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
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