Document:

Exhibit
10.2b

 

AMENDED AND
RESTATED EMPLOYMENT AGREEMENT

 

AMENDED AND
RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) dated August 18, 2010 by
and between BankUnited, a federally chartered thrift institution (“NewBank”)
and John A. Kanas (“Executive”).

 

WHEREAS, NewBank and Executive
previously entered into an Employment Agreement dated July 10, 2009 (the “Original
Agreement”); and

 

WHEREAS, NewBank and Executive
desire to amend and restate the Original Agreement in its entirety.

 

NOW THEREFORE, in consideration
of the premises and mutual covenants herein and for other good and valuable
consideration, the parties agree as follows:

 

1.                    Term of Employment.

 

Subject to the provisions of Section 7
of this Agreement, Executive shall continue to be employed by NewBank for a
period that commenced on July 10, 2009 (the “Effective Date”) and
will end on the third anniversary of the Effective Date (the “Employment
Term”), on the terms and subject to the conditions set forth in this
Agreement; provided, however, that commencing on the third
anniversary of the Effective Date and on each anniversary thereafter (each an “Extension
Date”), the Board of Directors of NewBank (the “NewBank Board”) may
elect to extend the Employment Term for an additional one-year period, unless
NewBank or Executive provides the other party with Notice (as defined in Section 12(j))
90 days prior to the next Extension Date that the Employment Term shall not be
so extended.

 

2.                    Position.

 

(a)               During the Employment Term, Executive shall serve as the Chief Executive
Officer of NewBank.  Executive shall
report directly to the NewBank Board and shall perform the duties, undertake
the responsibilities and exercise the authority customarily performed,
undertaken and exercised by persons situated in a similar executive capacity in
a company the size and nature of NewBank. 
If requested, Executive shall also serve as an officer or member of the
board of directors of NewBank’s subsidiaries, in each case, without additional
compensation.

 

(b)              During the Employment Term, Executive will devote Executive’s business
time and best efforts to the performance of Executive’s duties hereunder and
will not engage in any other business, profession or occupation for
compensation or otherwise which would conflict or materially interfere with the
rendition of such services either directly or indirectly, without the prior
written consent of the NewBank Board; provided that nothing herein shall
preclude Executive, (i) from engaging in charitable and civic activities,
including accepting appointment to or continuing to serve on any board of
directors or trustees of any charitable organization or (ii) from
continuing to, or subject to the prior approval of the NewBank Board, from
accepting appointment to serve on any board of directors or trustees of any
business corporation; provided in each case, and in the aggregate, that
such activities do 

 

 

not
conflict or interfere with the performance of Executive’s duties hereunder or
conflict with Sections 8 and 9.

 

3.                    Compensation.

 

(a)               Base Salary.

 

During the Employment Term,
NewBank shall pay Executive a base salary at the annual rate of $1,125,000,
payable in regular installments in accordance with NewBank’s usual payment
practices.  Executive’s base salary may
be increased (but not decreased) as may be determined from time to time in the
sole discretion of the NewBank Board. 
Executive’s annual base salary, as in effect from time to time, is
hereinafter referred to as the “Base Salary.”

 

(b)              Discretionary Annual Bonus.

 

During each full fiscal year
during the Employment Term, Executive shall be eligible to earn a discretionary
annual bonus award (an “Annual Bonus”) in such amount, if any, as may be
determined in the sole and absolute discretion of the NewBank Board, provided
that it is the expectation of the parties that no such Annual Bonus shall be
awarded to Executive during the Employment Term.

 

4.                    Equity Arrangements.

 

Executive has entered into
arrangements with regard to Executive’s equity arrangements with BU Financial
Holdings EEC, a limited liability company (the “Company”).

 

5.                    Employee Benefits.

 

During the Employment Term,
Executive shall be entitled to participate in NewBank’s employee benefit plans
(other than annual bonus and incentive plans) as in effect from time to time on
the same basis as those benefits are generally made available to other senior
executives of NewBank (the “Benefit Plans”).  During the Employment Term, Executive shall
also be eligible to receive such perquisites generally made available to senior
executives of NewBank as determined in the sole and absolute discretion of the
NewBank Board following consultation with Executive (the “Perquisites”).  Notwithstanding anything contained in this Section 5
to the contrary, Executive shall be entitled to participate in the benefit
plans and perquisites set forth on Exhibit A hereto (such benefit
plans and perquisites (the “Specified 
Benefits”), together with the Benefit Plans and Perquisites,
collectively, the “Employee  Benefits”).

 

6.                    Business Expenses.

 

During the Employment Term and
in accordance with NewBank policies, Executive shall be entitled to be
reimbursed for reasonable and customary business expenses incurred by Executive
in connection with the performance of Executive’s duties hereunder.

 

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7.                    Termination.

 

The Employment Term and
Executive’s employment hereunder may be terminated by NewBank at any time and
for any reason upon at least 30 days’ advance Notice to Executive (provided,
however, that a termination with Cause (as defined below) shall be effective
immediately, subject to any applicable procedures set forth in the definition
of Cause) and by Executive upon at least 30 days’ advance Notice of any such
resignation of Executive’s employment, other than as a result of Executive’s
death.  Notwithstanding any other
provision of this Agreement, the provisions of this Section 7 shall
exclusively govern Executive’s rights upon termination of employment with
NewBank and its affiliates (except with respect to any equity arrangements,
which shall be exclusively governed by the terms of such equity arrangements).

 

(a)               By NewBank with Cause or By Executive other than as a result of Good
Reason.

 

(i) 
The Employment Term and Executive’s employment hereunder may be terminated by
NewBank with Cause and shall terminate automatically upon the effective date of
Executive’s resignation other than for Good Reason (as defined in Section 7(c)(ii)),
provided that (as set forth above) Executive will be required to give
NewBank at least 30 days’ advance Notice of a such a resignation.

 

(ii) 
For purposes of this Agreement, “Cause” shall mean Executive’s: (A) Personal
Dishonesty, (B) Incompetence and Willful Misconduct, (C) willful or
intentional failure to perform Specified Duties, (D) willful violation of
any law, rule, or regulation (other than Excluded Offenses) or final
cease-and-desist order (it being understood that unless Executive is indicted
or charged by a court of competent jurisdiction with the applicable violation,
the NewBank Board shall have the burden of proving the occurrence thereof by
clear and convincing evidence), or (E) willful and material breach of any
Material Provision of the Agreement. Notwithstanding the above, in each case, “Cause”
shall cease to exist for an event on the one hundred eightieth (180th) day following the later of (i) its occurrence or (ii) the
actual knowledge thereof by a majority of the NewBank Board (not including
Executive or any other employee of the Company and its subsidiaries, if
applicable) that the conduct has occurred and, if applicable, such conduct has
resulted in the requisite consequences required hereunder, unless NewBank has
given Executive a Notice thereof prior to such date. A termination of Executive
shall not be deemed to be with “Cause” unless and until there shall have been
delivered to Executive a copy of a finding approved by a majority of the
NewBank Board or, in the case of clause (C), the Board of Directors of the
Company (the “Company Board”) (in each case, not including Executive or
any other employee of the Company or its subsidiaries, if applicable),
concluding that, in the good faith opinion of such majority, Executive has
engaged in the conduct described in one or more of the clauses above, specifying
the particulars thereof in reasonable detail and demonstrating that no cure by
Executive was effected following giving Executive thirty (30) days to cure such
conduct after Notice by NewBank to Executive of such conduct, or, in the case
of clause (B) above, to cure the negative impact of such conduct after
Notice by NewBank to Executive of such conduct, or in the NewBank Board’s good
faith reasonable judgment, no cure is possible at such time (it being
understood that the 

 

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matters in clauses (A) and
(D) of this definition shall not be subject to any opportunity to cure)
(such notice, a “Cause Notice”). Notwithstanding any provision herein to
the contrary, no act, or failure to act, shall be deemed willful, intentional
or grossly negligent if Executive can demonstrate that Executive acted in a
good faith belief that such action was in the best interests of the Company and
its subsidiaries.

 

(iii) 
For purposes of this Agreement, “Excluded Offenses” shall include any
motor vehicle related offenses and any other violation of any law, rule, or
regulation that does not constitute a felony.

 

(iv) 
For purposes of this Agreement, “Personal Dishonesty” shall mean
Executive’s theft, embezzlement, fraud or similar conduct with respect to the
Company or any of its subsidiaries or its or their property (other than de
minimis property).

 

(v) 
For purposes of this Agreement, “Incompetence and Willful Misconduct”
shall mean Executive’s willful, intentional or gross misconduct in connection
with his duties to the Company or any of its subsidiaries (other than such
failure resulting from Executive’s Disability) that results in material adverse
harm to the Company and its subsidiaries, taken as a whole.

 

(vi) 
For purposes of this Agreement, “Specified Duties” shall mean Executive’s
duty to follow lawful and reasonable orders of the Company Board relating to a
determination by the Company Board to effect an Exit Event or an Initial Public
Offering (each as defined in the Amended and Restated Limited Liability Company
Agreement of the Company, dated May 21, 2009, among the Company and its
members as it may be amended, supplemented or modified from time to time (the “LLC  Agreement”)) or other order, the failure
of which to follow, could reasonably be expected to materially and adversely
impact the Company and its subsidiaries taken as a whole (other than such
failure resulting from Executive’s Disability).

 

(vii) 
For purposes of this Agreement, “Material Provision” shall mean Sections
8 and 9 of this Agreement.

 

(viii) 
If Executive’s employment is terminated by NewBank with Cause (or Executive
resigns at a time when grounds for Cause exist, provided that the
NewBank Board shall have delivered a Cause Notice to Executive within ten (10) business
days of such termination of employment), or Executive voluntarily resigns
without Good Reason, Executive shall be entitled to receive:

 

(A)                    the Base Salary accrued through the date of termination, payable within
fifteen days following the date of such termination;

 

(B)                      any Annual Bonus awarded by the NewBank Board, but unpaid, as of the
date of termination for the immediately preceding fiscal year, paid in
accordance with Section 3(b) (except to the extent payment is
otherwise deferred pursuant to any applicable deferred compensation
arrangement, in which case such amount shall be paid in full at the earliest
such time as is provided under such arrangement); and

 

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(C)                      such fully vested and non-forfeitable Employee Benefits, if any, as to
which Executive may be entitled under the employee benefit plans of NewBank
(the amounts described in clauses (A) through (C) hereof being
referred to as the “Accrued Rights”).

 

Following such termination of
Executive’s employment by NewBank with Cause or voluntary resignation by
Executive without Good Reason, except as set forth in this Section 7(a)(viii),
Executive shall have no further rights to any compensation or any other
benefits under this Agreement.

 

(b)              Disability or Death.

 

(i) 
The Employment Term and Executive’s employment hereunder shall terminate upon
Executive’s death and may be terminated by NewBank by reason of Executive’s
Disability.  The term “Disability”
shall mean:  Executive’s inability, for a
period of six (6) consecutive months or for an aggregate of nine (9) months
in any twelve (12) consecutive month period, to perform Executive’s employment
duties hereunder as a result of Executive’s becoming physically or mentally
incapacitated.  Any question as to the
existence of such Disability of Executive as to which Executive and NewBank
cannot agree shall be verified in writing by a physician selected by the
NewBank Board and Executive jointly (or if they cannot agree, a physician
selected by the NewBank Board and reasonably acceptable to Executive).  The determination by such physician of
Disability that is delivered made in writing to NewBank and Executive shall be
final and conclusive for all purposes of this Agreement.

