Document:

EX-10.2

 Exhibit 10.2 

FIRST AMENDMENT TO 
 SALE
AND SERVICING AGREEMENT 
 This First Amendment to Sale and Servicing Agreement, dated as of March 15, 2022 (this
“Amendment”), is by and among Santander Drive Auto Receivables LLC, as seller (the “Seller”), and Santander Consumer USA Inc. (“SC”), as servicer (in such capacity, the “Servicer”).

 WHEREAS, Drive Auto Receivables Trust 2020-1, as issuer (the “Issuer”), the
Seller, the Servicer, and Wilmington Trust, National Association, as indenture trustee (the “Indenture Trustee”) are parties to that certain Sale and Servicing Agreement, dated as of January 22, 2020 (as amended, supplemented
and modified from time to time, the “Sale and Servicing Agreement”); 
 WHEREAS, the Seller and the Servicer desire to
amend the Sale and Servicing Agreement as set forth herein; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 SECTION 1. Definitions. Capitalized terms used
in this Amendment and not otherwise defined herein shall have the meanings assigned thereto in the Sale and Servicing Agreement, as amended hereby. 

SECTION 2. Amendments. Effective as of March 15, 2022, the Sale and Servicing Agreement is hereby amended as follows: 

(a) The second sentence of Section 4.2 is hereby amended and restated in full to read as follows: 

“The “Monthly Remittance Condition” shall be deemed to be satisfied if (i) Santander Consumer or one of its Affiliates is
the Servicer, (ii) no Event of Default or Servicer Replacement Event has occurred and is continuing, (iii) Santander Holdings USA, Inc. has a long term unsecured debt rating of at least “Baa3” from Moody’s,
(iv) Santander Consumer has not received notification from S&P within the last 30 days that Santander Consumer no longer meets S&P’s creditworthiness requirements for making monthly remittances and (v) Santander Consumer is a
direct or indirect subsidiary of Banco Santander, S.A. Notwithstanding the foregoing, the Servicer may remit Collections to the Collection Account on any other alternate remittance schedule (but not later than the Business Day prior to the related
Payment Date) if the Rating Agency Condition is satisfied with respect to such alternate remittance schedule.” 
  

  

					
	    	  		  	 DRIVE 2020-1: Amendment to

Sale and Servicing Agreement

 SECTION 3. Miscellaneous. The Sale and Servicing Agreement, as amended hereby, remains in
full force and effect. Any reference to the Sale and Servicing Agreement from and after the date hereof shall be deemed to refer to the Sale and Servicing Agreement as amended hereby, unless otherwise expressly stated. This Amendment shall be valid,
binding, and enforceable against a party only when executed by an authorized individual on behalf of the party by means of (i) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act,
state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual
signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled
to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or
authenticity thereof. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument. Notwithstanding the foregoing, with
respect to any notice provided for in this Amendment or any instrument required or permitted to be delivered hereunder, any party hereto receiving or relying upon such notice or instrument shall be entitled to request execution thereof by original
manual signature as a condition to the effectiveness thereof. This Amendment shall be governed by and construed in accordance with the internal, substantive laws of the State of New York without reference to the rules thereof relating to
conflicts of law, other than Sections 5-1401 and 5-1402 of the New York General Obligations Law, and the obligations, rights and remedies of the parties hereunder shall
be determined in accordance with such laws. 
 [Signatures follow] 

  

					
	    	  	2	  	 DRIVE 2020-1: Amendment to

Sale and Servicing Agreement

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	SANTANDER DRIVE AUTO RECEIVABLES LLC, as Seller
		
	By:	 	 /s/ Mark McCastlain

	Name:	 	Mark McCastlain
	Title:	 	Vice President
	
	SANTANDER CONSUMER USA INC., as Servicer
		
	By:	 	 /s/ Corey Henry

	Name:	 	Corey Henry
	Title:	 	Vice President

  

