Form 4: NewtekOne Chief Lending Officer Receives Restricted Stock Award

Peter Mathison Downs, Chief Lending Officer of NewtekOne, Inc., was granted 9,944 restricted shares of common stock on July 1, 2024, under the company's 2023 Stock Incentive Plan.

Summary

• On July 1, 2024, Peter Mathison Downs, Chief Lending Officer of NewtekOne, Inc., received a restricted stock award.
• The award consists of 9,944 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, Downs beneficially owns 81,082 shares of NewtekOne, Inc.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, indicating stability and alignment of interests. The sentiment is neutral to positive as it suggests confidence in the executive's role and the company's future.

Positives

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

Future Outlook

The document does not contain any specific forward-looking statements or guidance.

Industry Context

This type of stock grant is a common practice in publicly traded companies to incentivize and retain key executives. It aligns their interests with those of the shareholders by tying a portion of their compensation to the company's stock performance.

Comparison to Industry Standards

• Stock incentive plans are a standard component of executive compensation packages in the financial services industry.
• Companies like Goldman Sachs, JP Morgan Chase, and American Express also utilize stock-based compensation to align executive incentives with shareholder value.
• The vesting schedule of 12 months is relatively standard, as it encourages executives to remain with the company for at least that period.

Stakeholder Impact

• Shareholders may view the stock grant positively as it aligns management's interests with the company's performance.
• Employees may see this as a positive sign of the company investing in its leadership.
• The grant has no immediate impact on customers, suppliers, or creditors.

Key Dates