Green Dot 2010 Annual Report Download

Download and view the complete annual report

Please find the complete 2010 Green Dot annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 107

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107

Table of contents

  • Page 1

  • Page 2

  • Page 3

  • Page 4

  • Page 5

  • Page 6
    ... stock began trading on the New York Stock Exchange on July 22, 2010. At December 31, 2010, the aggregate market value of the registrant's Class A common stock held by non-affiliates of the registrant (based upon the closing sale price of such shares on the New York Stock Exchange on December 31...

  • Page 7
    (This page intentionally left blank)

  • Page 8
    ... Data ...Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations ...Item 7A. Quantitative and Qualitative Disclosures About Market Risk ...Item 8. Financial Statements and Supplementary Data ...Item 9. Changes in and Disagreements with Accountants on Accounting...

  • Page 9
    ...the term "GPR cards" refers to general purpose reloadable prepaid debit cards, the term "prepaid cards" refers to prepaid debit cards and the term "our cards" refers to our Green Dot-branded and co-branded GPR cards. In addition, "prepaid financial services" refers to GPR cards and associated reload...

  • Page 10
    ...States. We sell our cards and offer our reload services nationwide at approximately 55,000 retail store locations, which provide consumers convenient access to our products and services. Our technology platform, Green PlaNET, provides essential functionality, including point-of-sale connectivity and...

  • Page 11
    ...previously-banked consumers use our products as a convenient and affordable substitute for a traditional checking account by depositing payroll checks (via direct or instore deposit) on a Green Dot GPR card and using our products to pay bills, shop online, monitor spending and withdraw cash from ATM...

  • Page 12
    ...service and loss management. Walmart displays and sells the cards and GE Money Bank serves as the issuer of the cards and holds the associated FDIC-insured deposits. All Walmart MoneyCard products are reloadable exclusively on the Green Dot Network. In May 2010, the term of the agreement among Green...

  • Page 13
    ...Green Dot Network to facilitate cash reloads for its own member programs. Furthermore, in February 2009, we entered into a five-year agreement with PayPal that enables PayPal customers to use a MoneyPak to fund a new or existing PayPal account. As a result of this agreement, consumers without a bank...

  • Page 14
    ... to be reloaded onto the MoneyPak, plus a service fee, and then go online or call a toll-free number to submit the MoneyPak number and add the funds to a GPR card or other account, such as a PayPal account. Alternatively, at many retail locations, consumers can add funds directly to their Green Dot5

  • Page 15
    ...and provide customer services across a variety of points of contact and technologies. Green PlaNET enables Green Dot cardholders to activate and use their card accounts for a variety of transactions, such as cash loads and online bill payments. Green PlaNET also provides a single and secure point of...

  • Page 16
    ... also integrated Green PlaNET with our website, www.greentdot.com, to provide a full range of interactive services, including online card sales, full activation and personalization services, electronic funds transfers, and access to account histories and management services. Sales and Marketing The...

  • Page 17
    ... United States. All card activations, reloads, support and lost/stolen inquiries are handled online and through various toll-free numbers at these locations. We also operate our own call center at our headquarters for handling customer and corporate escalations. Customer service is provided in both...

  • Page 18
    ...acquiring and card issuing banks. Western Union, MoneyGram, Blackhawk and Netspend each have a national network of retail and/or agent locations. In addition, we compete for consumers and billers with financial institutions that provide their retail customers with billing, payment and funds transfer...

  • Page 19
    ... trademarks, including Green Dot, MoneyPak and the Green Dot logo. These assets are essential to our business. Through agreements with our network acceptance members, retail distributors and customers, we authorize and monitor the use of our trademarks in connection with their activities with us...

  • Page 20
    ... for access to prepaid financial services. As currently drafted, the proposed rules would significantly change the way customer data, including identification information, is collected for certain prepaid products (including our cards) by shifting the point of collection from us to our retail...

  • Page 21
    ... under "- Anti-Money Laundering Laws" above and to comply with the privacy regulations promulgated under the GLB Act as discussed under "- Privacy and Information Safeguard Laws" above. In addition, in February 2010, we entered into a definitive agreement to acquire a bank holding company and its...

  • Page 22
    ... minimum levels of capital, which limits the funds available for payment of dividends. Other restrictions include the Federal Reserve Board's general policy that bank holding companies should pay cash dividends on common stock only out of net income available to stockholders for the preceding year...

