Document:

Higher One Holdings, Inc. 2000 Stock Incentive Plan

 Exhibit 10.17 

HIGHER ONE, INC 

2000 STOCK PLAN 

Dated April 20, 2000 

and amended on August 3, 2006 

SECTION 1. Purpose. 

The purpose of the 2000 Stock Plan (the “Plan”) is to secure for Higher One, Inc., (the “Company”), its parent (if
any) and any subsidiaries of the Company (collectively the “Related Corporations”) the benefits arising from capital stock ownership by those employees, directors and officers of the Company and any Related Corporations who will be
responsible for the Company’s future growth and continued success. 
 The Plan will provide a means whereby
(a) employees of the Company and any Related Corporations may purchase stock in the Company pursuant to options which qualify as “incentive stock options” (“Incentive Stock Options”) under Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”), (b) directors and employees of the Company and any Related Corporations may purchase stock in the Company pursuant to options granted hereunder which do not qualify as Incentive Stock
Options (“Non-Qualified Option” or “Non-Qualified Options”); (c) directors and employees of the Company and any Related Corporations may be awarded stock in the Company (“Awards”); and (d) directors and
employees of the Company and any Related Corporations may make direct purchases of stock in the Company (“Purchases”). Both Incentive Stock Options and Non-Qualified Options are referred to hereafter individually as an “Option”
and collectively as “Options.” As used herein, the terms “parent” and “subsidiary” mean “parent corporation” and “subsidiary corporation” as those terms are defined in Section 424 of the Code.
Options, Awards, and Purchases are referred to hereafter individually as a “Plan Benefit” and collectively as “Plan Benefits.” Directors and employees of the Company and any Related Corporations are referred to herein as
“Participants.” 
 SECTION 2. Administration. 

2.1 Board of Directors and the Committee. The Plan will be administered by the Board of Directors of the Company
whose construction and interpretation of the terms and provisions hereof shall be final and conclusive. Any director to whom a Plan Benefit is awarded shall be ineligible to vote upon his or her Plan Benefit, but Plan Benefits may be granted any
such director by a vote of the remainder of the directors, except as limited below. The Board of Directors may in its sole discretion grant Options, issue shares upon exercise of such Options, grant Awards, and approve Purchases, all as provided in
the Plan. The Board of Directors shall have authority, subject to the express provisions of the Plan, to construe the Plan and its related agreements, to prescribe, amend and rescind rules and regulations relating to the Plan, to determine the terms
and provisions of the respective Option, Award and Purchase agreements, which need not be identical, and to make all other determinations in the judgment of the Board of Directors necessary or desirable for the administration of the Plan. The Board
of Directors may 

 
correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any related agreement in the manner and to the extent it shall deem expedient to carry the Plan into
effect and it shall be the sole and final judge of such expediency. No director shall be liable for any action or determination made in good faith. The Board of Directors may delegate any or all of its powers under the Plan to a Compensation
Committee or other Committee (the “Committee”) appointed by the Board of Directors consisting of at least two members of the Board of Directors. If the Company has a class of stock registered pursuant to Section 12 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), then members of the Committee shall at all times be: (i) “outside directors” as such term is defined in Treas. Reg. § 1.162-27(e)(3) (or any successor regulation);
and (ii) “non-employee directors” within the meaning of Rule 16b-3 (or any successor rule) under the Exchange Act, as such terms are interpreted from time to time. If the Committee is so appointed, all references to the Board of
Directors herein shall mean and relate to such Committee, unless the context otherwise requires. 
 2.2 Compliance
with Section 162(m) of the Code. Section 162(m) of the Code, added by the Omnibus Budget Reconciliation Act of 1993, generally limits the tax deductibility to publicly held companies of compensation in excess of $1,000,000 paid to
certain “covered employees” (“Covered Employees”). If the Company is subject to Section 162(m) of the Code, it is the Company’s intention to preserve the deductibility of such compensation to the extent it is reasonably
practicable and to the extent it is consistent with the Company’s compensation objectives. For purposes of this Plan, Covered Employees of the Company shall be those employees of the Company described in Section 162(m)(3) of the Code.

 SECTION 3. Eligibility. 

3.1 Incentive Stock Options. Participants who are employees shall be eligible to receive Incentive Stock Options pursuant to
the Plan; provided that no person shall be granted any Incentive Stock Option under the Plan who, at the time such Option is granted, owns, directly or indirectly, Common Stock of the Company possessing more than 10% of the total combined voting
power of all classes of stock of the Company or of its Related Corporations, unless the requirements of Section 6.6(b) hereof are satisfied. In determining whether this 10% threshold has been reached, the stock attribution rules of
Section 424(d) of the Code shall apply. Directors who are not regular employees are not eligible to receive Incentive Stock Options. 

3.2 Non-Qualified Options, Awards and Purchases. Non-Qualified Options, Awards and authorizations to make Purchases
may be granted to any Participant. 
 3.3 Generally. The Board of Directors may take into consideration a
Participant’s individual circumstances in determining whether to grant an Incentive Stock Option, a Non-Qualified Option, an Award or to approve a Purchase. Granting of any Option, Award or approval of any Purchase for any individual shall
neither entitle that individual to, nor disqualify that individual from, participation in any other grant of Plan Benefits. 
 SECTION 4.
Stock Subject to Plan. 
 Subject to adjustment as provided in Sections 10 and 11 hereof, the stock to be offered
under the Plan shall consist of shares of the Company’s Common Stock, par value $.001 per 
  

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share, and the maximum number of shares of stock which will be reserved for issuance, and in respect of which Plan Benefits may be granted pursuant to the provisions of the Plan, shall not exceed
in the aggregate Two Million Five Hundred Thousand (2,500,000) shares. Such shares may be authorized and unissued shares or may be treasury shares. If an Option granted hereunder shall expire or terminate for any reason without having been
exercised in full, or if the Company shall reacquire any unvested shares issued pursuant to Awards or Purchases, the unpurchased shares subject thereto and any unvested shares so reacquired shall again be available for subsequent grants of Plan
Benefits under the Plan. Stock issued pursuant to the Plan may be subject to such restrictions on transfer, repurchase rights or other restrictions as shall be determined by the Board of Directors. 

