As required by the rules of the New York Stock Exchange, Green Dot Corporation (NYSE:GDOT) today announced that it had granted employment inducement awards of stock options and restricted stock units to Grace Wang, Green Dot’s recently appointed Chief Financial Officer, as part of her previously disclosed compensation package. On October 8, 2013, the Company announced the hiring of Ms. Wang to serve as its new Chief Financial Officer, effective November 18, 2013.
Ms. Wang was granted the option to purchase 100,000 shares of Green Dot’s Class A common stock with an exercise price equal to the fair market value of the common stock on the date of grant and restricted stock units providing for the issuance of up to 100,000 shares of Class A common stock. The stock options vest as to 25% of the shares underlying the stock options on the first anniversary of the date of grant, with the remainder of the shares vesting monthly in equal installments over the next three years. The shares underlying the restricted stock units vest in four equal annual installments on the anniversary of the grant date.
These awards were granted outside of Green Dot’s 2010 Equity Incentive Plan, but except as set forth in the award agreements, will generally be subject to the same terms and conditions as apply to the applicable awards granted under the plan. The Compensation Committee of Green Dot’s Board of Directors approved these employment inducement awards in reliance on the employment inducement exception to shareholder approval provided under Section 303A.08 of the NYSE Listed Company Manual. To comply with the terms of this exemption, these employment inducement awards require an immediate public announcement of the awards and written notice to the NYSE.
About Green Dot CorporationGreen Dot Corporation is a technology-centric, pro-consumer Bank Holding Company with a mission to reinvent personal banking for the masses. The company is the largest provider of prepaid debit card products and prepaid card reloading services in the United States, as well as a leader in mobile banking with its GoBank mobile bank account offering. Green Dot Corporation products are available to consumers at more than 80,000 retailers nationwide, online and via the leading app stores. The company is headquartered in Pasadena, California with its bank subsidiary, Green Dot Bank, located in Provo, Utah.