Form 4: NewtekOne Chief Legal Officer Receives Restricted Stock Award

Michael Adam Schwartz, Chief Legal Officer of NewtekOne, Inc., was granted 11,326 restricted shares of common stock on October 4, 2024, under the company's 2023 Stock Incentive Plan.

Summary

• On October 4, 2024, Michael Adam Schwartz, the Chief Legal Officer of NewtekOne, Inc., received a restricted stock award.
• The award consists of 11,326 restricted shares of the company's common stock.
• The grant was made under the NewtekOne, Inc. 2023 Stock Incentive Plan, which was approved by shareholders and the Board.
• The restricted shares will vest 100% after twelve months.
• Dividends will be paid in the form of common stock during the restriction period and will also vest according to the vesting schedule.
• Following the transaction, Schwartz beneficially owns 60,655 shares of NewtekOne, Inc.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, indicating stability and alignment of interests. It's a neutral to slightly positive event.

Positives

• The grant of restricted stock aligns the Chief Legal Officer's interests with those of the shareholders.
• The vesting schedule encourages long-term commitment from the executive.
• The payment of dividends in common stock further reinforces the alignment of interests.

Future Outlook

The document does not contain any specific forward-looking statements regarding the company's future performance.

Industry Context

This type of stock award is a common practice in corporate governance to incentivize and retain key executives.

Comparison to Industry Standards

• Stock incentive plans are a standard component of executive compensation packages across various industries.
• Vesting schedules, such as the 12-month vesting period in this case, are typical for restricted stock awards.
• Companies like Goldman Sachs, JP Morgan Chase, and Morgan Stanley also use stock awards as part of their compensation packages.

Stakeholder Impact

• Shareholders may view the stock award positively as it incentivizes the Chief Legal Officer to contribute to the company's long-term success.
• Employees may see this as a positive sign of investment in leadership.

Key Dates