EX-10.3





 Exhibit 10.3 

WeWork Companies Inc. 

Nonstatutory Stock Option Agreement 

Granted Under 2013 Stock Incentive Plan 

1. Grant of Option. 
 This agreement
evidences the grant by WeWork Companies Inc., a Delaware corporation (the “Company”),
on                             , 201_ (the “Grant Date”) to
                            , an employee, director or consultant of the Company (the
“Participant”), of an option to purchase, in whole or in part, on the terms provided herein and in the Company’s 2013 Stock Incentive Plan (the “Plan”), a total of
                             shares (the “Shares”) of common stock, $0.001 par value
per share, of the Company (“Common Stock”) at $             per Share. Unless earlier terminated, this option shall expire at 5:00 p.m., Eastern time, on
                             (the “Final Exercise Date”). 

It is intended that the option evidenced by this agreement shall not be an incentive stock option as defined in Section 422 of the
Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the term “Participant”, as used in this option, shall be deemed to include any
person who acquires the right to exercise this option validly under its terms. 
 2. Vesting Schedule. 

This option will become exercisable (“vest”) as to Twenty percent (20%) of the Shares on
                                 , 20     (the
“Vesting Commencement Date”) and an additional one-sixtieth (1/60th) of the Shares subject to this option shall vest each month thereafter on the
corresponding day of the month as the Vesting Commencement Date (or if there is no such day in any month, then the last day of such calendar month), until the Shares are vested with respect to one hundred percent (100%) of the Shares. 

The right of exercise shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible it
shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option under Section 3 hereof or the Plan. 

3. Exercise of Option. 
 (a) Form of
Exercise. To exercise this option, the Participant (or in the case of exercise after the Participant’s death or incapacity, the Participant’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company at
its principal office, an executed Notice of Stock Option Exercise and Joinder Agreement to the Stockholders’ Agreement in the form attached hereto as Annex A, accompanied by this agreement, and payment in full in the manner provided in the
Plan; provided that to the extent that the Company so authorizes, an electronic method of exercise of this option shall be permitted. The Participant may purchase less than the number of shares covered hereby, provided that no partial exercise of
this option may be for any fractional share. 
 (b) Continuous Relationship with the Company Required. Except as otherwise provided in
this Section 3, this option may not be exercised unless the Participant, at the time he or she exercises this option, is, and has been at all times since the Grant Date, an employee, officer or director of, or a consultant or advisor to, the
Company or any other entity the employees, officers, directors, consultants, or advisors of which are eligible to receive option grants under the Plan (an “Eligible Participant”). 












 (c) Termination of Relationship with the Company. If the Participant ceases to be an
Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e) below, the right to exercise this option shall terminate three months after such cessation (but in no event after the Final Exercise Date), provided
that this option shall be exercisable only to the extent that the Participant was entitled to exercise this option on the date of such cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the non-competition or confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company, the right to exercise this option
shall terminate immediately upon such violation. 
 (d) Exercise Period Upon Death or Disability. If the Participant dies or becomes
disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for “cause” as specified in paragraph
(e) below, this option shall be exercisable, within the period of one year following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), provided that this option
shall be exercisable only to the extent that this option was exercisable by the Participant on the date of his or her death or disability, and further provided that this option shall not be exercisable after the Final Exercise Date. 

(e) Termination for Cause. If, prior to the Final Exercise Date, the Participant’s employment or other relationship with the
Company is terminated by the Company for Cause (as defined below), the right to exercise this option shall terminate immediately upon the effective date of such termination of employment or other relationship. If the Participant is party to an
employment, consulting or severance agreement with the Company that contains a definition of “cause” for termination of employment or other relationship, “Cause” shall have the meaning ascribed to such term in such agreement.
Otherwise, “Cause” shall mean (i) a repeated failure of the Participant after written notice from the Board to perform his reasonably assigned duties for the Company, (ii) the Participant’s engagement in dishonesty, gross
negligence or misconduct, which in the case of dishonesty only has had a material adverse effect on the business or affairs of the Company as determined by the Board in good faith; (iii) the conviction of the Participant of, or the entry of a
pleading of guilty or nolo contendere by the Participant to, any crime involving moral turpitude or any felony; (iv) a breach by the Participant of any invention and non-disclosure agreement or non-competition and non-solicitation agreement with the Company, which breach is not cured within ten days written notice thereof; or (v) intentional misconduct by the
Participant or intentional failure by the Participant to perform his or her responsibilities to the Company, as determined by the Company, which determination shall be conclusive. The Participant’s employment or other relationship shall be
considered to have been terminated for “Cause” if the Company determines, within 30 days after the Participant’s resignation, that termination for Cause was warranted. 

