EXHIBIT 10.3 NEWTEK BUSINESS SERVICES, INC.
EMPLOYMENT AGREEMENT WITH
BRIAN A. WASSERMAN
PREAMBLE. This Agreement entered into this 6th day of March 2003, by and between Newtek Business
Services, Inc. (the "Company") and Brian A. Wasserman (the "Executive"), effective immediately.
WHEREAS, the Executive is to be employed by the Company as an executive officer; and
WHEREAS, the parties desire by this writing to set forth the employment relationship of the Company and the
NOW, THEREFORE, it is AGREED as follows:
1. Defined Terms
When used anywhere in the Agreement, the following terms shall have the meaning set forth herein.
(a) "Board" shall mean the Board of Directors of the Company.
(b) "Change in Control" shall mean any one of the following events: (i) the acquisition of ownership, holding or
power to vote 50% or more of the Company's voting stock, (ii) the acquisition of the ability to control the
election of a majority of the Company's directors, (iii) the acquisition of a controlling influence over the
management or policies of the Company by any person or by persons acting as a "group" (within the meaning of
Section 13(d) of the Securities Exchange Act of 1934), or (iv) during any period of two consecutive years,
individuals (the "Continuing Directors") who at the beginning of such period constitute the Board of Directors of
the Company (the "Existing Board") cease for any reason to constitute at least one half thereof, provided that any
individual whose election or nomination for election as a member of the Existing Board was approved by a vote
of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director. For
purposes of this paragraph only, the term "person" refers to an individual or a corporation, partnership, trust,
association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of
entity not specifically listed herein.
(c) "Code" shall mean the Internal Revenue C