SECTION 5. Granting of Options, Awards and Approvals of Purchases. 

Options and Awards may be granted and Purchases may be approved under the Plan at any time after April 20, 2000 and the tenth
anniversary thereof. The date of grant of an Option, Award or approval of a Purchase under the Plan will be the date specified by the Board of Directors at the time the Board of Directors grants such Option, Award or approves such Purchase;
provided, however, that such date shall not be prior to the date on which the Board of Directors takes such action. The Board of Directors shall have the right, with the consent of a Participant, to convert an Incentive Stock Option granted under
the Plan to a Non-Qualified Option pursuant to Section 6.7. Plan Benefits may be granted alone or in addition to other grants under the Plan 

SECTION 6. Special Provisions Applicable to Options. 

6.1 Purchase Price and Shares Subject to Options. 

(a) The purchase price per share of stock deliverable upon the exercise of an Option shall be determined by the Board of Directors,
provided, however, that (i) in the case of an Incentive Stock Option, the exercise price shall not be less than 100% of the fair market value of such stock on the day the option is granted (except as modified in Section 6.6(b) hereof), and
(ii) in the case of a Non-Qualified Option, the exercise price shall not be less than 100% of the fair market value of such stock on the day such Option is granted. 

(b) Options granted under the Plan may provide for the payment of the exercise price by delivery of (i) cash or a check payable to
the order of the Company in an amount equal to the exercise price of such Options, (ii) shares of Common Stock of the Company owned by the Participant having a fair market value equal in amount to the exercise price of the Options being
exercised, or (iii) any combination of (i) and (ii). The fair market value of any shares of the Company’s Common Stock which may be delivered upon exercise of an Option shall be determined by the Board of Directors. The Board of
Directors may also permit Participants, either on a selective or aggregate basis, to simultaneously exercise Options and sell the shares of Common Stock thereby acquired, pursuant to a brokerage or similar arrangement, approved in advance by the
Board of Directors, and to use the proceeds from such sale as payment of the purchase price of such shares. However, through December 31, 2008, the Board of Directors will not permit such “cashless exercise”. 

 

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 (c) If, at the time an Option is granted under the Plan, the Company’s Common Stock is
publicly traded, “fair market value” shall be determined as of the last business day for which the prices or quotes discussed in this sentence are available prior to the date such Option is granted (the “Determination Date”) and
shall mean (i) the average (on the Determination Date) of the high and low prices of the Common Stock on the principal national securities exchange on which the Common Stock is traded, if such Common Stock is then traded on a national
securities exchange; (ii) the last reported sale price (on the Determination Date) of the Common Stock on the Nasdaq Stock Market if the Common Stock is not then traded on a national securities exchange; or (iii) the closing bid price (or
average of bid prices) last quoted (on the Determination Date) by an established quotation service for over-the-counter securities, if the Common Stock is not reported on the Nasdaq Stock Market. However, if the Common Stock is not publicly traded
at the time an Option is granted under the Plan, “fair market value” shall be deemed to be the fair value of the Common Stock as determined by the Board of Directors after taking into consideration all factors which it deems appropriate,
including, without limitation, recent sale and offer prices of the Common Stock in private transactions negotiated at arm’s length. 

(d) If the Company is subject to Section 162(m) of the Code, the maximum number of shares with respect to which Options may be
granted to any employee, including any cancellations which may occur, shall be limited to Twenty Five Thousand (25,000) shares in any calendar year. 

6.2 Duration of Options. Subject to Section 6.6(b) hereof, each Option and all rights thereunder shall be
expressed to expire on such date as the Board of Directors may determine, but in no event later than ten years from the day on which the Option is granted and shall be subject to earlier termination as provided herein. Each Option shall have be
subject to a vesting schedule of at least three years as shall be detailed in each option agreement. No more than one third of the options granted may vest in the first year and no more than two third of the options granted may be vested after the
second year. 
 6.3 Exercise of Options. 

(a) Subject to Section 6.6(b) hereof, each Option granted under the Plan shall be exercisable at such time or times and during such
period as shall be set forth in the instrument evidencing such Option. To the extent that an Option is not exercised by a Participant when it becomes initially exercisable, it shall not expire but shall be carried forward and shall be exercisable,
on a cumulative basis, until the expiration of the exercise period. No partial exercise may be for less than ten (10) full shares of Common Stock (or its equivalent). 

6.4 Nontransferability of Options. No Option granted under the Plan shall be assignable or transferable by the
Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution or unless, with respect to Non-Qualified Options, the Participant’s non-qualified stock option agreement granting such options (the
“Non-Qualified Stock Option Agreement”) provides otherwise. Unless otherwise provided by the Non-Qualified Stock Option Agreement, during the life of the Participant, the Option shall be exercisable only by him or her. If any Participant
should attempt to dispose of or encumber his or her Options, other than in accordance with the applicable terms of a Non-Qualified Stock Option Agreement, his or her interest in such Options. 

