EX-10.11





 Exhibit 10.11 

PARTNERSHIP CLASS PI COMMON UNIT AWARD AGREEMENT (TIME-BASED) 

IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE ISSUER AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS
INVOLVED. THE CLASS PI UNITS (AS DEFINED BELOW) AWARDED HEREBY HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE OR NON-U.S. SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING
AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. 
 THE
CLASS PI UNITS AWARDED HEREBY ARE SUBJECT TO AND SHALL BE TRANSFERABLE IN ACCORDANCE WITH THE PROVISIONS HEREIN AND PROVISIONS OF THE LPA (AS DEFINED BELOW) AND, TO THE EXTENT APPLICABLE, IN THE STOCKHOLDERS’ AGREEMENT (AS DEFINED BELOW),
INCLUDING, WITHOUT LIMITATION, THOSE CONTAINED IN ARTICLE X OF THE LPA. UNLESS OTHERWISE STATED, TRANSFER RESTRICTIONS IN THE LPA ARE IN ADDITION TO AND NOT IN LIMITATION OF THE RESTRICTIONS SET FORTH HEREIN. 

THE CLASS PI UNITS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT (AS DEFINED BELOW), OR UNDER THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD,
TRANSFERRED, ASSIGNED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE CLASS PI UNITS UNDER THE SECURITIES ACT AND APPLICABLE STATE LAWS OR AN EXEMPTION THEREFROM. 

This PARTNERSHIP CLASS PI COMMON UNIT AWARD AGREEMENT (TIME-BASED) (this “Agreement”) is made and entered into on
August 12, 2019 (the “Grant Date”) by and among The We Company Management Holdings L.P., a Cayman Islands exempted limited partnership (the “Partnership”), The We Company, a Delaware corporation (the
“Company”) and Adam Neumann (the “Management Partner”). 
 RECITALS 

A.    The Partnership is agreeing to issue Partnership Class PI Common Units of the Partnership (the
“Class PI Units”), and the Company is agreeing to issue shares of Class C Common Stock of the Company (“Class C Common Stock”), to the Management Partner subject to the
terms and conditions contained herein and in the Amended and Restated Agreement of Exempted Limited Partnership of The We Company Management Holdings L.P., dated on July 15, 2019 (together with the Schedules and Exhibits thereto, as hereafter
amended, restated, modified, supplemented or replaced, the “LPA”). Unless otherwise stated, transfer restrictions in the LPA are in addition to and not in limitation of the restrictions set forth herein. Capitalized terms used but
not otherwise defined herein shall have the meanings set forth in the LPA. Certain definitions used in this Agreement are set forth on Exhibit A hereto. 












 B.    The Management Partner is an “accredited
investor” (as defined in Rule 501(a) under the United States Securities Act of 1933, as amended (the “Securities Act”)) (an “Accredited Investor”) and the grant evidenced by this Agreement is exempt from
registration under the Securities Act. 
 C.    The Partnership, the Company and the Management Partner desire to
enter into this Agreement to set forth the terms and conditions of the grant of Class PI Units and shares of Class C Common Stock to the Management Partner. 

AGREEMENT 
 NOW THEREFORE, in
consideration of the mutual covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement agree as follows: 

1.    Grant of Class PI Units. 

(a)    In reliance on the representations and warranties contained herein and in the LPA, the Partnership hereby grants to
the Management Partner an aggregate of 9,438,483 Class PI Units (the “Award”) and the Company hereby issues to the Management Partner 9,438,483 shares of Class C Common Stock. The Class C Common Stock and
Class PI Units are subject to the terms and conditions set forth in this Agreement and the LPA, including the provisions herein related to vesting and forfeiture. The Class PI Units represent interests in the profits of the Partnership
being granted as additional consideration for services anticipated to be provided to or for the benefit of the Partnership on or after the Grant Date. The Class PI Units are intended to meet the definition of a “profits interest” in
IRS Revenue Procedures 93-27 and 2001-43, and the provisions of this Agreement shall be interpreted and applied consistently with such intention. Class C Common
Stock issued under the Agreement shall be subject to the forfeiture provisions, transfer restrictions and adjustment provisions in the LPA and this Agreement that apply to the shares of Class C Common Stock. Any equitable adjustments with
respect to shares of Class C Common Stock shall preserve substantially similar voting rights with respect to any successor or ultimate parent (which, for the avoidance of doubt, excludes WE Holdings LLC); provided that, in the case of an
Acquisition, such voting rights shall be substantially similar to the voting rights granted with respect to the Class B Common Stock of the Company in such Acquisition. 

(b)    The Management Partner shall have all rights of a holder of Class PI Units as set forth in the LPA;
provided, however, that all terms and conditions contained in this Agreement and the LPA shall apply to each Class PI Unit granted hereunder and to any other securities distributed with respect to such Class PI Unit. For
purposes of the LPA, the Aggregate Distribution Threshold, the Distribution Threshold Per Profits Interest and the Strike Price Catch–up Amount with respect to the Class PI Units granted hereunder shall be determined as of the Grant Date
based upon the valuation being conducted by Alvarez and Marsal for such purpose (as such valuation may be corrected by Alvarez and Marsal, if applicable) and shall be communicated in writing by the Partnership to the Management Partner as soon as
practicable following the Grant Date, which written communication shall form a part of this Agreement. The Catch-up Base Amount shall be $38.36, including for purposes of determining the amounts in the
preceding sentence with respect to each of the Class PI Units. 

  
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 2.    Vesting and Forfeiture of Class PI
Units. The Class PI Units shall vest and may be forfeited in accordance with the terms and conditions set forth in Exhibit B hereto. To the extent a Class PI Unit is no longer eligible to vest in accordance with the provisions of
Exhibit B, such Class PI Unit shall be immediately forfeited to the Partnership. 
 3.    Forfeiture.
Upon the forfeiture of any Class PI Units pursuant to this Agreement and Exhibit B hereto, (a) (i) with respect to any such Class PI Unit that was not Transferred in a manner that triggered the partial redemption of its corresponding
share of Class C Common Stock pursuant to Section 7.7 of the LPA, one share of Class C Common Stock shall be cancelled and (ii) with respect to any such Class PI Unit that was Transferred in a manner that triggered the
partial redemption of its corresponding share of Class C Common Stock pursuant to Section 7.7 of the LPA, one-tenth (1/10) of one share of Class C Common Stock shall be cancelled, (b) the
Management Partner (and the Management Partner’s heirs, transferees, successors and assigns) shall thereafter have no right, title or interest whatsoever in such forfeited Class PI Units and cancelled shares of Class C Common Stock,
and (c) such forfeited Class PI Units shall be returned to the Partnership. The Management Partner (and the Management Partner’s heirs, transferees, successors and assigns) shall receive no payment from the Partnership in connection
with the forfeiture of any Class PI Units or cancelled shares of Class C Common Stock, including no distribution or payment in respect of the Management Partner’s Capital Account, and any positive balance in the Management
Partner’s Capital Account related to any Class PI Units forfeited under this Section 3 shall be forfeited by the Management Partner. 