					
	    	  	S-1	  	 DRIVE 2020-1: Amendment to

Sale and Servicing Agreementbsloaneemploymentagreeme

116238/2  NEWTEK BUSINESS SERVICES CORP.  _____________________________    EMPLOYMENT AGREEMENT WITH  BARRY SLOANE  _____________________________    PREAMBLE.  This Employment Agreement (the “Agreement”) is entered into as of the  1st  day of March 2022 (the “Effective Date”), by and between NEWTEK BUSINESS SERVICES  CORP. (the “Company”) and BARRY SLOANE (the “Executive”), effective immediately.    WHEREAS, the Executive is currently employed by the Company as Chief Executive  Officer and President, and serves as Chairman of the Board of Directors; and     WHEREAS, the parties desire by this writing to set forth the employment relationship of  the Company and the Executive as of the Effective Date.  NOW, THEREFORE, it is AGREED as follows:  1. Defined Terms  When used anywhere in the Agreement, the following terms shall have the meaning  set forth herein.  (a) “Board” shall mean the Board of Directors of the Company.  (b) “Change in Control” shall mean any one of the following events: (i) the  acquisition of ownership, holding or power to vote more than 25% of the Company’s voting shares  by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities  Exchange Act of 1934), (ii) the acquisition of the ability to control the election of a majority of the  Board by any person or persons acting as a “group” (within the meaning of Section 13(d) of the  Securities Exchange Act of 1934), (iii) the acquisition of a controlling influence over the  management or policies of the Company by any person or by persons acting as a “group” (within  the meaning of Section 13(d) of the Securities Exchange Act of 1934), or (iv) during any period  of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such  period constitute the Board (the “Existing Board”) cease for any reason to constitute at least two- thirds thereof, provided that any individual whose election or nomination for election as a member  of the Existing Board was approved by a vote of at least two-thirds of the Continuing Directors  then in office shall be considered a Continuing Director. For purposes of defining Change in  Control, the term “person” refers to an individual or a corporation, partnership, trust, association,  joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form  of entity not specifically listed herein.  Notwithstanding the foregoing, a Change in Control as  defined in this Section 1(b) shall not be treated as a Change in Control for purposes of this  Agreement unless it constitutes a “change in control event” within the meaning of Section 1.409A- 3(i)(5) of the Treasury Regulations promulgated under section 409A of the Internal Revenue Code  of 1986, as amended (the “Code”) (the “Treasury Regulations”)  

 

2  (c) “Common Stock” shall mean the shares of the Company’s common stock,  par value of $0.02 per share.  (d) “Good Reason” shall mean any of the following events, which has not been  consented to in advance by the Executive in writing during the term of the Agreement: (i) the  requirement that the Executive move his personal residence, or perform his principal executive  functions, more than fifty (50) miles from his primary office as of the Effective Date; (ii) a material  reduction in the Executive’s Annual Base Compensation as the same may be increased from time  to time; (iii) the failure by the Company to continue to provide the Executive with compensation  and benefits provided for on the Effective Date, as the same may be increased from time to time,  or with benefits substantially similar to those provided to him under any of the Executive benefit  plans in which the Executive now or hereafter becomes a participant, or the taking of any action  by the Company which would directly or indirectly reduce any of such benefits or deprive the  Executive of any material fringe benefit enjoyed by him; (iv) the assignment to the Executive of  duties and responsibilities that constitute a material diminution from those associated with his  position on the Effective Date; (v) a failure to elect or reelect the Executive to the Board or as  Chairman of the Board; (vi) a material diminution or reduction in the Executive’s responsibilities  or authority (including reporting responsibilities) in connection with his employment with the  Company.  (e) “Just Cause” shall mean the Executive’s willful misconduct, breach of  fiduciary duty involving personal profit, intentional failure to perform stated duties, conviction for  a felony, or material breach of any provision of this Agreement.  No act, or failure to act, on the  Executive’s part shall be considered “willful” unless Executive has acted, or failed to act, with an  absence of good faith and without a reasonable belief that Executive’s  action or failure to act was  in the best interests of the Company.  (f) “Protected Period” shall mean the period that begins on the date six months  before a Change in Control and ends on the earlier of six months following the Change in Control  or the expiration date of this Agreement.   (g) “Trigger Event” shall mean (i) the Executive’s voluntary termination of  employment within ninety (90) days of an event that both occurs during the Protected Period and  constitutes Good Reason, or (ii) the termination by the Company or its successor(s) in interest, of  the Executive’s employment for any reason other than Just Cause during the Protected Period.   2. Employment.  The Executive is employed as Chief Executive Officer and President  of the Company.  The Executive shall render such administrative and management services for the  Company and its subsidiaries and portfolio companies as are currently rendered and as are  customarily performed by persons situated in a similar executive capacity and consistent with the  duties of the Chief Executive Officer and President as set forth in the Bylaws of the Company.   The Executive shall also promote, by entertainment or otherwise, as and to the extent permitted by  law, the business of the Company and its subsidiaries and portfolio companies.  The Executive’s  other duties shall be such as the Board may from time to time reasonably direct, including normal  duties as an officer of the Company.  

