Sec Form 4 Filing - SHIVERS GARY R @ MARLIN BUSINESS SERVICES CORP - 2006-05-02

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

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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1. Name and Address of Reporting Person SHIVERS GARY R 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) President (Last) (First) (Middle) C/O MARLIN BUSINESS SERVICES CORP., 300 FELLOWSHIP ROAD 3. Date of Earliest Transaction (MM/DD/YY) 05/02/2006 (Street) MOUNT LAUREL, NJ08054 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 05/02/2006 J( 1 ) 22,862 D 161,514 ( 3 ) 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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Option to Purchase Common Stock $ 17.52 01/11/2009( 4 ) 01/10/2012 Common Stock 14,881 14,881 D Option to Purchase Common Stock $ 1.91 10/01/2001( 4 ) 07/02/2008 Common Stock 31,500 31,500 D Option to Purchase Common Stock $ 4.23 04/03/2004( 4 ) 04/03/2010 Common Stock 28,000 28,000 D Option to Purchase Common Stock $ 10.18 10/04/2005( 4 ) 10/04/2011 Common Stock 51,240 51,240 D Option to Purchase Common Stock $ 3.39 01/17/2006( 4 ) 01/17/2012 Common Stock 14,000 14,000 D Option to Purchase Common Stock $ 3.39 01/13/2007( 4 ) 01/13/2013 Common Stock 7,000 7,000 D Option to Purchase Common Stock $ 10.18 01/13/2007( 4 ) 01/13/2013 Common Stock 6,650 6,650 D Option to Purchase Common Stock $ 18.8 01/29/2012( 5 ) 01/28/2014 Common Stock 15,000 15,000 D Option to Purchase Common Stock $ 21.6 03/28/2010( 4 ) 03/28/2013 Common Stock 6,124 6,124 D Option to Purchase Common Stock $ 21.6 03/28/2010( 6 ) 03/28/2013 Common Stock 9,186 ( 7 ) 9,186 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other SHIVERS GARY R C/O MARLIN BUSINESS SERVICES CORP. 300 FELLOWSHIP ROAD MOUNT LAUREL, NJ08054 X President Signatures /s/ George D. PeloseAttorney in Fact 05/03/2006 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Exchange of shares of Common Stock for units of limited partnership interests in an exchange fund. ( 2 )The shares of Common Stock were exchanged into the exchange fund using a per share value of $21.87. ( 3 )Includes a total of 26,630 shares of restricted stock where, as of the date of this filing, the restrictions have not yet lapsed. ( 4 )Date listed is the date of full vesting. Each grants vests 25% per year beginning on the first anniversary of the date of grant. ( 5 )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. ( 6 )Represents the date the options will cliff vest if certain four year average EPS growth targets are achieved. ( 7 )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; 3,062; 6,124; or 9,186.

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).

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