 

(ii) 
Upon termination of Executive’s employment hereunder by reason of either
Disability or death, Executive or Executive’s estate (as the case may be) shall
be entitled to receive the Accrued Rights. 
In addition, upon termination of Executive’s employment hereunder by reason
of either Disability or death, Executive (to the extent applicable) and
Executive’s eligible dependents (to the extent covered under such plan
immediately prior to such termination) shall be entitled to receive continued
coverage under NewBank’s group health plans (or to the extent such coverage is
not permissible under the terms of such plan(s), comparable coverage), at
NewBank’ sole expense, for twenty-four months from Executive’s date of
termination of employment with NewBank as a result of Executive’s Disability or
death (such period, the “Coverage Period”); provided, however,
that if such continued coverage cannot be provided under the applicable plan(s) for
longer than eighteen months, NewBank shall pay Executive (or his estate, as
applicable), on the first business day of each month thereafter, an amount
equal to the premium subsidy NewBank would have otherwise paid on Executive’s
behalf for such coverage during the balance of the twenty-four month
period.  The COBRA health care
continuation coverage period under Section 4980B of the Code, or any
replacement or successor provision of United States tax law, shall run
concurrently with the Coverage Period.

 

Following Executive’s
termination of employment due to death or Disability, except as set forth in
this Section 7(b)(ii), Executive shall have no further rights to any
compensation or any other benefits under this Agreement.

 

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(c)               By NewBank without Cause or Voluntary Resignation by Executive for Good
Reason.

 

(i) 
The Employment Term and Executive’s employment hereunder may be terminated by
NewBank without Cause or voluntarily by Executive for Good Reason.

 

(ii) 
For purposes of this Agreement, “Good Reason” shall mean: (A) a
material reduction in Executive’s Base Salary or Specified Benefits; (B) the
removal of Executive from the position of Chief Executive Officer and Chairman
of the Board of any of the NewBank Board, the Company Board or the InterCo
Board (in each case, other than as a result of Cause or Disability); provided,
however, that removal of Executive solely from his position as Chairman
of any such Boards to comply with any regulatory, legal, exchange or similar
requirement shall not constitute Good Reason; (C) a material diminution in
Executive’s title, reporting relationship, duties or responsibilities (other
than as a result of Cause or Disability); (D) the failure of NewBank or
its subsidiaries to pay any compensation to Executive when due; or (E) NewBank
provides the Notice described in Section 1 of this Agreement that it is
not extending the Employment Term; provided, however, in each
case, that no such event shall constitute “Good Reason” unless Executive
notifies NewBank in writing of the existence of the event constituting Good Reason
within sixty (60) days of the occurrence thereof and the event constituting
Good Reason is not cured within thirty (30) days from the receipt of such
Notice to cure (other than the event described in clause (E)).

 

(iii) 
If Executive’s employment is terminated by NewBank without Cause (other than by
reason of death or Disability) or if Executive resigns for Good Reason,
Executive shall be entitled to receive:

 

(A)                    the Accrued Rights;

 

(B)                      a payment of an aggregate amount equal to the product of (x) two (2) and
(y) the sum of Executive’s Base Salary and the Annual Bonus paid or
payable to Executive, if any, for the fiscal year immediately preceding
Executive’s termination of employment, minus (ii) $250,000, which
aggregate amount shall be payable to Executive in a lump sum within 60 days
following Executive’s termination of employment; provided that the
aggregate amount described in this clause (B) shall be reduced by the
present value of any other cash severance benefits payable to Executive under
any other plans, programs or arrangements of NewBank or its affiliates; and

 

(C)                      continued coverage under NewBank’s group health plans (or to the extent
such coverage is not permissible under the terms of such plan(s), comparable
coverage) for Executive and Executive’s dependents (to the extent covered under
such plan immediately prior to such termination), at NewBank’s sole expense,
until the earlier of (i) twenty-four months from Executive’s date of
termination of employment with NewBank and (ii) the date Executive is or
becomes eligible for comparable coverage under health plans of another employer
(such period the “Continued Coverage Period”); provided, however,
that if such 

 

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coverage
is longer than eighteen (18) months and such continued coverage cannot be
provided under the applicable plan(s), NewBank shall pay Executive, on the
first business day of each month, an amount equal to the premium subsidy
NewBank would have otherwise paid on Executive’s behalf for such coverage
during the balance of the Continued Coverage Period.  The COBRA health care continuation coverage
period under Section 4980B of the Code, or any replacement or successor
provision of United States tax law, shall run concurrently with the Continued
Coverage Period.

 

Amounts
payable to Executive under subparagraphs (B) and (C) above, are
subject to Executive providing a release of all claims to NewBank and its
affiliates in the form attached hereto as Exhibit B (with any
changes necessary to comply with applicable law and/or make the release legally
enforceable in the reasonable judgment of NewBank) no later than the 59th day following termination of
employment (and NewBank may, at its sole election, defer the payment of any
such amount until the 60th day following termination of employment).
Following Executive’s termination of employment by NewBank without Cause (other
than by reason of Executive’s death or Disability) or by Executive’s
resignation for Good Reason, except as set forth in this Section 7(c)(iii),
Executive shall have no further rights to any compensation or any other
benefits under this Agreement.

 

(d)              Non-Renewal of Employment Term by Executive.  In the event Executive elects
not to extend the Employment Term pursuant to Section 1, unless Executive’s
employment is earlier terminated pursuant to paragraphs (a), (b) or (c) of
this Section 7, the expiration of the Employment Term and Executive’s
termination of employment hereunder shall be deemed to occur on the close of
business on the day immediately preceding the next scheduled Extension Date and
Executive shall be entitled to receive the Accrued Rights.  Following such termination of Executive’s
employment under this Section 7(d), except as set forth in this Section 7(d),
Executive shall have no further rights to any compensation or any other
benefits under this Agreement.

 

(e)               Continued Employment Beyond the Expiration of the Employment Term.  Unless the parties otherwise
agree in writing, continuation of Executive’s employment with NewBank beyond
the expiration of the Employment Term shall be deemed an employment at-will and
shall not be deemed to extend any of the provisions of this Agreement and
Executive’s employment may thereafter be terminated at will by either Executive
or NewBank; provided, that the provisions of Sections 8, 9 and 10 of
this Agreement, and any accrued and vested rights of Executive as of the last
day of the Employment Term, shall survive any termination of this Agreement or
Executive’s termination of employment hereunder.

 

(f)                 Notice of Termination.  Any purported termination of employment by
NewBank or by Executive (other than due to Executive’s death) shall be
communicated by Notice of Termination to the other party hereto in accordance
with Section 12(j) hereof.  For
purposes of this Agreement, a “Notice of Termination” shall mean a
Notice which shall indicate the specific termination provision in this
Agreement relied upon and shall set forth in 

 

7

 

reasonable
detail the facts and circumstances claimed to provide a basis for termination
of employment under the provision so indicated.

 

(g)              Board/Committee Resignation.  Upon termination of Executive’s employment
for any reason, Executive agrees to resign as of the date of such termination
and to the extent applicable, from the Company Board (and any committees
thereof), the NewBank Board (and any committees thereof), the Board of
Directors of BU Financial Corporation, a Delaware corporation (“Interco”)
(and any committees thereof) and the board of directors of any subsidiary, if
applicable, and agrees to resign as an officer of each of the Company, NewBank, Interco
and each of their respective subsidiaries.

 

8.                    Non-Competition; Non-Solicitation of Employees; Non-Disparagement.

 

(a)               Executive acknowledges and recognizes the highly competitive nature of
the businesses of NewBank, Interco, the Company and their affiliates and
accordingly agrees as follows:

 

(i) 
Executive will not, within eighteen months following the termination of
Executive’s employment by NewBank for Cause or by Executive’s voluntary
resignation without Good Reason (which, for the avoidance of doubt, shall
include, without limitation, Executive providing Notice described in Section 1
of this Agreement that Executive is not extending the Employment Term and/or
any termination of employment thereafter) (the “Post-Termination Period”)
or during the Employment Term (collectively with the Post-Termination Period,
the “Restricted  Period”),
directly or indirectly, own, manage, operate, control or participate in the
ownership, management, operation or control of, or be connected as an officer,
employee, consultant, partner, or director with, any depository institution (as
defined in 12 U.S.C. Section 1813(c)(1)) or holding company thereof that: (i) has
more than 75% of its deposits (as defined in 12 U.S.C. Section 1813(1)) in
the State of Florida (with such applicable percentage reduced to 50% of
deposits after the one-year anniversary of the Effective Date); (ii) has
more than 75% of its branches (measured by physical presence) in the State of
Florida (with such applicable percentage reduced to 50% of branches after the
one-year anniversary of the Effective Date); (iii) has its principal place
of business or headquarters in the State of Florida; or (iv) is an entity
(or successor thereto) described in Section 3.7(c)(iv) of the LLC
Agreement (each, a “Competitive Business”).

 

(ii) 
During the Post-Termination Period, Executive will not initiate or respond to communications
with any of the employees of InterCo, NewBank or its subsidiaries who earned
annually $150,000 or more as an InterCo, NewBank or subsidiary employee during
the twelve-month period prior to the termination of such individual’s
employment with InterCo, NewBank or its subsidiary, for the purpose of
soliciting such employee, or facilitating the hiring of any such employee, to
work for any other business, individual, partnership, firm, corporation, or
other entity.

 

(iii) 
Executive will not at any time (whether during or after the Employment Term),
other than as required by law or by order of a court or other competent
authority, make or publish, or cause any other person to make or publish, any 

 

8

 

statement that is
disparaging or that reflects negatively upon NewBank or any of its affiliates
or any of the Directors (as defined in the LLC Agreement) or original Investor
Members (as defined in the LLC Agreement) or that is or reasonably would be expected
to be damaging to the reputation or business of NewBank or any of its
affiliates or any of the Directors or original Investor Members.  Each of NewBank, the Company and InterCo on
behalf of itself and its respective directors and senior officers agrees that
none of NewBank, the Company or InterCo and their respective directors and
senior officers, other than as required by law or by order of a court or other
competent authority, make or publish, or cause any other person to make or
publish, any statement that is disparaging or that reflects negatively upon
Executive, or that is or reasonably would be expected to be damaging to the
reputation or business of Executive.

 

Notwithstanding anything to
the contrary in this Agreement, Executive may, directly or indirectly own,
solely as an investment, securities of any person engaged in a Competitive
Business which are publicly traded on a national or regional stock exchange or
on the over-the-counter market if Executive (i) is not a controlling
person of, or a member of a group which controls, such person and (ii) does
not, directly or indirectly, own 5% or more of any class of securities of such
person.

 

(b)              It is expressly understood and agreed that although the parties to this
Agreement consider the restrictions contained in this Section 8 to be
reasonable, if a final judicial determination is made by a court of competent
jurisdiction, that the time or territory or any other restriction contained in
this Agreement is an unenforceable restriction against Executive, the
provisions of this Agreement shall not be rendered void but shall be deemed
amended to apply as to such maximum time and territory and to such maximum
extent as such court may judicially determine or indicate to be enforceable.
Alternatively, if any court of competent jurisdiction finds that any
restriction contained in this Agreement is unenforceable, and such restriction
cannot be amended so as to make it enforceable, such finding shall not affect
the enforceability of any of the other restrictions contained herein.

