NewtekOne Inc.
04/03/2026 | Press release | Distributed by Public on 04/03/2026 13:05
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 April 1, 2026, NewtekOne, Inc. (the "Company") renewed for additional one-year terms the employment agreements with its executive officers Barry Sloane, Chief Executive Officer and President (the "Sloane Employment Agreement"); Michael A. Schwartz, Chief Legal Officer and Corporate Secretary (the "Schwartz Employment Agreement"); and Frank DeMaria, Chief Financial Officer and Executive Vice President (the "DeMaria Employment Agreement"). In addition, the Company's subsidiary Newtek Bank, N.A. renewed for an additional one-year term the employment agreement with its President, Peter Downs (the "Downs Employment Agreement"). In connection with such renewals, (i) the terms and conditions of the Sloane Employment Agreement, which will be filed as an exhibit to the Company's next Quarterly Report on Form 10-Q, remain unchanged from the employment agreement previously filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2025; (ii) the Downs Employment Agreement, Schwartz Employment and DeMaria Employment Agreement each provide for a Non-renewal Payment equal to one year of base compensation; the other terms and conditions of the Downs Employment Agreement, Schwartz Employment and DeMaria Employment Agreement, which will be filed as exhibits to the Company's next Quarterly Report on Form 10-Q, remain unchanged from the employment agreements previously filed as exhibits to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2025.
The foregoing description of the terms of the employment agreements (collectively, the "Employment Agreements"), does not purport to be complete and is qualified in its entirety by the terms of the respective Employment Agreements, which will be filed as exhibits in the Company's next Quarterly Report on Form 10-Q, and the terms of the respective Change in Control Agreements, which remain unchanged, a form of which has been filed as an exhibit to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
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