 

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 6.5 Effect of Termination of Employment or Death. 

(a) If a Participant ceases to be employed by the Company or a Related Corporation for any reason, including retirement but other than
death, any Option granted to such Participant under the Plan shall immediately terminate; provided, however, that any portion of such Option which was otherwise exercisable on the date of termination of the Participant’s
employment may be exercised (i) within the twelve-month period following the date on which the Participant ceased to be so employed, but in no event after the expiration of the exercise period, if such Participant’s employment was
terminated due to a “disability” within Section 22(e)(3) of the Code, or (ii) within the three-month period following the date on which the Participant ceased to be so employed, but in no event after the expiration of the
exercise period, if such Participant’s employment was terminated for any other reason (other than death or disability). Any such exercise may be made only to the extent of the number of shares subject to the Option which were purchasable on the
date of such termination of employment. If the Participant dies during such twelve-month or three-month period, as applicable, the Option shall be exercisable by the Participant’s personal representatives, heirs or legatees to the same extent
and during the same period that the Participant could have exercised the Option on the date of his or her death. 
 (b) If the
Participant dies while an employee of the Company or any Related Corporation, any Option granted to such Participant under the Plan shall be exercisable by the Participant’s personal representatives, heirs or legatees, for the purchase of that
number of shares and to the same extent that the Participant could have exercised the Option or on the date of his or her death. The Option or any unexercised portion thereof shall terminate unless so exercised prior to the earlier of the expiration
of twelve months from the date of such death or the expiration of the exercise period. 
 (c) In the case of a Non-Qualified
Option, the Board of Directors may vary the timeframes set forth in Sections 6.5(a) and 6.5(b) by providing for different timeframes in the applicable Non-Qualified Stock Option Agreement. 

6.6 Designation of Incentive Stock Options; Limitations. Options granted under the Plan which are intended to be
Incentive Stock Options qualifying under Section 422 of the Code shall be designated as Incentive Stock Options and shall be subject to the following additional terms and conditions: 

(a) Dollar Limitation. The aggregate fair market value (determined at the time the option is granted) of the Common Stock for
which Incentive Stock Options are exercisable for the first time during any calendar year by any person under the Plan (and all other incentive stock option plans of the Company and any Related Corporations) shall not exceed $100,000. In the event
that Section 422(d)(1) of the Code is amended to alter the limitation set forth therein so that following such amendment such limitation shall differ from the limitation set forth in this Section 6.6(a), the limitation of this
Section 6.6(a) shall be automatically adjusted accordingly. 
  

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 (b) 10% Stockholder. If any employee to whom an Incentive Stock Option is to be
granted pursuant to the provisions of the Plan is on the date of grant the owner of stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Related Corporations, then the following special
provisions shall be applicable to the Incentive Stock Option granted to such individual: 
 (i) The option price
per share of the Common Stock subject to such Incentive Stock Option shall not be less than 110% of the fair market value of one share of Common Stock on the date of grant; and 

(ii) The option exercise period shall not exceed five years from the date of grant. 

In determining whether the 10% threshold has been reached, the stock attribution rules of Section 424(d) of the Code shall apply. 

(c) Except as modified by the preceding provisions of this Section 6.6, all of the provisions of the Plan shall be applicable to
Incentive Stock Options granted hereunder. 
 6.7 Conversion of Incentive Stock Options into Non-Qualified
Options; Termination of Incentive Stock Options. The Board of Directors, at the written request of any Participant, may in its discretion take such actions as may be necessary to convert such Participant’s Incentive Stock Options
(or any installments or portions of installments thereof) that have not been exercised on the date of conversion into Non-Qualified Options at any time prior to the expiration of such Incentive Stock Options, regardless of whether the Participant is
an employee of the Company or a Related Corporation at the time of such conversion. Such actions may include, but not be limited to, extending the exercise period of the appropriate installments of such Options. At the time of such conversion, the
Board of Directors (with the consent of the Participant) may impose such conditions on the exercise of the resulting Non-Qualified Options as the Board of Directors in its discretion may determine, provided that such conditions shall not be
inconsistent with the Plan. Nothing in the Plan shall be deemed to give any Participant the right to have such Participant’s Incentive Stock Options converted into Non-Qualified Options, and no such conversion shall occur until and unless the
Board of Directors takes appropriate action. The Board of Directors, with the consent of the Participant, may also terminate any portion of any Incentive Stock Option that has not been exercised at the time of such termination. 

6.8 Stock Appreciation Rights. Intentionally omitted. 

6.9 Rights as a Stockholder. The holder of an Option shall have no rights as a stockholder with respect to any
shares covered by the Option until the date of issue of a stock certificate to him or her for such shares. Except as otherwise expressly provided in the Plan, no adjustment shall be made for dividends or other rights for which the record date is
prior to the date such stock certificate is issued. 
 6.10 Special Provisions Applicable to Non-Qualified Options
Granted to Covered Employees. If the Company is subject to Section 162(m) of the Code, in order for the full value of Non-Qualified Options granted to Covered Employees to be deductible by the Company for

  

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federal income tax purposes, the Company may intend for such Non-Qualified Options to be treated as “qualified performance-based compensation” as described in Treas. Reg.
§1.162-27(e) (or any successor regulation). In such case, Non-Qualified Options granted to Covered Employees shall be subject to the following additional requirements: 

(a) such options and rights shall be granted only by the Committee; and 

(b) the exercise price of such Options granted shall in no event be less than the fair market value of the Common Stock as of the date of
grant of such Options. 
 SECTION 7. Special Provisions Applicable to Awards. 