 

3  3. Annual Base Compensation.  The Company agrees to pay the Executive during the  term of this Agreement a salary at the rate of $700,000 per annum, payable in cash not less  frequently than monthly.   4. Cash Bonuses.  The Board shall determine the Executive’s right to receive cash  bonuses. Cash Bonuses shall be awarded annually based upon the Executive’s and the Company’s  annual performance pursuant to the Company’s policy.   5. Other Benefits.  (a) Participation in Retirement, Medical and Other Plans.  The Executive shall  participate in any plan that the Company maintains for the benefit of its employees if the plan  relates to (i) pension, profit-sharing, or other retirement benefits, (ii) medical insurance or the  reimbursement of medical or dependent care expenses, or (iii) other group benefits, including  disability and life insurance plans.   (b) Executive Benefits; Expenses.  The Executive shall participate in any fringe  benefits which are or may become available to the Company’s senior management Executives,  including for example incentive compensation plans, club memberships, and any other benefits  which are commensurate with the responsibilities and functions to be performed by the Executive  under this Agreement.  The Executive shall be reimbursed for all reasonable out-of-pocket  business expenses which Executive shall incur in connection with his services under this  Agreement upon substantiation of such expenses in accordance with the policies of the Company.  6. Term.  The Company hereby employs the Executive, and the Executive  hereby accepts such employment under this Agreement, for the period commencing on the  Effective Date and ending on March 1, 2023 or such earlier date as is determined in accordance  with Section 11 (the “Term”).”  7. Loyalty; Noncompetition.  (a) During the period of his employment hereunder and except for illnesses,  reasonable vacation periods, and reasonable leaves of absence, the Executive shall devote  substantially all his full business time, attention, skill, and efforts to the faithful performance of  his duties hereunder; provided, however, from time to time, Executive may serve on the boards of  directors of, and hold any other offices or positions in, companies or organizations, at the request  of the Company or which will not present, in the opinion of the Board, any conflict of interest with  the Company or any of its subsidiaries or portfolio companies, nor unfavorably affect the  performance of Executive’s duties pursuant to this Agreement, nor violate any applicable statute  or regulation.  .  During the Term of his employment under this Agreement, the Executive shall  not engage in any business or activity contrary to the business affairs or interests of the Company.    (b) Nothing contained in this Paragraph 7 shall be deemed to prevent or limit the  Executive’s right to invest in the capital stock or other securities of any business dissimilar from that  of the Company or, solely as a passive or minority investor, in any business, provided such investment  does not: (i) constitute a conflict of interest, (ii) violate laws or regulations applicable to the Company,  including, without limitation, the Investment Company Act of 1940, or (iii) violate any rules or polices  promulgated by the Board.   

 

