NEWTEK BUSINESS SERVICES CORP. (NASDAQ:NEWT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
entered into employment agreements, effective as of March 15,
2017 with each of Jennifer C. Eddelson, Chief Accounting Officer;
Michael A. Schwartz, Chief Legal Officer and Chief Compliance
Officer; and Barry Sloane, Chief Executive Officer and President
(collectively, the Employment Agreements). Generally, under the
Employment Agreements, Messrs. Schwartz and Sloane and Ms.
Eddelson (the Officers) are entitled to a set base compensation,
cash bonuses to the Companys Annual Cash Bonus Plan or by the
action of the board of directors, and incentive compensation at
the discretion of the Companys Compensation, Corporate Governance
and Nominating Committee. In addition, the Officers are entitled
to other benefits, such as participation in retirement and
medical and other plans, executive benefits, and vacation and
sick leave. The Employment Agreements provide for severance
payments in the case of an Officer being terminated without just
cause, as defined therein, or of an Officer resigning with good
reason, as defined therein. Under the Employment Agreements,
during the term of their employment, the Officers agree to devote
substantially all of their business time to the Company and to
not engage in any business or activity contrary to the business
or affairs of the Company. The Employment Agreements also provide
for additional payments in the event of a Change of Control (as
defined therein). The Company agrees to indemnify the Officers
for any and all loss, expenses, or liability that he or she may
incur as a result of his or her services for the Company.
base salaries for the twelve months ending March 31, 2018:
| Officer | Base Salary |
| Barry Sloane | $600,000 |
| Jennifer C. Eddelson | $300,000 |
| Michael A. Schwartz | $300,000 |
and will be determined during the term of the Employment
Agreements and therefore cannot be disclosed as this time.
Agreements is qualified in its entirety by the terms of the
Employment Agreements, which are filed as Exhibits 10.1
through>10.3 to this Current Report on Form 8-K and are
incorporated herein by reference.
| Exhibit Number | Description | |
| 10.1 | Employment Agreement by and between Newtek Business Services Corp. and Barry Sloane dated as of March 15, 2017. | |
| 10.2 | Employment Agreement by and between Newtek Business Services Corp. and Jennifer C. Eddelson dated as of March 15, 2017. | |
| 10.3 | Employment Agreement by and between Newtek Business Services Corp. and Michael A. Schwartz dated as of March 15, 2017. |
About NEWTEK BUSINESS SERVICES CORP. (NASDAQ:NEWT)
Newtek Business Services Corp. is a non-diversified closed-end management investment company. The Company is engaged in non-bank lending providing a range of business services and financial products under the Newtek brand to the small- and medium-sized business (SMB) market. Its products and services consist of Business Lending, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), e-commerce, Accounts Receivable Financing, The Secure Gateway, The Newtek Advantage, personal and commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval, and Payroll Solutions. The Company offers services along with its controlled portfolio companies. The Company’s portfolio consists of guaranteed and unguaranteed non-affiliate loan investments that are through its small business finance platform. NEWTEK BUSINESS SERVICES CORP. (NASDAQ:NEWT) Recent Trading Information
NEWTEK BUSINESS SERVICES CORP. (NASDAQ:NEWT) closed its last trading session down -0.07 at 16.58 with 85,175 shares trading hands.