4. Restrictions on Transfer; Company Right of First Refusal. 

(a) Notice of Proposed Transfer. If the Participant proposes to sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by
operation of law or otherwise (collectively, “transfer”) any Shares acquired upon exercise of this option, then the Participant shall first give written notice of the proposed transfer (the “Transfer Notice”) to the Company. The
Transfer Notice shall name the proposed transferee and state the number of such Shares the Participant proposes to transfer (the “Offered Shares”), the price per share and all other material terms and conditions of the transfer. In
addition to the Company’s rights set forth in this Section 4, the Shares are subject to certain additional restrictions on transfer as set forth in the Company’s Amended and Restated Stockholders’ Agreement dated December 9,
2014, as may be amended from time to time, to which Participant shall become a party upon exercise of this option and execution of the Joinder Agreement to the Stockholders’ Agreement in the form attached hereto as Annex A. 

  
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 (b) Company Right to Purchase. For 30 days following its receipt of such Transfer
Notice, the Company shall have the option to purchase all or part of the Offered Shares at the price and upon the terms set forth in the Transfer Notice. In the event the Company elects to purchase all or part of the Offered Shares, it shall give
written notice of such election to the Participant within such 30-day period. Within 10 days after his or her receipt of such notice, the Participant shall tender to the Company at its principal offices the
certificate or certificates representing the Offered Shares to be purchased by the Company, duly endorsed in blank by the Participant or with duly endorsed stock powers attached thereto, all in a form suitable for transfer of the Offered Shares to
the Company. Promptly following receipt of such certificate or certificates, the Company shall deliver or mail to the Participant a check in payment of the purchase price for such Offered Shares; provided that if the terms of payment set
forth in the Transfer Notice were other than cash against delivery, the Company may pay for the Offered Shares on the same terms and conditions as were set forth in the Transfer Notice; and provided further that any delay in making such
payment shall not invalidate the Company’s exercise of its option to purchase the Offered Shares. 
 (c) Shares Not Purchased By
Company. If the Company does not elect to acquire all of the Offered Shares, the Participant may, within the 30-day period following the expiration of the option granted to the Company under subsection
(b) above, transfer the Offered Shares which the Company has not elected to acquire to the proposed transferee, provided that such transfer shall not be on terms and conditions more favorable to the transferee than those contained in the
Transfer Notice. Notwithstanding any of the above, all Offered Shares transferred pursuant to this Section 4 shall remain subject to the right of first refusal set forth in this Section 4 and such transferee shall, as a condition to such
transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Section 4. 

(d) Consequences of Non-Delivery. After the time at which the Offered Shares are required to be
delivered to the Company for transfer to the Company pursuant to subsection (b) above, the Company shall not pay any dividend to the Participant on account of such Offered Shares or permit the Participant to exercise any of the privileges or
rights of a stockholder with respect to such Offered Shares, but shall, insofar as permitted by law, treat the Company as the owner of such Offered Shares. 

(e) Exempt Transactions. The following transactions shall be exempt from the provisions of this Section 4: 

(1) any transfer of Shares to or for the benefit of any spouse, child or grandchild of the Participant, or to a trust for their benefit; 

(2) any transfer pursuant to an effective registration statement filed by the Company under the Securities Act of 1933, as amended (the
“Securities Act”); and 
 (3) the sale of all or substantially all of the outstanding shares of capital stock of the Company
(including pursuant to a merger or consolidation); 
 provided, however, that in the case of a transfer pursuant to clause (1) above, such Shares
shall remain subject to the right of first refusal set forth in this Section 4. 
 (f) Assignment of Company Right. The Company
may assign its rights to purchase Offered Shares in any particular transaction under this Section 4 to one or more persons or entities. 

