Business Context and Reporting Period
This Form 8-K Current Report was filed by BankUnited, Inc. on August 23, 2017. The filing reports a corporate governance event: the election of a new member to the Board of Directors.
Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The document focuses exclusively on the appointment of a director.
Material Changes
The material change reported is the addition of Mr. William S. Rubenstein, Esq., to the Board of Directors of BankUnited, Inc. and its subsidiary, BankUnited, N.A., effective August 23, 2017. Mr. Rubenstein is a retired partner from Skadden, Arps, Slate, Meagher & Flom, LLP, and has been determined to be an independent director.
Guidance, Outlook, and Compensation
There is no financial guidance or outlook provided in this filing. Regarding compensation, Mr. Rubenstein will receive an annual retainer fee of $100,000, prorated for 2017. Starting in 2018, he will be eligible to receive restricted common stock as determined by the Compensation Committee. The Company will also reimburse expenses related to Board and committee meetings. No specific committee assignments have been made at this time.
Key Facts for Investor Verification
- Mr. William S. Rubenstein was elected to the Board of Directors effective August 23, 2017.
- Mr. Rubenstein is classified as an independent director under NYSE and Company standards.
- His annual retainer fee is $100,000, with eligibility for restricted stock beginning in 2018.
- No committee assignments have been designated for Mr. Rubenstein as of the filing date.
- This filing contains no financial performance data or changes to the company's financial condition.