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Green Dot to seek shareholder approval to declassify board

Green Dot Corp.'s board has approved an amendment to the company's certificate of incorporation that would require all directors to be elected on an annual basis.

If the measure gains approval from stockholders, directors elected prior to the 2017 annual meeting of stockholders will be able to complete their respective three-year terms on the board. Directors elected at the 2017 annual meeting and subsequent meetings will serve for one-year terms, the company said.

Currently, the board comprises three classes, with members of each class elected for staggered three-year terms. The terms of class I directors expires at the 2017 annual meeting, while the terms for class II and class III directors do not expire until 2018 and 2019, respectively.

If the proposal receives stockholder approval, all directors will stand for annual election commencing with the annual meeting of stockholders in 2019.