(g) Termination. The provisions of this Section 4 shall terminate upon the earlier of the following events: 

(1) the closing of the sale of shares of Common Stock in an underwritten public offering pursuant to an effective registration statement filed
by the Company under the Securities Act; or 
 (2) the sale of all or substantially all of the outstanding shares of capital stock, assets or
business of the Company, by merger, consolidation, sale of assets or otherwise (other than a merger or consolidation in which all or substantially all of the individuals and entities who were beneficial owners of the Company’s voting securities
immediately prior to such transaction beneficially own, directly or indirectly, more than 75% (determined on an as-converted basis) of the outstanding securities entitled to vote generally in the election of
directors of the resulting, surviving or acquiring corporation in such transaction). 

  
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 (h) No Obligation to Recognize Invalid Transfer. The Company shall not be required
(1) to transfer on its books any of the Shares which shall have been sold or transferred in violation of any of the provisions set forth in this Section 4, or (2) to treat as owner of such Shares or to pay dividends to any transferee
to whom any such Shares shall have been so sold or transferred. 
 (i) Legends. The certificate representing Shares shall bear a
legend substantially in the following form (in addition to, or in combination with, any legend required by applicable federal and state securities laws and agreements relating to the transfer of the Company securities): 

“The shares represented by this certificate are subject to a right of first refusal in favor of the Company, as provided in a certain
stock option agreement with the Company.” 
 5. Drag-Along. 

(a) Definitions. For purposes of this Section 5, capitalized terms used herein and not otherwise defined shall have the respective
meanings ascribed to them in the Stockholders’ Agreement, dated of even date herewith, by and among the Company and the stockholders listed on Schedule A attached thereto. 

(b) Drag-Along. Notwithstanding anything else herein to the contrary, if, after or in connection with approval of the Board,
(A) the holders of a majority of the outstanding Common Stock, $0.001 par value per share, of the Company (the “Common Shares”), and (B) the holders of a majority of the outstanding shares of Series A Convertible Preferred
Stock, $0.001 par value per share, of the Company, and Series B Convertible Preferred Stock, $0.001 par value per share, of the Company (together, the “Preferred Shares”), voting together as a single class on an as-converted to Common Share basis, agree to consummate any (X) Transfer of Shares which constitutes a Change in Control; or (Y) a transaction that qualifies as a Deemed Liquidation Event (whether in one
transaction or a series of related transactions and whether structured as a merger, stock sale, stock exchange, or otherwise, each, a “Drag-Along Sale”), then the Participant hereby agrees to: 

(1) Transfer a proportionate percentage of its Shares acquired upon exercise of this option in the Drag-Along Sale and vote all Shares acquired
upon exercise of this option, all other securities evidencing an ownership interest in the Company, and all Convertible Securities owned or controlled by it as of the time of the record date for the Drag-Along Sale in favor of the Drag-Along Sale,
as the case may be; 
 (2) refrain from voting against or asserting or exercising any dissenters’ or appraisal rights under applicable
law at any time with respect to such Drag-Along Sale; and 
 (3) execute and deliver such documents and instruments, and take such other
actions, as reasonably are required to expedite or complete the Drag-Along Sale. 
 (c) Termination of Drag-Along. The terms,
conditions and obligations set forth in this Section 5 shall terminate upon the closing of a firm commitment underwritten public offering of the equity of the Company pursuant to the Securities Act with total proceeds of not less than
$30,000,000. 
 6. “Market Stand-off” Agreement. 

