Document:

Executive Employment Agreement - Steven C. Wolfe

 Exhibit 10.11 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 This Agreement is made as of the latest
date indicated below between Mastech, Inc., a Pennsylvania corporation (hereinafter called the “Company”) and the undersigned employee, Steven C. Wolfe. (hereinafter called the “Executive”). 

WHEREAS, this Agreement is a term and condition of Executive’s employment and is made in consideration for employment, wages and
benefits offered to Executive contemporaneously with this Agreement; and 
 WHEREAS, this Agreement is necessary for the
protection of the legitimate and protectible business interests of Company and its Affiliates (as hereinafter defined) in their customers, prospective customers, accounts and confidential, proprietary and trade secret information. 

NOW THEREFORE, for the consideration set forth herein, the receipt and sufficiency of which are acknowledged by the parties, and
intending to be legally bound hereby, Company and Executive agree as follows: 
 1. DEFINITIONS. As used herein:

 (a) “Affiliate” shall mean and include Parent and any corporation, trade or business which is, as of the date of
this Agreement, with Company, part of a group of corporations, trades or businesses connected through common ownership with Parent, where more than 50% of the stock or other equity interests of each member of the group (other than Parent) are owned,
directly or indirectly, by one or more other members of the group. 
 (b) “Confidential Information” shall include,
but is not necessarily limited to, any information which may include, in whole or part, information concerning Company’s and its Affiliates’ accounts, sales, sales volume, sales methods, sales proposals, customers or prospective customers,
prospect lists, manuals, formulae, products, processes, methods, financial information or data, compositions, ideas, improvements, inventions, research, computer programs, computer related information or data, system documentation, software
products, patented products, copyrighted information, know how and operating methods and any other trade secret or proprietary information belonging to Company or any Affiliate or relating to Company’s or any Affiliate’s affairs that is
not public information. 
 (c) “Customer(s)” shall mean any individual, corporation, partnership, business or other
entity, whether for-profit or not-for-profit (i) whose existence and business is known to Executive as a result of Executive’s access to Company’s and its Affiliates’ business information, Confidential Information, customer lists
or customer account information; (ii) that is a business entity or individual with whom Company or any Affiliate has contracted or negotiated during the one (1) year period preceding the termination of Executive’s employment; or
(iii) who is or becomes a prospective client, customer or acquisition candidate of Company or any Affiliate during the period of Executive’s employment. 
 (d) “Competing Business” shall mean any individual, corporation, partnership, business or other entity which operates or attempts to operate a business which provides, designs,

  

					
		 		 	(Initial           )

 
develops, markets, engages in, produces or sells any products, services, or businesses which are the same or similar to those produced, marketed, invested in or sold by Company or any Affiliate.

 (e) “Parent” shall mean Mastech Holdings, Inc. or any successor. 

2. DUTIES. Executive, who is employed in the position set forth on Schedule A hereof as of the date of this Agreement, agrees to
be responsible for such duties as are commensurate with and required by such position and any other duties as may be assigned to Executive by Company from time to time. Executive further agrees to perform Executive’s duties in a diligent,
trustworthy, loyal, businesslike, productive, and efficient manner and to use Executive’s best efforts to advance the business and goodwill of Company and its Affiliates. Executive further agrees to devote all of Executive’s business time,
skill, energy and attention exclusively to the business of Company and to comply with all rules, regulations and procedures of Company. During the term of this Agreement, Executive will not engage in any other business for Executive’s own
account or accept any employment from any other business entity, or render any services, give any advice or serve in a consulting capacity, whether gratuitously or otherwise, to or for any other person, firm or corporation, other than as a volunteer
for charitable organizations, without the prior written approval of Company, which shall not be unreasonably withheld. 
 3.
COMPENSATION. Executive’s compensation as of the date of this Agreement is as set forth on Schedule A hereto. Said compensation is subject to being reviewed and modified as of January 1, 2010 and annually thereafter by the Company.
Company shall be entitled to withhold from any payments to Executive pursuant to the provisions of this Agreement any amounts required by any applicable taxing or other authority, or any amounts payable by Executive to Company or any Affiliate
(including, without limitation, repayment of any amount loaned to Executive by Company or any Affiliate). 
 4. BENEFITS.
Executive is eligible for the standard Company benefits, which may be modified by Company at any time or from time to time in accordance with the terms of Company’s applicable benefit plans and policies. Executive shall also be entitled to
reimbursement of business-related expenses in accordance with Company’s standard policies concerning reimbursement of such expenses. 
 5. POLICIES AND PRACTICES. Executive agrees to abide by all Company rules, regulations, policies, practices and procedures, which Company may amend from time to time. 

