Form 4: LendingClub CFO Andrew LaBenne Reports Significant RSU Vesting and Tax-Related Share Disposition

LendingClub Corporation's Chief Financial Officer, Andrew LaBenne, reported the vesting of over 50,000 Restricted Stock Units (RSUs) and the subsequent disposition of approximately 26,000 shares to cover tax obligations.

Summary

• Andrew LaBenne, Chief Financial Officer of LendingClub Corp (LC), reported transactions on May 25, 2025, related to the vesting of Restricted Stock Units (RSUs).
• A total of 50,635 shares of Common Stock were acquired through the vesting of RSUs at a price of $0.
• Specifically, these acquisitions included 20,005 shares, 10,848 shares, 12,274 shares, and 7,508 shares, all resulting from RSU conversions.
• Concurrently, 26,091 shares of Common Stock were disposed of at a price of $9.86 per share to cover tax withholding obligations associated with the RSU vesting.
• Following these transactions, Mr. LaBenne directly beneficially owns 196,066 shares of LendingClub Common Stock.
• Additionally, Mr. LaBenne indirectly beneficially owns 10,000 shares held in two UTMA accounts for his children (5,000 shares each).

Sentiment

Score: 7

Explanation: The sentiment is moderately positive as it reflects a significant executive compensation event (RSU vesting), which aligns management's interests with shareholders. The disposition for tax purposes is a standard, neutral event.

Positives

• The vesting of 50,635 Restricted Stock Units (RSUs) represents a significant increase in the CFO's direct equity stake in LendingClub, aligning management's interests with shareholders.
• The RSU vesting at a $0 exercise price indicates these are part of a compensation package, providing value to the executive without a direct cash outlay for acquisition.

Negatives

• The disposition of 26,091 shares to cover tax withholding obligations, while standard for RSU vesting, reduces the net number of shares retained by the CFO from the vested amount.

Future Outlook

This Form 4 filing details past and current RSU vesting events and does not provide forward-looking statements or guidance on the company's financial performance or strategic direction.

Industry Context

This filing is a routine disclosure of insider equity transactions, common across all publicly traded companies, and does not provide specific insights into broader industry trends within the financial technology or lending sectors.

Related Party Transactions

• The reported RSU vesting and subsequent share disposition for tax withholding are transactions between the company (LendingClub Corp) and its Chief Financial Officer, Andrew LaBenne, which are considered related-party transactions as part of executive compensation.

Stakeholder Impact

• Shareholders: The increase in the CFO's direct ownership through RSU vesting can be viewed positively as it strengthens management's alignment with shareholder interests.
• Employees: This filing pertains specifically to executive compensation and does not directly impact the broader employee base, though it reflects standard equity compensation practices for key personnel.

Next Steps

• Continued quarterly vesting of remaining Restricted Stock Units (RSUs) for Andrew LaBenne, subject to his continued service through each vesting date, as per the original RSU grant terms.

Key Dates

Recommendation

Keywords

LendingClub, LC, Andrew LaBenne, Chief Financial Officer, CFO, SEC Form 4, Insider Transaction, Restricted Stock Units, RSU Vesting, Share Disposition, Tax Withholding, Beneficial Ownership, Equity Compensation