Document:

exv10w15

EXHIBIT 10.15

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR
HYPOTHECATED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT COVERING
SUCH SECURITIES OR IF THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE
REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE 1933 ACT.

WARRANT

of

GREEN DOT CORPORATION

Number W-041

March 3, 2009

     THIS CERTIFIES THAT, for value received, PayPal, Inc., a Delaware corporation (as used in the
context of this Warrant as the holder of this Warrant, the “Holder”) is entitled to
purchase up to the Maximum Number (as defined below) of shares (the “Shares”) of Common
Stock (the “Common Stock”) of Green Dot Corporation, a Delaware corporation (the
“Company”). Capitalized terms used herein and not defined shall have the meanings set forth
in that certain Master Services Agreement between the Company and PayPal, Inc., a Delaware
corporation (as used in the context of this Warrant other than as the Holder, “PayPal”)
dated as of February 18, 2009 (the “Master Services Agreement”). As used herein the
“Maximum Number” shall mean 4,283,456, subject to adjustment as set forth herein and
subject to the terms and conditions set forth herein; provided, however, that the Maximum Number
shall be increased by 50,000 shares on September 2, 2009 if the GE Warrant (as defined below) has
not been repurchased by the Company on or before September 1, 2009.

     1. Exercise of Warrant. The terms and conditions upon which this Warrant may be
exercised, and the Shares may be purchased, are as follows:

          1.1 Term.

               (a) Subject to the terms hereof, this Warrant shall be exercisable in whole or in part with
respect to any Exercisable Shares (as defined below) only, at any time prior to the Expiration
Date. The term “Expiration Date” means the earliest to occur of the following:
(i) 11:59 p.m., Pacific Time, on March 3, 2017; provided, that if no Shares have vested by March 3,
2014, such expiration date shall be March 3, 2014; (ii) the date of a Standard Termination (as
defined below); (iii) upon determination of Cash Value (as defined below) pursuant to and in
compliance with Section 2.3 of this Warrant following an event that gives rise to Holder’s right to
a Cash Value Payout;

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(iv) upon the consummation of an Underwater Cash Transaction (as defined in Section 2.1); (v) upon
the consummation of an eBay Change of Control Transaction (as defined below); (vii) upon the
consummation of a Vested In-the-Money Change of Control Transaction (as defined below); or (vii)
the date upon which PayPal’s obligations under Section 6.3(a) of the Master Services Agreement are
released with respect to a Competing Service in accordance with Section 6.3(b) of the Master
Services Agreement as a result of its entry into a Competing Service Agreement (an “Exclusivity
Opt-Out”). As used herein, a “Standard Termination” shall mean a termination of the
Master Services Agreement other than a termination by (i) PayPal pursuant to Sections 4.4(b), 10.6,
10.8(b) (only to the extent such breach by the Company results in or is reasonably expected to
result in material harm to PayPal), 10.8(c), 10.8(d), 10.8(e), 10.8(f), 10.8(g) or 10.10 of the
Master Services Agreement or (ii) the Company pursuant to Sections 10.2, 10.4 (to the extent the
termination is not mutual, the governmental action, law, rule or regulation does not directly or
indirectly prohibit either party’s performance under the Master Services Agreement and the
Company’s termination is exclusively based on commercial reasons), 10.7(b) (only to the extent the
breach by PayPal is not willful and does not result in or is not reasonably expected to result in
material harm to the Company) or 15.7 of the Master Services Agreement. As used herein, an
“eBay Change of Control Transaction” shall mean a Change of Control Transaction (as
defined below) where either eBay Inc. (“eBay”) or a Subsidiary thereof is the other party
to the Change of Control Transaction. As used herein, a “Vested In-The-Money Change of Control
Transaction” shall mean a Change of Control Transaction which is consummated following the full
and complete vesting of the Tranche A Shares pursuant to Section 1.3 in which the consideration per
share paid to the holders of the Company’s Common Stock in such Change of Control Transaction is in
excess of the Exercise Price. As used herein, a “Change of Control Transaction” shall mean
(i) a merger, consolidation or reorganization of the Company with or into any other entity or
entities in which the holders of the Company’s capital stock prior to the consummation of such
event hold less than 50% of the voting power of the surviving entity (or, if the surviving entity
is a wholly owned Subsidiary, its parent) immediately after such consolidation, merger or
reorganization; (ii) any transaction or series of related transactions to which the Company is a
party in which a majority of the Company’s outstanding voting power is transferred (not including
any new issuances of securities of the Company in a bona fide financing transaction in exchange for
cash or evidence of indebtedness); or (iii) a sale or other disposition of all or substantially all
of the assets of the Company. As used herein, a “Subsidiary” shall mean an entity which a
person directly or indirectly owns or purports to own, beneficially or of record: (i) an amount of
voting securities of or other interest in such entity that is sufficient to enable such person to
elect at least a majority of the members of such entity’s board of directors or other governing
body; or (ii) at least 50% of the outstanding equity, voting or financial interests in such entity.

               (b) Notwithstanding anything to the contrary set forth herein, in the event that acquisition
of any Shares by Holder upon exercise of this Warrant shall require the receipt of any federal,
state , local or foreign governmental order, permission, consent, approval or authorization (a
“Permit”) or the expiration of any waiting periods applicable to the acquisition of the
Shares under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR
Act”) or any other applicable statute, rule, regulation, order or restriction of any domestic
or foreign government or any instrumentality or agency thereof, then the Expiration Date and all
rights of Holder hereunder to exercise this Warrant shall be extended until the (10th) business day
following receipt of all such

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applicable Permits and expiration of all such applicable waiting periods; provided that the
Holder shall have provided written notice prior to the Expiration Date as defined in clause (a)
above (without giving effect to the extension set forth in this clause (b)) of Holder’s intent to
exercise the Warrant and acquire all or part of the Exercisable Shares subject to the receipt of
such Permits or the expiration of such waiting periods. Holder and the Company shall use best
efforts to file, as soon as practicable after notice by Holder of its intent to exercise this
Warrant in whole or in part and acquire any Exercisable Shares, all notices, reports and other
documents required to be filed by such party with any governmental body with respect to such
exercise and acquisition. Without limiting the generality of the foregoing, the Company and Holder
shall, promptly after such notice, prepare and file any notifications, applications or filings
required under any Permit including the notifications required under the HSR Act or under any other
applicable statute, rule, regulation, order or restriction of any domestic or foreign government or
any instrumentality or agency thereof that is designed to prohibit, restrict or regulate actions
having the purpose or effect of monopolization or restraint of trade in connection with such
exercise and acquisition. The Company and Holder shall use best efforts to respond as promptly as
practicable to: (i) any inquiries or requests (including any “second request”) received from the
Federal Trade Commission or the U.S. Department of Justice for additional information or
documentation; and (ii) any inquiries or requests received from any state attorney general, foreign
antitrust authority or other governmental body in connection with antitrust or related matters or
in connection with any Permit. Holder shall pay the documented filing fees and reasonable expenses
associated with any filings pursuant to the HSR Act or any Permit related to any such exercise and
acquisition.

     1.2 Exercise Price. This Warrant shall have a per share exercise price equal to $23.70
per Share (subject to adjustment as set forth herein) (the “Exercise Price”); provided,
however, that the Exercise Price shall be decreased to $23.43 per Share on September 2, 2009 if the
GE Warrant has not been repurchased by the Company on or before September 1, 2009. The Company
agrees to provide written notice to Holder promptly after the repurchase of the GE Warrant and upon
such notice, the foregoing adjustment to the Exercise Price and the increase in the Maximum Number
set forth in the preamble hereto shall have no further force and effect.

          1.3 Vesting.

               (a) 80% of the Shares (“Tranche A Shares”) subject to this Warrant will vest at such
time, if any, prior to the earlier of (i) the Expiration Date (without giving effect to any
extension of the Expiration Date pursuant to Section 1.1(b) above); (ii) any termination of the
Master Services Agreement; or (iii) March 3, 2014 as: (A) the Annualized Aggregate Funding Amount
(as defined below) has at any time equaled or exceeded $4.0 billion; OR (B) the Company
generates $60.0 million or more in PayPal-Generated EBITDA (as determined below) in any consecutive
12-month period. As used herein, “Annualized Aggregate Funding Amount” shall mean an amount
equal to the product of (i) the aggregate Funding Amount of all Funding Transactions completed
within the most recently completed two fiscal quarters; and (ii) 2; provided, however, that for
purposes of calculating the foregoing, the portion of the Funding Amount of any individual MoneyPak
in excess of $200 shall be disregarded. “PayPal-Generated EBITDA” for any period shall be
determined by adjusting PayPal Net Income for such period (as determined below) for the following
(for such period):

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	 	(i)	 	add back Revenue Pro Rata Percentage (as
defined below) of income tax expense (and subtract Revenue Pro Rata
Percentage of income tax benefit)
	 
	 	(ii)	 	add back Revenue Pro Rata Percentage of
interest expense (and subtract Revenue Pro Rata Percentage of interest
income)
	 
	 	(iii)	 	add back Revenue Pro Rata Percentage of
depreciation and/or amortization of assets
	 
	 	(iv)	 	add back Revenue Pro Rata Percentage of
stock-based compensation expense
	 
	 	(v)	 	add back Revenue Pro Rata Percentage of any
increase in expenses or reduction to revenues due to warrants,
convertible preferred shares, convertible debt or other issuances of
equity other than this Warrant;
	 
	 	(vi)	 	add back any increase in expenses or reduction
to revenues due to this Warrant;
	 
	 	(vii)	 	add back Revenue Pro Rata Percentage of
provision for losses related to transactions in excess of a
cardholder’s balance
	 
	 	(viii)	 	add back Revenue Pro Rata Percentage of deductions from revenues for
fees assessed on overdrawn accounts
	 
	 	(ix)	 	add back Revenue Pro Rata Percentage of
amortization of deferred expenses (to the extent such expenses are not
included in cost of revenues used to determine PayPal Gross Margin for
such period); and
	 
	 	(x)	 	add back Revenue Pro Rata Percentage of any
impairment of assets.

“PayPal Net Income” for any period shall be determined by determining PayPal Gross Margin
for such period and (i) subtracting the Revenue Pro Rata Percentage of all items of loss or expense
for such period (other than cost of revenues) which would be required to be reflected on the
Company’s consolidated statement of income for such period as determined in accordance with United
States generally accepted accounting principles applied on a consistent basis (“GAAP”); and
(ii) adding back all items of income (other than revenues) which would be required to be reflected
on the Company’s consolidated statement of income for such period as determined in accordance with
GAAP. “PayPal Gross Margin” for any period shall be determined by subtracting the Company’s cost of
revenues, which would be required to be reflected on the Company’s consolidated statement of income
for such period as determined in accordance with GAAP, for all revenues associated with the Joint
Service, the Master Services Agreement and any other commercial transaction entered into after the
Effective Date pursuant to a written agreement entered into by or between, eBay, PayPal or their
respective affiliates, on the one hand, and the Company and its affiliates, on the other hand (a
“Subsequent Arrangement”), which would be required to be reflected on the Company’s consolidated
statement of income for such period as determined in accordance with GAAP, but excluding any
interchange revenues earned by the Company except as provided for in a Subsequent Arrangement
(“PayPal Revenue”) from PayPal Revenue. “Revenue Pro Rata Percentage” shall mean
the percentage determined by multiplying (i) the quotient obtained by dividing PayPal Revenue for a
period by the Company’s total consolidated revenues for such period which would be required to be
reflected on the Company’s consolidated statement of income for such period as determined in
accordance with GAAP by (ii) 100.

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               (b) 20% of the Shares (“Tranche B Shares”) subject to this Warrant will vest at such
time, if any, prior to the earlier of (i) the Expiration Date (without giving effect to any
extension of the Expiration Date pursuant to Section 1.1(b) above); (ii) any termination of the
Master Services Agreement; or (iii) March 3, 2014 that: (A) the Tranche A Shares become fully
vested pursuant to Section 1.3(a) above; AND (B) eBay promotes and designates the MoneyPak
as the preferred method through which an eBay user who has registered on eBay.com and accepted the
eBay user agreement found on eBay.com (an “eBay User”) can use Cash to fund payments on
eBay.com or an applicable eBay affiliate’s website (a “Direct Cash Funding Method”),
provided that the foregoing condition may be satisfied notwithstanding eBay’s or an applicable eBay
affiliate’s acceptance or promotion of the funding of payments by eBay Users on eBay.com or an
applicable eBay affiliate’s website through (1) traditional bank accounts and any instruments and
methods of drawing funds therefrom; (2) the use of Association-branded debit cards, including
Association-branded prepaid/stored value cards (which may include rebate or promotional cards
branded with the Marks of an eBay affiliate other than PayPal); or (3) the closed-loop eBay-branded
gift cards currently available for purchase at multiple retailers nationwide, or any similar closed
closed-loop eBay affiliate (other than PayPal) branded gift cards that may be made available during
the term of the Master Services Agreement, where such gift card balance is segregated and only
available for use on eBay.com and/or an applicable eBay affiliate’s website as applicable, in each
case notwithstanding that such accounts and/or cards may, in turn, have been funded or purchased
with Cash (each of (1), (2), and (3) above an “Accepted Alternative Funding Method”);
AND (C) in addition to the MoneyPak and Accepted Alternative Funding Methods, no more than
two additional vendors (the “Other Vendors”) offer a Direct Cash Funding Method, subject to
the following requirements: (1) that each Other Vendor offers other methods for eBay Users to fund
payments on eBay.com or an applicable eBay affiliate’s website in addition to such Direct Cash
Funding Method; (2) that the aggregate transaction volume of the Direct Cash Funding Method offered
by each Other Vendor for eBay Users to fund payments on eBay.com and eBay affiliates does not
constitute a material portion of such Other Vendor’s aggregate transaction volume (as measured by
the aggregate dollar amount of all transactions using all payment funding methods offered by such
Other Vendor); and (3) that eBay does not actively promote the Direct Cash Funding Method offered
by the Other Vendors; and (4) the Other Vendors’ aggregate transaction volume (as measured by the
aggregate dollar amount of all transactions using all payment funding methods offered for eBay
Users to fund payments on eBay.com and eBay affiliates’ website by such Other Vendor), does not
constitute more than two percent (2%) of all transaction volume (as measured by the aggregate
dollar amount of all transactions) on eBay and eBay affiliates’ websites (in the aggregate).

