Company: NEWTP
Filing Date: 2025-04-23
Form Type: 8-K
Source: 0001587987-25-000069
Chunk: 2

Company: NewtekOne, Inc.
Filing Date: 2025-04-23
Form: 8-K
Item: Item 5.02
Chunk 2
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 annual base compensation in the amount of $433,000 and is entitled to other benefits, such as participation in retirement and medical and other plans, executive benefits, and vacation and sick leave. The DeMaria Employment Agreement also provides for a severance payment in the case of Mr. DeMaria: (i) being terminated without Just Cause or (ii) resigning with Good Reason (each as defined in the DeMaria Employment Agreement). The Company agrees to indemnify Mr. DeMaria, to the extent permitted by the Company’s bylaws, for any and all loss, expenses, or liability that he may incur as a result of his services for the Company. In addition, Mr. DeMaria has entered into a change in control agreement with the Company, which provide for a severance payment equal to 1.15 times his annual base compensation in effect at the time of termination (the “ DeMaria Change in Control Agreement”).

In addition, on April 21, 2025, the Company renewed, for an additional one-year term, the employment agreement with Michael A. Schwartz, Chief Legal Officer and Corporate Secretary (the “ Schwartz Employment Agreement”). In connection with such renewal, Mr. Schwartz is entitled to annual base compensation in the amount of $625,000. The other terms and conditions of Mr. Schwartz’ employment agreement, which is filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024, remain unchanged.

The foregoing description of the terms of the Downs Employment Agreement, the DeMaria Employment Agreement and the Schwartz Employment Agreement does not purport to be complete and is qualified in its entirety by the terms of the respective Employment Agreements, which will be filed as exhibits in the Company’s next Quarterly Report on Form 10-Q, and the terms of the respective Change in Control Agreements, a form of which has been filed as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

                            NEWTEKONE, INC.                                                                    
  Date: April 23, 2025      By:                  /S/ B ARRY S LOANE                                            
                                                 Barry Sloane                                                  
                                                 Chief Executive Officer, President and Chairman of the Board