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a108formofstockoptionawa

NOTICE OF STOCK OPTION GRANT       WEWORK INC.  2015 EQUITY INCENTIVE PLAN  The Optionee named below (“Optionee”) has been granted an option (this “Option”) to purchase  shares of Class A Common Stock (the “Common Stock”) of WeWork Inc. (the “Company”),  pursuant to the Company’s 2015 Equity Incentive Plan, as amended from time to time (the “Plan”)  on the terms, and subject to the conditions, described below and in the Stock Option Agreement  attached hereto as Exhibit A, including its exhibits and annexes (the “Award Agreement”).  Optionee: [Full Name]  Grant Date: [Month Day, Year]  Maximum Number of  Shares Subject to Option: [Number]  Exercise Price Per Share: USD $[Exercise Price]  Type of Option: [Nonqualified Stock Option][Incentive Stock Option]  Expiration Date: The date ten (10) years after the Grant Date set forth above, subject  to earlier expiration in the event of Optionee’s termination of  employment or other service relationship with the Company as  provided in Section 3 of the Award Agreement.  Vesting and  Exercisability:  Subject to Section 3 of the Award Agreement, this Option will  become exercisable during its term with respect to any underlying  shares that become vested in accordance with the following  schedule: [Insert].   Additional Terms &  Acknowledgement:  The Optionee and the Company agree that the Option is granted  under and governed by this Notice of Stock Option Grant (“Grant  Notice”) and by the provisions of the Plan and the Award  Agreement. The Plan and the Award Agreement are incorporated  herein by reference. The Optionee acknowledges receipt of a copy  of this Grant Notice, the Plan and the Award Agreement, represents  that the Optionee has carefully read and is familiar with their  provisions, and hereby accepts the Option subject to all of their  respective terms and conditions. Notwithstanding anything in the  prior sentence, if the Optionee has not actively accepted the Option  within 3 months of the Grant Date, the Optionee is deemed to have  Exhibit 10.8 

 

 2   accepted the Option, subject to all of the terms and conditions in  this Grant Notice, the Plan and the Award Agreement.    This Grant Notice may be executed and delivered electronically  whether via the Company’s intranet or the Internet site of a third  party or via email or any other means of electronic delivery  specified by the Company. By the Optionee’s acceptance hereof  (whether written, electronic or otherwise), the Optionee agrees, to  the fullest extent permitted by law, that in lieu of receiving  documents in paper format, the Optionee accepts the electronic  delivery of any documents that the Company (or any third party the  Company may designate), may deliver in connection with this grant  (including the Plan, this Grant Notice, the Award Agreement, the  information described in Rules 701(e)(2), (3), (4) and (5) under the  Securities Act, account statements, or other communications or  information) whether via the Company’s intranet or the Internet site  of such third party or via email or such other means of electronic  delivery specified by the Company.           WEWORK INC.    Signature    Name:     Title:         [OPTIONEE    Signature    Name:   ]1    [By clicking the applicable acceptance box on the Shareworks platform, or any successor or  replacement platform or system thereto, Optionee agrees to all of the terms and conditions  described in this Grant Notice, the Award Agreement and the Plan.]2    ATTACHMENTS:   Exhibit A – Stock Option Agreement   1  Note to Draft: To use for Israel grantees and Argentina grantees.   2 Note to Draft: To use for all other grantees.  

 

    EXHIBIT A    STOCK OPTION AGREEMENT         WEWORK INC.    2015 EQUITY INCENTIVE PLAN    This Stock Option Agreement, including its exhibits and annexes (this “Agreement”), is  made and entered into as of the grant date (the “Grant Date”) set forth on the Notice of Stock  Option Grant attached as the facing page to this Agreement (the “Grant Notice”) by and between       WeWork Inc. (the “Company”) and the optionee named on the Grant Notice (“Optionee”).   Capitalized terms not defined in this Agreement shall have the meaning ascribed to them in the  Company’s 2015 Equity Incentive Plan, as amended from time to time (the “Plan”) or the Grant  Notice, as applicable.    1. GRANT OF OPTION.  The Company hereby grants to Optionee an option (this  “Option”) to purchase up to the total maximum number of shares of Class A Common Stock of  the Company (the “Common Stock”) set forth in the Grant Notice (the “Shares”) at the Exercise  Price Per Share set forth in the Grant Notice (the “Exercise Price”), subject to all of the terms and  conditions of the Grant Notice, this Agreement and the Plan. If designated as an Incentive Stock  Option in the Grant Notice, this Option is intended to qualify as an incentive stock option within  the meaning of Section 422 of the Code, except that if Optionee is not subject to U.S. income tax  on the Grant Date, then this Option shall be a Nonqualified Stock Option.    2. EXERCISE PERIOD.    2.1 Exercise Period of Option. Subject to Section 3, this Option will become  exercisable during its term with respect to the Shares that have become vested in accordance with  the vesting schedule set forth in the Grant Notice.  Except as set forth in Section 3, this Option will  cease vesting as of the date of Optionee’s termination of employment or other service relationship  with the Company, and Optionee may not exercise this Option with respect to any Shares that are  unvested as of such date.     2.2 Expiration.  The Option shall expire on the Expiration Date set forth in the  Grant Notice (the “Expiration Date”) or earlier as provided in Section 3 below.    3. TERMINATION.   3.1 Termination for Any Reason Except Death, Disability or Cause.  Except  as provided in Section 3.2 in a case in which Optionee dies within three (3) months after Optionee  is Terminated other than for Cause, if Optionee is Terminated for any reason (other than Optionee’s  death or Disability or for Cause), then (a) this Option shall expire on Optionee’s Termination Date  with respect to any Shares that are unvested and may not be exercised with respect to any such  Shares and (b) this Option, to the extent (and only to the extent) that it is vested and exercisable  on Optionee’s Termination Date, may be exercised by Optionee until the date that is three (3)  

 

   4   months after Optionee’s Termination Date (but in no event may this Option be exercised after the  Expiration Date).  3.2 Termination Because of Death or Disability.  If Optionee is Terminated  because of Optionee’s death or Disability (or if Optionee dies within three (3) months after the  date of Optionee’s Termination for any reason other than for Cause), then (a) this Option shall  expire on Optionee’s Termination Date with respect to any Shares that are unvested and may not  be exercised with respect to any such Shares and (b) this Option, to the extent (and only to the  extent) that it is vested and exercisable on Optionee’s Termination Date, may be exercised by  Optionee (or Optionee’s legal representative) until the date that is twelve (12) months after  Optionee’s Termination Date, but in no event later than the Expiration Date. If designated as an  Incentive Stock Option in the Grant Notice, this Option will be deemed a Nonqualified Stock  Option with respect to any exercise of this Option beyond (i) three (3) months after the date  Optionee ceases to be an employee when Optionee’s Termination is for any reason other than  Optionee’s death or disability, within the meaning of Section 22(e)(3) of the Code; or (ii) twelve  (12) months after the date Optionee ceases to be an employee when the termination is for  Optionee’s disability, within the meaning of Section 22(e)(3) of the Code.  3.3 Termination for Cause. If Optionee is Terminated for Cause, then  Optionee’s right to exercise this Option shall terminate immediately upon the Termination Date,  and this Option shall expire on Optionee’s Termination Date, or at such later time and on such  conditions as may be affirmatively determined by the Committee.  Notwithstanding anything in  the Plan to the contrary, “Cause” shall have the meaning ascribed to such term in the Optionee’s  employment or service agreement with the Company or Affiliate thereof. If no such agreement is  in effect for the Optionee, or such agreement does not contain a definition of such term, then  “Cause” shall mean: (i) an Optionee’s gross negligence or gross misconduct in the performance  of the Optionee’s employment duties; (ii) an Optionee’s refusal or willful failure to substantially  perform his or her duties to the Company; (iii) an Optionee’s dishonesty, willful misconduct,  misappropriation, breach of fiduciary duty or fraud with regard to the Company or its affiliates;  (iv) an Optionee’s violation of a confidentiality, non-solicitation, non-competition, or non- disparagement obligation to the Company or its affiliates, whether pursuant to agreement, policy  or otherwise; (v) an Optionee’s improper disclosure of proprietary information or trade secrets of  the Company, its affiliates or their business; (vi) an Optionee’s falsification of any records or  documents of the Company or its affiliates; (vii) an Optionee’s material non-compliance with a  law or regulatory rule applicable to the Company’s business or any material Company policy,  including but not limited to the Company’s Workplace Conduct and Code of Ethics; (viii) an  Optionee’s indictment for a felony or crime involving moral turpitude; (ix) an Optionee’s engaging  in behavior that risks harm to the reputation of the Company or its affiliates or puts the Optionee  at material risk of being prohibited from working for the Company; (x) other willful action that is  materially harmful to the business, interests or reputation of the Company or its affiliates; or (xi)  an Optionee’s failure to improve the Optionee’s work performance to an acceptable level after the  Optionee was warned by the Company in writing as to the Optionee’s unsatisfactory performance.  Whether an Optionee’s termination of employment constitutes a termination for Cause shall be  determined by the Company in its sole discretion. The foregoing definition of “Cause” applies for  all purposes of this Plan, regardless of whether a different definition of “cause” or similar term is  set forth in any offer letter, employment agreement, severance agreement or similar agreement  between an Optionee and the Company.    

 

   5   3.4 Post-Termination for Cause Determination. In the event that the  Optionee’s employment or other service relationship with the Company terminates for a reason  other than for Cause and the Company subsequently determines in good faith that either (a) the  Optionee breached, at any time, any invention and non-disclosure agreement or non-competition  and non-solicitation agreement with the Company or its Affiliates, as applicable, which breach (if  curable) is not cured within ten (10) days written notice thereof or (b) a termination for Cause  would have been warranted based on acts or omissions that occurred prior to termination but  became known to the Company thereafter, this Option shall be immediately forfeited by Optionee  and cancelled as of such date of determination with respect to all then-remaining Shares. For  purposes of this Section 3.4, acts or omissions will be deemed known to the Company if the head  of the Company’s Legal or Human Resources departments knew, or reasonably should have  known, about such act or omission.  3.5 No Obligation to Employ.  Nothing in the Plan or this Agreement shall  confer on Optionee any right to continue in the employ of, or other relationship with, the Company  or any Affiliate, or limit in any way the right of the Company or any Affiliate to terminate  Optionee’s employment or other relationship at any time, with or without Cause.    4. ACQUISITIONS OR OTHER COMBINATIONS. In the event of an  Acquisition or Other Combination, this Option shall be treated in accordance with the provisions  of Section 11 (Corporate Transactions) of the Plan.    5. MANNER OF EXERCISE.    5.1 Stock Option Exercise Notice and Agreement.  To exercise this Option,  Optionee (or in the case of exercise after Optionee’s death or incapacity, Optionee’s executor,  administrator, heir or legatee, as the case may be) must deliver to the Company an executed Stock  Option Exercise Notice and Agreement in such form as may be approved by the Committee from  time to time (the “Exercise Agreement”) and payment for the Shares being purchased in  accordance with this Agreement. The Exercise Agreement shall set forth, among other things,  (i) Optionee’s election to exercise this Option, (ii) the number of Shares being purchased, (iii) any  representations, warranties and agreements regarding Optionee’s investment intent and access to  information as may be required by the Company to comply with applicable securities laws in  connection with any exercise of this Option and (iv) any other agreements required by the  Company.  If someone other than Optionee exercises this Option, then such person must submit  documentation reasonably acceptable to the Company verifying that such person has the legal right  to exercise this Option and such person shall be subject to all of the restrictions contained herein  as if such person were Optionee.    5.2 Conditions on Exercise.  This Option may not be exercised until such time  as the Plan has been approved by the holders of capital stock of the Company.  Notwithstanding  any other provision of the Plan or this Agreement, this Option may not be exercised if such  exercise, the issuance of such Shares upon such exercise and/or the method of payment of  consideration for such Shares would require approval or other clearance from any local, state or  federal U.S. governmental agency or any foreign governmental authority, or would constitute a  violation of any applicable securities or exchange control laws, including any applicable foreign  or U.S. federal or state securities laws or any other law or regulation, such as any rule under Part  

 

   6   221 of Title 12 of the Code of Federal Regulations as promulgated by the Federal Reserve Board.   As a condition to the exercise of this Option, the Company may require Optionee to make any  representation and warranty to the Company as may be required by the applicable securities or  exchange control laws.  Subject to compliance with applicable securities and exchange control  laws, this Option shall be deemed to be exercised upon receipt by the Company of the executed  Exercise Agreement accompanied by full payment of the Exercise Price and the satisfaction of any  applicable income tax, social contributions, payroll tax, fringe benefits tax, payment on account or  other tax-related items related to the Optionee’s participation in the Plan and legally applicable to  the Optionee or deemed by the Company or the Employer in their discretion to be an appropriate  charge to the Optionee even if not legally applicable to the Company or the Employer (“Tax- Related Items”).    5.3 Payment.  The Exercise Agreement shall be accompanied by full payment  of the Exercise Price for the shares being purchased in cash (by check or wire transfer), or where  permitted by law:     (a) by cancellation of indebtedness of the Company owed to Optionee;    (b) if approved by the Committee in advance, by surrender of shares of  the Company that are free and clear of all security interests, pledges, liens, claims or encumbrances  and: (i) for which the Company has received “full payment of the purchase price” within the  meaning of SEC Rule 144 (and, if such shares were purchased from the Company by use of a  promissory note, such note has been fully paid with respect to such shares) or (ii) that were  obtained by Optionee in the public market;    (c) if approved by the Committee in advance, by participating in a  formal cashless exercise program implemented by the Committee in connection with the Plan;     (d) provided that a public market for the Common Stock exists and  subject to compliance with applicable law, by exercising as set forth below, through a “same day  sale” commitment from Optionee and a broker-dealer whereby Optionee irrevocably elects to  exercise this Option and to sell a portion of the Shares so purchased sufficient to pay the total  Exercise Price, and whereby the broker-dealer irrevocably commits upon receipt of such Shares to  forward the total Exercise Price directly to the Company; or    (e) by any combination of the foregoing or any other method of  payment approved by the Committee that constitutes legal consideration for the issuance of Shares.    5.4 Responsibility for Taxes. Optionee acknowledges that, regardless of any  action taken by the Company or the Employer, the ultimate liability for all Tax-Related Items is  and remains the Optionee’s responsibility and may exceed the amount actually withheld by the  Company or the Employer.  The Optionee further acknowledges that the Company and/or the  Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related  Items in connection with any aspect of the Option, including, but not limited to, the grant, vesting  or exercise of the Option; and (ii) do not commit to and are under no obligation to structure the  terms of the grant or any aspect of the Option to reduce or eliminate the Optionee’s liability for  

 

   7   Tax-Related Items or achieve any particular tax result.  Further, if the Optionee is subject to Tax- Related Items in more than one jurisdiction, the Optionee acknowledges that the Company and/or  the Employer may be required to withhold or account for Tax-Related Items in more than one  jurisdiction.  Prior to the relevant taxable or tax withholding event, as applicable, the Optionee  agrees to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy  all Tax-Related Items.  In this regard, the Optionee authorizes the Company and/or the Employer,  or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax- Related Items by: (i) requiring a cash payment paid by the Optionee; (ii) withholding from the  Optionee’s wages or other cash compensation paid to the Optionee by the Company and/or any  Affiliate thereof in accordance with applicable law; (iii) withholding from the number of Shares  or other amount payable to the Optionee upon exercise of the Option; and/or (iv) arranging a  mandatory “sell to cover” on Optionee’s behalf (without further authorization).  In no event will  the Company withhold Shares or “sell to cover” if such withholding would result in adverse  accounting consequences to the Company.  In case of Share withholding or a sell to cover, the  Company shall issue the net number of Shares to Optionee by deducting the Shares retained from  the Shares issuable upon exercise. Depending on the withholding method, the Company and/or the  Employer may withhold or account for Tax-Related Items by considering applicable statutory  withholding amounts or other applicable withholding rates, including maximum applicable rates.  If the obligation for Tax-Related Items is satisfied by withholding from the amount payable to the  Optionee upon exercise of the Option, for tax purposes, the Optionee is deemed to have been issued  the full number of Shares deliverable (or other amount payable) upon such exercise of the Option,  notwithstanding that a portion of such number of Shares (or such amount) was held back solely  for the purpose of paying the Tax-Related Items. Finally, the Optionee agrees to pay to the  Company and/or the Employer any amount of Tax-Related Items that the Company and/or the  Employer may be required to withhold or account for as a result of the Optionee’s participation in  the Plan that cannot be satisfied by the means previously described. The Company may refuse to  deliver the Shares or other payment in respect of the exercise of the Option if the Optionee fails to  comply with his or her obligations in connection with the Tax-Related Items.    5.5 Issuance of Shares.  Provided that the Exercise Agreement and payment of  the Exercise Price and any applicable Tax-Related Items are in form and substance satisfactory to  counsel for the Company, the Company shall issue the Shares issuable upon a valid exercise of  this Option registered in the name of Optionee, Optionee’s authorized assignee, or Optionee’s legal  representative, as applicable, and shall deliver certificates representing the Shares with the  appropriate legends affixed thereto.    6. SECTION 409A. This Agreement and payments hereunder are intended and shall  be interpreted to be exempt from the requirements of Section 409A of the Code pursuant to Section  1.409A-1(b)(5)(i) of the Treasury regulations promulgated under Section 409A of the Code.    7. COMPLIANCE WITH LAWS AND REGULATIONS.  The Plan and this  Agreement are intended to comply with Section 25102(o) and Rule 701. Any provision of this  Agreement that is inconsistent with Section 25102(o) or Rule 701 shall, without further act or  amendment by the Company or the Committee, be reformed to comply with the requirements of  Section 25102(o) and/or Rule 701.   The exercise of this Option and the issuance and transfer of  Shares shall be subject to compliance by the Company and Optionee with all applicable  requirements of foreign, U.S. federal and state securities laws and with all applicable requirements  

 

   8   of any stock exchange on which the Common Stock may be listed at the time of such issuance or  transfer.  Notwithstanding any other provision of the Plan or this Agreement, unless there is an  available exemption from any registration, qualification or other legal requirement applicable to  the Common Stock, the Company shall not be required to permit the exercise of this Stock Option  and/or deliver any Shares prior to the completion of any registration or qualification of the Shares  under any local, state or federal securities or exchange control law or under rulings or regulations  of the U.S. Securities and Exchange Commission (“SEC”) or of any other governmental regulatory  body, or prior to obtaining any approval or other clearance from any local, state or federal  governmental agency, which registration, qualification or approval the Company shall, in its  absolute discretion, deem necessary or advisable. Optionee understands that the Company is under  no obligation to register or qualify the Shares with the SEC, any state or foreign securities  commission or stock exchange, or to seek approval or clearance from any governmental authority  for the issuance or sale of the Shares subject to this Option. Further, the Optionee agrees that the  Company shall have unilateral authority to amend this Agreement without the Optionee’s consent  to the extent necessary to comply with securities or other laws applicable to issuance of the Shares  subject to this Option.    8. NONTRANSFERABILITY OF OPTION.  This Option may not be transferred  in any manner other than by will or by the laws of descent and distribution, and by instrument to  a testamentary trust in which the Option is to be passed to beneficiaries upon the death of the  trustor (settlor) or a revocable trust, or by gift to “immediate family” as that term is defined in 17  C.F.R. 240.16a-1(e). This Option may be exercised during the lifetime of Optionee only by  Optionee or in the event of Optionee’s incapacity, by Optionee’s legal representative.  The terms  of this Option shall be binding upon the executors, administrators, successors and assigns of  Optionee.    9. RESTRICTIONS ON TRANSFER.    9.1 Disposition of Shares.  Optionee hereby agrees that Optionee shall make  no disposition of any of the Shares (other than as permitted by this Agreement) unless and until:    (a) Optionee shall have notified the Company of the proposed  disposition and provided a written summary of the terms and conditions of the proposed  disposition;    (b) Optionee shall have complied with all requirements of this  Agreement applicable to the disposition of the Shares;    (c) Optionee shall have provided the Company with written assurances,  in form and substance satisfactory to counsel for the Company, that (i) the proposed disposition  does not require registration of the Shares under the Securities Act or under any applicable state  or foreign securities laws or (ii) all appropriate actions necessary for compliance with the  registration requirements of the Securities Act or of any exemption from registration available  under the Securities Act (including Rule 144) or applicable state or foreign securities laws have  been taken; and    

 

   9   (d) Optionee shall have provided the Company with written assurances,  in form and substance satisfactory to the Company, that the proposed disposition will not result in  the contravention of any transfer restrictions applicable to the Shares pursuant to the provisions of  the regulations promulgated under Section 25102(o), Rule 701 or under any other applicable  securities laws, including foreign securities laws,  or adversely affect the Company’s ability to rely  on the exemption(s) from registration under the Securities Act or under any other applicable  securities laws , including foreign securities laws, for the grant of the Option, the issuance of  Shares thereunder or any other issuance of securities under the Plan.    9.2 Restriction on Transfer.  Optionee shall not transfer, assign, grant a lien  or security interest in, pledge, hypothecate, encumber or otherwise dispose of any of the Shares  which are subject to the Company’s Right of First Refusal described below, except as permitted  by this Agreement.    9.3 Transferee Obligations.  Each person (other than the Company) to whom  the Shares are transferred by means of one of the permitted transfers specified in this Agreement  must, as a condition precedent to the validity of such transfer, acknowledge in writing to the  Company that such person is bound by the provisions of this  Agreement and that the transferred  Shares are subject to (i) the Company’s Right of First Refusal granted hereunder and (ii) the market  stand-off provisions of Section 10 below, to the same extent such Shares would be so subject if  retained by Optionee.    10. MARKET STANDOFF AGREEMENT.     10.1 Optionee hereby agrees that he or she will not, and will not cause or direct  any third party to, without the prior written consent of the managing underwriters, during the  period commencing on the date of the initial public filing of a registration statement relating to an  initial public offering of any series of common stock of the Company (the “IPO”) and ending on  the date that is one hundred eighty (180) days from the date of the final prospectus relating to the  IPO, (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, make any short sale,  or otherwise transfer or dispose of, directly or indirectly, any shares of common stock of the  Company or any securities convertible into or exercisable or exchangeable (directly or indirectly)  for, or that represent the right to receive, shares of common stock of the Company (collectively,  “Other Securities”), (ii) enter into any swap, hedging or other arrangement that transfers to  another, in whole or in part, any of the economic consequences of ownership of shares of common  stock of the Company or Other Securities, whether any such transaction described in clause (i) or  (ii) above is to be settled by delivery of shares of common stock of the Company or Other  Securities, in cash or otherwise, or (iii) publicly disclose the intention to take any of the actions  restricted by clause (i) or (ii).     10.2 Optionee hereby agrees and consents to the entry of stop transfer  instructions against the transfer of his or her shares of common stock of the Company or Other  Securities until the end of such period. The underwriters in connection with the IPO are intended  third-party beneficiaries of this Section 10 and shall have the right, power, and authority to enforce  the provisions hereof as though they were a party hereto. Optionee further agrees to execute such  

