Exhibit 10.17.2

Form of ISO Award Agreement

NEWTEK BUSINESS SERVICES, INC.

2010 STOCK INCENTIVE PLAN

Incentive Stock Option Agreement

THIS OPTION AGREEMENT (this “Agreement”) grants ______________ (the “Optionee”)
the right to purchase a total of ________ Common Shares, par value $.02 per
share (the “Common Shares”), of Newtek Business Services, Inc. (the “Company”),
at the price set forth herein, in all respects subject to the terms, definitions
and provisions of the Company’s 2010 Stock Incentive Plan (the “Plan”), which is
incorporated by reference herein (the “Option”). The Option is intended to
qualify as an incentive stock option under Section 422 of the Internal Revenue
Code of 1986, as amended (the “Code”). The Optionee acknowledges, through
signing below, the receipt of a copy of the Plan and the Plan Prospectus.

1. Option Price. The Option price per share is _____ Dollars ($____) which
equals at least 100%1 of the fair market value, as determined by the Committee,
of the Common Shares on the date of grant of the Option.

2. Vesting and Exercise of Option. The Option shall vest in accordance with the
schedule set forth on the Award Form attached hereto as Attachment A and is
exercisable in accordance with Section 8 of the Plan.

3. Method of Exercise. To exercise the Option, the Optionee shall deliver to the
Company a written notice substantially in the form of the Exercise Form attached
hereto as Attachment B, which shall:

(a) state the election to exercise the Option, the number of Common Shares with
respect to which it is being exercised, the person in whose name the stock
certificate or certificates Common Shares is to be registered, his or her
address and Social Security Number (or if more than one, the names, addresses
and Social Security Numbers of such persons);

(b) contain such representations and agreements as to the holder’s investment
intent with respect to such Common Shares as may be satisfactory to the
Company’s counsel;

(c) be signed by the person or persons entitled to exercise the Option and if
the Option is being exercised by any person or persons other than the Optionee,
be accompanied by proof, satisfactory to counsel for the Company, of the right
of such person or persons to exercise the Option; and

(d) be in writing and delivered in person or by certified mail to the Treasurer
of the Company.

Payment of the purchase price of any Common Shares with respect to which the
Option is being exercised shall be by cash, Common Shares, or such combination
of cash and Common Shares as the Optionee elects. Common Shares utilized in full
or partial payment of the exercise price shall be valued at its fair market
value on the date of exercise. The certificate or certificates for Common Shares
as to which the Option shall be exercised shall be registered in the name of the
person or persons exercising the Option.

 

1

110% in the case of an Optionee who owns shares representing more than 10% of
the outstanding Common Shares on the date of grant of the Option.

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4. Restrictions on Exercise. The Option may not be exercised if the issuance of
the Common Shares upon such exercise would constitute a violation of any
applicable federal or state securities or other law or valid regulation. As a
condition to the Optionee’s exercise of the Option, the Company may require the
person exercising the Option to make any representation and warranty to the
Company as may be required by any applicable law or regulation.

5. Withholding. The Optionee hereby agrees that the exercise of the Option or
any installment thereof will not be effective, and no Common Shares will become
transferable to the Optionee until the Optionee makes appropriate arrangements
with the Company for such tax withholding as may be required of the Company
under federal, state, or local law on account of such exercise.

6. Non-transferability of Option. This Option may not be transferred in any
manner otherwise than by will or the laws of descent or distribution. The terms
of the Option shall be binding upon the executors, administrators, heirs,
successors and assigns of the Optionee.

7. Term of Option. This Option may not be exercisable for more than ten2 years
from the date of grant of the Option, as stated below, and may be exercised
during such term only in accordance with the Plan and the terms of the Option.

IN WITNESS WHEREOF, the parties hereto have executed the Agreement as of the
Date of Grant set forth below.

 

      Date of Grant     ATTEST:    

NEWTEK BUSINESS SERVICES, INC.

2010 STOCK INCENTIVE PLAN COMMITTEE:

      By:     Witness       An Authorized Member of the Committee ATTEST:    
OPTIONEE:       By:     Witness     Name:     

 

2

Five years in the case of an Optionee who owns shares representing more than 10%
of the outstanding Common Shares on the date of grant of the Option.

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ATTACHMENT A

TO ISO AWARD AGREEMENT

Form of Award Form

NEWTEK BUSINESS SERVICES, INC.

2010 STOCK INCENTIVE PLAN

Optionee: ______________________________________________________

Type of Option: Incentive Stock Option

Grant Date: ____________________________________________________

Number and Class of Shares: ________________________________________

Exercise Price per Share: $_________________________________________

Expiration Date: _________________________________________________

Vesting Schedule :

[            ] The default vesting schedule set forth in the Plan.

OR

______________ of the Common Shares subject to the Option on
____________________

______________ of the Common Shares subject to the Option on
____________________

______________ of the Common Shares subject to the Option on
____________________

______________ of the Common Shares subject to the Option on
____________________

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ATTACHMENT B

TO ISO AWARD AGREEMENT

Form for Exercise of Award of Incentive Stock Options

NEWTEK BUSINESS SERVICES, INC.

2010 STOCK INCENTIVE PLAN

Treasurer

Newtek Business Services, Inc.

1440 Broadway,

17th floor

New York, NY 10018

 

  Re:  2010 Stock Incentive Plan

Dear Sir or Madame:

The undersigned elects to exercise the Incentive Stock Option to purchase
________ Common Shares, par value $.02 per share, of Newtek Business Services,
Inc. under and pursuant to a Stock Options Agreement dated _____________, ____.

Delivered herewith is a certified or bank cashier’s or teller’s check and/or
Common Shares, valued at the fair market value of the Common Shares on the date
of exercise, as set forth below.

$__________________ of cash or check

$__________________ in the form of Common Shares, valued at $ per share

$================ TOTAL

The name or names to be on the stock certificate or certificates and the address
and Social Security Number of such person(s) is as follows:

Name: _______________________________________

Address: ______________________________________________________________________

Social Security Number: _________________________

Date: _________________

Very truly yours,