 

(c)               The period of time during which the provisions of this Section 8
shall be in effect shall be extended by the length of time during which
Executive is in breach of the terms hereof as determined by any court of
competent jurisdiction on NewBank’s application for injunctive relief.

 

9.                    Confidentiality.

 

(a)               Executive will not at any time (whether during or after the Employment
Term) (x) retain or use for the benefit, purposes or account of Executive
or any other person; or (y) disclose, divulge, reveal, communicate, share,
transfer or provide access to any person outside NewBank or its affiliates
(other than its professional advisers who are bound by confidentiality
obligations), any non-public, proprietary or confidential information —
including without limitation trade secrets, know-how, research and development,
software, databases, inventions, processes, formulae, technology, designs and
other intellectual property, information concerning finances, investments,
profits, pricing, costs, products, services, vendors, customers, clients,
partners, investors, personnel, compensation, recruiting, training,
advertising, sales, marketing, promotions, government and regulatory activities
and approvals 

 

9

 

—
concerning the past, current or future business, activities and operations of
NewBank, its subsidiaries or affiliates and/or any third party that has
disclosed or provided any of same to NewBank or its affiliates on a
confidential basis (“Confidential Information”) without the prior
written authorization of the NewBank Board.

 

(b)              “Confidential Information” shall not include any information that is (a) generally
known to the industry or the public other than as a result of Executive’s
breach of this covenant or any breach of other confidentiality obligations by
third parties; (b) made legitimately available to Executive by a third
party without breach of any confidentiality obligation; or (c) required by
law to be disclosed (including via subpoena); provided that Executive
shall give prompt Notice to NewBank of such requirement of law, disclose no
more information than is so required, and cooperate with any attempts by
NewBank to obtain a protective order or similar treatment.

 

(c)               Except as required by law, Executive will not disclose to anyone, other
than Executive’s immediate family, legal or financial advisors or governmental
agencies, the existence or contents of this Agreement; provided, that
Executive may disclose to any prospective future employer the provisions of
this Agreement provided they agree to maintain the confidentiality of such
terms.

 

(d)              Upon termination of Executive’s employment with NewBank for any reason,
Executive shall (x) cease and not thereafter commence use of any Confidential
Information or intellectual property (including without limitation, any patent,
invention, copyright, trade secret, trademark, trade name, logo, domain name or
other source indicator) owned or used by NewBank, its subsidiaries or
affiliates; (y) immediately destroy, delete, or return to NewBank, at
NewBank’s option, all originals and copies in any form or medium (including
memoranda, books, papers, plans, computer files, letters and other data) in
Executive’s possession or control (including any of the foregoing stored or
located in Executive’s office, home, laptop or other computer, whether or not
company property) that contain Confidential Information or otherwise relate to
the business of NewBank, its affiliates and subsidiaries, except that Executive
may retain only those portions of any personal notes, notebooks and diaries
that do not contain any Confidential Information and Executive’s rolodex (or
other physical or electronic address book); and (z) fully cooperate with
NewBank regarding the delivery or destruction of any other Confidential
Information not within Executive’s possession or control of which Executive is
or becomes aware. Notwithstanding the foregoing, Executive may retain Executive’s
rolodex and similar address books.  To
the extent that Executive is provided with a cell phone number by NewBank
during employment, NewBank shall cooperate with Executive in transferring such
cell phone number to Executive’s individual name following termination.

 

(e)               Except as otherwise expressly set forth herein, the provisions of
Sections 8, 9 and 10 of this Agreement shall survive the termination of
Executive’s employment for any reason.

 

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10.            Specific
Performance.

 

Executive acknowledges and
agrees that the remedies at law for a breach or threatened breach of any of the
provisions of Sections 8 or 9 would be inadequate and NewBank and its
affiliates would suffer irreparable damages as a result of such breach or
threatened breach.  In recognition of
this fact, Executive agrees that, in the event of such a breach or threatened
breach, in addition to any remedies at law, NewBank shall be entitled to seek a
temporary or permanent injunction or any other equitable remedy which may then
be available.

 

11.            Excise
Tax.

 

(a)              In
the event that any amount or benefit that may be paid or otherwise provided to
or in respect of Executive by or on behalf of NewBank or any affiliate, whether
pursuant to this Agreement or otherwise (collectively, “Covered Payments”),
is or may become subject to the tax imposed under section 4999 of the Internal
Revenue Code of 1986, as amended (the “Code”) (or any successor
provision or any comparable provision of state, local or foreign law) (“Excise
Tax”).  NewBank will pay to Executive
a “Reimbursement Amount” equal to fifty percent (50%) of the total of: (i) any
Excise Tax on the Covered Payments, plus (ii) any Federal, state, and
local income taxes, employment and excise taxes (including the Excise Tax) on
the Reimbursement Amount, plus (iii) the product of any deductions
disallowed for Federal, state or local income tax purposes because of the
inclusion of the Reimbursement Amount in Executive’s income and Executive’s
combined Federal, state, and local income tax rate for the calendar year in
which the Reimbursement Amount is includible in Executive’s taxable income,
plus (iv) any interest, penalties or additions to tax imposed under
applicable law in connection with the Excise Tax or the Reimbursement Amount,
plus (v) any reasonable out-of-pocket costs incurred by Executive in
connection with any of the foregoing. 
For purposes of this Section 11(a), Executive will be deemed to pay
(A) Federal income taxes at the highest applicable marginal rate of
Federal income taxation applicable to individuals for the calendar year in
which the Reimbursement Amount is includible in Executive’s taxable income and (B) any
applicable state and local income taxes at the highest applicable marginal rate
of taxation applicable to individuals for the calendar year in which such
Reimbursement Amount is includible in Executive’s taxable income, net of the
maximum reduction in Federal income taxes which could be obtained from the
deduction of such state or local taxes if paid in such year (determined without
regard to limitations on deductions based upon the amount of Executive’s
adjusted gross income). This provision is intended to provide Executive with a
payment equal to fifty percent (50%) of an amount that would put Executive in
the same position as Executive would have been had no Excise Tax been imposed
upon or incurred as a result of any Covered Payment that is paid or otherwise
provided to or in respect of Executive in connection with a Change of Control
Transaction (as defined below).

 

(b)              The
payment of a Reimbursement Amount under this Section 11 shall not be
conditioned upon Executive’s termination of employment.

 

(c)               The
determination of whether an event described in section 280G(b)(2)(A)(i) of
the Code has occurred, the amount of any Reimbursement Amount and/or the
amounts described in Section 11(a) above shall be made initially by
an 

 

11

 

accounting
firm selected by the NewBank Board (as constituted prior to the occurrence of
any transaction giving rise to payment of a Reimbursement Amount, such
transaction a, “Change of Control Transaction”), or, if no such
firm is selected, by the independent compensation consulting firm retained by the
NewBank Board prior to any Change of Control Transaction to provide consulting
advice to the NewBank Board; provided, however, that nothing
herein shall limit Executive’s right to payment of the Reimbursement Amount in
the event it is determined that any of such initial determinations was
incorrect.

 

(d)              Executive
shall promptly provide NewBank with Notice of any claim by any taxing authority
that, if successful, would require the payment by NewBank of a Reimbursement
Amount; provided, however, that failure by Executive to give such
Notice promptly shall not result in a waiver or forfeiture of any of Executive’s
rights under this Section 11 except to the extent of actual damages
suffered by NewBank as a result of such failure.  If NewBank notifies Executive in writing
within 15 days after receiving such Notice that it desires to contest such
claim (and demonstrates to the reasonable satisfaction of Executive its ability
to pay any resulting Reimbursement Amount), Executive shall:

 

(i) 
give NewBank any information reasonably requested by NewBank relating to such
claim;

 

(ii) 
take such action in connection with contesting such claim as NewBank shall
reasonably request in writing from time to time, including, without limitation,
accepting legal representation with respect to such claim by an attorney
selected by NewBank that is reasonably acceptable to Executive;

 

(iii) 
cooperate with NewBank in good faith in order effectively to contest such
claim; and

 

(iv) 
permit NewBank to participate in any proceedings relating to such claim;

 

provided, however, that NewBank’s actions do not
unreasonably interfere with or prejudice Executive’s disputes with the taxing
authority as to other issues; and provided, further, that NewBank
shall bear and pay on an after-tax and as-incurred basis, all reasonable
attorneys fees, costs and expenses (including additional interest, penalties
and additions to tax) incurred in connection with such contest and shall
indemnify and hold Executive harmless, on an after-tax and as-incurred basis,
for all resulting taxes (including, without limitation, income and excise
taxes), interest, penalties and additions to tax.

 

(e)               Notwithstanding
anything herein to the contrary, if at the time of a proposed Change of Control
Transaction that could reasonably be expected to result in the payment of a
Reimbursement Amount pursuant to this Section 11 no stock of NewBank (or
another relevant corporation) is readily tradable on an established securities
market or otherwise, Executive and NewBank shall use best efforts to obtain
shareholder approval for any of the payments or benefits received or to be
received by Executive, whether pursuant to this Agreement or otherwise, that
are potentially subject to the Excise Tax, so that upon such shareholder approval,
the payments and/or benefits shall not be subject to the Excise Tax, 

 

12

 

provided that failure to obtain such shareholder approval shall not constitute a
breach of this Agreement.

 

(f)                At
such time that NewBank or any of its affiliates undergoes an Initial Public
Offering, the NewBank Board shall, in its good faith discretion, determine
whether to amend the Agreement to provide that the Reimbursement Amount shall
be equal to 100% of the sum of the amounts set forth in Sections 11(a)(i)-(v) of
this Agreement.

 

12.            Miscellaneous.

 

(a)              Governing
Law. 
This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to conflicts of laws principles
thereof that would direct the application of the laws of any other
jurisdiction.

 

(b)              Entire
Agreement/Amendments.  This Agreement contains the entire
understanding of the parties with respect to the employment of Executive by
NewBank.  There are no restrictions,
agreements, promises, warranties, covenants or undertakings among the parties
with respect to the subject matter herein other than those expressly set forth
herein.  This Agreement may not be
altered, modified or amended except by written instrument signed by the parties
hereto.  In the event of any
inconsistency between this Agreement and any other plan, program, practice or
agreement of which Executive is a participant or a party, this Agreement shall
control unless such other plan, program, practice or agreement specifically
refers to the provisions of this sentence.

 

(c)               No
Waiver.  The
failure of a party to insist upon strict adherence to any term of’ this
Agreement on any occasion shall not be considered a waiver of such party’s
rights or deprive such party of the right thereafter to insist upon strict
adherence to that term or any other term of this Agreement.

 

(d)              Severability.  In the event that any one or
more of the provisions of this Agreement shall be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions of this Agreement shall not be affected thereby.

 

(e)               Assignment.  This Agreement, and all of the
respective parties’ rights and duties hereunder, shall be assignable or delegable
only pursuant to a written agreement executed by the parties hereto.  Upon such assignment, the rights and
obligations of the respective parties hereunder shall become the rights and
obligations of such affiliate or successor person or entity.

