Document:

Exhibit 4.1

 

SKYLINE MEDICAL INC.

AMENDED AND RESTATED 2012 STOCK INCENTIVE
PLAN

 

TABLE OF CONTENTS

 

	1.	 	Purpose	 	1	 
	 	 	 	 	 	 	 
	2.	 	Administration	 	1	 
	 	 	 	 	 	 	 
	3.	 	Eligible Participants	 	1	 
	 	 	 	 	 	 	 
	4.	 	Types of Incentives	 	1	 
	 	 	 	 	 	 	 
	5.	 	Shares Subject to the Plan	 	1	 
	 	 	5.1.	Number of Shares	 	1	 
	 	 	5.2.	Cancellation	 	1	 
	 	 	5.3.	Type of Common Stock	 	2	 
	 	 	5.4.	Limitation on Certain Grants	 	2	 
	 	 	 	 	 	 	 
	6.	 	Stock Options	 	2	 
	 	 	6.1.	Price	 	2	 
	 	 	6.2.	Number	 	2	 
	 	 	6.3.	Duration and Time for Exercise	 	2	 
	 	 	6.4.	Manner of Exercise	 	2	 
	 	 	6.5.	Incentive Stock Options	 	2	 
	 	 	 	 	 	 	 
	7.	 	Stock Appreciation Rights	 	3	 
	 	 	7.1.	Price	 	3	 
	 	 	7.2.	Number	 	3	 
	 	 	7.3.	Duration	 	3	 
	 	 	7.4.	Exercise	 	4	 
	 	 	7.5.	Issuance of Shares Upon Exercise	 	4	 
	 	 	 	 	 	 	 
	8.	 	Stock Awards, Restricted Stock and Restricted Stock Units	 	4	 
	 	 	8.1.	Number of Shares	 	4	 
	 	 	8.2.	Sale Price	 	4	 
	 	 	8.3.	Restrictions	 	4	 
	 	 	8.4.	Enforcement of Restrictions	 	5	 
	 	 	8.5.	End of Restrictions	 	5	 
	 	 	8.6.	Rights of Holders of Restricted Stock and Restricted Stock Units	 	5	 
	 	 	8.7.	Settlement of Restricted Stock Units	 	5	 
	 	 	8.8.	Dividend Equivalents	 	5	 

 

     

     

    

	 	 	 	 	 	 	 
	9.	 	Performance Awards	 	5	 
	 	 	9.1.	Performance Conditions	 	5	 
	 	 	9.2.	Performance Awards Granted to Designated Covered Employees	 	5	 
	 	 	9.3.	Written Determinations	 	6	 
	 	 	9.4.	Status of Performance Awards Under Code Section 162(m)	 	7	 
	 	 	 	 	 	 	 
	10.	 	General	 	7	 
	 	 	10.1.	Plan Effective Date and Shareholder Approval; Termination of Plan	 	7	 
	 	 	10.2.	Duration	 	7	 
	 	 	10.3.	Non-transferability of Incentives	 	7	 
	 	 	10.4.	Effect of Termination or Death	 	7	 
	 	 	10.5.	Restrictions under Securities Laws	 	8	 
	 	 	10.6.	Adjustment	 	8	 
	 	 	10.7.	Incentive Plans and Agreements	 	8	 
	 	 	10.8.	Withholding	 	8	 
	 	 	10.9.	No Continued Employment, Engagement or Right to Corporate Assets	 	8	 
	 	 	10.10.	Payments Under Incentives	 	9	 
	 	 	10.11.	Amendment of the Plan	 	9	 
	 	 	10.12.	Amendment of Agreements for Incentives; No Repricing	 	9	 
	 	 	10.13.	Vesting Upon Change In Control	 	9	 
	 	 	10.14.	Sale, Merger, Exchange or Liquidation	 	10	 
	 	 	10.15.	Definition of Fair Market Value	 	11	 
	 	 	10.16.	Definition of Grant Date	 	11	 
	 	 	10.17.	Compliance with Code Section 409A	 	11	 
	 	 	10.18.	Prior Plan	 	12	 

 

 

 

 

 

 

     

     

    

SKYLINE MEDICAL INC. (f/k/a BIODRAIN
MEDICAL, INC.)

AMENDED AND RESTATED 2012 STOCK INCENTIVE
PLAN

 

1.                 
Purpose. The purpose of the Amended and Restated 2012 Stock Incentive Plan (the “Plan”) of Skyline Medical
Inc. (f/k/a BioDrain Medical, Inc.) (the “Company”) is to increase shareholder value and to advance the interests of
the Company by furnishing a variety of economic incentives (“Incentives”) designed to attract, retain and motivate
employees, certain key consultants and directors of the Company. Incentives may consist of opportunities to purchase or receive
shares of Common Stock, $0.01 par value, of the Company (“Common Stock”) or other incentive awards on terms determined
under this Plan.

 

2.                 
Administration. The Plan shall be administered by the board of directors of the Company (the “Board of Directors”)
or by a stock option or compensation committee (the “Committee”) of the Board of Directors. The Committee shall consist
of not less than two directors of the Company and shall be appointed from time to time by the Board of Directors. Each member of
the Committee shall be (a) a “non-employee director” within the meaning of Rule 16b-3 of the Securities Exchange Act
of 1934 (including the regulations promulgated thereunder, the “1934 Act”) (a “Non-Employee Director”),
and (b) shall be an “outside director” within the meaning of Section 162(m) under the Internal Revenue Code of 1986,
as amended (the “Code”) and the regulations promulgated thereunder (“Code Section 162(m)”). The Committee
shall have complete authority to award Incentives under the Plan, to interpret the Plan, and to make any other determination which
it believes necessary and advisable for the proper administration of the Plan. The Committee’s decisions and matters relating
to the Plan shall be final and conclusive on the Company and its participants. If at any time there is no stock option or compensation
committee, the term “Committee”, as used in the Plan, shall refer to the Board of Directors.

 

3.                 
Eligible Participants. Officers of the Company, employees of the Company or its subsidiaries, members of the Board of Directors,
and consultants or other independent contractors who provide services to the Company or its subsidiaries shall be eligible to receive
Incentives under the Plan when designated by the Committee. Participants may be designated individually or by groups or categories
(for example, by pay grade) as the Committee deems appropriate. Participation by officers of the Company or its subsidiaries and
any performance objectives relating to such officers must be approved by the Committee. Participation by others and any performance
objectives relating to others may be approved by groups or categories (for example, by pay grade) and authority to designate participants
who are not officers and to set or modify such targets may be delegated.

 

4.                 
Types of Incentives. Incentives under the Plan may be granted in any one or a combination of the following forms: (a) incentive
stock options and non-statutory stock options (Section 6); (b) stock appreciation rights (“SARs”) (Section 7); (c)
stock awards (Section 8); (d) restricted stock (Section 8); restricted stock units (Section 8) and performance awards (Section
9). Subject to the specific limitations provided in this Plan, payment of Incentives may be in the form of cash, Common Stock or
combinations thereof as the Committee shall determine, and with such other restrictions as it may impose.

 

5.                 
Shares Subject to the Plan.

 

5.1.           
Number of Shares. Subject to adjustment as provided in Section 10.6, the number of shares of Common Stock which may be issued
under the Plan shall not exceed 100,000,000 shares of Common Stock. In addition, as of the Effective Date, any shares available
in the reserve of the Prior Plan (as defined in Section 10.18) shall be added to the Plan share reserve and be available for issuance
under the Plan. Any Shares delivered under the Plan may consist, in whole or in part, of authorized and unissued shares or treasury
shares. Shares of Common Stock that are issued under the Plan or are subject to Incentives awarded under the Plan will be applied
to reduce the maximum number of shares of Common Stock remaining available for issuance under the Plan.

 

5.2.           
Cancellation. If an Incentive granted under the Plan or under the Prior Plan expires or is terminated or canceled unexercised
as to any shares of Common Stock or forfeited or reacquired by the Company pursuant to rights reserved upon issuance thereof, such
forfeited and reacquired shares may again be issued under the Plan pursuant to another Incentive. If any Shares subject to an Incentive
granted under the Plan or under the Prior Plan are withheld or applied as payment in connection with the exercise of an Incentive
(including the withholding of Shares on the exercise of a stock option or the exercise of an SAR that is settled in Shares) or
the withholding or payment of taxes related thereto, such Shares shall not again be available for grant under the Plan.

 

    1 

     

    

5.3.           
Type of Common Stock. Common Stock issued under the Plan in connection with Incentives will be authorized and unissued shares.

 

5.4.           
Limitation on Certain Grants. During any one fiscal year, no person shall receive Incentives under the Plan that could result
in that person receiving, earning or acquiring, subject to the adjustments described in Section 10.6: (a) Stock Options and SARs
for, in the aggregate, more than 20,000,000 shares of Common Stock; or (b) Performance Awards, in the aggregate, for more than
10,000,000 shares of Common Stock or, if payable in cash, with a maximum amount payable exceeding $2,000,000.

 

6.                 
Stock Options. A stock option is a right to purchase shares of Common Stock from the Company. Each stock option granted
by the Committee under this Plan shall be subject to the following terms and conditions:

 

6.1.           
Price. The option price per share shall be determined by the Committee, subject to adjustment under Section 10.6. Notwithstanding
the foregoing sentence, the option price per share shall not be less than the Fair Market Value (as defined in Section 10.15) of
the Common Stock on the Grant Date (as defined in Section 10.16).

  

6.2.           
Number. The number of shares of Common Stock subject to a stock option shall be determined by the Committee, subject to
adjustment as provided in Section 10.6. The number of shares of Common Stock subject to a stock option shall be reduced in the
same proportion that the holder thereof exercises an SAR if any SAR is granted in conjunction with or related to the stock option.
If the number of shares subject to a stock option is reduced pursuant to the preceding sentence, the number of shares subject to
the original grant will continue to count against the limitation on grants under Section 5.4.

 

6.3.           
Duration and Time for Exercise. Subject to earlier termination as provided in Section 10.3, the term of each stock option
shall be determined by the Committee but shall not exceed ten years and one day from the Grant Date. Each stock option shall become
exercisable at such time or times during its term as shall be determined by the Committee at the time of grant. The Committee may
accelerate the exercisability of any stock option. Subject to the first sentence of this paragraph, the Committee may extend the
term of any stock option to the extent provided in Section 10.4.

 

6.4.           
Manner of Exercise. A stock option may be exercised, in whole or in part, by giving written notice to the Company, specifying
the number of shares of Common Stock to be purchased and accompanied by the full purchase price for such shares. The option price
shall be payable (a) in United States dollars upon exercise of the option and may be paid by cash, uncertified or certified check
or bank draft; (b) unless otherwise provided in the option agreement, by delivery of shares of Common Stock in payment of all or
any part of the option price, which shares shall be valued for this purpose at the Fair Market Value on the date such option is
exercised; or (c) unless otherwise provided in the option agreement, by instructing the Company to withhold from the shares of
Common Stock issuable upon exercise of the stock option shares of Common Stock in payment of all or any part of the exercise price
and/or any related withholding tax obligations consistent with Section 10.8, which shares shall be valued for this purpose at the
Fair Market Value or in such other manner as may be authorized from time to time by the Committee. Before the issuance of shares
of Common Stock upon the exercise of a stock option, a participant shall have no rights as a shareholder.

