Company: NEWTP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001587987-25-000073
Chunk: 53

Company: NewtekOne, Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 53
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each, a “2024 Employment Agreement” and collectively, the “2024 Employment Agreements”):

• Barry Sloane, as Chairman, Chief Executive Officer and President;

• Peter Downs, as Chief Lending Officer and President of Newtek Small Business Finance, LLC;

• Michael Schwartz, as Chief Legal Officer and Corporate Secretary;

• M. Scott Price, as Chief Financial Officer;

• Frank DeMaria, as Chief Accounting Officer; and

• Nicolas Young, as President and Chief Operating Officer, Newtek Bank.

Generally, under the 2024 Employment Agreements, Messrs. Sloane, DeMaria, Downs, Schwartz, Price, and Young were entitled to a set base compensation, cash bonuses pursuant to the Company’s Annual Cash Bonus Plan or by the action of the Board of Directors, and incentive compensation at the discretion of the Nominating Committee. In addition, Messrs. Sloane, DeMaria, Downs, Schwartz, Price and Young were entitled to other benefits, such as participation in retirement and medical and other plans, executive benefits, and paid time off available to all employees of the Company. The 2024 Employment Agreements also provided for severance payments in the case of termination without just cause, as defined therein, or of resignation with good reason, as defined therein, and, in the cases of Messrs. Sloane, Downs, Schwartz and Young, payment if their 2024 Employment Agreements were not renewed for other than just cause, as described in greater detail below. Under the 2024 Employment Agreements, during the term of their employment, Messrs. Sloane, DeMaria, Downs, Schwartz, Price and Young agreed to devote substantially all of their business time to the Company and to not engage in any business or activity contrary to the business or affairs of the Company. The Company agreed to indemnify Messrs. Sloane, DeMaria, Downs, Schwartz, Price and Young for any and all loss, expenses, or liability that he may incur as a result of their services for the Company to the extent permitted by the Company’s Bylaws.

Mr. Sloane’s 2024 Employment Agreement provided for:

• a twelve-month term through March 31, 2025 at an annual base salary of $700,000;

• at least one annual salary review by the Board of Directors;

• participation in any discretionary bonus plan established for senior executives; and

• retirement and medical plans, customary fringe benefits, paid time off and sick leave.

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