Document:

a1014employmentagreement

1   DB1/ 110312273.12  EMPLOYMENT AGREEMENT  This Employment Agreement (the “Agreement”) is entered into by and between We  Work Management LLC (the “Company”) and Benjamin Dunham (“Executive”) (together, the  “Parties” and individually, a “Party”) as of the date Executive signs this Agreement. This  Agreement is effective as of October 1, 2020 (the “Effective Date”) and supersedes and replaces  all prior agreements between the Parties, including the Offer Letter entered into by the Parties  and effective as of January 5, 2018 (the “Offer Letter”), except as stated herein.  In consideration of the foregoing and in consideration of the mutual promises and  agreements contained herein, the Parties hereto agree as follows:  1. Position. (a) Executive shall be employed as Chief Financial Officer and be based in New York City, New York.  Executive shall report to the Company’s Chief Executive Officer  and will be a member of the Company’s senior executive team.  (b) Executive shall use Executive’s best efforts to perform all services diligently and to the best of Executive’s ability, and shall at all times carry out Executive’s duties  in a competent and professional manner and seek to enhance and promote the business of the  Company. Executive shall devote all business time and efforts to the affairs of the Company.  With the Company’s prior written approval, Executive may serve as a member of the board of  for-profit and nonprofit organizations, provided that such activities do not interfere with  Executive’s performance of Executive’s responsibilities to the Company.    2. At-Will Employment. Executive shall be an at-will employee of the Company. This means that Executive’s employment relationship with the Company, and this Agreement,  may be terminated by either Party, for any reason, at any time, with or without notice and with or  without Cause (as defined in Section 9(e)(i) below).  3. Salary. Effective as of the Effective Date, the Company shall pay Executive an annual base salary of $600,000.00, paid in installments in accordance with the Company’s  regular payroll practices (“Base Salary”). Executive’s Base Salary shall be reviewed  periodically by the Compensation Committee of the Board of Directors of The We Company (the  “Compensation Committee”) pursuant to the normal performance review policies for members  of the senior executive team and may be adjusted from time to time as the Compensation  Committee deems appropriate.  The Board of Directors of The We Company (the “Board”) can  take any actions of the Compensation Committee pursuant to this Agreement.  4. Bonuses. (a) Annual Bonus. Executive shall be eligible for an annual bonus award, based on the attainment of individual and corporate performance goals and targets established by  the Compensation Committee (“Annual Bonus”). Except as provided herein, the target amount  of Executive’s Annual Bonus for any calendar year is 100% of Executive’s annual Base Salary  (“Target Bonus”) and the maximum Annual Bonus payable for any calendar year is 150% of the  Target Bonus. Any Annual Bonus, and the amount thereof, shall be within the sole and absolute  DocuSign Envelope ID: D1B44D2E-8DF3-43B1-A4F5-C5FEBB6AC791 Exhibit 10.14 

 

