Company: NEWTP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001587987-25-000073
Chunk: 55

Company: NewtekOne, Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 55
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 fringe benefits, paid time off and sick leave.

Mr. DeMaria’s 2024 Employment Agreement provided for:

• a term through March 28, 2025, at an annual base salary of $335,000;

• 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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Mr. DeMaria entered into an employment agreement as of April 22, 2025, to serve as the Company’s Chief Financial Officer, for a term through March 31, 2026, at an annual base salary of $433,000.

Each 2024 Employment Agreement contained a non-competition provision that required Messrs. Sloane, DeMaria, Schwartz, Young, Price and Downs to devote substantially their full business time and efforts to the performance of their duties under their 2024 Employment Agreements. Messrs. Sloane, DeMaria, Schwartz, Young, Price and Downs are not prohibited, however, from serving on the boards of directors of, and holding offices or positions in, companies or organizations which, in the opinion of the Board of Directors, will not present conflicts of interest with the Company, or investing in any business dissimilar from the Company’s or, solely as a passive or minority investor, in any business.

Aside from the aforementioned modifications, the other terms and provisions of Messrs. Sloane’s, DeMaria’s, Downs’ and Schwartz’ 2024 Employment Agreements remained substantially the same.

Mr. Young resigned as President and Chief Operating Officer of Newtek Bank effective April 22, 2025 and is no longer an executive officer, and, as of April 22, 2025, Mr. Price is serving as the Chief Financial Officer of Newtek Bank and is not an executive officer.

Payments upon Change of Control, Non-renewal or Termination

Mr. Sloane’s 2024 Employment Agreement provided for a payment in the event of non-renewal of his employment in an amount equal to one (1.0) times the sum of his annual base compensation in effect at the time of termination plus any cash bonus paid with respect to the preceding fiscal year, or in the case of a change of control or termination other than for just cause, an amount equal to two (2) times the sum of the his annual base salary in effect at the time of