Cover
Cover | 12 Months Ended |
Dec. 31, 2023 | |
Document Information [Line Items] | |
Document Type | PRE 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | LendingClub Corporation |
Entity Central Index Key | 0001409970 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pay vs Performance Disclosure | ||||
Pay vs Performance Disclosure, Table | Pay Versus Performance Table Year Summary Compensation Table Total for PEO ($) (1) Compensation Actually Paid to PEO ($) (2) Average Summary Compensation Table Total for Non-PEO NEOs ($) (3) Average Compensation Actually Paid to Non-PEO NEOs ($) (2) Value of Initial Fixed $100 Investment Total Shareholder Return ($) (4) Peer Group Total Shareholder Return ($) (4) GAAP Net Income/(Loss) ($ millions) (5) Pre-Provision Net Revenue (PPNR) ($ millions) (5) (a) (b) (c) (d) (e) (f) (g) (h) (i) 2023 4,560,821 2,710,871 1,815,053 1,350,393 69.26 84.70 38.9 298.2 2022 4,919,050 (14,595,137) 2,796,390 (3,135,491) 69.73 88.96 289.7 420.4 2021 6,938,099 22,811,912 2,922,623 9,069,589 191.60 116.64 18.6 157.2 2020 5,906,924 6,487,065 2,882,104 2,944,255 83.68 86.37 (187.5) (184.2) | |||
Company Selected Measure Name | PPNR | |||
Named Executive Officers, Footnote | The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Sanborn (our Chief Executive Officer) for each corresponding year in the “Total” column of the Summary Compensation Table. See “Executive Compensation – Executive Compensation Tables – Summary Compensation Table.” The dollar amounts reported in column (d) represent the average of the amounts reported for the NEOs as a group, excluding our PEO, in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2023, Andrew LaBenne, Annie Armstrong, Jordan Cheng, Ronnie Momen and Brandon Pace, (ii) for 2022, Andrew LaBenne, Annie Armstrong, Ronnie Momen, Brandon Pace and Thomas Casey, (iii) for 2021, Thomas Casey, Valerie Kay, Ronnie Momen and Brandon Pace, and (iv) for 2020, Thomas Casey, Annie Armstrong, Bahman Koohestani, Ronnie Momen and Steven Allocca. | |||
Peer Group Issuers, Footnote | TSR is cumulative (assuming $100 was invested on December 31, 2019) for the measurement periods beginning on December 31, 2019 and ending on December 31 of each of 2023, 2022, 2021 and 2020, respectively, calculated in accordance with Item 201(e) of Regulation S-K. The peer group for purposes of this table is the following published industry index: KBW Nasdaq Bank Index. | |||
PEO Total Compensation Amount | $ 4,560,821 | $ 4,919,050 | $ 6,938,099 | $ 5,906,924 |
PEO Actually Paid Compensation Amount | $ 2,710,871 | (14,595,137) | 22,811,912 | 6,487,065 |
Adjustment To PEO Compensation, Footnote | The dollar amounts reported in column (c) and column (e) represent the: (i) amount of “compensation actually paid” to Mr. Sanborn, our Principal Executive Officer (“PEO”) calculated in accordance with Item 402(v) of Regulation S-K, or (ii) average “compensation actually paid” to the Company’s named executive officers (“NEOs”) as a group, excluding our PEO, calculated in accordance with Item 402(v) of Regulation S-K. The names of each of the NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2023, Andrew LaBenne, Annie Armstrong, Jordan Cheng, Ronnie Momen and Brandon Pace, (ii) for 2022, Andrew LaBenne, Annie Armstrong, Ronnie Momen, Brandon Pace and Thomas Casey, (iii) for 2021, Thomas Casey, Valerie Kay, Ronnie Momen and Brandon Pace, and (iv) for 2020, Thomas Casey, Annie Armstrong, Bahman Koohestani, Ronnie Momen and Steven Allocca. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to total compensation for each year to determine the compensation actually paid: Year PEO or Average of Non-PEO NEOs Reported Summary Compensation Table Total Reported Value of Equity Awards ($) (a) Equity Award Adjustments ($) (b) Reported Change in the Actuarial Present Value of Pension Benefits Pension Benefits Adjustments ($) Compensation Actually Paid ($) 2023 PEO 4,560,821 (3,430,801) 1,580,851 — — 2,710,871 Average of Non-PEO NEOs 1,815,053 (1,180,779) 716,119 — — 1,350,393 2022 PEO 4,919,050 (3,472,723) (16,041,463) — — (14,595,137) Average of Non-PEO NEOs 2,796,390 (2,043,476) (3,888,405) — — (3,135,491) 2021 PEO 6,938,099 (5,805,143) 21,678,956 — — 22,811,912 Average of Non-PEO NEOs 2,922,623 (2,179,648) 8,326,614 — — 9,069,589 2020 PEO 5,906,924 (5,000,004) 5,580,145 — — 6,487,065 Average of Non-PEO NEOs 2,882,104 (2,205,006) 2,267,157 — — 2,944,255 (a) The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year. (b) The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in the same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The amounts deducted or added in calculating the equity award adjustments are as follows: Year PEO or Average of Non-PEO NEOs Year End Fair Value of Equity Awards ($) Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation ($) Total Equity Award Adjustments ($) 2023 PEO 3,010,664 (1,846,188) 307,697 108,678 — — 1,580,851 Average of Non-PEO NEOs 837,737 (200,261) 177,825 (99,182) — — 716,119 2022 PEO 1,591,858 (12,537,845) 307,494 (5,402,970) — — (16,041,463) Average of Non-PEO NEOs 999,347 (3,393,486) 204,083 (1,698,349) — — (3,888,405) 2021 PEO 7,266,661 11,274,035 952,986 2,185,274 — — 21,678,956 Average of Non-PEO NEOs 3,001,312 3,410,557 679,442 1,235,303 — — 8,326,614 2020 PEO 8,082,527 (333,083) 248,186 (1,186,322) (1,231,163) — 5,580,145 Average of Non-PEO NEOs 2,743,592 (168,179) 94,200 (291,656) (110,800) — 2,267,157 | |||
Non-PEO NEO Average Total Compensation Amount | $ 1,815,053 | 2,796,390 | 2,922,623 | 2,882,104 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 1,350,393 | (3,135,491) | 9,069,589 | 2,944,255 |
Adjustment to Non-PEO NEO Compensation Footnote | The dollar amounts reported in column (c) and column (e) represent the: (i) amount of “compensation actually paid” to Mr. Sanborn, our Principal Executive Officer (“PEO”) calculated in accordance with Item 402(v) of Regulation S-K, or (ii) average “compensation actually paid” to the Company’s named executive officers (“NEOs”) as a group, excluding our PEO, calculated in accordance with Item 402(v) of Regulation S-K. The names of each of the NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2023, Andrew LaBenne, Annie Armstrong, Jordan Cheng, Ronnie Momen and Brandon Pace, (ii) for 2022, Andrew LaBenne, Annie Armstrong, Ronnie Momen, Brandon Pace and Thomas Casey, (iii) for 2021, Thomas Casey, Valerie Kay, Ronnie Momen and Brandon Pace, and (iv) for 2020, Thomas Casey, Annie Armstrong, Bahman Koohestani, Ronnie Momen and Steven Allocca. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to total compensation for each year to determine the compensation actually paid: Year PEO or Average of Non-PEO NEOs Reported Summary Compensation Table Total Reported Value of Equity Awards ($) (a) Equity Award Adjustments ($) (b) Reported Change in the Actuarial Present Value of Pension Benefits Pension Benefits Adjustments ($) Compensation Actually Paid ($) 2023 PEO 4,560,821 (3,430,801) 1,580,851 — — 2,710,871 Average of Non-PEO NEOs 1,815,053 (1,180,779) 716,119 — — 1,350,393 2022 PEO 4,919,050 (3,472,723) (16,041,463) — — (14,595,137) Average of Non-PEO NEOs 2,796,390 (2,043,476) (3,888,405) — — (3,135,491) 2021 PEO 6,938,099 (5,805,143) 21,678,956 — — 22,811,912 Average of Non-PEO NEOs 2,922,623 (2,179,648) 8,326,614 — — 9,069,589 2020 PEO 5,906,924 (5,000,004) 5,580,145 — — 6,487,065 Average of Non-PEO NEOs 2,882,104 (2,205,006) 2,267,157 — — 2,944,255 (a) The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year. (b) The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in the same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The amounts deducted or added in calculating the equity award adjustments are as follows: Year PEO or Average of Non-PEO NEOs Year End Fair Value of Equity Awards ($) Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation ($) Total Equity Award Adjustments ($) 2023 PEO 3,010,664 (1,846,188) 307,697 108,678 — — 1,580,851 Average of Non-PEO NEOs 837,737 (200,261) 177,825 (99,182) — — 716,119 2022 PEO 1,591,858 (12,537,845) 307,494 (5,402,970) — — (16,041,463) Average of Non-PEO NEOs 999,347 (3,393,486) 204,083 (1,698,349) — — (3,888,405) 2021 PEO 7,266,661 11,274,035 952,986 2,185,274 — — 21,678,956 Average of Non-PEO NEOs 3,001,312 3,410,557 679,442 1,235,303 — — 8,326,614 2020 PEO 8,082,527 (333,083) 248,186 (1,186,322) (1,231,163) — 5,580,145 Average of Non-PEO NEOs 2,743,592 (168,179) 94,200 (291,656) (110,800) — 2,267,157 | |||
