Document:

Exhibit 10.3b

 

EMPLOYMENT
AGREEMENT

 

EMPLOYMENT
AGREEMENT
(this “Agreement”) dated
August 18, 2010 by and between, BankUnited, a federally chartered thrift
institution (“NewBank”)
and John Bohlsen (“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 Senior
Executive Vice President, Chief Lending Officer of NewBank. Executive shall
report directly to the Chief Executive Officer of NewBank 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 $1,062,500,
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 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 he 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 he 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) a
material diminution in Executive’s title, reporting relationship, duties or
responsibilities (other than as a result of Cause or Disability)
(notwithstanding the foregoing, such diminution shall not constitute Good
Reason so long as John Kanas is Chief Executive Officer of the Company or
Chairman of the Board if such diminution was approved by John Kanas); (C) the
failure of NewBank or its subsidiaries to pay any compensation to Executive
when due; or (D) 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
(D)).

 

(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 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 

 

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

 

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(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 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 

 

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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 — 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 

 

9

 

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; (v) 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.

 

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

 

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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 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.

 

11

 

(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, 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

 

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).

 

(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 

 

13

 

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.

 

(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 EDI 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 

 

14

 

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 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”).

 

15

 

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 New-Bank 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.

 

(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.

 

16

 

(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
  Bolsen

  
	
   

  	
  JOHN BOHLSEN

  

 

 

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 Bohlsen (“Executive”).

 

WHEREAS, Executive and
BankUnited, with offices at 14817 Oak Lane (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 Bohlsen

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:                                                   ,20   

  

 

3Exhibit 10.4a

 

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 Douglas Pauls (“Executive”).

 

WHEREAS, BankUnited, a
federally chartered thrift institution (“NewBank”), Holdings, InterCo
and Executive previously entered into an Employment Agreement dated September 1,
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 Senior Executive Vice
President and Chief Financial Officer of NewBank; and

 

WHEREAS, Holdings, InterCo
and Executive desire to enter into this Agreement, pursuant to which Executive
will serve as Senior Executive Vice President and Chief Financial 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 September 1, 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 Senior Executive Vice President
and Chief Financial 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 $97,500,
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 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)(
ii), 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’s sole expense, for six 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”). 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 amount equal to the product of (i) the lesser of
(a) the number of completed calendar months, rounded down to the nearest
whole month, that have elapsed between the Effective Date and the date of
termination and (b) twelve (12), and (ii) the monthly Base Salary,
which 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 the Company or its subsidiaries;
and

 

4

 

(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) six 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”). 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-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

 

5

 

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”).  Notwithstanding anything
contained herein to the contrary, this Section 8(a)(i) shall not
apply following the termination of Executive’s employment following the Company’s
delivery of a Non-Renewal Notice.

 

(ii) 
During the Post-Termination Period (which, for purposes of this Section 8(a)(ii),
shall include, without limitation, Executive’s voluntary resignation without
Good Reason following the Company’s delivery of a Non-Renewal Notice),
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 

 

6

 

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 none of 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.

 

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 

 

7

 

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 of such requirement of law, disclose no more
information than is so required, and cooperate with any attempts by the Company
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 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 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.

 

8

 

(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 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 he entitled to the payments and
benefits set forth in the NewBank Agreement, pursuant to the terms and
conditions 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.

 

(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.

 

9

 

(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 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 

 

10

 

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 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 the Company and its affiliates. 
In respect of the 

 

11

 

foregoing cooperation,
the Company 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/ Douglas J. Pauls

  
	
   

  	
  DOUGLAS PAULS

  

 

 

EXHIBIT A

 

RELEASE OF
CLAIMS

 

This Release of Claims is
entered into by Douglas Pauls (“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 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 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 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
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.

 

	
   

  	
   

  
	
   

  	
  Douglas Pauls

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:                                               
  , 20  

  

 

3

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