 

(f)                Set-Off;
No Mitigation.  NewBank’s obligation to pay Executive the
amounts provided and to make the arrangements provided hereunder shall be
subject to set-off, counterclaim or recoupment of amounts owed by Executive to
NewBank or its affiliates.  Executive
shall not be required to mitigate the amount of any payment provided for
pursuant to this Agreement by seeking other employment, and such payments shall
not be reduced by any compensation or benefits received from any subsequent
employer or other endeavor, except as provided in Section 7(c)(iii)(C)(ii).

 

13

 

(g)               Compliance
with Code Section 409A.  The intent of the parties is that payments
and benefits under this Agreement comply with Section 409A of the Code, as
amended (“Section 409A”) to the extent subject thereto, and,
accordingly, to the maximum extent permitted, this Agreement shall be
interpreted and administered to be in compliance therewith.  Notwithstanding anything herein to the
contrary, (i) if at the time of Executive’s termination of employment with
NewBank, Executive is a “specified employee” as defined in Section 409A
and the deferral of the commencement of any payments or benefits otherwise
payable hereunder as a result of such termination of employment is necessary in
order to prevent any accelerated or additional tax under Section 409A,
then NewBank will defer the commencement of the payment of any such payments or
benefits hereunder (without any reduction in such payments or benefits ultimately
paid or provided to Executive) until the date that is six months following
Executive’s termination of employment with NewBank (or the earliest date as is
permitted under Section 409A), (ii) if any other payments of money or
other benefits due to Executive hereunder could cause the application of an
accelerated or additional tax under Section 409A, such payments or other
benefits shall be deferred if deferral will make such payment or other benefits
compliant under Section 409A, or otherwise such payment or other benefits
shall be restructured, to the extent possible, in a manner, determined by the
NewBank Board that does not cause such an accelerated or additional tax, (iii) to
the extent required in order to avoid accelerated taxation and/or tax penalties
under Section 409A, Executive shall not be considered to have terminated
employment with NewBank for purposes of this Agreement and no payment shall be
due to Executive under this Agreement until Executive would be considered to
have incurred a “separation from service” from NewBank within the meaning of Section 409A,
and (iv) each amount to be paid or benefit to be provided to Executive
pursuant to this Agreement, which constitute deferred compensation subject to Section 409A,
shall be construed as a separate identified payment for purposes of Section 409A.  To the extent required to avoid an
accelerated or additional tax under Section 409A, amounts reimbursable to
Executive under this Agreement shall be paid to Executive on or before the last
day of the year following the year in which the expense was incurred and the
amount of expenses eligible for reimbursement (and in-kind benefits provided to
Executive) during any one year may not effect amounts reimbursable or provided
in any subsequent year; provided, however, that with respect to
any reimbursements for any taxes which Executive would become entitled to under
the terms of this Agreement, the payment of such reimbursements shall be made
by NewBank no later than the end of the calendar year following the calendar
year in which Executive remits the related taxes. NewBank shall consult with
Executive in good faith regarding the implementation of the provisions of this Section 12(g);
provided that neither NewBank nor any of its employees or representatives shall
have any liability to Executive with respect to thereto.

 

(h)              Required
Regulatory Language.

 

(i) 
Notwithstanding anything herein contained to the contrary, any payments to
Executive by NewBank, 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
the Federal Deposit Insurance Corporation (the “FDIC”) regulation 12 CFR
Part 359, Golden Parachute and Indemnification Payments.

 

14

 

(ii) 
Notwithstanding anything herein contained to the contrary, if Executive is
suspended from office and/or temporarily prohibited from participating in the
conduct of the affairs of NewBank 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), NewBank’s obligations under this Agreement shall be suspended as of
the date of service of such notice, unless stayed by appropriate proceedings.

 

(iii) 
Notwithstanding anything herein contained to the contrary, if Executive is
removed and/or permanently prohibited from participating in the conduct of
NewBank’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 NewBank under this Agreement shall terminate as of the effective date of the
order, but vested rights and obligations of NewBank and Executive shall not be
affected.

 

(iv) 
Notwithstanding anything herein contained to the contrary, if NewBank 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 NewBank under this Agreement shall
terminate as of the date of default, but vested rights and obligations of
NewBank and Executive shall not be affected.)

 

(v) 
Notwithstanding anything herein contained to the contrary, all prospective
obligations of NewBank hereunder shall be terminated, except to the extent that
a continuation of this Agreement is necessary for the continued operation of
NewBank: (i) by the Director of the Office of Thrift Supervision (“OTS”)
or his designee or the FDIC, at the time the FDIC enters into an agreement to
provide assistance to or on behalf of NewBank 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.

 

(vi) 
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.

 

(i)                  Successors;
Binding Agreement.  This Agreement shall inure to the benefit of
and be binding upon personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees.  For the avoidance of doubt, the parties to
this Agreement shall continue to be bound by the terms of this Agreement (or shall
require any successor to be bound by the terms of this Agreement) following an
Initial Public Offering of NewBank or one of its affiliates.  In the event of Executive’s death prior to
receipt of all amounts payable to Executive (including any unpaid amounts due
under Section 7), such amounts shall be paid to Executive’s beneficiary
designated by him by Notice to NewBank or, in the absence of such designation,
to Executive’s estate.

 

(j)                 Notice.  For the purpose of this
Agreement, notices and all other communications provided for in the Agreement
shall be in writing and shall be deemed to 

 

15

 

have
been duly given when delivered by hand or overnight courier or three postal
delivery days after it has been mailed by United States registered mail, return
receipt requested, postage prepaid, addressed to the respective addresses set
forth below in this Agreement, or to such other address as either party may
have furnished to the other in writing in accordance herewith, except that
Notice of change of address shall be effective only upon receipt (each such
communication, “Notice”).

 

If to NewBank, addressed to:

 

BankUnited

14817 Oak Lane

Miami Lakes, Florida 33016

 

If to Executive, addressed to
the most recent address of Executive set forth in the personnel records of
NewBank.

 

(k)              Executive
Representation.  Executive hereby represents to NewBank that
the execution and delivery of this Agreement by Executive and NewBank and the
performance by Executive of Executive’s duties hereunder shall not constitute a
breach of, or otherwise contravene, the terms of any employment agreement or
other agreement or policy to which Executive is a party or otherwise bound.

 

(l)                  Prior
Agreements.  This Agreement supersedes all prior
agreements and understandings (including verbal agreements) between Executive
and NewBank and/or its affiliates regarding the terms and conditions of
Executive’s employment with NewBank and/or its affiliates.

 

(m)          Cooperation.  If and to the extent requested
by the Company or any of its Subsidiaries, Executive shall provide Executive’s
reasonable cooperation in connection with any action or proceeding (or any
appeal from any action or proceeding) which relates to events occurring during
Executive’s employment with NewBank and its affiliates.  In respect of the foregoing cooperation,
NewBank shall provide reasonable compensation to Executive and shall reimburse
Executive promptly for reasonable out-of-pocket expenses (including travel
costs, lodging and meals); provided that such reimbursement shall be made no
later than the end of the calendar year after the year in which the expenses
are incurred.  This provision shall
survive any termination of this Agreement.

 

(n)              Compliance
with Code Section 162(m).  Prior to such time that NewBank or any of its
affiliates undergoes an Initial Public Offering, the NewBank Board and
Executive agree to discuss in good faith, to the extent requested by the
NewBank Board in writing on a timely basis, whether to amend Section 3 of
this Agreement in order to maintain the deductibility of the compensatory
arrangements described in Section 3 of this Agreement to the extent the
deductibility of such compensatory arrangements would be limited by the
application of Section 162(m) of the Code, provided that Executive
shall not be required to amend this Agreement in a manner that would, as
determined in the Executive’s sole discretion, adversely effect Executive’s
overall compensation under this Agreement.

 

16

 

(o)              Withholding
Taxes. 
NewBank may withhold from any amounts payable under this Agreement such
Federal, state and local taxes as may be required to be withheld pursuant to
any applicable law or regulation.

 

(p)              Counterparts.  This Agreement may be signed in
counterparts, each of which shall be an original, with the same effect as if
the signatures thereto and hereto were upon the same instrument.

 

[Signature Page Follows
this Page]

 

17

 

IN WITNESS WHEREOF, the
parties hereto have duly executed this Employment Agreement as of the day and
year first above written.

 

	
   

  	
  BANKUNITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Rajinder P. Singh

  
	
   

  	
  By:

  
	
   

  	
  Title

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ John A. Kanas

  
	
   

  	
  JOHN A. KANAS

  

 

 

EXHIBIT A

BENEFITS AND PERQUISITES

 

During the Employment Term,
Executive shall be entitled to the following benefits and perquisites:

 

·                  Participation in group life, hospitalization, medical, dental, health,
accident and short and long term disability plans.

 

·                  4 weeks’ annual paid vacation.

 

·                  Payment of professional dues and professional membership fees.

 

·                  Participation in an excess 401(k) plan.*

 

·                  Provision of an automobile, up to a cost of $2,500 per month, and driver
(at market cost) for Executive’s use.

 

*Notwithstanding anything in
the Agreement to the contrary, solely for purposes of calculating Executive’s
benefits under the excess 401(k) plan, Executive’s Base Salary shall be
reduced by $250,000.

 

 

EXHIBIT B

 

RELEASE OF
CLAIMS

 

This Release of Claims is
entered into by John A. Kanas (“Executive”).

 

WHEREAS, Executive and
BankUnited, with offices at 14817 Oak Lane, Miami Lakes, FL 33016 (the “NewBank”),
entered into an Amended and Restated Employment Agreement (the “Employment
Agreement”) dated August 18, 2010 that provides Executive certain
severance and other benefits in the event of an involuntary termination of
Executive’s employment without Cause or Executive’s resignation of employment
for Good Reason (each term as defined under the Employment Agreement);

 

WHEREAS, Executive’s
employment has so terminated; and

 

WHEREAS, pursuant to Section 7(c)(iii) of
the Employment Agreement, a condition of Executive’s entitlement to certain
severance and other benefits thereunder is his agreement to this Release of
Claims.

 

NOW, THEREFORE, in
consideration of the severance and other benefits provided under Section 7(c)(iii)(B) and
(C) of the Employment Agreement, the sufficiency of which Executive hereby
acknowledges, Executive agrees as follows:

 

1.             Executive, for himself and his heirs, assigns, executors
and administrators, hereby fully and finally waives, discharges and releases
the Company Group (as defined below), including each of the Company Group’s
past, current and future parents, subsidiaries, and affiliates, and its and
their shareholders, members, directors, officers, employees, agents and
representatives, and each of their heirs and assigns (collectively, the “Released
Parties”), from any and all claims, suits, promises, contracts, liabilities,
obligations and damages arising on or prior to the date hereof relating to his
employment with the Company Group or his termination therefrom, whether now
known or later discovered, which he or anyone acting on his behalf might
otherwise have had or asserted, including, but not limited to, any express or
implied contract of employment claims (whether written or oral), claims arising
under tort, covenant, public policy or otherwise, claims under Title VII of the
Civil Rights Act of 1964, as amended, the Family and Medical Leave Act of 1993,
Section 1981 of the Civil Rights Act of 1866, the Age Discrimination in
Employment Act of 1967, as amended (“ADEA”), the Americans with
Disabilities Act of 1991, as amended, the Older Workers Benefit Protection. Act
of 1990, the Worker Adjustment and Retraining Notification Act, claims under
the laws, including the labor laws of any state or locality, all claims under
related common law, statutes, and administrative and executive orders at the
federal, state and local levels of government, and any claims to any payments
or benefits from employment with the Company Group, including, but not limited
to, claims for salary, bonuses, unvested stock options, severance pay, vacation
pay or any benefits under the Employee Retirement Income Security Act of 1974,
as amended, other than: (i) those benefits set forth in Section 7(c)(iii) of
the Employment Agreement, (ii) any rights Executive has to indemnification
under the Amended and Restated Limited Liability Company Agreement of 

 

 

BU Financial Holdings, LLC
dated as of May 21, 2009, as it may be amended from time to time or
otherwise or coverage under directors’ and officers’ liability insurance
policies, (iii) any direct or indirect holdings of equity in the Company
and its subsidiaries or affiliates or any vested awards (or awards which may
vest) which Executive has under any equity, equity-based, profits interest,
stock option or similar plan, agreement or program, which equity and awards
shall be subject to all the terms and conditions of such documents, and (iv) any
claims for accrued and vested benefits under any of the Company Group’s
employee retirement and welfare benefit plans. 
In addition, Executive represents that no incident has occurred during
his employment with the Company Group that could form the basis for any claim
by him against the Company Group under the worker’s compensation laws of any
jurisdiction.  For the purposes of this
Release of Claims, the term “Company Group” shall mean NewBank, BU
Financial Corporation, BU Financial Holdings LLC, and each of their respective
subsidiaries.