Compensation Actually Paid vs. Total Shareholder Return | Compensation Actually Paid vs. TSR | |||
Compensation Actually Paid vs. Net Income | Compensation Actually Paid vs. GAAP Net Income (Loss) and PPNR | |||
Compensation Actually Paid vs. Company Selected Measure | Compensation Actually Paid vs. GAAP Net Income (Loss) and PPNR | |||
Total Shareholder Return Vs Peer Group | Compensation Actually Paid vs. TSR | |||
Tabular List, Table | PPNR • GAAP Net Income • Relative TSR (see the section entitled “2023 Equity Awards – Performance-Based Restricted Stock Units” on page 35 for additional information on our relative TSR based PBRSU program) | |||
Total Shareholder Return Amount | $ 69.26 | 69.73 | 191.60 | 83.68 |
Peer Group Total Shareholder Return Amount | 84.70 | 88.96 | 116.64 | 86.37 |
Net Income (Loss) | $ 38,900,000 | $ 289,700,000 | $ 18,600,000 | $ (187,500,000) |
Company Selected Measure Amount | 298,200,000 | 420,400,000 | 157,200,000 | (184,200,000) |
PEO Name | Mr. Sanborn | |||
Measure:: 1 | ||||
Pay vs Performance Disclosure | ||||
Name | PPNR | |||
Non-GAAP Measure Description | The dollar amounts reported represent the amount of “GAAP Net income (loss)” or “PPNR,” as applicable, reported in the Company’s financial reports on Form 10-K. PPNR is a non-GAAP financial measure. See Exhibit A of this Proxy Statement for more information on our use of non-GAAP financial measures and a reconciliation of PPNR to the nearest GAAP measure. | |||
Measure:: 2 | ||||
Pay vs Performance Disclosure | ||||
Name | GAAP Net Income | |||
Measure:: 3 | ||||
Pay vs Performance Disclosure | ||||
Name | Relative TSR | |||
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | $ 0 | $ 0 | $ 0 | $ 0 |
PEO | Aggregate Pension Adjustments Service Cost | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 0 | 0 | 0 | 0 |
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (3,430,801) | (3,472,723) | (5,805,143) | (5,000,004) |
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 1,580,851 | (16,041,463) | 21,678,956 | 5,580,145 |
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 3,010,664 | 1,591,858 | 7,266,661 | 8,082,527 |
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (1,846,188) | (12,537,845) | 11,274,035 | (333,083) |
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 307,697 | 307,494 | 952,986 | 248,186 |
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 108,678 | (5,402,970) | 2,185,274 | (1,186,322) |
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 0 | 0 | 0 | (1,231,163) |
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 0 | 0 | 0 | 0 |
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 0 | 0 | 0 | 0 |
Non-PEO NEO | Aggregate Pension Adjustments Service Cost | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 0 | 0 | 0 | 0 |
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (1,180,779) | (2,043,476) | (2,179,648) | (2,205,006) |
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 716,119 | (3,888,405) | 8,326,614 | 2,267,157 |
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 837,737 | 999,347 | 3,001,312 | 2,743,592 |
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (200,261) | (3,393,486) | 3,410,557 | (168,179) |
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 177,825 | 204,083 | 679,442 | 94,200 |
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (99,182) | (1,698,349) | 1,235,303 | (291,656) |
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 0 | 0 | 0 | (110,800) |
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | $ 0 | $ 0 | $ 0 | $ 0 |