7.1 Grants of Awards. The Board of Directors may grant a Participant an Award subject to such terms and conditions as
the Board of Directors deems appropriate, including, without limitation, restrictions on the pledging, sale, assignment, transfer or other disposition of such shares and the requirement that the Participant forfeit all or a portion of such shares
back to the Company upon termination of employment. 
 7.2 Conditions. Approvals of Awards may be subject
to the following conditions: 
 (a) Each Participant receiving an Award shall enter into an agreement (a “Stock Restriction
Agreement”) with the Company, if required by the Board of Directors, in a form specified by the Board of Directors agreeing to such terms and conditions of the Award as the Board of Directors deems appropriate. 

(b) Shares issued and transferred to a Participant pursuant to an Award may, if required by the Board of Directors, be deposited with the
Treasurer or other officer of the Company designated by the Board of Directors to be held until the lapse of the restrictions upon such shares, and each Participant shall execute and deliver to the Company stock powers enabling the Company to
exercise its rights hereunder. 
 (c) Certificates for shares issued pursuant to an Award shall, if the Company shall deem it
advisable, bear a legend to the effect that they are issued subject to specified restrictions. 
 (d) Certificates representing
the shares issued pursuant to an Award shall be registered in the name of the Participant and shall be owned by such Participant. Such Participant shall be the holder of record of such shares for all purposes, including voting and receipt of
dividends paid with respect to such shares. 
 7.3 Nontransferability. Shares issued pursuant to an Award
may not be sold, assigned, transferred, alienated, commuted, anticipated, or otherwise disposed of (except, subject to the provisions of such Participant’s Stock Restriction Agreement, by will or the laws of descent and distribution), or
pledged or hypothecated as collateral for a loan or as security for the performance of any obligation, or be otherwise encumbered, and are not subject to attachment, garnishment, execution or other legal or equitable process, prior to the lapse of
restrictions on such shares, and any attempt at action in contravention of this Section shall be null and void. If any Participant should attempt to dispose of or encumber his or her shares issued pursuant to an Award prior to the lapse of the
restrictions imposed on such shares, his or her interest in such shares shall terminate. 
  

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 7.4 Effect of Termination of Employment or Death on Awards. Unless
otherwise provided in the applicable Stock Restriction Agreement, if, prior to the lapse of restrictions applicable to Awards, the Participant ceases to be an employee of the Company or the Related Companies for any reason, Awards to such
Participant, as to which restrictions have not lapsed, shall be forfeited to the Company, effective on the date of the Participant’s termination of employment. The Board of Directors shall have the sole power to decide in each case to what
extent leaves of absence shall be deemed a termination of employment. 
 SECTION 8. Special Provisions Applicable to Purchases. 

 All approvals of Purchases which provide that the Company has a right to repurchase the shares subject to such Purchase (the
“Restricted Shares”) shall be subject to the terms and conditions set forth in the related agreement (the “Stock Purchase Restriction Agreement”) approved by the Board of Directors, and shall be subject to the other terms and
conditions of this Section 8. 
 8.1 Conditions. All approvals of Purchases shall be subject to the
following conditions: 
 (a) Prior to the issuance and transfer of Restricted Shares, the Participant shall pay to the Company
the purchase price (the “Purchase Price”) of the Restricted Shares in cash or in such other manner as shall be as approved by the Board of Directors. 

(b) Restricted Shares issued and transferred to a Participant may, if required by the Board of Directors, be deposited with the Treasurer
or other officer of the Company designated by the Board of Directors to be held until the lapse of the restrictions upon such Restricted Shares, and each Participant shall execute and deliver to the Company stock powers enabling the Company to
exercise its rights hereunder. 
 (c) Certificates for Restricted Shares shall, if the Company shall deem it advisable, bear a
legend to the effect that they are issued subject to specified restrictions. 
 (d) Certificates representing the Restricted
Shares shall be registered in the name of the Participant and shall be owned by such Participant. Such Participant shall be the holder of record of such Restricted Shares for all purposes, including voting and receipt of dividends paid with respect
to such Restricted Shares. 
 8.2 Nontransferability. A Participant’s Restricted Shares may not be
sold, assigned, transferred, alienated, commuted, anticipated, or otherwise disposed of (except, subject to the provisions of such Participant’s Stock Purchase Restriction Agreement by will or the laws of descent and distribution), or pledged
or hypothecated as collateral for a loan or as security for the performance of any obligation, or be otherwise encumbered, and are not subject to attachment, garnishment, execution or other legal or equitable process, prior to the lapse of
restrictions on such Restricted Shares, and any attempt at action in contravention of this Section shall be null and void. If any Participant should attempt to dispose of or encumber his or her Restricted Shares prior to the lapse of the
restrictions imposed on such Restricted Shares, his or her interest in the Restricted Shares awarded to him or her shall terminate. 
  

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 SECTION 9. Requirements of Law. 

9.1 Violations of Law. No shares shall be issued and delivered upon exercise of any Option or the making of any Award
or Purchase unless and until, in the opinion of counsel for the Company, any applicable registration requirements of the Securities Act of 1933, as amended, any applicable listing requirements of any national securities exchange on which stock of
the same class is then listed, and any other requirements of law or of any regulatory bodies having jurisdiction over such issuance and delivery, shall have been fully complied with. Each Participant may, by accepting Plan Benefits, be required to
represent and agree in writing, for himself or herself and for his or her transferees by will or the laws of descent and distribution, that the stock acquired by him, her or them is being acquired for investment. The requirement for any such
representation may be waived at any time by the Board of Directors. 
 9.2 Compliance with Rule 16b-3. If
the Company has a class of stock registered pursuant to Section 12 of the Exchange Act, the intent of this Plan is to qualify for the exemption provided by Rule 16b-3 under the Exchange Act. To the extent any provision of the Plan does not
comply with the requirements of Rule 16b-3, it shall be deemed inoperative to the extent permitted by law and deemed advisable by the Board of Directors and shall not affect the validity of the Plan. In the event Rule 16b-3 is revised or replaced,
the Board of Directors may exercise discretion to modify this Plan in any respect necessary to satisfy the requirements of the revised exemption or its replacement. 

