Business Context and Reporting Period
This Form 8-K Current Report was filed by Green Dot Corporation on January 6, 2015. The report discloses a material corporate governance event regarding the appointment of a new senior executive officer effective January 1, 2015.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change reported is the appointment of Kuan Archer as Chief Operating Officer (COO), effective January 1, 2015. Prior to this appointment, Mr. Archer served as Chief Technology Officer and Executive Vice President of Product Development since October 2012.
Management Commentary and Compensation
In connection with the appointment, the following compensatory arrangements were established for Mr. Archer:
- Base Salary: Increased to $440,000 annually, effective January 1, 2015.
- Bonus: On-target bonus amount for 2015 set at $352,000.
- Equity Award: Received an award of 50,000 restricted stock units subject to standard terms and conditions.
Mr. Archer brings prior experience from Rovi Corporation, Symantec Corporation, and Microsoft Corporation.
Investor Verification Checklist
- Verify the effective date of the COO appointment (January 1, 2015).
- Confirm the total value of the new compensation package ($440,000 base + $352,000 target bonus + 50,000 RSUs).
- Review the standard terms and conditions of the restricted stock unit agreement referenced in the filing.
- Check subsequent filings for any changes to the executive leadership structure or compensation plans.