  • Page 23
    ... into new lines of business or conducting activities that have the effect of limiting asset growth or preventing acquisitions. A bank that is undercapitalized would also be prohibited from making capital distributions, including dividends, and from paying management fees to its bank holding company...

  • Page 24
    ...fund transfer services to consumers prior to their use of the service, provide 21 days' advance notice of material changes, establish specific error resolution procedures and timetables, and limit customer liability for transactions that are not authorized by the consumer. Card Associations In order...

  • Page 25
    ... revenues per customer. Since the value we provide to our network participants relates in large part to the number of long-term users of, businesses that accept reloads or payments through, and applications enabled by, the Green Dot Network, our operating revenues could suffer if we were unable to...

  • Page 26
    ... of our products in their stores, and they could give higher priority to the products and services of other companies. Accordingly, losing the support of our retail distributors might limit or reduce the sales of our cards and MoneyPak reload product. Our operating revenues may also be negatively...

  • Page 27
    ...our quarterly or annual results of operations might result from a number of factors, including, but not limited to: • the timing and volume of purchases, use and reloads of our prepaid cards and related products and services; • the timing and success of new product or service introductions by us...

  • Page 28
    ... of operations. We operate in a highly regulated environment, and failure by us, the banks that issue our cards or the businesses that participate in our reload network to comply with the laws and regulations to which we are subject could negatively impact our business. We are subject to state money...

  • Page 29
    ... for access to prepaid financial services. As currently drafted, the proposed rules would significantly change the way customer data, including identification information, is collected for certain prepaid products (including our cards) by shifting the point of collection from us to our retail...

  • Page 30
    ... and services, could expose us and the banks that issue our cards to increased regulatory oversight, more burdensome regulation of our business, and increased litigation risk, each of which could increase our costs and decrease our operating revenues. Additionally, changes to the limitations placed...

  • Page 31
    ... adverse effect on our business, results of operations and financial condition. Our agreements with the banks that issue our cards provide for revenue-sharing arrangements and cost and expense allocations between the parties. Changes in the revenue-sharing arrangements or the costs and expenses that...

  • Page 32
    ... issue our cards and our retail distributors, network acceptance members and thirdparty processors receive, transmit and store confidential customer and other information in connection with the sale and use of our prepaid financial services. Our encryption software and the other technologies we use...

  • Page 33
    ... aggregate overdrawn account balances in the year ended December 31, 2010. Maintenance fee assessment overdrafts occur as a result of our charging a cardholder, pursuant to the card's terms and conditions, the monthly maintenance fee at a time when he or she does not have sufficient funds in his or...

  • Page 34
    ... sell our products and services to consumers at their store locations. Our retail distributors collect funds from the consumers who purchase our products and services and then must remit these funds directly to accounts established for the benefit of these consumers at the banks that issue our cards...

  • Page 35
    ...of money, processing of large numbers of transactions and management of the data necessary to do both. Our success depends upon the efficient and error-free handling of the money that is collected by our retail distributors and remitted to network acceptance members or the banks that issue our cards...

  • Page 36
    ...and services and offer new products and services, is dependent on our information technology systems. If we are unable to manage the technology associated with our business effectively, we could experience increased costs, reductions in system availability and losses of our network participants. Any...

  • Page 37
    ... to manage and grow our business could be harmed. We might require additional capital to support our business in the future, and this capital might not be available on acceptable terms, or at all. If our unrestricted cash and cash equivalents balances and any cash generated from operations are...

  • Page 38
    ... operations or those of our competitors; • new laws or regulations or new interpretations of existing laws or regulations applicable to our business; • changes in accounting standards, policies, guidelines, interpretations or principles; • general economic conditions; and • sales of shares...

  • Page 39
    ... equity-related securities in the future at a time and price that we deem appropriate. Our Class A common stock began trading on the NYSE on July 22, 2010; however, to date there have been a limited number of shares trading in the public market. As of December 31, 2010, we had 14,761,743 outstanding...

  • Page 40
    ...by our board of directors and to issue additional shares of our Class A and Class B common stock; • limit the voting power of a holder, or group of affiliated holders, of more than 24.9% of our common stock to 14.9%, if we become a bank holding company; • provide that only our board of directors...