SECTION 10. Recapitalization. 

In the event that dividends are payable in Common Stock of the Company or in the event there are splits, sub-divisions or combinations of
shares of Common Stock of the Company, the number of shares available under the Plan shall be increased or decreased proportionately, as the case may be, and the number of shares deliverable upon the exercise thereafter of any Option previously
granted shall be increased or decreased proportionately, as the case may be, without change in the aggregate purchase price. 
 SECTION 11.
Reorganization. 
 (a) In case the Company is merged or consolidated with another corporation and the Company is not
the surviving corporation, or, in case the property or stock of the Company is acquired by any other corporation, or in case of a reorganization or liquidation of the Company, the Board of Directors of the Company, or the board of directors of any
corporation assuming the obligations of the Company hereunder, shall, as to outstanding Plan Benefits, either (i) make appropriate provision for the protection of any such outstanding Plan Benefits by the substitution on an equitable basis of
appropriate stock of the Company or of the merged, consolidated or otherwise reorganized corporation which will be issuable in respect of the shares of Common Stock of the Company, provided only that the excess of the aggregate fair market value of
the shares subject to the Plan Benefits immediately after such substitution over the purchase price thereof is not more than the excess of the aggregate fair market value of the shares subject to

  

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such Plan Benefits immediately before such substitution over the purchase price thereof, (ii) upon written notice to the Participants, provide that all unexercised Plan Benefits must be
exercised within a specified number of days of the date of such notice or such Plan Benefits will be terminated, or (iii) upon written notice to the Participants, provide that the Company or the merged, consolidated or otherwise reorganized
corporation shall have the right, upon the effective date of any such merger, consolidation, sale of assets or reorganization, to purchase all Plan Benefits held by each Participant and unexercised as of that date at an amount equal to the aggregate
fair market value on such date of the shares subject to the Plan Benefits held by such Participant over the aggregate purchase price therefor, such amount to be paid in cash or, if stock of the merged, consolidated or otherwise reorganized
corporation is issuable in respect of the shares of the Common Stock of the Company, then, in the discretion of the Board of Directors, in stock of such merged, consolidated or otherwise reorganized corporation equal in fair market value to the
aforesaid amount. In any such case the Board of Directors shall, in good faith, determine fair market value and may, in its discretion, advance the lapse of any waiting or installment periods and exercise dates. All vesting arrangements shall remain
unchanged unless accelerated as provided in section 11(b) below. 
 (b) In the event that in connection with or following a
Change-in-Control (as defined below), a Participant’s employment with the Company is (i) terminated by the Company for any reason other than Cause (as defined below), or (ii) terminated by the Participant for Good Reason (as defined
below), any unvested Plan Benefit of such Participant shall vest immediately and all rights relevant to such Plan Benefit shall accrue immediately to such Participant. 

(c) The term “Cause” shall mean (i) habitual intoxication, (ii) illegal drug use or addiction, (iii) conviction
of a felony (or plea of guilty or nolo contendere), (iv) material failure or inability to perform one’s agreements, duties or obligations as an employee, other than from illness or injury, and (v) willful misconduct or negligence in
the Performance of one’s agreements, duties or obligations as an employee. 
 (d) The term “Change-in-Control”
shall mean a merger or consolidation of the Company with another entity, or a sale of the property or stock of the Company, in one or more transactions, in which (i) the shareholders of the Company immediately prior to such transaction or
series of transactions own less than 50% of the voting power of the surviving corporation after the transaction or series of transactions, and (ii) the price per share of the Company’s Common Stock in such transaction, as determined in
good faith by the Board of Directors, is at least $3.50, subject to adjustment to reflect stock splits, reverse stock splits or combinations. 

(e) The term “Good Reason” shall mean that (i) the Participant’s compensation has been materially reduced,
(ii) the Participant’s position, duties or responsibilities have been materially reduced, (iii) the Participant has been required to move his or her principal residence because his primary place of employment is moved to a location
greater than thirty (30) miles away from its then current location, (iv) the Company has not paid to the participant when due any salary, bonus or other material benefit due to him or her, or (v) there exists a breach by the Company
of any material term or provision of any employment agreement between it and the Participant, provided, however, that, in any such event, the Participant shall notify the Company of such event and give it fifteen (15) days to remedy the
situation before terminating his or her employment. 
  

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 SECTION 12. No Special Employment Rights. 

Nothing contained in the Plan or in any Plan Benefit documentation shall confer upon any Participant receiving a grant of any Plan Benefit
any right with respect to the continuation of his or her employment by the Company (or any Related Corporation) or interfere in any way with the right of the Company (or any Related Corporation), subject to the terms of any separate employment
agreement to the contrary, at any time to terminate such employment or to increase or decrease the compensation of the Participant from the rate in existence at the time of the grant of any Plan Benefit. Whether an authorized leave of absence, or
absence in military or government service, shall constitute termination of employment shall be determined by the Board of Directors. 

SECTION 13. Amendment of the Plan. 

