# EDGAR Filing Document

**Accession Number:** 0001409970
**File Stem:** 0001409970-23-000018
**Filing Date:** 2023-3
**Character Count:** 9756
**Document Hash:** 4d9d16531b8eec05f4660149d5996192
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001409970-23-000018.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001409970-23-000018

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230323

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LendingClub Corp
- **CENTRAL INDEX KEY:** 0001409970
- **STANDARD INDUSTRIAL CLASSIFICATION:** PERSONAL CREDIT INSTITUTIONS [6141]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36771
- **FILM NUMBER:** 23764701

**BUSINESS ADDRESS:**
- **STREET 1:** 595 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** 415-632-5600

**MAIL ADDRESS:**
- **STREET 1:** 595 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

?xml version="1.0" ? lc-20230323

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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| | |
|:---|:---|
| **FORM** | **8-K** |

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| |
|:---|
| **CURRENT REPORT** |
| **Pursuant to Section 13 or 15(d)<br>of the Securities Exchange Act of 1934** |

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**Date of Report (Date of earliest event reported): March 23, 2023**

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|:---|
| **LendingClub Corporation** |
| (Exact name of registrant as specified in its charter) |

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**Commission File Number: 001-36771**

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| | |
|:---|:---|
| **Delaware** | **51-0605731** |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |

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| | | |
|:---|:---|:---|
| **595 Market Street, Suite 200,** | **595 Market Street, Suite 200,** | **595 Market Street, Suite 200,** |
| **San Francisco,** | **CA** | **94105** |
| (Address of principal executive offices and zip code) | (Address of principal executive offices and zip code) | (Address of principal executive offices and zip code) |

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Registrant's telephone number, including area code: 415 632-5600

Former name or former address, if changed since last report: N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol</u> | <u>Name of each exchange on which registered</u> |
| Common stock, par value $0.01 per share | LC | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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| | |
|:---|:---|
| Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |

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|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers** |

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On March 23, 2023, the Board of Directors (the "Board") of LendingClub Corporation (the "Company") appointed Stephen Cutler, age 61, to the Board, effective immediately. Mr. Cutler was appointed to the Board as a Class II director who will serve until the Company's 2025 annual meeting of stockholders, or until his successor is duly elected and qualified. Mr. Cutler was also appointed as a member of the Audit Committee and Operational Risk Committee.

In connection with joining the Board, Mr. Cutler is entitled to receive a pro rata portion of the annual cash retainer and a grant of restricted stock units, each in accordance with the Company's non-employee director compensation policy as described in the Company's most recent proxy statement, filed with the Securities and Exchange Commission (the "SEC") on April 19, 2022.

The Company will enter into its standard form of indemnity agreement with Mr. Cutler, a copy of which was filed as Exhibit 10.1 to the Company's Form S-1/A filed with the SEC on December 1, 2014.

There are no arrangements or understandings between Mr. Cutler and any other persons pursuant to which he was appointed to the Board. There are also no family relationships between Mr. Cutler and any director or executive officer of the Company and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

On March 27, 2023, the Company issued a press release announcing the appointment of Mr. Cutler to the Board. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |
| (d) | Exhibits |

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Exhibit Title or Description** |
| <u>[99.1](exhibit991asfiledon32723.htm)</u> | <u>[Press Release dated March 27, 2023](exhibit991asfiledon32723.htm)</u> |
| 104 | Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document) |

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**SIGNATURE(S)**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | | **LendingClub Corporation** | **LendingClub Corporation** |
| Date: | March 27, 2023 | By: | /s/ Brandon Pace |
|  |  |  | Brandon Pace |
|  |  |  | Chief Administrative Officer and Secretary |
|  |  |  | (duly authorized officer) |

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## Exhibit 99.1

**EXHIBIT 99.1**

**LendingClub Appoints Stephen Cutler to its Board of Directors**

*Former Vice Chairman and General Counsel of JPMorgan Chase & Co. Brings Decades of Banking Experience to the Board*

**San Francisco, CA – March 28, 2023** – LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America's leading digital marketplace bank, today announced that Stephen Cutler has joined as the newest member of its Board of Directors, effective March 23, 2023.

"We are thrilled to have Steve join our board as we navigate the current environment and position ourselves for our next phase of growth," said Scott Sanborn, CEO of LendingClub. "Steve's deep expertise in banking, and financial services more broadly, will prove valuable as we continue to scale our digital marketplace bank with products that are smart, simple, and rewarding."

Mr. Cutler has extensive experience in the banking and financial services industry. Most recently he has served in leadership positions at Simpson Thacher & Bartlett LLP, including as the Global Head of the firm's Government and Internal Investigation Practice.

Prior to joining Simpson Thacher & Bartlett LLP, Mr. Cutler was Vice Chairman of JPMorgan Chase & Co., after serving as the company's General Counsel for nine years, including during the 2008-2009 financial crisis. Earlier in his career, Mr. Cutler served as Director of the Securities and Exchange Commission's Division of Enforcement.

"LendingClub is a pioneer in their industry, and they are a great example of a Fintech that has scaled within a heavily regulated industry," said Mr. Cutler. "I am deeply impressed by their commitment to serve their customers with innovative products, while maintaining a strong compliance and controls culture. I look forward to working with LendingClub as it navigates this next era of banking."

Mr. Cutler also serves on the board of The Metropolitan Museum of Art, and has previously served on the boards of the Financial Industry Regulatory Authority (FINRA), and the National Women's Law Center. He will serve on LendingClub's Audit Committee and the Operational Risk Committee.

**About LendingClub**

LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, National Association, Member FDIC. LendingClub Bank is the leading digital marketplace bank in the U.S., where members can access a broad range of financial products and services designed to help them pay less when borrowing and earn more when saving. Based on more than 150 billion cells of data and over $80 billion in loans, our advanced credit decisioning and machine-learning models are used across the customer lifecycle to expand seamless access to credit for our members, while generating compelling risk-adjusted returns for our loan investors. Since 2007, more than 4.5 million members have joined the Club to help reach their financial goals. For more information about LendingClub, visit https://www.lendingclub.com.

**CONTACT:**

For Investors: IR@lendingclub.com

Media Contact: Press@lendingclub.com

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