4  8. Facilities and Staff.  The Company will provide Executive with the working  facilities and staff customary for similar executives and necessary for him to perform his duties.   9. Vacation and Sick Leave.  At such reasonable times according to Company policy,   the Executive shall be entitled, without loss of pay, to absent himself voluntarily from the  performance of his employment under this Agreement, all such voluntary absences to count as  vacation time; provided that:  (a) The Executive shall be entitled to an annual vacation in accordance with the  policies that the Company periodically establishes for senior management executives of the  Company.  (b) The Executive shall not receive any additional compensation from the  Company on account of his failure to take a vacation, and the Executive shall not accumulate  unused vacation from one fiscal year to the next, except in either case to the extent authorized by  the Board.  (c) In addition to the aforesaid paid vacations, the Executive shall be entitled -  to absent himself voluntarily from the performance of his employment with the Company for such  additional periods of time and for such valid and legitimate reasons as the Board may in its  discretion determine.  Further, the Board may grant to the Executive a leave or leaves of absence,  with or without pay.   (d) In addition, the Executive shall be entitled to an annual sick leave benefit as  established by the Company  10. Indemnification.  The Company shall, to the extent permitted by the Company’s  Bylaws, indemnify and hold harmless Executive from any and all loss, expense, or liability that  Executive may incur due to his services for the Company as an officer and or a director of the  Company or any of its subsidiaries or portfolio companies (including any liability Executive may  ever incur, as the result of severance benefits Executive collects pursuant to Sections 11 or 13),  during the full Term of this Agreement and shall at all times maintain adequate insurance for such  purposes.  11. Termination and Termination Pay.  Subject to Section 13 hereof, the Executive’s  employment hereunder may be terminated under the following circumstances:  (a) Just Cause.  The Board may, based on a good faith determination and only  after giving the Executive written notice and a reasonable opportunity to cure, immediately  terminate the Executive’s employment at any time, for Just Cause.  The Executive shall have no  right to receive compensation or other benefits for any period after termination for Just Cause.  (b) Without Just Cause. The Board may, by written notice to the Executive,  immediately terminate his employment for a reason other than Just Cause. In such event, the  Executive shall be entitled to a total severance payment (the “Severance Payment”) equal to two  (2) times the sum of (i) Executive’s Annual Base Compensation in effect at the time of  termination, plus (ii) the amount of all compensation paid to Executive under Section 4 hereof  with respect to the immediately preceding fiscal year. The first $500,000 of the Severance  

 

5  Payment shall be paid in a lump sum to the Executive within thirty (30) days after Executive’s  termination of employment. The remaining amount of the Severance Payment shall be paid in  equal installments over a six (6) month period following the Executive’s termination of  employment, payable in accordance with the Company’s regularly scheduled payroll (the  “Installment Payments”). Each Installment Payment shall be treated as a separate payment for  purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). In the event that, pursuant to the  above, any of the Installment Payments will be paid after April 1 of the year following the year  of termination and the total amount of any such Installment Payments which will be paid after  April 1 exceeds the lesser of: (i) twice the Executive’s then Annual Base Compensation; or  (ii) twice the Code Section 401(a)(17) limit in effect for the year of termination, the portion of  any such Installment Payments that exceeds the foregoing threshold shall be accumulated and  paid in the seventh (7 th ) month following the date of termination of employment, but only to the  extent necessary to comply with the six (6) month delay rule pertaining to “specified employees”  under Treasury Regulations Section 1.409A-3(i)(2).       (c) Resignation by Executive with Good Reason.  The Executive may at any  time immediately terminate employment for Good Reason, in which case the Executive shall be  entitled to receive the Severance Payment payable in the same manner and on the same basis as  provided for under Section 11(b) herein upon a termination without Just Cause.  In addition, the  Executive will be entitled to health, life, disability and other benefits which the Executive would  have been eligible to participate in through the expiration of the Term based on the benefit levels  substantially equal to those that the Company provided for the Executive at the date of termination  of employment, subject to any restrictions as may be required under Code Section 409A   (d) Resignation by Executive without Good Reason.  The Executive may  voluntarily terminate employment with the Company during the term of this Agreement, upon at  least 60 days’ prior written notice to the Board of Directors, in which case the Executive shall  receive only his compensation, vested rights, and Executive benefits up to the date of Executive’s  last day of employment.  (e) Death, or Disability.  If the Executive’s employment terminates during the  Term of this Agreement due to Executive’s death or disability that results in collection of any long- term disability benefits, the Executive (or the beneficiaries of Executive’s estate) shall be entitled  to receive the compensation and benefits that the Executive would otherwise have become entitled  to receive pursuant to subsection (d) hereof upon a resignation without Good Reason.   (f) Non-Renewal Payment. If the Term of this Agreement is not extended for at least  one (1) additional year in circumstances in which the Executive is willing and able to execute such  extension and continue performing services, then the Executive’s employment shall be terminated  by the Company effective as of the expiration of the Term, in which event Executive shall be  entitled to a Severance Payment equal to one (1.0) times the sum of (i) Executive’s Annual Base  Compensation in effect at the time of termination, plus (ii) the amount of all compensation paid to  Executive under Section 4 hereof with respect to the immediately preceding fiscal year. The first  $500,000 of the Severance Payment shall be paid in a lump sum to the Executive within thirty  (30) days after his termination of employment. The remaining amount of the Severance Payment  shall be paid in equal installments over a six (6) month period following the Executive’s  termination of employment in Installment Payments. Each Installment Payment shall be treated as  a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). In the event  