The Board of Directors may at any time and from time to time modify or amend the Plan in any respect. The termination or any modification
or amendment of the Plan shall not, without the consent of a recipient of any Plan Benefit, affect his or her rights under any Plan Benefit previously granted. With the consent of the affected Participant, the Board of Directors may amend
outstanding agreements relating to any Plan Benefit, in a manner not inconsistent with the Plan. The Board of Directors hereby reserves the right to amend or modify the terms and provisions of the Plan and of any outstanding Options to the extent
necessary to qualify any or all Options under the Plan for such favorable federal income tax treatment (including deferral of taxation upon exercise) as may be afforded incentive stock options under Section 422 of the Code, provided, however,
that the consent of an optionee is required if such amendment or modification would cause unfavorable income tax treatment for such optionee. 

SECTION 14. Withholding. 

The Company’s obligation to deliver shares of stock upon the exercise of any Option or the granting of an Award or making of a
Purchase shall be subject to the satisfaction by the Participant of all applicable federal, state and local income and employment tax withholding requirements. After December 31, 2008 and subject in particular cases to the disapproval of the
Board of Directors, the Company may accept shares of stock of equivalent fair market value (as determined in accordance with Section 6.1(c)) in payment of any such withholding tax obligations if the Participant selects to make payment in such
manner. 
 SECTION 15. Effective Date and Duration of the Plan. 

15.1 Effective Date. The Plan shall become effective when adopted by the Board of Directors, but no Incentive Stock
Option granted under the Plan (or any other Plan Benefits granted to Covered Employees, if the Company is subject to Section 162(m) of the Code) shall become exercisable unless and until the Plan shall have been approved by the Company’s
stockholders. If such stockholder approval is not obtained within 12 months after the date of the Board’s adoption of the Plan, then any Incentive Stock Options previously granted under the Plan shall terminate and no further Incentive Stock
Options shall be granted. Subject to such limitation, Options may be granted under the Plan at any time after the effective date and before the date fixed herein for termination of the Plan. 

 

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 15.2 Duration. Unless sooner terminated in accordance with
Section 11 hereof, the Plan shall terminate upon the earlier of (i) the tenth anniversary of the date of its adoption by the Board of Directors or (ii) the date on which all shares available for issuance under the Plan shall have been
issued pursuant to any Awards or Purchases or the exercise or cancellation of Options granted hereunder. If the date of termination is determined under (i) above, then Plan Benefits outstanding on such date shall continue to have force and
effect in accordance with the provisions of the instruments evidencing such Plan Benefits. 
 SECTION 16. Governing Law.

 The Plan and all actions taken thereunder shall be governed by the laws of the State of Connecticut. 

SECTION 17. Miscellaneous. 

If the Company becomes a regulated financial institution, then its primary federal regulator shall have the right to direct plan
participants to either exercise their options or forfeit their stock rights if the institution’s capital falls below the minimum legal requirements. 

Any repurchase of stock, including the exercise of the Company’s Rights of First Refusal, shall be subject to any required
regulatory approval. 
  

 - 12 -Form of Incentive Stock Option Agreement

 Exhibit 10.18 

HIGHER ONE, INC. 

INCENTIVE STOCK OPTION AGREEMENT 

1. Grant of Option. 

Higher One, Inc., a Delaware corporation (the “Company”), hereby grants to
                     (the “Employee”), an option, pursuant to the Company’s 2000 Stock Plan (the “Plan”), to purchase
an aggregate of          shares of Common Stock, no par value (“Common Stock”), of the Company at a price of $         per share, purchasable as
set forth in and subject to the terms and conditions of this option and the Plan. This option is intended to qualify as an incentive stock option (“Incentive Stock Option”) within the meaning of Section 422 of the Internal Revenue
Code of 1986, as amended (the “Code”). The date of grant of this option is hereinafter referred to as the “date of grant,” and the date ending twelve months thereafter and each subsequent successive twelve-month period is
hereinafter referred to as the “first anniversary date,” “second anniversary date,” “third anniversary date,” etc. 

2. Exercise of Option and Provisions for Termination. 

(a) Except as otherwise provided herein and subject to the right of cumulation provided herein, this option may be exercised, prior to the
tenth anniversary date, as to not more than the following number of shares covered by this option during the respective periods set forth below: 
  

			
		 	No shares from and after the date of grant and prior to the first anniversary date;
		
	 	 	shares from and after the first anniversary date and prior to the second anniversary date;
		
	 	 	shares from and after the second anniversary date and prior to the third anniversary date;
		
	 	 	shares from and after the third anniversary date and prior to the fourth anniversary date;
		
	 	 	shares from and after the fourth anniversary date and prior to the fifth anniversary date; and
		
	 	 	shares from and after the fifth anniversary date.

The right of exercise provided herein shall be cumulative so that if the option is not exercised to the maximum extent permissible during
any such period it shall be exercisable, in whole or in part, with respect to all shares not so purchased at any time during any subsequent period prior until the expiration or termination of this option. 

This option may not be exercised at any time after the tenth anniversary date. 

