Business Context and Reporting Period
This Form 8-K Current Report was filed by BankUnited, Inc. on September 16, 2013. The report discloses corporate governance changes effective as of the filing date.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel appointments and does not contain financial performance data.
Material Changes
The primary material change reported is the election of Ms. Tere Blanca to the Board of Directors, effective September 16, 2013. She was also appointed to the Nominating and Corporate Governance Committee and the Compensation Committee, and elected to the board of the subsidiary, BankUnited, N.A.
Compensation and Governance Details
- Compensation: Ms. Blanca will receive an annual retainer fee of $100,000, prorated for 2013. Starting in 2014, she is eligible for restricted common stock as determined by the Compensation Committee.
- Expenses: The Company will reimburse expenses related to Board meetings, educational seminars, and other business-related activities.
- Indemnification: Ms. Blanca entered into the Company's standard form of indemnification agreement.
- Background: Ms. Blanca is the founder, president, and CEO of Blanca Commercial Real Estate, Inc., a Miami-based commercial property advisory and brokerage firm.
Investor Verification Checklist
- Verify the exact proration calculation for the 2013 director retainer fee.
- Review the specific criteria for the restricted common stock eligibility beginning in 2014.
- Confirm the absence of any undisclosed related party transactions between the Company and Ms. Blanca.
- Check the press release (Exhibit 99.1) for additional context on the strategic rationale for this appointment.