EXHIBIT 10.29a
AMENDMENT TO EMPLOYMENT AGREEMENT
AMENDMENT TO EMPLOYMENT AGREEMENT by and between Bank United Corp., a
Delaware corporation (the "Company") and Xxxxxxx X. Xxxxxxx (the "Executive"),
dated as of the 18th day of February, 1999.
WHEREAS, the Company and the Executive executed that certain employment
agreement (the "Employment Agreement") dated as of the 1st day of August, 1996;
and
WHEREAS, the parties to the Employment Agreement wish to amend the terms
of the Employment Agreement;
NOW, THEREFORE, in consideration of the mutual promises and obligations
set forth in the Employment Agreement, the parties hereto agree as follows:
1. Section 6(a)(i)B of the Employment Agreement is hereby amended in its
entirety to read as follows:
B. the amount equal to the product of (1) three and (2) the sum of
(x) the Executive's Annual Base Salary and (y) the Highest Annual Bonus;
and
2. Section 6(a)(i)C of the Employment Agreement is hereby amended in its
entirety to read as follows:
C. if the Date of Termination is on or after the Effective Date, an
amount equal to the difference between (a) the actuarial equivalent of the
benefit (utilizing actuarial assumptions no less favorable to the
Executive than those in effect under the Company's qualified defined
benefit retirement plan (the "Retirement Plan") immediately prior to the
Effective Date) under the Retirement Plan, and any excess or supplemental
retirement plan in which the executive participates (together, the "SERP")
which the Executive would receive if the Executive's employment continued
for three years after the Date of Termination assuming for this purpose
that all accrued benefits are fully vested, and, assuming that the
Executive's compensation in each of the three years is that required by
Section 4(b)(i) and Section 4(b)(ii), and (b) the actuarial equivalent of
the Executive's actual benefit (paid or payable), if any, under the
Retirement Plan and the SERP as of the Date of Termination;
(ii) all stock options, restricted stock and other
stock-based compensation shall become immediately exercisable or
vested, as the case may be;
(iii) for three years after the Executive's Date of
Termination, or such longer period as may be provided by the terms
of the appropriate plan, program, practice or policy, the Company
shall continue benefits to the Executive and/or the Executive's
family at least equal to those which would have been provided to
them in accordance with the plans, programs, practices and policies
described in Section 4(b)(v) of this Agreement if the Executive's
employment had not been terminated or, if more favorable to the
Executive, as in effect generally at any time thereafter with
respect to other peer executives of the Company and its
affiliated companies and their families, provided, however, that if
the Executive becomes reemployed with another employer and is
eligible to receive medical or other welfare benefits under another
employer provided plan, the medical and other welfare benefits
described herein shall be secondary to those provided under such
other plan during such applicable period of eligibility. For
purposes of determining eligibility (but not the time of
commencement of benefits) of the Executive for retiree benefits
pursuant to such plans, practices, programs and policies, the
Executive shall be considered to have remained employed until three
years after the Date of Termination and to have retired on the last
day of such period;
(iv) the Company shall, at its sole expense as incurred up to
a maximum of $45,000, provide the Executive with outplacement
services the scope and provider of which shall be selected by the
Executive in his sole discretion; and
(v) to the extent not theretofore paid or provided, the
Company shall timely pay or provide to the Executive any other
amounts or benefits required to be paid or provided or which the
Executive is entitled to receive under any plan, program, policy or
practice or contract or agreement of the Company and its affiliated
companies (such other amounts and benefits shall be hereinafter
referred to as the "Other Benefits").
3. All items in Employment Agreement not expressly amended by this Agreement
shall remain unchanged.
IN WITNESS WHEREOF, the Executive has hereunto set the Executive's
hand and, pursuant to authorization from its Board of Directors, the Company
has caused these presents to be executed in its name and on its behalf, all as
of the day and year just above written.
EXECUTIVE
/s/ XXXXXXX X. XXXXXXX
Xxxxxxx X. Xxxxxxx
BANK UNITED CORP.
By: /s/ XXXXX X. XXXXXXXX
Name: /s/ Xxxxx X. Xxxxxxxx
Title: SVP Director of Human Resources