  • Page 41
    ... Issuer Purchases of Equity Securities Market Information Our Class A common stock has been listed on the NYSE under the symbol "GDOT" since July 22, 2010. Prior to that date, there was no public trading market for our Class A common stock. Our initial public offering was priced at $36.00 per share...

  • Page 42
    ... had a grant date fair value of $40,000. From January 1, 2010 to March 31, 2010, certain of our employees and executive officers exercised options to purchase 80,033 shares of our Class B common stock pursuant to options issued under our 2001 Stock Plan for an aggregate purchase price of $291,854...

  • Page 43
    ... financial data for our business. You should read this information together with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements, related notes and other financial information, each included in Item 8 of this report...

  • Page 44
    ...Data: Operating revenues: Card revenues ...Cash transfer revenues . . Interchange revenues ...Stock-based retailer incentive compensation(2) ...Total operating revenues . Operating expenses: Sales and marketing expenses ...Compensation and benefits expenses(3) . Processing expenses . . Other general...

  • Page 45
    ...distributors collect customer funds for purchases of new cards and reloads and then remit these funds directly to bank accounts established for the benefit of these customers by the banks that issue our cards. Our retail distributors' remittance of these funds takes an average of three business days...

  • Page 46
    ... general purpose reloadable prepaid debit cards in the United States and that our Green Dot Network is the leading reload network for prepaid cards in the United States. We sell our cards and offer our reload services nationwide at approximately 55,000 retail store locations, which provide consumers...

  • Page 47
    ... to our initial public offering and our proposed bank acquisition, and overall growth in our infrastructure. May 2010 Changes to Our Relationship with Walmart In May 2010, we entered into an amended prepaid card program agreement with Walmart and GE Money Bank and issued 2,208,552 shares of our...

  • Page 48
    ... has no ATM fees, or conduct ATM transactions on our feefree ATM network. Cash Transfer Revenues - We earn cash transfer revenues when consumers purchase and use a MoneyPak or fund their cards through a POS swipe reload transaction in a retail store. Our aggregate cash transfer revenues vary based...

  • Page 49
    ...of our customers' accounts and processes transaction authorizations and postings for us, and Visa and MasterCard, which process transactions for us through their respective payment networks. These costs generally vary based on the total number of active cards in our portfolio and gross dollar volume...

  • Page 50
    ... of the services purchased by the cardholders, and other factors. For all of our significant revenue-generating arrangements, including GPR and gift cards, we recognize revenues on a gross basis. Generally, customers have limited rights to a refund of the new card fee or a cash transfer fee. We have...

  • Page 51
    ... the cardholder account is closed, depending on the card issuing bank. We generally recover overdrawn account balances from those GPR cardholders that perform a reload transaction. In addition, we recover some purchase transaction overdrafts through enforcement of payment network rules, which allow...

  • Page 52
    ... fair value using the Black-Scholes option-pricing model or the fair value of our Class A or Class B common stock, as applicable, and recognize related expense in the same periods that the goods or services are received. Comparison of Twelve Months Ended December 31, 2010 and 2009 Operating Revenues...

  • Page 53
    ... receive their tax refunds via direct deposit on our cards. Stock-based retailer incentive compensation - Our right to repurchase lapsed as to 294,480 shares issued to Walmart during the year ended December 31, 2010. We recognized the fair value of the shares using the then-current fair market value...

  • Page 54
    ... bank acquisition and other corporate development initiatives. The increase in other general and administrative expenses was also the result of a $3.2 million increase in telephone and communications expenses resulting from increased use of our call center and our IVR, as the number of active cards...

  • Page 55
    ...the number of GPR cards activated and 92% in the number of active cards in our portfolio, largely offset by the February 2009 reduction in new card and monthly maintenance fees for the Walmart MoneyCard and the July 2009 reduction in the new card fee for Green Dot-branded cards. These fee reductions...

  • Page 56
    ... stock to our Chief Executive Officer to compensate him for past services rendered to our company. The number of shares awarded was equal to the number of shares subject to fully vested options that unintentionally expired unexercised in June 2009. The aggregate grant date fair value of this award...

  • Page 57
    ...the number of active cards in our portfolio, partially offset by the February 2009 reduction in new card and monthly maintenance fees for the Walmart MoneyCard. This reduction in fees also contributed to the decline in card revenues as a percentage of total operating revenues. Cash Transfer Revenues...

