SEC Contract Filing

Filing Date: 2015-04-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh_101.htm
<DESCRIPTION>EXHIBIT 10.1
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<div style="TEXT-ALIGN: right">EXHIBIT 10.1</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">SEPARATION AGREEMENT</font></font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Separation Agreement (this &#8220;Agreement&#8221;) is made by and between Marlin Business Services Corp. (the &#8220;Company&#8221;) and Lynne C. Wilson (the &#8220;Employee&#8221;). The Company and the Employee are each referred to individually herein as a &#8220;Party&#8221; and, collectively, as the &#8220;Parties.&#8221;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, the Employee is employed as an at-will employee by the Company as its Chief Financial Officer and Senior Vice President;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, the Employee has agreed that she will voluntarily resign her employment, and that the Company intends to accept said resignation; and</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WHEREAS, the Company and the Employee have reached a full and final agreement between and among them relating to the Employee&#8217;s employment with the Company and separation of employment from the Company.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NOW THEREFORE, in exchange for their mutual promises herein set forth, each intending to be legally bound hereby, and in consideration of the following mutual promises and covenants, the Parties hereby agree as follows:</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160; </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Transition Period and Resignation Date</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160; </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Notwithstanding any other provision of this Agreement, unless otherwise agreed to in writing by the Parties, Employee shall resign her employment with Company (as well as from all director, officer or other positions she holds on behalf of the Company and its affiliates) effective May 31, 2015, on which date her employment with the Company shall terminate (the &#8220;Separation Date&#8221;). On or about the Separation Date, the Employee agrees to sign the documents attached hereto as Exhibit &#8220;A&#8221; to facilitate this resignation.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160; </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The time between the date Employee executes this Agreement and the Separation Date shall be known as the &#8220;Transition Period.&#8221;&#160;&#160;The Employee&#8217;s duties during the Transition Period shall be as directed by the Chief Executive Officer of the Company and shall be consistent with the reasonable duties previously performed in Employee&#8217;s capacity as Chief Financial Officer and Senior Vice President. For example, the Chief Executive Officer may require the employee to perform work necessary to complete projects relating to her duties as the Chief Financial Officer of the Company. Additionally, the Chief Executive Officer may require the Employee to assist in other reasonable transition matters.&#160;&#160;The Employee is expected to perform her duties efficiently and faithfully.&#160;&#160;The Company may, at its discretion, e