               (c) Notwithstanding the foregoing, in the event of an eBay Change of Control Transaction prior
to the vesting of the Tranche A Shares, immediately prior to the consummation of such transaction
(i) a portion of the Tranche A Shares equal to the product obtained by multiplying (A) the quotient
calculated by dividing (1) the Annualized Aggregate Funding Amount by (2) $4.0 billion (such
quotient, the “Pro Rata Fraction”), by (B) the Tranche A Shares, will automatically vest
and become exercisable by Holder; and (ii) if all the requirements for the vesting of Tranche B
Shares as set forth in Section 1.3(b) above have been satisfied, a portion of the Tranche B Shares
equal to the product obtained by multiplying the Pro Rata Fraction by the Tranche B Shares will
automatically vest and become exercisable by Holder.

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               (d) Shares which have vested in accordance with the foregoing provisions shall be referred to
herein as “Exercisable Shares.”

          1.4 Method of Exercise.

               (a) The exercise of this Warrant shall be effected by (i) the surrender of this Warrant,
together with a duly executed copy of the form of subscription attached hereto as Schedule A, to
the Company at its principal offices and (ii) the delivery of the Exercise Price by check or bank
draft payable to the Company’s order or by wire transfer of same day funds to the Company’s account
for the number of Shares for which the Warrant is being exercised. The exercise of this Warrant
shall be deemed to have been effected immediately prior to the close of business on the day on
which this Warrant shall have been surrendered to the Company as provided herein or at such later
date as may be specified in the executed form of subscription, and at such time, the person or
persons in whose name or names any certificate or certificates for Shares issuable upon such
exercise, as provided herein, shall be deemed to have become the holder or holders of record
thereof.

               (b) In addition to and without limiting the rights of the Holder under the terms of this
Warrant, the Holder shall have the right to convert this Warrant into Shares (the “Conversion
Right”) through the net exercise procedure described below by the surrender of this Warrant,
together with a duly executed copy of the form of subscription attached hereto as Schedule
A, to the Company at its principal offices. Upon exercise of the Conversion Right with respect
to the number of Shares that are exercised pursuant to this Warrant, the Company shall deliver to
the Holder (without payment by the Holder of the Exercise Price or any cash or other consideration)
that number of Shares equal to the quotient obtained by dividing (i) the Fair Market Value (as
defined below) of the aggregate number of Shares exercised pursuant to this Warrant on the date of
conversion, which value shall be equal to (A) the aggregate Fair Market Value of such Shares less
(B) the aggregate Exercise Price of such Shares by (ii) the Fair Market Value of one Share. Fair
Market Value shall be determined by the Company’s Board of Directors in good faith; provided,
however, that (i) that in the event that this Warrant is exercised pursuant to this Section 1.4(b)
in connection with the Company’s initial public offering of its Common Stock pursuant to a
registration statement under the Securities Act of 1933, as amended (or any successor statute) (an
“IPO”), the fair market value per share shall be the per share offering price to the public
of a share of the Company’s Common Stock in such IPO; (ii) where there otherwise exists a public
market for the Company’s Common Stock at the time of such exercise, the Fair Market Value shall be
the average of the closing bid and asked prices per share of the Company’s Common Stock quoted in
the Over-The-Counter Market Summary or the last reported sale price of the Common Stock or the
closing price quoted on any NASDAQ market or on any exchange on which the Common Stock is listed,
whichever is applicable, for the five (5) trading days prior to the date of determination of Fair
Market Value (or such shorter period of time during which the Company’s Common Stock was traded
over-the-counter or on such market or exchange).

               (c) Subject to the receipt of any applicable Permit and expiration of any waiting periods
applicable to the acquisition of the Shares under the HSR Act or any other applicable statute,
rule, regulation, order or restriction of any domestic or foreign government or any

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instrumentality or agency thereof, as promptly as practicable on or after the exercise of this
Warrant (and in any event within five business days thereafter) the Company shall issue and deliver
to the person or persons entitled to receive the same a certificate for the number of shares
issuable upon such exercise and, if this Warrant has not been fully exercised or converted and has
not expired, a new Warrant representing the Shares not so acquired or converted, provided, subject
to the receipt of any such Permit and expiration of such waiting periods, the person in whose name
any certificate or certificates for Shares are to be issued upon exercise of this Warrant shall be
deemed to have become the holder of record of such shares on the date on which this Warrant was
surrendered and payment of the Exercise Price was made, irrespective of the date of delivery of
such certificate or certificates. No fractional shares or scrip representing fractional shares
shall be issued upon the exercise of this Warrant. In lieu of any fractional share to which the
Holder would otherwise be entitled, the Company shall make a cash payment equal to the Fair Market
Value of a share of Common Stock less the Exercise Price, multiplied by such fraction. All Shares
(including fractions) issuable upon exercise of this Warrant shall be aggregated for purposes of
determining whether the exercise would result in the issuance of any fractional share.

     2. Cash Value Payout.

          2.1 Company Option Upon a Change of Control. Notwithstanding anything to the contrary
set forth herein, in the event the Company enters into a definitive agreement with respect to a
Change of Control Transaction (other than an eBay Change of Control Transaction), the Company shall
have the option, conditioned upon (i) closing of the Change of Control Transaction; and (ii)
payment of the Cash Value Payout, if any, (as defined below) in cash or wire of immediately
available funds to Holder at the later of the closing of such Change of Control Transaction or
within five (5) days following the determination of the Cash Value in accordance with Section 2.3,
to pay (or the Company’s successor in such Change of Control Transaction shall pay) Holder an
amount (the “Cash Value Payout”) equal to the Cash Value, if any (as defined below), of
this Warrant as of (and giving effect to) such Change of Control Transaction; provided, however,
this provision shall not apply (and this Warrant shall terminate with no payment required from the
Company to the Holder) in the event the Change of Control Transaction is an all-cash transaction
(which shall include a transaction in which there is a cash payment at the closing and additional
cash consideration to be paid post-closing) and the consideration per share to be paid to the
holders of the Company’s Common Stock in the Change of Control Transaction is less than the
Exercise Price (an “Underwater Cash Transaction”). To exercise the option set forth in this
Section 2.1, the Company shall provide written notice to the Holder prior to the consummation of
such Change of Control. If no such notice is provided, Company’s right to exercise the option
provided pursuant to this Section 2.1 shall terminate and be of no further force or effect upon the
consummation of such Change of Control.

          2.2 Termination of Master Services Agreement. Notwithstanding anything to the contrary
set forth herein, in the event the Master Services Agreement is terminated (other than pursuant to
a Standard Termination) and the Tranche A Shares have not become fully vested, the Holder shall be
entitled to a Cash Value Payout equal to the Cash Value of this Warrant, if any, as of the date of
such termination which shall be paid in cash or wire of immediately available funds to Holder
within five (5) days following the determination of the Cash Value in accordance with

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Section 2.3; provided; however, that if the payment of the Cash Value Payout (after a determination
of the Cash Value has been made in accordance with Section 2.3 below) would result in a violation
of law or cause the Company to materially violate any covenant in any agreement with a financial
institution pursuant to which the Company (A) has incurred indebtedness in the original principal
amount in excess of $2,000,000 and (B) with respect to which either (1) there is a contractual
prohibition on prepayment of outstanding principal, (2) the amount of principal outstanding for
which there is no contractual prohibition on prepayment is in excess of $500,000 or (3) the Company
would be required to pay, in addition to the outstanding principal amount plus accrued interest, a
payment in excess of $500,000 to prepay any outstanding principal or accrued interest (“Loan
Covenant”), such payment shall be delayed until the earlier of (i) the date upon which payment
of the Cash Value Payout no longer results in a violation of law or causes the Company to
materially violate any Loan Covenant, as applicable; (ii) a Change of Control Transaction; (iii) an
IPO; or (iv) the date four (4) years following the date of determination of the Cash Value in
connection with such termination (a “Payment Delay”); provided, further, that if such
Payment Delay occurs, during such time period between the determination of the Cash Value and the
actual payment of the Cash Value Payout, interest shall accrue on the principal amount of Cash
Value at an annual rate of LIBOR (as defined below) plus three percent (3%) compounding and
accruing daily. As used herein, “LIBOR” shall mean the offered rate per annum which appears on the
page of the Telerate Screen which displays an average British Bankers Association Interest
Settlement Rate with maturities as closely equivalent to four years as possible in U.S. Dollars,
determined as of approximately 11:00 a.m. (London, England time) on the date of termination or, if
such rate is not available the rate per annum equal to the offered quotation rate to first class
banks in the London interbank market for deposits (for delivery on the date of termination) in U.S.
Dollars of amounts in same day funds comparable to the Cash Value Payout with maturities as closely
equivalent to four years as possible as of approximately 11:00 a.m. (London, England time) on the
date of termination. Notwithstanding anything to the contrary set forth herein, if such Cash Value
Payout is subject to a Payment Delay, the Holder shall be entitled to assign or otherwise transfer
the right to receive the Cash Value Payout at its sole discretion. Holder shall provide prior
written notice to the Company of any such assignment or transfer, including evidence of such
assignment or transfer promptly thereafter.

          2.3 Determination of Cash Value. The Cash Value shall equal the fair market value of
this Warrant on the date a Change of Control Transaction is consummated or the Master Services
Agreement is terminated, as applicable pursuant to Section 2.1 or 2.2 (the “Cash Value”).
In order to determine the Cash Value, the Company and Holder shall, within ten (10) days of either
the Company’s notice to the Holder of its election to exercise the option set forth in Section 2.1
or the termination date of the Master Services Agreement as contemplated in Section 2.2, as
applicable, reasonably agree upon an independent appraiser (an “Agreed Appraiser”) to
conduct an appraisal of the Cash Value, who shall use best efforts to complete such appraisal
within 45 days following its selection. Such appraiser’s determination of the Cash Value shall be
binding upon the Company and the Holder. If the Company and the Holder are unable to agree on the
selection of an independent appraiser within such ten (10) day period, the Company and the Holder
shall each select an independent appraiser. The two selected independent appraisers shall then
choose a third independent appraiser. All three independent appraisers shall then conduct
appraisals to determine the Cash Value, and shall use best efforts to complete such appraisals
within 45 days following the selection of the third independent appraiser. The Cash Value shall be
the average of the two such

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appraisal values that are closest to one another and such determination of Cash Value shall be
binding upon the Company and the Holder. Each of Holder and the Company shall pay 50% of all fees
and expenses associated with any such appraisals; provided, however, that if the Master Services
Agreement is terminated pursuant to Section 2.2, the parties concur on an Agreed Appraiser, and the
Cash Value is determined to be equal to or less than two million dollars ($2,000,000), Holder shall
pay 100% of all fees and expenses of the appraisal conducted by the Agreed Appraiser. The appraisal
of the Cash Value shall take into consideration the per share consideration in the proposed Change
of Control Transaction to be received by the Company relative to the Exercise Price, Holder’s
proximity to achieving the vesting thresholds set forth in Section 1.3 hereof and the likelihood of
Holder achieving such vesting thresholds in the future. The appraisal of the Cash Value shall not
take into account the termination of Holder’s right to exercise this Warrant pursuant to Section
2.4.

          2.4 Termination of Exercise Rights. Upon the determination of Cash Value pursuant to
and in accordance with this Section 2.3 the Holder’s right to exercise this Warrant and purchase
the Shares shall immediately terminate (provided, however, for avoidance of doubt, that nothing in
this Section 2.4 shall be deemed to terminate Holder’s rights to receive the Cash Value Payout
pursuant to this Warrant).

     3. Adjustments to Exercise Price. The number of and kind of securities purchasable
upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to
time as follows:

          3.1 Subdivisions, Combinations and Other Issuances. If the Company shall at any time
prior to the expiration of this Warrant subdivide its outstanding shares of Common Stock, by
split-up or otherwise, or combine its outstanding shares of Common Stock, or issue additional
shares of its Common Stock as a dividend, the number of Shares issuable on the exercise of this
Warrant shall forthwith be proportionately increased in the case of a subdivision or stock
dividend, or proportionately decreased in the case of a combination. Appropriate adjustments shall
also be made to the Exercise Price payable per Share, but the aggregate Exercise Price payable for
the total number of Shares purchasable under this Warrant (as adjusted) shall remain the same. Any
adjustment under this Section 3.1 shall become effective at the close of business on the date the
subdivision or combination becomes effective, or as of the record date of such dividend, or in the
event that no record date is fixed, upon the making of such dividend.

          3.2 Reclassification, Reorganization and Consolidation. Subject to Section 1.1(a) and
Section 2 hereof, in case of any Change of Control Transaction, reclassification, capital
reorganization, or change in the capital stock of the Company (other than as a result of a
subdivision, combination, or stock dividend provided for in Section 3.1 above), then the Company
shall make appropriate provision so that the holder of this Warrant shall have the right at any
time prior to the expiration of this Warrant to purchase, at a total price equal to that payable
upon the exercise of this Warrant, the kind and amount of shares of stock and other securities and
property receivable in connection with such Change of Control Transaction, reclassification,
reorganization, or change by a holder of the same number of Shares as were issuable pursuant to
this Warrant (without regard to the vesting of such Shares but without limiting any requirement
otherwise hereunder to vest in such shares thereafter prior to exercise) immediately prior to such
Change of Control Transaction,

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reclassification, reorganization, or change. In any such case appropriate provisions shall be
made with respect to the rights and interest of the holder of this Warrant so that the provisions
hereof shall thereafter be applicable with respect to any shares of stock or other securities and
property deliverable upon exercise hereof, and appropriate adjustments shall be made to the
purchase price per share payable hereunder, provided the aggregate purchase price shall remain the
same.

          3.3 Notice of Adjustments and Record Dates. The Company shall promptly notify the
Holder in writing of each adjustment or readjustment of the Exercise Price hereunder and the number
or kind of securities purchasable upon exercise of the Warrant. Such notice shall state the
adjustment or readjustment and show in reasonable detail the facts on which that adjustment or
readjustment is based.