 

6.5.           
Incentive Stock Options. Notwithstanding anything in the Plan to the contrary, the following additional provisions shall
apply to the grant of stock options which are intended to qualify as Incentive Stock Options (as such term is defined in Code Section
422):

 

    2 

     

    

(a)   
The aggregate Fair Market Value (determined as of the time the option is granted) of the shares of Common Stock with respect to
which Incentive Stock Options are exercisable for the first time by any participant during any calendar year (under all of the
Company’s plans) shall not exceed $100,000. The determination will be made by taking Incentive Stock Options into account
in the order in which they were granted. If such excess only applies to a portion of an Incentive Stock Option, the Committee,
in its discretion, will designate which shares will be treated as shares to be acquired upon exercise of an Incentive Stock Option.

  

(b)  
Any option agreement for an Incentive Stock Option under the Plan shall contain such other provisions as the Committee shall deem
advisable, but shall in all events be consistent with and contain all provisions required in order to qualify the options as Incentive
Stock Options.

 

(c)   
All Incentive Stock Options must be granted within ten years from the earlier of the date on which this Plan was adopted by Board
of Directors or the date this Plan was approved by the shareholders.

 

(d)  
Unless sooner exercised, all Incentive Stock Options shall expire no later than ten years after the Grant Date.

 

(e)   
The option price for Incentive Stock Options shall be not less than the Fair Market Value of the Common Stock subject to the option
on the Grant Date.

 

(f)   
If Incentive Stock Options are granted to any participant who, at the time such option is granted, would own (within the meaning
of Code Section 422) stock possessing more than 10% of the total combined voting power of all classes of stock of the employer
corporation or of its parent or subsidiary corporation, (i) the option price for such Incentive Stock Options shall be not less
than 110% of the Fair Market Value of the Common Stock subject to the option on the Grant Date and (ii) such Incentive Stock Options
shall expire no later than five years after the Grant Date.

 

7.                 
Stock Appreciation Rights. An SAR is a right to receive, without payment to the Company, a number of shares of Common Stock,
the amount of which is determined pursuant to the formula set forth in Section 7.5. An SAR may be granted (a) with respect to any
stock option granted under this Plan, either concurrently with the grant of such stock option or at such later time as determined
by the Committee (as to all or any portion of the shares of Common Stock subject to the stock option), or (b) alone, without reference
to any related stock option. Each SAR granted by the Committee under this Plan shall be subject to the following terms and conditions:

 

7.1.           
Price. The exercise price per share of any SAR granted without reference to a stock option shall be determined by the Committee,
subject to adjustment under Section 10.6. Notwithstanding the foregoing sentence, the exercise price per share shall not be less
than the Fair Market Value of the Common Stock on the Grant Date.

 

7.2.           
Number. Each SAR granted to any participant shall relate to such number of shares of Common Stock as shall be determined
by the Committee, subject to adjustment as provided in Section 10.6. In the case of an SAR granted with respect to a stock option,
the number of shares of Common Stock to which the SAR relates shall be reduced in the same proportion that the holder of the option
exercises the related stock option. If the number of shares subject to an SAR is reduced pursuant to the preceding sentence, the
number of shares subject to the original grant will continue to count against the limitation on grants under Section 5.4.

 

7.3.           
Duration. Subject to earlier termination as provided in Section 10.3, the term of each SAR shall be determined by the Committee
but shall not exceed ten years and one day from the Grant Date. Unless otherwise provided by the Committee, each SAR shall become
exercisable at such time or times, to such extent and upon such conditions as the stock option, if any, to which it relates is
exercisable. The Committee may in its discretion accelerate the exercisability of any SAR. Subject to the first sentence of this
paragraph, the Committee may extend the term of any SAR to the extent provided in Section 10.4.

 

 

    3 

     

    

7.4.           
Exercise. An SAR may be exercised, in whole or in part, by giving written notice to the Company, specifying the number of
SARs which the holder wishes to exercise. Upon receipt of such written notice, the Company shall, within 90 days thereafter, deliver
to the exercising holder certificates for the shares of Common Stock or cash or both, as determined by the Committee, to which
the holder is entitled pursuant to Section 7.5.

 

7.5.           
Issuance of Shares Upon Exercise. The number of shares of Common Stock which shall be issuable upon the exercise of an SAR
shall be determined by dividing:

 

(a)   
the number of shares of Common Stock as to which the SAR is exercised multiplied by the amount of the appreciation in such shares
(for this purpose, the “appreciation” shall be the amount by which the Fair Market Value of the shares of Common Stock
subject to the SAR on the exercise date exceeds (1) in the case of an SAR related to a stock option, the purchase price of the
shares of Common Stock under the stock option or (2) in the case of an SAR granted alone, without reference to a related stock
option, an amount which shall be determined by the Committee at the time of grant, subject to adjustment under Section 10.6); by

 

(b)  
the Fair Market Value of a share of Common Stock on the exercise date.

 

No fractional
shares of Common Stock shall be issued upon the exercise of an SAR; instead, the holder of the SAR shall be entitled to receive
a cash adjustment equal to the same fraction of the Fair Market Value of a share of Common Stock on the exercise date or to purchase
the portion necessary to make a whole share at its Fair Market Value on the date of exercise.

 

8.                 
Stock Awards, Restricted Stock and Restricted Stock Units. A stock award consists of the transfer by the Company to a participant
of shares of Common Stock, with or without other payment therefor, as additional compensation for services to the Company. A share
of restricted stock consists of shares of Common Stock which are sold or transferred by the Company to a participant at a price,
if any, determined by the Committee and subject to restrictions on their sale or other transfer by the participant. Restricted
stock units represent the right to receive shares of Common Stock at a future date. The transfer of Common Stock pursuant to stock
awards, ,the transfer or sale of restricted stock and restricted stock units shall be subject to the following terms and conditions:

 

8.1.           
Number of Shares. The number of shares to be transferred or sold by the Company to a participant pursuant to a stock award
or as restricted stock, or the number of shares that may be issued pursuant to a restricted stock unit, shall be determined by
the Committee.

 

8.2.           
Sale Price. The Committee shall determine the price, if any, at which shares of restricted stock shall be sold to a participant,
which may vary from time to time and among participants and which may be below the Fair Market Value of such shares of Common Stock
at the date of sale.

 

8.3.           
Restrictions. All shares of restricted stock transferred or sold by the Company hereunder, and all restricted stock units
granted hereunder, shall be subject to such restrictions as the Committee may determine, including, without limitation any or all
of the following:

 

(a)   
a prohibition against the sale, transfer, pledge or other encumbrance of the shares of restricted stock, or the delivery of shares
pursuant to restricted stock units, such prohibition to lapse at such time or times as the Committee shall determine (whether in
annual or more frequent installments, at the time of the death, disability or retirement of the holder of such shares, or otherwise);

 

(b)  
a requirement that the holder of shares of restricted stock or restricted stock units forfeit, or (in the case of shares sold to
a participant) re-sell back to the Company at his or her cost, all or a part of such shares in the event of termination of his
or her employment, service on the Board of Directors or consulting engagement during any period in which such shares are subject
to restrictions; and

 

(c)   
such other conditions or restrictions as the Committee may deem advisable.

 

    4 

     

    

8.4.           
Enforcement of Restrictions. In order to enforce the restrictions imposed by the Committee pursuant to Section 8.3, the
participant receiving restricted stock or restricted stock units shall enter into an agreement with the Company setting forth the
conditions of the grant. Shares of restricted stock shall be registered in the name of the participant and deposited, together
with a stock power endorsed in blank, with the Company. Each such certificate shall bear a legend that refers to the Plan and the
restrictions imposed under the applicable agreement. At the Committee’s election, shares of restricted stock may be held
in book entry form subject to the Company’s instructions until any restrictions relating to the restricted stock grant lapse.

 

8.5.           
End of Restrictions. Subject to Section 10.5, at the end of any time period during which the shares of restricted stock
are subject to forfeiture and restrictions on transfer, such shares will be delivered free of all restrictions to the participant
or to the participant’s legal representative, beneficiary or heir. Subject to Section 10.5, upon the lapse or waiver of restrictions
applicable to restricted stock units, or at a later time specified in the agreement governing the grant of restricted stock units,
any shares derived from the restricted stock units shall be issued and delivered to the holder of the restricted stock units.

 

8.6.           
Rights of Holders of Restricted Stock and Restricted Stock Units. Subject to the terms and conditions of the Plan, each
participant receiving restricted stock shall have all the rights of a shareholder with respect to shares of stock during any period
in which such shares are subject to forfeiture and restrictions on transfer, including without limitation, the right to vote such
shares. Any holder of restricted stock units shall not be, and shall not have rights and privileges of, a shareholder with respect
to any shares that may be derived from the restricted stock units unless and until such shares have been issued.

  

8.7.           
Settlement of Restricted Stock Units.  Restricted stock units may be satisfied by delivery of shares of stock,
cash equal to the Fair Market Value of the specified number of shares covered by the restricted stock units, or a combination thereof,
as determined by the Committee at the date of grant or thereafter.

 

8.8.           
Dividend Equivalents. In connection with any award of restricted stock units, the Committee may grant the right to receive
cash, shares of stock or other property equal in value to dividends paid with respect to the number of shares represented by the
restricted stock units (“Dividend Equivalents”). Unless otherwise determined by the Committee at the date of grant,
any Dividend Equivalents that are granted with respect to any award of restricted stock units shall be either (a) paid with respect
to such restricted stock units at the dividend payment date in cash or in shares of unrestricted stock having a Fair Market Value
equal to the amount of such dividends, or (b) deferred with respect to such restricted stock units and the amount or value thereof
automatically deemed reinvested in additional restricted stock units until the time for delivery of shares (if any) pursuant to
the terms of the restricted stock unit award.

 

9.                 
Performance Awards.

 

9.1.           
Performance Conditions. The right of a participant to exercise or receive a grant or settlement of any Incentive, and the
timing thereof, may be subject to such performance conditions as may be specified by the Committee (such an Incentive is referred
to as a “Performance Award”). The Committee may use such business criteria and other measures of performance as it
may deem appropriate in establishing any performance conditions, and may exercise its discretion to reduce the amounts payable
under any Incentive subject to performance conditions, except as limited under Section 9.2 hereof in the case of a Performance
Award intended to qualify under Code Section 162(m). If and to the extent required under Code Section 162(m), any power or authority
relating to a Performance Award intended to qualify under Code Section 162(m), shall be exercised by the Committee as the Committee
and not the Board.

 

9.2.           
Performance Awards Granted to Designated Covered Employees. If and to the extent the Committee determines that a Performance
Award to be granted to a person who is designated by the Committee as likely to be a covered employee within the meaning of Code
Section 162(m) and regulations thereunder (a “Covered Employee”) should qualify as "performance-based compensation"
for purposes of Code Section 162(m), the grant, exercise, and/or settlement of such Performance Award shall be contingent upon
achievement of pre-established performance goals and other terms set forth in this Section 9.2.

  

    5 

     

    

(a)   
Performance Goals Generally. The performance goals for such Performance Awards shall consist of one or more business criteria
and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with
this Section 9.2. Performance goals shall be objective and shall otherwise meet the requirements of Code Section 162(m), including
but not limited to the requirement that the level or levels of performance targeted by the Committee result in the achievement
of performance goals being "substantially uncertain" at the time the Performance Award is granted. The Committee may
determine that such Performance Awards shall be granted, exercised, and/or settled upon achievement of any one performance goal,
or that two or more of the performance goals must be achieved as a condition to grant, exercise, and/or settlement of such Performance
Awards. Performance goals may differ for Performance Awards granted to any one participant or to different participants.