 

   10   agreements as may be reasonably requested by the underwriters in connection with the IPO that  are consistent with this Section 10 or that are necessary to give further effect thereto.    11. COMPANY’S RIGHT OF FIRST REFUSAL.  Before any Shares held by  Optionee or any transferee of such Shares (either sometimes referred to herein as the “Holder”)  may be sold or otherwise transferred (including, without limitation, a transfer by gift or operation  of law, including any foreign laws), the Company and/or its assignee(s) will have a right of first  refusal to purchase the Shares to be sold or transferred (the “Offered Shares”) on the terms and  conditions set forth in this Section 11 (the “Right of First Refusal”).    11.1 Notice of Proposed Transfer.  The Holder of the Offered Shares will  deliver to the Company a written notice (the “Notice”) stating:  (i) the Holder’s bona fide intention  to sell or otherwise transfer the Offered Shares; (ii) the name and address of each proposed  purchaser or other transferee (the “Proposed Transferee”); (iii) the number of Offered Shares to  be transferred to each Proposed Transferee; (iv) the bona fide cash price or other consideration for  which the Holder proposes to transfer the Offered Shares (the “Offered Price”); and (v) that the  Holder acknowledges this Notice is an offer to sell the Offered Shares to the Company and/or its  assignee(s) pursuant to the Company’s Right of First Refusal at the Offered Price as provided for  in this Agreement.    11.2 Exercise of Right of First Refusal.  At any time within thirty (30) days  after the date of the Notice, the Company and/or its assignee(s) may, by giving written notice to  the Holder, elect to purchase all (or, with the consent of the Holder, less than all) the Offered  Shares proposed to be transferred to any one or more of the Proposed Transferees named in the  Notice, at the purchase price, determined as specified below.      11.3 Purchase Price.  The purchase price for the Offered Shares purchased  under this Section 11 will be the Offered Price, provided that if the Offered Price consists of no  legal consideration (as, for example, in the case of a transfer by gift) then the purchase price will  be the fair market value of the Offered Shares as determined in good faith by the Committee.  If  the Offered Price includes consideration other than cash, then the value of the non-cash  consideration, as determined in good faith by the Committee, will conclusively be deemed to be  the cash equivalent value of such non-cash consideration.    11.4 Payment.  Payment of the purchase price for the Offered Shares will be  payable, at the option of the Company and/or its assignee(s) (as applicable), by check or by  cancellation of all or a portion of any outstanding purchase money indebtedness owed by the  Holder to the Company (or to such assignee, in the case of a purchase of Offered Shares by such  assignee) or by any combination thereof.  The purchase price will be paid without interest within  sixty (60) days after the Company’s receipt of the Notice, or, at the option of the Company and/or  its assignee(s), in the manner and at the time(s) set forth in the Notice.    11.5 Holder’s Right to Transfer.  If all of the Offered Shares proposed in the  Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or  its assignee(s) as provided in this Section 11, then the Holder may sell or otherwise transfer such  Offered Shares to each Proposed Transferee at the Offered Price or at a higher price, provided that  

 

   11   (i) such sale or other transfer is consummated within ninety (90) days after the date of the Notice,  (ii) any such sale or other transfer is effected in compliance with all applicable securities laws,  including foreign securities laws, and (iii) each Proposed Transferee agrees in writing that the  provisions of this Section 11 will continue to apply to the Offered Shares in the hands of such  Proposed Transferee.  If the Offered Shares described in the Notice are not transferred to each  Proposed Transferee within such ninety (90) day period, then a new Notice must be given to the  Company pursuant to which the Company will again be offered the Right of First Refusal before  any Shares held by the Holder may be sold or otherwise transferred.    11.6 Exempt Transfers.  Notwithstanding anything to the contrary in this  Section 11, the following transfers of Shares will be exempt from the Right of First Refusal: (i)  the transfer of any or all of the Shares during Optionee’s lifetime by gift or on Optionee’s death  by will or intestacy to any member(s) of Optionee’s Immediate Family (as defined below) or to a  trust for the benefit of Optionee and/or member(s) of Optionee’s Immediate Family, provided that  each transferee or other recipient agrees in a writing satisfactory to the Company that the  provisions of this Section 11 will continue to apply to the transferred Shares in the hands of such  transferee or other recipient; (ii) any transfer of Shares made pursuant to a statutory merger,  statutory consolidation of the Company with or into another corporation or corporations or a  conversion of the Company into another form of legal entity (except that the Right of First Refusal  will continue to apply thereafter to such  Shares, in which case the surviving corporation of such  merger or consolidation or the resulting entity of such conversion shall succeed to the rights of the  Company under this Section 11 unless the agreement of merger or consolidation or conversion  expressly otherwise provides); or (iii) any transfer of Shares pursuant to the winding up and  dissolution of the Company.  As used herein, the term “Immediate Family” will mean Optionee’s  spouse, the lineal descendant or antecedent, father, mother, brother or sister, child, adopted child,  grandchild or adopted grandchild of Optionee or Optionee’s spouse, or the spouse of any of the  above or Spousal Equivalent, as defined herein.  As used herein, a person is deemed to be a  “Spousal Equivalent” provided the following circumstances are true:  (i) irrespective of whether  or not Optionee and the Spousal Equivalent are the same sex, they are the sole spousal equivalent  of the other for the last twelve (12) months, (ii) they intend to remain so indefinitely, (iii) neither  are married to anyone else, (iv) both are at least 18 years of age and mentally competent to consent  to contract, (v) they are not related by blood to a degree of closeness that which would prohibit  legal marriage in the state in which they legally reside, (vi) they are jointly responsible for each  other’s common welfare and financial obligations, and (vii) they reside together in the same  residence for the last twelve (12) months and intend to do so indefinitely.    11.7 Termination of Right of First Refusal.  The Right of First Refusal will  terminate as to all Shares: (i) on the effective date of the first sale of securities of the Company to  the general public pursuant to a registration statement filed with and declared effective by the SEC  under the Securities Act (other than a registration statement relating solely to the issuance of  securities of the Company pursuant to a business combination or an employee incentive or benefit  plan); (ii) on any transfer or conversion of Shares made pursuant to a statutory merger or statutory  consolidation of the Company with or into another corporation or corporations if  the common  stock of the surviving corporation or any direct or indirect parent corporation thereof is registered  under the Exchange Act; or (iii) on any transfer or conversion of Shares made pursuant to a  statutory conversion of the Company into another form of legal entity if  the common equity (or  

 

   12   comparable equity security) of entity resulting from such conversion is registered under the  Exchange Act.    11.8 Encumbrances on Shares.  Optionee may grant a lien or security interest  in, or pledge, hypothecate or encumber Shares only if each party to whom such lien or security  interest is granted, or to whom such pledge, hypothecation or other encumbrance is made, agrees  in a writing satisfactory to the Company that: (i) such lien, security interest, pledge, hypothecation  or encumbrance will not adversely affect or impair the Right of First Refusal or the rights of the  Company and/or its assignee(s) with respect thereto and will not apply to such Shares after they  are acquired by the Company and/or its assignees under this Section 11; and (ii) the provisions of  this Agreement will continue to apply to such Shares in the hands of such party and any transferee  of such party.      11.9 Effect of Stockholders’ Agreement.  If Optionee is, or at any time  hereafter becomes, a party to or otherwise bound by (i) the Amended and Restated Stockholders’  Agreement, dated as of October 30, 2019, among the Company and certain stockholders and other  investors in the Company, as such may be amended and/or restated from time to time and/or (ii)  any other agreement that is a successor to or replacement of such agreement (collectively, the  “Stockholders’ Agreement”), then, in the event of any conflict or inconsistency between the  provisions of this Section 11 and any provisions in the Stockholders’ Agreement granting the  Company and/or other security holders of the Company rights of first refusal and/or co-sale rights  with respect to any or all of the Shares, Optionee agrees with the Company that the terms and  conditions of the Stockholders’ Agreement shall apply, govern, supersede and prevail over (and in  lieu of) the provisions of this Section 11 so long as the Stockholders’ Agreement is in effect and  Optionee is a party to or bound thereby.  If the Stockholders’ Agreement is no longer in effect or  if Optionee is not a party to or bound thereby, then the provisions of this Section 11 shall apply in  full force and effect until termination of the Right of First Refusal.     12. RIGHTS AS A STOCKHOLDER.  Optionee shall not have any of the rights of  a stockholder with respect to any Shares unless and until such Shares are issued to Optionee.   Subject to the terms and conditions of this Agreement, Optionee will have all of the rights of a  stockholder of the Company with respect to the Shares from and after the date that Shares are  issued to Optionee pursuant to, and in accordance with, the terms of the Exercise Agreement until  such time as Optionee disposes of the Shares or the Company and/or its assignee(s) exercise(s) the  Right of First Refusal.  Upon an exercise of the Right of First Refusal, Optionee will have no  further rights as a holder of the Shares so purchased upon such exercise, other than the right to  receive payment for the Shares so purchased in accordance with the provisions of this Agreement,  and Optionee will promptly surrender the stock certificate(s) evidencing the Shares so purchased  to the Company for transfer or cancellation.    13. ESCROW.  As security for Optionee’s faithful performance of this Agreement,  Optionee agrees, immediately upon receipt of the stock certificate(s) evidencing the Shares, to  deliver such certificate(s) to the Secretary of the Company or other designee of the Company (the  “Escrow Holder”), who is hereby appointed to hold such certificate(s) in escrow and to take all  such actions and to effectuate all such transfers and/or releases of such Shares as are in accordance  with the terms of this Agreement.  Optionee and the Company agree that Escrow Holder will not  

 

   13   be liable to any party to this Agreement (or to any other party) for any actions or omissions unless  Escrow Holder is grossly negligent or intentionally fraudulent in carrying out the duties of Escrow  Holder under this Agreement.  Escrow Holder may rely upon any letter, notice or other document  executed with any signature purported to be genuine and may rely on the advice of counsel and  obey any order of any court with respect to the transactions contemplated by this Agreement and  will not be liable for any act or omission taken by Escrow Holder in good faith reliance on such  documents, the advice of counsel or a court order.  The Shares will be released from escrow upon  termination of the Right of First Refusal.     14. STOCKHOLDERS’ AGREEMENT.  As a material inducement and  consideration for the Company to enter into this Agreement, Optionee hereby agrees that if, the  Company requests Optionee to enter into and become a party to the Stockholders’ Agreement (and,  among other things, (i) to subject the Shares to the rights of first refusal held by the Company and  other Company investors thereunder and the co-sale rights of other investors thereunder and (ii)  pursuant to which Optionee would agree to vote all shares of Company stock held by Optionee for  the election of directors and in favor of certain material transactions (such as mergers or sales of  the Company), then Optionee will enter into such agreement and execute and deliver a signature  page thereto (as requested by the Company) in such capacity as the Company requests, at the time  of exercising this Option and as a condition to such exercise or at any later time.     15. RESTRICTIVE LEGENDS AND STOP-TRANSFER ORDERS.    15.1 Legends.  Optionee understands and agrees that the Company will place the  legends set forth below or similar legends on any stock certificate(s) evidencing the Shares,  together with any other legends that may be required by foreign, U.S. state or U.S. federal  securities laws, the Company’s Certificate of Incorporation or Bylaws, any other agreement  between Optionee and the Company, or any agreement between Optionee and any third party (and  any other legend(s) that the Company may become obligated to place on the stock certificate(s)  evidencing the Shares under the terms of any agreement to which the Company is or may become  bound or obligated):    (a) THE SECURITIES REPRESENTED HEREBY HAVE NOT  BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE  “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES OR  OTHER JURISDICTIONS.  THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON  TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD  EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE  AND FOREIGN SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION  THEREFROM.  INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO  BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF  TIME.  THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL  IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT  ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE SECURITIES  ACT AND ANY APPLICABLE STATE AND FOREIGN SECURITIES LAWS.    

 

   14   (b) THE SHARES REPRESENTED BY THIS CERTIFICATE ARE  SUBJECT TO CERTAIN RESTRICTIONS ON RESALE AND TRANSFER, INCLUDING THE  RIGHT OF FIRST REFUSAL HELD BY THE ISSUER AND/OR ITS ASSIGNEE(S) AS SET  FORTH IN A STOCK OPTION AGREEMENT BETWEEN THE ISSUER AND THE  ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT  THE PRINCIPAL OFFICE OF THE ISSUER.  SUCH SALE AND TRANSFER  RESTRICTIONS, INCLUDING THE RIGHT OF FIRST REFUSAL, ARE BINDING ON  TRANSFEREES OF THESE SHARES.    (c) THE SHARES REPRESENTED BY THIS CERTIFICATE ARE  SUBJECT TO A MARKET STANDOFF RESTRICTION AS SET FORTH IN A CERTAIN  STOCK OPTION AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER  OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL  OFFICE OF THE ISSUER.  AS A RESULT OF SUCH AGREEMENT, THESE SHARES MAY  NOT BE TRADED PRIOR TO UP TO 180 DAYS (AND POSSIBLY LONGER) AFTER THE  EFFECTIVE DATE OF CERTAIN PUBLIC OFFERINGS OF THE COMMON STOCK OF THE  ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE  SHARES.     i. Optionee agrees that if Optionee becomes a party to  the Stockholders’ Agreement, then Optionee agrees that the stock  certificate(s) evidencing the Shares shall, in addition, bear any legends  required under the Stockholders’ Agreement.    15.2 Stop-Transfer Instructions.  Optionee agrees that, to ensure compliance  with the restrictions imposed by this Agreement, the Company may issue appropriate “stop- transfer” instructions to its transfer agent, if any, and if the Company transfers its own securities,  it may make appropriate notations to the same effect in its own records.    15.3 Refusal to Transfer.  The Company will not be required (i) to transfer on  its books any Shares that have been sold or otherwise transferred in violation of any of the  provisions of this Agreement or (ii) to treat as owner of such Shares, or to accord the right to vote  or pay dividends to any purchaser or other transferee to whom such Shares have been so  transferred.    16. GENERAL PROVISIONS    16.1 Interpretation.  Any dispute regarding the interpretation of this Agreement  shall be submitted by Optionee or the Company to the Committee for review.  The resolution of  such a dispute by the Committee shall be final and binding on the Company and Optionee.    16.2 Entire Agreement.  The Plan, the Grant Notice and the Exercise  Agreement are each incorporated herein by reference.  This Agreement, the Grant Notice, the Plan  and the Exercise Agreement constitute the entire agreement of the parties with respect to the  subject matter hereof and supersede all prior undertakings and agreements with respect to such  subject matter.  

 

   15     16.3 Agreement Subject to Plan. This Agreement is made pursuant to all of the  provisions of the Plan and is intended, and shall be interpreted in a manner, to comply therewith.  In the event of any conflict between the provisions of this Agreement, the Grant Notice or the  Exercise Agreement and the provisions of the Plan, the provisions of the Plan shall govern.    17. NOTICES Any and all notices required or permitted to be given to a party pursuant  to the provisions of this Agreement will be in writing and will be effective and deemed to provide  such party sufficient notice under this Agreement on the earliest of the following:  (i) at the time  of personal delivery, if delivery is in person; (ii) at the time an electronic confirmation of receipt  is received, if delivery is by email; (iii) one (1) business day after deposit with an express overnight  courier for United States deliveries, or two (2) business days after such deposit for deliveries  outside of the United States, with proof of delivery from the courier requested; or (iv) three (3)  business days after deposit in the United States mail by certified mail (return receipt requested) for  United States deliveries.  Any notice for delivery outside the United States will be sent by email,  facsimile or by express courier.  Any notice not delivered personally or by email will be sent with  postage and/or other charges prepaid and properly addressed to Optionee at the last known address  on the books of the Company, or at such other address as such other party may designate by one  of the indicated means of notice herein to the other parties hereto or, in the case of the Company,  to it at its principal place of business.  Notices to the Company will be marked “Attention: General  Counsel.”      18. SUCCESSORS AND ASSIGNS.  The Company may assign any of its rights under  this Agreement including its rights to purchase Shares under the Right of First Refusal.  This  Agreement shall be binding upon and inure to the benefit of the successors and assigns of the  Company.  Subject to the restrictions on transfer set forth herein, this Agreement shall be binding  upon Optionee and Optionee’s heirs, executors, administrators, legal representatives, successors  and assigns.    19. GOVERNING LAW.  This Agreement shall be governed by and construed in  accordance with the internal laws of the State of Delaware, without giving effect to that body of  laws pertaining to conflict of laws.      20. FURTHER ASSURANCES.  The parties agree to execute such further documents  and instruments and to take such further actions as may be reasonably necessary to carry out the  purposes and intent of this Agreement.    21. TITLES AND HEADINGS.  The titles, captions and headings of this Agreement  are included for ease of reference only and will be disregarded in interpreting or construing this  Agreement.  Unless otherwise specifically stated, all references herein to “sections” and “exhibits”  will mean “sections” and “exhibits” to this Agreement.    22. COUNTERPARTS.  This Agreement may be executed in any number of  counterparts, each of which when so executed and delivered will be deemed an original, and all of  which together shall constitute one and the same agreement.    

 

   16   23. MISCELLANEOUS    23.1 Tax Advice. Optionee has obtained any necessary advice from appropriate  independent professional tax, legal, and financial advisers in relation to the taxation and social  contributions or taxation, financial or legal implications of the grant, exercise, assignment, release,  cancellation or any other disposal of this Option pursuant to the Plan and on any subsequent sale  of the Shares.  In accepting this Option, Optionee is confirming that appropriate advice has been  sought from an independent adviser. The Company has not made any representation regarding  applicable taxation implications.  The Company is not providing any tax, legal or financial advice,  nor is the Company making any recommendations regarding Optionee’s participation in the Plan,  or the Optionee’s acquisition or sale of the underlying Shares.    23.2 Insider Trading Restrictions/Market Abuse Laws. Optionee  acknowledges that, depending on his or her country, Optionee may be subject to insider trading  restrictions and/or market abuse laws, which may affect his or her ability to acquire or sell Shares  or rights to Shares under the Plan during such times as Optionee is considered to have “inside  information” regarding the Company (as defined by applicable laws in his or her country).  Any  restrictions under these laws or regulations are separate from and in addition to any restrictions  that may be imposed under any applicable Company insider trading policy.  Optionee  acknowledges that it is his or her responsibility to comply with any applicable restrictions, and  Optionee is advised to speak to his or her personal advisor on this matter.    23.3 Imposition of Other Requirements.  The Company reserves the right to  impose other requirements on Optionee’s participation in the Plan, on this Option and on the Shares  acquired upon the exercise of this Option, to the extent the Company determines it is necessary or  advisable for legal or administrative reasons, and to require Optionee to sign any additional  agreements or undertakings that may be necessary to accomplish the foregoing.    23.4 Repatriation; Compliance with Law. The Optionee agrees to repatriate  all payments attributable to the Shares and/or cash acquired under the Plan in accordance with  applicable foreign exchange rules and regulations in the Optionee’s country of employment (and  country of residence, if different). In addition, the Optionee agrees to take any and all actions, and  consents to any and all actions taken by the Company and any of its Affiliates, as may be required  to allow the Company and any of its Affiliates to comply with local laws, rules and/or regulations  in the Optionee’s country of employment (and country of residence, if different). Finally, the  Optionee agrees to take any and all actions as may be required to comply with the Optionee’s  personal obligations under local laws, rules and/or regulations in his or her country of employment  (and country of residence, if different).    23.5 Foreign Asset and Account Reporting.  Optionee’s country of residence  and/or work may have certain exchange control and/or foreign asset/account reporting  requirements which may affect Optionee’s ability to acquire or hold shares under the Plan or cash  received from participating in the Plan (including from any dividends received or sale proceeds  resulting from the sale of Shares) in a brokerage or bank account outside of Optionee's country.  Optionee may be required to report such accounts, assets or transactions to the tax or other  authorities in Optionee's country.  Optionee acknowledges that it is his or her responsibility to  

 

   17   comply with any applicable regulations, and that Optionee should speak to his or her personal  advisor on this matter.    23.6 Acknowledgements. In accepting this Option, Optionee acknowledges,  understands and agrees that:    (a) the Plan is established voluntarily by the Company, it is  discretionary in nature, and may be amended, suspended or terminated by the Company at any  time, to the extent permitted by the Plan;    (b) the grant of the Option is voluntary and occasional and does not  create any contractual or other right to receive future grants of options, or benefits in lieu of  options, even if options have been granted in the past;    (c) all decisions with respect to future option or other grants, if any, will  be at the sole discretion of the Company;     (d) the Option grant and Optionee’s participation in the Plan shall not  create a right to employment or be interpreted as forming an employment or service contract with  the Company or any of its Affiliates;     (e) Optionee is voluntarily participating in the Plan;     (f) the Option and any Shares acquired under the Plan, and the income  and value of same, are not intended to replace any pension rights or compensation;    (g) the Option and any Shares acquired under the Plan, and the income  and value of same, are not part of normal or expected compensation for any purpose, including,  without limitation, calculating any severance, resignation, termination, redundancy, dismissal,  end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits  or similar payments;     (h) the future value of the Shares underlying the Option is unknown,  indeterminable, and cannot be predicted with certainty;     (i) if the underlying Shares do not increase in value, the Option will  have no value;     (j) if Optionee exercises the Option and acquires Shares, the value of  such Shares may increase or decrease in value, even below the Exercise Price;    (k) no claim or entitlement to compensation or damages shall arise from  forfeiture of the Option resulting from the Termination of Optionee (for any reason whatsoever,  whether or not later found to be invalid or in breach of employment laws in the jurisdiction where  Optionee is rendering services or the terms of Optionee’s employment agreement, if any), and in  consideration of the grant of the Option to which Optionee is otherwise not entitled, Optionee  irrevocably agrees never to institute any such claim against the Company or any of its Affiliates,  

 

   18   waives his or her ability, if any, to bring any such claim, and releases the Company and its  Affiliates from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a  court of competent jurisdiction, then, by participating in the Plan, Optionee shall be deemed  irrevocably to have agreed not to pursue such claim and to execute any and all documents  necessary to request dismissal or withdrawal of such claim;    (l) unless otherwise provided in the Plan or by the Company in its  discretion, the Option and the benefits evidenced by this Agreement do not create any entitlement  to have the Option or any such benefits transferred to, or assumed by, another company nor to be  exchanged, cashed out or substituted for, in connection with any corporate transaction affecting  the Common Stock; and    (m) neither the Company nor any Affiliate of the Company shall be  liable for any foreign exchange rate fluctuation between Optionee’s local currency and the United  States Dollar that may affect the value of the Option or of any amounts due to Optionee pursuant  to the exercise of the Option or the subsequent sale of any Shares acquired upon exercise. To the  extent the Company determines that a currency exchange or conversion is necessary in connection  with the exercise of the Option or any other matter, such exchange shall be calculated and  determined by the Company in its sole discretion, and the Company’s determination shall be final  and binding.  2.   24. SEVERABILITY.  If any provision of this Agreement is determined by any court  or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such  provision will be enforced to the maximum extent possible given the intent of the parties hereto.   If such clause or provision cannot be so enforced, such provision shall be stricken from this  Agreement and the remainder of this Agreement shall be enforced as if such invalid, illegal or  unenforceable clause or provision had (to the extent not enforceable) never been contained in this  Agreement.  Notwithstanding the forgoing, if the value of this Agreement based upon the  substantial benefit of the bargain for any party is materially impaired, which determination as made  by the presiding court or arbitrator of competent jurisdiction shall be binding, then both parties  agree to substitute such provision(s) through good faith negotiations.    25. AMENDMENT; WAIVER. No amendment or modification hereof shall be valid  unless it shall be in writing and signed by all parties hereto. The waiver by the Company with  respect to Optionee’s compliance of any provision of this Agreement shall not operate or be  construed as a waiver of any other provision of this Agreement, or of any subsequent breach by  Optionee of such provision of this Agreement.    26. ADDENDUM. Notwithstanding the provisions in this Agreement, if the Optionee  resides and/or works outside the United States, as determined by the Company, the Option shall  be subject to the special terms and conditions set forth in the addendum to this Agreement in Annex  A (the “Addendum”). Moreover, if the Optionee relocates to one of the jurisdictions included in  the Addendum, the special terms and conditions for such jurisdiction will apply to the Option to  the extent the Company determines that the application of such terms and conditions is necessary  or advisable for legal or administrative reasons. The Addendum constitutes a part of this  Agreement.    

