Company: NEWTP
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001587987-25-000084
Chunk: 241

Company: NewtekOne, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 241
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—(438)Year ended December 31, 2022—(251)Year ended December 31, 2023(82)28Year ended December 31, 2024(497)—Three months ended March 31, 2025(10)—Total net restricted stock (granted)/forfeited(589)(661)1    The 2023 Stock Incentive Plan provides for an initial share reserve of up to 3.0 million shares of Common Stock.2    No stock options were granted under the 2015 or 2023 Stock Incentive Plans.Awards of restricted stock granted under the 2015 and 2023 Stock Incentive Plans generally vest over a one- to three-year periods from the grant date; awards of restricted stock granted under the 2023 Stock Incentive Plan to non-employee directors generally vest over a one-year period. The grant date fair value is expensed over the service period, starting on the grant date. 

Details of the Company’s outstanding shares related to restricted stock awards as of March 31, 2025 and December 31, 2024 are outlined below:March 31, 2025December 31, 2024Shares outstanding related to grants of restricted stock awards775771Weighted average grant date fair value of awards$14.44$14.51Additional shares outstanding related to dividends on awards9259

As of March 31, 2025 and December 31, 2024, the Company’s total unrecognized compensation expense related to unvested shares of restricted stock granted was as follows.March 31, 2025December 31, 2024Unrecognized compensation expense on unvested awards$4,299$5,929Weighted-average period of unrecognized compensation expense0.9 years1.0 year

Employee Stock Purchase Plan (ESPP)On June 14, 2023, the Company's stockholders approved the ESPP. The initial aggregate number of shares of Common Stock that may be purchased under the ESPP will not exceed 0.2 million shares. Under the terms of the ESPP, employees may authorize the withholding of up to 15% of their eligible compensation to purchase our shares of Common Stock, not to exceed $25 thousand of Common Stock for any calendar year. The purchase price per shares acquired under the ESPP will never be less than 85% of the fair market value of the lesser of our Common Stock on the