Former WeWork Chief’s Gargantuan Exit Package Gets New Sweetener – The Wall Street Journal
Nearly two years ago, SoftBank Group Corp. sought to part ways with WeWork co-founder Adam Neumann when it bailed out the shared-office company. It hasn’t been an easy divorce.
Securities filings from earlier this month show WeWork in February gave Mr. Neumann an enhanced stock award worth roughly $245 million, a benefit that wasn’t extended to other early shareholders and hasn’t been previously reported.
The deal was part of a renegotiation of the former chief executive’s giant 2019 exit package meant to end a long-running dispute between him and SoftBank and help clear the way for a public listing for WeWork, according to people familiar with the matter.
In addition, the final package gave him nearly $200 million in cash, let him refinance $432 million in debt on favorable terms and allowed an entity Mr. Neumann controls to sell $578 million in WeWork stock.
The stock sale was open to all investors while the other benefits were reserved for Mr. Neumann.