Business Context and Reporting Period
This Form 8-K is a current report filed by BankUnited, Inc. on March 18, 2011, regarding an event that occurred on March 16, 2011. The filing addresses the approval of a discretionary cash bonus for a named executive officer for the fiscal year ended December 31, 2010.
Key Financial Metrics
The filing does not provide company-wide revenue, profit, cash flow, margins, debt, or liquidity metrics. It focuses exclusively on executive compensation adjustments.
| Executive | Position | Year | Salary | Bonus | All Other Compensation | Total Compensation |
|---|---|---|---|---|---|---|
| Randy R. Melby | SEVP, Chief Risk Officer | 2010 | $325,000 | $300,000 | $37,172 | $662,172 |
Material Changes Versus Prior Period
The filing reports a material update to the compensation previously disclosed in the Prospectus filed on January 31, 2011. At the time of the Prospectus, bonuses for named executive officers had not been determined and were omitted. This 8-K discloses a $300,000 discretionary cash bonus for Randy R. Melby, increasing his total reported 2010 compensation to $662,172. No other named executive officers received bonus awards for the 2010 fiscal year, and their previously reported compensation remains unchanged.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on business performance, risks, contingencies, or unusual items beyond the specific executive compensation adjustment.
Key Facts for Investor Verification
- Verify the total 2010 compensation for Randy R. Melby is now $662,172, inclusive of the newly disclosed $300,000 bonus.
- Confirm that no other named executive officers received 2010 bonuses, meaning their compensation figures in the January 31, 2011 Prospectus remain accurate.
- Note that the "All Other Compensation" of $37,172 includes a $7,172 401(k) contribution, a $12,000 automobile allowance, and an $18,000 housing allowance.