Corporate GovernanceMay 12, 2026, 06:08 AM
BankUnited Amends CFO James Mackey's Severance Terms
AI Summary
BankUnited, Inc. announced an amendment to the letter agreement with its Chief Financial Officer, James Mackey, on May 11, 2026. The change modifies his prior change-in-control retention bonus into a "double-trigger" severance benefit. Under the new terms, Mr. Mackey will receive a lump sum severance equal to two times his annual base salary if his employment is terminated by the Company without "cause" or by him for "good reason" within two years following a change in control, subject to a release of claims.
Key Highlights
- BankUnited amended CFO James Mackey's letter agreement on May 11, 2026.
- The prior change-in-control retention bonus was modified to a "double-trigger" severance benefit.
- Mr. Mackey is entitled to a lump sum severance if terminated without "cause" or for "good reason" within two years post-change in control.
- The severance benefit equals two times his annual base salary.
- The benefit is subject to an effective release of claims in favor of the Company.
- The amended letter supersedes the July 22, 2025 agreement.
Price Impact
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