 

(b)  
Business Criteria. One or more of the following business criteria for the Company, on a consolidated basis, and/or specified
subsidiaries or business units of the Company, shall be used exclusively by the Committee in establishing performance goals for
such Performance Awards as are intended to qualify as “performance-based” compensation within the meaning of Section
162(m) of the Code: earnings per share, operating income or profit, net income, gross or net sales, expenses, expenses as a percentage
of net sales, inventory turns, cash flow (including, but not limited to, operating cash flow, free cash flow, cash flow return
on equity, and cash flow return on investment), gross profit, margins, working capital, earnings before interest and tax (EBIT),
earnings before interest, tax, depreciation and amortization (EBITDA), return measures (including, but not limited to, return on
assets, capital, invested capital, equity, sales, or revenue), revenue growth, share price (including, but not limited to, growth
measures and total shareholder return), operating efficiency, productivity ratios, market share, economic value added and safety
(or any of the above criteria as compared to the performance of a group of comparable companies, or any published or special index
that the Committee, in its sole discretion, deems appropriate), or the Committee may select criteria based on the Company’s
share price as compared to various stock market indices. The Committee, in its sole discretion, may modify the performance goals
if it determines that circumstances have changed and modification is required to reflect the original intent of the performance
goals; provided, however, that no such change or modification may be made to the extent it increases the amount of compensation
payable to any participant who is a Covered Employee.

 

(c)   
Performance Period; Timing For Establishing Performance Goals. Achievement of performance goals in respect of such Performance
Awards shall be measured over a performance period of up to ten (10) years, as specified by the Committee. Performance goals shall
be established not later than ninety (90) days after the beginning of any performance period applicable to such Performance Awards,
or at such other date as may be required or permitted for "performance-based compensation" under Code Section 162(m).

  

(d)  
Settlement of Performance Awards; Other Terms. Settlement of such Performance Awards shall be in cash, stock, other Incentives
or other property, in the discretion of the Committee. The Committee may, in its discretion, reduce the amount of a settlement
otherwise to be made in connection with such Performance Awards. The Committee shall specify the circumstances in which such Performance
Awards shall be paid or forfeited in the event of termination of continuous service by the participant before the end of a performance
period or the settlement date of Performance Awards.

 

9.3.           
Written Determinations. All determinations by the Committee as to the establishment of performance goals, the amount of
any Performance Award pool or potential individual Performance Awards, and as to the achievement of performance goals relating
to Performance Awards under Section 9.2(a), shall be made in writing in the case of any Performance Award intended to qualify under
Code Section 162(m). The Committee may not delegate any responsibility relating to such Performance Awards if and to the extent
required to comply with Code Section 162(m).

 

    6 

     

    

9.4.           
Status of Performance Awards Under Code Section 162(m). It is the intent of the Company that Performance Awards granted
under this Section 9 to persons who are designated by the Committee as likely to be Covered Employees shall, if so designated by
the Committee, constitute "qualified performance-based compensation" within the meaning of Code Section 162(m). Accordingly,
the terms of Sections 9.2, 9.3 and 9.4, including the definitions of Covered Employee and other terms used therein, shall be interpreted
in a manner consistent with Code Section 162(m). Notwithstanding the foregoing, because the Committee cannot determine with certainty
whether a given Participant will be a Covered Employee with respect to a fiscal year that has not yet been completed, the term
Covered Employee as used herein shall mean only a person designated by the Committee, at the time of grant of Performance Awards,
as likely to be a Covered Employee with respect to that fiscal year. If any provision of the Plan or any agreement relating to
such Performance Awards does not comply or is inconsistent with the requirements of Code Section 162(m), such provision shall be
construed or deemed amended to the extent necessary to conform to such requirements.

 

10.             
General.

 

10.1.       
Plan Effective Date and Shareholder Approval; Termination of Plan. The Plan shall become effective on the Effective Date,
subject to subsequent approval within twelve (12) months of its adoption by the Board by shareholders of the Company eligible to
vote in the election of directors, by a vote sufficient to meet the requirements of Code Sections 162(m) (if applicable) and 422,
Rule 16b-3 under the Exchange Act (if applicable), applicable requirements of any stock exchange, if any, and other laws, regulations,
and obligations of the Company applicable to the Plan. Awards may be granted subject to shareholder approval, but may not be exercised
or otherwise settled in the event shareholder approval is not obtained. The Plan shall terminate no later than ten (10) years from
the date of the later of (x) the Effective Date and (y) the date an increase in the number of shares reserved for issuance under
the Plan is approved by the Board (so long as such increase is also approved by the shareholders).

 

10.2.       
Duration. The Plan shall remain in effect until all Incentives granted under the Plan have either been satisfied by the
issuance of shares of Common Stock or the payment of cash or been terminated under the terms of the Plan and all restrictions imposed
on shares of Common Stock in connection with their issuance under the Plan have lapsed. No Incentives may be granted under the
Plan after the tenth anniversary of the Effective Date of the Plan.

 

10.3.       
Non-transferability of Incentives. No stock option, SAR, restricted stock or stock award may be transferred, pledged or
assigned by the holder thereof (except, in the event of the holder’s death, by will or the laws of descent and distribution
to the limited extent provided in the Plan or the Incentive, or pursuant to a qualified domestic relations order as defined by
the Code or Title I of the Employee Retirement Income Security Act, or the rules thereunder), and the Company shall not be required
to recognize any attempted assignment of such rights by any participant. Notwithstanding the preceding sentence, stock options
(other than stock options intended to qualify as Incentive Stock Options pursuant to Section 6.5) may be transferred by the holder
thereof to the holder’s spouse, children, grandchildren or parents (collectively, the “Family Members”), to trusts
for the benefit of Family Members, to partnerships or limited liability companies in which Family Members are the only partners
or shareholders, or to entities exempt from federal income taxation pursuant to Code Section 501(c)(3). During a participant’s
lifetime, a stock option may be exercised only by him or her, by his or her guardian or legal representative or by the transferees
permitted by this Section 10.3.

 

10.4.       
Effect of Termination or Death. If a participant ceases to be an employee of or consultant to the Company for any reason,
including death or disability, any Incentives may be exercised or shall expire at such times as may be set forth in the agreement,
if any, applicable to the Incentive, or otherwise as determined by the Committee; provided, however, the term of an Incentive may
not be extended beyond the term originally prescribed when the Incentive was granted, unless the Incentive satisfies (or is amended
to satisfy) the requirements of Code Section 409A, including the rules and regulations promulgated thereunder (together, “Code
Section 409A”); and provided further that the term of an Incentive may not be extended beyond the maximum term permitted
under this Plan.

 

 

    7 

     

    

10.5.       
Restrictions under Securities Laws. Notwithstanding anything in this Plan to the contrary: (a) the Company may, if it shall
determine it necessary or desirable for any reason, at the time of award of any Incentive or the issuance of any shares of Common
Stock pursuant to any Incentive, require the recipient of the Incentive, as a condition to the receipt thereof or to the receipt
of shares of Common Stock issued pursuant thereto, to deliver to the Company a written representation of present intention to acquire
the Incentive or the shares of Common Stock issued pursuant thereto for his or her own account for investment and not for distribution;
and (b) if at any time the Company further determines, in its sole discretion, that the listing, registration or qualification
(or any updating of any such document) of any Incentive or the shares of Common Stock issuable pursuant thereto is necessary on
any securities exchange or under any federal or state securities or blue sky law, or that the consent or approval of any governmental
regulatory body is necessary or desirable as a condition of, or in connection with the award of any Incentive, the issuance of
shares of Common Stock pursuant thereto, or the removal of any restrictions imposed on such shares, such Incentive shall not be
awarded or such shares of Common Stock shall not be issued or such restrictions shall not be removed, as the case may be, in whole
or in part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of
any conditions not acceptable to the Company.

 

10.6.       
Adjustment. In the event of any recapitalization, stock dividend, stock split, combination of shares or other change in
the Common Stock, the number of shares of Common Stock then subject to the Plan, including shares subject to outstanding Incentives,
and the other numbers of shares of Common Stock provided in the Plan, shall be adjusted in proportion to the change in outstanding
shares of Common Stock. In the event of any such adjustments, the purchase price of any option, the performance objectives of any
Incentive, and the shares of Common Stock issuable pursuant to any Incentive shall be adjusted as and to the extent appropriate,
in the discretion of the Committee, to provide participants with the same relative rights before and after such adjustment.

 

10.7.       
Incentive Plans and Agreements. Except in the case of stock awards, the terms of each Incentive shall be stated in a plan
or agreement approved by the Committee. The Committee may also determine to enter into agreements with holders of options to reclassify
or convert certain outstanding options, within the terms of the Plan, as Incentive Stock Options or as non-statutory stock options
and in order to eliminate SARs with respect to all or part of such options and any other previously issued options. The Committee
shall communicate the key terms of each award to the participant promptly after the Committee approves the grant of such award.

 

10.8.       
Withholding.

 

(a)   
The Company shall have the right to withhold from any payments made under the Plan or to collect as a condition of payment, any
taxes required by law to be withheld. If so permitted by the Committee at the time of the award of any Incentive or at a later
time, at any time when a participant is required to pay to the Company an amount required to be withheld under applicable income
tax laws in connection with a distribution of Common Stock or upon exercise of an option or SAR or upon vesting of restricted stock,
the participant may satisfy this obligation in whole or in part by electing (the “Election”) to have the Company withhold,
from the distribution or from such shares of restricted stock, shares of Common Stock having a value up to the minimum amount of
withholding taxes required to be collected on the transaction. The value of the shares to be withheld shall be based on the Fair
Market Value of the Common Stock on the date that the amount of tax to be withheld shall be determined (“Tax Date”).

 

(b)  
Each Election must be made before the Tax Date. The Committee may disapprove of any Election, may suspend or terminate the right
to make Elections, or may provide with respect to any Incentive that the right to make Elections shall not apply to such Incentive.
An Election is irrevocable.

 

10.9.       
No Continued Employment, Engagement or Right to Corporate Assets. No participant under the Plan shall have any right, because
of his or her participation, to continue in the employ of the Company for any period of time or to any right to continue his or
her present or any other rate of compensation. Nothing contained in the Plan shall be construed as giving an employee, a consultant,
such persons’ beneficiaries or any other person any equity or interests of any kind in the assets of the Company or creating
a trust of any kind or a fiduciary relationship of any kind between the Company and any such person.

 

    8 

     

    

10.10.   
Payments Under Incentives. Payment of cash or distribution of any shares of Common Stock to which a participant is entitled
under any Incentive shall be made as provided in the Incentive. Except as permitted under Section 10.17, payments and distributions
may not be deferred under any Incentive unless the deferral complies with the requirements of Code Section 409A.

 

10.11.   
Amendment of the Plan. The Board of Directors may amend or discontinue the Plan at any time. However, no such amendment
or discontinuance shall adversely change or impair, without the consent of the recipient, an Incentive previously granted. Further,
no such amendment shall, without approval of the shareholders of the Company, (a) increase the maximum number of shares of Common
Stock which may be issued to all participants under the Plan, (b) change or expand the types of Incentives that may be granted
under the Plan, (c) change the class of persons eligible to receive Incentives under the Plan, or (d) materially increase the benefits
accruing to participants under the Plan.

