Company: GDOT
Filing Date: 2025-11-26
Form Type: 425
Source: 0001140361-25-043547
Chunk: 6

Company: GREEN DOT CORP
Filing Date: 2025-11-26
Form: 425
Chunk 6
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 into a limited liability company, (ii) Green Dot will distribute the stock of Green Dot Bank to CommerceOne Intermediate Holdco and (iii) OpCo will acquire Green Dot and the Business . Pursuant to the Separation Agreement, at the First Effective Time, the Green Dot restricted stock unit awards and performance unit awards that are outstanding as of immediately prior to the First Effective Time and held by employees of the Business transferred to OpCo in connection with the Sale Transactions, will be treated as described above under the description of the Merger Agreement, except that each outstanding unvested Green Dot restricted stock unit award that, by its terms, would not vest on or before June 30, 2026 will be cancelled for no consideration in respect thereof. In light of the forfeiture of such Green Dot restricted stock unit awards in connection with the Sale Transactions, prior to the First Effective Time, Green Dot will establish a cash retention program for the benefit of employees of the Business in order to incentivize and retain such employees. Cash retention awards granted pursuant to the Business employee retention program will vest ratably on the first, second and third anniversaries of the First Effective Time, subject to certain accelerated vesting provisions upon a termination of employment without “cause” or “good reason” (as defined in the Green Dot Corporate Transaction Policy) or due to death or disability. In addition, OpCo has agreed to establish a management incentive plan following the First Effective Time that will provide for awards representing, in the aggregate, five percent (5%) of the fully diluted equity of OpCo (the “MIP”). Employees of the Business will be eligible to participate in the MIP. The Separation Agreement contains limited representations and warranties from Green Dot, OpCo and New CommerceOne, and each party has agreed to customary covenants, including, among others, covenants relating to the conduct of Green Dot’s business during the interim period between the execution of the Separation Agreement and the closing. Green Dot, OpCo and New CommerceOne have also agreed to use their reasonable best efforts to prepare and file all necessary documentation to effect all applications, notices, petitions and filings and obtain as promptly as practicable all necessary permits, consents, approvals and authorizations for consummation of the Mergers and the transactions contemplated by the Separation Agreement, except that, without the consent of the other, neither Green Dot nor CommerceOne may take or commit to any burdensome condition. The completion of the Sale Transactions is subject to customary conditions, including