	
	 	 	 	 
	 	 	Assistant Secretary	 	 	 	 	 	 

  

 2Code of Ethics for the CEO and Senior Financial Officers

 Exhibit 10.27 
  
 As adopted on November 19, 2003 
  
 BANKUNITED FINANCIAL CORPORATION 
 CODE OF ETHICS FOR THE 
 CHIEF EXECUTIVE OFFICER AND SENIOR FINANCIAL OFFICERS 
  
 This BankUnited Financial Corporation (“BankUnited”) Code of Ethics for the Chief
Executive Officer and Senior Financial Officers (“Code of Ethics”) applies to BankUnited’s Chief Executive Officer and Chief Financial Officer and to its Chief Accounting Officer and Controller (collectively, “You”).
BankUnited expects all of its employees, in the fulfillment of their duties for BankUnited, to act in accordance with the highest standards of personal and professional integrity in all aspects of their activities, to comply with all applicable
laws, rules and regulations, to act to deter wrongdoing and to abide by the BankUnited Code of Ethics and other policies and procedures adopted by BankUnited to govern the conduct of its employees. This Code of Ethics is intended to supplement the
BankUnited Code of Ethics, and all persons subject to this Code of Ethics must also comply with the BankUnited Code of Ethics applicable to all of BankUnited’s directors, officers and employees generally. 
  
 Pursuant to this Code of Ethics, BankUnited hereby requires you, and you agree to:

  

	 	(a)	 	Engage in and promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

  

	 	(b)	 	Avoid conflicts of interest and disclose to the Audit Committee any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

  

	 	(c)	 	Take all reasonable measures to protect the confidentiality of non-public information about BankUnited or its subsidiaries and their customers obtained or created in connection with
your activities, and to prevent the unauthorized disclosure of such information unless such disclosure is required by applicable law or regulation or legal or regulatory process and approved by BankUnited’s general counsel;

  

	 	(d)	 	Produce full, fair, accurate, timely and understandable disclosure in reports or documents that BankUnited or its subsidiaries files with, or submits to, the Securities and Exchange
Commission and other regulators and in other public communications made by BankUnited or its subsidiaries; 

  

	 	(e)	 	Comply with applicable governmental laws, rules and regulations as well as with the rules and regulations of any self-regulatory organizations of which BankUnited or any of its
subsidiaries is a member; and 

  

	 	(f)	 	Promptly report any known violation of this Code of Ethics to the Audit Committee. 

  

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 You understand that you, and every other officer and director of BankUnited and every person acting under
their direction, are prohibited from directly or indirectly taking any act to fraudulently influence, coerce, manipulate or mislead the independent public auditors of BankUnited or its subsidiaries for the purpose of rendering the financial
statements of BankUnited or its subsidiaries misleading. 
  
 You
understand that you will be held accountable for your adherence to this Code of Ethics. Your failure to observe the terms of this Code of Ethics may result in disciplinary action, up to and including termination of employment for cause. A violation
of this Code of Ethics could also constitute a violation of law and result in civil and criminal penalties for you, your supervisors and/or BankUnited. 
  
 If you have any questions regarding the best course of action in a particular situation, you should promptly contact any member of the Audit Committee,
Corporate Governance and Nominating Committee or other committee composed of independent members of the Board of Directors designated for this purpose by the Board, BankUnited’s General Counsel, the law firm of Camner, Lipsitz and Poller or
BankUnited’s outside counsel, the law firm of Morgan, Lewis and Bockius. Contact information for these persons is attached to this Code of Ethics as Exhibit A. You may choose to remain anonymous in reporting any violation of this Code of
Ethics. 
  
 Waivers of this Code of Ethics may only be granted on
the recommendation of the Board of Directors, the Audit Committee or such other committee of independent members the Board of Directors designated for that purpose. Any waivers of this Code of Ethics will promptly be disclosed to shareholders as
required by the Securities Exchange Act of 1934 and the rules thereunder and the applicable rules of the Nasdaq National Market or any other securities market in which BankUnited’s securities are listed. 
  
 Your Personal Commitment to the BankUnited Code of Ethics for the Chief Executive Officer
and Senior Financial Officers 
  
 I acknowledge that I have read and
received the BankUnited Code of Ethics for the Chief Executive Officer and Senior Financial Officers, dated November 19, 2003, and understand my obligations to comply with this Code of Ethics. 
  
 I understand that my agreement to comply with this Code of Ethics does not constitute a
contract for employment. 
  

	 Please sign here:______________________________
	 	Date:_________________________________
		
	 Please print your name:_________________________
	 	 

  

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