 (b) Subject to the conditions hereof, this option shall be exercisable by the Employee
giving written notice of exercise to the Company, specifying the number of shares to be purchased and the purchase price to be paid therefor and accompanied by payment in accordance with Section 3 hereof. Such exercise shall be effective upon
receipt by the Treasurer of the Company of the written notice together with the required payment. The Employee shall be entitled to purchase less than the number of shares covered hereby, provided that no partial exercise of this option shall be for
less than 10 whole shares. 
 (c) If the Employee ceases to be employed by the Company or one of its subsidiaries for any
reason, including retirement but other than death, this option shall immediately terminate; provided, however, that any portion of this option which was otherwise exercisable on the date of termination of the Employee’s employment
may be exercised within the three-month period following the date on which the Employee ceased to be so employed, but in no event after the tenth anniversary date. Any such exercise may be made only to the extent of the number of shares subject to
this option which are purchasable upon the date of such termination of employment. If the Employee dies during such three-month period, this option shall be exercisable by the Employee’s personal representatives, heirs or legatees to the same
extent and during the same period that the Employee could have exercised this option on the date of his or her death. 
 (d) If
the Employee dies while an employee of the Company or any subsidiary of the Company, this option shall be exercisable, by the Employee’s personal representatives, heirs or legatees, to the same extent that the Employee could have exercised this
option on the date of his or her death. This option or any unexercised portion hereof shall terminate unless so exercised prior to the earlier of the expiration of six months from the date of such death or the tenth anniversary date. 

(e) Notwithstanding any other provision hereof, this option may not be exercised to the extent such an exercise would violate
Section 422(d)(1) of the Code, which provides that the aggregate fair market value (determined at the time the option is granted) of the Common Stock with respect to which incentive stock options are exercisable for the first time by the
Employee during any calendar year (under all of the plans of the Company, its parent, if any, or its subsidiaries, if any) shall not exceed $100,000. 

3. Payment of Purchase Price. 

(a) Payment of the purchase price for shares purchased upon exercise of this option shall be made by delivery to the Company of cash or
check payable to the order of the Company in an amount equal to the purchase price of such shares, or, if the Employee elects and the Company permits, by delivery of shares of Common Stock of the Company having a fair market value equal in amount to
the purchase price of such shares. 
 (b) For the purposes hereof, the fair market value of any share of the Company’s
Common Stock to be delivered to the Company in exercise of this option shall be determined in good faith by the Board of Directors of the Company, in accordance with the terms of the Plan. 

 

 - 2 - 

 (c) If the Employee elects to exercise options by delivery of shares of Common Stock of the
Company, the certificate or certificates representing the shares of Common Stock of the Company to be delivered shall be duly executed in blank by the Employee or shall be accompanied by a stock power duly executed in blank suitable for purposes of
transferring such shares to the Company. Fractional shares of Common Stock of the Company will not be accepted in payment of the purchase price of shares acquired upon exercise of this option. 

4. Delivery of Shares. 

The Company shall, upon payment of the purchase price for the number of shares purchased and paid for, make prompt delivery of such shares
to the Employee, provided that if any law or regulation requires the Company to take any action with respect to such shares before the issuance thereof, then the date of delivery of such shares shall be extended for the period necessary to complete
such action. No shares shall be issued and delivered upon exercise of any option unless and until, in the opinion of counsel for the Company, any applicable registration requirements of the Securities Act of 1993, any applicable listing requirements
of any national securities exchange on which stock of the same class is then listed, and any other requirements of law or of any regulatory bodies having jurisdiction over such issuance and delivery, shall have been fully complied with. 

5. Non-transferability of Option. 

Except as provided in Section 2(c) and 2(d) hereof, this option is personal and no rights granted hereunder shall be transferred,
assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) nor shall any such rights be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose
of this option or of such rights contrary to the provisions hereof, or upon the levy of any attachment or similar process upon this option or such rights, this option and such rights shall become null and void. 

6. No Special Employment Rights. 

Nothing contained in the Plan or this Agreement shall be construed or deemed by any person under any circumstances to bind the Company or
any of its subsidiaries to continue the employment of the Employee for the period within which this option may be exercised. However, during the period of the Employee’s employment, the Employee shall render diligently and faithfully the
services which are assigned to the Employee from time to time by the Board of Directors or by the executive officers of the Company and its subsidiaries and shall at no time take any action which directly or indirectly would be inconsistent with the
best interests of the Company or of its subsidiaries. 
 7. Rights as a Stockholder. 

The Employee shall have no rights as a stockholder with respect to any shares which may be purchased by exercise of this option unless and
until a certificate or certificates representing such shares are duly issued and delivered to the Employee. Except as otherwise expressly provided in the Plan, no adjustment shall be made for dividends or other rights for which the record date is
prior to the date such stock certificate is issued. 
  

 - 3 - 

 8. Recapitalization. 

In the event that dividends are payable in shares of Common Stock or in the event there are splits, sub-divisions or combinations of
shares of Common Stock subsequent to the date of grant, the number of shares subject to this option shall be increased or decreased proportionately, as the case may be, and the number of shares deliverable upon the exercise thereafter of this option
shall be increased or decreased proportionately, as the case may be, without change in the aggregate purchase price. 
 9.
Reorganization. 
 In case the Company is merged or consolidated with another corporation and the Company is not the
surviving corporation, or in case the property or stock of the Company is acquired by any other corporation, or in case of a reorganization or liquidation of the Company, prior to the termination or expiration of this option, the Employee shall,
with respect to this option or any unexercised portion thereof, be entitled to the rights and benefits, and be subject to the limitations, set forth in Section 11 of the Plan and paragraph 2 hereof. 

10. Withholding Taxes. 

Whenever shares are to be issued upon exercise of this option, the Company shall have the right to require the Employee to remit to the
Company an amount sufficient to satisfy any federal, state and local withholding tax requirements prior to the delivery of any certificate or certificates for such shares. 