 

   19     *  *  *  *  *    Attachments:   Annex A:  Addendum to Stock Option Agreement 

 

   20   ANNEX A    ADDENDUM TO STOCK OPTION AGREEMENT    UNDER WEWORK INC. 2015 EQUITY INCENTIVE PLAN    FOR OPTIONEES OUTSIDE THE U.S.    Capitalized terms used but not defined herein shall have the meanings ascribed to them in       WeWork Inc. 2015 Equity Incentive Plan, as amended from time to time (the “Plan”) and/or the  Stock Option Agreement to which this Addendum is attached (the “Option Agreement”).    Terms and Conditions    This Addendum includes special terms and conditions that govern the Option granted to the  Optionee under the Plan if the Optionee resides and/or works in one of the countries listed below,  as determined by the Company.      If the Optionee is a citizen or resident of a country other than the one in which he or she is currently  working and/or residing, transfers to another country after the Grant Date, changes employment  status to a consultant position, or is considered a resident of another country for local law purposes,  the Company shall, in its discretion, determine the extent to which the special terms and conditions  contained herein shall be applicable to the Optionee.    Notifications      This Addendum also includes information regarding exchange controls and certain other issues of  which the Optionee should be aware with respect to the Optionee’s participation in the Plan.  The  information is provided solely for the convenience of the Optionee and is based on the securities,  exchange control and other laws in effect in the respective countries as of February 10, 2020.  Such  laws are often complex and change frequently.  As a result, the Company strongly recommends  that the Optionee not rely on the information noted herein as the only source of information relating  to the consequences of the Optionee’s participation in the Plan because the information may be  out of date by the time the Option vests or is exercised or the Optionee sells any Shares.      In addition, the information contained in this Addendum is general in nature and may not apply to  the Optionee’s particular situation, and neither the Company nor its Affiliates are in a position to  assure the Optionee of any particular result.  Accordingly, the Optionee is advised to seek  appropriate professional advice as to how the applicable laws in his or her country may apply to  his or her situation.    Finally, the Optionee understands that if he or she is a citizen or resident of a country other than  the one in which he or she is currently residing and/or working, transfers to another country after  the Grant Date, or is considered a resident of another country for local law purposes, the  notifications contained herein may not be applicable to the Optionee in the same manner.    

 

   21   COUNTRIES OUTSIDE THE UNITED STATES     Personal Data Authorization.  The Optionee hereby explicitly and  unambiguously consents to the collection, use and transfer of personal data as described in  the Option Agreement and any other grant materials by and among, as applicable, the  Company or any of its Affiliates for the exclusive purpose of implementing, administering  and managing the Optionee’s participation in the Plan.  The Optionee understands that the  relevant and competent persons at the Company and its Affiliates hold certain personal  information about the Optionee, including the Optionee’s name, home address and telephone  number, date of birth, social insurance number or other identification number(s), salary,  nationality, job title, any Shares or directorships held in the Company or any Affiliate, details  of all awards or any other entitlement to Shares awarded, canceled, exercised, vested,  unvested or outstanding in the Optionee’s favor (“Data”), for the purpose of managing and  administering the Plan.  Certain Data may also constitute “Sensitive Personal Data” within  the meaning of applicable local law.  Such data include but are not limited to Data and any  changes thereto, and other appropriate personal and financial data about the Optionee. The  Optionee further understands that the Company and its Affiliates will transfer Data amongst  themselves as necessary for the purpose of implementation, administration and management  of the Optionee’s participation in the Plan, and that the Company and its Affiliates may each  further transfer Data to any third parties, such as a stock plan service provider, assisting the  Company and its Affiliates (presently or in the future) in the implementation, administration  and management of the Plan.  The Optionee understands that these recipients may be located  in the United States or elsewhere, and that the recipient’s country may have different data  privacy laws and protections than the Optionee’s country. Where applicable, Data will be  transferred outside the European Union with adoption of appropriate safeguards such as a  data transfer agreement based on the European Commission’s Model Clauses or Safe Harbor  certification. The Optionee authorizes them to receive, possess, use, retain and transfer the  Data, in electronic or other form, for the purposes of administering the Optionee’s  participation in the Plan. The Optionee understands that Data will be held only as long as is  necessary to implement, administer and manage the Optionee’s participation in the Plan. The  Optionee understands that the Optionee may, at any time, view Data, request additional  information about the storage and processing of Data, require any necessary amendments to  it, request a list with the names and addresses of any potential recipients of Data or refuse or  withdraw the consents herein, in any case without cost, in writing by contacting the Human  Resources Department of the Company or the applicable Employer. Further, the Optionee  understands that he or she is providing the consents herein on a purely voluntary basis.  If  the Optionee does not consent, or if the Optionee later seeks to revoke his or her consent, his  or her service relationship and status with the Company or the Employer will not be adversely  affected; the only adverse consequence of refusing or withdrawing the Optionee’s consent is  that the Company would not be able to grant the Option or other awards to the Optionee or  administer or maintain such awards.  Therefore, the Optionee understands that refusing or  withdrawing his or her consent may affect the Optionee’s ability to participate in the Plan.  For more information on the consequences of the Optionee’s refusal to consent or withdrawal  of consent, the Optionee understands that he or she may contact his or her local human  resources representative. The Optionee also warrants that where the Optionee discloses the  personal data of third parties to the Company or its Affiliates in connection with the Plan,  

 

   22   the Optionee has obtained the prior consent of such third parties for the Company and its  Affiliates to collect, use and disclose their personal data for the abovementioned purposes,  in  accordance with any applicable laws, regulations and/or guidelines. The Optionee shall  indemnify the Company and its Affiliates in respect of any penalties, liabilities, claims,  demands, losses and damages as a result of the Optionee’s breach of the warranty provided  for in the immediately prior sentence.    Language.  If Optionee has received the Option Agreement, or any other  document related to this Option and/or the Plan translated into a language other than English  and if the meaning of the translated version is different than the English version, the English  version will control.    Termination of Employment. For purposes of the Option, the Optionee’s employment will be  considered terminated as of the earlier of (i) the date the Optionee receives notice of termination  from the Company or Employer or (ii) the date the Optionee is no longer actively providing  services to the Company or one of its Affiliates (regardless of the reason for such termination and  whether or not later found to be invalid or in breach of employment laws in the jurisdiction where  the Optionee is employed or the terms of the Optionee’s employment agreement, if any) and,  unless otherwise expressly provided in the Option Agreement or determined by the Company, the  Optionee’s right to vest in the Option under the Option Agreement, if any, will terminate as of  such date and will not be extended by any notice period (e.g., the Optionee’s period of service  would not include any contractual notice period or any period of “garden leave” or similar period  mandated under employment laws in the jurisdiction where the Optionee is employed or the terms  of the Optionee’s employment agreement, if any). The Company shall have the exclusive  discretion to determine when the Optionee is no longer actively providing services for purposes of  the Option (including whether the Optionee may still be considered to be providing services while  on an approved leave of absence).    Exercise of Option. Notwithstanding any provision in the Option Agreement, if the Optionee is  employed and/or resides outside of the United States, the Company, in its sole discretion, may  provide for the Optionee to receive, upon exercise of the Option, a cash payment in an amount  equal to the Fair Market Value of the Shares that correspond to the number of Shares subject to  the exercise of the Option, less the aggregate Exercise Price for such Shares, to the extent that  delivery of Shares (i) is prohibited under local law, (ii) would require the Optionee, or the  Company or any of its Affiliates to obtain the approval of any governmental or regulatory body in  the Optionee’s country of employment and/or residency, (iii) would result in adverse tax  consequences for the Optionee or the Company or any of its Affiliates or (iv) is administratively  burdensome.    COUNTRIES IN THE EUROPEAN UNION    Personal Data Authorization    By participating in the Plan, Optionee acknowledges that the Company, as a data controller, may  hold, process and transfer personal data relating to them to other members of the WeWork  affiliated group or to any third parties engaged by them for any and all purposes related to the  

 

   23   operation and administration of the Plan in accordance with the WeWork Privacy Policy for  People Data, particularly, where such processing is necessary for:    (a)  the performance of this Option Agreement between the Company and Optionee  under which Optionee participates in the Plan;    (b) the Company or any member of the WeWork affiliated group to comply with its legal  obligations; or    (c) the purposes of the legitimate interests pursued by the Company or any member of  the WeWork affiliated group.      Optionee acknowledges that the Company or any member of the WeWork affiliated group may,  in accordance with the WeWork Privacy Policy for People Data and applicable law, transfer or  store personal information outside the European Economic Area (EEA), and that  personal data may also be processed outside the EEA by the Company or any member of the  WeWork affiliated group or for one or more of its or their service providers.    A copy of the WeWork Privacy Policy for People Data can also be obtained from the People  Team.    ARGENTINA  Optionee must comply with applicable Argentine foreign exchange and tax regulations when  exercising this Option or selling any Shares received as a result of exercising this Option. Neither  the grant of this Option, nor the issuance of Shares subject to the grant, constitutes a public  offering.    AUSTRALIA  Breach of Law. Notwithstanding anything to the contrary in the Option Agreement or the  Plan, the Optionee will not be entitled to, and shall not claim any benefit (including without  limitation a legal right) under the Plan if the provision of such benefit would give rise to a  breach of Part 2D.2 of the Corporations Act 2001 (Cth), any other provision of that Act, or any  other applicable statute, rule or regulation which limits or restricts the giving of such benefits.  Tax Information. The Plan is a program to which Subdivision 83A-C of the Income Tax  Assessment Act 1997 (Cth) applies (subject to the conditions in such Act).  BELGIUM    English Language Consent. The parties acknowledge and agree that it is their express wish that  the Option Agreement and the Plan, as well as all documents, notices and legal proceedings  entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn  up in English.   Translation. A translated copy of the Option Agreement will be provided only upon request by  

 

   24   the Optionee.  BRAZIL    Securities Law Information. Neither the grant of the Option, nor the issuance of Shares subject  to the grant, constitutes a public offering.  Compliance with Law. By accepting the Option, the Optionee expressly acknowledges and  agrees to comply with applicable Brazilian laws and to pay any and all applicable taxes  associated with the exercise of the Option, the receipt of any dividends with respect to the Shares  received following exercise, and the sale of any Shares acquired under the Plan.   Commercial Relationship. The Optionee expressly recognizes that the Optionee’s participation  in the Plan and the Company’s grant of the Option does not constitute an employment  relationship between the Optionee and the Company or any of its Affiliates. The Optionee has  been granted the Option as a consequence of the commercial relationship between the Company  and the Affiliate in Brazil that employs the Optionee (“WeWork Brazil”) and WeWork Brazil is  the Optionee’s sole employer. Based on the foregoing, the Optionee expressly recognizes that (a)  the Plan and the benefits the Optionee may derive from his or her participation in the Plan do not  establish any rights between the Optionee and WeWork Brazil, (b) the Plan and the benefits the  Optionee may derive from his or her participation in the Plan are not part of the employment  conditions and/or benefits provided by WeWork Brazil, and (c) any modification or amendments  of the Plan by the Company, or a termination of the Plan by the Company shall not constitute a  change or impairment of the terms and conditions of the Optionee’s employment with WeWork  Brazil.  CANADA  Data Privacy. The Optionee hereby authorizes the Company and the Company’s representatives  to discuss with and obtain all relevant information from all personnel, professional or not,  involved in the administration and operation of the Plan. The Optionee further authorizes the  Company and any Affiliate and the administrator of the Plan to disclose and discuss the Plan  with their advisors. The Optionee further authorizes the Company and any Affiliate to record  such information and to keep such information in the Optionee’s employee file.  English Language Consent - Quebec. The parties acknowledge that it is their express wish that  the Option Agreement, as well as all documents, notices and legal proceedings entered into,  given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in  English.  Les parties reconnaissent avoir expressement souhaité que la convention (le « Option  Agreement »), ainsi que tous les documents, avis et procédures judiciaries, éxecutés, donnés ou  intentés en vertu de, ou lié, directement ou indirectement à la présente convention, soient rédigés  en langue anglaise.   Translation. A translated copy of the Option Agreement will be provided only upon request by  the Optionee.  

 

   25   CHILE  Private Placement. The grant of the Option hereunder, and the issuance of Shares pursuant to  any exercise of such Option, is not intended to be a public offering of securities in Chile but  instead is intended to be a private placement.   ● The starting date of the offer will be the grant date, and this offer conforms to General  Ruling no. 336 of the Chilean Commission for the Financial Market;   ● The offer deals with securities not registered in the registry of securities or in the registry  of foreign securities of the Chilean Commission for the Financial Market, and therefore  such securities are not subject to its oversight;   ● The issuer is not obligated to provide public information in Chile regarding the foreign  securities, as such securities are not registered with the Chilean Commission for the  Financial Market; and   ● The foreign securities shall not be subject to public offering as long as they are not  registered with the corresponding registry of securities in Chile.    ● La fecha de inicio de la oferta será el de la fecha de otorgamiento  y esta oferta se acoge  a la norma de Carácter General n° 336 de la Comisión para el Mercado Financiero en  Chile;   ● La oferta versa sobre valores no inscritos en el registro de valores o en el registro de  valores extranjeros que lleva la Comisión para el Mercado Financiero en Chile, por lo  que tales valores no están sujetos a la fiscalización de ésta;   ● Por tratar de valores no inscritos no existe la obligación por parte del emisor de  entregar en Chile información pública respecto de esos valores; y  ● Esos valores no podrán ser objeto de oferta pública mientras no sean inscritos en el  registro de valores correspondiente.    CHINA  Exchange Control Restrictions. The Optionee understands and agrees that the Option is  conditional upon the Company’s registration of the Plan with the competent foreign exchange  authority and satisfaction of all other applicable requirements under applicable laws and  regulations in China (including without limitation foreign exchange regulations), and the Optionee  further agrees to comply with any other requirements that may be imposed by, and to any actions  taken by, the Company and/or any of its Affiliates in the future in order to facilitate the registration  of the Plan with the foreign exchange authority or to comply with such other applicable laws and  regulations in China. To that end, notwithstanding anything to the contrary in the Plan, the Option  Agreement or the Addendum (including without limitation Section 25 of the Option Agreement),  the Optionee acknowledges and agrees that the Company may unilaterally amend, modify, or  terminate the Option and/or the Option Agreement at any time and for any reason or no reason.  In  addition, and notwithstanding anything to the contrary in the Notice, the Option Agreement, or the  Addendum, the exercise of the Option shall be settled in cash with equivalent value to the Shares  subject to such exercise. With respect to any Optionee who is a citizen or resident of the People’s  Republic of China, the Option and the obligation to settle the exercise of the Option are the  obligation of the local Affiliate that directly employs the Optionee, and the exercise of the Option  shall be settled by such Affiliate in local currency.  

 

   26     COLOMBIA    Securities Law Information. The Shares underlying the Option are not and will not be  registered with the Colombian registry of publicly traded securities (Registro Nacional de  Valores y Emisores). Therefore, the Shares may not be offered to the public in Colombia.  Nothing in the Option Agreement should be construed as making a public offer of securities in  Colombia.  Labor Law Acknowledgment. The Optionee acknowledges that pursuant to Article 128 of the  Colombian Labor Code, the Plan and related benefits do not constitute a component of the  Optionee’s “salary” for any legal purpose. To this extent, they will not be included and/or  considered for purposes of calculating any and all labor benefits, such as legal/fringe benefits,  vacations, indemnities, payroll taxes, social insurance contributions and/or any other labor- related amount which may be payable.  COSTA RICA    Securities Law Information. The grant of the Option is intended to be a private offering in  Costa Rica; therefore, it is not subject to registration.    CZECH REPUBLIC    No country-specific provisions.  FRANCE    Award Not French-Qualified. The Option is not granted under the French specific regime  provided by Articles L.225-177-1 and seq. of the French Commercial Code, as amended.   English Language Consent. The parties acknowledge and agree that it is their express wish that  the Option Agreement and the Plan, as well as all documents, notices and legal proceedings  entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn  up in English.  Les parties reconnaissent avoir expressement souhaité que la convention (le « Option  Agreement »), ainsi que tous les documents, avis et procédures judiciaries, éxecutés, donnés ou  intentés en vertu de, ou lié, directement ou indirectement à la présente convention, soient rédigés  en langue anglaise.     Translation. A translated copy of the Option Agreement will be provided only upon request by  the Optionee.    GERMANY    No country-specific provisions.  

 

   27   HONG KONG  Sale of Shares. If, for any reason, Shares are issued to the Optionee within six (6) months after  the grant date, the Optionee agrees that he or she will not sell or otherwise dispose of any such  Shares prior to the six (6) month anniversary of the grant date.    IMPORTANT NOTICE/WARNING. The contents of this document have not been reviewed  by any regulatory authority in Hong Kong. The Optionee is advised to exercise caution in  relation to the offer. If the Optionee is in any doubt about any of the contents of the documents,  the Optionee should obtain independent professional advice. The Option and Shares issued upon  exercise of the award do not constitute a public offering of securities under Hong Kong law and  are available only to employees of the Company and its Affiliates. The Option Agreement, the  Plan and other incidental communication materials have not been prepared in accordance with  and are not intended to constitute a “prospectus” for a public offering of securities under the  applicable securities legislation in Hong Kong. The Option and the underlying Shares are  intended only for the personal use of each eligible employee of the Company or its Affiliates and  may not be distributed to any other person.    Wages. The Option and the underlying Shares do not form part of the Optionee’s wages for the  purposes of calculating any statutory or contractual payments under Hong Kong law.  INDIA    Repatriation Requirements. The Optionee expressly agrees to repatriate all sale proceeds and  dividends attributable to Shares acquired under the Plan in accordance with local foreign  exchange rules and regulations. Neither the Company nor any of its Affiliates shall be liable for  any fines or penalties resulting from the Optionee’s failure to comply with applicable laws, rules  or regulations.    INDONESIA  English Language Consent. The parties acknowledge and agree that it is their express wish that  the Option Agreement and the Plan, as well as all documents, notices and legal proceedings  entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn  up in English.  Translation. A translated copy of the Option Agreement will be provided only upon request by  the Optionee.   IRELAND  No country-specific provisions.  ISRAEL    The following provisions apply to the Optionee if the Optionee is a resident of the state of Israel  upon the Grant Date of the Award (as defined in the Israel Sub-Plan), or if the Optionee is  

 