6. AGREEMENT NOT TO COMPETE. In order to protect the business interests and good will of Company and its Affiliates with respect
to Customers and accounts, and to protect Confidential Information, Executive covenants and agrees that for the entire period of time that this Agreement remains in effect, and for a period of one (1) year after termination of Executive’s
employment for any reason, Executive will not: 
 (a) directly or indirectly contact any Customer for the purpose of soliciting
such Customer to purchase, lease or license a product or service that is the same as, similar to, or 

  

					
		 	-2-	 	(Initial           )

 
in competition with those products and/or services made, rendered, offered or under development by Company or any Affiliate; 

(b) directly or indirectly employ, or knowingly permit any company or business directly or indirectly controlled by Executive to employ
any person who is employed by Company or any Affiliate at any time during the term of this Agreement, or in any manner facilitate the leaving of any such person from his or her employment with Company or any Affiliate; 

(c) directly or indirectly interfere with or attempt to disrupt the relationship, contractual or otherwise, between Company or any
Affiliate and any of its employees or solicit, induce, or attempt to induce employees of Company or any Affiliate to terminate employment with Company or Affiliate and become self-employed or employed with others in the same or similar business or
any product line or service provided by Company or any Affiliate; or 
 (d) directly or indirectly engage in any activity or
business as a consultant, independent contractor, agent, employee, officer, partner, director or otherwise, alone or in association with any other person, corporation or other entity, in any Competing Business operating within the United States or
any other country where the Executive has worked and/or conducted business for Company and its Affiliates within the one (1) year period prior to the termination of Executive’s employment. 

Executive acknowledges that Company and its Affiliates are engaged in business throughout the United States, as well as in other
countries and that the marketplace for Company’s and its Affiliates’ products and services is worldwide. Executive further covenants and agrees that the geographic, length of term and types of activities restrictions (non-competition
restrictions) contained in this Agreement are reasonable and necessary to protect the legitimate business interests of Company and its Affiliates because of the scope of Company’s and the Affiliates’ businesses. 

In the event that a court of competent jurisdiction shall determine that one or more of the provisions of this Paragraph 6 is so broad as
to be unenforceable, then such provision shall be deemed to be reduced in scope or length, as the case may be, to the extent required to make this Paragraph enforceable. If the Executive violates the provisions of this Paragraph 6, the periods
described therein shall be extended by that number of days which equals the aggregate of all days during which at any time any such violations occurred. Executive acknowledges that the offer of employment by Company, or any other consideration
offered for signing this agreement, is sufficient consideration for Executive’s agreement to the restrictive covenants set forth in this Paragraph 6, and that each Affiliate is an intended third-party beneficiary of such covenants with a
separate and independent right to enforce the same. Executive agrees that Executive’s signing of an Employment Agreement containing the restrictive covenants set forth herein was a condition precedent to Executive’s continued employment
with Company. 
 7. NONDISCLOSURE AND NONUSE OF CONFIDENTIAL INFORMATION. The Executive covenants and agrees during
Executive’s employment or any time after the termination of such employment, not to communicate or divulge to any person, firm, corporation or business entity, either directly or indirectly, and to hold in strict confidence for the benefit of

  

					
		 	-3-	 	(Initial           )

 
Company, all Confidential Information except that Executive may disclose such Information to persons, firms or corporations who need to know such Information during the course and within the
scope of Executive’s employment. Executive will not use any Confidential Information for any purpose or for Executive’s personal benefit other than in the course and within the scope of Executive’s employment. Executive agrees to sign
and abide by the terms and conditions of Company’s Confidential Information and Intellectual Property Protection Agreement, a copy of which is attached hereto as Schedule B and incorporated as though fully set forth herein. 