  • Page 58
    ... pricing and commission rates at Walmart. The increase in sales and marketing expenses was also the result of a $2.7 million increase in our manufacturing and distribution costs due to the re-launch of our Green Dot-branded products and increased numbers of GPR cards and MoneyPaks sold. These sales...

  • Page 59
    ...and voting interest of Bonneville Bancorp for an aggregate purchase price of approximately $15.7 million in cash. We plan to pay for the acquisition with existing cash balances. Our proposed bank acquisition is subject to regulatory approval and other customary closing conditions. The parties intend...

  • Page 60
    ... payments to banks that issue our cards amounts due to them for overdrawn card accounts. During fiscal 2009, we amended our agreement with one of the banks that issue our cards, expediting the settlement timing of these amounts. Our $35.0 million of net cash provided by operating activities...

  • Page 61
    ...with the financial institutions that hold our cash, cash equivalents and restricted cash, our settlement assets due from our retail distributors that collect funds and fees from our customers, and amounts due from our issuing banks for fees collected on our behalf. We manage the credit and liquidity...

  • Page 62
    ... 8. Financial Statements and Supplementary Data Index to Consolidated Financial Statements Page Report of Independent Registered Public Accounting Firm ...Consolidated Balance Sheets ...Consolidated Statements of Operations ...Consolidated Statements of Changes in Redeemable Convertible Preferred...

  • Page 63
    ... Registered Public Accounting Firm The Board of Directors and Stockholders Green Dot Corporation We have audited the accompanying consolidated balance sheets of Green Dot Corporation (the Company) as of December 31, 2010 and 2009, and the related consolidated statements of operations, changes in...

  • Page 64
    GREEN DOT CORPORATION CONSOLIDATED BALANCE SHEETS December 31, December 31, 2010 2009 (In thousands, except par value) ASSETS Current assets: Unrestricted cash and cash equivalents . Settlement assets ...Accounts receivable, net ...Prepaid expenses and other assets ...Income tax receivable ...Net ...

  • Page 65
    ... DOT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended July 31, Year Ended Five Months Ended December 31, 2010 December 31, 2009 2009 2008 (In thousands, except per share data) Operating revenues: Card revenues ...Cash transfer revenues ...Interchange revenues ...Stock-based retailer...

  • Page 66
    GREEN DOT CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK... Accretion fo redeemable convertible preferred stock . . Issuance of new shares and repurchase of existing shares, net ...Exercise of call option on warrants ...Net income ... . 2,926 $ 22,336 23,837 $ ...

  • Page 67
    ...Shares Amount Shares Amount Shares Amount Shares Amount Capital (Deficit) Deficit) Receivable (In thousands) Stock-based retailer...of Class B common stock upon followon offering ...Conversion of Class B common stock by stockholders ...Net income ...Balance at December 31, 2010 ... - - - - 2,209 ...

  • Page 68
    ... of options ...Changes in operating assets and liabilities: Settlement assets ...Accounts receivable, net ...Prepaid expenses and other assets...Deferred expenses ...Accounts payable and accrued liabilities ...Settlement obligations...Amounts due issuing bank for overdrawn accounts ...Deferred...

  • Page 69
    ... enable cash loading and transfer services through our Green Dot Network. The Green Dot Network enables consumers to use cash to reload our prepaid debit cards or to transfer cash to any of our Green Dot Network acceptance members, including competing prepaid card programs and other online accounts...

  • Page 70
    ..., except per share data) Operating revenues: Card revenues ...Cash transfer revenues ...Interchange revenues ...Total operating revenues ...Operating expenses: Sales and marketing expenses ...Compensation and benefits expenses ...Processing expenses ...Other general and administrative expenses...

  • Page 71
    ... funds for purchases of new cards and cash transfer products and then remit these funds directly to bank accounts established for the benefit of these customers by the third-party card issuing banks. The remittance of these funds by our retail distributors takes an average of three business days...

  • Page 72
    ... to funds for prepaid debit cards and cash transfer products that had not yet been activated by the customers. Accounts Receivable, Net Accounts receivable is comprised principally of receivables due from card issuing banks, overdrawn account balances due from cardholders, trade accounts receivable...

