LC Form 4: CFO RSU Vesting Adds Shares, 26,095 Withheld for Taxes
Rhea-AI Filing Summary
LendingClub Corp (LC) Chief Financial Officer Andrew LaBenne reported multiple insider transactions tied to restricted stock units (RSUs) that vested on August 25, 2025. The filing shows four RSU vesting events resulting in acquisitions of 20,005; 10,849; 12,274; and 7,509 shares, all recorded at $0 as they represent vested RSUs converting to common stock. The issuer withheld 26,095 shares to satisfy tax-withholding obligations rather than a sale. After these transactions, the reporting person beneficially owns 228,748 shares directly and has 10,000 shares indirectly held in UTMA accounts for his children.
Positive
- Multiple RSU vestings occurred on 08/25/2025, increasing direct beneficial ownership by the reporting person.
- Direct beneficial ownership totals 228,748 shares after these transactions, reflecting executive equity alignment with shareholders.
- Indirect holdings disclosed of 10,000 shares in UTMA accounts provide transparency into total family-held exposure.
Negative
- Issuer withheld 26,095 shares to satisfy tax-withholding obligations, reducing net shares received by the reporting person.
Insights
TL;DR: Insider RSU vesting increased direct ownership materially but included tax-withholding; overall change is routine compensation-related activity.
The transactions are compensation-driven: multiple RSU tranches vested and converted to common stock at no cash price, which increases the reporting person’s direct equity stake to 228,748 shares. The issuer withheld 26,095 shares to cover tax obligations, a common practice that reduces net share receipts but does not represent an open-market sale. The report discloses 10,000 shares held indirectly in UTMA accounts for minors. For investors, these are administrative ownership changes tied to executive compensation rather than signaling a material strategic shift.
TL;DR: Vesting and withholding are standard governance and tax-administration events with no apparent governance concerns disclosed.
The Form 4 documents scheduled vesting per existing equity arrangements and tax withholding by the issuer. Vesting schedules referenced (various percentages and quarterly vesting) match customary executive RSU plans. There is no indication of discretionary transfers, sales, or unusual related-party actions. Indirect holdings in UTMA accounts are disclosed, maintaining transparency on beneficial ownership structure.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Unit (RSU) | 20,005 | $0.00 | -- |
| Exercise | Restricted Stock Unit (RSU) | 10,849 | $0.00 | -- |
| Exercise | Restricted Stock Unit (RSU) | 12,274 | $0.00 | -- |
| Exercise | Restricted Stock Unit (RSU) | 7,509 | $0.00 | -- |
| Exercise | Common Stock | 20,005 | $0.00 | -- |
| Exercise | Common Stock | 10,849 | $0.00 | -- |
| Exercise | Common Stock | 12,274 | $0.00 | -- |
| Exercise | Common Stock | 7,509 | $0.00 | -- |
| Tax Withholding | Common Stock | 26,095 | $16.31 | $426K |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of the Issuer's common stock. Does not represent a sale of shares. Represents the number of shares withheld by the Issuer to cover tax withholding obligations in connection with the vesting of RSUs. Aggregates 5,000 shares of Issuer's common stock held in each of two UTMA accounts for children of the Reporting Person. The RSUs vested as to 33.33% of the total shares on August 25, 2023, with an additional 8.33% of the total shares vesting quarterly thereafter, subject to continued service through each vesting date. Not applicable. The RSUs vested as to 8.33% of the total shares on May 25, 2023, with an additional 8.33% of the total shares vesting quarterly thereafter, subject to continued service through each vesting date. The RSUs vested as to 8.33% of the total shares on May 25, 2024, with an additional 8.33% of the total shares vesting quarterly thereafter, subject to continued service through each vesting date. The RSUs vested as to 8.33% of the total shares on May 25, 2025, with an additional 8.33% of the total shares vesting quarterly thereafter, subject to continued service through each vesting date.
