Form 4 DYER DANIEL P For: Oct 28 (10K)

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

DYER DANIEL P

(Last)

(First)

(Middle)

C/O MARLIN BUSINESS SERVICES CORP., 300 FELLOWSHIP ROAD

(Street)

MOUNT LAUREL

08054

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
MARLIN BUSINESS SERVICES CORP [MRLN]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/28/2009

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/28/2009		A		86,400 ⁽¹⁾	A	⁽²⁾	411,766 ⁽³⁾ ⁽⁴⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Option to Purchase Common Stock

$ 17.52

01/11/2009⁽⁵⁾

01/10/2012

Common Stock

21,429

Option to Purchase Common Stock

$ 4.23

04/03/2004⁽⁵⁾

04/03/2010

Common Stock

28,000

Option to Purchase Common Stock

$ 10.18

10/04/2005⁽⁵⁾

10/04/2011

Common Stock

51,240

Option to Purchase Common Stock

$ 3.39

01/17/2006⁽⁵⁾

01/17/2012

Common Stock

14,000

Option to Purchase Common Stock

$ 3.39

01/13/2007⁽⁵⁾

01/13/2013

Common Stock

7,000

Option to Purchase Common Stock

$ 10.18

01/13/2007⁽⁵⁾

01/13/2013

Common Stock

6,650

Option to Purchase Common Stock

$ 18.8

01/29/2012⁽⁶⁾

01/28/2014

Common Stock

20,000

Option to Purchase Common Stock

$ 21.6

03/28/2010⁽⁵⁾

03/28/2013

Common Stock

8,016

Option to Purchase Common Stock

$ 21.6

03/28/2010⁽⁷⁾

03/28/2013

Common Stock

12,026 ⁽⁸⁾

12,026

Option to Purchase Common Stock

$ 20.77

03/16/2011⁽⁵⁾

03/16/2014

Common Stock

9,314

Option to Purchase Common Stock

$ 20.77

03/16/2011⁽⁷⁾

03/16/2014

Common Stock

12,919 ⁽⁹⁾

12,919

Option to Purchase Common Stock

$ 9.52

03/01/2012⁽⁵⁾

03/01/2015

Common Stock

22,642

Option to Purchase Common Stock

$ 9.52

03/01/2012⁽⁷⁾

03/01/2015

Common Stock

31,034 ⁽¹⁰⁾

31,034

Explanation of Responses:

1. Represents grants of restricted stock as part of long term incentive plan. This grant consists of 86,400 restricted performance shares where the restrictions will lapse after seven years but vesting may accelerate over the three year period following the grant date if certain performance conditions are met.

2. N/A

3. Includes a total of 255,303 shares of restricted stock where, as of the date of this filing, the restrictions have not yet lapsed.

4. Includes 900 shares acquired under the Marlin Business Services Corp. 2003 Employee Stock Purchase Plan on June 30, 2009.

5. Date listed is the date of full vesting. Each grants vests 25% per year beginning on the first anniversary of the date of grant.

6. Date listed is date of scheduled full vesting. This grant vests over an eight year period at the following annual increments: 2.5% in first year; 5.0% in second year; 7.5% in third year; 10.0% in fourth year; 15.0% in fifth year; and 20.0% in each of the sixth, seventh and eighth years. Vesting can be accelerated upon the reporting person's achievement of certain performance goals set forth in the grant instrument.

7. Represents the date the options will cliff vest if certain four year average EPS growth targets are achieved.

8. Represents the maximum number of options that may vest under this performance option grant. Vesting will be determined by EPS growth rates averaged over a four year performance period. Depending on the average EPS growth rate achieved for the four year period, the number of shares that vest at the end of the four year period could be 0; 4,008; 8,017; or 12,026.

9. Represents the maximum number of options that may vest under this performance option grant. Vesting will be determined by EPS growth rates averaged over a four year performance period. Depending on the average EPS growth rate achieved for the four year period, the number of shares that vest at the end of the four year period could be 0; 4,306; 8,612; or 12,919.

10. Represents the maximum number of options that may vest under this performance option grant. Vesting will be determined by EPS growth rates averaged over a four year performance period. Depending on the average EPS growth rate achieved for the four year period, the number of shares that vest at the end of the four year period could be 0; 10,345; 20,689; or 31,034.

	/s/ George D. Pelose Attorney in Fact	10/30/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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