          3.4 No Impairment. The Company shall not avoid or seek to avoid the observance or
performance of any of the terms to be observed or performed hereunder by the Company, but shall at
all times in good faith assist in the carrying out of all the provisions of this Warrant. Without
limiting the generality of the foregoing, the Company (a) shall at all times reserve and keep
available, free from preemptive rights, a number of its authorized shares of Common Stock, which
shall be sufficient to permit the exercise of this Warrant and (b) shall take all such action as
may be necessary or appropriate in order that all shares of Common Stock as may be issued pursuant
to the exercise of this Warrant shall, upon issuance, be duly and validly issued, fully paid and
nonassessable and free from all taxes, liens and charges with respect to the issue thereof. If at
any time during the term of this Warrant, the number of authorized but unissued shares of the
Company’s Common Stock shall not be sufficient to permit exercise of this Warrant, the Company will
take such corporate action as may, in the opinion of its counsel, be necessary to increase its
authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for
such purposes.

     4. Representations and Warranties of the Company. The Company hereby represents and
warrants to the Holder as follows:

          4.1 Organization, Good Standing and Qualification. The Company is a corporation duly
organized, validly existing and in good standing under the laws of the State of Delaware. The
Company has the requisite corporate power to own and operate its properties and assets and to carry
on its business as now conducted. The Company is duly qualified and is authorized to do business
and is in good standing as a foreign corporation in all jurisdictions in which the nature of its
activities and of its properties (both owned and leased) makes such qualification necessary, except
for those jurisdictions in which failure to do so would not have a material adverse effect on the
Company or its business. The Company has all requisite corporate power to issue this Warrant and to
carry out and perform its obligations under this Warrant.

          4.2 Authorization. All corporate action on the part of the Company, its directors and
its stockholders necessary for the authorization, execution, issuance and delivery of this Warrants
and the reservation of the Shares issuable upon exercise of the Warrants has been taken. This
Warrant, when executed, issued and delivered by the Company, shall constitute a valid and binding
obligation of the Company enforceable in accordance with its terms, subject to laws of

10

 

general application relating to bankruptcy, insolvency, and the relief of debtors. The Shares, when
issued in compliance with the provisions of this Warrant will be validly issued, fully paid and
nonassessable, and will be free of any liens or encumbrances; provided, however, that the Shares
may be subject to restrictions on transfer under state and/or federal securities laws as set forth
herein or as otherwise required by such laws at the time a transfer is proposed.

          4.3 Compliance. Except for any Permits or any approvals that may be required under the
HSR Act, no governmental orders, permissions, consents, approvals or authorizations are required to
be obtained and no registrations or declarations are required to be filed in connection with the
execution, issuance and delivery of this Warrant or the issuance of the Shares, except such as have
been duly and validly obtained or filed, or with respect to any filings that may be made after the
issuance of this Warrant, as will be filed in a timely manner. The execution, issuance, delivery,
and performance of and compliance with this Warrant, and the consummation of the transactions
contemplated hereby, will not, with or without the passage of time or giving of notice, result in
any violation or default of any term of the Company’s charter documents, or of any provision of any
mortgage, indenture, contract, agreement, instrument or contract to which it is party or by which
it is bound or of any judgment, decree, order or writ, or result in the creation of any mortgage,
pledge, lien, encumbrance or charge upon any of the properties or assets of the Company or the
suspension, revocation, impairment, forfeiture or nonrenewal of any permit, license, authorization
or approval applicable to the Company, its business or operations or any of its assets or
properties.

          4.4 Capitalization. The authorized capital stock of the Company consists of 50,000,000
shares of Common Stock, par value $0.001, 11,765,139 shares of which are issued and outstanding,
and 25,553,267 shares of Preferred Stock, par value $0.001, 6,519,575 shares of which are
designated Series A Preferred Stock, 6,481,272 of which are issued and outstanding, 3,197,667
shares of which are designated Series B Preferred Stock, 3,176,719 of which are issued and
outstanding, 10,113,638 shares of which are designated Series C Preferred Stock, 9,938,812 of which
are issued and outstanding, 4,540,569 shares of which are designated Series C-1 Preferred Stock,
4,239,718 of which are issued and outstanding, and 1,181,818 shares of which are designated Series
C-2 Preferred Stock, all of which are issued and outstanding. Each share of the Company’s Preferred
Stock is convertible into one share of the Company’s Common Stock. The Company also has reserved an
aggregate of 9,943,134 shares of the Company’s Common Stock for issuance to employees and
consultants pursuant to the Company’s existing stock option and equity incentive plans, under which
(i) 4,132,568 shares have been issued and are reflected in the currently outstanding Common Stock
(as a result of exercises), (ii) options to purchase 5,500,278 shares are presently outstanding and
(iii) 267,023 shares remain available for future grant. All issued and outstanding shares of the
Company’s capital stock have been duly authorized and validly issued, are fully paid and
nonassessable and have been issued in compliance with all applicable federal and state securities
laws. Other than a warrant held by Gold Hill Venture Lending 03, LP for 283,786 shares of Series
C-1 Preferred Stock and a warrant held by GE Capital Equity Investments, Inc. for 500,000 shares of
common stock (the “GE Warrant”) and other than as set forth above or in the Investors’
Rights Agreement between the Company and the holders of Preferred Stock, there are no other
outstanding rights, options, warrants, preemptive rights, rights of first refusal, or similar
rights for the purchase or acquisition from the Company of any securities of the Company nor are
there any commitments to issue or execute any such rights, options, warrants, preemptive rights or
rights of

11

 

first refusal. Other than the repurchase right with respect to the GE Warrant (which the
Company intends to exercise prior to September 1, 2009), there are no outstanding rights or
obligations of the Company to repurchase or redeem any of its securities. The respective rights,
preferences, privileges, and restrictions of the Company’s Preferred Stock and the Company’s Common
Stock are as stated in the Company’s Certificate of Incorporation.

          4.5 Offering. Assuming the accuracy of the representations and warranties of the
Holder contained in Section 10.1 hereof, the offer, issue, and sale of this Warrant and the Shares
issuable upon exercise of this Warrant are and will be exempt from the registration and prospectus
delivery requirements of the Securities Act of 1933, as amended (the “Securities Act”), and
have been registered or qualified (or are exempt from registration and qualification) under the
registration, permit, or qualification requirements of all applicable state securities laws.

     5. Replacement of the Warrant. On receipt by the Company of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in
the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity
agreement reasonably satisfactory in form to the Company or, in the case of any such mutilation, on
surrender and cancellation of the Warrant, the Company shall execute and deliver to the Holder, in
lieu thereof, a new Warrant of like tenor and denomination.

     6. No Rights or Liability as a Stockholder. This Warrant does not entitle the Holder
hereof to any voting rights or other rights as a stockholder of the Company. No provisions hereof,
in the absence of affirmative action by the Holder to purchase or acquire the Shares pursuant to
the terms of this Warrant, and no enumeration herein of the rights or privileges of the Holder,
shall give rise to any liability of the Holder as a stockholder of the Company.

     7. Information Rights; Registration Rights.

          7.1 Financial Statements. Upon vesting of the Warrant in accordance with Section 1.3
hereof, provided that the Holder agrees to maintain the confidentiality of the following
information, the Company shall furnish to Holder (i) within forty-five (45) days after the end of
the first, second and third fiscal quarters of the Company an unaudited consolidated statement of
income of the Company for such fiscal quarter and an unaudited consolidated balance sheet of the
Company as of the end of such fiscal quarter, all prepared in accordance with GAAP, consistently
applied and (ii) within one hundred twenty (120) days after the end of each fiscal year of the
Company, an audited consolidated statement of income of the Company for such fiscal year and an
audited consolidated balance sheet of the Company as of the end of such fiscal year, all prepared
in accordance with GAAP, consistently applied, and accompanied by a report and opinion thereon by
the Company’s independent public accountants.

          7.2 Registration Rights. The Holder shall become a party to, and have registration
rights as set forth in, the Sixth Amended and Restated Registration Rights Agreement dated as of
December 19, 2008, as amended from time to time (the “Registration Rights Agreement”)
pursuant to an amendment to the amendment of such agreement entered into and effective as of the
Effective Date.

12

 

          7.3 Report on PayPal-Generated EBITDA.

               (a) Upon written request by the Holder (not to exceed once per six month period), the Company
shall provide to Holder, within thirty (30) days of such request, a detailed calculation (the
“EBITDA Report”) of PayPal-Generated EBITDA (including a determination of PayPal Revenues,
PayPal Gross Margin, Revenue Pro Rata Percentage, PayPal Net Income and a breakdown of the
adjustments from PayPal Net Income) specifying the amount of PayPal-Generated EBITDA (and related
adjustments from net income) that the Company has generated in the 12-month period prior to the
request of the Holder; provided that if any previously-provided EBITDA Report (as may be amended
pursuant to any audit in accordance with the terms of Section 7.3(b) below) reflects
PayPal-Generated EBITDA in excess of $50.0 million, Holder may thereafter request an EBITDA Report
once per fiscal quarter.

               (b) Upon written request by the Holder (not to exceed once per 12-month period), Holder shall
have the right to have an independent auditor of national standing chosen by Holder (the
“EBITDA Auditor”) audit and review the EBITDA Report (the “Audit”) delivered by the
Company and the underlying data and adjustments provided that such EBITDA Auditor enters into a
non-disclosure agreement as reasonably requested by the Company prior to commencing the Audit which
non-disclosure agreement shall not prevent the EBITDA Auditor from disclosing the results of such
Audit or the EBITDA Auditor’s work papers related to such Audit to Holder. During the conduct of
the Audit, the EBITDA Auditor shall have reasonable access to the Company’s financial records,
personnel, working papers, schedules and calculations used in the preparation of the EBITDA Report,
as reasonably necessary to assess the accuracy of the EBITDA Report. The EBITDA Auditor shall
provide the Company and the Holder its written determination (the “Auditor Determination”)
as to whether any adjustment should be made to the EBITDA Report promptly following completion of
the Audit. If the Company does not dispute any portion of such Auditor Determination or does not
engage a Dispute Auditor (as defined below) prior to the Dispute Termination Date, the Auditor
Determination shall be final, conclusive and binding on the Company and the Holder and the EBITDA
Report shall be amended to reflect such Auditor Determination, provided, however, that in no event
shall the EBITDA Report be amended to decrease the amount of PayPal-Generated EBITDA reflected on
the EBITDA Report originally delivered by the Company. The Holder and the Company agree to use
their best efforts to resolve any disputes arising from the Auditor Determination. In the event
that the Holder and the Company can not resolve any such dispute within 30 days following the
delivery of the Auditor Determination (the “Negotiation Period”), the Company shall have
the right, within 10 days following the completion of such Negotiation Period to engage an
independent auditor of national standing (other than the EBITDA Auditor) (the “Dispute
Auditor”) to audit and review the EBITDA Report (the “Dispute Audit”) delivered by the
Company and the underlying data and adjustments. The Dispute Auditor shall provide the Company and
the Holder its written determination (the “Dispute Determination”) as to whether any
adjustment should be made to the EBITDA Report promptly following completion of the Dispute Audit.
The average of the amount of PayPal-Generated EBITDA as determined by the EBITDA Auditor and the
Dispute Auditor in the Auditor Determination and Dispute Determination, as applicable, shall be
final, conclusive and binding on the Company and the Holder and the EBITDA Report shall be amended
to reflect such amount; provided, however, that if the EBITDA Auditor agrees with the Dispute
Determination, the amount of PayPal-Generated EBITDA as

13

 

determined by the Dispute Auditor in the Dispute Determination shall be final, conclusive and
binding on the Company and the Holder and the EBITDA Report shall be amended to reflect such
amount; provided further, that in no event shall the EBITDA Report be amended to decrease the
amount of PayPal-Generated EBITDA reflected on the EBITDA Report originally delivered by the
Company. The fees and expenses of any Dispute Auditor with respect to any Dispute Audit shall be
paid by the Company. The fees and expenses of the EBITDA Auditor with respect to the Audit shall be
paid by the Holder; provided, however, that if as a result of the procedures set forth in this
Section 7.3(b), the EBITDA Report is amended to increase the amount of PayPal-Generated EBITDA from
the amount reflected on the EBITDA Report originally delivered to the Holder by the Company such
that a vesting of Tranche A Shares occurs (which Shares otherwise would not have vested pursuant to
the EBITDA Report originally delivered by the Company), the fees and expenses of the EBITDA Auditor
with respect to such Audit shall be borne by the Company.

     8. Notices. The Company shall give notice to the Holder if at any time prior to the
expiration or exercise in full of the Warrant, any of the following events shall occur: (i) the
Company shall authorize the payment of any dividend upon shares of Common Stock or authorize the
making of any distribution to all holders of Common Stock; (ii)the Company shall authorize the
issuance to all holders of Common Stock of any additional shares of Common Stock or stock
equivalents or of rights, options or warrants to subscribe for or purchase Common Stock or stock
equivalents or of any other subscription rights, options or warrants; (iii) a dissolution,
liquidation or winding up of the Company shall be proposed; (iv) a capital reorganization or
reclassification of the Common Stock (other than a subdivision or combination of the outstanding
Common Stock); or (v) a Change of Control Transaction. Such giving of notice shall be initiated at
least 10 business days prior to the date fixed as a record date or effective date or the date of
closing of the Company’s stock transfer books for the determination of the stockholders entitled to
such dividend, distribution or subscription rights, or for the determination of the stockholders
entitled to vote on such proposed Change of Control Transaction, reorganization, reclassification,
dissolution, or liquidation. Such notice shall specify such record date or the date of closing the
stock transfer books, as the case may be.