   28   deemed to be a resident of the state of Israel for tax purposes upon the Grant Date and employed  or engaged by the Company’s Israeli subsidiary:     3. Acceptance of Award. In addition to the provisions of the Grant Notice, if the Optionee has  not actively accepted the Option within 3 months of the Grant Date, the provisions below  shall not apply and the Option will be subject to the non-trustee route pursuant to Section  102 of the Israeli Tax Ordinance [New Version] 1961.     4. Israel Sub-Plan. This grant is also subject to the Sub-Plan for Israeli Participants (the “Israel  Sub-Plan”). The terms used herein shall have the meaning ascribed to them in the Plan and  the Israel Sub-Plan. In the event of any conflict, whether explicit or implied, between the  provision of this Option Agreement and the Israel Sub-Plan, the provisions set out in the  Israel Sub-Plan shall prevail.     5. Designation. The grant of the Option is intended to be subject to the trustee capital gain  route of Section 102 of the Israeli Tax Ordinance [New Version] 1961 (“Section 102” and  “Capital Gains Route”), subject to compliance with the requirements under Section 102 and  any rules or regulations thereunder, including the execution of this Option Agreement and in  specific the acknowledgment included in Section 9 below. Should any provision in the  Option Agreement disqualify the Option granted hereunder or the underlying Shares from  beneficial tax treatment pursuant to the provisions of Section 102, such provision shall be  considered invalid either permanently or until the Israel Tax Authority (“ITA”) provides  approval of compliance with Section 102. However, in the event the Option does not meet  the requirements of Section 102, such Option and the underlying Shares shall not qualify for  the favorable tax treatment under the Capital Gains Route. The Company makes no  representations or guarantees that the Option will qualify for favourable tax treatment and  will not be liable or responsible if favorable tax treatment is not available under Section 102.    6. The Trustee. The Option and the Shares issued upon exercise and/or any additional rights,  including without limitation any shares received as a result of an adjustment made under the  Plan, that may be granted in connection with the Option (the “Additional Rights”) shall be  issued to or controlled by the Trustee for the Optionee’s benefit under the provisions of the  Capital Gains Route for at least the period stated in Section 102 or any other period of time  determined by the ITA. In accordance with the requirements of Section 102 and the Capital  Gains Route, the Optionee shall not sell nor transfer from the Trustee the Shares or  Additional Rights until the end of the period required under Section 102 or any shorter  period determined by the ITA (the “Holding Period”). Notwithstanding the above, if any  such sale or transfer occurs before the end of the Holding Period, the sanctions under  Section 102 shall apply and shall be borne by the Optionee.      7. Taxes. Any and all taxes due in relation to the Option and Shares issued upon exercise, shall  be borne solely by the Optionee and in the event of death, by the Optionee’s heirs. The  Company and/or any of its Affiliates and/or the Trustee shall withhold taxes according to the  requirements under the applicable laws, the rules, and regulations, including withholding  taxes at source. Furthermore, the Optionee hereby agrees to indemnify the Company and/or  any of its Affiliates and/or the Trustee and hold them harmless against and from any and all  

 

   29   liability for any such tax or interest or penalty thereon, including without limitation,  liabilities relating to the necessity to withhold, or to have withheld, any such tax from any  payment made to the Optionee. The Company and/or any of its Affiliates and/or the Trustee,  to the extent permitted by law, shall have the right to deduct from any payment otherwise  due to the Optionee, or from proceeds of the sale of any Shares, an amount equal to any  taxes required by law to be withheld with respect to such Shares. The Optionee will pay to  the Company, any of its Affiliates or the Trustee any amount of taxes that the Company  and/or any subsidiary or the Trustee may be required to withhold with respect to any Shares  that cannot be satisfied by the means previously described. The Company may refuse to  deliver any Shares if the Optionee fails to comply with the Optionee’s obligations in  connection with the taxes as described in this section. Any fees associated with any vesting,  exercise, sale, transfer or any act in relation to the Option and the Shares issued upon  exercise, shall be borne by the Optionee. The Trustee and/or the Company and/or any of its  Affiliates shall be entitled to withhold or deduct such fees from payments otherwise due  to/from the Company or any of its Affiliates or the Trustee.     8. Securities Law Notice.  If required under applicable law, the Company shall use reasonable  efforts to receive a securities exemption from the Israeli Securities Authority to avoid the  requirement to file an Israeli securities prospectus in relation to the Plan and the grant of this  Option.  If such exemption is obtained, copies of the Plan and the Form S-8 or S-1  registration statement for the Plan as filed with the U.S. Securities and Exchange  Commission will be made available by request from your local HR contact.    9. No Transferability. Notwithstanding anything mentioned in the Plan or this Option Agreement  and in addition thereto, as long as the Option or Shares issued pursuant thereto are held or  controlled by the Trustee on behalf of the Optionee, all rights of the Optionee over the Option  or Shares are personal, cannot be transferred, assigned, pledged or mortgaged, other than by  will or laws of descent and distribution.    10. Privacy Protection. The Optionee hereby authorizes the Company to provide the Trustee  with any information required for the purpose of administering the Plan including executing  its obligations according to Section 102, the trust deed and the trust agreement, including  without limitation information about the Optionee’s Option, Shares, income tax rates, salary  bank account, contact details and identification number.     11. Optionee Acknowledgement. In addition, by signing the Grant Notice, the Optionee hereby  declares as follows: (i) the Optionee acknowledges that the Optionee is familiar with the  provisions of Section 102 and the regulations and rules promulgated thereunder, including  without limitations the provisions of the tax route and agrees to comply with such  provisions, as amended from time to time, provided that if such terms are not met, the  specific tax route may not apply; (ii) the Optionee accepts the provisions of the trust  agreement signed between the Company and the Trustee, and agrees to be bound by its  terms; (iii) the Optionee acknowledges that releasing the Shares from the control of the  Trustee prior to the termination of the Holding Period constitutes a violation of the terms of  Section 102 and agrees to bear the relevant sanctions; (iv) the Optionee authorizes the  Company to provide the plan administrator and the Trustee with any information required  

 

   30   for the purpose of administering the Plan including executing its obligations according to  Section 102, the trust deed and the trust agreement, including without limitation information  about the Optionee’s Option, Shares, income tax rates, salary bank account, contact details  and identification number and acknowledge that the information might be shared with an  administrator who is located outside of Israel, where the level of protection of personal data  is different than in Israel.    ITALY    No country-specific provisions.  JAPAN  No country-specific provisions.  KOREA  Data Privacy. By accepting the Option, the Optionee agrees to the processing of the Optionee’s  unique identifying information (resident registration number) as described in the paragraph titled  Personal Data Authorization above.  MALAYSIA    No country-specific provisions.  MEXICO  Securities Law Information. Neither the grant of the Option, nor the issuance of Shares subject  to the grant, constitutes a public offering.  Commercial Relationship. The Optionee expressly recognizes that the Optionee’s participation  in the Plan and the Company’s grant of the Option does not constitute an employment  relationship between the Optionee and the Company or any of its Affiliates. The Optionee has  been granted the Option as a consequence of the commercial relationship between the Company  and the Affiliate in Mexico that employs the Optionee (“WeWork Mexico”) and WeWork  Mexico is the Optionee’s sole employer. Based on the foregoing, the Optionee expressly  recognizes that (a) the Plan and the benefits the Optionee may derive from his or her  participation in the Plan do not establish any rights between the Optionee and WeWork Mexico,  (b) the Plan and the benefits the Optionee may derive from his or her participation in the Plan are  not part of the employment conditions and/or benefits provided by WeWork Mexico, and (c) any  modification or amendments of the Plan by the Company, or a termination of the Plan by the  Company shall not constitute a change or impairment of the terms and conditions of the  Optionee’s employment with WeWork Mexico.   Extraordinary Item of Compensation. The Optionee expressly recognizes and acknowledges  that the Optionee’s participation in the Plan is a result of the discretionary and unilateral decision  of the Company, as well as the Optionee’s free and voluntary decision to participate in the Plan  

 

   31   in accordance with the terms and conditions of the Plan and the Option Agreement. As such, the  Optionee acknowledges and agrees that the Company may, in its sole discretion, amend and/or  discontinue the Optionee’s participation in the Plan at any time and without liability. The value  of the Option is an extraordinary item of compensation outside the scope of the Optionee’s  employment contract, if any. The Option is not part of the Optionee’s regular or expected  compensation for purposes of calculating any severance, resignation, redundancy, end of service  payments, bonuses, long-service awards, pension or retirement benefits, or any similar payments,  which are the exclusive obligations of WeWork Mexico.  NETHERLANDS      Waiver of Termination Rights. The Optionee hereby waives any and all rights to compensation  or damages as a result of the Optionee’s termination of employment with the Company and its  Affiliates for any reason whatsoever, insofar as those rights result or may result from (i) the loss  or diminution in value of such rights or entitlements under the Plan, or (ii) the Optionee’s  ceasing to have rights under, or ceasing to be entitled to any awards under the Plan as a result of  such termination.    NORWAY    No country-specific provisions.    PERU    Labor Law. By accepting the Option, the Optionee acknowledges, understands and agrees that  the Option is being granted ex gratia to the Optionee with the purpose of rewarding him or her.    Securities Law Information. The grant of the Option is considered a private offering in Peru;  therefore, it is not subject to registration. For more information concerning this offer, the  Optionee should refer to the Plan, the Option Agreement and any other grant documents made  available to the Optionee by the Company.    PHILIPPINES  No country-specific provisions.   POLAND    No country-specific provisions.    RUSSIA  

 

   32     U.S. Transaction. The Optionee understands that acceptance of the grant of the Option results in  a contract between the Optionee and the Company completed in the United States and that the  Option Agreement is governed by the laws of the State of Delaware, U.S.A., without regard to  choice of law principles thereof. Upon exercise of the Option, any Shares to be issued to the  Optionee shall be delivered through a bank or brokerage account in the United States. In no  event will Shares be delivered to the Optionee in Russia; instead, all Shares acquired upon  exercise of the Option will be maintained on the Optionee’s behalf in the United States. The  Optionee is not permitted to sell Shares acquired pursuant to the Plan directly to a Russian legal  entity or resident.   Exchange Control Requirements. The Optionee expressly agrees to comply with all applicable  local foreign exchange rules and regulations. Neither the Company nor any of its Affiliates shall  be liable for any fines or penalties resulting from the Optionee’s failure to comply with  applicable laws.    SINGAPORE  Securities Law Information. The grant of the Option under the Plan is being made pursuant to  the exemption under section 273(1)(i) of the Securities and Futures Act (Chapter 289, 2006 Ed.)  (“SFA”). The Plan has not been and will not be lodged or registered as a prospectus with the  Monetary Authority of Singapore and is not regulated by any financial supervisory authority  pursuant to any legislation in Singapore. The Optionee will not be able to make any subsequent  sale of the underlying Shares in Singapore within six (6) months from the date of grant unless an  exemption under the SFA applies.  SOUTH AFRICA    No country-specific provisions.  SPAIN    Acknowledgement of Discretionary Nature of the Plan; No Vested Rights. In accepting the  Option, the Optionee acknowledges that he or she consents to participation in the Plan and has  received a copy of the Plan. The Optionee understands that the Company has unilaterally,  gratuitously and in its sole discretion granted the Option under the Plan to individuals who may  be employees of the Company and its Affiliates throughout the world. The decision is a limited  decision that is entered into upon the express assumption and condition that any grant will not  economically or otherwise bind the Company or any of its Affiliates on an ongoing basis.  Consequently, the Optionee understands that the Option is granted on the assumption and  condition that the Option and the Shares acquired upon exercise of the Option shall not become  a part of any employment contract (either with the Company or any of its Affiliates) and shall  not be considered a mandatory benefit, salary for any purposes (including severance  compensation) or any other right whatsoever. In addition, the Optionee understands that this  grant would not be made to the Optionee but for the assumptions and conditions referenced  above; thus, the Optionee acknowledges and freely accepts that should any or all of the  

 

   33   assumptions be mistaken or should any of the conditions not be met for any reason, the grant of  the Option shall be null and void.   The Optionee understands and agrees that, as a condition of the grant of the Option, the  Optionee’s termination of employment for any reason (including the reasons listed below) will  automatically result in the loss of the Option to the extent the Option has not vested as of date  that the Optionee ceases active employment. In particular, the Optionee understands and agrees  that unless otherwise provided in the Option Agreement, any portion of the Option that is  unvested as of the date the Optionee ceases active employment will be forfeited without  entitlement to the underlying Shares or to any amount of indemnification in the event of the  termination of employment by reason of, but not limited to, disciplinary dismissal adjudged to  be with cause, disciplinary dismissal adjudged or recognized to be without cause, individual or  collective dismissal on objective grounds, whether adjudged or recognized to be with or  without cause, material modification of the terms of employment under Article 41 of the  Workers’ Statute, relocation under Article 40 of the Workers’ Statute, Article 50 of the  Workers’ Statute, unilateral withdrawal by the Employer and under Article 10.3 of the Royal  Decree 1382/1985. The Optionee acknowledges that he or she has read and specifically accepts  the conditions referred to in the Option Agreement regarding the impact of a termination of  employment on the  Option.  Securities Law Information. The Option and the Shares described in the Option Agreement do  not qualify under Spanish regulations as securities. No “offer of securities to the public,” as  defined under Spanish law, has taken place or will take place in the Spanish territory. The Option  Agreement has not been nor will it be registered with the Comisión Nacional del Mercado de  Valores, and does not constitute a public offering prospectus.    SWEDEN    No country-specific provisions.    TAIWAN    No country-specific provisions    THAILAND    No country-specific provisions    UNITED ARAB EMIRATES    Securities Law Information. The Plan is an employee equity incentive plan and is only being  offered to select employees in the United Arab Emirates. The Plan and the Option Agreement are  intended for distribution only to such employees and must not be delivered to, or relied on by,  any other person. The Emirates Securities and Commodities Authority has no responsibility for  reviewing or verifying any documents in connection with the Plan. Neither the Ministry of  Economy nor the Dubai Department of Economic Development have approved the Plan or the  Option Agreement nor taken steps to verify the information set out therein, and have no  

 

   34   responsibility for such documents. The Optionee should conduct his or her own due diligence on  the securities offered under the Plan. If the Optionee does not understand the contents  of the Option Agreement or the Plan, the Optionee should consult an authorized financial  adviser.    UNITED KINGDOM    Tax Obligations. The following provision is intended to supplement the provisions of this  Addendum:    In the event Her Majesty’s Revenue and Customs (“HMRC”) considers that the Shares constitute  “readily convertible assets” for UK tax purposes, Optionee agrees that if the Employer or the  Company does not withhold or otherwise collect the full amount of any income tax liability arising  in connection with Optionee’s participation in the Plan from him or her within ninety (90) days  after the end of the tax year in which the event giving rise to such income tax liability arose, or  such other period specified in Section 222(1)(c) of the United Kingdom Income Tax (Earnings and  Pensions) Act 2003 (the “Due Date”), the amount of any uncollected income tax will constitute a  loan owed by Optionee to the Employer, effective on the Due Date.  Optionee agrees that the loan  will bear interest at the then-current official rate of HMRC, it will be immediately due and  repayable, and the Company or the Employer may recover it at any time thereafter by any of the  means referred to in the “Tax Withholding” paragraph above.      Notwithstanding the foregoing, if Optionee is a director or executive officer of the Company  (within the meaning of Section 13(k) of the Exchange Act), Optionee will not be eligible for such  a loan to cover the income tax due.  In the event that Optionee is such a director or executive  officer and the income tax is not collected from or paid by Optionee by the Due Date, the amount  of any uncollected income tax may constitute a benefit to Optionee on which additional income  tax and National Insurance Contributions (“NICs”) may be payable.  Optionee will be responsible  for reporting and paying any income tax due on this additional benefit directly to HMRC under  the self-assessment regime and for reimbursing the Company or the Employer, as applicable, for  the amount of any employee NICs due on this additional benefit which may be recovered from  Optionee by the Company or the Employer at any time thereafter by any of the means referred to  in the “Tax Withholding” paragraph above.     If Optionee fails to comply with his or her obligations in connection with the income tax as  described in this section, the Company may refuse to deliver the Shares subject to the Option.    Section 431 Election.  If so required by the Company in circumstances where the Shares to be  acquired by Optionee are considered to be “restricted securities” for the purposes of Part 7, Chapter  2, of the U.K. Income Tax (Earnings and Pensions) Act 2003 (“ITEPA”), Optionee is required to  enter into an election jointly with Employer, pursuant to Section 431 ITEPA, electing that the  market value of the Shares at the time of exercise of the Option be calculated as if such shares  were not “restricted securities.”  Without such election, any gains made on disposal of the Shares  may be subject to a partial income tax charge.  URUGUAY    

 

   35   No country-specific provisions.    VIETNAM    No country-specific provisions.a109formofperformance-ba

 DC: 7200556-19  NOTICE OF PERFORMANCE STOCK OPTION GRANT  THE WE COMPANY  2015 EQUITY INCENTIVE PLAN  The Optionee named below (“Optionee”) has been granted an option (this “Option”) to purchase  shares of Class A Common Stock (the “Common Stock”) of The We Company (the  “Company”), pursuant to the Company’s 2015 Equity Incentive Plan, as amended from time to  time (the “Plan”) on the terms, and subject to the conditions, described below and in the Vesting  Schedule for Performance Stock Option Grant attached hereto as Exhibit A (“Vesting  Schedule”) and the Performance Stock Option Agreement attached hereto as Exhibit B,  including its exhibits and annexes (the “Award Agreement”).  Optionee: [Full Name]  Grant Date: [Month Day, Year]  Maximum Number of  Shares Subject to Option: [Number]  Exercise Price Per Share: USD $[Exercise Price]  Type of Option: Nonqualified Stock Option  Expiration Date: The date ten (10) years after the Grant Date set forth above,  subject to earlier expiration in the event of Optionee’s termination  of employment or other service relationship with the Company as  provided in Section 3 of the Award Agreement.  Vesting and  Exercisability:  Subject to Section 3 of the Award Agreement, this Option will  become exercisable during its term with respect to any underlying  shares that become vested in accordance with the Vesting  Schedule.   Additional Terms &  Acknowledgement:  The Optionee and the Company agree that the Option is granted  under and governed by this Notice of Performance Stock Option  Grant (“Grant Notice”) and by the provisions of the Plan, the  Award Agreement and the Vesting Schedule. The Plan, the Award  Agreement and the Vesting Schedule are incorporated herein by  reference. The Optionee acknowledges receipt of a copy of this  Grant Notice, the Vesting Schedule, the Plan and the Award  Agreement, represents that the Optionee has carefully read and is  familiar with their provisions, and hereby accepts the Option  subject to all of their respective terms and conditions.  Notwithstanding anything in the prior sentence, if the Optionee has  Exhibit 10.9 

 

2  not actively accepted the Option within 3 months of the Grant  Date, the Optionee is deemed to have accepted the Option, subject  to all of the terms and conditions in this Grant Notice, the Vesting  Schedule, the Plan and the Award Agreement.  This Grant Notice may be executed and delivered electronically  whether via the Company’s intranet or the Internet site of a third  party or via email or any other means of electronic delivery  specified by the Company. By the Optionee’s acceptance hereof  (whether written, electronic or otherwise), the Optionee agrees, to  the fullest extent permitted by law, that in lieu of receiving  documents in paper format, the Optionee accepts the electronic  delivery of any documents that the Company (or any third party  the Company may designate), may deliver in connection with this  grant (including the Plan, this Grant Notice, the Vesting Schedule,  the Award Agreement, the information described in Rules  701(e)(2), (3), (4) and (5) under the Securities Act, account  statements, or other communications or information) whether via  the Company’s intranet or the Internet site of such third party or  via email or such other means of electronic delivery specified by  the Company.  THE WE COMPANY  Signature  Name:   Title:   [OPTIONEE  Signature  Name:  ]1  [By clicking the applicable acceptance box on the Shareworks platform, or any successor or  replacement platform or system thereto, Optionee agrees to all of the terms and conditions  described in this Grant Notice, the Vesting Schedule, the Award Agreement and the Plan.]2  ATTACHMENTS:  Exhibit A – Vesting Schedule for Performance Stock Option Grant  Exhibit B – Performance Stock Option Agreement  1 Note to Draft: To use for Israel grantees and Argentina grantees.  2 Note to Draft: To use for all other grantees.   

 

   DC: 7200556-19  EXHIBIT A    VESTING SCHEDULE FOR PERFORMANCE STOCK OPTION GRANT    THE WE COMPANY    2015 EQUITY INCENTIVE PLAN    I. Earned Options    All or a portion of the Option shall become earned and eligible for vesting (“Earned”) based on  the achievement of either Performance Goal 1 or Performance Goal 2 (each, a “Performance  Goal”) at the Minimum, Target, or Maximum threshold level, as set forth in Chart I below. If  both Performance Goal 1 and Performance Goal 2 are achieved, but at different threshold levels,  the Performance Goal resulting in the greater number of Shares becoming Earned shall apply to  the Option. The Committee shall certify the achievement of a Performance Goal in writing  promptly following such achievement.    CHART I  Threshold  Level  Performance Goal 1 Performance Goal 2 # Shares Earned  Minimum $0.8 billion ≤ Unlevered  Operating Free Cash Flow <  $1.0 billion  $17.0 billion ≤ Company  Valuation < $22.0 billion  One-third of the Maximum  Number of Shares Subject to the  Option, rounded down to the  nearest whole Share.  Target $1.0 billion ≤ Unlevered  Operating Free Cash Flow <  $1.3 billion  $22.0 billion ≤ Company  Valuation < $27.0 billion  An additional one-third of the  Maximum Number of Shares  Subject to the Option, rounded  down to the nearest whole Share.  Maximum $1.3 billion ≤ Unlevered  Operating Free Cash Flow  $27.0 billion ≤ Company  Valuation   The remaining one-third of the  Maximum Number of Shares  Subject to the Option, rounded up  to the nearest whole Share.    II. Vested Options  Any portion of the Option that becomes Earned based on Chart I (such portion, an “Earned  Portion”) shall vest and become exercisable when the service vesting conditions set forth in  Chart II below are met.   CHART II   When Performance Goal Is  Achieved Service Vesting Condition  Performance Goal is achieved  on or before December 31,  2022.  50% of the Earned Portion resulting from the achievement of such Performance  Goal shall become vested on March 31, 2023 and the remaining 50% of such  Earned Portion shall become vested on March 31, 2024, in each case, subject to  

 

   4   Optionee’s continued employment or services through each applicable date  (unless otherwise provided in Section 3 of the Agreement).   Performance Goal is achieved  between January 1, 2023 and  December 31, 2024 (inclusive  of such dates).  100% of the Earned Portion resulting from the achievement of such Performance  Goal (but disregarding any portion thereof that vested, or shall become vested, as  of an earlier date due to prior satisfaction of a Performance Goal) shall become  vested on March 31, 2025, subject to Optionee’s continued employment or  services through such date (unless otherwise provided in Section 3 of the  Agreement).  III. Definitions  Definitions for Performance Goal 1  “Unlevered Operating Free Cash Flow” shall mean Adjusted EBITDA Excluding Non- Cash GAAP Straight-Line Lease Cost and Amortization less Net Capital Expenditures, in  each case, measured for the trailing four calendar quarters as of the measurement date.   Unlevered Operating Free Cash Flow shall be measured on a quarterly basis as of the last  day of each calendar quarter. Performance Goal 1 shall be deemed met at the Minimum,  Target or Maximum threshold level only if the Unlevered Operating Free Cash Flow  exceeds the applicable dollar value threshold on a continuous basis for two consecutive  quarters.  “Adjusted EBITDA Excluding Non-Cash GAAP Straight-Line Lease Cost and  Amortization” shall mean net loss before income tax (benefit) provision, interest and other  (income) expense, depreciation and amortization expense, stock-based compensation  expense, expense related to stock-based payments for services rendered by consultants,  income or expense relating to the changes in fair value of assets and liabilities remeasured  to fair value on a recurring basis, expense related to costs associated with mergers,  acquisitions, divestitures and capital raising activities, legal, tax and regulatory reserves or  settlements, significant non-ordinary course asset impairment charges and, to the extent  applicable, any impact of discontinued operations, restructuring charges, and other gains  and losses on operating assets. This figure also excludes the impact of non-cash GAAP  straight-line lease cost and amortization of lease incentives.  “Net Capital Expenditures” shall mean the gross purchases of property and equipment, as  reported in “cash flows from investing activities” in the consolidated statements of cash  flows, less cash collected from landlords for tenant improvement allowances, as reported in  the “supplemental cash flow disclosures” schedule in the cash flow statement.  Definitions for Performance Goal 2  If the Company’s Class A Common Stock is publicly traded on any national securities  exchange, “Company Valuation” shall be measured on a continuous basis during the  period beginning on the Grant Date and ending on December 31, 2024, and shall mean: (A)  the number of Fully Diluted Shares as of the measurement date multiplied by (B) the  volume-weighted average price of one share of the Company’s Class A Common Stock  over the preceding 90 consecutive calendar day period that ends on such measurement  date, as reported by Bloomberg.  

