Given the difficult operating environment resulting from the COVID-19 pandemic, on April 3, Jeffrey A. Hilzinger, the Chief Executive Officer of Marlin Business Services Corp., voluntarily agreed to reduce his base salary by 25 percent, and all of the company’s other executive officers voluntarily agreed to reduce their base salaries by 15 percent, in each case effective from April 13 through May 31, the company states in a 8-K filing with the Securities and Exchange Commission.

In addition, each member of the Company’s Board of Directors voluntarily agreed to reduce their cash retainer by 25 percent during the same time period.

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 and is currently expected to continue through May 31. 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.