4.    Limitations on Transfer; Holding Period. 

(a)    Except as expressly provided in the LPA (including, without limitation, Article X thereof) or, to the extent
applicable pursuant to the terms of the LPA, in the Stockholders’ Agreement, dated as of June 28, 2019 by and among the Company, the stockholders listed on Schedule A thereto, with respect to Article V and Article VIII thereof
only, Adam Neumann and Miguel McKelvey, and, with respect to Section 3.01, Article V and Article VIII only, The We Company PI L.P. (the “Stockholders’ Agreement”), the Management Partner may not Transfer any
Class PI Units; provided, that notwithstanding anything in the LPA, the Transfer of the Class PI Units or the Partnership Class B Common Units into which such Class PI Units are converted shall not be subject to the conditions of
Section 10.3(a)(iii) through Section 10.3(a)(v) of the LPA and the consent of the General Partner (as defined in the LPA) to the admission of any transferee of the Class PI Units or the Partnership Class B Common Units into which
such Class PI Units as a Substituted Limited Partner (as defined in the LPA) shall be deemed automatically given, subject to compliance with the last sentence of Section 10.4(a) of the LPA. The parties agree that with respect to the
Class PI Units granted pursuant to this Agreement, all determinations under Section 10.6(d) of the LPA shall be made based upon the advice of counsel (notwithstanding anything to the contrary in the LPA). 

  
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 (b)    Holding Period. In addition to any other restrictions on
Transfer whether specified in this Agreement or the LPA that apply to the Class PI Units, and notwithstanding any provisions to the contrary set forth in Section 4(a), any Class PI Units subject to the Award will not be Transferrable
during the Holding Period, other than in the limited circumstances under Section 4(c) below. For purposes of this Agreement, “Holding Period” will mean the period beginning on the Grant Date and ending on the day immediately
following the three (3) year anniversary of the date on which the applicable Class PI Unit became vested hereunder; provided, however, that in the event of a Change in Control, the Holding Period will end as of immediately prior to the
effective time of the Change in Control. 
 (c)    Limited Transfers. Notwithstanding Section 4(b) but
subject to the restrictions on Transfer set forth in the LPA, during the Holding Period, the Management Partner may (i) transfer Class PI Units in connection with the Conversion of any Class PI Units into Partnership Class B
Common Units or the Tendered Unit Acquisition of any Partnership Class B Common Units in exchange for Class B Shares; (ii) sell vested Class PI Units solely for purposes of satisfaction of any Tax Obligations arising in
connection with (x) the Conversion of any Class PI Units into Partnership Class B Common Units or (y) the Tendered Unit Acquisition of any Partnership Class B Common Units in exchange for Class B Shares;
(iii) transfer Class PI Units pursuant to a Trust Transfer; (iv) transfer Class PI Units pursuant to a Family Transfer; (v) transfer Class PI Units to the extent not restricted by the Stockholders’ Agreement; or
(vi) transfer Class PI Units if such transfer is a “Permitted Transfer” under the LPA. Any recipient of the Class PI Units transferred pursuant to a Trust Transfer or Family Transfer will be subject to all Transferability
restrictions to which the Management Partner’s otherwise would be subject with respect to the Class PI Units, including without limitation Section 4(b), and the limited Transfers otherwise permitted under this Section 4(c) will
not be available to such transferee. Any transferee of the Class PI Units under clause (iii), (iv), (v) or (vi) of the first sentence of this Section 4(c) must agree in writing to be bound by all such Transferability restrictions and
the other terms and conditions of the Award and the LPA and their respective annexes and exhibits. 

5.    Representations and Warranties of the Management Partner. The Management Partner hereby represents and
warrants to the Partnership as of the Grant Date as follows: 
 (a)    The Management Partner’s domicile is the
State of New York. All discussions related to this Agreement and the Class PI Units, and the offer and acceptance of this Agreement and the Class PI Units granted hereunder, occurred in the State of New York. 

(b)    The Management Partner qualifies as an Accredited Investor under the Securities Act. 

(c)    The Management Partner has such knowledge and experience in financial and business matters that the Management
Partner is capable of evaluating the merits and risks of the investment to be made by the Management Partner hereunder. The Management Partner understands and has taken cognizance of all the risk factors related to the investment in the
Class PI Units. The Management Partner is aware of, understands, and has taken cognizance of the tax planning and issues involved with the structure, grant, issuance and holding of the Class PI Units contemplated by this Agreement and the
Management Partner has taken the Management Partner’s own separate legal advice with respect to each of such issues. 

  
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 (d)    The Management Partner is acquiring the Class PI Units for
the Management Partner’s own account for investment and not with any view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act. 