 

   5   If the Company’s Class A Common Stock is not publicly traded on any national securities  exchange, “Company Valuation” shall be measured only as of the closing date of a Capital  Raise Transaction that occurs during the period beginning on the Grant Date and ending on  December 31, 2024, and shall mean: (1) the number of Fully Diluted Shares as of  immediately prior to giving effect to the Capital Raise Transaction and (2) the per share  issue price or per share purchase price of the Company’s securities that are issued or  transferred in the Capital Raise Transaction.  “Fully Diluted Shares” shall mean the sum (without duplication) of: (A) the total number  of issued and outstanding shares of all classes of the Company’s common stock, (B) the  total number of shares of the Company’s common stock into which all issued and  outstanding shares of the Company’s preferred stock may be converted, (C) the total  number of shares of the Company’s common stock subject to any outstanding and  unexercised stock options and warrants to purchase the Company’s common stock, and (D)  the total number of shares of the Company’s common stock subject to any rights to  purchase or acquire the Company’s common stock (e.g., restricted stock units), in each  case, whether or not then convertible, exercisable or vested.   “Capital Raise Transaction” shall mean any issuance, purchase or transfer of the  Company’s securities after the Grant Date that results (or entry into a binding agreement to  issue, purchase or transfer that has resulted) in cash proceeds of at least $500 million to the  Company.  For the avoidance of doubt, a Capital Raise Transaction shall not occur upon  the issuance, purchase or transfer of the securities of a subsidiary of the Company,  including but not limited to, WeWork Japan G.K., WeWork Asia Holding Company B.V.,  WeWork Greater China Holding Company B.V.  IV. Committee Authority   The Committee may, in its sole discretion, provide that any evaluation of performance under a  Performance Goal shall include or exclude any of the following items or events that occur during  the relevant measurement period: (i) the effects of charges for restructurings, discontinued  operations, or unusual or infrequently occurring items, (ii) items of gain, loss or expense  determined to be unusual in nature or infrequent in occurrence or related to the disposal of a  segment of a business or related to a change in accounting principle, (iii) litigation, claims,  judgments, settlements or loss contingencies, (iv) the effect of changes in tax law, accounting  principles or other such laws or provisions affecting reported results, and/or (v) any other items  of significant income or expense which are determined to be appropriate adjustments.  The Committee shall have the authority (x) to equitably adjust the number of Shares underlying  the Earned Portion (as defined below) of the Option if it determines on or prior to the two-year  anniversary of the date on which the Shares were previously deemed Earned that a Performance  Goal was erroneously determined to be achieved (or not to be achieved), and (y) to require that  Optionee return any Shares that would not have been exercisable but for such erroneous  determination, in exchange for the return of the exercise price paid with respect to such Shares.    V. Example  

 

   6   For solely illustrative purposes, the following table shows how the vesting conditions would be  applied in different scenarios. Both scenarios assume that Optionee has been granted a stock  option to purchase 1,500 shares of the Company’s Common Stock and remains in continued  employment or service through the applicable vesting date.   In Scenario 1, the minimum performance goal is satisfied by December 31, 2022, and the target  and maximum performance goals are both satisfied by December 31, 2024.  In Scenario 2, none of the performance goals are satisfied by December 31, 2022, and only the  minimum and target performance goals are satisfied by December 31, 2024.    2021 2022 2023 2024 2025 Total Vested  Sc e n ar io  1   Performance  Achievement --  Hit  Minimum  Performance  Goal  (Achieved on  9/30/2022)  Hit Target  Performance  Goal  (Achieved on  6/30/2023)  Hit  Maximum  Performance  Goal  (Achieved on  9/30/2024)  --  1,500 options  Vesting  -- -- 250 options 250 options 1,000 options  Sc en ar io  2   Performance  Achievement -- --  Hit  Minimum  Performance  Goal  (Achieved on  9/30/2023)  Hit Target  Performance  Goal  (Achieved on  3/31/2024)  --  1,000 options  Vesting  -- -- -- -- 1,000 options    

 

   7   EXHIBIT B    PERFORMANCE STOCK OPTION AGREEMENT    THE WE COMPANY    2015 EQUITY INCENTIVE PLAN    This Performance Stock Option Agreement, including its exhibits and annexes (this  “Agreement”), is made and entered into as of the grant date (the “Grant Date”) set forth on the  Notice of Performance Stock Option Grant attached as the facing page to this Agreement (the  “Grant Notice”) by and between The We Company (the “Company”) and the optionee named on  the Grant Notice (“Optionee”).  Capitalized terms not defined in this Agreement shall have the  meaning ascribed to them in the Company’s 2015 Equity Incentive Plan, as amended from time  to time (the “Plan”), the Grant Notice, or the Vesting Schedule for Performance Stock Option  Grant (the “Vesting Schedule”), as applicable.    1. GRANT OF OPTION.  The Company hereby grants to Optionee an option (this  “Option”) to purchase up to the total maximum number of shares of Class A Common Stock of  the Company (the “Common Stock”) set forth in the Grant Notice (the “Shares”) at the Exercise  Price Per Share set forth in the Grant Notice (the “Exercise Price”), subject to all of the terms  and conditions of the Grant Notice, the Vesting Schedule, this Agreement and the Plan. This  Option is intended to qualify as a Nonqualified Stock Option.     2. EXERCISE PERIOD.    2.1 Exercise Period of Option. Subject to Section 3, this Option will become  exercisable during its term with respect to the Shares that have become vested in accordance  with the vesting schedule set forth on Exhibit A.  Except as set forth in Section 3, this Option  will cease vesting as of the date of Optionee’s termination of employment or other service  relationship with the Company, and Optionee may not exercise this Option with respect to any  Shares that are unvested as of such date.     2.2 Expiration.  The Option shall expire on the Expiration Date set forth in  the Grant Notice (the “Expiration Date”) or earlier as provided in Section 3 below; provided  that, if no portion of the Option has become Earned by December 31, 2024, the Option shall  expire as of such date.    3. TERMINATION.   3.1 Treatment Upon Termination.   (a) Qualifying Termination Within Three Years. In the event  Optionee incurs a Qualifying Termination (as defined below) on or before the third anniversary  of the Grant Date, (1) any portion of this Option that is Earned pursuant to the Vesting Schedule  but unvested as of the Termination Date shall continue to vest as if the Optionee had remained in  continuous employment or service through the applicable vesting dates set forth in the Vesting  

 

   8   Schedule, (2) any unvested portion of this Option that is not Earned as of the Termination Date  shall be immediately forfeited by Optionee and cancelled as of the Termination Date, and (3) any  vested portion of this Option (including any portion that vests in accordance with the foregoing  subclause (1)) shall remain exercisable by Optionee until the tenth calendar day after the  expiration of the period described in Section 10 (Market Standoff Obligations) below (or, if  earlier, the Expiration Date).  (b) Qualifying Termination After Three Years. In the event  Optionee incurs a Qualifying Termination after the third anniversary of the Grant Date, (1) any  portion of this Option that is Earned pursuant to the Vesting Schedule but unvested as of the  Termination Date shall continue to vest as if the Optionee had remained in continuous  employment or service through the applicable vesting dates set forth in the Vesting Schedule, (2)  any unvested portion of this Option that is not Earned as of the Termination Date shall be  eligible to vest on a pro-rata basis if such portion becomes Earned pursuant to the Vesting  Schedule after the Termination Date, with the pro-ration to be based on the number of complete  months the Optionee remained in employment or service with the Company during the five-year  period from January 1, 2020 through December 31, 2024, and (3) any vested portion of this  Option (including any portion that vests in accordance with the foregoing subclauses (1) and (2))  shall remain exercisable by Optionee until the tenth calendar day after the expiration of the  period described in Section 10 (Market Standoff Obligations) below (or, if earlier, the Expiration  Date).   (c) Voluntary Resignation. In the event of the Optionee’s  resignation without Good Reason at any time, (1) any unvested portion of this Option as of the  Termination Date shall be immediately forfeited by Optionee and cancelled as of the  Termination Date and (2) any vested portion of this Option as of the Termination Date shall  remain exercisable by Optionee until the date that is three (3) months after such Termination  Date (or, if earlier, the Expiration Date).  (d) Cause Termination. In the event the Optionee’s employment  or other service relationship with the Company terminates for Cause at any time, then this Option  (whether earned or unearned, vested or unvested) shall be immediately forfeited by Optionee and  cancelled as of the Termination Date, or at such later time and on such conditions as may be  affirmatively determined by the Committee.  3.2 Post-Termination for Cause Determination. In the event that the  Optionee’s employment or other service relationship with the Company terminates for a reason  other than for Cause and the Company subsequently determines in good faith that either (a) the  Optionee breached, at any time, any invention and non-disclosure agreement or non-competition  and non-solicitation agreement with the Company or its Affiliates, as applicable, which breach  (if curable) is not cured within ten (10) days written notice thereof or (b) a termination for Cause  would have been warranted based on acts or omissions that occurred prior to termination but  became known to the Company thereafter, this Option shall be immediately forfeited by  Optionee and cancelled as of such date of determination with respect to all then-remaining  Shares. For purposes of this Section 3.2, acts or omissions will be deemed known to the  Company if the head of the Company’s Legal or Human Resources departments knew, or  reasonably should have known, about such act or omission.  

 

   9   3.3 No Obligation to Employ.  Nothing in the Plan or this Agreement shall  confer on Optionee any right to continue in the employ of, or other relationship with, the  Company or any Affiliate, or limit in any way the right of the Company or any Affiliate to  terminate Optionee’s employment or other relationship at any time, with or without Cause.  3.4 Definitions.   (a) Notwithstanding anything in the Plan to the contrary, “Cause”  shall have the meaning ascribed to such term in the Optionee’s employment or service agreement  with the Company or Affiliate thereof. If no such agreement is in effect for the Optionee, or such  agreement does not contain a definition of such term, then “Cause” shall mean: (1) Optionee’s  gross negligence or gross misconduct in the performance of Optionee’s duties; (2) Optionee’s  refusal or willful failure to substantially perform Optionee’s duties to the Company or the  Affiliate of the Company that employs or retains Optionee, as applicable (“Employer”) after  Optionee was warned by the Company or Employer in writing as to Optionee’s failure to so  perform and Optionee failed to cure such failure within 10 days following such warning; (3)  Optionee’s dishonesty, willful misconduct, misappropriation, breach of fiduciary duty or fraud  with regard to the Company or its Affiliates; (4) Optionee’s violation of a confidentiality, non- solicitation, non-competition, or non-disparagement obligation to the Company or its Affiliates,  whether pursuant to agreement, policy or otherwise; (5) Optionee’s improper disclosure of  proprietary information or trade secrets of the Company, its Affiliates or their business; (6)  Optionee’s falsification of any records or documents of the Company or its Affiliates; (7)  Optionee’s material non-compliance with a law or regulatory rule applicable to the Company’s  business or any material Company policy, including but not limited to the Company’s Workplace  Conduct policy and its Code of Ethics; (8) Optionee’s indictment for a felony or crime involving  moral turpitude; (9) Optionee’s engaging in behavior that risks harm to the reputation of the  Company or its Affiliates or puts Optionee at material risk of being prohibited from working for  the Company; (10) Optionee’s other willful action that is materially harmful to the business,  interests or reputation of the Company or its Affiliates; or (11) Optionee’s failure to improve  Optionee’s work performance to an acceptable level after Optionee was warned by the Company  in writing as to Optionee’s unsatisfactory performance and Optionee failed to cure such failure  within 10 days following such warning.     (b) “Good Reason” shall have the meaning ascribed to such term  in the Optionee’s employment or service agreement with the Company or Affiliate thereof. If no  such agreement is in effect for the Optionee, or such agreement does not contain a definition of  such term, then “Good Reason” shall mean: (1) the requirement by the Company that Optionee’s  principal place of employment be relocated more than 50 miles from the city in which  Optionee’s principal place of employment is located as of the Grant Date; or (2) a material  reduction in Optionee’s base salary, other than a reduction that is part of a broad-based reduction  of base salary applicable to similarly situated employees of the Company or the Employer, as  applicable. Good Reason shall not exist unless (a) the Company or the Employer, as applicable,  has received written notice of such Good Reason from Optionee within 30 days after the first  occurrence of the alleged event of Good Reason, (b) the Company or the Employer, as  applicable, does not cure within 30 days after receipt of such notice, and (c) Optionee terminates  employment for Good Reason within 90 days following the first occurrence of such event.  

 

   10   (c) “Qualifying Termination” shall mean a termination of  Optionee’s employment: (i) by the Company without Cause, (ii) by the Optionee for Good  Reason, or (iii) due to Optionee’s death or Disability.    4. ACQUISITIONS OR OTHER COMBINATIONS. In the event of an  Acquisition or Other Combination, this Option shall be treated in accordance with the provisions  of Section 11 (Corporate Transactions) of the Plan.    5. MANNER OF EXERCISE.    5.1 Stock Option Exercise Notice and Agreement.  To exercise this Option,  Optionee (or in the case of exercise after Optionee’s death or incapacity, Optionee’s executor,  administrator, heir or legatee, as the case may be) must deliver to the Company an executed  Stock Option Exercise Notice and Agreement in such form as may be approved by the  Committee from time to time (the “Exercise Agreement”) and payment for the Shares being  purchased in accordance with this Agreement. The Exercise Agreement shall set forth, among  other things, (i) Optionee’s election to exercise this Option, (ii) the number of Shares being  purchased, (iii) any representations, warranties and agreements regarding Optionee’s investment  intent and access to information as may be required by the Company to comply with applicable  securities laws in connection with any exercise of this Option and (iv) any other agreements  required by the Company.  If someone other than Optionee exercises this Option, then such  person must submit documentation reasonably acceptable to the Company verifying that such  person has the legal right to exercise this Option and such person shall be subject to all of the  restrictions contained herein as if such person were Optionee.    5.2 Conditions on Exercise.  This Option may not be exercised until such  time as the Plan has been approved by the holders of capital stock of the Company.   Notwithstanding any other provision of the Plan or this Agreement, this Option may not be  exercised if such exercise, the issuance of such Shares upon such exercise and/or the method of  payment of consideration for such Shares would require approval or other clearance from any  local, state or federal U.S. governmental agency or any foreign governmental authority, or would  constitute a violation of any applicable securities or exchange control laws, including any  applicable foreign or U.S. federal or state securities laws or any other law or regulation, such as  any rule under Part 221 of Title 12 of the Code of Federal Regulations as promulgated by the  Federal Reserve Board.  As a condition to the exercise of this Option, the Company may require  Optionee to make any representation and warranty to the Company as may be required by the  applicable securities or exchange control laws.  Subject to compliance with applicable securities  and exchange control laws, this Option shall be deemed to be exercised upon receipt by the  Company of the executed Exercise Agreement accompanied by full payment of the Exercise  Price and the satisfaction of any applicable income tax, social contributions, payroll tax, fringe  benefits tax, payment on account or other tax-related items related to the Optionee’s participation  in the Plan and legally applicable to the Optionee or deemed by the Company or the Employer in  their discretion to be an appropriate charge to the Optionee even if not legally applicable to the  Company or the Employer (“Tax-Related Items”).    

 

   11   5.3 Payment.  The Exercise Agreement shall be accompanied by full payment  of the Exercise Price for the shares being purchased in cash (by check or wire transfer), or where  permitted by law:     (a) by cancellation of indebtedness of the Company owed to Optionee;    (b) if approved by the Committee in advance, by surrender of shares of  the Company that are free and clear of all security interests, pledges, liens, claims or  encumbrances and: (i) for which the Company has received “full payment of the purchase price”  within the meaning of SEC Rule 144 (and, if such shares were purchased from the Company by  use of a promissory note, such note has been fully paid with respect to such shares) or (ii) that  were obtained by Optionee in the public market;    (c) if approved by the Committee in advance, by participating in a  formal cashless exercise program implemented by the Committee in connection with the Plan;     (d) provided that a public market for the Common Stock exists and  subject to compliance with applicable law, by exercising as set forth below, through a “same day  sale” commitment from Optionee and a broker-dealer whereby Optionee irrevocably elects to  exercise this Option and to sell a portion of the Shares so purchased sufficient to pay the total  Exercise Price, and whereby the broker-dealer irrevocably commits upon receipt of such Shares  to forward the total Exercise Price directly to the Company; or    (e) by any combination of the foregoing or any other method of  payment approved by the Committee that constitutes legal consideration for the issuance of  Shares.    5.4 Responsibility for Taxes. Optionee acknowledges that, regardless of any  action taken by the Company or the Employer, the ultimate liability for all Tax-Related Items is  and remains the Optionee’s responsibility and may exceed the amount actually withheld by the  Company or the Employer.  The Optionee further acknowledges that the Company and/or the  Employer (i) make no representations or undertakings regarding the treatment of any Tax- Related Items in connection with any aspect of the Option, including, but not limited to, the  grant, vesting or exercise of the Option; and (ii) do not commit to and are under no obligation to  structure the terms of the grant or any aspect of the Option to reduce or eliminate the Optionee’s  liability for Tax-Related Items or achieve any particular tax result.  Further, if the Optionee is  subject to Tax-Related Items in more than one jurisdiction, the Optionee acknowledges that the  Company and/or the Employer may be required to withhold or account for Tax-Related Items in  more than one jurisdiction.  Prior to the relevant taxable or tax withholding event, as applicable,  the Optionee agrees to make adequate arrangements satisfactory to the Company and/or the  Employer to satisfy all Tax-Related Items.  In this regard, the Optionee authorizes the Company  and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with  regard to all Tax-Related Items by: (i) requiring a cash payment paid by the Optionee; (ii)  withholding from the Optionee’s wages or other cash compensation paid to the Optionee by the  Company and/or any Affiliate thereof in accordance with applicable law; (iii) withholding from  the number of Shares or other amount payable to the Optionee upon exercise of the Option;  

 

   12   and/or (iv) arranging a mandatory “sell to cover” on Optionee’s behalf (without further  authorization).  In no event will the Company withhold Shares or “sell to cover” if such  withholding would result in adverse accounting consequences to the Company.  In case of Share  withholding or a sell to cover, the Company shall issue the net number of Shares to Optionee by  deducting the Shares retained from the Shares issuable upon exercise. Depending on the  withholding method, the Company and/or the Employer may withhold or account for Tax- Related Items by considering applicable statutory withholding amounts or other applicable  withholding rates, including maximum applicable rates. If the obligation for Tax-Related Items is  satisfied by withholding from the amount payable to the Optionee upon exercise of the Option,  for tax purposes, the Optionee is deemed to have been issued the full number of Shares  deliverable (or other amount payable) upon such exercise of the Option, notwithstanding that a  portion of such number of Shares (or such amount) was held back solely for the purpose of  paying the Tax-Related Items. Finally, the Optionee agrees to pay to the Company and/or the  Employer any amount of Tax-Related Items that the Company and/or the Employer may be  required to withhold or account for as a result of the Optionee’s participation in the Plan that  cannot be satisfied by the means previously described. The Company may refuse to deliver the  Shares or other payment in respect of the exercise of the Option if the Optionee fails to comply  with his or her obligations in connection with the Tax-Related Items.    5.5 Issuance of Shares.  Provided that the Exercise Agreement and payment  of the Exercise Price and any applicable Tax-Related Items are in form and substance  satisfactory to counsel for the Company, the Company shall issue the Shares issuable upon a  valid exercise of this Option registered in the name of Optionee, Optionee’s authorized assignee,  or Optionee’s legal representative, as applicable, and shall deliver certificates representing the  Shares with the appropriate legends affixed thereto.    6. SECTION 409A. This Agreement and payments hereunder are intended and shall  be interpreted to be exempt from the requirements of Section 409A of the Code pursuant to  Section 1.409A-1(b)(5)(i) of the Treasury regulations promulgated under Section 409A of the  Code.    7. COMPLIANCE WITH LAWS AND REGULATIONS.  The Plan and this  Agreement are intended to comply with Section 25102(o) and Rule 701. Any provision of this  Agreement that is inconsistent with Section 25102(o) or Rule 701 shall, without further act or  amendment by the Company or the Committee, be reformed to comply with the requirements of  Section 25102(o) and/or Rule 701.   The exercise of this Option and the issuance and transfer of  Shares shall be subject to compliance by the Company and Optionee with all applicable  requirements of foreign, U.S. federal and state securities laws and with all applicable  requirements of any stock exchange on which the Common Stock may be listed at the time of  such issuance or transfer.  Notwithstanding any other provision of the Plan or this Agreement,  unless there is an available exemption from any registration, qualification or other legal  requirement applicable to the Common Stock, the Company shall not be required to permit the  exercise of this Stock Option and/or deliver any Shares prior to the completion of any  registration or qualification of the Shares under any local, state or federal securities or exchange  control law or under rulings or regulations of the U.S. Securities and Exchange Commission  (“SEC”) or of any other governmental regulatory body, or prior to obtaining any approval or  other clearance from any local, state or federal governmental agency, which registration,  

 

   13   qualification or approval the Company shall, in its absolute discretion, deem necessary or  advisable. Optionee understands that the Company is under no obligation to register or qualify  the Shares with the SEC, any state or foreign securities commission or stock exchange, or to seek  approval or clearance from any governmental authority for the issuance or sale of the Shares  subject to this Option. Further, the Optionee agrees that the Company shall have unilateral  authority to amend this Agreement without the Optionee’s consent to the extent necessary to  comply with securities or other laws applicable to issuance of the Shares subject to this Option.    8. NONTRANSFERABILITY OF OPTION.  This Option may not be transferred  in any manner other than by will or by the laws of descent and distribution, and by instrument to  a testamentary trust in which the Option is to be passed to beneficiaries upon the death of the  trustor (settlor) or a revocable trust, or by gift to “immediate family” as that term is defined in 17  C.F.R. 240.16a-1(e). This Option may be exercised during the lifetime of Optionee only by  Optionee or in the event of Optionee’s incapacity, by Optionee’s legal representative.  The terms  of this Option shall be binding upon the executors, administrators, successors and assigns of  Optionee.    9. RESTRICTIONS ON TRANSFER.    9.1 Disposition of Shares.  Optionee hereby agrees that Optionee shall make  no disposition of any of the Shares (other than as permitted by this Agreement) unless and until:    (a) Optionee shall have notified the Company of the proposed  disposition and provided a written summary of the terms and conditions of the proposed  disposition;    (b) Optionee shall have complied with all requirements of this  Agreement applicable to the disposition of the Shares;    (c) Optionee shall have provided the Company with written  assurances, in form and substance satisfactory to counsel for the Company, that (i) the proposed  disposition does not require registration of the Shares under the Securities Act or under any  applicable state or foreign securities laws or (ii) all appropriate actions necessary for compliance  with the registration requirements of the Securities Act or of any exemption from registration  available under the Securities Act (including Rule 144) or applicable state or foreign securities  laws have been taken; and    (d) Optionee shall have provided the Company with written  assurances, in form and substance satisfactory to the Company, that the proposed disposition will  not result in the contravention of any transfer restrictions applicable to the Shares pursuant to the  provisions of the regulations promulgated under Section 25102(o), Rule 701 or under any other  applicable securities laws, including foreign securities laws,  or adversely affect the Company’s  ability to rely on the exemption(s) from registration under the Securities Act or under any other  applicable securities laws , including foreign securities laws, for the grant of the Option, the  issuance of Shares thereunder or any other issuance of securities under the Plan.    