 

10.12.   
Amendment of Agreements for Incentives; No Repricing. Except as otherwise provided in this Section 10.12 or Section 10.17,
the terms of an existing Incentive may be amended by agreement between the Committee and the participant. Notwithstanding the foregoing
sentence, in the case of a stock option or SAR, no such amendment shall (a) without shareholder approval, lower the exercise price
of a previously granted stock option or SAR, cancel a stock option or SAR when the exercise price per share exceeds the Fair Market
Value of the underlying shares in exchange for another Incentive or cash, or take any other action with respect to a stock option
that may be treated as a repricing under the federal securities laws or generally accepted accounting principles; or (b) extend
the term of the Incentive, except as provided in Sections 10.4 and 10.17.

  

10.13.   
Vesting Upon Change In Control. Upon the occurrence of an event satisfying the definition of “Change in Control”
with respect to a particular Incentive, unless otherwise provided in the agreement for the Incentive, such Incentive shall become
vested and all restrictions shall lapse. The Committee may, in its discretion, include such further provisions and limitations
in any agreement for an Incentive as it may deem desirable. For purposes of this Section 10.13, “Change in Control”
means the occurrence of any one or more of the following:

 

(a)   
a merger, consolidation, statutory exchange or reorganization approved by the Company’s shareholders, unless securities representing
more than fifty percent (50%) of the total combined voting power of the outstanding voting securities of the successor corporation
are immediately thereafter beneficially owned directly or indirectly and in substantially the same proportion, by the persons who
beneficially owned the Company’s outstanding voting securities immediately prior to such transaction;

 

(b)  
any transaction or series of related transactions pursuant to which any person or any group of persons comprising a “group”
within the meaning of Rule 13d-5(b)(1) under the Securities Exchange Act of 1934, as amended (other than the Company or a person
that, prior to such transaction or series of related transactions, directly or indirectly controls, is controlled by or is under
common control with, the Company) becomes directly or indirectly the beneficial owner (within the meaning of Rule 13d-3 of the
Securities Exchange Act of 1934, as amended) of securities possessing (or convertible into or exercisable for securities possessing)
thirty percent (30%) or more of the total combined voting power of the securities (determined by the power to vote with respect
to the elections of Board members) outstanding immediately after the consummation of such transaction or series of related transactions,
whether such transaction involves a direct issuance from the Company or the acquisition of outstanding securities held by one or
more of the Company’s shareholders;

 

(c)   
there is consummated a sale, lease, exclusive license, or other disposition of all or substantially all of the consolidated assets
of the Company and its subsidiaries, other than a sale, lease, license, or other disposition of all or substantially all of the
consolidated assets of the Company and its subsidiaries to an entity, more than fifty percent (50%) of the combined voting power
of the voting securities of which are owned by shareholders of the Company in substantially the same proportions as their ownership
of the Company immediately prior to such sale, lease, license, or other disposition; or

 

    9 

     

    

(d)  
individuals who, on the Effective Date, are Directors (the “Incumbent Board”) cease for any reason to constitute at
least a majority of the Directors; provided, however, that if the appointment or election (or nomination for election) of any new
Director was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member
shall, for purposes of this Plan, be considered as a member of the Incumbent Board.

  

Notwithstanding the foregoing
or any other provision of this Plan, (i) the definition of Change in Control (or any analogous term) in an individual written agreement
between the Company and the Participant shall supersede the foregoing definition with respect to Incentives subject to such agreement
(it being understood, however, that if no definition of Change in Control or any analogous term is set forth in such an individual
written agreement, the foregoing definition shall apply); (ii) for clarification, a “Change in Control” shall not be
deemed to have occurred for purposes of the foregoing clause (b) as the result of the acquisition of additional securities by Dr.
Samuel Herschkowitz, Joshua Kornberg or their affiliates; and (iii) a “Change in Control” shall not be deemed to have
occurred for purposes of the foregoing clause (b) solely as the result of a repurchase or other acquisition of securities by Company
which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities
beneficially owned by any person to thirty percent (30%) or more of the combined voting power of all of the then outstanding Voting
Securities; provided, however, that if any person referred to in this clause (iii) shall thereafter become the beneficial owner
of any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or
as a result of an acquisition of securities directly from Company) and immediately thereafter beneficially owns thirty percent
(30%) or more of the combined voting power of all of the then outstanding Voting Securities, then a “Change in Control”
shall be deemed to have occurred for purposes of the foregoing clause (b).

 

10.14.   
Sale, Merger, Exchange or Liquidation. Unless otherwise provided in the agreement for an Incentive, in the event of an acquisition
of the Company through the sale of substantially all of the Company’s assets or through a merger, exchange, reorganization
or liquidation of the Company or a similar event as determined by the Committee (collectively a “transaction”), the
Committee shall be authorized, in its sole discretion, to take any and all action it deems equitable under the circumstances, including
but not limited to any one or more of the following:

 

(a)   
providing that the Plan and all Incentives shall terminate and the holders of (i) all outstanding vested options shall receive,
in lieu of any shares of Common Stock they would be entitled to receive under such options, such stock, securities or assets, including
cash, as would have been paid to such participants if their options had been exercised and such participant had received Common
Stock immediately before such transaction (with appropriate adjustment for the exercise price, if any), (ii) SARs that entitle
the participant to receive Common Stock shall receive, in lieu of any shares of Common Stock each participant was entitled to receive
as of the date of the transaction pursuant to the terms of such Incentive, if any, such stock, securities or assets, including
cash, as would have been paid to such participant if such Common Stock had been issued to and held by the participant immediately
before such transaction, and (iii) any Incentive under this Agreement which does not entitle the participant to receive Common
Stock shall be equitably treated as determined by the Committee.

 

(b)  
providing that participants holding outstanding vested Common Stock based Incentives shall receive, with respect to each share
of Common Stock issuable pursuant to such Incentives as of the effective date of any such transaction, at the determination of
the Committee, cash, securities or other property, or any combination thereof, in an amount equal to the excess, if any, of the
Fair Market Value of such Common Stock on a date within ten days before the effective date of such transaction over the option
price or other amount owed by a participant, if any, and that such Incentives shall be cancelled, including the cancellation without
consideration of all options that have an exercise price below the per share value of the consideration received by the Company
in the transaction.

 

    10 

     

    

(c)   
providing that the Plan (or replacement plan) shall continue with respect to Incentives not cancelled or terminated as of the effective
date of such transaction and provide to participants holding such Incentives the right to earn their respective Incentives on a
substantially equivalent basis (taking into account the transaction and the number of shares or other equity issued by such successor
entity) with respect to the equity of the entity succeeding the Company by reason of such transaction.

 

(d)  
to the extent that the vesting of any Incentives is not accelerated pursuant to Section 10.13, providing that all unvested, unearned
or restricted Incentives, including but not limited to restricted stock for which restrictions have not lapsed as of the effective
date of such transaction, shall be void and deemed terminated, or, in the alternative, for the acceleration or waiver of any vesting,
earning or restrictions on any Incentive.

 

The Board
of Directors may restrict the rights of participants or the applicability of this Section 10.14 to the extent necessary to comply
with Section 16(b) of the 1934 Act, the Code or any other applicable law or regulation. The grant of an Incentive award pursuant
to the Plan shall not limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations
or changes of its capital or business structure or to merge, exchange or consolidate or to dissolve, liquidate, sell or transfer
all or any part of its business or assets.

 

10.15.   
Definition of Fair Market Value. For purposes of this Plan, the “Fair Market Value” of a share of Common Stock
at a specified date shall, unless otherwise expressly provided in this Plan, be the amount which the Committee determines in good
faith to be 100% of the fair market value of such a share as of the date in question. Notwithstanding the foregoing:

 

(a)   
If such shares are listed on a U.S. securities exchange, then Fair Market Value shall be determined by reference to the last sale
price of a share of Common Stock on such U.S. securities exchange on the applicable date. If such U.S. securities exchange is closed
for trading on such date, or if the Common Stock does not trade on such date, then the last sale price used shall be the one on
the date the Common Stock last traded on such U.S. securities exchange.

 

(b)  
If such shares are publicly traded but are not listed on a U.S. securities exchange, then Fair Market Value shall be determined
by reference to the trading price of a share of Common Stock on such date (or, if the applicable market is closed on such date,
the last date on which the Common Stock was publicly traded), by a method consistently applied by the Committee.

 

(c)   
If such shares are not publicly traded, then the Committee’s determination will be based upon a good faith valuation of the
Company’s Common Stock as of such date, which shall be based upon such factors as the Committee deems appropriate. The valuation
shall be accomplished in a manner that complies with Code Section 409A and shall be consistently applied to Incentives under the
Plan.

 

10.16.   
Definition of Grant Date. For purposes of this Plan, the “Grant Date” of an Incentive shall be the date on which
the Committee approved the award or, if later, the date established by the Committee as the date of grant of the Incentive.

 

10.17.    Compliance
with Code Section 409A.

 

(a)   
Except to the extent such acceleration or deferral is permitted by the requirements of Code Section 409A, neither the Committee
nor a participant may accelerate or defer the time or schedule of any payment of, or the amount scheduled to be paid under, an
Incentive that constitutes Deferred Compensation (as defined in paragraph(d) below); provided, however, that payment shall be permitted
if it is in accordance with a “specified time” or “fixed schedule” or on account of “separation from
service,” “disability,” death, “change in control” or “ unforeseeable emergency” (as
those terms are defined under Code Section 409A) that is specified in the agreement evidencing the Incentive.

 

    11 

     

    

(b)  
Notwithstanding anything in this Plan, unless the agreement evidencing the Incentive specifically provides otherwise, if a participant
is treated as a Specified Employee (as defined in paragraph (d) and as determined under Code Section 409A by the Committee in good
faith) as of the date of his or her “separation from service” as defined for purposes of Code Section 409A, the Company
may not make payment to the participant of any Incentive that constitutes Deferred Compensation, earlier than 6 months following
the participant’s separation from service (or if earlier, upon the Specified Employee’s death), except as permitted
under Code Section 409A. Any payments that otherwise would be payable to the Specified Employee during the foregoing 6-month period
will be accumulated and payment delayed until the first date after the 6-month period. The Committee may specify in the Incentive
agreement, that the amount of the Deferred Compensation delayed under this paragraph shall accumulate interest, earnings or Dividend
Equivalents (as applicable) during the period of such delay.

 

(c)   
The Committee may, however, reform any provision in an Incentive that is intended to comply with (or be exempt from) Code Section
409A, to maintain to the maximum extent practicable the original intent of the applicable provision without violating the provisions
of Code Section 409A.

 

(d)  
For purposes of this Section 10.17, "Deferred Compensation" means any Incentive under this Plan that provides for the
“deferral of compensation” under a “nonqualified deferred compensation plan” (as those terms are defined
under Code Section 409A) and that would be subject to the taxes specified in Code Section 409A(a)(1) if and to the extent that
the Plan and the agreement evidencing the Incentive do not meet or are not operated in compliance with the requirements of paragraphs
(a)(2), (a)(3) and (a)(4) of Code Section 409A . Deferred Compensation shall not include any amount that is otherwise exempt from
the requirements of Code Section 409A. A “Specified Employee” means a Participant who is a “key employee”
as described in Code Section 416 (i) (disregarding paragraph (5) thereof) at any time during the Company’s fiscal year ending
on January 31, or such other “identification date” that applies consistently for all plans of the Company that provide
“deferred compensation” that is subject to the requirements of Code Section 409A. Each participant will be identified
as a Specified Employee in accordance with Code Section 409A, including with respect to the merger of the Company with any other
company or any spin-off or similar transaction, and such identification shall apply for the 12-month period commencing on the first
day of the fourth month following the identification date. Notwithstanding the foregoing, no participant shall be a Specified Employee
unless the stock of the Company (or other member of a “controlled group of corporations” as determined under Code Section
1563) is publicly traded on an established securities market (or otherwise) as of the date of the participant’s “separation
from service” as defined in Code Section 409A.

