Newtek Business (NEWT) has shared an announcement.
NewtekOne, Inc. has extended the employment agreements of its top executives, including CEO Barry Sloane and other key officers, ensuring their ongoing leadership and compensation continuity. The renewal comes with a significant pay raise for some, setting annual base compensations up to $700,000. Additionally, the company has introduced change in control agreements, promising generous severance packages if these executives are terminated following a potential takeover, with payouts potentially exceeding 1.15 times their annual salary and previous year’s bonuses.
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