 

   14   9.2 Restriction on Transfer.  Optionee shall not transfer, assign, grant a lien  or security interest in, pledge, hypothecate, encumber or otherwise dispose of any of the Shares  which are subject to the Company’s Right of First Refusal described below, except as permitted  by this Agreement.    9.3 Transferee Obligations.  Each person (other than the Company) to whom  the Shares are transferred by means of one of the permitted transfers specified in this Agreement  must, as a condition precedent to the validity of such transfer, acknowledge in writing to the  Company that such person is bound by the provisions of this  Agreement and that the transferred  Shares are subject to (i) the Company’s Right of First Refusal granted hereunder and (ii) the  market stand-off provisions of Section 10 below, to the same extent such Shares would be so  subject if retained by Optionee.    10. MARKET STANDOFF AGREEMENT.     10.1 Optionee hereby agrees that he or she will not, and will not cause or direct  any third party to, without the prior written consent of the managing underwriters, during the  period commencing on the date of the initial public filing of a registration statement relating to  an initial public offering of any series of common stock of the Company (the “IPO”) and ending  on the date that is one hundred eighty (180) days from the date of the final prospectus relating to  the IPO, (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, make any  short sale, or otherwise transfer or dispose of, directly or indirectly, any shares of common stock  of the Company or any securities convertible into or exercisable or exchangeable (directly or  indirectly) for, or that represent the right to receive, shares of common stock of the Company  (collectively, “Other Securities”), (ii) enter into any swap, hedging or other arrangement that  transfers to another, in whole or in part, any of the economic consequences of ownership of  shares of common stock of the Company or Other Securities, whether any such transaction  described in clause (i) or (ii) above is to be settled by delivery of shares of common stock of the  Company or Other Securities, in cash or otherwise, or (iii) publicly disclose the intention to take  any of the actions restricted by clause (i) or (ii).     10.2 Optionee hereby agrees and consents to the entry of stop transfer  instructions against the transfer of his or her shares of common stock of the Company or Other  Securities until the end of such period. The underwriters in connection with the IPO are intended  third-party beneficiaries of this Section 10 and shall have the right, power, and authority to  enforce the provisions hereof as though they were a party hereto. Optionee further agrees to  execute such agreements as may be reasonably requested by the underwriters in connection with  the IPO that are consistent with this Section 10 or that are necessary to give further effect thereto.    11. COMPANY’S RIGHT OF FIRST REFUSAL.  Before any Shares held by  Optionee or any transferee of such Shares (either sometimes referred to herein as the “Holder”)  may be sold or otherwise transferred (including, without limitation, a transfer by gift or operation  of law, including any foreign laws), the Company and/or its assignee(s) will have a right of first  refusal to purchase the Shares to be sold or transferred (the “Offered Shares”) on the terms and  conditions set forth in this Section 11 (the “Right of First Refusal”).  

 

   15     11.1 Notice of Proposed Transfer.  The Holder of the Offered Shares will  deliver to the Company a written notice (the “Notice”) stating:  (i) the Holder’s bona fide  intention to sell or otherwise transfer the Offered Shares; (ii) the name and address of each  proposed purchaser or other transferee (the “Proposed Transferee”); (iii) the number of Offered  Shares to be transferred to each Proposed Transferee; (iv) the bona fide cash price or other  consideration for which the Holder proposes to transfer the Offered Shares (the “Offered  Price”); and (v) that the Holder acknowledges this Notice is an offer to sell the Offered Shares to  the Company and/or its assignee(s) pursuant to the Company’s Right of First Refusal at the  Offered Price as provided for in this Agreement.    11.2 Exercise of Right of First Refusal.  At any time within thirty (30) days  after the date of the Notice, the Company and/or its assignee(s) may, by giving written notice to  the Holder, elect to purchase all (or, with the consent of the Holder, less than all) the Offered  Shares proposed to be transferred to any one or more of the Proposed Transferees named in the  Notice, at the purchase price, determined as specified below.      11.3 Purchase Price.  The purchase price for the Offered Shares purchased  under this Section 11 will be the Offered Price, provided that if the Offered Price consists of no  legal consideration (as, for example, in the case of a transfer by gift) then the purchase price will  be the fair market value of the Offered Shares as determined in good faith by the Committee.  If  the Offered Price includes consideration other than cash, then the value of the non-cash  consideration, as determined in good faith by the Committee, will conclusively be deemed to be  the cash equivalent value of such non-cash consideration.    11.4 Payment.  Payment of the purchase price for the Offered Shares will be  payable, at the option of the Company and/or its assignee(s) (as applicable), by check or by  cancellation of all or a portion of any outstanding purchase money indebtedness owed by the  Holder to the Company (or to such assignee, in the case of a purchase of Offered Shares by such  assignee) or by any combination thereof.  The purchase price will be paid without interest within  sixty (60) days after the Company’s receipt of the Notice, or, at the option of the Company  and/or its assignee(s), in the manner and at the time(s) set forth in the Notice.    11.5 Holder’s Right to Transfer.  If all of the Offered Shares proposed in the  Notice to be transferred to a given Proposed Transferee are not purchased by the Company  and/or its assignee(s) as provided in this Section 11, then the Holder may sell or otherwise  transfer such Offered Shares to each Proposed Transferee at the Offered Price or at a higher  price, provided that (i) such sale or other transfer is consummated within ninety (90) days after  the date of the Notice, (ii) any such sale or other transfer is effected in compliance with all  applicable securities laws, including foreign securities laws, and (iii) each Proposed Transferee  agrees in writing that the provisions of this Section 11 will continue to apply to the Offered  Shares in the hands of such Proposed Transferee.  If the Offered Shares described in the Notice  are not transferred to each Proposed Transferee within such ninety (90) day period, then a new  Notice must be given to the Company pursuant to which the Company will again be offered the  Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred.    

 

   16   11.6 Exempt Transfers.  Notwithstanding anything to the contrary in this  Section 11, the following transfers of Shares will be exempt from the Right of First Refusal: (i)  the transfer of any or all of the Shares during Optionee’s lifetime by gift or on Optionee’s death  by will or intestacy to any member(s) of Optionee’s Immediate Family (as defined below) or to a  trust for the benefit of Optionee and/or member(s) of Optionee’s Immediate Family, provided  that each transferee or other recipient agrees in a writing satisfactory to the Company that the  provisions of this Section 11 will continue to apply to the transferred Shares in the hands of such  transferee or other recipient; (ii) any transfer of Shares made pursuant to a statutory merger,  statutory consolidation of the Company with or into another corporation or corporations or a  conversion of the Company into another form of legal entity (except that the Right of First  Refusal will continue to apply thereafter to such  Shares, in which case the surviving corporation  of such merger or consolidation or the resulting entity of such conversion shall succeed to the  rights of the Company under this Section 11 unless the agreement of merger or consolidation or  conversion expressly otherwise provides); or (iii) any transfer of Shares pursuant to the winding  up and dissolution of the Company.  As used herein, the term “Immediate Family” will mean  Optionee’s spouse, the lineal descendant or antecedent, father, mother, brother or sister, child,  adopted child, grandchild or adopted grandchild of Optionee or Optionee’s spouse, or the spouse  of any of the above or Spousal Equivalent, as defined herein.  As used herein, a person is deemed  to be a “Spousal Equivalent” provided the following circumstances are true:  (i) irrespective of  whether or not Optionee and the Spousal Equivalent are the same sex, they are the sole spousal  equivalent of the other for the last twelve (12) months, (ii) they intend to remain so indefinitely,  (iii) neither are married to anyone else, (iv) both are at least 18 years of age and mentally  competent to consent to contract, (v) they are not related by blood to a degree of closeness that  which would prohibit legal marriage in the state in which they legally reside, (vi) they are jointly  responsible for each other’s common welfare and financial obligations, and (vii) they reside  together in the same residence for the last twelve (12) months and intend to do so indefinitely.    11.7 Termination of Right of First Refusal.  The Right of First Refusal will  terminate as to all Shares: (i) on the effective date of the first sale of securities of the Company to  the general public pursuant to a registration statement filed with and declared effective by the  SEC under the Securities Act (other than a registration statement relating solely to the issuance  of securities of the Company pursuant to a business combination or an employee incentive or  benefit plan); (ii) on any transfer or conversion of Shares made pursuant to a statutory merger or  statutory consolidation of the Company with or into another corporation or corporations if  the  common stock of the surviving corporation or any direct or indirect parent corporation thereof is  registered under the Exchange Act; or (iii) on any transfer or conversion of Shares made  pursuant to a statutory conversion of the Company into another form of legal entity if  the  common equity (or comparable equity security) of entity resulting from such conversion is  registered under the Exchange Act.    11.8 Encumbrances on Shares.  Optionee may grant a lien or security interest  in, or pledge, hypothecate or encumber Shares only if each party to whom such lien or security  interest is granted, or to whom such pledge, hypothecation or other encumbrance is made, agrees  in a writing satisfactory to the Company that:  (i) such lien, security interest, pledge,  hypothecation or encumbrance will not adversely affect or impair the Right of First Refusal or  the rights of the Company and/or its assignee(s) with respect thereto and will not apply to such  

 

   17   Shares after they are acquired by the Company and/or its assignees under this Section 11; and (ii)  the provisions of this Agreement will continue to apply to such Shares in the hands of such party  and any transferee of such party.      11.9 Effect of Stockholders’ Agreement.  If Optionee is, or at any time  hereafter becomes, a party to or otherwise bound by (i) the Amended and Restated Stockholders’  Agreement, dated as of October 30, 2019, among the Company and certain stockholders and  other investors in the Company, as such may be amended and/or restated from time to time  and/or (ii) any other agreement that is a successor to or replacement of such agreement  (collectively, the “Stockholders’ Agreement”), then, in the event of any conflict or inconsistency  between the provisions of this Section 11 and any provisions in the Stockholders’ Agreement  granting the Company and/or other security holders of the Company rights of first refusal and/or  co-sale rights with respect to any or all of the Shares, Optionee agrees with the Company that the  terms and conditions of the Stockholders’ Agreement shall apply, govern, supersede and prevail  over (and in lieu of) the provisions of this Section 11 so long as the Stockholders’ Agreement is  in effect and Optionee is a party to or bound thereby.  If the Stockholders’ Agreement is no  longer in effect or if Optionee is not a party to or bound thereby, then the provisions of this  Section 11 shall apply in full force and effect until termination of the Right of First Refusal.     12. RIGHTS AS A STOCKHOLDER.  Optionee shall not have any of the rights of  a stockholder with respect to any Shares unless and until such Shares are issued to Optionee.   Subject to the terms and conditions of this Agreement, Optionee will have all of the rights of a  stockholder of the Company with respect to the Shares from and after the date that Shares are  issued to Optionee pursuant to, and in accordance with, the terms of the Exercise Agreement  until such time as Optionee disposes of the Shares or the Company and/or its assignee(s)  exercise(s) the Right of First Refusal.  Upon an exercise of the Right of First Refusal, Optionee  will have no further rights as a holder of the Shares so purchased upon such exercise, other than  the right to receive payment for the Shares so purchased in accordance with the provisions of this  Agreement, and Optionee will promptly surrender the stock certificate(s) evidencing the Shares  so purchased to the Company for transfer or cancellation.    13. ESCROW.  As security for Optionee’s faithful performance of this Agreement,  Optionee agrees, immediately upon receipt of the stock certificate(s) evidencing the Shares, to  deliver such certificate(s) to the Secretary of the Company or other designee of the Company  (the “Escrow Holder”), who is hereby appointed to hold such certificate(s) in escrow and to take  all such actions and to effectuate all such transfers and/or releases of such Shares as are in  accordance with the terms of this Agreement.  Optionee and the Company agree that Escrow  Holder will not be liable to any party to this Agreement (or to any other party) for any actions or  omissions unless Escrow Holder is grossly negligent or intentionally fraudulent in carrying out  the duties of Escrow Holder under this Agreement.  Escrow Holder may rely upon any letter,  notice or other document executed with any signature purported to be genuine and may rely on  the advice of counsel and obey any order of any court with respect to the transactions  contemplated by this Agreement and will not be liable for any act or omission taken by Escrow  Holder in good faith reliance on such documents, the advice of counsel or a court order.  The  Shares will be released from escrow upon termination of the Right of First Refusal.     

 

   18   14. STOCKHOLDERS’ AGREEMENT.  As a material inducement and  consideration for the Company to enter into this Agreement, Optionee hereby agrees that if, the  Company requests Optionee to enter into and become a party to the Stockholders’ Agreement  (and, among other things, (i) to subject the Shares to the rights of first refusal held by the  Company and other Company investors thereunder and the co-sale rights of other investors  thereunder and (ii) pursuant to which Optionee would agree to vote all shares of Company stock  held by Optionee for the election of directors and in favor of certain material transactions (such  as mergers or sales of the Company), then Optionee will enter into such agreement and execute  and deliver a signature page thereto (as requested by the Company) in such capacity as the  Company requests, at the time of exercising this Option and as a condition to such exercise or at  any later time.     15. RESTRICTIVE LEGENDS AND STOP-TRANSFER ORDERS.    15.1 Legends.  Optionee understands and agrees that the Company will place  the legends set forth below or similar legends on any stock certificate(s) evidencing the Shares,  together with any other legends that may be required by foreign, U.S. state or U.S. federal  securities laws, the Company’s Certificate of Incorporation or Bylaws, any other agreement  between Optionee and the Company, or any agreement between Optionee and any third party  (and any other legend(s) that the Company may become obligated to place on the stock  certificate(s) evidencing the Shares under the terms of any agreement to which the Company is  or may become bound or obligated):    (a) THE SECURITIES REPRESENTED HEREBY HAVE NOT  BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE  “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES OR  OTHER JURISDICTIONS.  THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON  TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD  EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE  AND FOREIGN SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION  THEREFROM.  INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO  BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD  OF TIME.  THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF  COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE  EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH  THE SECURITIES ACT AND ANY APPLICABLE STATE AND FOREIGN SECURITIES  LAWS.    (b) THE SHARES REPRESENTED BY THIS CERTIFICATE ARE  SUBJECT TO CERTAIN RESTRICTIONS ON RESALE AND TRANSFER, INCLUDING  THE RIGHT OF FIRST REFUSAL HELD BY THE ISSUER AND/OR ITS ASSIGNEE(S) AS  SET FORTH IN A STOCK OPTION AGREEMENT BETWEEN THE ISSUER AND THE  ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT  THE PRINCIPAL OFFICE OF THE ISSUER.  SUCH SALE AND TRANSFER  RESTRICTIONS, INCLUDING THE RIGHT OF FIRST REFUSAL, ARE BINDING ON  TRANSFEREES OF THESE SHARES.  

 

   19     (c) THE SHARES REPRESENTED BY THIS CERTIFICATE ARE  SUBJECT TO A MARKET STANDOFF RESTRICTION AS SET FORTH IN A CERTAIN  STOCK OPTION AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER  OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL  OFFICE OF THE ISSUER.  AS A RESULT OF SUCH AGREEMENT, THESE SHARES  MAY NOT BE TRADED PRIOR TO UP TO 180 DAYS (AND POSSIBLY LONGER) AFTER  THE EFFECTIVE DATE OF CERTAIN PUBLIC OFFERINGS OF THE COMMON STOCK  OF THE ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF  THESE SHARES.     Optionee agrees that if Optionee becomes a party to the Stockholders’ Agreement,  then Optionee agrees that the stock certificate(s) evidencing the Shares shall, in addition, bear  any legends required under the Stockholders’ Agreement.    15.2 Stop-Transfer Instructions.  Optionee agrees that, to ensure compliance  with the restrictions imposed by this Agreement, the Company may issue appropriate “stop- transfer” instructions to its transfer agent, if any, and if the Company transfers its own securities,  it may make appropriate notations to the same effect in its own records.    15.3 Refusal to Transfer.  The Company will not be required (i) to transfer on  its books any Shares that have been sold or otherwise transferred in violation of any of the  provisions of this Agreement or (ii) to treat as owner of such Shares, or to accord the right to  vote or pay dividends to any purchaser or other transferee to whom such Shares have been so  transferred.    16. GENERAL PROVISIONS    16.1 Interpretation.  Any dispute regarding the interpretation of this  Agreement shall be submitted by Optionee or the Company to the Committee for review.  The  resolution of such a dispute by the Committee shall be final and binding on the Company and  Optionee.    16.2 Entire Agreement.  The Plan, the Grant Notice, the Vesting Schedule and  the Exercise Agreement are each incorporated herein by reference.  This Agreement, the Grant  Notice, the Vesting Schedule, the Plan and the Exercise Agreement constitute the entire  agreement of the parties with respect to the subject matter hereof and supersede all prior  undertakings and agreements with respect to such subject matter.    16.3 Agreement Subject to Plan. This Agreement is made pursuant to all of  the provisions of the Plan and is intended, and shall be interpreted in a manner, to comply  therewith. In the event of any conflict between the provisions of this Agreement, the Grant  Notice, the Vesting Schedule or the Exercise Agreement and the provisions of the Plan, the  provisions of the Plan shall govern.    