 

10.18.   
Prior Plan. Notwithstanding the adoption of this Plan by the Board of Directors and its approval by the shareholders, the
Company’s 2008 Equity Incentive Plan, as it has been amended from time to time (the “Prior Plan”), shall remain
in effect, and all grants and awards made under the Prior Plan shall be governed by the terms of the Prior Plan. From and after
the Effective Date, no further grants and awards shall be made under the Prior Plan.

 

Approved by the Board
of Directors on August 13, 2012.

 

Approved by the shareholders
on September 20, 2012.

 

Amendment increasing
share reserve in Section 5.1 from 20,000,000 to 50,000,000 and increasing share limits in Section 5.4 approved by the Board of
Directors on April 1, 2013 and by the shareholders on April 15, 2013.

 

Amendment increasing
share reserve in Section 5.1 from 50,000,000 to 100,000,000 approved by the Board of Directors on August 1, 2013 and by the shareholders
on September 10, 2013.

 

Due to a 1-for-75
reverse stock split effective October 24, 2014, the share reserve was reduced to 1,333,334.

 

Amendment increasing
share reserve in Section 5.1 to 100,000,000 and increasing share limits in Section 5.4 approved by the Board of Directors on June
6, 2016 and by the shareholders on July 28, 2016.

 

12Exhibit

 

Exhibit 10.01
September 16, 2016 
By Electronic Mail
Steven W. Streit
c/o Green Dot Corporation
3465 E. Foothill Blvd.
Pasadena, California 91107
Dear Steve:
This letter agreement (this “Employment Agreement”) sets forth the terms of your continued employment with Green Dot Corporation (the “Company”) as the Company’s President and Chief Executive Officer (“CEO”).  Your service with the Company will be subject to the terms and conditions of this Employment Agreement and shall be effective as of the date set forth on the signature page hereto (the “Effective Date”).  
		
	A.
	Terms of Continued Employment

1.    Reporting; Place of Employment.  You will report to, and serve at the pleasure of, the Company’s Board of Directors (the “Board”).  Your place of employment will be the Company’s offices in Pasadena, California.  Subject to re-election by the stockholders of the Company, in all cases as provided under the Company’s bylaws and certificate of incorporation, you will also serve on the Board during your employment as CEO.  
2.    Compensation.  Your annual base salary (your “Base Salary”) will be equal to your annual base salary in effect immediately prior to the Effective Date.  For the purposes of clarification, the parties acknowledge and agree that such amount is $666,000.00 on an annualized basis, less applicable withholdings, payable bi-weekly in accordance with the Company’s normal payroll practices.  Your Base Salary may be increased as determined by the Compensation Committee of the Board.  
3.    Bonus Plan Participation.  In addition to your Base Salary, you will be eligible to participate in the Company’s annual Executive Officer Incentive Bonus Plan (the “Bonus Plan”), under which your annual target bonus will be equal to your annual target bonus in effect immediately prior to the Effective Date.  For purposes of clarification, the parties acknowledge and agree that such amount is 100% of your Base Salary for the applicable fiscal year (your “Target Bonus”).  The actual bonus amount awarded will be determined under, and subject to all the terms, conditions and restrictions of, the applicable Bonus Plan, as amended from time to time.
4.    Company Equity Awards.  You will be eligible to receive future grants of Company equity awards, in all cases as determined by, and subject to the approval of, the Compensation Committee of the Board.  
5.    Fringe Benefits.  You will be entitled to participate in the employee benefit plans maintained by the Company, which are subject to change, and available to other senior executives of the Company on applicable terms and conditions of those plans.  This will include health, dental and vision coverage, plus participation in other plans currently maintained by the Company or which may become available to Company employees from time to time.  You are also eligible to accrue three (3) weeks of vacation per year, subject to the Company’s vacation policy.

1    

6.    Indemnification and Insurance.  The Company shall indemnify you with respect to activities in connection with your employment hereunder under the indemnification and insurance provision of the Company’s bylaws and the Indemnity Agreement by and between you and the Company dated December 11, 2015, which continues in full force and effect.  You will continue to be named as an insured on the director and officer liability insurance policy currently maintained, or as may be maintained from time to time, by the Company.
7.    Termination of Employment.  Provided you deliver to the Company the Transitional Advisory Agreement and Release of Claims set forth on Exhibit A hereto (the “Release”) and satisfy all conditions to make the Release effective within sixty (60) days following your Separation (such sixty (60) day period, the “Release Period”), you shall be entitled to the following:
(a)    Existing Severance and Acceleration.  The Executive Severance Agreement by and between you and the Company effective as of April 28, 2010 (the “Severance Agreement”) shall remain in full force and effect, except that you and the Company hereby acknowledge and agree: 
(i)    Section 4(a)(i), including any related references to severance provided thereunder, is hereby deleted in its entirety and you shall not have any right, title or interest in or to payment of any amount under such provision;
(ii)    Section 4(a) is hereby amended to provide that the acceleration under Section 4(a)(ii) additionally shall apply in the event of your resignation of employment with the Company for Good Reason (as defined in this Employment Agreement); and
(iii)    As a matter of clarification, that the acceleration provision set forth in Section 4(a)(ii) of the Severance Agreement was intended to apply, and shall only apply, to Company equity awards subject to time-based vesting conditions and shall not apply to any Company equity awards subject to vesting based on achievement of individual or company performance goals or factors (“Performance Based Awards”).  For the avoidance of doubt, Section 4(a)(ii) shall not apply to your awards of performance-based restricted stock units in 2015 and 2016 that vest upon the Company’s total shareholder return ranking as compared to the S&P SmallCap 600 over a three-year period.
(b)    Acceleration of Performance Based Awards.  Subject to the provisions of this Employment Agreement, in the event of your Separation following the Effective Date due to a termination of your employment by the Company without Cause or your resignation of employment with the Company for Good Reason, then that portion of your Eligible Shares that constitute Earned Shares will immediately vest and, if applicable, settle in accordance with the applicable agreement evidencing your Performance Based Awards and the Company’s 2010 Equity Incentive Plan on the first business day following expiration of the Release Period.  For purposes of this paragraph, “Eligible Shares” mean those shares subject to your Performance Based Awards that are eligible to be earned through completion of the applicable performance year (within the applicable performance period) in which your Separation occurs (or if the Performance Based Award has a multi-year performance period without individual performance years, then the shares eligible to be earned under such Performance Based Award shall be appropriately adjusted by a fraction equal to the number of full years within the performance period that have been completed through the year in which your Separation occurs (with partial years being rounded up) divided by the number of years in the multi-year performance period) and “Earned Shares” are those Eligible Shares determined to have been “earned” based on evaluation of the achievement of applicable performance goals or factors (such as total shareholder return) set forth in the applicable agreement evidencing your Performance Based Awards through your Separation or, if the applicable performance period ends prior to your Separation, through the end of such performance period, as determined by the Company.  For example, in the case of the Performance-

2    

Based Restricted Stock Unit Award granted to you on March 25, 2016 (the “2016 PRSU”), if your employment is terminated by the Company without Cause or you terminate employment for Good Reason (i) in month 20 of the 36 month performance period and (ii) the Company’s relative TSR (within the meaning of such term in the 2016 PRSU) over the period, January 1, 2016 through the date of your Separation, is at the 25th percentile of the S&P SmallCap 600 for the same period, then (i) the “Target Long Term Incentive Grant” (as defined in the 2016 PRSU) would be adjusted to represent two-thirds of its original value, or 66,142 shares (i.e., 99,213 multiplied by 2/3), because under the provisions above two of the three years of the three-year performance period thereunder would be deemed to have been completed, and (ii) a TSR factor of 0.50 would apply under the 2016 PRSU because under the provisions above the performance goal under the 2016 PSRU would be measured from January 1, 2016 through your Separation date; in this example, vesting and settlement would be accelerated with respect to 33,071 shares under the 2016 PRSU and the balance of the shares subject to the 2016 PRSU would be forfeited.
Any vesting acceleration provided under this Section 7, including pursuant to the Severance Agreement referenced herein, shall be effected on the first business day following expiration of the Release Period provided you have tendered the Release and the Release is effective with the Release Period.  
Notwithstanding any provision of the applicable equity award agreement or the Company’s 2010 Equity Incentive Plan to the contrary, upon your Separation following the Effective Date due to termination of your employment by the Company without Cause or your resignation of employment with the Company for Good Reason you shall immediately forfeit, without consideration, and you shall not have any right, title or interest in or to, any and all shares subject to your Performance Based Awards that are not vested as a result of application of this Section 7.  
For the avoidance of doubt, termination of your employment for your death or disability shall not constitute a Separation due to termination of your employment by the Company without Cause or your resignation of employment with the Company for Good Reason under this Employment Agreement.
8.    Advisory Service.  You acknowledge and agree that immediately upon your Separation due to termination of your employment by the Company without Cause or your resignation of employment with the Company for Good Reason that (i) this Employment Agreement will terminate and (ii) you and the Company will immediately enter into the transitional advisory agreement and release of claims (the “Transitional Advisory Agreement and Release of Claims”) set forth on Annex A hereto. 
9.    Definitions.  
(a)    “Cause” means any of the following:  (i) your conviction of or plea of nolo contendere to a felony; (ii) an act by you which constitutes gross misconduct in the performance of your employment obligations and duties; (iii) your  act of fraud against the Company or any of its affiliates; (iv) your theft or misappropriation of property (including, without limitation, intellectual property) of the Company or its affiliates; (v) material breach by you of any confidentiality agreement with, or duties of confidentiality to, the Company or any of its affiliates that involves your wrongful disclosure of material confidential or proprietary information (including, without limitation, trade secrets or other intellectual property) of the Company or any of its affiliates; (vi) your continued material violation of your employment obligations and duties to the Company (other than due to Employee’s death or Disability) after the Company has delivered to you a written notice of such violation that describes the basis for the Company’s belief that such violation has occurred and you have not substantially cured such violation within thirty (30) calendar days after such written notice is given by the Company.