8. TERMINATION. This Agreement may be terminated by either party with or without Cause under the following conditions: 

(a) With Cause Termination. Executive may be terminated from employment with “Cause.” “Cause” shall mean
(i) gross negligence or willful misconduct in the performance of duties to the Company that has resulted or is likely to result in substantial and material damage to the Company, (ii) repeated unexplained or unjustified absence from the
Company, (iii) a material and willful violation of any federal or state law, (iv) commission of any act of fraud with respect to the Company, or (v) conviction of a felony or a crime involving moral turpitude causing material harm to
the standing and reputation of the Company, in each case as determined in good faith by the Board of Directors of the Company or engaging in conduct which brings the Company or any Affiliate into public disgrace or disrepute; or (v) substantial
or continued unwillingness to perform duties as reasonably directed by the Company’s Board of Directors or Chief Executive Officer, or (vi) any material breach of Executive’s Confidential Information and Intellectual Property
Protection Agreement. In the event that Executive is terminated with “Cause,” Company may immediately cease payment of any further wages, benefits or other compensation hereunder. Executive acknowledges that Executive has continuing
obligations under this Agreement including, but not limited to Paragraphs 6 and 7, in the event that Executive is terminated with Cause. Executive agrees to provide Company with thirty (30) days notice should Executive voluntarily decide to
separate from Executive’s employment. 
 (b) Without Cause. In the event that Executive’s employment is
terminated without Cause Executive will be entitled to the following. 
 (1) Six (6) months of
Executive’s last monthly base salary, as set forth in Attachment A, less appropriate deductions, payable following Executive’s termination of employment in accordance with the Company’s regular payroll practices (“Severance
Pay”). 
 Severance Pay will be treated as amounts paid under the Company’s generally applicable
severance pay policy (“Severance Policy”) as in effect from time to time to the extent of Executive’s entitlement to payments under the Severance Policy, provided that to the extent the Severance Pay to be received by Executive during
the first six (6) months after termination of employment, together with all other taxable severance payments received during that six (6)-month period (determined under Internal Revenue Code §409A and including the payments under paragraph
(4) below if required), exceeds the maximum amount of severance pay permitted to be paid to a “specified employee” 

  

					
		 	-4-	 	(Initial           )

 
under Internal Revenue Code §409A, the excess Severance Pay shall be paid instead in a single lump sum on the first business day after the end of the six (6)-month period. 

(2) Continued coverage under Company’s employee benefit plans (other than 401(k) or pension benefit coverage) after
termination of employment for Executive and his eligible dependents, as and when provided under the Severance Policy, and subject to the payment of applicable premiums or other costs, all in accordance with the terms of the Severance Policy and the
applicable benefit plans (including, without limitation, cessation of such benefits due to receiving similar benefit coverage from a new employer). 
 (3) Following the cessation of coverage under the Company’s group health (medical, dental, vision) plans under (2) above, Executive shall be entitled to continue his coverage and coverage for
any eligible qualified beneficiary under Company’s group health plans in accordance with and for as long as required under the federal “COBRA” requirements (subject to payment of the applicable cost for such coverage as may be
required by Company in accordance with COBRA). Any period of post-termination coverage under (2) above shall not be considered as part of the COBRA continued coverage period. 