  • Page 73
    ...a retail location, we make the funds immediately available once the consumer goes online or calls a toll-free number to activate the new card or add funds from a cash transfer product. Since our retail distributors do not remit funds to our card issuing banks, on average, for three business days, we...

  • Page 74
    ...card fees and monthly maintenance fees. We generate cash transfer revenues when consumers purchase our cash transfer products (reload services) in a retail store. We recognize these revenues when the cash transfer transactions are completed, generally within three business days from the time of sale...

  • Page 75
    ... costs was a liability that we incurred for use tax to various states related to purchases of materials since no sales tax is charged to customers when new cards or cash transfer transactions are purchased. Employee Stock-Based Compensation Effective August 1, 2006, we adopted a new accounting...

  • Page 76
    ..., as applicable. For additional information, refer to Note 11 - Earnings Per Common Share. Fair Values of Financial Instruments Our financial instruments, including unrestricted cash and cash equivalents, restricted cash, settlement assets and obligations, accounts receivable, certain other assets...

  • Page 77
    ...the following: Year Ended December 31, 2010 Five Months Ended December 31, 2009 (In thousands) Year Ended July 31, 2009 2008 Balance, beginning of period ...Provision for uncollectible overdrawn accounts: Fees ...Purchase transactions...Charge-offs ... .. $ 7,460 $ 6,448 $ 5,277 $ 2,718 ... 43...

  • Page 78
    ... granted and stock options exercised that we are required to remit to the various taxing authorities. We recorded these receivables as a component of accounts receivable, net, on our consolidated balance sheet as of December 31, 2009. We collected these receivables in cash in January 2010. Prior to...

  • Page 79
    ...-source approach, allows us to apportion income to California based on a customer's address, rather than apportion income based on cost of performance, which is the standard method under existing law. Under the market-source approach, we apportion less income to California, resulting in a lower...

  • Page 80
    ...December 31, 2010 December 31, 2009 (In thousands) Deferred tax assets: Reserve for overdrawn accounts . State income taxes ...Stock-based compensation ...Other ...Total deferred tax assets ...Deferred tax liabilities: Internal-use software costs . . Deferred expenses ...Property and equipment, net...

  • Page 81
    ...we periodically monitor and evaluate for creditworthiness. Credit risk for our accounts receivable is concentrated with card issuing banks and our customers, and this risk is mitigated by the relatively short collection period and our large customer base. We do not require or maintain collateral for...

  • Page 82
    ...and Class B common stock are entitled to receive dividends out of funds legally available at the times and in the amounts that our board of directors may determine. In the event a dividend is paid in the form of shares of common stock or rights to acquire shares of common stock, the holders of Class...

  • Page 83
    ..., which significantly increased the sales commission rates we pay to Walmart for our products sold in their stores. The new agreement has a five-year term commencing May 1, 2010. As an incentive to amend our prepaid card program agreement, we issued Walmart 2,208,552 shares of our Class A common...

  • Page 84
    ... to perform in accordance with the terms of the sales and marketing agreement, we obtain an option to repurchase any shares previously issued under the warrant. As the option to purchase shares under the warrant is contingent upon the achievement of certain sales volume or revenue targets, there is...

  • Page 85
    ...of our preferred stock; change our authorized share capital; redeem shares of our capital stock; increase the number of shares available for issuance under our stock plan; declare or pay any dividend; take any action that results in a merger, sale of control, or any other transaction in which all or...

  • Page 86
    ...issuance. The freestanding warrant we issued entitled the holder to purchase 500,000 shares of our common stock at a per share price of $6.834 any time prior to the earliest of: a) the date of our initial public offering; b) the date of a change in control of our company; or c) October 27, 2013. The...

  • Page 87
    ...the Series D preferred shares were canceled. In addition, on December 19, 2008, we purchased a call option, which entitled us to purchase the freestanding warrant on 500,000 shares of common stock at an exercise price of approximately $2.0 million. The call option was exercisable any time during the...

  • Page 88
    ... our initial public offering in July 2010, we granted stock options at exercise prices equal to the closing price of our Class A common stock on the NYSE on the date of grant. Stock Awards In December 2009, our board of directors awarded 257,984 shares of common stock to our Chief Executive Officer...