3    

(b)    “Code” means the United States Internal Revenue Code of 1986, as amended. 
(c)    “Good Reason” shall mean the occurrence of any of the following events or conditions, without your express written consent: 
(i)    a material diminution by the Company in your duties, authority or responsibilities in your capacity as President and Chief Executive Officer of the Company; notwithstanding the foregoing, in the event the Company’s securities are not Tradable, provided you have the duties, responsibilities and authority commensurate with the position of a president and chief executive officer  of a private company, any comparative reduction with respect to your duties, responsibilities and authority commensurate with the position of  a president and chief executive officer of a public company shall not constitute grounds for a claim of Good Reason under this Employment Agreement;
(ii)    a material reduction by the Company in your annual base salary (which for purposes hereof is deemed to constitute a reduction of greater than 10%, unless such reduction applies as part of a salary reduction program and such program includes similar reductions to all of your direct reports); or
(iii)    the relocation of your principal place of employment to a location more than 50 miles from your principal place of employment immediately prior to your termination. 
With respect to each of subsection (i), (ii) and (iii) above, you must provide notice to the Company of the condition giving rise to “Good Reason” within 30 days of the initial existence of such condition, and the Company will have 30 days following such notice to remedy such condition.  You must resign your employment no later than 30 days following the Company’s failure to cure the Good Reason or written notice to you that it will decline to do so.
(d)    “Separate”, “Separated” or Separation” means that a “separation from service” has occurred, as defined under Section 1.409A-1(h) of the Treasury Regulations under Section 409A of the Code. 
10.    At-Will Employment Relationship.  Your employment with the Company is “at-will.”  This means you may resign at any time for any reason.  Likewise, the Company may terminate your employment relationship at any time, with or without cause or notice.  Any change to the at-will employment relationship must be by a specific, written agreement signed by you and the Company’s Compensation Committee.  In the event your employment with the Company terminates for any reason, or for no reason, you and the Company agree to discuss in good faith the manner of your resignation from the Board to determine the most appropriate action for you to take under the then-existing facts and circumstances.
		
	B.
	General Terms

1.    Section 280G; Parachute Payments.  In the event that the severance and other benefits provided for in this Employment Agreement or otherwise payable or provided to you constitute “parachute payments” within the meaning of Section 280G of the Code, then:
(a)    Determination.  For purposes of the immediately following paragraph related to Section 280G of the Code, unless the Company and you otherwise agree in writing, the determination of your excise tax liability and the amount required to be paid shall be made in writing by an accountant chosen by the Company, which shall be from one of the six largest national accounting firms (an “Accountant”).  For purposes of its calculations, the Accountant may make reasonable assumptions and approximations 

4    

concerning applicable taxes and may rely on interpretations of the Code for which there is a “substantial authority” tax reporting position.  The Company and you shall furnish to the Accountant such information and documents as the Accountant may reasonably request in order to make its determinations.  The Company shall bear all costs the Accountant may reasonably incur in connection with any calculations contemplated hereunder.  The Accountants shall provide their calculations, together with detailed supporting documentation, to the Company and you within thirty (30) calendar days after the date on which the Accountants have been engaged to make such determinations or such other time as requested by the Company or you.  Any good faith determinations of the Accountants made hereunder shall be final, binding and conclusive upon the Company and you. 
(b)    Company’s Securities Tradable; Best Results Reduction.  In the event the Company’s securities are Tradable, if any parachute payments will be subject to the excise taxes under Section 4999 of the Code, then the parachute payments will be payable to you either in full or in such lesser amounts as would result, after taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, on your receipt on an after-tax basis of the greatest amount of payments and other benefits, by reducing payments in the following order: first a pro rata reduction of (i) cash payments subject to Section 409A of the Code as deferred compensation and (ii) cash payments not subject to Section 409A of the Code, and second a pro rata cancellation of (i) equity award compensation subject to Section 409A of the Code as deferred compensation and (ii) equity award compensation not subject to Section 409A of the Code (the “Best Results Reduction”).  In the event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant.  “Tradable” means “readily tradable on an established securities market or otherwise,” as described in Section 1.280G-1, Q/A-6 of the Treasury Regulations under Section 280G of the Code.  
2.    Section 409A.  To the extent (a) any payments to which you become entitled under this Employment Agreement, or any agreement or plan referenced herein, in connection with your termination of employment with the Company constitute deferred compensation subject to Section 409A of the Code and (b) you are deemed at the time of such termination of employment to be a “specified” employee under Section 409A of the Code, then such payment or payments will not be made or commence until the earlier of (i) the expiration of the six (6)-month period measured from the date of your Separation and (ii) the date of your death following such separation from service; provided, however, that such deferral will be effected only to the extent required to avoid adverse tax treatment to you, including (without limitation) the additional twenty percent (20%) tax for which you would otherwise be liable under Section 409A(a)(1)(B) of the Code in the absence of such deferral.  Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this paragraph will be paid to you or your beneficiary in one lump sum (without interest).
To the extent that any provision of this Employment Agreement is ambiguous as to its exemption or compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder are exempt from Section 409A to the maximum permissible extent, and for any payments where such construction is not tenable, that those payments comply with Section 409A to the maximum permissible extent.  To the extent any payment under this Employment Agreement may be classified as a “short-term deferral” within the meaning of Section 409A, such payment will be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A.
Payments pursuant to this Employment Agreement (or referenced in this Employment Agreement) are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the regulations under Section 409A.

5    

Notwithstanding the foregoing, in the event the Company determines that any compensation or benefits payable under this Employment Agreement may be subject to Section 409A, the Company will work in good faith with you to adopt such amendments to this Employment Agreement, or to adopt such policies and procedures or take such other actions that the Company determines are necessary or appropriate, to avoid the imposition of taxes under Section 409A.  
3.    Confidential Information and Other Company Policies.  You will be bound by and comply fully with the Company’s standard confidentiality agreement (a form of which was been provided to you), insider trading policy, code of conduct, and any other policies and programs adopted by the Company regulating the behavior of its employees, as such policies and programs may be amended from time to time.
4.    Business Expense Reimbursement.  You will be reimbursed, in accordance with the Company’s expense reimbursement policy, for all business expenses reasonably and necessarily incurred by you in connection with your employment with the Company.
5.    Conflicts of Interest.  During the term of your employment with the Company, you will be expected to devote your full working time and attention to the business of the Company, and you will not render services to any other business without the prior approval of the Board.  You must not engage in any work, paid or unpaid, that creates an actual conflict of interest with the Company.  Such work shall include, but is not limited to, directly or indirectly competing with the Company in any way, or acting as an officer, director, employee, consultant, stockholder, volunteer, lender, or agent of any business enterprise of the same nature as, or which is in direct competition with, the business in which the Company is now engaged or in which the Company becomes engaged during the term of your employment with the Company, as may be determined by the Company in its sole discretion.  If the Company believes such a conflict exists during the term of this Employment Agreement, the Company may ask you to choose to discontinue the other work or resign employment with the Company.  
6.    Employee Inventions and Confidentiality Agreement.  You acknowledge and agree that you continue to be bound by the Employee Inventions and Confidentiality Agreement (the “Employee Inventions and Confidentiality Agreement”) previously entered into by and between you and the Company.
7.    Withholding.  All sums payable to you hereunder will be reduced by all applicable federal, state, local and other withholding and similar taxes and payments required by applicable law.  
8.    Severability.  If any term, covenant, condition or provision of this Employment Agreement or the application thereof to any person or circumstance shall, at any time, or to any extent, be determined invalid or unenforceable, the remaining provisions of this Employment Agreement shall not be affected thereby and shall be deemed valid and fully enforceable to the extent permitted by law.
9.    Successors; Assignment.  The rights and obligations of the Company under this Employment Agreement shall inure to the benefit of and be binding upon the successors and assigns of the Company.  Your rights and obligations hereunder are non-assignable.  The Company may assign its rights and obligations to any entity in which the Company or an entity affiliated with the Company, has a majority ownership interest.
10.    Notices.  Notices and all other communications contemplated by this Employment Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid.  Notices or other communication directed to you shall be addressed to your home address most recently communicated 

6    

to the Company in writing.  Notices or other communication directed to the Company shall be addressed to the Company’s corporate headquarters and directed to the attention of the Board.  
11.    Entire Agreement.  This Employment Agreement, your Severance Agreement, agreements governing your Company equity awards and the Employee Inventions and Confidentiality Agreement set forth the terms of your employment with the Company and supersedes any prior representations or agreements, whether written or oral.  This Employment Agreement may not be modified or amended except by a written agreement signed by you and the Company’s Compensation Committee. 
12.    Choice of Law.  This Employment Agreement is made and entered into in the State of California, and shall in all respects be interpreted, enforced and governed by and under the laws of the State of California (but not including any choice of law rule thereof that would cause the laws of another jurisdiction to apply).  
13.    Arbitration and Class Action Waiver.  You and the Company agree to submit to mandatory binding arbitration any and all claims arising out of or related to your employment with the Company and the termination thereof, including, but not limited to, claims for unpaid wages, wrongful termination, torts, stock or stock options or other ownership interest in the Company, and/or discrimination (including harassment) based upon any federal, state or local ordinance, statute, regulation or constitutional provision, except that each party may, at its, his or her option, seek injunctive relief in court related to the improper use, disclosure or misappropriation of a party’s private, proprietary, confidential or trade secret information (collectively, “Arbitrable Claims”).  Further, to the fullest extent permitted by law, you and the Company agree that no class or collective actions can be asserted in arbitration or otherwise.  All claims, whether in arbitration or otherwise, must be brought solely in your or the Company’s individual capacity, and not as a plaintiff or class member in any purported class or collective proceeding.  Nothing in this Arbitration and Class Action Waiver section, however, restricts your right, if any, to file in court a representative action under California Labor Code Sections 2698, et seq.
SUBJECT TO THE ABOVE PROVISO, THE PARTIES HEREBY WAIVE ANY RIGHTS THEY MAY HAVE TO TRIAL BY JURY IN REGARD TO ARBITRABLE CLAIMS.  THE PARTIES FURTHER WAIVE ANY RIGHTS THEY MAY HAVE TO PURSUE OR PARTICIPATE IN A CLASS OR COLLECTIVE ACTION PERTAINING TO ANY ARBITRABLE CLAIMS BETWEEN YOU AND THE COMPANY.
This Employment Agreement does not restrict your right to file administrative claims you may bring before any government agency where, as a matter of law, the parties may not restrict your ability to file such claims (including, but not limited to, the National Labor Relations Board, the Equal Employment Opportunity Commission and the Department of Labor).  However, the parties agree that, to the fullest extent permitted by law, arbitration shall be the exclusive remedy for the subject matter of such administrative claims.  The arbitration shall be conducted in Los Angeles County, California through JAMS before a single neutral arbitrator, in accordance with the JAMS employment arbitration rules then in effect.  The JAMS rules may be found and reviewed at http://www.jamsadr.com/rules-employment-arbitration.  If you are unable to access these rules, please let the Company know and the Company will provide you with a hardcopy.  The arbitrator shall issue a written decision that contains the essential findings and conclusions on which the decision is based.  In the event of arbitration relating to this Employment Agreement or your service with the Company, each of you and the Company will bear its own costs, including, without limitation, attorneys’ fees.
14.    Counterparts.  This Employment Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument.  

7    

[SIGNATURE PAGE TO EMPLOYMENT AGREEMENT FOLLOWS]

8    

To indicate your acceptance of this Employment Agreement, please sign and date this Employment Agreement in the space provided below and return it within three (3) business days either via fax 
 
(626-219-8722), mail, or scanned email.  
Sincerely,
/s/ William I. Jacobs
William I. Jacobs
Chairman of the Board of Directors
ACCEPTANCE:
I have read the foregoing Employment Agreement and agree with the terms and conditions as set forth herein.
	