(4) For any period COBRA coverage under Company’s group health plans is in effect for Executive and/or
Executive’s qualified beneficiaries during the first Six (6) months after Executive’s termination of employment, Executive shall receive a monthly payment at the same time as the Severance Pay, less appropriate withholding, pursuant
to the Company’s regular schedule and payroll practices, in an amount equal to the excess of the Executive’s cost for COBRA coverage over the cost Executive would have paid for group health plan coverage as an active employee of the
Company. 
 (5) For a period of six (6) months following Executive’s termination date, continued
vesting in unvested stock options outstanding as of such termination date and granted under the Company’s Stock Incentive Plan (the “Stock Plan”), or any successor thereto (the “Options”). 

(6) The exercise period for a vested Option, including those which vest pursuant to (5) above, will be extended for
a period of six (6) months after the otherwise applicable expiration date, but not later than the earlier of (i) the original expiration date of such Option or (ii) ten (10) years from the date of grant. 

Executive further acknowledges that the Company’s obligations under this Section 8(b), are contingent upon and subject to
Executive’s signing (and not revoking) an agreement and release of all claims against Company in a form similar to the one attached hereto as Schedule C (or such other form acceptable to Company). 

9. TERM. Executive’s employment shall continue from year to year or until such employment is terminated in accordance with
the provisions of Paragraph 8. Executive acknowledges and agrees that nothing herein guarantees Executive continued employment by Company for any specified or intended term; that his employment and this Agreement may be

  

					
		 	-5-	 	(Initial           )

 
terminated by Company at any time; that Executive’s sole right and remedy under this Agreement for any alleged breach by Company is the payment of severance as specified in paragraph 8; and
that such payment is intended as liquidated damages for any alleged breach by Company of this Agreement. 
 10. EQUITABLE
RELIEF; FEES AND EXPENSES. Executive stipulates and agrees that any breach of this Agreement by Executive will result in immediate and irreparable harm to Company and its Affiliates, the amount of which will be extremely difficult to ascertain,
and that Company and its Affiliates could not be reasonably or adequately compensated by damages in an action at law. For these reasons, Company and its Affiliates shall have the right to obtain such preliminary, temporary or permanent injunctions
or restraining orders or decrees as may be necessary to protect Company or any Affiliate against, or on account of, any breach by Executive of the provisions of this Agreement without the need to post bond. Such right to equitable relief is in
addition to all other legal remedies Company or any Affiliate may have to protect its rights. The prevailing party in any such action shall be responsible for reimbursing the non-prevailing party for all costs associated with obtaining the relief,
including reasonable attorneys’ fees, and expenses and costs of suit. Executive further covenants and agrees that any order of court or judgment obtained by Company or an Affiliate which enforces Company’s or Affiliate’s rights under
this Agreement may be transferred, without objection or opposition by Executive, to any court of law or other appropriate law enforcement body located in any other state in the U.S.A. or any other country in the world where Company or such Affiliate
does business, and that said court or body shall give full force and effect to said order and or judgment. 
 11. EMPLOYMENT
DISPUTE SETTLEMENT PROCEDURE-WAIVER OF RIGHTS. In consideration of Company employing Executive and the wages and benefits provided under this Agreement, Executive and Company each agree that, in the event either party (or its representatives,
successors or assigns) brings an action in a court of competent jurisdiction relating to Executive’s recruitment, employment with, or termination of employment from Company, the plaintiff in such action agrees to waive his, her or its right to
a trial by jury, and further agrees that no demand, request or motion will be made for trial by jury. 
 In consideration of
Company employing Executive, and the wages and benefits provided under this Agreement, Executive further agrees that, in the event that Executive seeks relief in a court of competent jurisdiction for a dispute covered by this Agreement, Company may,
at any time within 60 days of the service of Executive’s complaint upon Company, at its option, require all or part of the dispute to be arbitrated by one arbitrator in accordance with the rules of the American Arbitration Association.
Executive agrees that the option to arbitrate any dispute is governed by the Federal Arbitration Act, and is fully enforceable. Executive understands and agrees that, if Company exercises its option, any dispute arbitrated will be heard solely by
the arbitrator, and not by a court. The parties agree that the prevailing party shall be entitled to have all of their legal fees paid by the non-prevailing party. This pre-dispute resolution agreement will cover all matters directly or indirectly
related to Executive’s recruitment, employment or termination of employment by Company; including, but not limited to, claims involving laws against any form of discrimination whether brought under federal and/or state law, and/or claims
involving co-employees, but excluding Worker’s Compensation Claims. 