 

2.             Executive represents that he has not brought any
charges, claims, demands, suits or actions, known or unknown, in any forum,
against the Released Parties related to his employment or his termination
(excluding any claims of Executive in respect of his direct and indirect
holdings of equity in the Company and its subsidiaries or affiliates); provided,
however, that Executive shall not be prevented from challenging or
seeking a determination in good faith of the validity of this Release of Claims
under ADEA or enforcing any rights he may have under the terms of this Release
of Claims or in respect of any claims of Executive in respect of his direct and
indirect holdings of equity in the Company and its subsidiaries or affiliates.

 

3.             Executive acknowledges that he is subject to certain
post-employment restrictions under the terms of the Employment Agreement,
including, without limitation, a non-disparagement covenant pursuant to Section 8
of the Employment Agreement and a confidentiality covenant pursuant to Section 9
of the Employment Agreement and hereby reaffirms his obligations thereunder.

 

4.             Executive affirms that he has returned all property in
Executive’s possession of NewBank, including, but not limited to, keys, credit
cards, cellular phones, computer equipment, software and peripherals and
originals or copies of books, records, or other information pertaining to
NewBank’s business.  In addition,
Executive has returned all electronic documents or records relating to NewBank
that Executive may have saved to any such cellular phone, laptop computer or
other electronic or storage device, whether business or personal, including any
presentations stored in hard copy or electronically.  Further, if Executive stored any information
relating to NewBank on a personal computer or other storage device, Executive
affirms that he has permanently deleted such information; provided, however,
that, prior to deleting that information, Executive printed out one copy and
provided it to NewBank.

 

5.             This Release of Claims shall be governed by and
construed in accordance with the laws of the State of New York, without regard
to conflicts of laws principles thereof that would direct the application of
the laws of any other jurisdiction.

 

6.             Each of the sections contained in this Release of Claims
shall be enforceable independently of every other section in this Release of
Claims, and the invalidity or unenforceability of any section shall not invalidate
or render unenforceable any other section contained in this Release of Claims.

 

2

 

7.             This Release of Claims, together with the Employment
Agreement, represents the complete agreement between Executive and NewBank
concerning the subject matter in this Release of Claims and supersedes all
prior agreements or understandings, written or oral.  This Release of Claims may not be amended or
modified otherwise than by a written agreement executed by the parties hereto
or their respective successors and legal representatives.  Executive acknowledges that no
representation, statement, promise, inducement, threat or suggestion has been
made by any of the Released Parties to influence Executive to sign this Release
of Claims except such statements as are expressly set forth herein or in the
Employment Agreement.

 

8.             EXECUTIVE ACKNOWLEDGES THAT HE IS RELEASING ALL CLAIMS
UNDER ADEA AND HAS BEEN ADVISED, IN WRITING, TO CONSULT WITH AN ATTORNEY
OF HIS CHOICE PRIOR TO SIGNING THIS RELEASE OF CLAIMS AND THAT HE HAS CAREFULLY
READ AND SIGNED THIS RELEASE OF CLAIMS KNOWINGLY, VOLUNTARILY, AND FREELY, AND
WITH SUCH COUNSEL AS HE DEEMED APPROPRIATE. 
IN ADDITION, EMPLOYEE ACKNOWLEDGES THAT THE CONSIDERATION GIVEN FOR THIS
RELEASE OF CLAIMS IS IN ADDITION TO ANYTHING OF VALUE TO WHICH EXECUTIVE IS
ALREADY ENTITLED, AND HE HAS BEEN PROVIDED WITH A PERIOD OF UP TO TWENTY-ONE
(21) DAYS IN WHICH TO CONSIDER WHETHER OR NOT TO ENTER INTO THIS RELEASE OF
CLAIMS.  FURTHER, EMPLOYEE ACKNOWLEDGES
THAT HE HAS BEEN ADVISED OF HIS RIGHT TO REVOKE THIS RELEASE OF CLAIMS DURING
THE SEVEN (7) DAY PERIOD FOLLOWING EXECUTION HEREOF, AND THAT THE RELEASE
OF CLAIMS SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE AND NEITHER NEWBANK NOR ANY
OTHER PARTY IS OBLIGATED TO PROVIDE ANY PAYMENTS OR BENEFITS TO EXECUTIVE UNTIL
THE REVOCATION PERIOD HAS EXPIRED.

 

9.             Nothing contained herein shall be construed as an
admission by the Company Group of any liability of any kind to Executive, all
such liability being expressly denied except for obligations of NewBank imposed
by the Employment Agreement which survive pursuant to this Release of Claims.

 

	
   

  	
   

  
	
   

  	
  John A. Kanas

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:
                                     ,
  20           

  

 

3Exhibit
10.3a

 

EMPLOYMENT
AGREEMENT

 

EMPLOYMENT AGREEMENT (this “Agreement”) dated August 18,
2010 by and among BU Financial Holdings LLC, a Delaware limited liability
company (“Holdings”), BU
Financial Corporation, a Delaware corporation (“InterCo,” and together with Holdings, the “Company”), and John Bohlsen (“Executive”).

 

WHEREAS, BankUnited, a
federally chartered thrift institution (“NewBank”), Holdings, InterCo and Executive previously
entered into an Employment Agreement dated July 10, 2009 (the “Original
Agreement”);

 

WHEREAS, NewBank and Executive
have entered into a new employment agreement, dated as of the date hereof (the “NewBank Agreement”), which amended
and restated the Original Agreement in its entirety, and pursuant to which
Executive serves as the Senior Executive Vice President, Chief Lending Officer
of NewBank; and

 

WHEREAS, Holdings, InterCo
and Executive desire to enter into this Agreement, pursuant to which Executive
will serve as the Senior Executive Vice President, Chief Lending Officer of
Holdings and InterCo.

 

NOW THEREFORE. in
consideration of the premises and mutual covenants herein and for other good
and valuable consideration, the parties agree as follows:

 

1.                             Term of Employment.

 

Subject to the provisions of Section 7
of this Agreement, Executive shall continue to be employed by the Company for a
period that commenced on July 10, 2009 (the “Effective Date”) and will end on the third anniversary of the
Effective Date (the “Employment Term”),
on the terms and subject to the conditions set forth in this Agreement; provided,
however, that commencing on the third anniversary of the Effective Date
and on each anniversary thereafter (each an “Extension Date”), the Board of Directors of the Company (the “Company Board”) may elect to extend
the Employment Term for an additional one-year period, unless the Company or
Executive provides the other party with Notice (as defined in Section 12(i))
90 days prior to the next Extension Date that the Employment Term shall not be
so extended.

 

2.                             Position.

 

(a)                        During the Employment Term, Executive shall serve as the Senior
Executive Vice President, Chief Lending Officer of Holdings and InterCo.
Executive shall report directly to the Chief Executive Officer of Holdings and
InterCo and shall perform the duties, undertake the responsibilities and
exercise the authority customarily performed, undertaken and exercised by
persons situated in a similar executive capacity in a company the size and
nature of the Company. If requested, Executive shall also serve as an officer
or member of the board of directors of the Company’s subsidiaries, in each
case, without additional compensation.

 

(b)                       During the Employment Term, and subject to the performance of Executive’s
duties pursuant to the NewBank Agreement, Executive will devote Executive’s 

 

 

business time and best
efforts to the performance of Executive’s duties hereunder and will not engage
in any other business, profession or occupation for compensation or otherwise
which would conflict or materially interfere with the rendition of such
services either directly or indirectly, without the prior written consent of
the NewBank Board: provided that nothing herein shall preclude
Executive, (i) from engaging in charitable and civic activities, including
accepting appointment to or continuing to serve on any board of directors or
trustees of any charitable organization or (ii) from continuing to, or
subject to the prior approval of the NewBank Board, from accepting appointment
to serve on any board of directors or trustees of any business corporation; provided
in each case, and in the aggregate, that such activities do not conflict or
interfere with the performance of Executive’s duties hereunder or conflict with
Sections 8 and 9.

 

3.                             Compensation.

 

(a)                        Base Salary.

 

During the Employment Term,
the Company shall pay Executive a base salary at the annual rate of $187,500,
payable in regular installments in accordance with NewBank’s usual payment
practices. Executive’s base salary may be increased (but not decreased) as may
be determined from time to time in the sole discretion of the Company Board or
the Board of Directors of NewBank (the “NewBank Board”) (the Company Board or the NewBank Board, as
applicable, are referred to herein as the “Board”). Executive’s annual base salary, as in effect from
time to time, is hereinafter referred to as the “Base Salary.”

 

(b)                       Discretionary Annual Bonus.

 

During each full fiscal year
during the Employment Term, Executive shall be eligible to earn a discretionary
annual bonus award (an “Annual Bonus”)
in such amount, if any, as may be determined in the sole and absolute
discretion of the Board, provided that it is the expectation of the
parties that no such Annual Bonus shall be awarded to Executive during the
Employment Term.

 

4.                             Equity Arrangements.

 

Executive has entered into
arrangements with regard to Executive’s equity arrangements with Holdings.

 

5.                             Employee Benefits.

 

Unless otherwise determined by
the Board, during any period that Executive is employed by NewBank, Executive
shall not be entitled to participate in the Company’s benefit plans or to
receive any perquisites provided by the Company to its employees.

 

6.                             Business Expenses.

 

During the Employment Term and
in accordance with the Company policies, Executive shall be entitled to be
reimbursed for reasonable and customary business expenses incurred by Executive
in connection with the performance of Executive’s duties hereunder.

 

2

 

7.                             Termination.

 

The Employment Term and Executive’s
employment hereunder may be terminated by the Company at any time and for any
reason upon at least 30 days’ advance Notice to Executive (provided, however,
that a termination with Cause (as defined in the NewBank Agreement) shall be
effective immediately, subject to any applicable procedures set forth in such
definition of Cause) and by Executive upon at least 30 days’ advance Notice of
any such resignation of Executive’s employment, other than as a result of
Executive’s death. Notwithstanding any other provision of this Agreement, the
provisions of this Section 7 shall exclusively govern Executive’s rights
upon termination of employment with the Company and its subsidiaries (except
with respect to any equity arrangements, which shall be exclusively governed by
the terms of such equity arrangements).

