NetSpend 2010 Annual Report Download - page 111

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Table of Contents
NetSpend Holdings, Inc.
Notes to Consolidated Financial Statements (Continued)
December 31, 2008, 2009 and 2010
NOTE 19: SELECTED QUARTERLY RESULTS OF OPERATIONS (unaudited) (Continued)
cardholders' reserve as of December 31, 2010, and have been reflected in the fourth quarter direct operating costs above.
NOTE 20: SUBSEQUENT EVENTS
In January 2011 the Company and The Bancorp Bank Payment Solutions Group, a division of The Bancorp Bank ("Bancorp"), a wholly
owned subsidiary of The Bancorp, Inc. announced the signing of a multi-year agreement pursuant to which The Bancorp will serve as a new
issuing bank for both new and existing card programs for which the Company serves as program manager and processor. The Company
expects to begin issuing general-purpose reloadable prepaid debit cards in collaboration with The Bancorp Bank in April 2011.
In February 2011, the Company granted 1.4 million options to employees and issued 15,203 shares of restricted stock to members of the
board of directors under the 2004 Plan. The options vest in four equal annual installments on each of the four anniversaries of the grant date.
The restricted stock vests one year from the anniversary of the grant date.
In February 2011, the Company appointed Stephen A. Vogel to serve on the board of directors. Mr. Vogel's responsibilities on the board
will include participation on the Audit committee and chair of the Nominating & Governance committee. Mr. Vogel was appointed to fill a
newly created Class I Director vacancy, bringing the total number of directors on the board to eight.
104