     9. Repurchase Rights. In the event the Holder’s right to exercise this Warrant expires
pursuant to Section 1.1(a) due to: (i) a Standard Termination (other than a Standard Termination by
either party pursuant to Section 10.1 of the Master Services Agreement), or (ii) an Exclusivity
Opt-Out (each a “Repurchase Termination”), the Company shall have the right (which right
shall be assignable by the Company without the consent of Holder), but not the obligation, to
repurchase, all or any portion of the Shares previously issued to Holder upon exercise of this
Warrant by delivery to the Holder of: (i) written notice (the “Repurchase Notice”) of its exercise
of the repurchase rights set forth in this Section 9 within sixty (60) days following such
Repurchase Termination accompanied by (ii) the aggregate Repurchase Price (as defined below) for
the Shares being repurchased by the Company in cash or by wire in immediately available funds. The
“Repurchase Price” per Share pursuant to such repurchase shall equal the Exercise Price
plus twelve percent (12%) annual interest, compounding and accruing daily from the date such Share
was acquired upon exercise of this Warrant. The Company’s repurchase rights hereunder shall lapse
and be of no further force or effect upon the earlier of: (i) two (2) years from the vesting of any
Tranche A Shares; (ii) sixty (60) days following a Repurchase Termination; (iii) the effective date
of a registration statement pursuant to the Securities Act relating to an IPO; (iv) the
consummation of a Change of Control in which the

14

 

consideration paid to the stockholders of the Company consists of cash, securities of class
that are publicly traded or a combination of the foregoing (each of the events described in clause
(iii) above and this clause (iv) a “Liquidity Event;” (v) the termination of the Master
Services Agreement other than pursuant to a Standard Termination; (vi) the termination of the
Master Services Agreement pursuant to Section 10.1 of the Master Services Agreement; or (vii) March
3, 2014. Upon receipt of the Repurchase Notice and aggregate Repurchase Price pursuant to and in
compliance with this Section 9, the Holder shall assign the Shares being repurchased in a form and
substance reasonably acceptable to the Company. The repurchase rights set forth herein shall in no
way restrict or limit Holder’s right to transfer, in compliance with Section 10.2, any Shares
acquired upon exercise of this Warrant prior to its receipt of a valid Repurchase Notice pursuant
to and in compliance with this Section 9; provided that any transfer of such Shares shall be
subject to, and the transferee will agree to be bound by, the repurchase rights set forth herein.
In the event of the declaration of a stock dividend, the declaration of an extraordinary dividend
payable in a form other than stock, a spin-off, a stock split, a recapitalization or a similar
transaction affecting the Company’s outstanding securities without receipt of consideration, any
new, substituted or additional securities or other property (including money paid other than as an
ordinary cash dividend) which are by reason of such transaction distributed with respect to the
Shares issued under this Warrant, shall immediately be subject to the right of repurchase set forth
in this Section 9. Appropriate adjustments to reflect the distribution of such securities or
property shall be made to the Repurchase Price per Share to be paid upon the exercise of the
repurchase rights in order to reflect any such transaction.

     10. Miscellaneous.

          10.1 Compliance with Securities Laws. The Holder of this Warrant, by acceptance
hereof, acknowledges that (i) it is an “accredited investor” as that term is defined in Rule 501(a)
of Regulation D under the Securities Act; (ii) it has knowledge and experience in financial and
business matters such that it is capable of evaluating the merits and risks of acquiring this
Warrant and the Shares issuable hereunder; (iii) it is acquiring this Warrant and any Shares to be
issued upon exercise hereof solely for its own account, not as a nominee or agent, and not with a
view to, or for resale in connection with, any distribution thereof, and that it will not offer,
sell or otherwise dispose of this Warrant or any Shares to be issued upon exercise hereof or
conversion thereof except under circumstances that will not result in a violation of the Securities
Act or any applicable state securities laws; (iv) it understands that no public market now exists
for this Warrant, or for the Shares to be issued upon exercise thereof, and that the Company has
made no assurances that a public market will ever exist for this Warrant or any Shares so issued;
(v) it has had an opportunity to discuss the tax consequences of its acquisition of this Warrant
with its own tax advisor, that it is relying solely on such advisors and not on any statements or
representations of the Company or any of the Company’s agents with respect to such tax
consequences, and that it understands that it, and not the Company, shall be responsible for its
own tax liability that may arise as a result of its acquisition or exercise of this Warrant; and
(vi) the Holder either has a preexisting personal or business relationship with the Company, its
officers or its directors or, by reason of its business or financial experience, or the business or
financial experience of its professional advisors (being unaffiliated with and not compensated by
the Company or any affiliate or selling agent of the Company) can reasonably be assumed to have the
capacity to protect its interests in connection with its acquisition or exercise of the Warrant.

15

 

          10.2 Transfer of Warrant. This Warrant may not be assigned, sold, pledged or otherwise
transferred by Holder without the prior written consent of the Company, not to be unreasonably
withheld, provided, however, that the Holder may, upon written notice to the Company and without
the consent of the Company: (i) assign or otherwise transfer this Warrant to its successor (by
merger, consolidation or otherwise) or to a purchaser of all or substantially all of its assets;
(ii) assign or otherwise transfer this Warrant to any parent or Subsidiary of Holder, or prior to
any Spin-Out Event (as defined below), eBay, PayPal or any parent or Subsidiary of eBay or PayPal
(each, a “Related Entity”); provided that any such transferee pursuant to this clause (ii)
shall agree to transfer or assign this Warrant to a Related Entity prior to any event occurring
prior to a Spin-Out Event that would cause it to no longer be a Related Entity; or (iii) assign or
otherwise transfer its right to acquire (A) the Tranche A Shares issuable pursuant to this Warrant
to PayPal or any parent or Subsidiary of PayPal; and (B) the Tranche B shares issuable pursuant to
this Warrant to eBay or any parent or Subsidiary of eBay, in each case upon a Spin-Out Event (as
defined below) (each of (i), (ii) and (iii), an “Exempt Warrant Transfer”). Any transfers
of this Warrant and the Shares issued upon exercise hereof shall be made in compliance with
applicable securities laws and, if requested by the Company, the Holder shall provide, at the
Holder’s expense, either (i) a written opinion addressed to the Company of legal counsel who shall
be, and whose legal opinion shall be, reasonably satisfactory to the Company, to the effect that
the proposed transfer of the securities may be effected without registration under the Securities
Act, or (ii) a “no action” letter from the Securities and Exchange Commission (the
“Commission”) to the effect that the transfer of such securities without registration will
not result in a recommendation by the staff of the Commission that action be taken with respect
thereto, whereupon the Holder shall be entitled to transfer such securities in accordance with the
terms of the notice delivered by the holder to the Company. Notwithstanding anything to the
contrary set forth herein, no opinion of counsel or no-action letter from the Commission shall be
required with respect to any transfer of this Warrant or any Shares issued upon exercise of this
Warrant by the Holder if (i) there is then in effect a registration statement under the Securities
Act covering such proposed disposition and such disposition is made in accordance with such
registration statement; (ii) such disposition is in compliance with Rule 144 promulgated under the
Securities Act (so long as the Company is furnished with satisfactory evidence of compliance with
such Rule); or (ii) if such transfer is to a party to whom this Warrant may be transferred pursuant
to an Exempt Warrant Transfer. Any transferee will agree to be bound by the terms of this Warrant
consistent with the rights and obligations of the Holder hereunder, including, without limitation,
the repurchase rights set forth in Section 9 of this Warrant. Notwithstanding the above, Holder
shall transfer and assign its rights to acquire the Tranche A Shares issuable pursuant to this
Warrant to PayPal (or a Subsidiary or parent of PayPal) and transfer and assign its rights to
acquire the Tranche B Shares issuable pursuant to this Warrant to eBay (or a Subsidiary or parent
of eBay) in the event that (i) PayPal ceases to be a direct or indirect Subsidiary of eBay (a
“Spin-Out Event”) and (ii) the Master Services Agreement is effective at the time of such
Spin-Out Event. In the event of the transfer of such rights in connection with a Spin-Out Event,
the Company agrees to issue new Warrants to each of the Holder and the entity to whom such rights
were assigned in such Spin-Out Event to appropriately reflect the rights, restrictions and
obligations of the Holder and such entity following such transfer.

16

 

          10.3 Lock Up. Holder, and any transferee of this Warrant and the Shares issued upon
exercise hereof, shall be subject to the lock up provisions set forth in the Registration Rights
Agreement.

          10.4 Restrictive Legends. The certificates representing the Shares and any securities
of the Company issued with respect thereto shall be imprinted with legends restricting transfer
except in compliance with the terms hereof and with applicable Federal and state securities laws
and reflecting all other restrictions on transfer as set forth herein.

          10.5 Titles and Subtitles. The titles and subtitles used in this Warrant are for
convenience only and are not to be considered in construing or interpreting this Warrant.

          10.6 Notices. Except as otherwise provided herein, any notices and other
communications required or permitted under this Warrant shall be effective if in writing and
delivered personally or sent by fax, overnight by Federal Express or other generally recognized
overnight carrier, or by First Class U.S. Mail, with postage prepaid, addressed to the Company or
the Holder, as the case may be, at the address set forth below, or such other address as either the
Company or the Holder, as the case may be, may notify the other in writing from time to time.
Unless otherwise specified herein, such notices or other communications shall be deemed effective
(and to have been received): (a) on the Banking Day delivered, or the date delivery is refused, if
delivered personally; (b) on the Banking Day delivered, if delivered by fax (or the following
Banking Day, if delivered by fax after the close of Normal Business Hours); (c) one (1) Banking Day
after being sent overnight, if sent by Federal Express or other generally recognized overnight
carrier; or (d) three (3) Banking Days after being deposited in the U.S. Mail, First Class, with
postage prepaid. Notices shall be addressed as follows:

	 	 	 

	If to the Company:

	 	Green Dot Corporation
	 

	 	605 E. Huntington Drive, Suite 205
	 

	 	Monrovia, California 91016
	 

	 	Attention: General Counsel
	 

	 	Facsimile: 626-739-2002
	 
	 	 
	If to the Holder:

	 	PayPal, Inc.
	 

	 	2211 North First Street
	 

	 	San Jose, California 95131
	 

	 	Attention: Vice President Business Development
	 

	 	Facsimile: 408-967-9911
	 
	 	 
	with a copy to:

	 	eBay Inc.
	 

	 	2145 Hamilton Ave.
	 

	 	San Jose, California 95125
	 

	 	Attention: General Counsel
	 

	 	Facsimile: 408-376-7514

17

 

and with respect to any other Holder, such address as is provided by such Holder to the Company.
Any party may change its address for the purpose of this Section 10.6 by giving the other party
written notice of its new address in the manner set forth above.

          10.7 Attorneys’ Fees. Each party shall bear its own expenses in connection with the
transactions contemplated hereby; provided, however that if any action at law or in equity is
necessary to enforce or interpret the terms of this Warrant, the prevailing party shall be entitled
to reasonable attorneys’ fees, costs and disbursements in addition to any other relief to which
such party may be entitled.

          10.8 Amendments and Waivers. Any term of this Warrant may be amended and the
observance of any term of this Warrant may be waived (either generally or in a particular instance
and either retroactively or prospectively), with the written consent of the Company and the Holder.
Any amendment or waiver effected in accordance with this Section 10.8 shall be binding upon the
Holder of this Warrant, each future Holder of this Warrant, and the Company.

          10.9 Binding Effect on Successors. This Warrant shall be binding upon any corporation
or other entity succeeding the Company by merger or consolidation. The Company shall use its
commercially reasonable efforts to take such steps as may be necessary or appropriate to insure
that any business entity which acquires all or substantially all of the Company’s assets will
assume the Company’s obligations hereunder. All of the obligations of the Company relating to the
Shares shall survive the exercise, conversion and termination of this Warrant and all of the
covenants and agreements of the Company shall inure to the benefit of the permitted successors and
assigns of the Holder.

          10.10 Severability. If one or more provisions of this Warrant are held to be
unenforceable under applicable law, such provision shall be excluded from this Warrant and the
balance of the Warrant shall be interpreted as if such provision were so excluded and shall be
enforceable in accordance with its terms.

          10.11 Governing Law. This Warrant shall be governed by and construed and enforced in
accordance with the laws of the State of California, without giving effect to its conflicts of laws
principles.

[Signature Pages Follow]

18

 

	 	 	 	 	 	 	 

	 	 	GREEN DOT CORPORATION,
	 
	 	 	 	 	 	 
	 	 	A Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Steve Streit	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	By: Steve Streit	 	 
	 
	 	 	 	 	 	 
	 	 	Its: Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	PayPal, Inc.	 	 
	 
	 	 	 	 	 	 
	 	 	A Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 /s/ Mary Hentges	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Its: VP, CFO	 	 

 

 

	 	 	 

	 

	 	SCHEDULE A
	 

	 	FORM OF SUBSCRIPTION
	 

	 	(To be signed only on exercise of Warrant)

To: Green Dot Corporation

     (1) o The undersigned hereby elects to purchase                      shares of the Common Stock of
Green Dot Corporation (the “Company”) pursuant to the terms of the attached Warrant, and tenders
herewith payment of the exercise price in full, together with all applicable transfer taxes, if
any.

          o The undersigned hereby elects to purchase                      shares of the Common Stock of Green
Dot Corporation (the “Company”) pursuant to the terms of the net exercise provisions set forth in
Section 1.4(b) of the attached Warrant, and shall tender payment of all applicable transfer taxes,
if any.

     (2) Please issue a certificate or certificates representing said shares of Common Stock in the
name of the undersigned or in such other name as is specified below:

	 	 	 	 	 

	 
	 	 	 	 
	 
	 	(Name)
	 	 
	 	 	 	 	 
	 
	 	 	 	 
	 
	 	(Address)	 	 
	 	 	 	 	 
	 
	 	 	 	 
	 
	 	(Social Security Number/Taxpayer ID)	 	 
	 	 	 	 	 
	(Signature must conform in all respects to name of the Holder as specified on the face of the Warrant)

	 	 	 	 	 	 	 

	Dated:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	(Print Name)
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Address:exv10w17

EXHIBIT 10.17

CLASS A COMMON STOCK ISSUANCE AGREEMENT

     This Class A Common Stock Issuance Agreement (the “Agreement”) is entered into as of
May 27, 2010 (the “Effective Date”) by and between WAL-MART STORES, INC., a Delaware
corporation (“Recipient”), and GREEN DOT CORPORATION, a Delaware corporation (the
“Company”).

     WHEREAS, the Recipient and the Company are parties to that certain Prepaid Card Program
Agreement dated as of October 20, 2006 by and among the Company, the Recipient, Wal-Mart Stores
Texas, L.P., Wal-Mart Louisiana, LLC, Wal-Mart Stores East, Inc., and Wal-Mart Stores East, L.P.
and GE Money Bank, as amended (the “Card Agreement”).

     WHEREAS, concurrently with the execution and delivery of this Agreement, the Company, the
Recipient, certain affiliates of the Recipient and GE Money Bank are entering into a further
amendment to the Card Agreement (the “Card Agreement Amendment”), pursuant to which, among
other things, the Recipient agrees to waive certain early termination provisions contained therein
and extend the term of the Card Agreement for a period of five years from the date hereof, all as
further set forth in the Card Agreement Amendment.