  

					
		 	-6-	 	(Initial           )

 THE RIGHT TO A TRIAL, AND TO A TRIAL BY JURY, IS OF VALUE. YOU MAY WISH TO CONSULT AN
ATTORNEY PRIOR TO SIGNING THIS AGREEMENT. IF SO, TAKE A COPY OF THIS AGREEMENT WITH YOU. HOWEVER, YOU WILL NOT BE OFFERED EMPLOYMENT UNDER THIS AGREEMENT UNTIL THIS AGREEMENT IS SIGNED AND RETURNED BY YOU. 

12. AMENDMENTS. No supplement, modification, amendment or waiver of the terms of this Agreement shall be binding on the parties
hereto unless executed in writing by the party to be bound thereby. No waiver of any of the provisions of this Agreement shall be deemed to or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver
constitute a continuing waiver unless otherwise expressly provided. Any failure to insist upon strict compliance with any of the terms and conditions of this Agreement shall not be deemed a waiver of any such terms or conditions. 

13. ACKNOWLEDGMENTS OF EXECUTIVE. Executive hereby acknowledges and agrees that: (a) this Agreement is necessary for the
protection of the legitimate business interests of Company and its Affiliates; (b) the restrictions contained in this Agreement may be enforced in a court of law whether or not Executive is terminated with or without cause or for performance
related reasons; (c) Executive has no intention of competing with Company and its Affiliates within the limitations set forth above; (d) Executive has received adequate and valuable consideration for entering into this Agreement;
(e) Executive’s covenants shall be construed as independent of any other provision in this Agreement and the existence of any claim or cause of action Executive may have against Company or any Affiliate, whether predicated on this
Agreement or not, shall not constitute a defense to the enforcement by Company or an Affiliate of these covenants; and (f) the execution and delivery of this Agreement is a mandatory condition precedent to the Executive’s receipt of the
consideration provided herein. 
 14. FULL UNDERSTANDING. Executive acknowledges that Executive has been afforded the
opportunity to seek legal counsel, that Executive has carefully read and fully understands all of the provisions of this Agreement and that Executive, in consideration for the compensation set forth herein, is voluntarily entering into this
Agreement. 
 15. ENTIRE AGREEMENT. This Agreement supercedes all prior agreements, written or oral, between Company or
Affiliates and Executive concerning the subject matter hereof. 
 16. SEVERABILITY. Whenever possible, each provision of
this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein. The restrictive covenants stated herein may be read as if separate and apart from this Agreement and shall survive the termination of Executive’s employment with Company for any reason.

  

					
		 	-7-	 	(Initial           )

 17. OTHER AGREEMENTS. Executive represents and warrants that Executive is not a party
to or otherwise subject to or bound by the terms of any contract, agreements or understandings that would affect Executive’s right or abilities to perform under this Agreement. Executive specifically represents that Executive will not use any
confidential information obtained from Executive’s prior employer(s) in the performance of Executive’s duties herein and is not subject to any other restrictive covenants or non-competition agreements. 

18. CHOICE OF LAW, JURISDICTION AND VENUE. The parties agree that this Agreement shall be deemed to have been made and entered
into in Allegheny County, Pennsylvania and that the Law of the Commonwealth of Pennsylvania shall govern this Agreement, without regard to conflict of laws principles. Jurisdiction and venue is exclusively limited in any proceeding by Company or an
Affiliate or Executive to enforce their rights hereunder to any court or arbitrator geographically located in Allegheny County, Pennsylvania. The Executive hereby waives any objections to the jurisdiction and venue of the courts in or for Allegheny
County, Pennsylvania, including any objection to personal jurisdiction, venue, and/or forum non-conveniens, in any proceeding by Company or any Affiliate to enforce its rights hereunder filed in or for Allegheny County, Pennsylvania. Executive
agrees not to object to any petition filed by Company or an Affiliate to remove an action filed by Executive from a forum or court not located in Allegheny County, Pennsylvania. 

