Severance Agreement Between BankUnited and Hunting Deutsch
BankUnited and Hunting Deutsch, Executive Vice President of Wealth Management, entered into a severance agreement effective around May 30, 2006. If BankUnited eliminates the Wealth Management Division while Mr. Deutsch is employed there and does not offer him a comparable position, he will receive twelve months' salary plus his previous year's bonus, subject to deductions. This benefit is available only if the division is eliminated on or before June 5, 2011. If his position is eliminated due to a merger or acquisition, he will receive only the payment specified in a separate Change of Control Agreement.
Exhibit 10.4
SEVERANCE ARRANGEMENT WITH
Hunting Deutsch
On or about May 30, 2006 BankUnited entered into a severance arrangement with Hunting Deutsch, Executive Vice President Wealth Management. Under the arrangement Mr. Deutsch will be entitled to twelve months salary plus the amount of the prior year’s bonus (less applicable deductions and withholdings) if BankUnited eliminates the Wealth Management Division while Mr. Deutsch is employed in that division and does not offer him a position comparable in salary within BankUnited. This severance payment will only be made should this situation occur on or before June 5, 2011. If Mr. Deutsch’s position is eliminated due to a merger or acquisition during or after this time, Mr. Deutsch will receive only the payment indicated in the Change of Control Agreement between BankUnited Financial Corporation and Hunting Deutsch dated June 5, 2006, and not the additional severance payment referred to in the Severance Arrangement.
