Green Dot Corporation (NYSE:GDOT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 5, 2019, the Compensation Committee (the “Committee”) of the Board of Directors of Green Dot Corporation (the “Company”) approved our 2019 Executive Officer Incentive Bonus Plan (the “Plan”), which is designed to reward designated executive officers with a cash bonus if the Company achieves specified annual revenue targets for 2019 while also achieving a threshold level of adjusted EBITDA for 2019. The 2018 named executive officer participants in the Plan, and their 2019 on-target bonus amounts under the Plan expressed as a percentage of their respective annual base salaries, are: Steven W. Streit, President and Chief Executive Officer – 125%; Mark L. Shifke, Chief Financial Officer – 50%; Kuan Archer, President, Chief Product and Technology Officer – 50%; Brett Narlinger, Chief Revenue Officer – 50%; and Konrad Alt, Chief Banking Officer and Vice Chair, Green Dot Bank – 75%.
Under the Plan, participants are eligible to receive one annual cash bonus, each in an amount based on the participant’s full 2019 on-target bonus, for achievement of an annual goal for adjusted EBITDA (“Adjusted EBITDA Threshold”) and annual goals for total operating revenues. The actual bonus payment is the on-target bonus amount multiplied by a percentage (which may be more or less than 50% but shall not exceed 150%) that varies depending upon achievement of the annual revenue goals. No bonus shall be payable to the participant if the Company fails to achieve the Adjusted EBITDA Threshold and a pre-established minimum level for annual total operating revenues.
The foregoing descriptions of the Plan is qualified in its entirety by reference to the Plan which is being filed as Exhibit 10.01 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Number |
Description |
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10.01 |
2019 Executive Officer Incentive Bonus Plan
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GREEN DOT CORP Exhibit
EX-10.01 2 exb1001gdot2019executivebo.htm EXHIBIT 10.01 Exhibit Exhibit 10.012019 Executive Officer Incentive Bonus PlanDate:April 5,…
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About Green Dot Corporation (NYSE:GDOT)
Green Dot Corporation, along with its subsidiaries, is a pro-consumer financial technology innovator. The Company is a provider of reloadable prepaid debit cards and cash reload processing services in the United States. The Company operates through two segments: Account Services, and Processing and Settlement Services. Its account services segment includes branded deposit account programs, including Green Dot-branded and affinity-branded general purpose reloadable (GPR) card accounts; checking accounts, and open-loop gift cards. Its processing and settlement services include reload services and tax refund processing services. It also has operations in the mobile technology and mobile banking with GoBank mobile checking account. Through its subsidiary, SBBT Holdings, LLC (TPG), it also operates as a processor of tax refund disbursements in the United States. It offers checking account products, such as GoBank, that allow customers to acquire and manage checking accounts.
