NewtekOne, Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K Current Report was filed by NewtekOne, Inc. (the "Company") and its subsidiary, Newtek Bank, N.A. (the "Bank"), on May 16, 2023. The filing discloses the appointment of a new Chief Financial Officer and the terms of his employment agreement.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on executive compensation and personnel changes.
Material Changes
The primary material change reported is the appointment of M. Scott Price as the Company's and the Bank's Chief Financial Officer, effective May 16, 2023. Mr. Price replaces the Bank's current CFO. He brings over 17 years of experience in financial services, including roles at First Horizon Corporation and IBERIABANK Corporation.
Management Commentary and Compensation Details
The Company entered into an Employment Agreement with Mr. Price containing the following key terms:
- Base Compensation: Annual base salary of $400,000.
- Guaranteed Bonus: A prorated cash bonus of $133,333.33 for the year ending 2023, payable on March 15, 2024, contingent on continued employment.
- Equity Award: Eligibility for a $300,000 award under the 2023 Stock Incentive Plan, subject to plan effectiveness and conditions determined by the Company.
- Severance: Provisions for severance payments in cases of termination without just cause, resignation with good reason, or termination following a change of control.
- Other Benefits: Participation in retirement, medical, executive benefits, and vacation/sick leave plans.
The full Employment Agreement will be filed as an exhibit to the Company's next Quarterly Report on Form 10-Q.
Investor Verification Checklist
- Verify the effectiveness of the 2023 Stock Incentive Plan to confirm the $300,000 equity award eligibility.
- Review the upcoming Form 10-Q for the full text of the Employment Agreement and specific definitions of "just cause," "good reason," and "change of control."
- Confirm the identity of the departing CFO and the transition timeline.
- Monitor future filings for any additional executive appointments or changes to the Board of Directors.