Medallion Financial (MFIN) Insider Option Exercises Increase Direct Holdings

Rhea-AI Filing Summary

Medallion Financial Corp (MFIN) Form 4: David Justin Haley, listed as an officer and identified as Chief Financial Officer of Medallion Bank, reported insider option exercises and resulting share holdings. On 09/10/2025 Mr. Haley acquired 5,203 common shares at $6.55 and 13,274 common shares at $6.68 under option transactions. After these transactions he beneficially owned 99,116 shares following the first reported acquisition and 112,390 shares following the second for direct holdings. The filing also reports derivative holdings tied to options: 5,203 shares from options with a $6.55 exercise price (exercisable 03/21/2019, expiring 03/21/2029) and 13,274 shares from options with a $6.68 exercise price (exercisable 02/17/2020, expiring 02/17/2030). The form is signed 09/11/2025 and shows all referenced options have fully vested per the explanations provided.

Positive

• Insider transactions fully disclosed with dates, prices, and vesting explanations
• Options reported as fully vested, indicating routine compensation realization rather than accelerated vesting

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider exercised vested options and increased direct shareholdings in MFIN, signal of routine compensation-related transactions.

The Form 4 shows standard option exercise activity by an executive rather than a material corporate event. Mr. Haley exercised vested options tied to grants from 2019 and 2020 at exercise prices of $6.55 and $6.68, converting option positions into direct shares and increasing reported direct beneficial ownership to 112,390 shares. The exercises reference fully vested schedules; there is no disclosure of additional cashless or sale transactions. Impact on outstanding share count or control is not provided in the filing, so materiality to valuation cannot be assessed from this form alone.

Corporate Governance Expert

TL;DR: Filing documents routine insider exercises with clear vesting history and proper Section 16 disclosure.

The filing includes vesting explanations indicating the options vested over multiple anniversaries and are now fully vested, satisfying disclosure norms. Signature and transaction dates are present and the reporting person is identified with title. There is no indication of atypical trading arrangements or Rule 10b5-1 plan elections in the form. From a governance and compliance perspective, the Form 4 appears complete for the transactions listed.

Insider Trade Summary

18,477 shares exercised/converted

Mixed 4 txns

Insider Haley David Justin

Role See Remarks

Type	Security	Shares	Price	Value
Exercise	Common Stock (right to buy)	5,203	$6.55	$34K
Exercise	Common Stock (right to buy)	13,274	$6.68	$89K
Exercise	Common Stock	5,203	$6.55	$34K
Exercise	Common Stock	13,274	$6.68	$89K

Holdings After Transaction: Common Stock (right to buy) — 27,564 shares (Direct); Common Stock — 99,116 shares (Direct)

Footnotes (1)

1. One-fourth of the options vested on February 14, 2020, February 14, 2021, February 14, 2022 and February 14, 2023. All of these options have fully vested. One-fourth of the options vested on February 17, 2021, February 17, 2022, February 17, 2023 and February 17 2024. All of these options have fully vested.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

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
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Haley David Justin

(Last) (First) (Middle)

C/O MEDALLION FINANCIAL CORP.

437 MADISON AVENUE

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MEDALLION FINANCIAL CORP [ MFIN ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2025

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	09/10/2025		M		5,203	A	$6.55	99,116	D
Common Stock	09/10/2025		M		13,274	A	$6.68	112,390	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 Securities Underlying Derivative Security (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: 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
Common Stock (right to buy)	$6.55	09/10/2025		M			5,203	03/21/2019(1)	03/21/2029	Common Stock	5,203	$6.55	27,564	D
Common Stock (right to buy)	$6.68	09/10/2025		M			13,274	02/17/2020(2)	02/17/2030	Common Stock	13,274	$6.68	14,290	D

Explanation of Responses:

1. One-fourth of the options vested on February 14, 2020, February 14, 2021, February 14, 2022 and February 14, 2023. All of these options have fully vested.

2. One-fourth of the options vested on February 17, 2021, February 17, 2022, February 17, 2023 and February 17 2024. All of these options have fully vested.

Remarks:

Chief Financial Officer of Medallion Bank

	/s/ David Justin Haley	09/11/2025
	** 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.

FAQ

What did MFIN insider David Justin Haley report on the Form 4?

The Form 4 reports that David Justin Haley acquired 5,203 shares at $6.55 and 13,274 shares at $6.68 on 09/10/2025 via option-related transactions.

How many MFIN shares does David Justin Haley beneficially own after the reported transactions?

The filing shows 99,116 shares after the first reported acquisition and 112,390 shares after the second, reflecting his reported direct beneficial ownership.

Were the options exercised by the MFIN insider vested?

Yes. The filing explains the option grants vested in annual installments beginning in 2019/2020 and states that all of these options have fully vested.

What are the exercise prices and expiration dates for the derivative securities reported?

Options exercised include a $6.55 exercise price (exercisable 03/21/2019, expiring 03/21/2029) and a $6.68 exercise price (exercisable 02/17/2020, expiring 02/17/2030).

What is the reporting person's role at Medallion Financial (MFIN)?

The filing identifies the reporting person as an officer and includes the remark: Chief Financial Officer of Medallion Bank.