 

(a)                        By the Company with Cause or By Executive other than as a result of Good
Reason.

 

(i) 
The Employment Term and Executive’s employment hereunder may be terminated by
the Company with Cause and shall terminate automatically upon the effective
date of Executive’s resignation other than for Good Reason (as defined in the
NewBank Agreement), provided that (as set forth above) Executive will be
required to give the Company at least 30 days’ advance Notice of a such a
resignation.

 

(ii) 
If Executive’s employment is terminated by the Company with Cause (or Executive
resigns at a time when grounds for Cause exist, provided that the
NewBank Board shall have delivered a Cause Notice (as defined in the NewBank
Agreement) to Executive within ten (10) business days of such termination
of employment), or Executive voluntarily resigns without Good Reason, Executive
shall be entitled to receive:

 

(A)           the
Base Salary accrued through the date of termination, payable within fifteen
days following the date of such termination;

 

(B)             any
Annual Bonus awarded by the Board, but unpaid, as of the date of termination
for the immediately preceding fiscal year, paid in accordance with Section 3(b) (except
to the extent payment is otherwise deferred pursuant to any applicable deferred
compensation arrangement, in which case such amount shall be paid in full at
the earliest such time as is provided under such arrangement); and

 

(C)             such
fully vested and non-forfeitable employee benefits, if any, as to which
Executive may be entitled under the employee benefit plans of the Company (the
amounts described in clauses (A) through (C) hereof being referred to
as the “Accrued Rights”).

 

Following such termination of
Executive’s employment by the Company with Cause or voluntary resignation by
Executive without Good Reason, except as set forth in this Section 7(a)(vii),
Executive shall have no further rights to any compensation or any other
benefits under this Agreement.

 

3

 

(b)                       Disability or Death.

 

(i) 
The Employment Term and Executive’s employment hereunder shall terminate upon
Executive’s death and may be terminated by the Company by reason of Executive’s
Disability (as defined in the NewBank Agreement).

 

(ii) 
Upon termination of Executive’s employment hereunder by reason of either
Disability or death, Executive or Executive’s estate (as the case may be) shall
be entitled to receive the Accrued Rights. In addition, upon termination of
Executive’s employment hereunder by reason of either Disability or death,
Executive (to the extent applicable and to the extent Executive participated in
such plans immediately prior to such termination) and Executive’s eligible
dependents (to the extent covered under such plan immediately prior to such
termination) shall be entitled to receive continued coverage under the Company’s
group health plans (or to the extent such coverage is not permissible under the
terms of such plan(s), comparable coverage), at the Company’ sole expense, for
twenty-four months from Executive’s date of termination of employment with the
Company as a result of Executive’s Disability or death (such period, the “Coverage
Period”): provided, however, that if such continued coverage
cannot be provided under the applicable plan(s) for longer than eighteen
months, the Company shall pay Executive (or his estate, as applicable), on the
first business day of each month thereafter, an amount equal to the premium
subsidy the Company would have otherwise paid on Executive’s behalf for such
coverage during the balance of the twenty-four month period. The COBRA health
care continuation coverage period under Section 4980B of the Code, or any
replacement or successor provision of United States tax law, shall run
concurrently with the Coverage Period.

 

Following Executive’s
termination of employment due to death or Disability, except as set forth in
this Section 7(b)(ii), Executive shall have no further rights to any
compensation or any other benefits under this Agreement.

 

(c)                        By the Company without Cause or Voluntary Resignation by Executive for
Good Reason.

 

(i) 
The Employment Term and Executive’s employment hereunder may be terminated by
the Company without Cause or voluntarily by Executive for Good Reason.

 

(ii) 
If Executive’s employment is terminated by the Company without Cause (other
than by reason of death or Disability) or if Executive resigns for Good Reason,
Executive shall be entitled to receive:

 

(A)           the
Accrued Rights;

 

(B)             a
payment of an aggregate amount equal to the product of (x) two (2) and
(y) the sum of Executive’s Base Salary and the Annual Bonus paid or
payable to Executive, if any, for the fiscal year immediately preceding
Executive’s termination of employment which aggregate amount shall be payable
to Executive in a lump sum within 60 days following Executive’s termination of
employment; provided that the aggregate amount described in this clause (B) shall
be reduced 

 

4

 

by
the present value of any other cash severance benefits payable to Executive
under any other plans, programs or arrangements of the Company or its
subsidiaries; and

 

(C)             continued
coverage under the Company’s group health plans (or to the extent such coverage
is not permissible under the terms of such plan(s), comparable coverage) for
Executive and Executive’s dependents (to the extent covered under such plan
immediately prior to such termination), at the Company’s sole expense, until
the earlier of (i) twenty-four months from Executive’s date of termination
of employment with the Company and (ii) the date Executive is or becomes
eligible for comparable coverage under health plans of another employer (such
period the “Continued Coverage
Period”); provided, however, that if such coverage is
longer than eighteen (18) months and such continued coverage cannot be provided
under the applicable plan(s), the Company shall pay Executive, on the first
business day of each month, an amount equal to the premium subsidy the Company
would have otherwise paid on Executive’s behalf for such coverage during the
balance of the Continued Coverage Period. The COBRA health care continuation
coverage period under Section 4980B of the Code, or any replacement or
successor provision of United States tax law, shall run concurrently with the
Continued Coverage Period.

 

Amounts payable to Executive
under subparagraphs (B) and (C) above, are subject to Executive
providing a release of all claims to the Company and its affiliates in the form
attached hereto as Exhibit A (with any changes necessary to comply
with applicable law and/or make the release legally enforceable in the
reasonable judgment of the Company) no later than the 59th day following
termination of employment (and the Company may, at its sole election, defer the
payment of any such amount until the 60th day following termination of
employment). Following Executive’s termination of employment by the Company
without Cause (other than by reason of Executive’s death or Disability) or by
Executive’s resignation for Good Reason, except as set forth in this Section 7(c)(iii),
Executive shall have no further rights to any compensation or any other
benefits under this Agreement.

 

(d)                       Non-Renewal of Employment Term by Executive. In the event Executive elects not to extend the Employment Term
pursuant to Section 1, unless Executive’s employment is earlier terminated
pursuant to paragraphs (a), (b) or (c) of this Section 7, the
expiration of the Employment Term and Executive’s termination of employment
hereunder shall be deemed to occur on the close of business on the day
immediately preceding the next scheduled Extension Date and Executive shall be
entitled to receive the Accrued Rights. Following such termination of Executive’s
employment under this Section 7(d), except as set forth in this Section 7(d),
Executive shall have no further rights to any compensation or any other
benefits under this Agreement.

 

(e)                        Continued Employment Beyond the Expiration of the Employment Term. Unless the parties otherwise agree in writing, continuation of
Executive’s employment with the Company beyond the expiration of the Employment
Term shall be deemed an employment at-

 

5

 

will and shall not be
deemed to extend any of the provisions of this Agreement and Executive’s
employment may thereafter be terminated at will by either Executive or the
Company; provided, that the provisions of Sections 8, 9 and 10 of this
Agreement, and any accrued and vested rights of Executive as of the last day of
the Employment Term, shall survive any termination of this Agreement or
Executive’s termination of employment hereunder.

 

(f)                          Notice of Termination.
Any purported termination of employment by the Company or by Executive (other
than due to Executive’s death) shall be communicated by Notice of Termination
to the other party hereto in accordance with Section 12(j) hereof.
For purposes of this Agreement, a “Notice
of Termination” shall mean a Notice which shall indicate the
specific termination provision in this Agreement relied upon and shall set
forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of employment under the provision so indicated.

 

(g)                       Board/Committee Resignation.
Upon termination of Executive’s employment for any reason, Executive agrees to
resign, as of the date of such termination and to the extent applicable, from
the Board (and any committees thereof) and the board of directors of any
subsidiary of the Company, NewBank or InterCo, if applicable, and agrees to
resign as an officer of each of the Company, NewBank, InterCo and each of
their respective subsidiaries.

 

8.                             Non-Competition: Non-Solicitation of Employees; Non-Disparagement.

 

(a)                        Executive acknowledges and recognizes the highly competitive nature of
the businesses of the Company, NewBank and their affiliates and accordingly
agrees as follows:

 

(i) 
Executive will not, within eighteen months following the termination of
Executive’s employment by the Company for Cause or by Executive’s voluntary
resignation without Good Reason (which, for the avoidance of doubt, shall
include, without limitation, Executive providing Notice described in Section 1
of this Agreement that Executive is not extending the Employment Term and/or
any termination of employment thereafter) (the “Post-Termination Period”) or during the Employment Term
(collectively with the Post-Termination Period, the “Restricted Period”), directly or indirectly, own, manage,
operate, control or participate in the ownership, management, operation or
control of, or be connected as an officer, employee, consultant, partner, or
director with, any depository institution (as defined in 12 U.S.C. Section 1813(c)(1))
or holding company thereof that (i) has more than 75% of its deposits (as
defined in 12 U.S.C. Section 1813(1)) in the State of Florida (with such
applicable percentage reduced to 50% of deposits after the one-year anniversary
of the Effective Date); (ii) has more than 75% of its branches (measured
by physical presence) in the State of Florida (with such applicable percentage
reduced to 50% of branches after the one-year anniversary of the Effective
Date); (iii) has its principal place of business or headquarters in the
State of Florida; or (iv) is an entity (or successor thereto) described in
Section 3.7(c)(iv) of the Amended and Restated Limited Liability
Company Agreement of Holdings, as it may be amended, supplemented or modified
from time to time (the “LLC
Agreement”) (each, a “Competitive
Business”).

 

6

 

(ii) 
During the Post-Termination Period, Executive will not initiate or respond to
communications with any of’ the employees of InterCo, NewBank or its
subsidiaries who earned annually $150,000 or more as an InterCo, NewBank or
subsidiary employee during the twelve-month period prior to the termination of
such individual’s employment with InterCo, NewBank or its subsidiary, for the
purpose of soliciting such employee, or facilitating the hiring of any such
employee, to work for any other business, individual, partnership, firm,
corporation, or other entity.

 

(iii) 
Executive will not at any time (whether during or after the Employment Term),
other than as required by law or by order of a court or other competent authority,
make or publish, or cause any other person to make or publish, any statement
that is disparaging or that reflects negatively upon NewBank or any of its
affiliates or any of the Directors (as defined in the LLC Agreement) or
original Investor Members (as defined in the LLC Agreement) or that is or
reasonably would be expected to be damaging to the reputation or business of
NewBank or any of its affiliates or any of the Directors or original Investor
Members. Each of the Company and NewBank on behalf of itself and its respective
directors and senior officers agrees that neither the Company nor NewBank and
their respective directors and senior officers, other than as required by law
or by order of a court or other competent authority, make or publish, or cause
any other person to make or publish, any statement that is disparaging or that
reflects negatively upon Executive, or that is or reasonably would be expected
to be damaging to the reputation or business of Executive.

 

Notwithstanding anything to
the contrary in this Agreement, Executive may, directly or indirectly own,
solely as an investment, securities of any person engaged in a Competitive
Business which are publicly traded on a national or regional stock exchange or
on the over-the-counter market if Executive (i) is not a controlling
person of, or a member of a group which controls, such person and (ii) does
not, directly or indirectly, own 5% or more of any class of securities of such
person.