 

6  that, pursuant to the above, any of the Installment Payments will be paid after April 1 of the year  following the year of termination and the total amount of any such Installment Payments which  will be paid after April 1 exceeds the lesser of: (i) twice the Executive’s then current base salary;  or (ii) twice the Code Section 401(a)(17) limit in effect for the year of termination, the portion of  any such Installment Payments that exceeds the foregoing threshold shall be accumulated and paid  in the seventh (7th) month following the date of his termination of employment, but only to the  extent necessary to comply with the six (6) month delay rule pertaining to “specified employees”  under Treasury Regulations Section 1.409A-3(i)(2).  (g)  Acceleration of Equity Awards. All (a) outstanding and unvested options to  purchase Common Stock granted to Executive under any equity plan of the Company, (b) unvested  shares of restricted Common Stock awarded to the Executive under any equity plan of the  Company, and (c) other equity and equity equivalent awards then held by the Executive, shall be  accelerated in full, and thereafter all such options, shares of restricted Common Stock and other  equity awards shall be immediately vested and exercisable for such period of time as provided for  by the specific agreements governing each such award, upon Executive’s termination pursuant to  Sections 11(b), (c), (e) and (f) hereof.   12. No Mitigation.  The Executive shall not be required to mitigate the amount of any  payment provided for in this Agreement by seeking other employment or otherwise, and no such  payment shall be offset or reduced by the amount of any compensation or benefits provided to the  Executive in any subsequent employment.  13. Change in Control.  Notwithstanding any provision herein to the contrary, if a  Trigger Event occurs during the Protected Period, the Executive shall be paid an amount equal to  two (2) times the executive’s Annual Base Compensation plus (ii) the amount of all compensation  paid to Executive under Section 4 hereof with respect to the immediately preceding fiscal year (the  “Change in Control Payment”). If the Trigger Event occurs during the portion of the Protected  Period that is prior to the date of the Change in Control, the Change in Control Payment shall be  payable in the same manner as provided for under Section 11(b) herein upon a termination without  Just Cause.  If the Trigger Event occurs during the portion of the Protected Period that is on or  after the date of the Change in Control, the Change in Control Payment shall be paid in a lump  sum within ten (10) days of Executive’s termination of employment.  14. Covenants.    (a) Definitions.  For purposes of this Agreement:   (i) Restrictive Period.  The term “Restrictive Period” shall mean the  period beginning on the Effective Date and ending two (2) years after the termination of the  Executive’s employment hereunder.   (ii) Covered Customer.  The term “Covered Customer” shall mean (A)  during the Term, any customer, merchant, independent sales agency (ISA), independent sales  organization (ISO), alliance partner or any intermediary of the Company or its portfolio companies  and (B) after the Term, as of the end of the Term, a Covered Customer of the Company or its  portfolio companies within the prior three years.  

 

