Form 4: BankUnited Executive Receives Stock Grant, Pays Taxes Through Share Withholding

Jay D. Richards, Chief Risk Officer of BankUnited, N.A., received a stock grant and had shares withheld to cover tax obligations.

Summary

• On March 1, 2024, Jay D. Richards, Chief Risk Officer of BankUnited, N.A., received 13,000 restricted shares of BankUnited, Inc. common stock as part of the 2023 Omnibus Equity Incentive Plan.
• These shares vest over four years, contingent on continued service.
• On March 1 and 2, 2024, the issuer withheld 3,813 and 1,181 shares respectively, at a price of $26.23, to cover tax obligations arising from the vesting of restricted shares.
• Following these transactions, Richards directly owns 47,330 shares of BankUnited, Inc. common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects standard executive compensation practices and aligns management interests with shareholders.

Positives

• The stock grant incentivizes the executive to remain with the company.
• The vesting schedule aligns the executive's interests with the long-term performance of the company.

Future Outlook

The restricted shares will vest over a four-year period, subject to the reporting person's continued service.

Industry Context

Stock grants are a common form of executive compensation in the financial services industry, aligning management's interests with shareholder value.

Comparison to Industry Standards

• Stock grants are a typical component of executive compensation packages in the banking industry.
• Companies like JPMorgan Chase and Bank of America also utilize stock grants as part of their executive compensation plans.
• The vesting schedule of four years is a standard practice to ensure long-term commitment from the executive.

Stakeholder Impact

• Shareholders may view the stock grant as a positive incentive for the executive to drive long-term value.
• The executive is incentivized to remain with the company and contribute to its success.

Key Dates