19. SUCCESSORS IN INTEREST. This Agreement shall be binding upon and shall inure to the benefit of the successors, assigns, heirs
and legal representatives of the parties hereto. Company shall have the right to assign this Agreement in connection with a merger, consolidation or restructuring involving Company, or a sale or transfer of the business and/or any assets of Company,
and Executive agrees to be obligated by this Agreement to any successor, assign or surviving entity. Any successor to Company is an intended third party beneficiary of this Agreement. Executive may not assign this Agreement. 

20. NOTICES. All notices, requests, demands or other communications by the terms hereof required or permitted to be given by one
party to the other shall be given in writing by personal delivery or by registered mail, postage prepaid, addressed to such other party or delivered to such other party as follows: 

 

	 	(a)	to Company at: 

 Company’s
last known address 
 Attention: President or Chairman of the Board 

 

	 	(b)	to the Executive at: 

Executive’s last known address 
 Attention: Executive 
 or at such other address as may be given by either of them to the other in
writing from time to time, and such notices, requests, demands, acceptances or other communications shall be deemed to have been received when delivered or, if mailed, three (3) Business Days after the day of mailing thereof; provided that if
any such notice, request, demand or other communication shall 

  

					
		 	-8-	 	(Initial           )

 
have been mailed and if regular mail service shall be interrupted by strikes or other irregularities, such notices, requests, demands or other communications shall be deemed to have been received
when delivered or, if mailed, three (3) Business Days from the day of the resumption of normal mail service. 
 21.
COUNTERPARTS; TELECOPY. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. Delivery of executed signature pages by facsimile
transmission will constitute effective and binding execution and delivery of this Agreement. 
 22. HEADINGS. The
headings used in this Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement. 
 23. DRAFTER PROVISION. The parties agree that they have both had the opportunity to review and negotiate this Agreement, and that any inconsistency or dispute related to the interpretation of any
of the provisions of this Agreement shall not be construed against either party. 
 24. SURVIVABILITY. The terms of this
Agreement survive the termination of Executive’s employment with Company for any reason. 
 I ACKNOWLEDGE THAT I HAVE
CAREFULLY READ AND FULLY UNDERSTAND ALL OF THE PROVISIONS OF THIS AGREEMENT AND THAT I AM VOLUNTARILY ENTERING INTO THIS AGREEMENT. 
  

									
	MASTECH, INC.:	 		 	EXECUTIVE:
				
	By:	 	 /s/ Thomas B. Moran
	 		 	 /s/ Steven C. Wolfe

					
	Date:	 	 8/11/2009
	 		 	Date:	 	 8/10/2009

					
	Witness: 	 	 /s/ John J. Cronin, Jr.
	 		 	Witness: 	 	  

					
	Date:	 	 8/11/2009
	 		 	Date:	 	  

  

					
		 	-9-	 	(Initial           )

 Schedule A (2) 
 This Schedule A (2) dated March 16, 2011, is issued pursuant to the Executive Employment Agreement by and between the undersigned, dated August 10, 2009, and shall be incorporated therein
and governed by the terms and conditions of such Executive Employment Agreement. This Schedule A (2) is effective January 1, 2011, and is intended to replace any previously issued Schedule A. 