(e)    The Management Partner understands that (i) the Class PI Units have not been registered under the
Securities Act or applicable state securities laws, in reliance on exemptions from registration under the Securities Act and applicable state securities laws and (ii) no federal or state agency has made any finding or determination as to the
fairness for investment, nor any recommendation or endorsement, of the Class PI Units. 
 (f)    The Management
Partner acknowledges and agrees that (i) except as expressly provided for in this Agreement, no representations or warranties have been made to the Management Partner by the Partnership, the General Partner, any other Limited Partner, any
officer, agent, employee or Affiliate of the Partnership, or any other Persons with respect to the Management Partner’s investment in the Class PI Units, (ii) other than this Agreement, the LPA and, to the extent applicable, the
Stockholders’ Agreement, there are no agreements, contracts, understandings or commitments between the Management Partner on the one hand and the Partnership, the General Partner, any other Limited Partner, any officer, agent, employee or
Affiliate of the Partnership on the other hand, with respect to the Management Partner’s investment in the Class PI Units, (iii) in entering into this transaction the Management Partner is not relying upon any information, other than
that contained in the LPA, this Agreement and the results of the Management Partner’s own independent investigation, (iv) the Management Partner’s financial situation is such that the Management Partner can afford to hold the
Class PI Units for an indefinite period of time, has adequate means for providing for the Management Partner’s current needs and personal contingencies, and can afford the eventuality that the Class PI Units may ultimately have no
value, (v) the future value of the Class PI Units is speculative, and (vi) the Management Partner’s investment in the Class PI Units is subject to dilution by the issuance of additional Units by the Partnership and the
Management Partner is not entitled to any preemptive, tag-along, information or other minority investor rights with respect to the Class PI Units, other than as expressly set forth in this Agreement, the
LPA or as otherwise provided under applicable law. 
 (g)    The Management Partner is fully informed and aware of the
circumstances under which the Class PI Units must be held and the restrictions upon the resale of the Class PI Units under the Securities Act and any applicable state securities laws. The Management Partner understands that the Management
Partner must bear the economic risk of this investment in the Class PI Units for an indefinite period of time because the Class PI Units have not been registered under the Securities Act and, therefore, cannot be sold unless they are
registered under the Securities Act and any applicable state securities laws or unless an exemption from such registration is available, that the availability of an exemption may depend on factors over which the Management Partner has no control,
and that unless so registered or exempt from registration, the Class PI Units may be required to be held for an indefinite period. The Management Partner understands that an exemption from registration is not presently available pursuant to
Rule 144 promulgated under the Securities Act, that there is no assurance that such exemption will ever become available to the Management Partner, and that even if it were to become available, sales pursuant to Rule 144 may be limited in amount and
could only be made in full compliance with the provisions of Rule 144. 

  
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 (h)    The Management Partner has received, reviewed and
contemporaneously herewith become a party to the LPA. The Management Partner acknowledges and agrees that the Class PI Units are subject to the provisions of the LPA. 

(i)    The Management Partner has full authority to enter into this Agreement and the LPA, and to perform the Management
Partner’s obligations hereunder and thereunder. This Agreement and the joinder to LPA described in Section 12(k) have been duly and validly executed and delivered by the Management Partner and constitute legal, valid and binding
obligations of the Management Partner, enforceable against the Management Partner in accordance with their terms, subject, as to the enforcement of remedies, to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or other
similar law of general application affecting creditors and general principles of equity. The execution, delivery and performance of this Agreement and the LPA does not and will not conflict with, violate or cause a breach of any agreement, contract
or instrument to which the Management Partner is a party or any judgment, order, decree or law to which the Management Partner is subject. 

(j)    The Management Partner understands that the Partnership’s agreement to grant the Class PI Units to the
Management Partner is predicated, in part, on the representations, warranties and covenants of the Management Partner contained herein and in the LPA. 

(k)    All representations and warranties of the Management Partner contained herein shall survive the execution of this
Agreement and the grant of the Class PI Units contemplated hereby. 
 6.    Clawback. The
Class PI Units are subject to (a) any compensation recovery or clawback policy consistent with Section 304 of the United States Sarbanes-Oxley Act of 2002, as amended, and any other legally required recovery or clawback; and
(b) any other compensation recovery or clawback policy that the Company may adopt in the future that both (i) applies substantially equally to substantially all of the Company’s senior executive officers and does not discriminate
against the Management Partner except as required by law or applicable listing rule, and (ii) applies only to the Management Partner’s engagement in intentional material misconduct that has a material adverse effect on the Company’s
business or value, but excluding conduct or activities undertaken in good faith taken by the Management Partner in the ordinary course of the Management Partner performing the Management Partner’s duties or promoting the Company, the
Partnership or their Affiliates. 
 7.    No Right of Continued Employment. Neither the grant of the
Class PI Units nor anything contained in this Agreement shall confer upon the Management Partner any right to continue in the employ or service of the Company or any of the Company’s or the Partnership’s Affiliates, or to prohibit or
restrict the Company or any of its or the Partnership’s Affiliates from terminating the Management Partner’s employment or service at any time or for any reason whatsoever, with or without Cause, notwithstanding the effect any such action
may have on the Management Partner, this Agreement, the LPA or any Class PI Units that are granted under this Agreement and notwithstanding that this Agreement is being entered into with respect to services anticipated to be provided to the
Company or any of its Affiliates on or after the date hereof. 

  
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 8.    Tax Withholding. If the Partnership or any of its
Affiliates is required to withhold (or is determined to have been required to withhold) federal or state income taxes or other taxes upon the grant, forfeiture or vesting of the Class PI Units, or the related lapse of the forfeiture conditions,
the Management Partner will promptly pay in cash to the Partnership, or the Affiliate having such obligation, such amounts as will be necessary to satisfy such obligation (including any interest and other additional amounts). Without duplication of
the foregoing, in the event that the Partnership or any of its Affiliates becomes required, as the result of a subsequent determination by an applicable taxing authority, to pay a tax (including interest and any other amounts associated therewith)
that reduces the obligation of the Management Partner to pay federal or state income taxes or other taxes, the Management Partner will indemnify and hold harmless the Partnership and all relevant Affiliates for the amount of such tax reduction to
the Management Partner, together with interest and other amounts that were payable by the Partnership and its Affiliates in connection with such taxes. The parties will use reasonable best efforts to minimize any such amounts, including, at the
Management Partner’s request and sole cost, contesting any audit or similar proceeding related thereto or to any tax issues affecting the tax liability of the Management Partner. 

9.    Tax Consequences; K-1. The Partnership shall not be liable or
responsible in any way for any tax consequences of the Management Partner relating to the structure, grant, ownership, or vesting and related lapsing of any forfeiture conditions, of the Class PI Units hereunder. The Management Partner agrees
to determine and be responsible for any and all tax consequences to the Management Partner related to the structure, grant, ownership, or vesting and related lapsing of any forfeiture conditions, of the Class PI Units. By accepting the
Class PI Units, the Management Partner acknowledges that the Partnership is treated as a partnership for U.S. federal and applicable state and local income tax purposes and that the Management Partner will be treated as a partner for all such
purposes with respect to the Class PI Units. Accordingly, the Management Partner acknowledges that, among other things, the Management Partner will receive an annual Schedule K-1 from the Partnership requiring that the Management Partner
report on the Management Partner’s individual tax return the Management Partner’s distributive share of the Partnership’s income, gain, loss, deductions and credits. Neither the Partnership nor any of its Affiliates has made and none
of them will make any statements or representations to the Management Partner concerning the tax consequences arising from the structure, grant, issuance or holding of the Class PI Units contemplated by this Agreement and will have no
obligation to indemnify or hold harmless the Management Partner for any claims or liabilities arising from such consequences. 