     WHEREAS, in connection with entering into the Card Agreement Amendment, the Company desires to
issue to the Recipient, and the Recipient desires to acquire from the Company, an aggregate of two
million two hundred eight thousand five hundred fifty-two (2,208,552) shares of Class A Common
Stock, par value $0.001 per share (the “Class A Common Stock”), upon the terms and
conditions set forth in this Agreement;

     NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
acknowledged, the parties hereto agree as follows:

     1. ISSUANCE OF STOCK. Subject to the terms and conditions hereof, on the Effective
Date, the Company hereby issues to the Recipient, and the Recipient hereby acquires from the
Company, an aggregate of two million two hundred eight thousand five hundred fifty-two (2,208,552)
shares of Class A Common Stock in partial consideration of the Recipient’s entry into the Card
Agreement Amendment on the date hereof. As used in this Agreement, the term “Shares”
refers to the Shares issued under this Agreement and includes all securities received (x) in
replacement of the Shares, (y) as a result of stock combinations, stock splits, stock dividends,
recapitalizations or other similar transactions (each, a “Recapitalization Event”), and (z)
in replacement of the Shares in a merger, recapitalization, reorganization or similar corporate
transaction.

     2. DELIVERY.

          2.1. Recipient hereby delivers to the Company: (a) a duly executed copy of the Card Agreement
Amendment; (b) a duly executed copy of this Agreement; (c) a lock-up agreement in the form of
Exhibit 1 attached hereto (the “Lock-up Agreement”); (d) a duly executed copy of
the signature page to that certain Ninth Amended and Restated Registration Rights Agreement, dated
as of the Effective Date, among the Company and the “Holders” (as defined in Schedule 1 thereto);
(e) a duly executed Irrevocable Limited Power of Attorney in the

 

form of Exhibit 2 attached hereto; and (f) a duly executed copy of the signature page
to that certain Voting Agreement, dated as of the Effective Date, between the Company and
Recipient. After its receipt of the documents to be executed and delivered by Recipient to the
Company under this Section 2.1, entries for the Recipient representing uncertificated Shares in the
name of the Recipient, registered in Recipient’s name, shall be made by the Company’s stock
transfer agent, if any, in the Company’s direct registration system for stock issuance and
transfer, with appropriate notation made in such system of the restrictions on transfer and
accompanying legends set forth in Sections 4.7 and 5.1(d), as applicable (collectively, the
“Restrictions”), or if the Company transfers its own securities, by the Company in its own
records, with appropriate notations to the same effect in its own records. As soon as practicable
following the lapse or removal of any Restriction(s) with respect to any Shares, the Company’s
stock transfer agent, if any, shall be instructed by the Company to indicate in the Company’s
direct registration system that the applicable Restriction(s) on such Shares has lapsed or has been
removed or if the Company transfers its own securities, it shall make appropriate notations to the
same effect in its own records. Following the earlier of (i) the IPO Date (as defined below) and
(ii) the date that the Company no longer serves as its own transfer agent, the Company shall take
all actions reasonably requested by the Recipient to facilitate the transfer of Vested Shares (as
defined below) into an account or accounts designated by the Recipient, it being acknowledged and
agreed that, in connection with any such transfer, the Company may require an opinion of counsel of
the Recipient pursuant to Section 4.8 and the Recipient will only transfer Vested Shares into
“street name” if it arranges for the Company to receive from the broker or transfer agent, as the
case may be, a copy of all account statements on the account in which such shares are held,
provided that such account statements are provided at least on a quarterly basis, or such more
frequent basis as is the ordinary course for the broker or transfer agent. Following the date of
any such transfer into “street name,” the Recipient shall ensure that the Company promptly receives
copies of all account statements at least on a quarterly basis (or such more frequent basis as is
the ordinary course for the broker or transfer agent) for any and all accounts in which such shares
are held, including any account or accounts into which such shares are subsequently transferred.

          2.2. Within a reasonable time after the issuance of the Shares, the Company shall send to the
Recipient a written notice (the “Ownership Statement”) containing the information required
by Section 151(f) of the Delaware General Corporation Law in respect of uncertificated shares of
capital stock, setting forth, among other things, the number of Shares issued pursuant to the
Agreement and the legends set forth in Sections 4.7 and 5.1(d), as applicable.

     3. REPRESENTATIONS AND WARRANTIES REGARDING THE COMPANY. The Company hereby
represents and warrants to the Purchaser, as of the Effective Date, as follows:

          3.1. Organization, Corporate Power. The Company is duly organized, validly existing
and in good standing under the laws of the State of Delaware and has all requisite corporate power
and authority to enter into this Agreement and to perform its obligations hereunder.

          3.2. Authorization. All corporate action on the part of the Company necessary for the
authorization, execution and delivery of, and the performance of all obligations of the

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Company under this Agreement, and necessary for the consummation of the transactions
contemplated hereby has been taken. The execution, delivery and performance by the Company of this
Agreement and the consummation of the transactions contemplated hereby will not conflict with or
constitute or result in, with or without the passage of time or the giving of notice or both, a
violation, breach or default by the Company of (i) any statute, regulation, rule, injunction,
judgment, order, decree, ruling, charge, or other restriction of any government, governmental
agency or court to which the Company is subject or (ii) the Ninth Amended and Restated Certificate
of Incorporation of the Company, as amended (the “Certificate”), as in effect on the date
of this Agreement or bylaws of the Company. This Agreement, when executed, shall constitute the
valid and binding obligation of the Company, enforceable against the Company in accordance with its
terms, subject to applicable bankruptcy, insolvency, moratorium, reorganization and similar laws
affecting creditors’ rights generally and to general equitable principles.

          3.3. Valid Issuance of Stock. The Shares are duly and validly issued, fully paid and
non assessable and free of all liens, claims and encumbrances (other than any such matters created
or imposed by or through the Recipient). No further approval or authority of the stockholders or
the directors of the Company or of any governmental authority or agency or any other person is or
will be required for the issuance and sale of the Shares as contemplated by this Agreement.

          3.4. Capital Structure.

               (a) The authorized capital stock of the Company, after giving effect to the issuance of the
Shares pursuant this Agreement, consists of:

                    (i) 25,553,267 shares of Preferred Stock, par value $0.001 per share (the “Preferred
Stock”), (i) 6,519,575 shares of which have been designated Series A Preferred Stock, 6,404,454
of which are issued and outstanding, (ii) 3,197,667 shares of which have been designated Series B
Preferred Stock, 3,176,719 of which are issued and outstanding; (iii) 10,113,638 shares of which
have been designated Series C Preferred Stock, 9,938,812 of which are issued and outstanding; (iv)
4,540,569 shares of which have been designated Series C-1 Preferred Stock, 4,239,718 of which are
issued and outstanding and 283,786 of which are reserved for issuance under currently outstanding
warrants; and (v) 1,181,818 shares of which have been designated Series C-2 Preferred Stock, all of
which are issued and outstanding.

                    (ii) 75,000,000 shares of Class B Common Stock, par value $0.001 per share (the “Class B
Common Stock”), 13,010,609 shares of which are issued and outstanding, 24,941,521 shares of
which are reserved for issuance upon conversion of shares of Preferred Stock, 6,032,535 of which
are reserved for issuance (but not yet issued and outstanding) under the 2001 Stock Plan and
4,567,242 of which are reserved for issuance under currently outstanding warrants to purchase
Common Stock or convertible Preferred Stock.

                    (iii) 75,000,000 shares of Class A Common Stock, 2,208,552 shares of which are issued and
outstanding and 48,551,907 shares of which are reserved for issuance upon the conversion of shares
of Class B Common Stock issued or reserved for issuance as described in Section 3.4(a)(ii).

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               (b) Except for (i) options to purchase 5,704,345 shares of Class B Common Stock which have
been granted under the Company’s 2001 Stock Option Plan, (ii) warrants to purchase 283,786 shares
of Series C-1 Preferred Stock, (iii) warrants to purchase 4,283,456 shares of Class B Common Stock
and (iv) the conversion rights of the holders of Preferred Stock and Class B Common Stock, there
are no outstanding warrants, options, pre-emptive rights or other rights to purchase or acquire, or
any agreements providing for the issuance or sale of (contingent or otherwise), or any commitments
or claims of any character relating to any of the Company’s capital stock or any shares of stock or
securities convertible into or exchangeable for any such capital stock. Each share of Preferred
Stock is convertible into one share of Class B Common Stock. Each share of Class B Common Stock is
convertible into Class A Common Stock. The rights of the Class A Common Stock are identical to the
rights of the Class B Common Stock in all material respects, except with respect to voting and
conversion.

          3.5. Approvals; Compliance With Certificate of Incorporation and Bylaws. The Company
is not in violation of the Certificate or its bylaws. The execution, delivery and performance of
this Agreement and the transactions contemplated hereby will not conflict with or constitute a
breach or violation of the Certificate or the Company’s bylaws or of any agreement or other
instrument to which the Company is a party.

          3.6. Registration Statement; Financial Statements. The Company has filed with the
Securities and Exchange Commission a registration statement on Form S-1 dated February 26, 2010, an
Amendment No. 1 to such registration statement dated March 11, 2010 and an Amendment No. 2 to such
registration statement dated April 26, 2010 (such registration statement, as so amended, the
“Registration Statement”). The Registration Statement, including any financial statements
or schedules included therein, did not when filed and does not at the Effective Date contain any
untrue statement of a material fact or omit to state a material fact required to be stated or
incorporated by reference therein or necessary in order to make the statements therein not
misleading in light of the circumstances under which they were made. The audited consolidated
financial statements of the Company included in the Registration Statement (the “Financial
Statements”) fairly present in all material respects, in conformity with United States
generally accepted accounting principles applied on a consistent basis (except as may be indicated
in the notes thereto), the consolidated financial position of the Company and its consolidated
subsidiary as of the dates thereof and their consolidated results of operations and changes in
financial position for the periods then ended.

          3.7. Brokers or Finders. The Company has not incurred, and will not incur, directly
or indirectly, as a result of any action taken by the Company, any liability for brokerage or
finders’ fees or agents’ commissions or any similar charges in connection with this Agreement.

     4. REPRESENTATIONS AND WARRANTIES OF RECIPIENT. The Recipient represents and warrants
to the Company, as of the Effective Date, as follows:

          4.1. Organization, Corporate Power. The Recipient is duly organized, validly existing
and in good standing under the laws of the State of Delaware and has all requisite corporate power
and authority to enter into this Agreement and to perform its obligations hereunder.

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          4.2. Authorization. All corporate action on the part of the Recipient necessary for
the authorization, execution and delivery of, and the performance of all obligations of the
Recipient under, this Agreement, and necessary for the consummation of the transactions
contemplated hereby has been taken. The execution, delivery and performance by the Recipient of
this Agreement and the consummation of the transactions contemplated hereby will not conflict with
or constitute or result in, with or without the passage of time or the giving of notice or both,
either a violation, breach or default by the Recipient of (i) any statute, regulation, rule,
injunction, judgment, order, decree, ruling, charge, or other restriction of any government,
governmental agency or court to which the Recipient is subject or (ii) the certificate of
incorporation or bylaws of the Recipient. This Agreement constitutes (assuming due authorization,
execution and delivery by the Company) a valid and binding obligation of the Recipient enforceable
against the Recipient in accordance with its terms, subject to applicable bankruptcy, insolvency,
moratorium, reorganization and similar laws affecting creditors’ rights generally and to general
equitable principles.

          4.3. Investigation; Economic Risk. The Recipient acknowledges that it has had ample
opportunity to discuss the business and affairs of the Company and its subsidiary with its
officers. The Recipient further acknowledges having had access to information about the Company
that it has requested. The Recipient acknowledges that it has knowledge and experience in
financial and business matters such that it is capable of evaluating the risks of the transactions
contemplated by this Agreement, including the tax consequences of investment in the Shares, and has
the ability to bear the economic risks of holding the Shares for an indefinite period.

          4.4. Purchase for Own Account. The Shares will be acquired by the Recipient for its
own account, not as a nominee or agent, for investment purposes only and not with a view to or for
sale in connection with a distribution of any part thereof within the meaning of the Securities Act
of 1933, as amended (the “Act”).

          4.5. Exempt from Registration; Restricted Securities. The Recipient understands that
the Shares will not be registered under the Act by reason of a specific exemption from the
registration provisions of the Act which depends upon, among other things, the accuracy of the
Recipient’s representations set forth in this Agreement. The Recipient understands that the Shares
being purchased hereunder are restricted securities within the meaning of Rule 144 under the Act;
and that the Shares are not registered and must be held indefinitely unless they are subsequently
registered or an exemption from such registration is available.

          4.6. Accredited Investor. The Recipient is a “qualified institutional buyer” as
defined in Rule 144A under the Act.

          4.7. Restrictive Legends. The Recipient understands that the book entries evidencing
the Shares and any other securities issued in respect of the any of the foregoing upon any
Recapitalization Event and the Ownership Statement shall be noted by the stock transfer agent with
a legend substantially in the following form:

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), OR

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UNDER THE SECURITIES LAWS OF ANY STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON
TRANSFERABILITY AND RESALE AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE
OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT AS PERMITTED UNDER THE
ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO AN EFFECTIVE REGISTRATION OR AN
EXEMPTION FROM REGISTRATION WHICH, IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
COMPANY, IS AVAILABLE. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE
FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

          4.8. Removal of Restrictive Legend. The legend set forth above shall be removed by
the Company upon delivery to the Company of an opinion by counsel, reasonably satisfactory to the
Company, that a registration statement under the Act is at that time in effect with respect to the
legended security or that such security can be freely transferred in a public sale without such a
registration statement being in effect.

     5. VESTING AND RESALE CONDITIONS.

          5.1. Company’s Repurchase Option for Unvested Shares. The Company, or its assignee,
shall have the option to repurchase all or a portion of the Recipient’s Unvested Shares (as defined
in Section 5.1(a) below) on the terms and conditions set forth in this Section (the “Repurchase
Option”) if the Company and the Recipient are no longer Engaged (as defined below).

