MARLIN BUSINESS SERVICES CORP. (NASDAQ:MRLN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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MARLIN BUSINESS SERVICES CORP. (NASDAQ:MRLN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Given the difficult operating environment resulting from the COVID-19 pandemic, on April 3, 2020, Jeffrey A. Hilzinger, the Chief Executive Officer of Marlin Business Services Corp. (the “Company”), voluntarily agreed to reduce his base salary by 25%, and all of the Company’s other executive officers voluntarily agreed to reduce their base salaries by 15%, in each case effective from April 13, 2020 through May 31, 2020. In addition, each member of the Company’s Board of Directors voluntarily agreed to reduce their cash retainer by 25% during the same time period.

Item 7.01. Regulation FD Disclosure

Following the decline in many of the Company’s business activities as a result of the COVID-19 pandemic, on April 7, 2020, the Company informed its workforce that approximately 120 employees will be furloughed as part of a plan to adjust the Company’s expense base and ensure operating efficiency during the COVID-19 crisis. The furlough period will begin on April 13, 2020 and is currently expected to continue through May 31, 2020. During the furlough period, impacted employees will continue to be covered under the Company’s healthcare plans and the Company will cover each impacted employee’s portion of their healthcare premium.

Information contained in this Item 7.01 shall not be deemed filed for the purposes of the Securities Exchange Act of 1934, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.

Forward Looking Statements

Certain statements in this Current Report on Form 8-K are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, forward looking-statements are not based on historical facts but instead represent only the Company’s current beliefs regarding future events. All forward-looking statements are, by their nature, subject to risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in such forward-looking statements. Stockholders are cautioned not to place undue reliance on these forward-looking statements. Such statements may be identified by words such as “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “may increase,” “may fluctuate” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” and include all statements regarding the financial projections for the Company included in this Current Report on Form 8-K. Stockholders should understand that forward-looking statements are not guarantees of performance or results and are preliminary in nature. Economic, business, funding, market, competitive, legal and/or regulatory factors, among others, affecting the Company’s business are examples of factors that could cause actual results to differ materially from those described in the forward-looking statements. More detailed information about these factors is contained under the headings “Forward-Looking Statements” and “Risk Factors” in the Company’s periodic reports filed with the SEC, including the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2019, in connection with any forward-looking statements that may be made by the Company or the Company’s businesses generally. Such periodic reports are available in the “Investors” section of the Company’s website at http://www.marlincapitalsolutions.com and are also available at http://www.sec.gov. We caution stockholders not to place undue reliance on any such forward-looking statements, which speak only as of the date on which such statements were made. Except for the Company’s ongoing obligations to disclose material information under the federal securities laws, applicable stock exchange listing standards and unless otherwise required by law, the Company undertakes no obligation to release publicly any updates or revisions to any forward-looking statements or to report the occurrence or non-occurrence of anticipated or unanticipated events.


About MARLIN BUSINESS SERVICES CORP. (NASDAQ:MRLN)

Marlin Business Services Corp. is a provider of equipment financing solutions primarily to small and mid-sized businesses. The Company finances over 100 categories of common-use commercial equipment, including copiers, computers and software, security systems, telecommunications equipment, and certain commercial and industrial equipment. The Company accesses its end user customers primarily through origination sources, including its existing network of over 12,300 independent commercial equipment dealers and various national account programs; through direct solicitation of its end user customers, and through relationships with select lease brokers. The Company provides equipment dealers with the ability to offer its lease financing and related services to their customers as an integrated part of their selling process. The Company’s product offerings include equipment leases, property insurance on leased equipment, and funding stream.