10.    Mandatory 83(b) Election. The Management Partner acknowledges that the Management Partner is required
to file, and it shall be a condition subsequent to the issuance of the Class PI Units hereunder to file, an election under Section 83(b) of the Code (“Section 83(b) Election”) in the form attached hereto
as Exhibit C in accordance with the LPA and that the filing of such election is the Management Partner’s responsibility. The Section 83(b) Election form must be filed within thirty (30) days of the grant of the Class PI
Units. The Management Partner further acknowledges that the Management Partner (and not the Partnership or any of its agents) will be solely responsible for filing such form with the IRS, even if the Management


  
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Partner requests the Partnership or its agents to make this filing on the Management Partner’s behalf and even if the Partnership or its agents have previously made this filing on the
Management Partner’s behalf. The Management Partner will promptly deliver a copy of such completed Section 83(b) Election form to the Partnership. 

11.    Interpretation of this Agreement; Preeminence. To the extent that any provision of the LPA conflicts
with the terms of, or does not provide for any term expressly set forth in, this Agreement, the provisions of this Agreement shall supersede and control the provisions of the LPA as they apply to the Class PI Units. In the event the LPA is
amended in a manner that results in the renumbering of one or more sections, references in this Agreement to sections of the LPA shall refer instead to the applicable renumbered sections that correspond to the original references. 

12.    Miscellaneous Provisions. 

(a)    Notices. All notices to a party under this Agreement shall be made as required by Section 16.9 of the
LPA. 
 (b)    Entire Agreement. This Agreement, the Exhibits hereto, the LPA and, to the extent applicable, the
Stockholders’ Agreement, embody the complete agreement and understanding among the parties hereto with respect to the grant of the Class PI Units and Class C Common Stock and shall supersede and preempt any prior agreements and
understandings among the parties hereto, written or oral, with respect thereto, including, without limitation, any equity term sheet applicable to the grant of the Class PI Units hereunder. 

(c)    Severability. In the event that any provision of this Agreement, as applied to any party or to any
circumstance, shall be adjudged by a court to be void, unenforceable or inoperative as a matter of law, then the same shall in no way affect any other provision in this Agreement, the application of such provision in any other circumstance or with
respect to any other party, or the validity or enforceability of this Agreement as a whole. 
 (d)    Waiver. Any
agreement on the part of a party to any extension or waiver of any provision of this Agreement shall be valid only if set forth in an instrument in writing signed on behalf of such party. No failure by any party to insist upon the strict performance
of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition. 

(e)    Governing Law. This Agreement and the legal relations among the parties shall be governed by, and construed
and enforced in accordance with, the laws of the Cayman Islands, without regard to its conflict of laws rules. 

(f)    Arbitration. Any unresolved controversy or claim arising out of or relating to this Agreement, except as
(a) otherwise provided in the LPA, or (b) any such controversies or claims arising out of either party’s intellectual property rights for which a provisional remedy or equitable relief is sought, shall be submitted to arbitration by
one arbitrator mutually agreed upon by the parties, and if no agreement can be reached within thirty (30) days after names of potential arbitrators have been proposed by the American Arbitration Association (the “AAA”), then by


  
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one arbitrator having reasonable experience in corporate finance transactions of the type provided for in this Agreement and who is chosen by the AAA. The arbitration shall take place in the
State of Delaware, County of New Castle, in accordance with the AAA rules then in effect, and judgment upon any award rendered in such arbitration will be binding and may be entered in any court having jurisdiction thereof. There shall be limited
discovery prior to the arbitration hearing as follows: (i) exchange of witness lists and copies of documentary evidence and documents relating to or arising out of the issues to be arbitrated; (ii) depositions of all party witnesses; and
(iii) such other depositions as may be allowed by the arbitrators upon a showing of good cause. Depositions shall be conducted in accordance with Section 16.4 of the LPA, the arbitrator shall be required to provide in writing to the
parties the basis for the award or order of such arbitrator, and a court reporter shall record all hearings, with such record constituting the official transcript of such proceedings. The prevailing party shall be entitled to reasonable
attorney’s fees, costs, and necessary disbursements in addition to any other relief to which such party may be entitled. 

(g)    Construction. This Agreement shall be construed as if all parties hereto prepared this Agreement. 

(h)    Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for
convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns,
pronouns and verbs shall include the plural and vice versa. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. Reference to any agreement, document or instrument means such agreement,
document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. 

(i)    Counterparts. This Agreement and any amendments hereto may be executed in multiple counterparts, each of
which shall be deemed an original and all of which together shall constitute one agreement. 
 (j)    Delivery by
Facsimile or Electronic .PDF. This Agreement, the agreements referred to herein and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to
the extent signed and delivered by means of a facsimile machine or electronic .pdf, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the
original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties.
No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or computer or similar machine with respect to an electronic pdf to deliver a signature or the fact that any signature or agreement or instrument was
transmitted or communicated through the use of any such machine as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. Sections 8 and 19 of the Electronic Transactions Law (2008 Revision)
of the Cayman Islands shall not apply. 

  
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 (k)    Joinder to the LPA. Contemporaneously herewith the
Management Partner has executed and delivered those documents required by Section 11.2 of the LPA. The parties agree that the requirements of Section 11.2 of the LPA are satisfied upon the Management Partner’s delivery of the joinder
in the form attached hereto as Exhibit D and the spousal consent contemplated by Section 12(l) below. 

(l)    Spousal Consent. If the Management Partner is married, the General Partner requires the Management Partner
to cause the Management Partner’s spouse to execute a form of consent of spouse in the form attached hereto as Exhibit E. 

(m)    Successors and Assigns. The Partnership may assign any of its rights under this Agreement to a parent
of the Partnership or a “controlled Affiliate” (as defined below) of the Partnership. For purposes of this Agreement, “controlled Affiliate” means any entity directly or indirectly controlled by the Partnership. This
Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Partnership. Subject to the restrictions on Transfer set forth herein, this Agreement shall be binding upon the Management Partner and the Management
Partner’s heirs, executors, administrators, legal representatives, successors and assigns. 
 **SIGNATURE PAGE FOLLOWS** 

  
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 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the day and year
first above written. 
  