1. Position: Vice President. Executive shall report in such capacity to Company’s Chief Executive Officer. 

2. Base Salary: $185,000 per year. 
 3.
Bonus: Executive will be entitled to an annual performance-based cash bonus of $115,000, for the achievement of certain financial and operational targets. These targets, and the bonus dollars tied to such targets, will be determined and
communicated to you by the Chief Executive Officer on an annual basis. For the 2011 calendar year, your bonus will be based on the following performance measures: 
  

	 	a.	Gross Profit – Sales Channel of Responsibility 

	 	b.	Net Consultant Growth – Sales Channel of Responsibility 

 The target amount for each measure for the 2011 calendar year is set forth on Appendix 1 to this schedule. Should Executive fail to achieve the target amount for the above performance
measures, Executive’s annual performance-based bonus, if any, shall be based upon the Company’s evaluation of the percentage of the target amount achieved during the year. Conversely, should Executive’s performance exceed the target
amount for the above performance measures, the Executive’s annual performance-based bonus may exceed the bonus amount stated above, based upon the Company’s evaluation of the percentage of the over-achievement of such target amount(s). All
bonuses will be paid by February 15, 2012, following the completion of Company’s year-end audit. Executive must be employed with the company at December 31, 2011 to earn a Bonus. 

4. Benefits: Executive is eligible for standard company benefits in the same manner as other executives of the Company including 3 weeks of
vacation eligibility as of the date of hire. 
 5. Expenses: The Company will reimburse all properly documented expenses reasonably
related to Executive’s performance of Executive’s duties hereunder. 
 6. Stock Options: Executive shall be eligible to receive
non-qualified stock options pursuant to the Stock Incentive Plan. 
  

									
	BY: 	 	 /s/ Thomas B. Moran, 3/16/2011
	 		 	BY: 	 	 /s/ Steven C. Wolfe, 3/16/2011

		 	Company / Date	 		 		 	Executive / DateEmployment Agreement with Barry Sloane

 Exhibit 10.1.2 
 NEWTEK BUSINESS SERVICES, INC. 
  

 
 Employment
Agreement with 
 Barry Sloane 

 
  

PREAMBLE. This Agreement entered into this 15th day of March 2011, by and between Newtek Business Services, Inc. (the
“Company”) and BARRY SLOANE (the “Executive”), effective immediately. 
 WHEREAS, the Executive is to
be employed by the Company as an executive officer; and 
 WHEREAS, the parties desire by this writing to set forth the
employment relationship of the Company and the Executive. 
 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 50% or more of the Company’s voting stock, (ii) the acquisition of the ability to control the election of a majority of the Company’s directors, (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 of Directors of the Company (the “Existing Board”) cease for any reason to constitute at least one half 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 this paragraph only, 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”) 

(c) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and as interpreted through
applicable rulings and regulations in effect from time to time. 

 (d) “Code §280G Maximum” shall mean the product of 2.0 and the
Executive’s “base amount” as defined in Code §280G(b)(3). 
 (e) “Company” shall mean
Newtek Business Services, Inc., and any successor to its interest. 
 (f) “Common Stock” shall mean common
shares of the Company. 
 (g) “Effective Date” shall mean the date of execution referenced in the Preamble of
this Agreement. 
 (h) “Executive” shall mean Barry Sloane. 

(i) “Good Reason” shall mean any of the following events, which has not been consented to in advance by the Executive in
writing: (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 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 of Directors of the Company; (vi) a material diminution or reduction in the Executive’s responsibilities or
authority (including reporting responsibilities) in connection with his employment with the Company. 
 (j) “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 he has acted, or failed to act, with an absence of good faith and without a reasonable belief that his action or failure to act was in the best
interests of the Company. 
 (k) “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. 
 (l) “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 as are currently rendered and as are customarily 

  
 2 

 
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. 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. Base Compensation. The Company agrees to pay the Executive
during the term of this Agreement a salary at the rate of $ 350,000 per annum, payable in cash not less frequently than monthly. Additionally, the Board shall review, not less often than annually, the rate of the Executive’s salary and may
decide to further increase his salary. 
 4. Cash Bonuses; Incentive Compensation. 