 

   20   17. NOTICES Any and all notices required or permitted to be given to a party  pursuant to the provisions of this Agreement will be in writing and will be effective and deemed  to provide such party sufficient notice under this Agreement on the earliest of the following:  (i)  at the time of personal delivery, if delivery is in person; (ii) at the time an electronic confirmation  of receipt is received, if delivery is by email; (iii) one (1) business day after deposit with an  express overnight courier for United States deliveries, or two (2) business days after such deposit  for deliveries outside of the United States, with proof of delivery from the courier requested; or  (iv) three (3) business days after deposit in the United States mail by certified mail (return receipt  requested) for United States deliveries.  Any notice for delivery outside the United States will be  sent by email, facsimile or by express courier.  Any notice not delivered personally or by email  will be sent with postage and/or other charges prepaid and properly addressed to Optionee at the  last known address on the books of the Company, or at such other address as such other party  may designate by one of the indicated means of notice herein to the other parties hereto or, in the  case of the Company, to it at its principal place of business.  Notices to the Company will be  marked “Attention: General Counsel.”      18. SUCCESSORS AND ASSIGNS.  The Company may assign any of its rights  under this Agreement including its rights to purchase Shares under the Right of First Refusal.   This Agreement shall be binding upon and inure to the benefit of the successors and assigns of  the Company.  Subject to the restrictions on transfer set forth herein, this Agreement shall be  binding upon Optionee and Optionee’s heirs, executors, administrators, legal representatives,  successors and assigns.    19. GOVERNING LAW.  This Agreement shall be governed by and construed in  accordance with the internal laws of the State of Delaware, without giving effect to that body of  laws pertaining to conflict of laws.      20. FURTHER ASSURANCES.  The parties agree to execute such further  documents and instruments and to take such further actions as may be reasonably necessary to  carry out the purposes and intent of this Agreement.    21. TITLES AND HEADINGS.  The titles, captions and headings of this Agreement  are included for ease of reference only and will be disregarded in interpreting or construing this  Agreement.  Unless otherwise specifically stated, all references herein to “sections” and  “exhibits” will mean “sections” and “exhibits” to this Agreement.    22. COUNTERPARTS.  This Agreement may be executed in any number of  counterparts, each of which when so executed and delivered will be deemed an original, and all  of which together shall constitute one and the same agreement.    23. MISCELLANEOUS    23.1 Tax Advice. Optionee has obtained any necessary advice from appropriate  independent professional tax, legal, and financial advisers in relation to the taxation and social  contributions or taxation, financial or legal implications of the grant, exercise, assignment,  release, cancellation or any other disposal of this Option pursuant to the Plan and on any  

 

   21   subsequent sale of the Shares.  In accepting this Option, Optionee is confirming that appropriate  advice has been sought from an independent adviser. The Company has not made any  representation regarding applicable taxation implications.  The Company is not providing any  tax, legal or financial advice, nor is the Company making any recommendations regarding  Optionee’s participation in the Plan, or the Optionee’s acquisition or sale of the underlying  Shares.    23.2 Insider Trading Restrictions/Market Abuse Laws. Optionee  acknowledges that, depending on his or her country, Optionee may be subject to insider trading  restrictions and/or market abuse laws, which may affect his or her ability to acquire or sell  Shares or rights to Shares under the Plan during such times as Optionee is considered to have  “inside information” regarding the Company (as defined by applicable laws in his or her  country).  Any restrictions under these laws or regulations are separate from and in addition to  any restrictions that may be imposed under any applicable Company insider trading policy.   Optionee acknowledges that it is his or her responsibility to comply with any applicable  restrictions, and Optionee is advised to speak to his or her personal advisor on this matter.    23.3 Imposition of Other Requirements.  The Company reserves the right to  impose other requirements on Optionee’s participation in the Plan, on this Option and on the  Shares acquired upon the exercise of this Option, to the extent the Company determines it is  necessary or advisable for legal or administrative reasons, and to require Optionee to sign any  additional agreements or undertakings that may be necessary to accomplish the foregoing.    23.4 Repatriation; Compliance with Law. The Optionee agrees to repatriate  all payments attributable to the Shares and/or cash acquired under the Plan in accordance with  applicable foreign exchange rules and regulations in the Optionee’s country of employment (and  country of residence, if different). In addition, the Optionee agrees to take any and all actions,  and consents to any and all actions taken by the Company and any of its Affiliates, as may be  required to allow the Company and any of its Affiliates to comply with local laws, rules and/or  regulations in the Optionee’s country of employment (and country of residence, if different).  Finally, the Optionee agrees to take any and all actions as may be required to comply with the  Optionee’s personal obligations under local laws, rules and/or regulations in his or her country of  employment (and country of residence, if different).    23.5 Foreign Asset and Account Reporting.  Optionee’s country of residence  and/or work may have certain exchange control and/or foreign asset/account reporting  requirements which may affect Optionee’s ability to acquire or hold shares under the Plan or  cash received from participating in the Plan (including from any dividends received or sale  proceeds resulting from the sale of Shares) in a brokerage or bank account outside of Optionee's  country. Optionee may be required to report such accounts, assets or transactions to the tax or  other authorities in Optionee's country.  Optionee acknowledges that it is his or her responsibility  to comply with any applicable regulations, and that Optionee should speak to his or her personal  advisor on this matter.    23.6 Acknowledgements. In accepting this Option, Optionee acknowledges,  understands and agrees that:    

 

   22   (a) the Plan is established voluntarily by the Company, it is  discretionary in nature, and may be amended, suspended or terminated by the Company at any  time, to the extent permitted by the Plan;    (b) the grant of the Option is voluntary and occasional and does  not create any contractual or other right to receive future grants of options, or benefits in lieu of  options, even if options have been granted in the past;    (c) all decisions with respect to future option or other grants, if  any, will be at the sole discretion of the Company;     (d) the Option grant and Optionee’s participation in the Plan shall  not create a right to employment or be interpreted as forming an employment or service contract  with the Company or any of its Affiliates;     (e) Optionee is voluntarily participating in the Plan;     (f) the Option and any Shares acquired under the Plan, and the  income and value of same, are not intended to replace any pension rights or compensation;    (g) the Option and any Shares acquired under the Plan, and the  income and value of same, are not part of normal or expected compensation for any purpose,  including, without limitation, calculating any severance, resignation, termination, redundancy,  dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or  welfare benefits or similar payments;     (h) the future value of the Shares underlying the Option is  unknown, indeterminable, and cannot be predicted with certainty;     (i) if the underlying Shares do not increase in value, the Option  will have no value;     (j) if Optionee exercises the Option and acquires Shares, the value  of such Shares may increase or decrease in value, even below the Exercise Price;    (k) no claim or entitlement to compensation or damages shall arise  from forfeiture of the Option resulting from the Termination of Optionee (for any reason  whatsoever, whether or not later found to be invalid or in breach of employment laws in the  jurisdiction where Optionee is rendering services or the terms of Optionee’s employment  agreement, if any), and in consideration of the grant of the Option to which Optionee is  otherwise not entitled, Optionee irrevocably agrees never to institute any such claim against the  Company or any of its Affiliates, waives his or her ability, if any, to bring any such claim, and  releases the Company and its Affiliates from any such claim; if, notwithstanding the foregoing,  any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan,  Optionee shall be deemed irrevocably to have agreed not to pursue such claim and to execute any  and all documents necessary to request dismissal or withdrawal of such claim;    

 

   23   (l) unless otherwise provided in the Plan or by the Company in its  discretion, the Option and the benefits evidenced by this Agreement do not create any  entitlement to have the Option or any such benefits transferred to, or assumed by, another  company nor to be exchanged, cashed out or substituted for, in connection with any corporate  transaction affecting the Common Stock; and    (m) neither the Company nor any Affiliate of the Company shall be  liable for any foreign exchange rate fluctuation between Optionee’s local currency and the  United States Dollar that may affect the value of the Option or of any amounts due to Optionee  pursuant to the exercise of the Option or the subsequent sale of any Shares acquired upon  exercise. To the extent the Company determines that a currency exchange or conversion is  necessary in connection with the exercise of the Option or any other matter, such exchange shall  be calculated and determined by the Company in its sole discretion, and the Company’s  determination shall be final and binding.    24. SEVERABILITY.  If any provision of this Agreement is determined by any  court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable in any respect,  such provision will be enforced to the maximum extent possible given the intent of the parties  hereto.  If such clause or provision cannot be so enforced, such provision shall be stricken from  this Agreement and the remainder of this Agreement shall be enforced as if such invalid, illegal  or unenforceable clause or provision had (to the extent not enforceable) never been contained in  this Agreement.  Notwithstanding the forgoing, if the value of this Agreement based upon the  substantial benefit of the bargain for any party is materially impaired, which determination as  made by the presiding court or arbitrator of competent jurisdiction shall be binding, then both  parties agree to substitute such provision(s) through good faith negotiations.    25. AMENDMENT; WAIVER. No amendment or modification hereof shall be  valid unless it shall be in writing and signed by all parties hereto. The waiver by the Company  with respect to Optionee’s compliance of any provision of this Agreement shall not operate or be  construed as a waiver of any other provision of this Agreement, or of any subsequent breach by  Optionee of such provision of this Agreement.    26. ADDENDUM. Notwithstanding the provisions in this Agreement, if the Optionee  resides and/or works outside the United States, as determined by the Company, the Option shall  be subject to the special terms and conditions set forth in the addendum to this Agreement in  Annex A (the “Addendum”). Moreover, if the Optionee relocates to one of the jurisdictions  included in the Addendum, the special terms and conditions for such jurisdiction will apply to  the Option to the extent the Company determines that the application of such terms and  conditions is necessary or advisable for legal or administrative reasons. The Addendum  constitutes a part of this Agreement.      *  *  *  *  *    Attachments:   Annex A:  Addendum to Performance Stock Option Agreement  

 

   24   ANNEX A    ADDENDUM TO PERFORMANCE STOCK OPTION AGREEMENT    UNDER THE WE COMPANY 2015 EQUITY INCENTIVE PLAN    FOR OPTIONEES OUTSIDE THE U.S.    Capitalized terms used but not defined herein shall have the meanings ascribed to them in The  We Company 2015 Equity Incentive Plan, as amended from time to time (the “Plan”) and/or the  Performance Stock Option Agreement to which this Addendum is attached (the “Option  Agreement”).    Terms and Conditions    This Addendum includes special terms and conditions that govern the Option granted to the  Optionee under the Plan if the Optionee resides and/or works in one of the countries listed  below, as determined by the Company.      If the Optionee is a citizen or resident of a country other than the one in which he or she is  currently working and/or residing, transfers to another country after the Grant Date, changes  employment status to a consultant position, or is considered a resident of another country for  local law purposes, the Company shall, in its discretion, determine the extent to which the special  terms and conditions contained herein shall be applicable to the Optionee.    Notifications      This Addendum also includes information regarding exchange controls and certain other issues  of which the Optionee should be aware with respect to the Optionee’s participation in the Plan.   The information is provided solely for the convenience of the Optionee and is based on the  securities, exchange control and other laws in effect in the respective countries as of February  10, 2020.  Such laws are often complex and change frequently.  As a result, the Company  strongly recommends that the Optionee not rely on the information noted herein as the only  source of information relating to the consequences of the Optionee’s participation in the Plan  because the information may be out of date by the time the Option vests or is exercised or the  Optionee sells any Shares.      In addition, the information contained in this Addendum is general in nature and may not apply  to the Optionee’s particular situation, and neither the Company nor its Affiliates are in a position  to assure the Optionee of any particular result.  Accordingly, the Optionee is advised to seek  appropriate professional advice as to how the applicable laws in his or her country may apply to  his or her situation.    Finally, the Optionee understands that if he or she is a citizen or resident of a country other than  the one in which he or she is currently residing and/or working, transfers to another country after  the Grant Date, or is considered a resident of another country for local law purposes, the  

 

   25   notifications contained herein may not be applicable to the Optionee in the same manner.    COUNTRIES OUTSIDE THE UNITED STATES     Personal Data Authorization.  The Optionee hereby explicitly and unambiguously consents to  the collection, use and transfer of personal data as described in the Option Agreement and any  other grant materials by and among, as applicable, the Company or any of its Affiliates for the  exclusive purpose of implementing, administering and managing the Optionee’s participation in  the Plan.  The Optionee understands that the relevant and competent persons at the Company and  its Affiliates hold certain personal information about the Optionee, including the Optionee’s  name, home address and telephone number, date of birth, social insurance number or other  identification number(s), salary, nationality, job title, any Shares or directorships held in the  Company or any Affiliate, details of all awards or any other entitlement to Shares awarded,  canceled, exercised, vested, unvested or outstanding in the Optionee’s favor (“Data”), for the  purpose of managing and administering the Plan.  Certain Data may also constitute “Sensitive  Personal Data” within the meaning of applicable local law.  Such data include but are not limited  to Data and any changes thereto, and other appropriate personal and financial data about the  Optionee. The Optionee further understands that the Company and its Affiliates will transfer  Data amongst themselves as necessary for the purpose of implementation, administration and  management of the Optionee’s participation in the Plan, and that the Company and its Affiliates  may each further transfer Data to any third parties, such as a stock plan service provider,  assisting the Company and its Affiliates (presently or in the future) in the implementation,  administration and management of the Plan.  The Optionee understands that these recipients may  be located in the United States or elsewhere, and that the recipient’s country may have different  data privacy laws and protections than the Optionee’s country. Where applicable, Data will be  transferred outside the European Union with adoption of appropriate safeguards such as a data  transfer agreement based on the European Commission’s Model Clauses or Safe Harbor  certification. The Optionee authorizes them to receive, possess, use, retain and transfer the Data,  in electronic or other form, for the purposes of administering the Optionee’s participation in the  Plan. The Optionee understands that Data will be held only as long as is necessary to implement,  administer and manage the Optionee’s participation in the Plan. The Optionee understands that  the Optionee may, at any time, view Data, request additional information about the storage and  processing of Data, require any necessary amendments to it, request a list with the names and  addresses of any potential recipients of Data or refuse or withdraw the consents herein, in any  case without cost, in writing by contacting the Human Resources Department of the Company or  the applicable Employer. Further, the Optionee understands that he or she is providing the  consents herein on a purely voluntary basis.  If the Optionee does not consent, or if the Optionee  later seeks to revoke his or her consent, his or her service relationship and status with the  Company or the Employer will not be adversely affected; the only adverse consequence of  refusing or withdrawing the Optionee’s consent is that the Company would not be able to grant  the Option or other awards to the Optionee or administer or maintain such awards.  Therefore,  the Optionee understands that refusing or withdrawing his or her consent may affect the  Optionee’s ability to participate in the Plan. For more information on the consequences of the  Optionee’s refusal to consent or withdrawal of consent, the Optionee understands that he or she  may contact his or her local human resources representative. The Optionee also warrants that  where the Optionee discloses the personal data of third parties to the Company or its Affiliates in  

 

   26   connection with the Plan, the Optionee has obtained the prior consent of such third parties for the  Company and its Affiliates to collect, use and disclose their personal data for the  abovementioned purposes, in  accordance with any applicable laws, regulations and/or  guidelines. The Optionee shall indemnify the Company and its Affiliates in respect of any  penalties, liabilities, claims, demands, losses and damages as a result of the Optionee’s breach of  the warranty provided for in the immediately prior sentence.    Language.  If Optionee has received the Option Agreement, or any other document related to  this Option and/or the Plan translated into a language other than English and if the meaning of  the translated version is different than the English version, the English version will control.    Termination of Employment. For purposes of the Option, the Optionee’s employment will be  considered terminated as of the earlier of (i) the date the Optionee receives notice of termination  from the Company or Employer or (ii) the date the Optionee is no longer actively providing  services to the Company or one of its Affiliates (regardless of the reason for such termination  and whether or not later found to be invalid or in breach of employment laws in the jurisdiction  where the Optionee is employed or the terms of the Optionee’s employment agreement, if any)  and, unless otherwise expressly provided in the Option Agreement or determined by the  Company, the Optionee’s right to vest in the Option under the Option Agreement, if any, will  terminate as of such date and will not be extended by any notice period (e.g., the Optionee’s  period of service would not include any contractual notice period or any period of “garden leave”  or similar period mandated under employment laws in the jurisdiction where the Optionee is  employed or the terms of the Optionee’s employment agreement, if any). The Company shall  have the exclusive discretion to determine when the Optionee is no longer actively providing  services for purposes of the Option (including whether the Optionee may still be considered to be  providing services while on an approved leave of absence).    Exercise of Option. Notwithstanding any provision in the Option Agreement, if the Optionee is  employed and/or resides outside of the United States, the Company, in its sole discretion, may  provide for the Optionee to receive, upon exercise of the Option, a cash payment in an amount  equal to the Fair Market Value of the Shares that correspond to the number of Shares subject to  the exercise of the Option, less the aggregate Exercise Price for such Shares, to the extent that  delivery of Shares (i) is prohibited under local law, (ii) would require the Optionee, or the  Company or any of its Affiliates to obtain the approval of any governmental or regulatory body  in the Optionee’s country of employment and/or residency, (iii) would result in adverse tax  consequences for the Optionee or the Company or any of its Affiliates or (iv) is administratively  burdensome.    COUNTRIES IN THE EUROPEAN UNION    Personal Data Authorization    By participating in the Plan, Optionee acknowledges that the Company, as a data controller, may  hold, process and transfer personal data relating to them to other members of the WeWork group  or to any third parties engaged by them for any and all purposes related to the operation and  administration of the Plan in accordance with the WeWork Privacy Policy for People Data,  

 

   27   particularly, where such processing is necessary for:    (a)  the performance of this Option Agreement between the Company and Optionee under  which Optionee participates in the Plan;    (b) the Company or any member of the WeWork group to comply with its legal  obligations; or    (c) the purposes of the legitimate interests pursued by the Company or any member of  the WeWork group.      Optionee acknowledges that the Company or any member of the WeWork group may, in  accordance with the WeWork Privacy Policy for People Data and applicable law, transfer or  store personal information outside the European Economic Area (EEA), and that  personal data may also be processed outside the EEA by the Company or any member of the  WeWork group or for one or more of its or their service providers.    A copy of the WeWork Privacy Policy for People Data can also be obtained from the People  Team.    ARGENTINA    Optionee must comply with applicable Argentine foreign exchange and tax regulations when  exercising this Option or selling any Shares received as a result of exercising this Option. Neither  the grant of this Option, nor the issuance of Shares subject to the grant, constitutes a public  offering.    BRAZIL    Securities Law Information. Neither the grant of the Option, nor the issuance of Shares subject  to the grant, constitutes a public offering.  Compliance with Law. By accepting the Option, the Optionee expressly acknowledges and  agrees to comply with applicable Brazilian laws and to pay any and all applicable taxes  associated with the exercise of the Option, the receipt of any dividends with respect to the Shares  received following exercise, and the sale of any Shares acquired under the Plan.   Commercial Relationship. The Optionee expressly recognizes that the Optionee’s participation  in the Plan and the Company’s grant of the Option does not constitute an employment  relationship between the Optionee and the Company or any of its Affiliates. The Optionee  expressly recognizes that (a) the Plan and the benefits the Optionee may derive from his or her  participation in the Plan do not establish any rights between the Optionee and the Employer, (b)  the Plan and the benefits the Optionee may derive from his or her participation in the Plan are not  part of the employment conditions and/or benefits provided by the Employer, and (c) any  modification or amendments of the Plan by the Company, or a termination of the Plan by the  Company shall not constitute a change or impairment of the terms and conditions of the  Optionee’s employment with the Employer.  

 

   28     GERMANY    No country-specific provisions.    ISRAEL    The following provisions apply to the Optionee if the Optionee is a resident of the state of Israel  upon the Grant Date of the Award (as defined in the Israel Sub-Plan), or if the Optionee is  deemed to be a resident of the state of Israel for tax purposes upon the Grant Date and employed  or engaged by the Company’s Israeli subsidiary:     1. Acceptance of Award. In addition to the provisions of the Grant Notice, if the Optionee has  not actively accepted the Option within 3 months of the Grant Date, the provisions below  shall not apply and the Option will be subject to the non-trustee route pursuant to Section  102 of the Israeli Tax Ordinance [New Version] 1961.     2. Israel Sub-Plan. This grant is also subject to the Sub-Plan for Israeli Participants (the “Israel  Sub-Plan”). The terms used herein shall have the meaning ascribed to them in the Plan and  the Israel Sub-Plan. In the event of any conflict, whether explicit or implied, between the  provision of this Option Agreement and the Israel Sub-Plan, the provisions set out in the  Israel Sub-Plan shall prevail.     3. Designation. The grant of the Option is intended to be subject to the trustee capital gain  route of Section 102 of the Israeli Tax Ordinance [New Version] 1961 (“Section 102” and  “Capital Gains Route”), subject to compliance with the requirements under Section 102 and  any rules or regulations thereunder, including the execution of this Option Agreement and in  specific the acknowledgment included in Section 9 below. Should any provision in the  Option Agreement disqualify the Option granted hereunder or the underlying Shares from  beneficial tax treatment pursuant to the provisions of Section 102, such provision shall be  considered invalid either permanently or until the Israel Tax Authority (“ITA”) provides  approval of compliance with Section 102. However, in the event the Option does not meet  the requirements of Section 102, such Option and the underlying Shares shall not qualify for  the favorable tax treatment under the Capital Gains Route. The Company makes no  representations or guarantees that the Option will qualify for favourable tax treatment and  will not be liable or responsible if favorable tax treatment is not available under Section 102.    4. The Trustee. The Option and the Shares issued upon exercise and/or any additional rights,  including without limitation any shares received as a result of an adjustment made under the  Plan, that may be granted in connection with the Option (the “Additional Rights”) shall be  issued to or controlled by the Trustee for the Optionee’s benefit under the provisions of the  Capital Gains Route for at least the period stated in Section 102 or any other period of time  determined by the ITA. In accordance with the requirements of Section 102 and the Capital  Gains Route, the Optionee shall not sell nor transfer from the Trustee the Shares or  Additional Rights until the end of the period required under Section 102 or any shorter  period determined by the ITA (the “Holding Period”). Notwithstanding the above, if any  

 

   29   such sale or transfer occurs before the end of the Holding Period, the sanctions under  Section 102 shall apply and shall be borne by the Optionee.      5. Taxes. Any and all taxes due in relation to the Option and Shares issued upon exercise, shall  be borne solely by the Optionee and in the event of death, by the Optionee’s heirs. The  Company and/or any of its Affiliates and/or the Trustee shall withhold taxes according to the  requirements under the applicable laws, the rules, and regulations, including withholding  taxes at source. Furthermore, the Optionee hereby agrees to indemnify the Company and/or  any of its Affiliates and/or the Trustee and hold them harmless against and from any and all  liability for any such tax or interest or penalty thereon, including without limitation,  liabilities relating to the necessity to withhold, or to have withheld, any such tax from any  payment made to the Optionee. The Company and/or any of its Affiliates and/or the Trustee,  to the extent permitted by law, shall have the right to deduct from any payment otherwise  due to the Optionee, or from proceeds of the sale of any Shares, an amount equal to any  taxes required by law to be withheld with respect to such Shares. The Optionee will pay to  the Company, any of its Affiliates or the Trustee any amount of taxes that the Company  and/or any subsidiary or the Trustee may be required to withhold with respect to any Shares  that cannot be satisfied by the means previously described. The Company may refuse to  deliver any Shares if the Optionee fails to comply with the Optionee’s obligations in  connection with the taxes as described in this section. Any fees associated with any vesting,  exercise, sale, transfer or any act in relation to the Option and the Shares issued upon  exercise, shall be borne by the Optionee. The Trustee and/or the Company and/or any of its  Affiliates shall be entitled to withhold or deduct such fees from payments otherwise due  to/from the Company or any of its Affiliates or the Trustee.     6. Securities Law Notice.  If required under applicable law, the Company shall use reasonable  efforts to receive a securities exemption from the Israeli Securities Authority to avoid the  requirement to file an Israeli securities prospectus in relation to the Plan and the grant of this  Option.  If such exemption is obtained, copies of the Plan and the Form S-8 or S-1  registration statement for the Plan as filed with the U.S. Securities and Exchange  Commission will be made available by request from your local HR contact.    7. No Transferability. Notwithstanding anything mentioned in the Plan or this Option  Agreement and in addition thereto, as long as the Option or Shares issued pursuant thereto  are held or controlled by the Trustee on behalf of the Optionee, all rights of the Optionee  over the Option or Shares are personal, cannot be transferred, assigned, pledged or  mortgaged, other than by will or laws of descent and distribution.    8. Privacy Protection. The Optionee hereby authorizes the Company to provide the Trustee  with any information required for the purpose of administering the Plan including executing  its obligations according to Section 102, the trust deed and the trust agreement, including  without limitation information about the Optionee’s Option, Shares, income tax rates, salary  bank account, contact details and identification number.     9. Optionee Acknowledgement. In addition, by signing the Grant Notice, the Optionee hereby  declares as follows: (i) the Optionee acknowledges that the Optionee is familiar with the  

 

