Company: NEWTP
Filing Date: 2025-04-23
Form Type: 8-K
Source: 0001587987-25-000069
Chunk: 1

Company: NewtekOne, Inc.
Filing Date: 2025-04-23
Form: 8-K
Item: Item 5.02
Chunk 1
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 annual base compensation in the amount of $750,000 and is entitled to other benefits, such as participation in retirement and medical and other plans, executive benefits, and vacation and sick leave. The Downs Employment Agreement also provides for a severance payment in the case of Mr. Downs: (i) being terminated without Just Cause or (ii) resigning with Good Reason (each as defined in the Downs Employment Agreement). The Bank agrees to indemnify Mr. Downs, to the extent permitted by the Bank’s bylaws, for any and all loss, expenses, or liability that he may incur as a result of his services for the Bank. In addition, Mr. Downs has entered into change in control agreement with the Bank (the “ Downs Change in Control Agreement”), which provides for a severance payment equal to 1.15 times his annual base compensation in effect at the time of termination plus the prior year’s cash bonus.

Also, effective April 22, 2025, the Company has named Frank DeMaria (36) as Chief Financial Officer of the Company. The Company’s and Bank’s current Chief Financial Officer, M. Scott Price, will maintain his role as Chief Financial Officer of the Bank, focusing on developing and executing the Bank's financial strategy. Mr. DeMaria has served as the Company’s and Bank’s Chief Accounting Officer since March 2024, and joined the Company in May 2023, as the Company’s and Bank’s Senior Vice President of Finance and Accounting. Prior to joining the Company, Mr. DeMaria served as Senior Vice President and Controller of Flagstar Bank, N. A. In addition, Mr. DeMaria previously served as Senior Vice President, Chief Accounting Officer and Principal Accounting Officer of Amalgamated Financial Corp. from July 2021 to October 2022. Mr. DeMaria began his career with KPMG LLP, Audit Financial Services, in October 2012, holding various roles including Senior Manager from October 2019 to July 2021. Mr. DeMaria holds a Master of Business Administration for Accountants and a Bachelor of Science in Accounting from Marist University. Mr. DeMaria is a Certified Public Accountant in the state of New York.

The Company has entered into an employment agreement with Mr. DeMaria effective as of April 22, 2025 (the “ DeMaria Employment Agreement”) to be employed as the Company’s EVP, Chief Financial Officer. Generally, under the DeMaria Employment Agreement, Mr. DeMaria is entitled to a set