					
	THE WE COMPANY MANAGEMENT HOLDINGS L.P.
			
	    	 	By:	 	 THE WE COMPANY MC LLC,
 its General
Partner

			
		 	By:	 	 /s/ Jared DeMatteis

		 	Name:	 	Jared DeMatteis
		 	Title:	 	General Counsel
	
	THE WE COMPANY 
			
		 	By:	 	 /s/ Jared DeMatteis

		 	Name:	 	Jared DeMatteis
		 	Title:	 	General Counsel


 [Signature Page to PI Award Agreement (AN)] 












 
			
	MANAGEMENT PARTNER:
	
	 /s/ Adam Neumann

	Name:	 	Adam Neumann
	Address:	 	  

		 	  

	Email:	 	  



 [Signature Page to PI Award Agreement (AN)] 












 EXHIBIT A 
  

Certain Definitions 

A.    “Acquisition” has the meaning set forth in the Plan. 

B.    “Assume or Substitute” means an assumption of any portion of the Award or a substitution of any
portion of the Award with a substantially equivalent award, but only if such assumption or substitution satisfies all of the following conditions: (i) the assumption or substitution is effected in the same manner as provided for Plan-based
equity awards under Section 11.1(a), (b) or (c) of the Plan; (ii) if the assumed or substituted portion of the Award remains subject to a service-based vesting requirement following the applicable Change in Control, the assumption or
substitution either (x) is achieved on a tax-free basis or (y) the service-based vesting requirement is waived with respect to a portion of the Award, but only to the extent necessary to permit the
Management Partner to realize cash proceeds with respect to the portion of the Award with respect to which such service-based vesting requirement is waived pursuant to this clause (ii)(y) sufficient (on an
after-tax basis) to pay all taxes arising as a result of such assumption or substitution (taking into account any section 83(b) election actually made by the Management Partner with respect to such assumption
or substitution); and (iii) the assumption or substitution complies with Section 7.4(c)(ii) of the LPA. With respect to the foregoing clause (ii)(y), (a) any waiver of a service-based vesting requirement shall be applied first to all or a
portion (as necessary) of the unvested Eligible Portion of the Award that is scheduled to vest on the first vesting date following the applicable Change in Control, and second, to the extent such waiver does not result in proceeds (on an after-tax basis) sufficient to pay the tax amounts described above, on a prorated basis across all remaining unvested Eligible Portions of the Award and (b) the Management Partner shall promptly reimburse the
corporation (or an Affiliate thereof) that is the acquiring or succeeding corporation in the applicable Change in Control for any tax benefit realized by the Management Partner in cash (including through a reduction in cash taxes otherwise payable),
in connection with the subsequent forfeiture of any unvested portion of an Award that is Assumed or Substituted hereunder, determined in accordance with the principles of, and subject to the limitations in, Section 4.2(d) of the LPA. 

C.    “Board” means the Board of Directors of the Company. 

D.    “Cause” means (i) the Management Partner’s failure to abide by the lawful and reasonable
directives of the Board that has a material negative impact on the Company or any significant Affiliate (excluding any failure to achieve a lawful and reasonable directive or perform to a particular standard specified by the Board, in each case
following the expenditure by the Management Partner of good faith efforts); (ii) any act of material and intentional dishonesty or fraud taken by the Management Partner in connection with the Management Partner’s responsibilities as an
employee that has a material negative impact on the Company or any significant Affiliate (other than acts that are immaterial or inadvertent and if the immaterial or inadvertent act is capable of cure, such act is cured promptly by the Management
Partner); (iii) the Management Partner’s engagement in conduct or activities that has a material negative impact on the Company or any significant Affiliate, but excluding conduct or activities


  
 A-1 














 EXHIBIT A 
  

 
undertaken in good faith by the Management Partner in the ordinary course of the Management Partner performing his duties or promoting the Company; (iv) the conviction of the Management
Partner of, or the entry of a pleading of guilty or nolo contendere by the Management Partner to, a crime involving moral turpitude or any felony, in each case, that has a material negative impact on the Company or any significant Affiliate;
(v) breach by the Management Partner of the Management Partner’s fiduciary duty to the Company or the Board that has a material negative impact on the Company or any significant Affiliate; or (vi) the Management Partner’s gross
negligence or willful misconduct in the performance of his duties that has a material negative impact on the Company or any significant Affiliate. In order to constitute Cause under clause (i), (ii), (iii), (v) or (vi) above, the Company must
provide written notice to the Management Partner of the condition that could constitute “Cause” under such clause within sixty (60) days following the initial existence of such condition and if capable of being remedied, such
condition must not have been remedied by the Management Partner within sixty (60) days following the Management Partner’s receipt of the written notice from the Company. The existence of Cause may not be determined after the Management
Partner’s termination of employment other than during the fourteen (14)-day period immediately following the Management Partner’s termination of employment. 

E.    “Change in Control” means the occurrence of the first Acquisition to occur following the Grant
Date, provided that: (i) for purposes of subsection (b) of the definition of an Acquisition set forth in Section 14 of the Plan, the acquisition of additional stock by the Management Partner and/or any one or more of his
Affiliates, will not be considered a Change in Control, and (ii) an Acquisition will not constitute a Change in Control unless in connection with the Acquisition, if any Preferred Shares are outstanding, each holder of Preferred Shares that
wishes to dispose of part or all of the holder’s Preferred Shares is entitled to dispose, in exchange for cash or Marketable Securities on a basis no less favorable than any other non-employee holder of
Preferred Shares, of a percentage of Preferred Shares held by such holder that is not less than the greater of (A) the percentage equal to (x) the value of the securities of the Company and its Affiliates disposed of by the Management
Partner in the Acquisition, divided by (y) the value of the securities of the Company and its Affiliates held by the Management Partner immediately prior to such disposition(s) in the Acquisition, and (B) the percentage equal to
(x) the Preferred Shares disposed of by any other holder of Preferred Shares in the Acquisition, divided by (y) the Preferred Shares held by any other holder of Preferred Shares immediately prior to such disposition(s) in the Acquisition,
in each case, in exchange for cash or Marketable Securities. For purposes of clause (A) of the preceding sentence, “value” shall be mutually determined in good faith by the Management Partner and the Board. If the Management Partner
and the Board are unable to agree, then “value” shall be determined by an independent nationally recognized third-party valuation firm selected by the Board and reasonably acceptable to the Management Partner. 