Each Participant hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on
the date of the final prospectus relating to the registration by the Company of shares of its Common Stock or any other equity securities under the Securities Act on a registration statement on Form S-1 or
Form S-3, and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days in the case of the first


  
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underwritten public offering of the Common Stock or any other equity securities under the Securities Act (the “IPO”), or such other period as may be requested by the Company or an
underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule
2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), or (y) ninety (90) days in the case of any registration other than the IPO, or such other period as may be requested by the Company or an underwriter to
accommodate regulatory restrictions on (1) the publication or other distribution of research reports and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE
Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase;
or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock (held immediately before the effective date of the
registration statement for such offering) or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described
in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Section 6 shall apply only to the IPO, shall not apply to the sale of any shares to an
underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust for the direct or indirect benefit of the Participant or the immediate family of the Participant, provided that the trustee of the trust agrees to be bound
in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Participant only if all officers and directors are subject to the same
restrictions and the Company uses commercially reasonable efforts to obtain a similar agreement from all stockholders individually owning more than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion
into Common Stock of all outstanding Preferred Shares). The underwriters in connection with such registration are intended third party beneficiaries of this Section 6 and shall have the right, power, and authority to enforce the provisions
hereof as though they were a party hereto. Each Participant further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Section 6 or that are
necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Participants subject to such agreements, based on
the number of shares subject to such agreements. 
 7. Withholding. 

No Shares will be issued pursuant to the exercise of this option unless and until the Participant pays to the Company, or makes provision
satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option. 
 8.
Irrevocable Proxy and Power of Attorney. 
 (a) The Participant hereby constitutes and appoints as proxy of the Participant and hereby
grants a power of attorney to each of We Holdings LLC (“WH”), any designee of WH and Adam Neumann (each with full power of substitution and each a “Designee”), and each of them, with full power and authority in the name of, and
for and behalf of, the Participant with respect to any matters submitted to the stockholders for consent or vote, and hereby authorizes each Designee to represent and to vote all of the Shares in any such matter. The proxy and power of attorney
granted pursuant to the immediately preceding sentence (i) is given in consideration of the agreements of the parties in connection with the transactions contemplated by this agreement and, as such, each is coupled with an interest and shall be
irrevocable unless and until WH and Adam Neumann terminate this Section 8 in writing (such time, the “Termination Time”) and (ii) shall not be effective in connection with a stockholder vote pursuant to Section 280G(b)(5) of
the Code. 

  
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 (b) The Participant hereby revokes any and all previous proxies or powers of attorney, if
any, with respect to the Shares and shall not hereafter, unless and until the Termination Time, purport to grant any other proxy or power of attorney with respect to any of the Shares, deposit any of the Shares into a voting trust or enter into any
agreement (other than this agreement), arrangement or understanding with any person, directly or indirectly, to vote, grant any proxy or give instructions with respect to the voting of any of the Shares, in each case, with respect to any of the
matters set forth herein. 
 9. Transfer Restrictions. 

(a) This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation
of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this option shall be exercisable only by the Participant. 

(b) The Participant agrees that he or she will not transfer any Shares issued pursuant to the exercise of this option unless the transferee, as
a condition to such transfer, delivers to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of Section 4 and Section 5; provided that such a written confirmation shall not be
required with respect to (1) Section 4 after such provision has terminated in accordance with Section 4(g) or (2) Section 5 after the completion of the lock-up period in connection
with the Company’s initial underwritten public offering. 
 10. Provisions of the Plan. 

This option is subject to the provisions of the Plan (including the provisions relating to amendments to the Plan), a copy of which is
furnished to the Participant with this option. 

  
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 IN WITNESS WHEREOF, the Company has caused this option to be executed under its corporate
seal by its duly authorized officer. This option shall take effect as a sealed instrument. 
  

			
	WeWork Companies Inc.
		
	By:	 	  

	Name:	 	  

	Title:	 	  




  
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 PARTICIPANT’S ACCEPTANCE 

The undersigned hereby accepts the foregoing option and agrees to the terms and conditions thereof. The undersigned hereby acknowledges
receipt of a copy of the Company’s 2013 Stock Incentive Plan.3 
  

			
	PARTICIPANT:
	
	  

		
	Address:	 	  

		
		 	  

		
	SPOUSE:	 	
	
	  

		
	Address:	 	  

		
		 	  



  

	3 	 If the Participant resides in a community property state, it is desirable to have the Participant’s spouse
also accept the option by signature here. The following are community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, and Washington. Although Wisconsin is not formally a community property state, it has laws
governing the division of marital property similar to community property states and it may be desirable to have a Wisconsin Participant’s spouse also accept the option. In addition, if the Company is granting an option to a California
Participant, it must comply with California blue sky rules which require modification to this option. 



  
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