			
	EFFECTIVE DATE:
	 
	September 16, 2016

	 
	 
	 

	SIGNATURE:
	 
	/s/ Steven W. Streit

	 
	 
	Steven W. Streit

[SIGNATURE PAGE TO EMPLOYMENT AGREEMENT]

9    

Exhibit A
TRANSITIONAL ADVISORY AGREEMENT AND RELEASE OF CLAIMS

        

TRANSITIONAL ADVISORY AGREEMENT AND RELEASE OF CLAIMS
This Transitional Advisory Agreement and Release of Claims (this “Agreement”) is entered into as of [________], by and between Steven W. Streit (“you”) and Green Dot Corporation (the “Company”), collectively referred to herein as the “Parties”.  Capitalized terms used herein, but not defined herein, shall have the meanings ascribed to them in the Employment Agreement by and between you and the Company dated September 16, 2016 (the “Employment Agreement”).
RECITALS
WHEREAS, you have been employed by the Company as its President and Chief Executive Officer pursuant to the Employment Agreement, and you and the Company now wish to effect a Separation of your employment relationship;
WHEREAS, pursuant to the Employment Agreement, you and the Company agreed that upon your Separation due to termination of your employment by the Company without Cause or your resignation of employment with the Company for Good Reason (as such terms are defined in the Employment Agreement), as applicable, the Employment Agreement would terminate and you would continue service with the Company as an independent contractor for a period of time following your Separation;
WHEREAS, you and the Company wish to set forth in writing the terms of your service with the Company as an independent contractor, and the Company wishes to receive from you a general release of all claims against the Company;
WHEREAS, the Parties, and each of them, wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions and demands that you may have against the Company as defined herein, including, but not limited to, any and all claims arising or in any way related to your employment with, or separation from, the Company, and you and the Company desire to embody in this Agreement the terms, conditions and benefits to be provided in connection with your termination of employment with the Company; 
NOW THEREFORE, in consideration of the promises made herein, the Parties hereby agree as follows:
AGREEMENT
		
	A.
	Separation

11.    Separation Date.  Your Separation is effective as of the close of business on [_________] (your “Separation Date”).  The Company shall pay to you all amounts and benefits that have accrued or were earned but remain unpaid through your Separation Date in respect of salary, bonus and unreimbursed expenses, including accrued and unused vacation, on the Separation Date, regardless of whether you sign this Agreement.  
12.    Consideration for Release.  Subject to your compliance with the terms and conditions of this Agreement, and provided you deliver to the Company this signed Agreement and satisfy all conditions to make the Release effective within sixty (60) days following your Separation (such sixty (60) day period, the “Release Period”), the Company shall provide you with the acceleration set forth under Section 7 of the Employment Agreement as compensation for the Release set forth herein.  

1    

		
	B.
	Terms of Advisory Service

Subject to your execution of this Agreement and the effectiveness of the Release set forth herein within the Release Period, your service with the Company during the Advisory Period shall be subject to the terms set forth below.  
15.    Advisory Period. You will serve as an independent contractor of the Company for the two (2) year period commencing immediately upon your Separation due to termination of your employment by the Company without Cause or your resignation of employment with the Company for Good Reason (such two (2) year period, the “Advisory Period”).  
16.    Services.  During the Advisory Period you shall provide consulting and advisory services, at a rate no greater than 10 hours per month to the Board or the named executive officers of the Company as reasonably requested and in such manner (including by telephone) and at such time and place as you and the Company may mutually agree (the “Services”).  You shall provide the Services as an independent contractor of the Company and nothing in this Agreement will be construed as creating a joint venture relationship or an employer/employee/agency relationship between you and the Company.  
17.    Advisory Period Compensation. 
(a)    Fee.  During the Advisory Period you shall receive a monthly payment equal to the quotient of (i) one (1) times the greater of (I) the sum of your Base Salary and Target Bonus as in effect as of immediately prior to execution of the Employment Agreement and (II) the sum of your Base Salary and Target Bonus as in effect immediately prior to your Separation divided by (ii) twelve (12).  
(b)    COBRA Benefit.  Subject to your timely and proper election of coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), your then-effective group health benefits for you and your COBRA-eligible dependents shall be continued at Company’s cost for all premiums under COBRA (the monthly cost of such premiums, the “COBRA Premium”) for 18-months (the “Non-Cash COBRA”), provided that, if the Company determines that it cannot provide the Non-Cash COBRA without potentially violating applicable law or incurring additional expense under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will provide you, in lieu thereof, taxable, continued installment payments equal to the COBRA Premium for 18-months (measured from the date of Separation), which payments will be made regardless of whether you elect COBRA continuation coverage (the “Cash COBRA”).  Notwithstanding the foregoing, the number of months of Cash COBRA to be paid, in any case, shall be reduced by the number of months of Non-Cash COBRA previously paid by the Company.  
Notwithstanding any provision to the contrary, payment of the amounts set forth in Sections 3(a) and 3(b) above shall (i) be subject to any applicable six (6) month delay that may be required under Section 409A and (ii) to the extent the Release Period (or the seventy (70) day period following your Separation, in the event such Separation is due to your resignation for Good Reason) spans two calendar years, always commence in the second calendar year, in which case the first payment shall include any amounts which would have otherwise been payable in the first calendar year. 
Upon termination of your consulting services by the Company under this Agreement prior to the end of the Advisory Period for any reason, any then-unearned portion of the amounts provided under Sections 3(a) and 3(b) shall be paid to you in accordance with the schedule set forth herein.

2    

You acknowledge and agree that your strict compliance with the terms of this Agreement, including Section 5 below, is a condition to your receipt of any consideration pursuant to the terms of this Agreement.  You further acknowledge and agree that in the event of any breach of your obligations under this Agreement, the Company shall, in its sole and absolute discretion, be entitled to refrain from making any payment of amounts provided under Sections 3(a) and 3(b) which may be due but have not yet been paid, until such time as you have fully cured any such breach(es) to the satisfaction of the Company.  
18.    Indemnification and Insurance.  The Company shall indemnify you with respect to activities in connection with your service hereunder under the indemnification and insurance provision of the Indemnity Agreement by and between you and the Company dated December 11, 2015, which continues in full force and effect. In addition, the Company will make commercially reasonable efforts to extend coverage under the director and officer liability insurance policy currently maintained, or as may be maintained from time to time, by the Company for your service to the Company (not in your capacity as a director or officer). 
19.    Advisory Period Covenants.
(a)    Non-Competition.  During the Advisory Period, without the written consent of the Company, you will not become employed by (as an officer, director, employee, consultant or otherwise), involved or engaged in, or otherwise commercially interested in or affiliated with (other than as a less than 5% equity owner of any corporation traded on any national, international or regional stock exchange or over-the-counter market) any person or entity that competes with the Company or an affiliate thereof (together, the “Company Group”) in the business of providing pre-paid debit cards, cash reload processing services, tax refund processing services or checking account products.
(b)    Non-Solicitation of Clients and Customers.  During the Advisory Period, without the written consent of the Company, you will not solicit or attempt to solicit, for competitive purposes, the business of any of the clients or customers of any member of the Company Group, or otherwise induce such customers or clients or prospective customers or clients to reduce, terminate, restrict, or alter their business relationship with any member of the Company Group in any fashion.
(c)    Non-Solicitation of Employees.  During the Advisory Period and for a period of one (1) year thereafter, without the written consent of the Company, you will not induce or attempt to induce any employee of any member of the Company Group to leave the employment of the Company Group.  Notwithstanding the foregoing, for purposes of this Agreement, the placement of general advertisements that may be targeted to a particular geographic or technical area but that are not specifically targeted toward employees of the Company or its successor assigns shall not be deemed to be a breach of this Section 5.  
		
	C.
	Release

In consideration of the payments and benefits provided and to be provided to you by the Company under this Agreement, and in connection with your Separation due to termination of your employment by the Company without Cause or your resignation of employment with the Company for Good Reason (as such terms are defined in the Employment Agreement), as applicable, by your signature below you agree to the following general release (the “Release”).
1.On behalf of yourself, your heirs, executors, administrators, successors, and assigns, you hereby fully and forever generally release and discharge the Company, its current, former and future parents, subsidiaries, affiliated companies, related entities, employee benefit plans, and their fiduciaries, predecessors, successors, officers, directors, shareholders, agents, employees and assigns (collectively, for purposes of this 

3    

Section C, the “Company”) from any and all claims, causes of action, and liabilities up through the date of your execution of this Release. The claims subject to this Release include, but are not limited to, those relating to your employment with the Company and/or any predecessor to the Company and the termination of such employment. All such claims (including related attorneys’ fees and costs) are barred without regard to whether those claims are based on any alleged breach of a duty arising in statute, contract, or tort. This expressly includes waiver and release of any rights and claims arising under any and all laws, rules, regulations, and ordinances, including, but not limited to: Title VII of the Civil Rights Act of 1964; the Older Workers Benefit Protection Act; the Americans With Disabilities Act; the Age Discrimination in Employment Act; the Fair Labor Standards Act; the National Labor Relations Act; the Family and Medical Leave Act; the Employee Retirement Income Security Act of 1974, as amended (“ERISA”); the Workers Adjustment and Retraining Notification Act; the California Fair Employment and Housing Act (if applicable); the provisions of the California Labor Code (if applicable); the Equal Pay Act of 1963; and any similar law of any other state or governmental entity.  You further waive any rights under Section 1542 of the Civil Code of the State of California or any similar state statute. Section 1542 states: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which, if known to him or her, must have materially affected his or her settlement with the debtor.” This Release does not extend to, and has no effect upon, any benefits that have accrued, and to which you have become vested or otherwise entitled to, under any employee benefit plan, program or policy sponsored or maintained by the Company, or to your right to indemnification by the Company, and continued coverage by the Company’s director’s and officer’s liability insurance policy, to any claim that arises after the date of this Agreement or to nay right you may have to obtain contribution as permitted by law in the event of entry of judgment against you as a result of any act or failure to act for which the Company, or any of its subsidiaries or affiliates, and you are held jointly liable.
2.    In understanding the terms of the Release and your rights, you have been advised to consult with an attorney of your choice prior to executing the Release.  You understand that nothing in the Release shall prohibit you from exercising legal rights that are, as a matter of law, not subject to waiver such as: (a) your rights under applicable workers’ compensation laws; (b) your right, if any, to seek unemployment benefits; (c) your right to indemnity under California Labor Code section 2802 or other applicable state-law right to indemnity; and (d) your right to file a charge or complaint with a government agency such as but not limited to the Equal Employment Opportunity Commission, the National Labor Relations Board, the Department of Labor, the California Department of Fair Employment and Housing, or other applicable state agency. Moreover, you will continue to be indemnified for your actions taken while employed by the Company to the same extent as other then-current or former directors and officers of the Company under the Company’s Certificate of Incorporation and Bylaws and any director or officer indemnification agreement between you and the Company, if any, and you will continue to be covered by the Company’s director’s and officer’s liability insurance policy as in effect from time to time to the same extent as other then-current or former directors and officers of the Company, each subject to the requirements of the laws of the State of California. 
3.    You understand and agree that the Company will not provide you with the payments and benefits under this Agreement (including those referenced herein and made under the Employment Agreement or the Severance Agreement, as applicable) unless you execute the Release. You also understand that you have received or will receive, regardless of the execution of the Release, all wages owed to you together with any accrued but unused vacation pay, less applicable withholdings and deductions, earned through your termination date.
4.    As part of your existing and continuing obligations to the Company, you have returned to the Company all Company documents (and all copies thereof) and other Company property that you have had in your possession at any time, including but not limited to the Company’s files, notes, drawings, records, 

