LendingClub Corporation (NYSE:LC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
announced that Steve Allocca, 44, will join the Company as its
President, effective May 22, 2017.
leading technology platform company that enables digital and
mobile payments on behalf of consumers and merchants worldwide,
where he served as Vice President and General Manager of Global
Credit beginning in 2013. From 2008 through 2012, Mr. Allocca was
the Founder and Chief Executive Officer of Loan Science, LLC.,
one of the leading providers of loan portfolio analytics and
management for banks, education companies, insurers and
investment firms. Prior to that, he served as President and COO
of Education Finance Partners, the nations fourth largest
originator of private student loans, and held notable positions
at Wells Fargo including Head of Personal Credit and SVP of
Customer Acquisition and Integrated Marketing.
receive an annual base salary of $450,000, with a 75 percent
bonus target. In addition, partly in recognition of significant
cash and equity compensation Mr. Allocca is forfeiting from his
former employer, Mr. Allocca will receive an initial equity award
of $6 million, which will vest quarterly over a four year period.
In addition, he will receive a one-time signing bonus of
$600,000, half of which is payable on his start date and half of
which is payable on the first anniversary of his start date, and
relocation assistance which includes a relocation assistance
bonus of $3 million, each of which is subject to a ratable
clawback in certain circumstances. The Company also may reimburse
Mr. Allocca if and to the extent he is required to repay
compensation paid by his prior employer.
and any other persons to which he was appointed as President.
There are also no family relationships between Mr. Allocca 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 to Item 404(a) of Regulation S-K.
Allocca is furnished as Exhibit 99.1 to this Form 8-K.
Employment Agreement with Tom Casey, the Companys Chief Financial
Officer (the Amendment). to the Amendment, the Company will pay
Mr. Casey a relocation assistance bonus of $3 million, which is
subject to a ratable clawback in certain circumstances.
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Item 9.01
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Financial Statements and Exhibits
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(d)
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Exhibits
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Exhibit
Number
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Exhibit Title or Description
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99.1
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Press Release dated May 16, 2017
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About LendingClub Corporation (NYSE:LC)
LendingClub Corporation (Lending Club) provides online marketplace to connect borrowers and investors. Consumers and small business owners borrow through Lending Club. Investors use Lending Club to earn risk-adjusted returns from an asset class that is only available on a limited basis to large institutional investors. Its technology automates aspects of operations, including the borrower application process, data gathering, credit decisioning and scoring, loan funding, investing and servicing, regulatory compliance and fraud detection. Its platform offers analytical tools and data to enable investors to make decisions and assess their portfolios. Its technology platform has allowed it to expand its offerings from personal loans to include small business loans, and to expand investor classes from individuals to institutions and create various investment vehicles. Its solution offers an online application process and provides borrowers with access to live support and online tools. LendingClub Corporation (NYSE:LC) Recent Trading Information
LendingClub Corporation (NYSE:LC) closed its last trading session down -0.05 at 5.55 with 3,874,747 shares trading hands.