 

(b)                       It is expressly understood and agreed that although the parties to this
Agreement consider the restrictions contained in this Section 8 to be
reasonable, if a final judicial determination is made by a court of competent
jurisdiction, that the time or territory or any other restriction contained in
this Agreement is an unenforceable restriction against Executive, the
provisions of this Agreement shall not be rendered void but shall be deemed
amended to apply as to such maximum time and territory and to such maximum
extent as such court may judicially determine or indicate to be enforceable.
Alternatively, if any court of competent jurisdiction finds that any
restriction contained in this Agreement is unenforceable, and such restriction
cannot be amended so as to make it enforceable, such finding shall not affect
the enforceability of any of the other restrictions contained herein.

 

(c)                        The period of time during which the provisions of this Section 8
shall be in effect shall be extended by the length of time during which
Executive is in breach of the terms hereof as determined by any court of
competent jurisdiction on the Company’s or NewBank’s application for injunctive
relief.

 

7

 

9.                             Confidentiality.

 

(a)                        Executive will not at any time (whether during or after the Employment
Term) (x) retain or use for the benefit, purposes or account of Executive
or any other person; or (y) disclose, divulge, reveal, communicate, share,
transfer or provide access to any person outside NewBank or its affiliates
(other than its professional advisers who are bound by confidentiality
obligations), any non-public, proprietary or confidential information —
including without limitation trade secrets, know-how, research and development,
software, databases, inventions, processes, formulae, technology, designs and
other intellectual property, information concerning finances, investments,
profits, pricing, costs, products, services, vendors, customers, clients,
partners, investors, personnel, compensation, recruiting, training, advertising,
sales, marketing, promotions, government and regulatory activities and
approvals — concerning the past, current or future business, activities and
operations of NewBank, its subsidiaries or affiliates and/or any third party
that has disclosed or provided any of same to NewBank or its affiliates on a
confidential basis (“Confidential
Information”) without the prior written authorization of the Board.

 

(b)                       “Confidential Information”
shall not include any information that is (a) generally known to the
industry or the public other than as a result of Executive’s breach of this
covenant or any breach of other confidentiality obligations by third parties; (b) made
legitimately available to Executive by a third party without breach of any
confidentiality obligation; or (c) required by law to be disclosed
(including via subpoena); provided that Executive shall give prompt
Notice to the Company or NewBank of such requirement of law, disclose no more
information than is so required, and cooperate with any attempts by the Company
or NewBank to obtain a protective order or similar treatment.

 

(c)                        Except as required by law, Executive will not disclose to anyone, other
than Executive’s immediate family, legal or financial advisors or governmental
agencies, the existence or contents of this Agreement; provided, that
Executive may disclose to any prospective future employer the provisions of
this Agreement provided they agree to maintain the confidentiality of such
terms.

 

(d)                       Upon termination of Executive’s employment with the Company or NewBank
for any reason, Executive shall (x) cease and not thereafter commence use
of any Confidential Information or intellectual property (including without
limitation, any patent, invention, copyright, trade secret, trademark, trade
name, logo, domain name or other source indicator) owned or used by NewBank,
its subsidiaries or affiliates; (y) immediately destroy, delete, or return
to the Company or NewBank, at the Company’s or NewBank’s option, all originals
and copies in any form or medium (including memoranda, books, papers, plans,
computer files, letters and other data) in Executive’s possession or control
(including any of the foregoing stored or located in Executive’s office, home,
laptop or other computer, whether or not company property) that contain
Confidential Information or otherwise relate to the business of NewBank, its
affiliates and subsidiaries, except that Executive may retain only those
portions of any personal notes, notebooks and diaries that do not contain any
Confidential Information and Executive’s rolodex (or other physical or
electronic address book); and (z) fully cooperate with the Company and
NewBank regarding the delivery or destruction of any other Confidential
Information not within Executive’s possession or control of which Executive is
or becomes 

 

8

 

aware. Notwithstanding
the foregoing, Executive may retain Executive’s rolodex and similar address
books. To the extent that Executive is provided with a cell phone number by the
Company during employment, the Company shall cooperate with Executive in
transferring such cell phone number to Executive’s individual name following
termination.

 

(e)                        Except as otherwise expressly set forth herein, the provisions of
Sections 8, 9 and 10 of this Agreement shall survive the termination of
Executive’s employment for any reason.

 

10.                       Specific Performance.

 

Executive acknowledges and
agrees that the remedies at law for a breach or threatened breach of any of the
provisions of Sections 8 or 9 would be inadequate and the Company and its
affiliates would suffer irreparable damages as a result of such breach or
threatened breach. In recognition of this fact, Executive agrees that, in the
event of such a breach or threatened breach, in addition to any remedies at
law, the Company shall be entitled to seek a temporary or permanent injunction
or any other equitable remedy which may then be available.

 

11.                       Excise Tax. In the event that any
amount or benefit that may be paid or otherwise provided to or in respect of
Executive by or on behalf of NewBank, the Company or any affiliate, whether
pursuant to this Agreement or otherwise, is or may become subject to the tax
imposed under section 4999 of the Internal Revenue Code of 1986, as amended (the
“Code”) (or any successor
provision or any comparable provision of state, local or foreign law),
Executive shall be entitled to the payments and benefits set forth in the
NewBank Agreement, pursuant to the terms and condition set forth therein.

 

12.                       Miscellaneous.

 

(a)                        Governing Law. This Agreement shall be
governed by and construed in accordance with the laws of the State of New York,
without regard to conflicts of laws principles thereof that would direct the
application of the laws of any other jurisdiction.

 

(b)                       Entire Agreement/Amendments.
This Agreement contains the entire understanding of the parties with respect to
the employment of Executive by the Company. There are no restrictions,
agreements, promises, warranties, covenants or undertakings among the parties
with respect to the subject matter herein other than those expressly set forth
herein. This Agreement may not be altered, modified, or amended except by
written instrument signed by the parties hereto. In the event of any
inconsistency between this Agreement and any other plan, program, practice or
agreement of the Company of which Executive is a participant or a party, this
Agreement shall control unless such other plan, program, practice or agreement
specifically refers to the provisions of this sentence.

 

(c)                        No Waiver. The failure of a party
to insist upon strict adherence to any term of this Agreement on any occasion
shall not be considered a waiver of such party’s rights or deprive such party
of the right thereafter to insist upon strict adherence to that term or any
other term of this Agreement.

 

9

 

(d)                       Severability. In the event that any
one or more of the provisions of this Agreement shall be or become invalid,
illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions of this Agreement shall not be
affected thereby.

 

(e)                        Assignment. This Agreement, and all
of the respective parties’ rights and duties hereunder, shall be assignable or
delegable only pursuant to a written agreement executed by the parties hereto.
Upon such assignment, the rights and obligations of the respective parties
hereunder shall become the rights and obligations of such affiliate or
successor person or entity.

 

(f)                          Set-Off; No Mitigation.
The Company’s obligation to pay Executive the amounts provided and to make the
arrangements provided hereunder shall be subject to set-off, counterclaim or
recoupment of amounts owed by Executive to the Company or its affiliates. Executive
shall not be required to mitigate the amount of any payment provided for
pursuant to this Agreement by seeking other employment, and such payments shall
not be reduced by any compensation or benefits received from any subsequent
employer or other endeavor, except as provided in Section 7(c)(ii)(C)(ii).

 

(g)                       Compliance with Code Section 409A.
The intent of the parties is that payments and benefits under this Agreement
comply with Section 409A of the Code, as amended (“Section 409A”) to the extent
subject thereto, and, accordingly, to the maximum extent permitted, this
Agreement shall be interpreted and administered to be in compliance therewith.
Notwithstanding anything herein to the contrary, (i) if at the time of
Executive’s termination of employment with the Company, Executive is a “specified
employee” as defined in Section 409A and the deferral of the commencement
of any payments or benefits otherwise payable hereunder as a result of such
termination of employment is necessary in order to prevent any accelerated or
additional tax under Section 409A, then the Company will defer the
commencement of the payment of any such payments or benefits hereunder (without
any reduction in such payments or benefits ultimately paid or provided to
Executive) until the date that is six months following Executive’s termination
of employment with the Company (or the earliest date as is permitted under Section 409A),
(ii) if any other payments of money or other benefits due to Executive
hereunder could cause the application of an accelerated or additional tax under
Section 409A, such payments or other benefits shall be deferred if
deferral will make such payment or other benefits compliant under Section 409A,
or otherwise such payment or other benefits shall be restructured, to the
extent possible, in a manner, determined by the Board that does not cause such
an accelerated or additional tax, (iii) to the extent required in order to
avoid accelerated taxation and/or tax penalties under Section 409A,
Executive shall not be considered to have terminated employment with the
Company for purposes of this Agreement and no payment shall be due to Executive
under this Agreement until Executive would be considered to have incurred a “separation
from service” from the Company within the meaning of Section 409A, and (iv) each
amount to be paid or benefit to be provided to Executive pursuant to this
Agreement, which constitute deferred compensation subject to Section 409A,
shall be construed as a separate identified payment for purposes of Section 409A.
To the extent required to avoid an accelerated or additional tax under Section 409A,
amounts reimbursable to Executive under this Agreement shall be paid to
Executive on or before the last day of the year following the year in which the
expense was incurred and the amount of expenses eligible for reimbursement (and
in-kind benefits provided to Executive) during any one year may not effect
amounts reimbursable or

 

10

 

provided in any
subsequent year; provided, however, that with respect to any
reimbursements for any taxes which Executive would become entitled to under the
terms of this Agreement, the payment of such reimbursements shall be made by
the Company no later than the end of the calendar year following the calendar
year in which Executive remits the related taxes. The Company shall consult
with Executive in good faith regarding the implementation of the provisions of
this Section 12(g); provided that neither the Company nor any of
its employees or representatives shall have any liability to Executive with
respect to thereto.

 

(h)                       Successors; Binding Agreement.
This Agreement shall inure to the benefit of and be binding upon personal or
legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. For the avoidance of doubt, the parties to
this Agreement shall continue to be bound by the terms of this Agreement (or
shall require any successor to be bound by the terms of this Agreement)
following an Initial Public Offering of the Company or one of its affiliates.
In the event of Executive’s death prior to receipt of all amounts payable to
Executive (including any unpaid amounts due under Section 7), such amounts
shall be paid to Executive’s beneficiary designated by him by Notice to the
Company or, in the absence of such designation, to Executive’s estate.

 

(i)                           Notice. For the purpose of this
Agreement, notices and all other communications provided for in the Agreement
shall be in writing and shall be deemed to have been duly given when delivered
by hand or overnight courier or three postal delivery days after it has been
mailed by United States registered mail, return receipt requested, postage
prepaid, addressed to the respective addresses set forth below in this
Agreement, or to such other address as either party may have furnished to the
other in writing in accordance herewith, except that Notice of change of
address shall be effective only upon receipt (each such communication, “Notice”).

 

If
to the Company, addressed to:

 

BankUnited

14817 Oak Lane

Miami Lakes, Florida 33016

 

If to Executive, addressed to
the most recent address of Executive set forth in the personnel records of the
Company.

 

(j)                           Executive Representation.
Executive hereby represents to the Company that the execution and delivery of
this Agreement by Executive and the Company and the performance by Executive of
Executive’s duties hereunder shall not constitute a breach of, or otherwise
contravene, the terms of any employment agreement or other agreement or policy
to which Executive is a party or otherwise bound; provided that the
Company hereby acknowledges and agrees that the performance of Executive’s
duties pursuant to the NewBank Agreement shall in no way constitute a breach of
this Agreement.