  • Page 89
    ...2009, the five months ended December 31, 2009 and the year ended December 31, 2010 was as follows: Number Weighted-Average Aggregate of Shares Exercise Price Intrinsic Value (In thousands, except per share data) Outstanding at July 31, 2007 . Options granted ...Options canceled ...Options exercised...

  • Page 90
    ... market value of our Class A common stock. We recognized $13.4 million of stock-based retailer incentive compensation for the year ended December 31, 2010. Note 11 - Earnings per Common Share We calculate EPS using the two-class method. Refer to Note 2 - Summary of Significant Accounting Policies...

  • Page 91
    ... and 2008 was as follows: Year Ended July 31, Year Ended Five Months Ended December 31, 2010 December 31, 2009 2009 2008 (In thousands, except per share data) Basic earnings per Class A common share Net income ...Allocated earnings to preferred stock ...Allocated earnings to other classes of common...

  • Page 92
    GREEN DOT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Note 11 - Earnings per Common Share (continued) Year Ended July 31, Year Ended Five Months Ended December 31, 2010 December 31, 2009 2009 2008 (In thousands, except per share data) Basic earnings per Class B common share...

  • Page 93
    ... of age are generally eligible to participate in the plan on the first day of the calendar month following the month in which employees commence service with us. Participants may make pre-tax contributions to the plan from their eligible earnings up to the statutorily prescribed annual limit on pre...

  • Page 94
    ... laws or regulations that apply to prepaid debit cards and other stored value products. Many state laws do not specifically address stored value products and what, if any, legal or regulatory requirements (including licensing) apply to the sale of these products. We have obtained money transmitter...

  • Page 95
    ...to the customer funds or deposits at the card issuing banks. Additionally, we have receivables due from these card issuing banks included in accounts receivable, net, on our consolidated balance sheets. The failure of either of these card issuing banks could result in significant business disruption...

  • Page 96
    ... holding company, offers a range of business and consumer banking products in the Provo, Utah area through its bank subsidiary, Bonneville Bank, or the Bank. The Bank also originates commercial, industrial, residential, real estate and personal loans. We expect to focus the Bank on issuing our Green...

  • Page 97
    .... Q4 Q3 Q2 Q1 (In thousands, except per share data) 2010 Total operating revenues ...Total operating expenses ...Operating income ...Interest income, net ...Income before income taxes. Income tax expense ...Net income...Earnings per share: Basic Class A common stock . Class B common stock . Diluted...

  • Page 98
    ...specified in the SEC's rules and forms and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Change in internal control over financial reporting - There was no...

  • Page 99
    ...Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the year ended December 31, 2010. ITEM 14 Principal Accounting Fees and Services The information...annual report as applicable: The exhibit list in the Exhibit Index is incorporated herein by reference as the list ...

  • Page 100
    ... caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. GREEN DOT CORPORATION Date: February 25, 2011 By: /s/ Steven W. Streit Name: Steven W. Streit Title: Chairman, President and Chief Executive Officer POWER OF ATTORNEY KNOW ALL PERSONS BY THESE PRESENTS...

  • Page 101
    Date: February 25, 2011 By: /s/ Timothy R. Greenleaf Name: Timothy R. Greenleaf Title: Director By: /s/ ...Jr. Title: Director By: /s/ W. Thomas Smith, Jr. Name: W. Thomas Smith, Jr. Title: Director Date: February 25, 2011 Date: February 25, 2011 Date: February 25, 2011 Date: February 25, 2011 92

  • Page 102
    ... Technology center, dated May 24, 2010. Amended and Restated Prepaid Card Program Agreement, dated as of May 27, 2010, by and among the Registrant, Wal-Mart Stores, Inc., WalMart Stores Texas, L.P ., Wal-Mart Louisiana, LLC, Wal-Mart Stores East, Inc., Wal-Mart Stores, L.P . and GE Money Bank. Card...

  • Page 103
    ... Description of FY2010 Management Cash Incentive Compensation Plan. Warrant to purchase shares of common stock of the Registrant Class A Common Stock Issuance Agreement, dated as of May 27, 2010, between the Registrant and Wal-Mart Stores, Inc. Voting Agreement, dated as of May 27, 2010, between the...

  • Page 104
    (This page intentionally left blank)

  • Page 105
    (This page intentionally left blank)

  • Page 106

  • Page 107