11. Qualification under Section 422. 

It is understood and intended that the option granted hereunder shall qualify as an “incentive stock option” as defined in
Section 422 of the Code. Accordingly, the Employee understands that in order to obtain the benefits of an incentive stock option under Section 421 of the Code, no sale or other disposition may be made of any shares acquired upon exercise
of the option within the one-year period beginning on the day after the day of the transfer of such shares to him or her, nor within the two-year period beginning on the day after the grant of the option. If the Employee intends to dispose or does
dispose (whether by sale, exchange, gift, transfer or otherwise) of any such shares within said periods, he or she will notify the Company within 30 days after such disposition. 

12. Company’s Rights of First Refusal. 

All shares purchased upon exercise of this option shall be subject to the following rights of first refusal until immediately prior to the
consummation of the first public offering by the Company of its Common Stock pursuant to an offering registered under the Securities Act of 1933. 

The Employee, including his or her heirs, assigns, executors, or administrators, or recipient of shares by other than a sale subject to
this right of first refusal and his or her heirs, assigns, executors, or administrators (collectively, the “Seller”), desiring to sell any shares shall first offer such shares to the Company in the following manner: the Seller shall notify
the 
  

 - 4 - 

 
President of the Company in writing of the Seller’s desire to sell the shares, which notice shall contain the price and terms at which the Seller is willing to sell and the name of the
proposed purchaser. All such offers must require payment in cash, and must allow the Company at least forty-five (45) days from the receipt of such notification in which to consummate the purchase. The Company shall have thirty (30) days
after receipt of such notification by the President either to accept or to reject the offer. The Company shall have the right to purchase all, but not less than all, of the offered shares on the terms offered. Failure of the Company either to accept
or to reject the offer in writing within the 30-day period shall constitute a rejection of the offer. An acceptance by the Company shall be timely given if mailed by registered mail within the 30-day period to the most recent address of the record
holder of the shares in the stock records of the Company. 
 In the event the Company rejects the offer, the Seller may, at any
time during the period of sixty (60) days following such rejection, dispose of the offered shares upon the terms and conditions set forth in the notice to the President, but may not otherwise or thereafter do so without again complying with the
foregoing rights of first refusal. In the event the Company accepts the offer, but fails to perform according to the terms of the offer, the Seller’s sole remedy shall be that the offered shares shall no longer be subject to the foregoing
rights of first refusal. 
 No shares shall be transferred on the books of the Company unless the foregoing provisions have been
complied with, but the Company, with the approval of the Board of Directors of the Company, may in any particular instance or instances waive these provisions with respect to any present or future sale, provided such waiver is in writing.

 13. Investment Representation, Etc. 

(a) The Employee represents that any shares purchased upon exercise of this option shall be acquired by the Employee for his or her own
account for investment and not with a view to, or for sale in connection with, any distribution of such shares, nor with any present intention of distributing or selling such shares. The Employee further represents that he or she has made detailed
inquiry concerning the Company, that the officers of the Company have made available to the Employee any and all written information which the Employee has requested, that the officers of the Company have answered to the Employee’s satisfaction
all inquiries made by the Employee and that the Employee has such knowledge and experience in financial and business matters that the Employee is capable of evaluating the merits and risks of an investment in the Company and able to bear the
economic risk of that investment. By making payment upon exercise of this option, the Employee shall be deemed to have reaffirmed, as of the date of such payment, the representations made in this Section 13. 

(b) Without limiting the Company’s rights under Section 12 hereof, upon exercise of this option, the Company may, at its
election, require the Employee to execute a stock restriction agreement, restricting the Employee from selling or transferring the shares so acquired without first offering to sell such shares to the Company and the other stockholders. Upon
execution of such stock restriction agreement by the Employee, the Company shall have affixed to all stock certificates representing shares of Common Stock issued to the Employee upon exercise of this option a legend evidencing such agreement.

  

 - 5 - 

 (c) Employee agrees, for himself or herself and his or her heirs and legal representatives
that he or she will enter into any “lock-up” or similar agreements requested by the Company in connection with any public offering of shares of the Company’s stock. 

(d) All stock certificates representing shares of Common Stock issued to the Employee upon exercise of this option shall, at the election
of the Company, have affixed thereto a legend substantially in the following form: 
 “The shares of stock represented by
this certificate (i) are subject to the restrictions on transfer contained in an Incentive Stock Option Agreement dated             , 2000, between the Company and the holder of
this certificate (a copy of which is available without charge from the Company), and (ii) have not been registered under the Securities Act of 1933 and may not be transferred, sold or otherwise disposed of in the absence of an effective
registration statement with respect to the shares evidenced by this certificate, filed and made effective under the Securities Act of 1933, or an opinion of counsel satisfactory to the Company to the effect that registration under such Act is not
required.” 
 14. Miscellaneous. 

(a) Except as provided herein, this Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the
Company and the Employee. 
 (b) All notices under this Agreement shall be mailed or delivered by hand to the parties at their
respective addresses set forth beneath their names below or at such other address as may be designated in writing by either of the parties to one another. 

(c) This Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut. 

(d) If the Company becomes a regulated financial institution, then its primary federal regulator shall have the right to direct Employee
to either exercise their options or forfeit their stock rights if the institution’s capital falls below the minimum legal requirements. 
  

					
	Date of Grant:                    	 	HIGHER ONE, INC.
			
		 	By:	 	  

		 	Title:	 	  

		 	Address:	 	  

		 		 	  

 

 - 6 - 

 EMPLOYEE’S ACCEPTANCE 

The undersigned hereby accepts the foregoing option and agrees to the terms and conditions thereof. 

 

	
	EMPLOYEE
	
	  

	 Signature

 

			
	 Address:
	 	  

		 	  

 

 - 7 -

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