 

(k)                        Prior Agreements. This Agreement
supersedes all prior agreements and understandings (including verbal
agreements) between Executive and NewBank and/or its 

 

11

 

affiliates regarding the
terms and conditions of Executive’s employment with the Company and/or its
affiliates, other than the NewBank Agreement.

 

(l)                           Cooperation. If and to the extent
requested by the Company or any of its Subsidiaries, Executive shall provide
Executive’s reasonable cooperation in connection with any action or proceeding
(or any appeal from any action or proceeding) which relates to events occurring
during Executive’s employment with; provided that the Company hereby
acknowledges and agrees that the performance of Executive’s duties pursuant to
the NewBank Agreement shall in no way constitute a breach of this Agreement and
its affiliates. In respect of the foregoing cooperation, provided that the
Company hereby acknowledges and agrees that the performance of Executive’s
duties pursuant to the NewBank Agreement shall in no way constitute a breach of
this Agreement shall provide reasonable compensation to Executive and shall
reimburse Executive promptly for reasonable out-of-pocket expenses (including
travel costs, lodging and meals); provided that such reimbursement shall
be made no later than the end of the calendar year after the year in which the
expenses are incurred. This provision shall survive any termination of this
Agreement.

 

(m)                     Compliance with Code Section 162(m).
Prior to such time that the Company or any of its affiliates undergoes an
Initial Public Offering, the Board and Executive agree to discuss in good
faith, to the extent requested by the Board in writing on a timely basis,
whether to amend Section 3 of this Agreement in order to maintain the
deductibility of the compensatory arrangements described in Section 3 of
this Agreement to the extent the deductibility of such compensatory
arrangements would be limited by the application of Section 162(m) of
the Code, provided that Executive shall not be required to amend this
Agreement in a manner that would, as determined in the Executive’s sole
discretion, adversely effect Executive’s overall compensation under this
Agreement.

 

(n)                       Joint and Several Liability.
Holdings and InterCo shall bear joint and several liability with respect to all
of the obligations to Executive set forth hereunder and with respect to all of
the obligations of NewBank under the NewBank Agreement.

 

(o)                       Withholding Taxes. The Company may
withhold from any amounts payable under this Agreement such Federal, state and
local taxes as may be required to be withheld pursuant to any applicable law or
regulation.

 

(p)                       Counterparts. This Agreement may be
signed in counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.

 

[Signature Page Follows
this Page]

 

12

 

IN WITNESS WHEREOF, the parties
hereto have duly executed this Employment Agreement as of the day and year
first above written.

 

 

	
   

  	
  BU FINANCIAL HOLDINGS LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
         /s/

  	
  Rajinder P. Singh

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BU FINANCIAL CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
         /s/

  	
  Rajinder P. Singh

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
         /s/

  	
  John Bohlsen

  
	
   

  	
  JOHN BOHLSEN

  

 

 

EXHIBIT A

 

RELEASE OF
CLAIMS

 

This Release of Claims is
entered into by John Bohlsen (“Executive”).

 

WHEREAS, Executive, BU
Financial Holdings LLC with offices at 14817 Oak Lane, Miami Lakes, FL 33016 (“Holdings”) and BU Financial
Corporation with offices at 14817 Oak Lane, Miami Lakes, FL 33016 (“InterCo”), entered into an
Employment Agreement (the “Employment
Agreement”) dated August 18, 2010 that provides Executive
certain severance and other benefits in the event of an involuntary termination
of Executive’s employment without Cause or Executive’s resignation of
employment for Good Reason (each term as defined under the Employment
Agreement);

 

WHEREAS, Executive’s
employment has so terminated; and

 

WHEREAS, pursuant to Section 7(c)(ii) of
the Employment Agreement, a condition of Executive’s entitlement to certain
severance and other benefits thereunder is his agreement to this Release of
Claims.

 

NOW, THEREFORE, in
consideration of the severance and other benefits provided under Section 7(c)(ii)(B) and
(C) of the Employment Agreement, the sufficiency of which Executive hereby
acknowledges, Executive agrees as follows:

 

1.                                       Executive, for himself and his heirs, assigns,
executors and administrators, hereby fully and finally waives, discharges and
releases the Company Group (as defined below), including each of the Company
Group’s past, current and future parents, subsidiaries, and affiliates, and its
and their shareholders, members, directors, officers, employees, agents and
representatives, and each of their heirs and assigns (collectively, the “Released Parties”), from any and
all claims, suits, promises, contracts, liabilities. obligations and damages
arising on or prior to the date hereof relating to his employment with the
Company Group or his termination therefrom, whether now known or later
discovered, which he or anyone acting on his behalf might otherwise have had or
asserted, including, but not limited to, any express or implied contract of
employment claims (whether written or oral), claims arising under tort,
covenant, public policy or otherwise, claims under Title VII of the Civil
Rights Act of 1964, as amended, the Family and Medical Leave Act of 1993, Section 1981
of the Civil Rights Act of 1866, the Age Discrimination in Employment Act of
1967, as amended (“ADEA”),
the Americans with Disabilities Act of 1991, as amended, the Older Workers
Benefit Protection Act of 1990, the Worker Adjustment and Retraining
Notification Act, claims under the laws, including the labor laws of any state
or locality, all claims under related common law, statutes, and administrative
and executive orders at the federal, state and local levels of government, and
any claims to any payments or benefits from employment with the Company Group,
including, but not limited to, claims for salary, bonuses, unvested stock
options, severance pay, vacation pay or any benefits under the Employee
Retirement Income Security Act of 1974, as amended, other than: (i) those
benefits set forth in Section 7(c)(iii) of the Employment Agreement, (ii) any
rights Executive has to indemnification under the Amended and Restated Limited
Liability Company Agreement of BU Financial Holdings, LLC dated as of May 21,
2009, as it may he amended from time to time 

 

 

or otherwise or coverage under
directors’ and officers’ liability insurance policies, (iii) any direct or
indirect holdings of equity in the Company and its subsidiaries or affiliates
or any vested awards (or awards which may vest) which Executive has under any
equity, equity-based, profits interest, stock option or similar plan, agreement
or program, which equity and awards shall be subject to all the terms and
conditions of such documents, and (iv) any claims for accrued and vested
benefits under any of the Company Group’s employee retirement and welfare
benefit plans. In addition, Executive represents that no incident has occurred
during his employment with the Company Group that could form the basis for any
claim by him against the Company Group under the worker’s compensation laws of
any jurisdiction. For the purposes of this Release of Claims, the term “Company Group” shall mean Holdings, InterCo,
BankUnited, and each of their respective subsidiaries.

 

2.                                       Executive represents that he has not brought any
charges, claims, demands, suits or actions, known or unknown, in any forum,
against the Released Parties related to his employment or his termination
(excluding any claims of Executive in respect of his direct and indirect
holdings of equity in the Company and its subsidiaries or affiliates); provided,
however, that Executive shall not be prevented from challenging or
seeking a determination in good faith of the validity of this Release of Claims
under ADEA or enforcing any rights he may have under the terms of this Release
of Claims or in respect of any claims of Executive in respect of his direct and
indirect holdings of equity in the Company and its subsidiaries or affiliates.

 

3.                                       Executive acknowledges that he is subject to
certain post-employment restrictions under the terms of the Employment
Agreement, including, without limitation, a non-disparagement covenant pursuant
to Section 8 of the Employment Agreement and a confidentiality covenant
pursuant to Section 9 of the Employment Agreement and hereby reaffirms his
obligations thereunder.

 

4.                                       Executive affirms that he has returned all property
in Executive’s possession of the Company, including, but not limited to, keys,
credit cards, cellular phones, computer equipment, software and peripherals and
originals or copies of books, records, or other information pertaining to the
Company’s business. In addition, Executive has returned all electronic
documents or records relating to the Company that Executive may have saved to
any such cellular phone, laptop computer or other electronic or storage device,
whether business or personal, including any presentations stored in hard copy
or electronically. Further, if Executive stored any information relating to the
Company on a personal computer or other storage device, Executive affirms that
he has permanently deleted such information; provided, however,
that, prior to deleting that information, Executive printed out one copy and
provided it to the Company.

 

5.                                       This Release of Claims shall be governed by and
construed in accordance with the laws of the State of New York, without regard
to conflicts of laws principles thereof that would direct the application of
the laws of any other jurisdiction.

 

6.                                       Each of the sections contained in this Release of
Claims shall be enforceable independently of every other section in this
Release of Claims, and the invalidity or unenforceability of any section shall
not invalidate or render unenforceable any other section contained in this
Release of Claims.

 

2

 

7.                                       This Release of Claims, together with the
Employment Agreement, represents the complete agreement between Executive and
the Company concerning the subject matter in this Release of Claims and
supersedes all prior agreements or understandings, written or oral. This
Release of Claims may not be amended or modified otherwise than by a written
agreement executed by the parties hereto or their respective successors and
legal representatives. Executive acknowledges that no representation,
statement, promise, inducement, threat or suggestion has been made by any of
the Released Parties to influence Executive to sign this Release of Claims
except such statements as are expressly set forth herein or in the Employment
Agreement.

 

8.                                       EXECUTIVE ACKNOWLEDGES THAT HE IS RELEASING ALL
CLAIMS UNDER ADEA AND HAS BEEN ADVISED, IN WRITING, TO CONSULT WITH AN
ATTORNEY OF HIS CHOICE PRIOR TO SIGNING THIS RELEASE OF CLAIMS AND THAT HE HAS
CAREFULLY READ AND SIGNED THIS RELEASE OF CLAIMS KNOWINGLY, VOLUNTARILY, AND
FREELY, AND WITH SUCH COUNSEL AS HE DEEMED APPROPRIATE. IN ADDITION, EMPLOYEE
ACKNOWLEDGES THAT THE CONSIDERATION GIVEN FOR THIS RELEASE OF CLAIMS IS IN
ADDITION TO ANYTHING OF VALUE TO WHICH EXECUTIVE IS ALREADY ENTITLED, AND HE
HAS BEEN PROVIDED WITH A PERIOD OF UP TO TWENTY-ONE (21) DAYS IN WHICH TO
CONSIDER WHETHER OR NOT TO ENTER INTO THIS RELEASE OF CLAIMS. FURTHER, EMPLOYEE
ACKNOWLEDGES THAT HE HAS BEEN ADVISED OF HIS RIGHT TO REVOKE THIS RELEASE OF
CLAIMS DURING THE SEVEN (7) DAY PERIOD FOLLOWING EXECUTION HEREOF, AND
THAT THE RELEASE OF CLAIMS SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE AND
NEITHER THE COMPANY NOR ANY OTHER PARTY IS OBLIGATED TO PROVIDE ANY PAYMENTS OR
BENEFITS TO EXECUTIVE UNTIL THE REVOCATION PERIOD HAS EXPIRED.

 

9.                                       Nothing contained herein shall be construed as an
admission by the Company Group of any liability of any kind to Executive, all
such liability being expressly denied except for obligations of the Company
imposed by the Employment Agreement which survive pursuant to this Release of
Claims.

 

 

	
   

  	
   

  
	
   

  	
  John Bohlsen

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:                                                   ,20   

  

 

3

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