               (a) Shares that are vested pursuant to the schedule set forth in this Section 5.1(a) are
“Vested Shares.” Shares that are not vested pursuant to the schedule set forth in this
Section 5.1(a) are “Unvested Shares.” Unvested Shares may not be sold or otherwise
transferred by Recipient without the Company’s prior written consent. On the Effective Date, all
of the Shares will be Unvested Shares. If the Company and the Recipient are continuously Engaged
at all times from the Effective Date through June 1, 2010 (the “First Vesting Date”), then
on the First Vesting Date thirty-six thousand eight hundred ten (36,810) of the Shares (as adjusted
for any Recapitalization Event) will become Vested Shares; and thereafter, for so long (and only
for so long) as the Company and the Recipient are continuously Engaged at all times after the First
Vesting Date, an additional thirty-six thousand eight hundred ten (36,810) of the Shares (as
adjusted for any Recapitalization Event) will become Vested Shares on each monthly anniversary of
the Effective Date, except for the last month in such vesting period, at the end of which last
month the balance of Unvested Shares shall become fully Vested Shares. No Shares will become
Vested Shares after the Termination Date. For purposes of this Agreement, (i) the term
“Engaged” means the Card Agreement, as amended by the Card Agreement Amendment, as the same
may be further amended from time to time (as so amended, the “Amended Card Agreement”) has
not been terminated other than as a result of the exercise of a termination right thereunder
arising from the Company’s knowing, intentional and material breach of the Amended Card Agreement
and (ii) the term “Termination Date” means the “Agreement Termination Date” as
defined under the Amended Card Agreement. For the avoidance of doubt, in the event that the
Amended Card Agreement is terminated other than as a result of the exercise of a termination right
thereunder arising from the Company’s knowing, intentional and material breach of the Amended Card
Agreement, the Company and the Recipient shall be deemed to be

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“Engaged” through and including the Termination Date. With respect to any decision (a
“Decision”) by the Company to take or (fail to take) any action in the Amended Card
Agreement that would give rise to the right of any other party thereto to terminate the Amended
Card Agreement (a “Termination”), the Company agrees (i) not to consider in any respect in
connection with any such Decision the impact of a potential Termination on this Section 5.1(a) and
(ii) any such Decision will only be made in good faith and based exclusively on facts,
circumstances and information other than the impact of a potential Termination on this Section
5.1(a). In the event that the Company breaches the immediately preceding sentence and the Amended
Card Agreement is terminated, the Company and the Recipient will be deemed to be continuously
Engaged for purposes of this Section 5.1(a) notwithstanding such termination. Notwithstanding
anything else in this Section, if the Amended Card Agreement is terminated by Bank (as defined
therein), or by Company or Recipient due to Bank breach, Company and Recipient shall use good
faith efforts to designate a Replacement Bank (as defined under the Amended Card Agreement) and if
Company and Recipient continue the Program with the Replacement Bank under the existing terms of
the Amended Card Agreement, for purposes of this Agreement, the Company and Recipient shall
continue to be deemed “Engaged” during the period the parties are seeking to designate a
Replacement Bank and while the Program (or replacement program) is continuing with such Replacement
Bank.

               (b) At any time within one hundred eighty (180) days after the Termination Date, the Company,
or its assignee(s), may elect to repurchase any or all of the Recipient’s Unvested Shares at
purchase price equal to one cent ($0.01) per Unvested Share (as adjusted for any Recapitalization
Event) (the “Repurchase Price”) by giving the Recipient written notice of exercise of the
Repurchase Option.

               (c) Payment of the Repurchase Price for the Unvested Shares will be payable, at the option of
the Company and/or its assignee(s) (as applicable) by check or by wire transfer. The Repurchase
Price will be paid without interest within sixty (60) days after exercise of the Repurchase Option.

               (d) The Recipient understands that the book entry evidencing the Unvested Shares and the
Ownership Statement shall be noted by the stock transfer agent with a legend substantially in the
following form:

THE SHARES EVIDENCED HEREBY ARE SUBJECT TO CERTAIN RESTRICTIONS ON PUBLIC RESALE AND
TRANSFER, INCLUDING THE RIGHT OF REPURCHASE HELD BY THE ISSUER, AS SET FORTH IN A CLASS A
COMMON STOCK ISSUANCE AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL REGISTERED OWNER OF
THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH
RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE SHARES.

               (e) The legend set forth in Section 5.1(d) above shall be promptly removed by the Company with
respect to Unvested Shares that become Vested Shares.

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          5.2. Volume Limitations.

               (a) The Recipient hereby agrees that at all times during the period commencing with the
execution and delivery of this Agreement until December 24, 2012, subject to Section 5.2(b), the
Recipient shall not cause or permit any Transfer (as defined below) of any of the Shares to be
effected, or discuss, negotiate or make any offer regarding any Transfer of any of the Shares. For
purposes of this Agreement, Recipient shall be deemed to have effected a “Transfer” of a
Share if such person directly or indirectly (i) sells, pledges, encumbers, grants an option with
respect to, transfers or otherwise disposes of such security or any interest therein, or (ii)
enters into an agreement or commitment providing for the sale of, pledge of, encumbrance of, grant
of an option with respect to, transfer of or disposition of such security or any interest therein.

               (b) Section 5.2(a) shall not apply to the Recipient’s Transfer of: (i) up to a total of two
hundred eighty-six thousand (286,000) Vested Shares (as adjusted (x) pursuant to the last sentence
of this Section 5.2(b) and (y) for any Recapitalization Event) in each consecutive six-month period
beginning on the first day following the end of the Lock-Up Restriction Period (as defined below)
(each, a “Semi-Annual Allowance”); or (ii) any Vested Shares to another corporation,
partnership or other business entity that is a controlled or managed affiliate of the Recipient,
provided that, in the case of clause (ii), it shall be a condition of transfer or distribution that
(A) there shall be no disposition for value, and (B) each transferee or distributee agrees to
assume the obligations of the Recipient hereunder with respect to any Vested Shares so transferred.
Notwithstanding the foregoing, the Recipient shall be permitted to Transfer any amount of Vested
Shares in excess of the Semi-Annual Allowance (“Excess Shares”) in any corresponding
six-month period defined pursuant to clause (i) above (each, an “Allowance Period”), so
long as the Recipient pays the Company twenty-five dollars ($25.00) per Excess Share (each as
adjusted for any Recapitalization Event) within five (5) business days following the Transfer
thereof. Notwithstanding the foregoing, in the event that the last day of the Lock-up Restriction
Period (the “Lock-Up End Date”) is later than the later of (1) December 24, 2010 and (2)
the last day to which the restrictions imposed by the Lock-up Agreement are extended pursuant to
the sixth paragraph of the Lock-up Agreement, if such extension occurs with respect to a Lock-up
Period (as defined in the Lock-up Agreement) that would have otherwise expired on or before
December 25, 2010 (such date that is the later of (1) and (2) being referred to herein as the
“Final Date”), then each Semi-Annual Allowance shall be increased by a number of shares
equal to (x) the product of (1) 47,667 multiplied by (2) the number of months (with a
partial month being rounded up to the nearest whole month) by which the Lock-Up End Date is later
than the Final Date, divided by (y) the number of Allowance Periods (including a partial
Allowance Period) remaining before (and including) December 24, 2012. For purposes of this
Agreement, the term “Lock-up Restriction Period” means the period beginning on the
Effective Date and ending on the later of the first day following the later of (1) the end of the
Lock-up Period (as defined in the Lock-up Agreement) and (2) the last day to which the restrictions
imposed by the Lock-up Agreement are extended pursuant to the sixth paragraph of the Lock-up
Agreement. In the event that the Lock-up Agreement terminates pursuant to the last paragraph
thereof and an alternative lock-up agreement is entered into between the Recipient and the
Company’s underwriters, the parties agree to revise this Section 5.2(b) in good faith to implement
a mechanism similar to that set forth above to adjust the Semi-Annual Allowance as necessary to
preserve the intent of this provision, taken together with the Lock-up Agreement.

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          5.3. Stop-Transfer Instructions; Refusal to Transfer.

               (a) Recipient agrees that, to ensure compliance with the restrictions imposed by this
Agreement, the Company may issue appropriate “stop-transfer” instructions to its stock transfer
agent, if any, or if the Company transfers its own securities, it may make appropriate notations to
the same effect in its own records.

               (b) The Company will not be required (i) to transfer on its books any Shares that have been
sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to
treat as owner of such Shares, or to accord the right to vote or pay dividends, to any Recipient or
other transferee to whom such Shares have been so transferred.

          5.4. Right to Terminate Card Agreement Unaffected. Nothing in this Agreement shall be
construed to limit or otherwise affect in any manner whatsoever the right or power of the Company
or the Recipient to terminate the Card Agreement, as amended by the Card Agreement Amendment, or
any other relationship between the Recipient and the Company at any time pursuant to the terms
thereof.

          5.5. Change of Control. Notwithstanding the generality of the foregoing, upon the
consummation of a Prohibited Change of Control (as defined in the Amended Card Agreement) or a
Change of Control (as defined below): (i) all of the Shares shall immediately and automatically
become Vested Shares for all purposes of this Agreement and (ii) Section 5.2(a) shall no longer be
of any force or effect and the Recipient shall be free to effect Transfers of the Shares without
limitation (subject to applicable law). For purposes of the foregoing, the term “Change of
Control” shall mean: (A) a merger, share exchange, business combination or similar extraordinary
transaction as a result of which the persons possessing, immediately prior to the consummation of
such transaction, beneficial ownership of the voting securities of the Company entitled to vote
generally in elections of directors of the Company, would cease to possess, immediately after
consummation of such transaction, beneficial ownership of voting securities entitling them to
exercise more than 50% of the total voting power of all outstanding securities entitled to vote
generally in elections of directors of the Company (or, if not the Company, the surviving person
resulting from such transaction) or (B) a sale of all or substantially all of the assets of the
Company and its subsidiaries (determined on a consolidated basis).

     6. COMPLIANCE WITH LAWS AND REGULATIONS. The issuance and transfer of the Shares will
be subject to and conditioned upon compliance by the Company and Recipient with all applicable
state and federal laws and regulations and with all applicable requirements of any stock exchange
or automated quotation system on which the Company’s Class A Common Stock may be listed or quoted
at the time of such issuance or transfer.

     7. COVENANTS.

          7.1. Registration Rights. The Recipient shall become a party to, and have
registration rights as set forth in, the Eighth Amended and Restated Registration Rights Agreement,
dated as of March 31, 2010, pursuant to an amendment and restatement of such agreement entered into
and effective as of the Effective Date.

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          7.2. Further Assurances.

               (a) Prior to the earlier of (i) the completion of a “Qualified Initial Public Offering” (as
such term is defined in the Certificate) and (ii) the completion of the “Public Offering” (as
defined in the Lock-up Agreement) (such date that is the earlier of (i) and (ii) being referred to
herein as the “IPO Date”), without the Recipient’s prior written consent, the Company shall
not (A) amend the Certificate in a way that materially, adversely and disproportionately affects
the holders of Class A Common Stock as compared with the holders of Class B Common Stock or (B)
issue “Additional Shares” (as such term is defined below) at a price per share that is less than
the Effective Date FMV (as defined below).

               (b) For purposes of Section 7.2(a), “Additional Shares” shall mean any shares of
capital stock of the Corporation and any securities or other rights convertible into or exercisable
or exchangeable for any shares of capital stock of the Corporation other than:

                    (i) shares of Class B Common Stock actually issued upon conversion of shares of Series A
Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series C-1 Preferred Stock or
Series C-2 Preferred Stock (but only to the extent that such shares of Preferred Stock are
described in Section 3.4 of this Agreement);

                    (ii) shares of Class A Common Stock or Class B Common Stock to an employee, officer or
director; or to a consultant as compensation for services rendered or to be rendered to the
Corporation, pursuant to stock option, stock purchase or similar incentive plans or arrangements
approved by the Board of Directors (or the Compensation Committee thereof) after the Effective
Date;

                    (iii) shares of capital stock, Convertible Securities or Options issued to an equipment
lessor, bank, financial institution or similar entity, or a landlord or other provider of goods and
services, in a transaction approved by the Board of Directors (including the Series C Designee) in
connection with commercial credit arrangements, equipment financings or other transactions,
primarily for purposes other than equity financing;

                    (iv) shares of Class A Common Stock or Class B Common Stock issued as a dividend or other
distribution approved by the Board of Directors (including the Series C Designee) in connection
with which an adjustment to the Conversion Price is made pursuant to Section 3(e)(i), (ii) or (iii)
of the Certificate;

                    (v) shares of Class A Common Stock or Class B Common Stock issued in the Corporation’s
Qualified Initial Public Offering;

                    (vi) shares of capital stock, Convertible Securities or Options issued in a merger or
acquisition that is approved by the Board of Directors (including the Series C Designee), other
than any merger or acquisition the primary purpose of which is to raise capital or otherwise
provide financing for the Corporation;

                    (vii) shares of capital stock issuable upon the exercise of Convertible Securities issued by
the Corporation prior to Effective Time (but only to the extent that such Convertible Securities
are described in Section 3.4 of this Agreement);

10

 

                    (viii) shares of capital stock, Convertible Securities or Options issued in connection with
strategic joint ventures or development projects or other strategic transactions, in each case
approved by the Board of Directors (including the Series C Designee);

                    (ix) if the holders of a majority of the then outstanding shares, voting as a separate class,
of any series of Preferred Stock the Conversion Price of which may be subject to adjustment upon
the issuance of Class A Common Stock or Class B Common Stock agree in writing that such shares
shall not constitute Additional Shares with respect to such series of Preferred Stock; provided,
however, that the consent of holders of Preferred Stock that participate directly or indirectly
(including by way of any affiliate of such holders) in the related financing shall not be counted
in favor of a determination under this clause (ix) that the shares issued in such financing do not
constitute Additional Shares; and

                    (x) shares of Class A Common Stock issued or issuable upon conversion of shares of Class B
Common Stock (but only to the extent that such shares of Class A Common Stock are described in
Section 3.4 of this Agreement).

All capitalized terms contained in this Section 7.2(b) shall have the meanings ascribed to them in
the Certificate (except for the terms “Agreement,” “Certificate,” and “Effective Date” which are
defined in this Class A Common Stock Issuance Agreement).

