Teresa Watkins
GREEN DOTAbout Teresa Watkins
Teresa Watkins (44) serves as Chief Operations Officer (COO) at Green Dot Corporation, a role she has held since November 2022 after progressing through senior operational roles since 2013. She holds a Master of Accounting and a B.S. in Accounting from the University of South Florida and previously served as Senior Financial Operations Manager at JPMorgan Chase (2006–2013) . Company performance during her tenure reflects mixed outcomes: Adjusted EBITDA of $165.4M in 2024 vs. $170.9M in 2023, and GAAP Net Income of -$26.7M in 2024 vs. $6.7M in 2023; cumulative TSR (2019 base=$100) stood at 45.67 in 2024 and 42.49 in 2023 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Green Dot | Lead Technical Program Manager | 2013–2016 | Led technical program management in financial operations |
| Green Dot | VP, Financial Processing Operations | 2016–2021 | Oversaw financial processing operations, scaling payments infrastructure |
| Green Dot | SVP, Payment Processing | 2021–2022 | Managed payment processing, improving operational resilience |
| Green Dot | Chief Operations Officer | Nov 2022–Present | Executive leadership over operations across B2B/embedded finance |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| JPMorgan Chase & Co. | Senior Financial Operations Manager | 2006–2013 | Managed financial operations, strengthening large-scale payment processes |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $306,462 | $400,000 | $410,000 |
| Actual Annual Bonus Paid ($) | $184,928 | — (no payout disclosed) | $154,041 |
| All Other Compensation ($) | $5,131 | $6,546 | $5,058 |
2024 Annual Incentive Details
- Target bonus opportunity: 75% of base salary for Watkins ($307,500 target)
- Design: Adjusted EBITDA determines payout (0–200%) with a ±30% MBO modifier tied to objective regulatory metrics
- Targets: Adjusted EBITDA threshold=$157.5M, target=$175.0M, max=$210.0M
- Outcome: Adjusted EBITDA=$165.4M → 72% multiplier; MBO modifier=-30%; total payout=50.4% of target ($154,041)
Performance Compensation
| Component | Metric | Weighting | Target(s) | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| 2024 Cash STI | Adjusted EBITDA with regulatory MBO modifier | 100% of STI (MBO modifier ±30%) | EBITDA target=$175.0M | $165.4M | 50.4% of target | Cash paid after year-end |
| 2024 PRSUs (EPS tranche) | Non-GAAP cumulative diluted EPS (3-year) | 50% of PRSUs | Threshold=$4.67; Target=$5.19; Max=$5.97 | Year 1 of cycle (no certification yet) | 50–175% of target at certification | Vests at end of 2026 upon certification, service to 2027 |
| 2024 PRSUs (TSR tranche) | Relative TSR vs S&P 1500 Financials (3-year) | 50% of PRSUs | Threshold=25th pct; Target=50th pct; Max=68.75th pct | Year 1 of cycle (no certification yet) | 50–175% of target at certification | Vests at end of 2026 upon certification, service to 2027 |
2024 Equity Grants to Teresa Watkins
| Grant Type | Target Units | Notes |
|---|---|---|
| 2024 EPS PRSUs | 19,105 | Earn-out per EPS schedule; 50–175% possible |
| 2024 TSR PRSUs | 19,104 | Earn-out per TSR schedule; 50–175% possible |
| 2024 RSUs (time-based) | 38,210 | Vests in 3 equal annual installments on each anniversary of 3/23/2024 |
Stock Vested
| Metric | 2023 | 2024 |
|---|---|---|
| Shares Vested (#) | 6,246 | 11,158 |
| Value Realized ($) | $114,830 | $100,216 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 32,510 shares (as of March 31, 2025) |
| Shares Outstanding | 54,873,357 (as of March 31, 2025) |
| Ownership as % of Shares Outstanding | ~0.06% (32,510 / 54,873,357) |
| Unvested RSUs by Grant | 1,440 (2/8/2022); 2,693 (7/22/2022); 9,820 (3/7/2023); 38,210 (3/23/2024) |
| Unearned PRSUs by Grant | 6,510 (3/7/2023); 9,552 (3/23/2024) |
| Options Outstanding | None disclosed for Watkins |
| Stock Ownership Guidelines | 2× base salary for NEOs; 5-year compliance window; NEOs either satisfied or have time remaining as of March 31, 2025 |
| Hedging/Pledging | Prohibited for employees/officers/directors |
Alignment signals:
- Heavy use of PRSUs (50% of LT equity for non-CEO NEOs) tied to 3-year EPS and relative TSR supports long-term alignment .
- Anti-hedging/pledging and clawback policies reduce misalignment and risk .
Employment Terms
| Provision | Detail |
|---|---|
| Employment Status | At-will; no individual contractual severance for Watkins (Other NEOs do not have bespoke severance) |
| Board-Adopted Severance Policy (Apr 2025) | If terminated without cause: 12 months base salary; prorated target bonus; up to 12 months COBRA; pro-rata vesting of then-current RSU tranche and of certified-but-unvested PRSUs based on actual performance |
| Corporate Transaction Policy (Double Trigger) | If terminated without cause or resigns for good reason within 12 months post-transaction: 100% acceleration of unvested equity; performance awards accelerate at “target” |
| Teresa Watkins—Change-in-Control Acceleration (Dec 31, 2024) | $1,238,602 accelerated RSU/PRSU vesting value at target (based on $10.64 stock price) |
| Retention Program (2025) | Cash transaction award of $125,000; 50% vests at deal announcement (or Dec 31, 2025 if none), remaining 50% at closing (or June 30, 2026 if no announcement) |
| Clawback | Company-wide clawback of incentive comp; awards subject to recovery upon restatement; awards not “earned” until policy conditions satisfied |
| Tax Gross-Ups | None (no golden parachute excise tax gross-ups) |
Investment Implications
- Pay-for-performance discipline: 2024 cash bonuses paid at 50.4% of target and prior-year inducement PRSUs for the CEO expired unvested, reflecting committee rigor; Watkins’s STI directly tied to EBITDA outcomes and regulatory MBOs .
- Retention and deal optionality: 2025 Retention Program cash awards create near-term retention hooks during strategic review; Watkins’s change-of-control acceleration ($1.24M) indicates moderate equity-based deal sensitivity .
- Selling pressure: Scheduled RSU vesting (e.g., 38,210 RSUs granted in 2024 vesting over 3 years) implies predictable supply but is de minimis relative to float (~0.06% total personal stake) .
- Alignment safeguards: Anti-hedging/pledging, clawback, and no repricing provisions lower governance risk and improve shareholder alignment .
- Performance risk: Company EBITDA declined in 2024 and TSR remains below broad sector comparator levels, raising execution focus on 3-year EPS/TSR PRSU hurdles through 2026/2027 .