F.    “CIC CEO Transition” means the occurrence of all of the following events in connection with a
Change in Control: (i) the acquiring or successor corporation (or an Affiliate thereof) in a Change in Control determines that the Management Partner will not remain the Chief Executive Officer of the Company (whether constituting, without
limitation, a division, 

  
 A-2 














 EXHIBIT A 
  

 
business unit, subsidiary, or other portion of the larger combined entity) with substantially the same (or greater) authority, duties and responsibilities as existing prior to the Change in
Control; (ii) the Management Partner no longer remains in Continued CEO Service upon the Change in Control; (iii) the Management Partner is not offered a position with the acquiring or successor corporation (or Affiliate thereof), which
position has authority, duties, and responsibilities that are equal to or greater than the Management Partner’s authority, duties, and responsibilities as in effect immediately prior to the Change in Control (for example, the Chief Executive
Officer of the parent entity that acquires the Company); and (iv) the Management Partner otherwise remained in Continued CEO Service through the date of the Change in Control. 

G.    “Class B Shares” has the meaning set forth in the LPA. 

H.    “Code” means the United States Internal Revenue Code of 1986, as amended. 

I.    “Committee” has the meaning set forth in the Plan; provided that for purposes of administering this
Agreement, the Committee must consist exclusively of directors who qualify as independent and disinterested with respect to determinations concerning this Agreement at all times such determinations are made. 

J.    “Company” means The We Company, a Delaware corporation. 

K.    “Continued CEO Service” means continued status as the Chief Executive Officer of the Company. For
purposes of clarity, in the event of a Change in Control or other Acquisition or Other Combination, reference to the Company for purposes of this definition will mean the Company or the successor to the Company. Further for purposes of clarity, in
the event of a Change in Control, the Management Partner will be considered to be in Continued CEO Service if the Management Partner remains Chief Executive Officer of the Company or its successor or becomes the Chief Executive Officer of the
combined entity following a Change in Control or other Acquisition or Other Combination, including without limitation, the Chief Executive Officer of a direct or indirect parent entity of the Company. 

L.    “Conversion” has the meaning set forth in the LPA. 

M.    “Cure Period” has the meaning set forth in Section N of this Exhibit A. 

N.    A termination for “Good Reason” means the Management Partner terminates the Management
Partner’s employment with the Company within thirty (30) days following the end of the Company’s Cure Period (as defined below) as a result of the occurrence of any of the following without the Management Partner’s written
consent: (i) a material diminution in the Management Partner’s title, authority, duties or responsibilities as in effect on the Grant Date; (ii) a material change in the Management Partner’s principal work location, it being
understood that any geographical change in the Management Partner’s principal work location that is less than fifty (50) miles from the Management Partner’s principal work location on the Grant Date will not constitute Good Reason; or
(iii) a material breach by the Company of (a) the terms of this Agreement or (b) the terms of that certain Partnership Class PI Common Unit Award 

  
 A-3 














 EXHIBIT A 
  

 
Agreement, between the Management Partner, the Partnership and the Company, dated as of July 16, 2019. In addition, in order to constitute Good Reason, (1) the Management Partner must
provide written notice to the Board of the condition that could constitute a “Good Reason” event within sixty (60) days following the date the Management Partner became aware or should have become aware of such condition and
(2) such condition must not have been remedied by the Company within sixty (60) days (the “Cure Period”) following the Board’s receipt of the written notice from Management Partner. 

O.    “Family Transfer” means a transfer pursuant to a bona fide gift to an individual constituting
“immediate family” as that term is defined 17 C.F.R. 240.16a-1(c) or to a trust for the benefit of the Management Partner and/or member(s) of the Management Partner’s immediate family. 

P.    “Highly Liquid” means, as of any date of determination, with respect to the shares of stock of any
company, that the company’s shares either (A) are listed on the NYSE or Nasdaq, or (B) have an average trading volume that exceeds one percent (1%) of the outstanding shares of stock of the company over a period of thirty (30)
consecutive trading days on the applicable market or trading platform on which the shares primarily are traded. 

Q.    “Marketable Securities” means shares of stock of a company that are either (i) listed on the
NYSE or Nasdaq, or (ii) Highly Liquid. 
 R.    “Nasdaq” means The Nasdaq Stock Exchange,
including the Nasdaq Global Select Market, Nasdaq Global Market, and Nasdaq Capital Markets. 

S.    “NYSE” means the New York Stock Exchange. 

T.    “Other Combination” has the meaning set forth in the Plan. 

U.    “Partnership Class B Common Units” has the meaning set forth in the LPA. 

V.    “Person” means an individual, a corporation, a company, a voluntary association, a partnership, a
joint venture, a limited liability company, a trust, an estate, an unincorporated organization, a governmental authority or other entity. 

W.    “Plan” means the WeWork Companies Inc. 2015 Equity Incentive Plan, as assumed by the Company, as in
effect on the date hereof. 
 X.    “Preferred Share” means a share of preferred stock of the Company.

 Y.    “Profits Interest” has the meaning set forth in the LPA. 

Z.    “Qualifying Termination” means the termination of the Management Partner’s employment with the
Company (a) by the Company without Cause or due to Management Partner’s death or Disability (as defined in the Plan), or (b) by the Management Partner for Good Reason. 

  
 A-4 














 EXHIBIT A 
  

 AA.    “Qualifying Termination Date” has the meaning set
forth in Section 4 of Exhibit B. 
 BB.    “Redemption” has the meaning set forth in the LPA. 

CC.    “Tax Obligations” means any and all federal, state, provincial, local and non-U.S. taxes. 
 DD.    “Tendered Unit Acquisition” has the meaning
set forth in the LPA. 
 EE.    “Transfer” has the meaning set forth in the LPA. 

FF.    “Trust Transfer” means an instrument to a testamentary trust in which the equity award is to be
passed to beneficiaries upon the death of the trustor (settlor) or a revocable trust. 