          7.3. Tax Matters.

               (a) The Company understands that Recipient may make the election under Section 83(b) of the
Internal Revenue Code (the “Section 83(b) Election”) with respect to some or all of the
Shares (the “Section 83(b) Shares”). The Company shall furnish, or cause any transfer
agent of the Company to furnish, such documentation reflecting Recipients ownership of Shares, as
is reasonably requested by the Recipient in connection with the Section 83(b) Election.

               (b) Recipient and the Company agree that the fair market value (“FMV”) of the Shares
on the date hereof is $32.23 per share (the “Effective Date FMV”).

               (c) If no Section 83(b) Election is made, the Recipient and the Company agree to discuss
within ten (10) business days following the end of each calendar quarter that occurs prior to the
IPO Date the FMV of the Shares that became Vested Shares during such quarter. The Company agrees
to obtain quarterly valuations (the “Quarterly Valuations”) of its common stock by a
nationally-recognized qualified independent appraiser for purposes of qualifying for the “safe
harbor” provisions under Section 409A of the Internal Revenue Code of 1986, as amended. The
Company agrees to discuss with Recipient any concerns the Recipient may have with the independent
appraiser selected by the Company. After the IPO Date, Recipient and the Company agree that the
FMV of the Shares that become Vested Shares will be based on the trading price of the Company stock
on the day on which such Shares become Vested Shares. Promptly (and in no event more than 5 days)
following execution of this Agreement, the Company will deliver to the Recipient a true, correct
and complete copy of the most recent valuation of its common stock, and until the IPO Date, the
Company will deliver to the Recipient true, correct and complete copies of the Quarterly Valuations
obtained pursuant to this Section 7.3(c).

11

 

               (d) Recipient and the Company agree to file all of their respective income tax returns
consistently in accordance with the FMV determined under Section 7.3(b) and (c).

          7.4. Bank Holding Company Matters.

               (a) If the Amended Card Agreement is terminated pursuant to Section 15.3(p) thereof (a
“Qualified Termination”) then: (i) this Agreement shall terminate as of the date of the
notice of the Qualified Termination delivered pursuant to the Amended Card Agreement (the “Put
Option Commencement Date”), (ii) Section 5.2(a) shall no longer be of any force or effect and
the Recipient shall be free to effect Transfers of the Shares without limitation (subject to
applicable law) and (iii) subject to the terms and conditions of this Agreement, the Recipient will
have the right (the “Put Option”) to require the Company to repurchase all of the
Recipient’s Vested Shares, at a purchase price per Share (as adjusted for any Recapitalization
Event) equal to the FMV per Share as of the date the Put Option is exercised, as determined by the
Valuation Firm (as defined in Section 7.4(h), below) (the “Payment Amount”), payable in
cash by wire transfer of immediately available funds (or, to the extent that the Company does not
have sufficient cash on hand or available to it on commercially reasonable terms in order to
consummate the repurchase, the Company shall issue the Recipient a promissory note (the
“Note”) which is due and payable on the earliest to occur of (x) the twelve (12) month
anniversary of the date the Note is issued, (y) the IPO Date and (z) the date Company has
sufficient cash on hand or available to it on commercially reasonable terms in order to pay the
Note in full (the “Note Maturity Date”), with interest thereon at a rate per annum equal to
2% in excess of the Prime Rate (as defined in Section 7.4(h), below) in effect on the date of the
issuance of the Note, and which rate shall adjust on the first day of each calendar quarter to the
Prime Rate then in effect). The Company shall use its commercially reasonable efforts to obtain
financing in order to repay the Note in full as soon as possible following issuance thereof. In
the event of a Qualified Termination, within five (5) business days of the Termination Date, the
Company shall also make a cash payment to the Recipient by wire transfer of immediately available
funds to an account or accounts designated by the Recipient in an amount equal to (A) the FMV per
Share (as of the date the Put Option is exercised as determined above) or, if the Recipient has
sold any Shares pursuant to this Section 7.4 after the IPO Date, the average price per share
received by the Recipient for such sales of Shares, multiplied by (B) the number of the Unvested
Shares that would have become Vested Shares from and after the Put Option Commencement Date and
prior to (and including) the Termination Date if this Agreement had not been terminated and the
Company and the Recipient were continuously Engaged during such period.

               (b) The Recipient may only exercise the Put Option by delivering a notice to the Company, no
later than sixty (60) days following the Put Option Commencement Date (the “Final Exercise
Date”), of a completed and executed Put Option Subscription Form in substantially the form
attached hereto as Exhibit 3, and the Company shall be required to pay, within sixty (60)
days of its receipt of such notice, the Recipient the Payment Amount for each Vested Share
repurchased pursuant to the exercise of the Put Option.

               (c) Clause (iii) of Section 7.4(a) shall no longer be of any force or effect and the Company
shall not be obligated to repurchase any of the Recipient’s Vested Shares on or after (and the Put
Option (if any) shall terminate in full (to the extent not previously

12

 

exercised) upon) the earliest of (i) the IPO Date, (ii) the transfer of the Vested Shares held
by the Recipient other than pursuant to Section 7.4(d) and (iii) the day immediately following the
Final Exercise Date.

               (d) The Put Option shall not be transferable by the Recipient, provided that the Put
Option may be transferred to another corporation, partnership or other business entity that is a
controlled or managed affiliate of the Recipient if and only if (i) it is transferred with the
underlying Vested Shares, (ii) there shall be no disposition for value in connection with such
transfer, and (iii) each transferee agrees in writing to be subject to the provisions of this
Agreement as if the transferee were the “Recipient” hereunder.

               (e) Notwithstanding anything to the contrary contained herein, to the extent that the Company
is unable to consummate (for cash or the Note) the repurchase of any portion of the Vested Shares
on the date that the Put Option is exercised due to limitations imposed by the California
Corporations Code or Delaware General Corporation Law, then the Company shall only use funds
(and/or the Note) to the extent legally available to the Company to repurchase the maximum possible
number of such Vested Shares from the Recipient. Any Vested Shares not so purchased (the
“Remaining Shares”) shall be subject to Section 7.4(f), below.

               (f) The Company shall use its commercially reasonable efforts to assist the Recipient in the
offering and sale of the Remaining Shares to one or more third parties, which efforts shall include
taking appropriate steps with respect to the marketing of such Remaining Shares, making its
management and employees available to participate in marketing and due diligence activities in
connection therewith, providing materials in response to reasonable due diligence requests (subject
to the execution of a reasonable and customary confidentiality agreement) and preparing a customary
information memorandum describing the Company and its business, results and prospects.

               (g) In the event that the Company or the Recipient receives, following the Effective Date,
notice from the staff of the Board of Governors of the Federal Reserve System in Washington, DC
(the “Staff”) that the Staff would like to initiate discussions with the Company and/or the
Recipient with respect to whether the Recipient exercises a controlling influence over the
management or policies of the Company (“Control Issue”), the party hereto receiving such
notice shall notify the other party hereto within one (1) business day of the receipt of such
request and the Recipient and the Company shall each have the right to request meetings with the
Staff. The Recipient and the Company shall promptly inform each other of its discussions with the
Staff regarding the Control Issue. The Company and the Recipient shall, in good faith, explore
commercially reasonable modifications to this Agreement and other commercially reasonable
appropriate measures that could alleviate the concerns of the Staff, provided, however, that no
party hereto shall be obligated to enter into a modification of this Agreement or take other
measures that would adversely affect the economic and business assumptions of such party underlying
this Agreement. If either the Company or the Recipient thereafter receives notice from the Staff
that it intends to take the Control Issue to the Board of Governors of the Federal Reserve System
(the “Board”), then: (i) the party hereto receiving such notice shall notify the other
party hereto within one (1) business day of receipt of such notice and (ii) if the Company and the
Recipient reasonably determine that if the Amended Card Agreement is not terminated but the
Recipient divests the Shares, the Staff would not take the Control Issue

13

 

to the Board, then: (x) all of the Shares shall immediately and automatically become Vested
Shares for all purposes of this Agreement upon delivery of such notice and (y) Sections 7.4(a)(i),
(a)(ii), (a)(iii), (b), (c), (d), (e), (f), (h) and (i) shall apply, it being understood and agreed
that the Put Option shall not be available to the Recipient under this Section 7.4(g) upon and
following the IPO Date or, if earlier, the transfer described in clause (ii) of Section 7.4(c) (the
“Exit Trigger”). In the event of a Qualified Termination, then Section 7.4(a) and not this
Section 7.4(g) shall apply and, upon such a termination, all of the Recipient’s rights under this
Section 7.4(g) shall terminate in full without any further obligation of the Company.

               (h) If, after the Put Option Commencement Date or the occurrence of the Exit Trigger, the
Lock-up Agreement (or any future lock-up agreement) prohibits the transfer of Shares by the
Recipient, the Company shall use its best efforts to (i) have the underwriters party to such
lock-up agreement waive or remove the restrictions on transfer of the Shares (both to third parties
and to the Company) imposed by such lock-up agreement as soon as is practicable and (ii) convince
the Staff to permit the Recipient to dispose of the Shares once the restrictions on transfer
imposed by such lock-up agreement have lapsed; provided, however, the parties
acknowledge that achievement of either (i) or (ii) shall satisfy the Company’s obligations under
this Section 7.4(h).

               (i) For purposes of the foregoing, the “Prime Rate” on any day shall mean the rate
publicly announced on the business day preceding such date by The Wall Street Journal as the prime
lending rate for domestic commercial loans, except that, if The Wall Street Journal shall not
announce publicly a prime commercial lending (or equivalent) rate on such date, the Prime Rate
shall be determined based upon the arithmetic average of the rates of interest publicly announced
by three money center banks selected by the Recipient doing business in New York City as their
prime commercial lending rates. For purposes of the foregoing, the “Valuation Firm” shall
mean a nationally-recognized qualified appraiser that is mutually acceptable to the Company and the
Recipient acting reasonably and in good faith; provided, however, that if the
Company and the Recipient cannot agree on a firm within ten (10) business days, the Valuation Firm
shall be KPMG LLP, or its successor.

     8. MISCELLANEOUS

          8.1. Governing Law. This Agreement shall be governed by and construed in accordance
with the General Corporation Law of the State of Delaware as to matters within the scope thereof,
and as to all other matters shall be governed and construed in accordance with the internal laws of
the State of Delaware without regard to principles of conflicts of laws.

          8.2. Survival. The representations, warranties, covenants and agreements made herein
shall survive any investigation made by any party hereto and (other than the agreements contained
in Section 4, which shall survive until their expiration) until the first anniversary of the
Effective Date.

          8.3. Successors and Assigns; No Third Party Beneficiaries. Except as otherwise
expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors and administrators of the parties hereto. This
Agreement and the rights and obligations therein may not be assigned by the Recipient without the
written consent of the Company except to a parent corporation, a subsidiary or

14

 

affiliate of the Recipient. This Agreement and the rights and obligations therein may not be
assigned by the Company without the written consent of the Recipient. Nothing contained in this
Agreement, express or implied, is intended to confer any rights, remedies or benefits upon any
person or entity, other than the parties hereto or their respective successors and permitted
assigns.

          8.4. Entire Agreement. This Agreement constitutes the entire understanding and
agreement between the parties with regard to the subject hereof.

          8.5. Notices. All notices, requests, waivers and other communications made pursuant
to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (a)
when hand delivered to the other party (b) when sent by facsimile if sent during normal business
hours of the recipient with confirmation of sending to the fax number set forth below, or if sent
outside normal business hours with confirmation of sending, then notice shall be deemed to have
been duly given on the next business day; (c) three (3) business days after deposit in the U.S.
mail with first class or certified mail receipt requested postage prepaid and addressed to the
other party as set forth below; or (d) the next business day after deposit with a national
overnight delivery service, postage prepaid, addressed to the other party as set forth below with
next-business-day delivery guaranteed, provided that the sending party receives a confirmation of
delivery from the delivery service provider.

To the Recipient:

WAL-MART STORES, INC.

702 S.W. Eighth Street

Bentonville, Arkansas 72716

Attn: VP Financial Services

Phone: (479) 204-2123

Fax: (479) 273-8606

To Company:

GREEN DOT CORPORATION

605 East Huntington Drive, Suite 205

Monrovia, CA 91016

Attn: Legal Department

Phone: (626) 739-3942

Fax: (626) 739-2002

     Each person making a communication hereunder by facsimile shall promptly confirm by telephone
to the person to whom such communication was addressed each communication made by it by facsimile
pursuant hereto but the absence of such confirmation shall not affect the validity of any such
communication. A party may change or supplement the addresses given above, or designate additional
addresses, for purposes of this Section 8.5 by giving the other party written notice of the new
address in the manner set forth above.

          8.6. Amendments and Waivers. Any term of this Agreement may be amended only with the
written consent of each party hereto.

15

 

          8.7. Delays or Omissions. No delay or omission to exercise any right, power or remedy
accruing to any party hereto, upon any breach or default of any other party under this Agreement,
shall impair any such right, power or remedy of the non-breaching party nor shall it be construed
to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach
of default thereafter occurring; nor shall any waiver of any other breach or default theretofore or
thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part
of any party hereto of any breach of default under this Agreement or any waiver on the part of any
party hereto of any provisions or conditions of this Agreement, must be in writing and shall be
effective only to the extent specifically set forth in such writing. All remedies, either under
this Agreement, or by law or otherwise afforded to any party hereto shall be cumulative and not
alternative.

          8.8. Legal Fees. Each party hereto shall pay its own legal expenses in connection
with the transactions contemplated by this Agreement.

          8.9. Finder’s Fees. Each party represents and warrants to the other party hereto that
it has retained no finder or broker in connection with the transactions contemplated by this
Agreement.

          8.10. Titles and Subtitles. The titles of the sections and subsections of this
Agreement are for convenience of reference only and are not to be considered in construing or
interpreting this Agreement.

          8.11. Counterparts; Facsimile Signature. This Agreement may be executed in any number
of counterparts, each of which shall be an original, but all of which together shall constitute one
instrument. This Agreement may be executed by facsimile signature.

          8.12. Severability. Should any provision of this Agreement be determined to be
illegal or unenforceable, such determination shall not affect the validity or enforceability of any
other provisions of this Agreement.