(a) The Board shall determine the Executive’s right to receive incentive compensation in the form of cash bonuses and other awards.
No other compensation provided for in this Agreement shall be deemed a substitute for such incentive compensation. Cash bonuses shall be awarded pursuant to the terms of the Company’s Annual Cash Bonus Plan, if one has been adopted by the Board
and if not, then by action of the Board. 
 (b) Incentive bonus: in addition to all other compensation payable hereunder, the
Executive shall be entitled to participate in consideration for a cash bonus out of a pool to be established for this purpose by the Board. The amount of the Executive’s bonus participation shall be fixed by the Compensation Committee of the
Board if it finds the Executive’s performance to have been a major contributing factor to the success of the Company. 
 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 he 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 31, 2012 or such earlier date as is determined in accordance with
Section 11 (the “Term”).” 

  
 3 

 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 affiliates, nor
unfavorably affect the performance of Executive’s duties pursuant to this Agreement, nor violate any applicable statute or regulation. “Full business time” is hereby defined as that amount of time usually devoted to like companies by
similarly situated executive officers. 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. 
 8. Standards. The Executive shall perform his duties under this Agreement in accordance with such reasonable standards as the Board may establish from time to time. 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 as the Board shall in its discretion permit, 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 Board 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 without loss of pay, 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, at such time or times and upon such terms and conditions as such Board in its discretion may determine. 
 (d) In addition, the Executive shall be entitled to an annual sick leave benefit as established by the Board. 

  
 4 

 10. Indemnification. The Company shall indemnify and hold harmless Executive from any
and all loss, expense, or liability that he may incur due to his services for the Company as an officer and or a director (including any liability he may ever incur under Code § 4999, or a successor, as the result of severance benefits he
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 base salary 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 $350,000 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, 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 March 15 of the year following the year of termination and the total amount of any such Installment Payments
which will be paid after March 15 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 ($460,000 for 2008), 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 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). 
 (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) of the Agreement 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 

  
 5 

 
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 his
termination of employment. 
 (e) Retirement, Death, or Disability. If the Executive’s employment terminates during
the Term of this Agreement due to his death, a disability that results in his collection of any long-term disability benefits, or retirement at or after age 62, the Executive (or the beneficiaries of his 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 he shall be entitled to a Severance Payment equal to one and one-half (1 1 / 2
) times the sum of (i) Executive’s base salary 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 $350,000 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 that, pursuant to the above, any of the Installment Payments will be paid after March 15 of the year following the year of termination and the total amount of any such Installment Payments which will be paid after March 15
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 ($460,000 for 2008), 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 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). 
 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 base salary plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the immediately
preceding fiscal year ( the “ Code § 280G Maximum” ). If the Trigger Event occurs during the portion of the Protected Period that is prior to the date of the Change in Control, the Code § 280G Maximum shall be payable in the
same manner and on the same basis as provided for under Section 11(b) of the Agreement 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 Code § 280G Maximum shall be paid in a lump sum within ten (10) days of his termination of employment. 

  
 6 

 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 of the Company and (B) after the Term, any person or entity who was, as of the end of the Term, a customer of the Company. 
 (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 he will not at any time during the Restrictive Period for whatever reason, whether for his own account or for the account of any other person, firm, corporation or other business
organization: (i) interfere with contractual relationships between the Company and any of its customers or employees; (ii) hire, or solicit for hire, any person who is employed by the Company or any parent or subsidiary of the Company,
without the express written consent of the Company; or (iii) other than on behalf of the Company, solicit any Covered Customer of the Company 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

  
 7 

 
that the Company will be irrevocably damaged if such covenants are not specifically enforced. Accordingly, the Executive agrees that if he 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 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. 

  
 8 

 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 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. 

 

							
	Witnessed by:	 		 	NEWTEK BUSINESS SERVICES, INC.
				
	 /s/ Matthew G. Ash
	 		 	By:	 	     /s/ Craig J. Brunet

		 		 		 	    Its: Executive Vice President
	Witnessed by:	 		 		 	
				
	 /s/ Matthew G. Ash
	 		 	By:	 	     /s/ Barry Sloane

		 		 		 	          Barry Sloane

  
 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}]]