MARLIN BUSINESS SERVICES CORP FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits

Edgar Glimpses |

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) On , the Registrant announced Edward J. Siciliano's departure from his position as Executive Vice President and Chief Operating Officer of Marlin Business Services Corp. (the "Company").

(e) In connection with Mr. Siciliano's departure, the Company and Mr. Siciliano have entered into a separation agreement and release, dated (the "Separation Agreement"). Under the Separation Agreement, Mr. Siciliano's employment with the Company will terminate on (the "Separation Date"). The Separation Agreement clarifies that Mr. Siciliano's departure on the Separation Date will be treated as a termination "without cause" or resignation "for good reason" for purposes of determining the severance benefits payable to Mr. Siciliano pursuant to Mr. Siciliano's participation in the Company's Severance Pay Plan for Senior Management (the "Plan"). All other material terms, including the amount of severance benefits payable under the Plan, remain unchanged. A copy of the Separation Agreement is attached hereto as Exhibit 10.1 and is incorporated into this Item 5.02 by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

10.1 Separation Agreement and Release dated as of between Marlin Business Services Corp. and Edward J. Siciliano.


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