          8.13. Dispute Resolution. The parties agree to negotiate in good faith to resolve any
dispute between them regarding this Agreement. If the negotiations do not resolve the dispute to
the reasonable satisfaction of all parties, then each party shall nominate one senior officer of
the rank of Vice President or higher as its representative. These representatives shall, within
thirty (30) days of a written request by any party to call such a meeting, meet in person and shall
attempt in good faith to resolve the dispute. If the disputes cannot be resolved by such senior
officers in such meeting, the parties agree that they shall, if requested in writing by any party,
meet within thirty (30) days after such written notification for one (1) day with a neutral
mediator and consider dispute resolution alternatives other than litigation. If an alternative
method of dispute resolution is not agreed upon within thirty (30) days after the one (1) day
mediation, any party may begin litigation proceedings. This procedure shall be a prerequisite
before taking any additional action hereunder. The parties acknowledge that the Company would be
irreparably harmed and that there will be no adequate remedy at law for a violation by the
Recipient of the last sentence of Section 2.1, and therefore, at the conclusion of the procedures
set forth above in this Section 8.13, the Company shall be entitled to seek performance by the
Recipient of the last sentence of Section 2.1 by specific performance.

16

 

          8.14. Jurisdiction. The parties hereto agree that any suit, action or proceeding
seeking to enforce any provision of, or based on any matter arising out of or in connection with,
this Agreement or the actions contemplated hereby shall be brought in the United States District
Court for the District of Delaware or any Delaware State court sitting in Wilmington, Delaware, so
long as one of such courts shall have subject matter jurisdiction over such suit, action or
proceeding, and that any cause of action arising out of this Agreement shall be deemed to have
arisen from a transaction of business in the State of Delaware, and each of the parties hereby
irrevocably consents to the exclusive jurisdiction of such courts (and of the appropriate appellate
courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest
extent permitted by law, any objection that it may now or hereafter have to the laying of the venue
of any such suit, action or proceeding in any such court or that any such suit, action or
proceeding which is brought in any such court has been brought in an inconvenient forum. Process
in any such suit, action or proceeding may be served on any party anywhere in the world, whether
within or without the jurisdiction of any such court. Without limiting the foregoing, each party
agrees that service of process on such party as provided in Section 8.5 shall be deemed effective
service of process on such party.

***

17

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
herein above first written.

	 	 	 	 	 	 	 

	WAL-MART STORES, INC.

	 	 	 	GREEN DOT CORPORATION
	 	 
	702 S.W. Eighth Street

	 	 	 	605 East Huntington Drive, Suite 205	 	 
	Bentonville, Arkansas 72716

	 	 	 	Monrovia, CA 91016	 	 
	 
	 	 	 	 	 	 
	/s/ Jane Thompson

	 	 	 	/s/ Steven W. Streit	 	 
	 

	 	 	 	 	 	 
	Signature

	 	 	 	Signature	 	 
	 
	 	 	 	 	 	 
	Jane Thompson

	 	 	 	Steven W. Streit	 	 
	 

	 	 	 	 	 	 
	Printed Name

	 	 	 	Printed Name	 	 
	 
	 	 	 	 	 	 
	Senior Vice President

	 	 	 	CEO	 	 
	 

	 	 	 	 	 	 
	Title

	 	 	 	Title	 	 

SIGNATURE PAGE FOR CLASS A COMMON

STOCK ISSUANCE AGREEMENT

 

 

EXHIBIT 1

LOCK-UP AGREEMENT

                    , 2010

J.P. MORGAN SECURITIES INC.,

MORGAN STANLEY & CO. INCORPORATED

As Representatives of

the several Underwriters listed in

Schedule 1 to the Underwriting

Agreement referred to below

c/o J.P. Morgan Securities Inc.

383 Madison Avenue, 39th floor

New York, NY 10179

Re:      Green Dot — Public Offering

Ladies and Gentlemen:

     The undersigned understands that you, as Representatives of the several Underwriters, propose
to enter into an Underwriting Agreement (the “Underwriting Agreement”) with Green Dot Corporation,
a Delaware corporation (the “Company”), providing for the public offering (the “Public Offering”)
by the several Underwriters named in Schedule 1 to the Underwriting Agreement (the “Underwriters”),
of shares (the “Securities”) of the Class A Common Stock, par value $0.001 per share, of the
Company (the “Common Stock”).

     In consideration of the Underwriters’ agreement to purchase and make the Public Offering of
the Securities, and for other good and valuable consideration receipt of which is hereby
acknowledged, the undersigned hereby agrees that, without the prior written consent of the
Representatives, on behalf of the Underwriters, the undersigned will not, during the period ending
180 days after the date of the final prospectus (the “Prospectus”) relating to the Public Offering
(the “Lock-Up Period”), (1) offer, pledge, announce the intention to sell, sell, contract to sell,
sell any option or contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any
shares of Common Stock of the Company or any securities convertible into or exercisable or
exchangeable for Common Stock (including without limitation, Common Stock or such other securities
which may be deemed to be beneficially owned by the undersigned in accordance with the rules and
regulations of the United States Securities and Exchange Commission (the “Commission”) and
securities which may be issued upon exercise of a stock option or warrant) or (2) enter into any
swap or other agreement that transfers, in whole or in part, any of the economic consequences of
ownership of the Common Stock or such other securities, whether any such transaction described in
clause (1) or (2) above is to be settled by delivery of Common Stock or such other securities, in
cash or otherwise.

     The foregoing sentence shall not apply to transactions relating to:

     (a) shares of Common Stock or securities convertible into or exercisable or exchangeable for
Common Stock acquired in the Public Offering or in open market transactions

 

 

after the completion of the Public Offering, provided that no filing with the Commission shall
be required or shall be voluntarily made in connection with subsequent sales of Common Stock or
such other securities;

     (b) shares of Common Stock sold by the undersigned to the Underwriters pursuant to the
Underwriting Agreement;

     (c) transfers of shares of Common Stock or any securities convertible into or exercisable or
exchangeable for Common Stock (i) to an immediate family member or a trust formed for the benefit
of an immediate family member, (ii) by bona fide gift, will or intestacy, (iii) if the undersigned
is a corporation, partnership or other business entity (A) to another corporation, partnership or
other business entity that is a controlled or managed affiliate of the undersigned or (B) as part
of a disposition, transfer or distribution without consideration by the undersigned to its equity
holders or (iv) if the undersigned is a trust, to a trustor or beneficiary of the trust, provided
that, in the case of any transfer or distribution pursuant to this clause (c), it shall be a
condition of transfer or distribution that (A) there shall be no disposition for value, (B) each
transferee, donee or distributee shall sign and deliver a lock-up letter substantially in the form
of this letter agreement and (C) no filing with the Commission shall be required or shall be made
voluntarily during the Lock-up Period in connection with any such transfer; or

     (d) entering into a written plan meeting the requirements of Rule 10b5-1 under the Securities
Exchange Act of 1934; provided that no sales of the Company’s securities shall occur under such
plan and no public disclosure of any such action shall be required or shall be voluntarily made by
any person during the Lock-up Period; or

     (e) the exercise of options to purchase shares of Common Stock pursuant to employee benefit
plans disclosed in the Prospectus, provided that any such shares of Common Stock received upon such
exercise shall be subject to the terms of this letter agreement.

     For purposes of this paragraph, “immediate family” means any relationship by blood, marriage,
domestic partnership or adoption, no more remote than a first cousin.

     In addition, the undersigned agrees that, without the prior written consent of the
Representatives, on behalf of the Underwriters, it will not, during the Lock-Up Period, make any
demand for, or exercise any right with respect to, the registration of any shares of Common Stock
or any security convertible into or exercisable or exchangeable for Common Stock.

     Notwithstanding the foregoing, if (1) during the last 17 days of the Lock-Up Period, the
Company issues an earnings release or material news or a material event relating to the Company
occurs; or (2) prior to the expiration of the Lock-Up Period, the Company announces that it will
release earnings results during the 16-day period beginning on the last day of the Lock-Up Period,
the restrictions imposed by this letter agreement shall continue to apply until the expiration of
the 18-day period beginning on the issuance of the earnings release or the occurrence of the
material news or material event.

     In furtherance of the foregoing, the Company, and any duly appointed transfer agent for the
registration or transfer of the securities described herein, are hereby authorized to decline to
make any transfer of securities if such transfer would constitute a violation or breach of this
letter agreement.

 

 

     The undersigned hereby represents and warrants that the undersigned has full power and
authority to enter into this letter agreement. All authority herein conferred or agreed to be
conferred and any obligations of the undersigned shall be binding upon the successors, assigns,
heirs and personal representatives of the undersigned.

     The undersigned understands that the Underwriters are entering into the Underwriting Agreement
and proceeding with the Public Offering in reliance upon this letter agreement.

     Notwithstanding anything to the contrary contained herein, this letter agreement will
terminate and the undersigned will be released from all of its obligations hereunder if (i) the
closing of the Public Offering shall not have occurred on or before September 30, 2010, (ii) the
Company files an application to withdraw, and the Commission consents to the withdrawal of, the
registration statement related to the Public Offering, (ii) the Underwriting Agreement is executed
but is terminated (other than the provisions thereof which survive termination) prior to payment
for and delivery of the Common Stock to be sold thereunder or (iii) the Representatives, on behalf
of the Underwriters, advising the Company, or the Company advising the Representatives, in writing,
prior to the execution of the Underwriting Agreement, that they have determined not to proceed with
the Public Offering.

 

 

     This letter agreement shall be governed by and construed in accordance with the laws of the
State of New York, without regard to the conflict of laws principles thereof.

	 	 	 	 	 
	 	Very truly yours,

[NAME OF STOCKHOLDER]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

EXHIBIT 2

IRREVOCABLE LIMITED POWER OF ATTORNEY

     This IRREVOCABLE LIMITED POWER OF ATTORNEY (the “Power of Attorney”) is made as of the ___ day
of May, 2010, by Wal-Mart Stores, Inc., a Delaware corporation (“Grantor”).

     WHEREAS, Grantor is a party to that certain Class A Common Stock Issuance Agreement (the
“Issuance Agreement”) dated as of May ___, 2010 between Grantor and Green Dot Corporation, a
Delaware corporation (“Green Dot”).

     WHEREAS, pursuant to the Issuance Agreement, Green Dot is issuing to Grantor the Shares (as
defined in the Issuance Agreement), and effective as of the date hereof, Grantor has, and hereby
does, constitute and appoint Green Dot, its successors and assigns, the true and lawful attorney of
Grantor as herein set forth.

     NOW, THEREFORE, in order to fully effectuate the terms of the Issuance Agreement, Grantor
hereby constitutes and appoints Green Dot, acting through any one of its duly appointed officers,
and with full power of substitution, as the true and lawful attorney-in-fact (the “Attorney”) for
Grantor to do and perform the following on behalf of Grantor and in Grantor’s name:

     1. To execute and deliver such documents, including stock powers on behalf of the Grantor, as
may be reasonably requested by Green Dot’s stock transfer agent, Computershare Trust Company, N.A.,
or its successors or agents (or in the event that Computershare Trust Company, N.A. does not become
Green Dot’s stock transfer agent, Green Dot in its capacity as its own stock transfer agent), in
connection with Green Dot’s exercise of the Repurchase Option (as defined in the Issuance
Agreement) (the “Repurchase Option”);

     2. To sell “Unvested Shares” (as defined in the Issuance Agreement) (“Unvested Shares”) on
behalf of Grantor to Green Dot pursuant to the exercise of the Repurchase Option and to receive the
payment for the said shares and to remit it to Grantor; and

     3. To make, sign, execute and deliver any contract, form or document of whatever nature or
kind which may be necessary or proper in connection with the sale of Grantor’s Unvested Shares to
Green Dot pursuant to the exercise of the Repurchase Option.

     Giving and Granting unto the Grantor’s said Attorney full power and authority to do and
perform the foregoing acts for Grantor and in Grantor’s name, place and stead for all intents and
purposes as if Grantor were personally present, confirming and affirming all that Grantor’s said
Attorney may legally do in the premises.

     The Attorney is hereby empowered to determine, in its sole discretion, the time or times when,
purpose for, and manner in which any power herein conferred upon it shall be exercised, and the
conditions, provisions, or covenants of any instrument or document which may be executed by it
pursuant hereto.

 

 

     This Power of Attorney and all authority conferred hereby are granted and conferred subject to
an in consideration of the execution and delivery by Green Dot of the Issuance Agreement and the
performance of its obligations thereunder, and for the purpose of completing the transactions
contemplated therein.

     The foregoing agreements are made for the benefit of, and may be relied upon by Green Dot, its
successors and assigns, agents, and representatives.

     This Power of Attorney is executed solely to facilitate the transfer of the Unvested Shares to
Green Dot as contemplated by Section 5.1(b) of the Issuance Agreement and no act or undertaking of
the Attorney pursuant to this Power of Attorney shall be valid or effective to create or impose any
liability or obligation on Grantor or any affiliate of Grantor.

     This Power of Attorney is irrevocable, and Grantor acknowledges and affirms that this Power of
Attorney is coupled with an interest.

     Grantor agrees that any third party who receives a copy of this document may act under it.
Grantor hereby agrees to indemnify the third party for any claims that arise against the third
party because of reliance on this power of attorney.

     This Power of Attorney shall be binding upon the successors and assigns of Grantor and shall
automatically terminate and shall be of no further force or effect upon the earlier of (i) the
first date that all Unvested Shares have become “Vested Shares” (as defined in the Issuance
Agreement) and (ii) the date of settlement of the Company’s exercise of the Repurchase Option.

     IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney as of the date first
above written.

	 	 	 	 	 	 	 

	 	 	WAL-MART STORES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

 

 

EXHIBIT 3

PUT OPTION SUBSCRIPTION FORM

(To be signed only upon exercise of Put Option)

			
	To:	 	Green Dot Corporation

605 East Huntington Drive, Suite 205,

Monrovia, California 91016

                  Attention: President

     The undersigned, the holder of the attached Put Option (the “Holder”), hereby irrevocably
elects to exercise the right represented by that Put Option to sell to Green Dot Corporation, a
Delaware corporation (the “Company”),
                     shares of Class A Common Stock of the Company
at an aggregate exercise price for such shares as determined pursuant to Section 7.4 of that
certain Class A Common Stock Issuance Agreement, dated as of May ___, 2010, by and between Wal-Mart
Stores, Inc., a Delaware corporation and the Company.

     Dated:                                        

	 	 	 	 	 	 	 

	 

	 	Name:
	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Signature:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Wire Transfer Instructions:

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