Newtek Business Services Corp.
01/03/2025 | Press release | Distributed by Public on 01/03/2025 16:19
Management Change/Compensation Form 8 K
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 1, 2025, NewtekOne, Inc. ( the "Company") and Barry Sloane, the Company's Chief Executive Officer and President, entered into an amendment (the "Amendment") to Mr. Sloane's Employment Agreement dated as of April 5, 2024 (the "Employment Agreement" ). The Amendment provides for Mr. Sloane to be entitled to an annual base compensation in the amount of $1.0 million and extends the term of the Employment Agreement through March 31, 2026. The other terms and conditions of the Employment Agreement remain unchanged.
The foregoing description of the terms of the Employment Agreement (which was filed as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2024) and the Amendment (which will be filed as an exhibit to the Company's Annual Report on Form 10-K for the period ending December 31, 2024) does not purport to be complete and is qualified in its entirety by the terms of the Employment Agreement and the Amendment.