Bankunited, Inc. current report, 11 February 2011

Full document

Business Context and Reporting Period

Company: BankUnited, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: February 16, 2011
Date of Earliest Event: February 11, 2011
Context: The filing reports the entry into material definitive agreements regarding director and officer indemnification.

Key Financial Metrics

This filing does not contain financial performance data. There are no reported values for revenue, profit, cash flow, margins, debt, or liquidity in this document.

Material Changes

Item 1.01 - Entry into a Material Definitive Agreement:

  • On February 11, 2011, BankUnited, Inc. entered into separate indemnification agreements with its directors and executive officers.
  • Named Indemnitees: John A. Kanas, John Bohlsen, Douglas J. Pauls, Rajinder P. Singh, Randy R. Melby, Chinh E. Chu, Ambassador Sue M. Cobb, Eugene F. DeMark, Richard S. LeFrak, Wilbur L. Ross, Jr., Pierre Olivier Sarkozy, and Lance N. West.
  • Scope of Indemnification: Agreements provide indemnification to the fullest extent permitted by law against liabilities, expenses, damages, judgments, fines, penalties, ERISA excise taxes, interest, settlement amounts, and counsel fees.
  • Specific Coverage: Includes liabilities pursuant to loan guarantees, indebtedness, and liabilities incurred while acting on behalf of the Company in connection with employee benefit plans.
  • Expense Advancement: Agreements provide for the advancement of expenses to the indemnitee, with reimbursement required if the indemnitee is found not entitled to indemnification.
  • Future Agreements: The Board authorized the Company to enter into similar agreements with future directors and officers.

Guidance, Outlook, and Risks

Forward-Looking Statements:

  • The filing includes a standard disclaimer regarding forward-looking statements (using terms such as "should," "may," "will," "anticipates," etc.).
  • These statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially.
  • The Company does not undertake any obligation to update forward-looking statements.
Management Commentary: No specific management commentary regarding business strategy or outlook is provided in this filing.

Investor Verification Checklist

  • Verify the full text of the Form of Indemnification Agreement filed as Exhibit 10.1.
  • Review the Company's amended and restated certificate of incorporation and by-laws to understand the limits of indemnification.
  • Confirm the list of current directors and executive officers to ensure all are covered under the new agreements.
  • Check subsequent filings for any updates regarding the advancement of expenses or claims made under these agreements.