  
 A-5 













 EXHIBIT B 
  

Provisions Regarding Vesting and Forfeiture 

Vesting Schedule: The number of Class PI Units subject to the Award in which the Management Partner may vest will depend upon the
Management Partner’s Continued CEO Service through specified dates, as set forth in further detail below. 

1.    MAXIMUM NUMBER OF CLASS PI UNITS THAT MAY VEST. Subject to any adjustments pursuant to the LPA, the
maximum number of Class PI Units subject to the Award that may vest is equal to 9,438,483. 

2.    VESTING REQUIREMENTS. 629,232.2 Class PI Units subject to the Award shall be fully vested as of
the Grant Date. The remaining Class PI Units shall be unvested as of the Grant Date (the “Unvested Portion”). Subject to the Management Partner’s Continued CEO Service through the applicable vesting date, the Unvested
Portion will be scheduled to vest as follows: One fifty-sixth (1/56th) of the Unvested Portion (i.e., 157,308.05) will be scheduled to vest on a monthly basis on the 29th day of each month
following the Grant Date (or, if there is no corresponding day within a particular month, then on the last day of that month). Accordingly, if the Management Partner’s Continued CEO Service continues through March 29, 2024, the entire
Award will be vested as of that date. 
 3.    CHANGE IN CONTROL TREATMENT. For the avoidance of doubt and
notwithstanding Section 11 of the Plan, (a) Sections 11.1(d), (e) and (f) of the Plan will not apply to the Award, and (b) Sections 11.1(a), (b) and (c) of the Plan will apply to the Award in the same manner as provided for
Plan-based equity awards in the event of either (x) an Acquisition that is not a Change in Control or (y) an Other Combination. With respect to clause (b) of the preceding sentence, the Committee, following good faith consultation
with the Management Partner, shall have full discretionary power and authority to adjust or modify the Award, provided that any such adjustment or modification shall be intended to preserve the material economic benefit of the Award and be
consistent with the expected effect of the Acquisition that is not a Change in Control or Other Combination. In the event of a Change in Control and provided that the Management Partner remains in Continued CEO Service through the date of the Change
in Control, the Award will be treated as follows. 
 3.1.    Assumption or Substitution. The
acquiring or successor corporation (or an Affiliate thereof) may Assume or Substitute the Award, which will remain eligible to vest based on the Management Partner’s Continued CEO Service, for the avoidance of doubt, as the Chief Executive
Officer of the Company (whether constituting, without limitation, a division, business unit, subsidiary or other portion of the larger combined entity) following the Change in Control. 

3.2.    CIC CEO Transition. In the event of a CIC CEO Transition, one hundred percent (100%) of the
Class PI Units subject to the Award that are unvested as of the date of the Change in Control will accelerate vesting as of immediately prior to the Change in Control. 

3.3.    Termination Upon Change in Control. If any portion of the Award is not Assumed or
Substituted in a Change in Control by the acquiring or succeeding corporation (or an Affiliate thereof), then one hundred percent (100%) of the Class PI Units subject to the portion of the Award that is not Assumed or Substituted for will
accelerate vesting in full. 

  
 B-1 














 EXHIBIT B 
  

 4.    QUALIFYING TERMINATION. One hundred percent (100%) of
the Class PI Units subject to the Award that are unvested as of the date of the Qualifying Termination (the “Qualifying Termination Date”) will accelerate vesting as of the Qualifying Termination Date. 

 

	 	5.    GOLDEN	 PARACHUTE PAYMENTS 



5.1.    Best Results. If any payment or benefit that the Management Partner would receive from the
Company or any other Person whether in connection with this Award or otherwise (the “Payments”) would (a) constitute a “parachute payment” within the meaning of Section 280G of the Code and (b) but for this
sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Payments will be either (x) delivered in full, or (y) delivered as to such lesser extent that would result in no
portion of the Payments being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state, local and non-U.S. income taxes and the Excise Tax, results in
the Management Partner’s receipt, on an after-tax basis, of the greatest amount of Payments, notwithstanding that all or some of the Payments may be subject to the Excise Tax. If a reduction in Payments
is made in accordance with the immediately preceding sentence, the reduction will occur, with respect to the Payments considered parachute payments within the meaning of Code Section 280G, in the following order: (i) reduction of any cash
payments in reverse chronological order (that is, the cash payment owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first cash payment to be reduced); (ii) cancellation of any equity awards
that were granted “contingent on a change in ownership or control” within the meaning of Section 280G of the Code in the reverse order of date of grant of the awards (that is, the most recently granted equity awards will be cancelled
first); (iii) reduction of any accelerated vesting of equity awards in the reverse order of date of grant of the awards (that is, the vesting of the most recently granted equity awards will be cancelled first); and (iv) reduction of any
employee benefits in reverse chronological order (that is, the benefit owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first benefit to be reduced). In no event will the Management Partner have any
discretion with respect to the ordering of Payment reductions. The Management Partner will be solely responsible for the payment of all personal tax liability that is incurred as a result of the payments and benefits received under this Agreement,
and the Management Partner will not be reimbursed, indemnified, or held harmless by the Company or any of its parent, subsidiaries or Affiliates for any of those payments of personal tax liability. 

5.2.    Determination of Excise Tax Liability. Unless the Company and the Management Partner
otherwise agree in writing, any determinations required under this Section 5 will be made in writing by a nationally recognized accounting or valuation firm (the “Firm”) selected by the Company, which selection will be subject
to the agreement of the Management Partner (which agreement will not be unreasonably withheld or delayed). The determinations of the Firm will be conclusive and binding upon the Management Partner and the Company for all purposes absent manifest
error. For purposes of making the calculations required by this Section 5, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning


  
 B-2 














 EXHIBIT B 
  

 
the application of Sections 280G and 4999 of the Code. Further, the Firm shall take into account in its reasonable good faith professional judgment any positions to mitigate any excise taxes
payable under Section 4999 of the Code, such as the value of any reasonable compensation for services to be rendered by the Management Partner before or after the event triggering the Excise Tax, including any amounts payable to the Management
Partner following the Management Partner’s termination of employment hereunder with respect to any non-competition provisions that may apply to the Management Partner, and the Company shall cooperate in
the valuation of any such services, including any non-competition provisions. The Company and the Management Partner will furnish to the Firm such information and documents as the Firm reasonably may request
in order to make determinations under this Section 5. The Company will bear the costs and make all payments for the Firm’s services in connection with any calculations contemplated by this Section 5. Subject to the Company’s good
faith compliance with its obligations under this Section 5, the Company will have no liability to the Management Partner for the determinations of the Firm. 

