Form 4: LendingClub Corp: General Counsel Jordan Cheng Reports Stock Transactions
SEC Form 4
Jordan Cheng, General Counsel & Secretary of LendingClub Corp, reports acquisition and disposal of common stock and restricted stock units on May 25, 2024, due to vesting of RSUs and tax withholding.
Summary
- On May 25, 2024, Jordan Cheng, the General Counsel & Secretary of LendingClub Corp, engaged in transactions involving the company's common stock and Restricted Stock Units (RSUs).
- Cheng acquired shares of common stock through the vesting of RSUs.
- A total of 11,323, 2,127, 2,889 and 5,727 shares were acquired through RSU vesting.
- The vesting of RSUs occurred in tranches based on continued service, with varying vesting schedules starting from May 25, 2021, May 25, 2022, May 25, 2023 and May 25, 2024.
- 9,849 shares were withheld by the Issuer to cover tax withholding obligations in connection with the vesting of RSUs at a price of $9.02.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the filing simply reports routine transactions related to RSU vesting and tax obligations.
Positives
- The vesting of RSUs indicates a continued service and commitment by the General Counsel to the company.
Industry Context
Form 4 filings are standard practice and provide transparency into the transactions of company insiders, allowing investors to monitor management's alignment with shareholder interests.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they reflect insider activity related to compensation and tax obligations.
Key Dates
| Date | Description |
|---|---|
| 05/25/2021 | RSUs vested as to 25% of the total shares, with an additional 6.25% vesting quarterly thereafter. |
| 05/25/2022 | RSUs vested as to 8.33% of the total shares, with an additional 8.33% vesting quarterly thereafter. |
| 05/25/2023 | RSUs vested as to 8.33% of the total shares, with an additional 8.33% vesting quarterly thereafter. |
| 05/25/2024 | Transactions reported: Acquisition of shares through RSU vesting and shares withheld for tax obligations; RSUs vested as to 8.33% of the total shares, with an additional 8.33% vesting quarterly thereafter. |
| 05/29/2024 | Date of signature for the Form 4 filing. |
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