Cheng Jordan 4
4 · LendingClub Corp · Filed Feb 27, 2026
Research Summary
AI-generated summary of this filing
LendingClub (LC) GC Cheng Jordan Receives RSU Award
What Happened Cheng Jordan, General Counsel & Secretary of LendingClub (LC), had RSUs vest on Feb 25, 2026 that converted into 12,122 shares of common stock (three vesting lots of 2,890; 5,728; and 3,504 shares). To cover tax withholding, 5,963 shares were withheld by the issuer at an indicated per-share value of $15.02 (withheld value ≈ $89,564), leaving a net delivery of about 6,159 shares to Jordan. The RSU conversion entries are reported as derivative exercises (code M) and the withholding is reported as code F.
Key Details
- Transaction date: Feb 25, 2026; Form 4 filed Feb 27, 2026 (timely filing).
- Shares converted: 12,122 shares at $0.00 acquisition price (vested RSUs converted to stock).
- Shares withheld for taxes: 5,963 shares at $15.02/share ≈ $89,564 (code F; issuer withholding, not an open-market sale).
- Net shares delivered to insider: ~6,159 shares.
- Shares owned after transaction: Not specified in the provided filing excerpt.
- Relevant footnotes: F1–F6 describe RSU mechanics and vesting schedule; F2 confirms withholding is to cover taxes (not a market sale).
Context This was a routine RSU vesting and net settlement (issuer withheld shares for tax obligations), not an open-market purchase or sale. For retail investors, such transactions typically reflect compensation vesting rather than insider views on company prospects. The filing shows conversion of RSUs to shares (derivative exercise) and a cashless/net withholding for taxes.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1]2026-02-25+2,890→ 109,170 total - Exercise/Conversion
Common Stock
[F1]2026-02-25+5,728→ 114,898 total - Exercise/Conversion
Common Stock
[F1]2026-02-25+3,504→ 118,402 total - Tax Payment
Common Stock
[F2]2026-02-25$15.02/sh−5,963$89,564→ 112,439 total - Exercise/Conversion
Restricted Stock Unit (RSU)
[F1][F3][F4]2026-02-25−2,890→ 0 totalExercise: $0.00→ Common Stock (2,890 underlying) - Exercise/Conversion
Restricted Stock Unit (RSU)
[F1][F5][F4]2026-02-25−5,728→ 22,912 totalExercise: $0.00→ Common Stock (5,728 underlying) - Exercise/Conversion
Restricted Stock Unit (RSU)
[F1][F6][F4]2026-02-25−3,504→ 28,033 totalExercise: $0.00→ Common Stock (3,504 underlying)
Footnotes (6)
- [F1]Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of the Issuer's common stock.
- [F2]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.
- [F3]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.
- [F4]Not applicable.
- [F5]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.
- [F6]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.