5.3.    Stockholder Vote. In the event that both (a) any Payments otherwise would constitute a
“parachute payment” within the meaning of Section 280G of the Code, and (b) the Payments would be considered an “exempt payment” within the meaning of Section 280G(b)(5) of the Code (“Exempt
Payment”) if the shareholder approval requirements under Section 280G(b)(5)(B) of the Code and Treasury Regulation Section 1.280G-1 Q/A-7 (such vote
by shareholders, the “280G Vote”) were satisfied, then, at the election of the Management Partner and subject to the Management Partner’s compliance with this Section 6.3, the Company will submit the 280G Waived Payments
to the Company’s stockholders for a 280G Vote. The “280G Waived Payments” are those Payments under the Award or otherwise that are subject to the 280G Vote, provided that, prior to the Company’s solicitation of approval by
the Company’s stockholders in the 280G Vote, the Management Partner has agreed to waive the Management Partner’s right to receive or retain (as applicable) those Payments in the event that approval by the Company’s stockholders
necessary to deem the Payments as Exempt Payments is not obtained in the 280G Vote. If the Management Partner elects to have the Company submit the 280G Waived Payments to a 280G Vote, then the Management Partner agrees to reasonably cooperate with
the Company in the solicitation of the 280G Vote and the timely execution of the Management Partner’s waiver of any Payments in order for the Payments to properly constitute 280G Waived Payments in compliance with the applicable shareholder
approval requirements under Section 280G(b)(5)(B) of the Code and Treasury Regulation Section 1.280G-1 Q/A-7. Any reduction in Payments required as a result of
the 280G Vote will be completed in the order provided in Section 5.1. 

  
 B-3 













 EXHIBIT C 
  

SECTION 83(b) ELECTION FORM 

The undersigned was granted Class PI Units (as defined below) of The We Company Management Holdings L.P. (the
“Partnership”) and Class C Common Stock of The We Company on [DATE], 2019 (the “Grant Date”). The undersigned hereby makes an election, pursuant to §83(b) of the Internal Revenue Code of 1986, as amended
(the “Code”), and Treasury Regulation §1.83-2, to include in gross income for the taxable year of the Grant Date the excess, if any, of the fair market value of the Class PI Units
and Class C Common Stock of The We Company on the Grant Date (as set forth in paragraph 6 below) over the amount, if any, paid for such property (as set forth in paragraph 7 below). The undersigned makes this election solely as a protective
measure and does not hereby admit, concede or otherwise waive any rights that the undersigned may have at any time, including, without limitation, the right to deny that the Class PI Units and Class C Common Stock of The We Company
constitute property under §83(b) of the Code. 
 The following information is supplied in accordance with Treasury Regulation §1.83-2(e): 
 1.    The name, address and social security number of the
undersigned: 
  

					
	Name:	 	  
	 	
	Address:	 	  
	 	
	SSN:	 	  
	 	

 2.    A description of the property with respect to which the election is being made: A
profits interest in the Partnership comprised of 9,438,483 Class PI Units of the Partnership (the “Class PI Units”) and an equivalent number of shares of Class C Common Stock of The We Company. 

3.    The date on which the property was transferred: the Grant Date. 

4.    The taxable year for which such election is made: Calendar year 2019. 

5.    The restrictions to which the property is subject: All or a portion of the Class PI Units may be subject to
forfeiture to the Partnership and the Class C Common Stock of The We Company may be subject to cancellation in certain circumstances under the terms of an agreement between the undersigned and the Partnership. The Class PI Units and
Class C Common Stock of The We Company are also subject to transfer restrictions. 
 6.    The aggregate fair
market value on the Grant Date of the property with respect to which the election is being made, determined without regard to any lapse restrictions: $0.00. 

7.    The aggregate amount paid for such property: $0.00. 

8.    A copy of this election has been furnished to the General Partner pursuant to Treasury Regulations §1.83-2(e)(7). 

  
 C-1 














 EXHIBIT C 
  

 The undersigned understands that the foregoing election may not be revoked except with the consent of the
Commissioner of the Internal Revenue Service. 
  

			
	  

	Name:	 	  

	Dated:	 	  


 INSTRUCTIONS: In order to make an election under §83(b) of the Code, this election form must be executed by the
elector within thirty (30) days after the Grant Date. One copy of this form should be submitted to the General Partner of the Partnership and a second copy should be filed within thirty (30) days after the Grant Date with the Internal
Revenue Service Center with which the elector normally files the elector’s federal income tax return. 

  
 C-2 













 EXHIBIT D 

JOINDER 
 This Joinder
Agreement (the “Joinder Agreement”) is made as of the date written below by the undersigned (the “Joining Party”) in accordance with the Partnership Class PI Common Unit Award Agreement (Time-Based), dated on
[                    ], 2019 (as amended, restated or otherwise modified from time to time, the “Agreement”), by and among The We
Company Management Holdings L.P., a Cayman Islands exempted limited partnership (the “Partnership”), The We Company, a Delaware corporation and Adam Neumann (the “Management Partner”). Capitalized terms used but not
defined herein shall have the meanings assigned to them in the Agreement. 
 The Joining Party hereby acknowledges, agrees and confirms
that, by its execution of this Joinder Agreement, the Joining Party shall be deemed to be a party to the Amended and Restated Agreement of Exempted Limited Partnership of the We Company Management Holdings L.P. (the “LPA”) as of the
date hereof and shall have all of the rights and obligations of the Management Partner thereunder as if it had executed the LPA. The Joining Party hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and
conditions contained in the LPA. 
 This Agreement is governed by the laws of the Cayman Islands. Section 12(f) of
the Agreement (Arbitration) shall apply mutatis mutandis. 
 [SIGNATURE PAGE FOLLOWS] 












 IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement on
            , 2019. 
  

			
	ADAM NEUMANN
	
	  

	Name:	 	Adam Neumann


  

			
	Acknowledged by:
	THE WE COMPANY MANAGEMENT HOLDINGS L.P.
	
	By: THE WE COMPANY MC LLC, its General Partner


			
		
	By	 	  



			
	Name:	 	Jared DeMatteis
	Title:	 	General Counsel

  

			
	
	  



 [Signature Page to Joinder Agreement]