Item 2.02 Results of Operations and Financial Condition
On January 12, 2023, LendingClub Corporation (the "Company") issued a press
release (the "Press Release") regarding a cost reduction and reorganization plan
to streamline its operations (the "Plan") and preliminary financial results for
the quarter and year ended December 31, 2022. A copy of the Press Release is
attached as Exhibit 99.1 to this Form 8-K and is incorporated by reference
herein.
The information set forth in this Item 2.02, including Exhibit 99.1, shall not
be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act
of 1934, as amended (the "Exchange Act"), or incorporated by reference in any
filing under the Securities Act of 1933, as amended, or the Exchange Act,
regardless of any general incorporation language in such filing, unless
expressly incorporated by specific reference in such filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
On January 7, 2023, as part of the Plan, the Company decided to organizationally
align responsibilities for the operation and utilization of our investor
marketplace and bank balance sheet and, in doing so, eliminated the chief
capital officer position. Accordingly, the final day of employment with the
Company for the current chief capital officer, Valerie Kay, will be February 25,
2023. In connection with her departure and subject to the execution of a release
of claims against the Company, Ms. Kay will receive the severance payments set
forth in her employment agreement and as detailed in the Company's most recent
proxy statement filed with the Securities and Exchange Commission on April 19,
2022.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number Exhibit Title or Description
99.1 Press Release dated January 12, 2023
Cover Page Interactive Data File (Cover page XBRL tags are embedded within
104 the Inline XBRL document)
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