4    

business plans and forecasts, financial information, specification, computer-recorded information, tangible property (including, but not limited to, computers, laptops, pagers, etc.), credit cards, entry cards, identification badges and keys; and any materials of any kind which contain or embody any proprietary or confidential information of the Company (and all reproductions thereof). You understand that, even if you did not sign the Release, you are still bound by any and all confidential/proprietary/trade secret information, non-disclosure and inventions assignment agreement(s) signed by you in connection with your employment with the Company, or with a predecessor or successor of the Company pursuant to the terms of such agreement(s).
5.    You represent and warrant that you are the sole owner of all claims relating to your employment with the Company and/or with any predecessor of the Company, and that you have not assigned or transferred any claims relating to your employment to any other person or entity.
6.    You agree to keep the payments and benefits provided hereunder and the provisions of this Release confidential and not to reveal its contents to anyone except your lawyer, your spouse or other immediate family member, and/or your financial consultant, or as required by legal process or applicable law.
7.    You understand and agree that the Release shall not be construed at any time as an admission of liability or wrongdoing by either the Company or yourself.
8.    You agree that you will not make any negative or disparaging statements or comments, either as fact or as opinion, about the Company, its employees, officers, directors, shareholders, vendors, products or services, business, technologies, market position or performance. The Company (including its subsidiaries and affiliates) will not make, and agrees to use its best efforts to cause the officers, directors, employees and spokespersons of the Company to refrain from making, any negative or disparaging statements or comments, either as fact or as opinion, about you (or authorizing any statements or comments to be reported as being attributed to the Company). Nothing in this paragraph shall prohibit you or the Company from providing truthful information in response to a subpoena or other legal process.
9.    You agree that you have had at least twenty-one (21) calendar days in which to consider whether to execute the Release, no one hurried you into executing the Release during that period, and no one coerced you into executing the Release. You understand that the offer of the payments and benefits hereunder and the Release shall expire on the twenty-second (22nd) calendar day after your employment termination date if you have not accepted it by that time. You further understand that the Company’s obligations under the Release shall not become effective or enforceable until the eighth (8th) calendar day after the date you sign the Release provided that you have timely delivered it to Company (the “Effective Date”) and that in the seven (7) day period following the date you deliver a signed copy of the Release to Company you understand that you may revoke your acceptance of the Release. You understand that the payments and benefits under this Agreement (including those referenced herein and made under the Employment Agreement or the Severance Agreement, as applicable) will become available to you at such time after the Effective Date. 
10.    In executing the Release, you acknowledge that you have not relied upon any statement made by the Company, or any of its representatives or employees, with regard to the Release unless the representation is specifically included herein.  Furthermore, the Release contains our entire understanding regarding eligibility for payments and benefits and supersedes any or all prior representation and agreement regarding the subject matter of the Release. However, the Release does not modify, amend or supersede written Company agreements that are consistent with enforceable provisions of this Release such as your proprietary information and invention assignment agreement, and any stock, stock option and/or stock 

5    

purchase agreements between the Company and you. Once effective and enforceable, this agreement can only be changed by another written agreement signed by you and an authorized representative of the Company.
		
	D.
	General Terms

1.    Section 280G; Parachute Payments.  In the event that the severance and other benefits provided for in this Agreement or otherwise payable or provided to you constitute “parachute payments” within the meaning of Section 280G of the Code, then:
(a)    Determination.  For purposes of the immediately following paragraph related to Section 280G of the Code, unless the Company and you otherwise agree in writing, the determination of your excise tax liability and the amount required to be paid shall be made in writing by an accountant chosen by the Company, which shall be from one of the six largest national accounting firms (an “Accountant”). For purposes of its calculations, the Accountant may make reasonable assumptions and approximations concerning applicable taxes and may rely on interpretations of the Code for which there is a “substantial authority” tax reporting position. The Company and you shall furnish to the Accountant such information and documents as the Accountant may reasonably request in order to make its determinations. The Company shall bear all costs the Accountant may reasonably incur in connection with any calculations contemplated hereunder.  The Accountants shall provide their calculations, together with detailed supporting documentation, to the Company and you within thirty (30) calendar days after the date on which the Accountants have been engaged to make such determinations or such other time as requested by the Company or you.  Any good faith determinations of the Accountants made hereunder shall be final, binding and conclusive upon the Company and you. 
(b)    Company’s Securities Tradable; Best Results Reduction.  In the event the Company’s securities are Tradable, if any parachute payments will be subject to the excise taxes under Section 4999 of the Code, then the parachute payments will be payable to you either in full or in such lesser amounts as would result, after taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, on your receipt on an after-tax basis of the greatest amount of payments and other benefits, by reducing payments in the following order: first a pro rata reduction of (i) cash payments subject to Section 409A of the Code as deferred compensation and (ii) cash payments not subject to Section 409A of the Code, and second a pro rata cancellation of (i) equity award compensation subject to Section 409A of the Code as deferred compensation and (ii) equity award compensation not subject to Section 409A of the Code (the “Best Results Reduction”). In the event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant. “Tradable” means “readily tradable on an established securities market or otherwise,” as described in Section 1.280G-1, Q/A-6 of the Treasury Regulations under Section 280G of the Code.  
2.    Section 409A.  To the extent (a) any payments to which you become entitled under this Agreement, or any agreement or plan referenced herein, in connection with your termination of employment with the Company constitute deferred compensation subject to Section 409A of the Code and (b) you are deemed at the time of such termination of employment to be a “specified” employee under Section 409A of the Code, then such payment or payments will not be made or commence until the earlier of (i) the expiration of the six (6)-month period measured from the date of your Separation and (ii) the date of your death following such separation from service; provided, however, that such deferral will be effected only to the extent required to avoid adverse tax treatment to you, including (without limitation) the additional twenty percent (20%) tax for which you would otherwise be liable under Section 409A(a)(1)(B) of the Code in the absence of such deferral.  Upon the expiration of the applicable deferral period, any payments which would have otherwise 

6    

been made during that period (whether in a single sum or in installments) in the absence of this paragraph will be paid to you or your beneficiary in one lump sum (without interest).
To the extent that any provision of this Agreement is ambiguous as to its exemption or compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder are exempt from Section 409A to the maximum permissible extent, and for any payments where such construction is not tenable, that those payments comply with Section 409A to the maximum permissible extent.  To the extent any payment under this Employment Agreement may be classified as a “short-term deferral” within the meaning of Section 409A, such payment will be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A.
Payments pursuant to this Agreement (or referenced in this Agreement) are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the regulations under Section 409A.
Notwithstanding the foregoing, in the event the Company determines that any compensation or benefits payable under this Agreement may be subject to Section 409A, the Company will work in good faith with you to adopt such amendments to this Agreement, or to adopt such policies and procedures or take such other actions that the Company determines are necessary or appropriate, to avoid the imposition of taxes under Section 409A.  
3.    Confidential Information and Other Company Policies.  You will be bound by and comply fully with the Company’s standard confidentiality agreement (a form of which was been provided to you), insider trading policy, code of conduct, and any other policies and programs adopted by the Company regulating the behavior of its service providers, as such policies and programs may be amended from time to time.
4.    Business Expense Reimbursement.  You will be reimbursed, in accordance with the Company’s expense reimbursement policy, for all business expenses reasonably and necessarily incurred by you in connection with your provision of the Services to the Company.
5.    Employee Inventions and Confidentiality Agreement.  You acknowledge and agreement that you continue to be bound by the Employee Inventions and Confidentiality Agreement (the “Employee Inventions and Confidentiality Agreement”) previously entered into by and between you and the Company as a condition of your service.
6.    Withholding.  Sums payable to you hereunder shall be paid without deduction and withholding, and you shall be solely responsible for remittance of any and all taxes due as a self-employed person.
7.    Severability.  If any term, covenant, condition or provision of this Agreement or the application thereof to any person or circumstance shall, at any time, or to any extent, be determined invalid or unenforceable, the remaining provisions of this Agreement shall not be affected thereby and shall be deemed valid and fully enforceable to the extent permitted by law.
8.    Successors; Assignment.  The rights and obligations of the Company under this Agreement shall inure to the benefit of and be binding upon the successors and assigns of the Company. Your rights and obligations hereunder are non-assignable. The Company may assign its rights and obligations to any entity in which the Company or an entity affiliated with the Company, has a majority ownership interest.

7    

9.    Notices.  Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid.  Notices or other communication directed to you shall be addressed to your home address most recently communicated to the Company in writing.  Notices or other communication directed to the Company shall be addressed to the Company’s corporate headquarters and directed to the attention of the Board.  
10.    Entire Agreement.  This Agreement, including the Employee Inventions and Confidentiality Agreement, sets forth the terms of your service with the Company and supersedes any prior representations or agreements, whether written or oral, including, but not limited to, the Employment Agreement.  This Agreement may not be modified or amended except by a written agreement signed by you and an authorized officer of the Company. 
11.    Arbitration and Class Action Waiver.  You and the Company agree to submit to mandatory binding arbitration any and all claims arising out of or related to your service with the Company and the termination thereof, including, but not limited to, claims for unpaid wages, wrongful termination, torts, stock or stock options or other ownership interest in the Company, and/or discrimination (including harassment) based upon any federal, state or local ordinance, statute, regulation or constitutional provision, except that each party may, at its, his or her option, seek injunctive relief in court related to the improper use, disclosure or misappropriation of a party’s private, proprietary, confidential or trade secret information (collectively, “Arbitrable Claims”).  Further, to the fullest extent permitted by law, you and the Company agree that no class or collective actions can be asserted in arbitration or otherwise.  All claims, whether in arbitration or otherwise, must be brought solely in your or the Company’s individual capacity, and not as a plaintiff or class member in any purported class or collective proceeding.  Nothing in this Arbitration and Class Action Waiver section, however, restricts your right, if any, to file in court a representative action under California Labor Code Sections 2698, et seq.
SUBJECT TO THE ABOVE PROVISO, THE PARTIES HEREBY WAIVE ANY RIGHTS THEY MAY HAVE TO TRIAL BY JURY IN REGARD TO ARBITRABLE CLAIMS.  THE PARTIES FURTHER WAIVE ANY RIGHTS THEY MAY HAVE TO PURSUE OR PARTICIPATE IN A CLASS OR COLLECTIVE ACTION PERTAINING TO ANY ARBITRABLE CLAIMS BETWEEN YOU AND THE COMPANY.
This Agreement does not restrict your right to file administrative claims you may bring before any government agency where, as a matter of law, the parties may not restrict your ability to file such claims (including, but not limited to, the National Labor Relations Board, the Equal Employment Opportunity Commission and the Department of Labor).  However, the parties agree that, to the fullest extent permitted by law, arbitration shall be the exclusive remedy for the subject matter of such administrative claims.  The arbitration shall be conducted in Los Angeles County, California through JAMS before a single neutral arbitrator, in accordance with the JAMS employment arbitration rules then in effect.  The JAMS rules may be found and reviewed at http://www.jamsadr.com/rules-employment-arbitration.  If you are unable to access these rules, please let the Company know and the Company will provide you with a hardcopy.  The arbitrator shall issue a written decision that contains the essential findings and conclusions on which the decision is based.  In the event of arbitration relating to this Agreement or your service with the Company, each of you and the Company will bear its own costs, including, without limitation, attorneys’ fees.
12.    Choice of Law.  This Agreement is made and entered into in the State of California, and shall in all respects be interpreted, enforced and governed by and under the laws of the State of California (but not including any choice of law rule thereof that would cause the laws of another jurisdiction to apply).

8    

13.    Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument.  
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the respective dates set forth below.
	
		
	Dated: ______________
	Green Dot Corporation
By: ______________________________  
Chairman of the Board of Directors

	Dated: ______________
	Steven W. Streit, an individual
__________________________________  
Steven W. Streit

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}]]