   30   provisions of Section 102 and the regulations and rules promulgated thereunder, including  without limitations the provisions of the tax route and agrees to comply with such  provisions, as amended from time to time, provided that if such terms are not met, the  specific tax route may not apply; (ii) the Optionee accepts the provisions of the trust  agreement signed between the Company and the Trustee, and agrees to be bound by its  terms; (iii) the Optionee acknowledges that releasing the Shares from the control of the  Trustee prior to the termination of the Holding Period constitutes a violation of the terms of  Section 102 and agrees to bear the relevant sanctions; (iv) the Optionee authorizes the  Company to provide the plan administrator and the Trustee with any information required  for the purpose of administering the Plan including executing its obligations according to  Section 102, the trust deed and the trust agreement, including without limitation information  about the Optionee’s Option, Shares, income tax rates, salary bank account, contact details  and identification number and acknowledge that the information might be shared with an  administrator who is located outside of Israel, where the level of protection of personal data  is different than in Israel.    SINGAPORE    Securities Law Information. The grant of the Option under the Plan is being made pursuant to  the exemption under section 273(1)(i) of the Securities and Futures Act (Chapter 289, 2006 Ed.)  (“SFA”). The Plan has not been and will not be lodged or registered as a prospectus with the  Monetary Authority of Singapore and is not regulated by any financial supervisory authority  pursuant to any legislation in Singapore. The Optionee will not be able to make any subsequent  sale of the underlying Shares in Singapore within six (6) months from the date of grant unless an  exemption under the SFA applies.    UNITED KINGDOM    Tax Obligations. The following provision is intended to supplement the provisions of this  Addendum:    In the event Her Majesty’s Revenue and Customs (“HMRC”) considers that the Shares constitute  “readily convertible assets” for UK tax purposes, Optionee agrees that if the Employer or the  Company does not withhold or otherwise collect the full amount of any income tax liability  arising in connection with Optionee’s participation in the Plan from him or her within ninety (90)  days after the end of the tax year in which the event giving rise to such income tax liability arose,  or such other period specified in Section 222(1)(c) of the United Kingdom Income Tax (Earnings  and Pensions) Act 2003 (the “Due Date”), the amount of any uncollected income tax will  constitute a loan owed by Optionee to the Employer, effective on the Due Date.  Optionee agrees  that the loan will bear interest at the then-current official rate of HMRC, it will be immediately  due and repayable, and the Company or the Employer may recover it at any time thereafter by  any of the means referred to in the “Tax Withholding” paragraph above.      Notwithstanding the foregoing, if Optionee is a director or executive officer of the Company  (within the meaning of Section 13(k) of the Exchange Act), Optionee will not be eligible for  such a loan to cover the income tax due.  In the event that Optionee is such a director or  

 

   31   executive officer and the income tax is not collected from or paid by Optionee by the Due Date,  the amount of any uncollected income tax may constitute a benefit to Optionee on which  additional income tax and National Insurance Contributions (“NICs”) may be payable.  Optionee  will be responsible for reporting and paying any income tax due on this additional benefit  directly to HMRC under the self-assessment regime and for reimbursing the Company or the  Employer, as applicable, for the amount of any employee NICs due on this additional benefit  which may be recovered from Optionee by the Company or the Employer at any time thereafter  by any of the means referred to in the “Tax Withholding” paragraph above.     If Optionee fails to comply with his or her obligations in connection with the income tax as  described in this section, the Company may refuse to deliver the Shares subject to the Option.    Section 431 Election.  If so required by the Company in circumstances where the Shares to be  acquired by Optionee are considered to be “restricted securities” for the purposes of Part 7,  Chapter 2, of the U.K. Income Tax (Earnings and Pensions) Act 2003 (“ITEPA”), Optionee is  required to enter into an election jointly with Employer, pursuant to Section 431 ITEPA, electing  that the market value of the Shares at the time of exercise of the Option be calculated as if such  shares were not “restricted securities.”  Without such election, any gains made on disposal of the  Shares may be subject to a partial income tax charge.  

 

   DC: 7485994-5      PRIVATE & CONFIDENTIAL  [Insert Date]    VIA EMAIL  [Name of Employee]       RE:  WeWork Inc. Performance-Vesting Option Award       Dear [First Name of Employee],  This letter amends the performance-vesting option award, granted to you on [Grant Date], to purchase a maximum of  [Maximum Number of Options] shares of Class A Common Stock (“Shares”) of WeWork Inc. (formerly The We  Company, “WeWork”) at an exercise price of $[Amount] per Share (the “PA Award”).  The PA Award was granted  under the WeWork 2015 Equity Incentive Plan (as amended), and is subject to an award agreement which includes as  an exhibit a “Vesting Schedule for Performance Stock Option Grant” (collectively, the “Award Documents”).  As of the date that you sign this letter, (1) the “Vesting Schedule for Performance Stock Option Grant” will be amended  and replaced in its entirety by the attached Exhibit A; and (2) Section 3 (“Termination”) of the award agreement for  the PA award will be amended and restated in its entirety by the attached Exhibit B (collectively, the “Equity  Benefit”).1  For the avoidance of doubt, if you do not sign and return this letter to WeWork by [Deadline], this  letter will be null and void, you will not receive the Equity Benefit, and your PA Award will remain unchanged.  This letter and the PA Award will be governed by, and construed in accordance with, the laws of the State of Delaware.   Nothing in this letter is intended as a guarantee of continued employment and U.S. employees remain employed at  will.  For the avoidance of doubt, except as explicitly provided in this letter, the PA Award will continue to be governed  by the Award Documents.  If you have any questions about this letter or the PA Award, please do not hesitate to reach out to me.     Sincerely,    ___________________________  [Name]  [Title]  WeWork Inc.       [For Israeli Employee: By signing below, you acknowledge that you are voluntarily signing this letter, as a result of  which the date of grant of your PA Award shall be amended as aforesaid and you shall be subject to the provisions of  the Tax Ruling.]      

 

      2  Agreed and acknowledged:    ___________________________________  Name: [Name of Employee]  Date:  ______________________________       

 

      3  EXHIBIT A    Vesting Schedule for   Performance Stock Option Grant      WEWORK INC.  (FORMERLY KNOWN AS THE WE COMPANY)    2015 EQUITY INCENTIVE PLAN  I. Earned Options  All or a portion of the Option shall become earned and eligible for vesting (“Earned”) based on the achievement of  Performance Goal 1 and/or Performance Goal 2 (each, a “Performance Goal”) at the Minimum, Partial, Target, or  Maximum threshold level, as set forth in Charts I and II below. If both Performance Goals are achieved at one or more  threshold levels, the achievement that results in the greater number of Shares becoming Earned will apply for purposes  of determining the number of Shares that become Earned and which will vest in accordance with Section II below,  and no additional Shares will become Earned until WeWork achieves a higher level of achievement of Performance  Goal 1 or Performance Goal 2, as applicable. For example, if Performance Goal 1 is achieved at the Target level and  Performance Goal 2 is achieved at the Minimum level, then Performance Goal 1 will apply for purposes of determining  the number of Shares that become Earned (two-thirds, in this scenario), and no additional Shares will become Earned  until Performance Goal 1 or Performance Goal 2 is achieved at the Maximum level. The Committee shall certify the  achievement of a Performance Goal in writing promptly following such achievement. If any portion of the Option has  not become Earned by December 31, 2024, that portion of the Option will be forfeited.  CHART I—Performance Goal 1  Threshold Level Performance Goal 1 # Shares Earned  Minimum $0.8 billion ≤ Unlevered  Operating Free Cash Flow < $1.0  billion  One-third of the Maximum Number of Shares  Subject to the Option, rounded down to the  nearest whole Share.  Target $1.0 billion ≤ Unlevered  Operating Free Cash Flow < $1.3  billion  An additional one-third of the Maximum  Number of Shares Subject to the Option,  rounded down to the nearest whole Share.  Maximum $1.3 billion ≤ Unlevered  Operating Free Cash Flow  The remaining one-third of the Maximum  Number of Shares Subject to the Option,  rounded up to the nearest whole Share.    CHART II—Performance Goal 2  Threshold Level Performance Goal 2 # Shares Earned  Minimum $12 ≤ Share Price < $15 One-sixth of the Maximum Number of Shares  Subject to the Option, rounded down to the  nearest whole Share.  Partial $15 ≤ Share Price < $20 An additional one-sixth of the Maximum  Number of Shares Subject to the Option,  rounded down to the nearest whole Share.  

 

      4  Target $20 ≤ Share Price < $25 An additional one-third of the Maximum  Number of Shares Subject to the Option,  rounded down to the nearest whole Share.  Maximum $25 ≤ Share Price The remaining one-third of the Maximum  Number of Shares Subject to the Option,  rounded up to the nearest whole Share.    II. Vested Options  Any portion of the Option that becomes Earned based on Charts I and II (such portion, an “Earned Portion”) shall  vest and become exercisable when the service conditions set forth in Charts III and/or IV below are met. For the  avoidance of doubt, an Earned Portion shall vest and become exercisable on the earliest possible date in Chart III or  Chart IV, based on the applicable Performance Goal achievement.  CHART III  When Performance Goal 1   Is Achieved Service Condition  Performance Goal 1 is  achieved on or before  December 31, 2022.  50% of the Earned Portion resulting from the achievement of such Performance  Goal shall become vested on March 31, 2023 and the remaining 50% of such  Earned Portion shall become vested on March 31, 2024, in each case: (A)  disregarding any portion of the Earned Portion that vested, or shall become  vested, as of an earlier date due to the satisfaction of a Performance Goal; and  (B) subject to Optionee’s continued employment or services through each  applicable date (unless otherwise provided in Section 3 of the Award  Agreement).   Performance Goal 1 is  achieved between January 1,  2023 and December 31, 2023  (inclusive of such dates).  100% of the Earned Portion resulting from the achievement of such Performance  Goal (but disregarding any portion thereof that vested, or shall become vested,  as of an earlier date due to the satisfaction of a Performance Goal) shall become  vested on March 31, 2024, subject to Optionee’s continued employment or  services through such date (unless otherwise provided in Section 3 of the Award  Agreement).  Performance Goal 1 is  achieved between January 1,  2024 and December 31, 2024  (inclusive of such dates).  100% of the Earned Portion resulting from the achievement of such Performance  Goal (but disregarding any portion thereof that became vested, or shall become  vested, as of an earlier date due to the satisfaction of a Performance Goal) shall  become vested on March 31, 2025, subject to Optionee’s continued employment  or services through such date (unless otherwise provided in Section 3 of the  Award Agreement).    CHART IV  When Performance Goal 2   Is Achieved Service Condition  Performance Goal 2 is  achieved only at the Minimum  level (and not at the Partial,  100% of the Earned Portion resulting from the achievement of such Performance  Goal shall become vested on December 31, 2022, subject to Optionee’s  continued employment or services through such date (unless otherwise provided  in Section 3 of the Award Agreement).   

 

      5  Target, or Maximum level) on  or before December 31, 2022.  Performance Goal 2 is  achieved at the Partial, Target,  or Maximum level on or before  December 31, 2022.  50% of the Earned Portion resulting from the achievement of such Performance  Goal shall become vested on December 31, 2022, and the remaining 50% of  such Earned Portion shall become vested on December 31, 2023, in each case:  (A) disregarding any portion of the Earned Portion that vested, or shall become  vested, as of an earlier date due to prior satisfaction of a Performance Goal; and  (B) subject to Optionee’s continued employment or services through each  applicable date (unless otherwise provided in Section 3 of the Award  Agreement).   Performance Goal 2 is  achieved between January 1,  2023 and December 31, 2023  (inclusive of such dates).  100% of the Earned Portion resulting from the achievement of such Performance  Goal (but disregarding any portion thereof that vested, or shall become vested,  as of an earlier date due to prior satisfaction of a Performance Goal) shall  become vested on December 31, 2023, subject to Optionee’s continued  employment or services through such date (unless otherwise provided in Section  3 of the Award Agreement).  Performance Goal 2 is  achieved between January 1,  2024 and December 31, 2024  (inclusive of such dates).  100% of the Earned Portion resulting from the achievement of such Performance  Goal (but disregarding any portion thereof that vested, or shall become vested,  as of an earlier date due to prior satisfaction of a Performance Goal) shall  become vested on December 31, 2024, subject to Optionee’s continued  employment or services through such date (unless otherwise provided in Section  3 of the Award Agreement).    III. Definitions  Definitions for Performance Goal 1  “Unlevered Operating Free Cash Flow” shall mean Adjusted EBITDA Excluding Non-Cash GAAP Straight- Line Lease Cost and Amortization less Net Capital Expenditures, in each case, measured for the trailing four  calendar quarters as of the measurement date. Unlevered Operating Free Cash Flow shall be measured on a  quarterly basis as of the last day of each calendar quarter.  “Adjusted EBITDA Excluding Non-Cash GAAP Straight-Line Lease Cost and Amortization” shall mean net  loss before income tax (benefit) provision, interest and other (income) expense, depreciation and amortization  expense, stock-based compensation expense, expense related to stock-based payments for services rendered by  consultants, income or expense relating to the changes in fair value of assets and liabilities remeasured to fair  value on a recurring basis, expense related to costs associated with mergers, acquisitions, divestitures and  capital raising activities, legal, tax and regulatory reserves or settlements, significant non-ordinary course asset  impairment charges and, to the extent applicable, any impact of discontinued operations, restructuring charges,  and other gains and losses on operating assets. This figure also excludes the impact of non-cash GAAP straight- line lease cost and amortization of lease incentives.  “Net Capital Expenditures” shall mean the gross purchases of property and equipment, as reported in “cash  flows from investing activities” in the consolidated statements of cash flows, less cash collected from landlords  for tenant improvement allowances, as reported in the “supplemental cash flow disclosures” schedule in the  cash flow statement.  

 

      6  Definitions for Performance Goal 2  “Share Price” shall be measured on a continuous basis during the period beginning on the first day after the  nine-month anniversary of the Applicable Event Date and ending on December 31, 2024, and shall mean the  volume-weighted average price of one share of the Company’s Class A Common Stock over the preceding 90  consecutive calendar day period that ends on such measurement date, as reported by Bloomberg. In the event  of a Public Company Acquisition, for purposes of this definition, references to “the Company’s Class A  Common Stock” will instead refer to the stock of the surviving entity or parent entity or other similar securities  that are publicly traded in connection with a Public Company Acquisition, and the Share Price may be  proportionately adjusted by the Board or the Committee, subject to any required action by the Board or the  stockholders of the Company and compliance with applicable securities laws. If the Company’s Class A  Common Stock is not publicly traded on any national securities exchange, “Share Price” shall be measured  only as of the closing date of a Capital Raise Transaction that occurs during the period beginning on the Grant  Date and ending on December 31, 2024, and shall mean the per share issue price or per share purchase price  of the Company’s securities that are issued or transferred in the Capital Raise Transaction.  “Applicable Event Date” means the date on which the Company becomes (or becomes a subsidiary of) a  publicly traded company with shares traded on the New York Stock Exchange, NASDAQ, or other similar  national exchange, by either (i) an IPO, or (ii) a Public Company Acquisition.  “Public Company Acquisition” shall mean an acquisition, merger, or other similar transaction whereby,  immediately following and as a result of such transaction, the common stock of the surviving entity or the  parent entity (or other similar securities) is publicly traded on a national stock exchange in a public offering  pursuant to an effective registration statement under the Securities Act.  “Capital Raise Transaction” shall mean any issuance, purchase or transfer of the Company’s securities after  the Grant Date that results in cash proceeds of at least $500 million to the Company. For the avoidance of  doubt, a Capital Raise Transaction shall not occur upon the issuance, purchase or transfer of the securities of a  subsidiary of the Company, including but not limited to WeWork Japan G.K., WeWork Asia Holding Company  B.V., or WeWork Greater China Holding Company B.V.  IV. Committee Authority   The Committee may, in its sole discretion, provide that any evaluation of performance under a Performance Goal shall  include or exclude any of the following items or events that occur during the relevant measurement period: (i) the  effects of charges for restructurings, discontinued operations, or unusual or infrequently occurring items, (ii) items of  gain, loss or expense determined to be unusual in nature or infrequent in occurrence or related to the disposal of a  segment of a business or related to a change in accounting principle, (iii) litigation, claims, judgments, settlements or  loss contingencies, (iv) the effect of changes in tax law, accounting principles or other such laws or provisions  affecting reported results, and/or (v) any other items of significant income or expense which are determined to be  appropriate adjustments.  The Committee shall have the authority (x) to equitably adjust the number of Shares underlying the Earned Portion of  the Option if it determines on or prior to the two-year anniversary of the date on which the Shares were previously  deemed Earned that a Performance Goal was erroneously determined to be achieved (or not to be achieved), and (y) to  require that Optionee return any Shares that would not have been exercisable but for such erroneous determination, in  exchange for the return of the exercise price paid with respect to such Shares.   

 

      7  EXHIBIT B    Section 3 of the  Performance Stock Option Agreement      3. TERMINATION.   3.1 Treatment Upon Termination.   (a) Qualifying Termination. In the event Optionee incurs a Qualifying  Termination (as defined below), (1) any portion of this Option (i) that is Earned pursuant to the Vesting Schedule  as of the Termination Date but unvested as of the Termination Date and (ii) that would have vested within the  same calendar year as the Termination Date if Optionee had continued in employment or continued providing  services through the applicable date set forth in the Vesting Schedule, shall immediately vest as of the Termination  Date, (2) any unvested portion of this Option that is not Earned as of the Termination Date, or that is  Earned but  does not vest in accordance with the preceding subclause (1), shall be immediately forfeited by Optionee and  cancelled as of the Termination Date, and (3) any vested portion of this Option (including any portion that vests  in accordance with the foregoing subclause (1)) shall remain exercisable by Optionee until the later of (A) the  tenth calendar day after the expiration of the period described in Section 10 (Market Standoff Obligations) below  and (B) the date that is three (3) months after such Termination Date; provided that in no event will any portion  of the Option be exercisable following the Expiration Date.  (b) Voluntary Resignation. In the event of Optionee’s resignation without  Good Reason at any time, (1) any unvested portion of this Option as of the Termination Date shall be immediately  forfeited by Optionee and cancelled as of the Termination Date and (2) any vested portion of this Option as of the  Termination Date shall remain exercisable by Optionee until the date that is three (3) months after such  Termination Date (or, if earlier, the Expiration Date).  (c) Cause Termination. In the event Optionee’s employment or other  service relationship with the Company terminates for Cause at any time, then this Option (whether earned or  unearned, vested or unvested) shall be immediately forfeited by Optionee and cancelled as of the Termination  Date, or at such later time and on such conditions as may be affirmatively determined by the Committee.  3.2 Post-Termination for Cause Determination. Notwithstanding  anything to the contrary, in the event that Optionee is Terminated other than for Cause and the Company  subsequently determines in good faith that either (a) Optionee breached, at any time, any invention or non- disclosure agreement and/or non-competition agreement and/or non-solicitation agreement with the Company or  its Affiliates, as applicable, which breach (if curable) is not cured within ten (10) days after written notice thereof  or (b) termination for Cause would have been warranted based on acts or omissions that occurred prior to  termination but became known to the Company thereafter, this Option shall be immediately forfeited by Optionee  and cancelled as of such date of determination with respect to all then-remaining Shares. For purposes of this  Section 3.2, acts or omissions will be deemed known to the Company if the head of the Company’s Legal or  Human Resources departments knew, or reasonably should have known, about such act or omission.  3.3 No Obligation to Employ. Nothing in the Plan or this Agreement shall  confer on Optionee any right to continue in the employ of, or other relationship with, the Company or any  Affiliate, or limit in any way the right of the Company or any Affiliate to terminate Optionee’s employment or  other relationship at any time, with or without Cause.  

 

      8  3.4 Definitions.  (a) Notwithstanding anything in the Plan to the contrary, “Cause” shall have  the meaning ascribed to such term in Optionee’s employment or service agreement with the Company or Affiliate  thereof. If no such agreement is in effect for Optionee, or such agreement does not contain a definition of such  term, then “Cause” shall mean: (1) Optionee’s gross negligence or gross misconduct in the performance of  Optionee’s duties; (2) Optionee’s refusal or willful failure to substantially perform Optionee’s duties to the  Company or the Affiliate of the Company that employs or retains Optionee, as applicable (“Employer”) after  Optionee was warned by the Company or Employer in writing as to Optionee’s failure to so perform and Optionee  failed to cure such failure within 10 days following such warning; (3) Optionee’s dishonesty, willful misconduct,  misappropriation, breach of fiduciary duty or fraud with regard to the Company or its Affiliates; (4) Optionee’s  violation of a confidentiality, non-solicitation, non-competition, or non-disparagement obligation to the Company  or its Affiliates, whether pursuant to agreement, policy or otherwise; (5) Optionee’s improper disclosure of  proprietary information or trade secrets of the Company, its Affiliates or their business; (6) Optionee’s  falsification of any records or documents of the Company or its Affiliates; (7) Optionee’s material non- compliance with a law or regulatory rule applicable to the Company’s business or any material Company policy,  including but not limited to the Company’s Workplace Conduct policy and its Code of Ethics; (8) Optionee’s  indictment for a felony or crime involving moral turpitude; (9) Optionee’s engaging in behavior that risks harm  to the reputation of the Company or its Affiliates or puts Optionee at material risk of being prohibited from  working for the Company; (10) Optionee’s other willful action that is materially harmful to the business, interests  or reputation of the Company or its Affiliates; or (11) Optionee’s failure to improve Optionee’s work performance  to an acceptable level after Optionee was warned by the Company in writing as to Optionee’s unsatisfactory  performance and Optionee failed to cure such failure within 10 days following such warning.  (b) “Good Reason” shall have the meaning ascribed to such term in  Optionee’s employment or service agreement with the Company or Affiliate thereof. If no such agreement is in  effect for Optionee, or such agreement does not contain a definition of such term, then “Good Reason” shall  mean: (1) the requirement by the Company that Optionee’s principal place of employment be relocated more than  50 miles from the city in which Optionee’s principal place of employment is located as of the Grant Date; or (2)  a material reduction in Optionee’s base salary, other than a reduction that is part of a broad-based reduction of  base salary applicable to similarly situated employees of the Company or the Employer, as applicable. Good  Reason shall not exist unless (a) the Company or the Employer, as applicable, has received written notice of such  Good Reason from Optionee within 30 days after the first occurrence of the alleged event of Good Reason, (b)  the Company or the Employer, as applicable, does not cure within 30 days after receipt of such notice, and (c)  Optionee terminates employment for Good Reason within 90 days following the first occurrence of such event.  (c) “Qualifying Termination” shall mean a termination of Optionee’s  employment: (i) by the Company without Cause, (ii) by Optionee for Good Reason, or (iii) due to Optionee’s  death or Disability.

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