7   (iii) Covered Business.  The term “Covered Business” shall mean (A)  during the term, any business in which the Company is engaged and (B) after the Term, any  business in which the Company was engaged as of the end of the Term.   (iv) Covered State.  The term “Covered State” shall mean (A) during the  Term, any state in the United States and (B) after the Term, any state (1) in which, as of the end  of the Term, the Company was engaged in business or (2) with respect to which the Company, as  of the end of the Term, had expended material expense and/or efforts in connection with preparing  to do business therein.  (b) Non-Interference.  The Executive covenants and agrees that Executive will  not at any time during the Restrictive Period for whatever reason, whether for Executive’s own  account or for the account of any other person, firm, corporation or other business organization:  (i) interfere with contractual relationships between the Company or its subsidiaries or portfolio  companies and any of their Covered Customers or employees; (ii) hire, or solicit for hire, any  person who is employed by the Company or its subsidiaries or portfolio companies, without the  express written consent of the Company; or (iii) other than on behalf of the Company or its  subsidiaries or portfolio companies, solicit any Covered Customer in connection with the  engagement, by any person or entity, in any Covered Business in any Covered State.  (c) Confidentiality.  The Executive will not, at any time whether during or after  his termination of employment, (i) disclose to anyone, without proper authorization from the  Company, or (ii) use, for his or another’s benefit, any confidential or proprietary information of  the Company or any parent or subsidiary of the Company, which may include trade secrets,  business plans or outlooks, financial data, marketing or sales programs, customer lists, brand  formulations, training and operations manuals, products or price strategies, mergers, acquisitions,  and/or Company personnel issues.  (d) Blue Pencil; Equitable Relief.  The provisions contained in this Section 14  as to the time periods, scope of activities, persons or entities affected and territories restricted shall  be deemed divisible so that if any provision contained in this Section is determined to be invalid  or unenforceable, such provision shall be deemed modified so as to be valid and enforceable to the  full extent lawfully permitted.  The Executive acknowledges that the provisions of this Section 14  are reasonable and necessary for the protection of the Company and that the Company will be  irrevocably damaged if such covenants are not specifically enforced.  Accordingly, the Executive  agrees that if Executive breaches or threatens to breach any of the covenants contained in this  Section 14, the Company will be entitled (i) to damages sufficient to compensate the Company for  any harm to the Company caused thereby and (ii) to specific performance and injunctive relief for  the purpose of preventing the breach or threatened breach thereof without bond or other security  or a showing that monetary damages will not provide an adequate remedy, in addition to any other  relief to which the Company may be entitled under this Agreement.”  15. Reimbursement for Litigation Expenses.  In the event that any dispute arises between the Executive and the Company as to the terms  or interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise,  including any action that the Executive takes to enforce the terms of this Agreement or to defend  

 

8  against any action taken by the Company, the Executive shall be reimbursed for all costs and  expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions,  provided that the Executive shall obtain a final judgement by a court of competent jurisdiction in  favor of the Executive.  Such reimbursement shall be paid within ten (10) days of Executive’s  furnishing to the Company written evidence, which may be in the form, among other things, of a  cancelled check or receipt, of any costs or expenses incurred by the Executive.      16. Successors and Assigns.  (a) This Agreement shall inure to the benefit of and be binding upon any  corporate or other successor of the Company which shall acquire, directly or indirectly, by merger,  consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company.  (b) Since the Company is contracting for the unique and personal skills of the  Executive, the Executive shall be precluded from assigning or delegating his rights or duties  hereunder without first obtaining the written consent of the Company.  17. Corporate Authority.  Company represents and warrants that the execution and  delivery of this Agreement by it has been duly and properly authorized by the Board and that when  so executed and delivered this Agreement shall constitute the lawful and binding obligation of the  Company.  18. Amendments.  No amendments or additions to this Agreement shall be binding  unless made in writing and signed by all of the parties, except as herein otherwise specifically  provided.  19. Applicable Law.  Except to the extent preempted by Federal law, the laws of the  State of New York shall govern this Agreement in all respects, whether as to its validity,  construction, capacity, performance or otherwise.    20. Severability.  The provisions of this Agreement shall be deemed severable and the  invalidity or unenforceability of any provision shall not affect the validity or enforceability of the  other provisions hereof.  21. Entire Agreement.  This Agreement, together with any understanding or  modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement  between the parties hereto with respect to the matters addressed and shall supercede all previous  agreements with respect to such matters.  22. Tax Matters. All payments or benefits provided under this Agreement are subject  to any applicable employment or tax withholdings or deductions.  In addition, the parties hereby  agree that it is their intention that all payments or benefits provided under this Agreement be  exempt from, or if not so exempt, comply with, Code Section 409A and this Agreement shall be  interpreted accordingly.  Notwithstanding anything in this Agreement to the contrary, if any  payments or benefits made or provided under the Agreement are considered deferred  compensation subject to Code Section 409A payable on account of Employee’s separation from  service (but that do not meet an exemption under Code Section 409A, including without limitation  the short term deferral or the separation pay plan exemption), such payments or benefits shall be  

 

9  paid no earlier than the date that is six (6) months following Employee’s separation from service  (or, if earlier, the date of death) to the extent required by Code Section 409A.  IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year  first hereinabove written.        NEWTEK BUSINESS SERVICES CORP.            By:              Salvatore Mulia, Chairman          Compensation, Corporate Governance and         Nominating Committee          EXECUTIVE          By:                Barry Sloane, CEO & President

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