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.

On April 27, 2018, Newtek Business Services Corp. (the “Company”) entered into employment agreements, effective as of April 1, 2018, with each of Barry Sloane, Chief Executive Officer and President; Jennifer C. Eddelson, Chief Accounting Officer and Executive Vice President; and Michael A. Schwartz, Chief Legal Officer and Chief Compliance Officer (collectively, the “Employment Agreements”). Generally, under the Employment Agreements, Messrs. Sloane and Schwartz, and Ms. Eddelson (the “Officers”), are entitled to a set annual base compensation, and cash bonuses to the Company’s Annual Cash Bonus Plan. 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 also provide for severance payments in the case of an Officer being terminated without just cause, as defined therein, an Officer resigning with good reason, as defined therein, a change of control, as defined therein, or a non-renewal of the Officer’s respective Employment Agreement. 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 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.

to the foregoing, the following amounts represent the Officers’ annual base compensation as of April 1, 2018:

Cash bonuses are based on performance and will be determined during the term of the Employment Agreements and therefore cannot be disclosed as this time.

The foregoing description of the terms of the Employment 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.

Item 9.01. Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits.

Newtek Business Services Corp. Exhibit
EX-10.1 2 employmentagreement-barrys.htm EXHIBIT 10.1 Exhibit Exhibit 10.1NEWTEK BUSINESS SERVICES CORP._____________________________Employment Agreement withBarry Sloane_____________________________PREAMBLE. This Employment Agreement (the “Agreement”) is entered into as of the 1st day of April 2018 (the “Effective Date”),…
To view the full exhibit click here

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.