   2     discretion of the Compensation Committee and shall range from 0% to 150% of the Target  Bonus; provided that for calendar year 2020, (A) the Target Bonus (as defined above) shall be  determined with respect to the period commencing on the Effective Date and ending on  December 31, 2020, (B) the target amount of Executive’s Annual Bonus for the period  commencing on January 1, 2020 and ending on the date immediately prior to the Effective Date  shall be 40% of Executive’s annual base salary rate in effect for such period, and (C) the amount  of the Annual Bonus shall range from 50% to 150% of the Executive’s aggregate target bonus  amount as determined pursuant to clauses (A) and (B) of this proviso. Except as set forth in  Sections 9(b) and 9(c), in order to receive any Annual Bonus, Executive must be employed by  (without having given or received notice of termination), and in good standing with, the  Company at the time of payment of the Annual Bonus. Any Annual Bonus will be paid between  January 1 and March 15 of the calendar year following the calendar year to which the Annual  Bonus relates and may be paid pursuant to the Company’s annual bonus plan then in effect,  provided that the terms of Executive’s Annual Bonus pursuant to such plan shall be consistent  with the terms of this Agreement.  (b) Retention Bonus. For the avoidance of doubt, this Agreement does not  amend or replace any of the terms and conditions of the retention bonus letter between Executive  and the Company, dated November 15, 2019 (the “Retention Bonus Letter”).  5. Equity Awards.  (a) Existing Equity Awards. For the avoidance of doubt, with respect to any  equity incentive awards previously granted to Executive (the “Existing Equity Awards”), the  award agreements and the equity incentive plans pursuant to which such awards were granted  will continue to govern and, except as specifically provided in Sections 9(b)(iv) and 9(c)(iii), this  Agreement does not amend or replace any of the terms and conditions of such awards.  (b) Prospective Equity Awards. In the fourth quarter of calendar year 2020,  Executive will be granted a stock option with respect to 300,000 shares of Class A Common  Stock of The We Company (“Shares”). The per-Share exercise price of the stock option shall be  equal to the fair market value of a Share on the date of grant. The stock option will vest and  become exercisable over three years with 1/3rd vesting and becoming exercisable on November  9, 2021, and the remaining 2/3rd vesting and becoming exercisable in eight substantially equal  quarterly installments thereafter until fully vested and exercisable on the third anniversary of the  Effective Date, in each case, subject to Executive’s continued employment through the  applicable vesting date, and will have such other terms as the Compensation Committee deems  appropriate, consistent with grants made to other employees of the Company. The stock option  will be granted under The We Company 2015 Equity Incentive Plan, as amended and restated, or  its successor (“Equity Plan”). In addition, in the fourth quarter of calendar year 2020, Executive  will receive a performance-vesting stock option under the Equity Plan with respect to a target of  300,000 Shares, which will be subject to the terms and conditions set forth in an award  agreement delivered to Executive under separate cover. During Executive’s employment  hereunder, Executive shall be eligible to receive annual equity awards under the Equity Plan  covering a number of Shares and in the form determined by the Compensation Committee,  provided that Executive will not be eligible for an annual equity award in the 2021 calendar year.  DocuSign Envelope ID: D1B44D2E-8DF3-43B1-A4F5-C5FEBB6AC791 

 

   3     6. Benefits. Executive shall be eligible to participate in the employee benefit plans  and programs maintained by the Company for its employees from time to time, at a level  consistent with the benefits provided to other senior executives, subject to the provisions of the  respective plans and programs. Nothing in this Agreement shall preclude the Company from  terminating or amending any employee benefit plan or program from time to time after the  Effective Date.  7. Paid Time Off. Executive shall be entitled to vacation, holiday and sick leave, in  accordance with the Company’s time off and leaves of absence policies.  8. Company Policies. In consideration for the Company entering into this  Agreement, Executive shall execute the Company’s updated Employee Dispute Resolution  Program, which is annexed hereto as Exhibit A, the terms of which shall survive termination of  this Agreement and Executive’s employment. Executive has previously executed the Company’s  Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement, which is annexed  hereto as Exhibit B, the terms of which shall survive termination of this Agreement and  Executive’s employment. Executive agrees to comply with all other Company policies.  9. Termination of Employment.  (a) Any Termination. Upon any termination of employment, Executive shall  be entitled to the following: (i) any accrued and unpaid Base Salary; (ii) payment for accrued and  unused vacation time; and (iii) any rights surviving termination of employment under any  employee benefit plan or program or compensation arrangement in which Executive participates,  pursuant to its respective terms.  (b) Involuntary Termination by the Company without Cause or by  Executive for Good Reason. Subject to Section 9(d) below, in the event the Company  terminates Executive’s employment without Cause (including a termination on account of  Executive’s Disability (as defined in Section 9(e)(iii) below)) or Executive terminates  Executive’s employment for Good Reason, Executive shall be entitled to the following, in  addition to the payments and benefits provided in Section 9(a):  (i) Twelve (12) months of Executive’s Base Salary, at the rate then in  effect on the date of Separation (as defined in Section 23 below); provided that, if the  termination is for Good Reason on account of a material reduction in Executive’s Base Salary,  this amount will be calculated at the rate in effect immediately prior to such reduction.  (ii) A pro-rated Target Bonus for the calendar year in which the  Separation occurs, which shall be determined by multiplying the Target Bonus for the calendar  year in which the Separation occurs, by a fraction, the numerator of which is the number of days  during which Executive was employed by the Company in such calendar year and the  denominator of which is 365 (“Pro-Rated Target Bonus”).  (iii) Provided that Executive is eligible for and timely elects  continuation coverage under COBRA, a monthly payment which is equal to, on an after-tax  basis, the COBRA premiums for continued health care coverage under the Company’s group  health plans for Executive and Executive’s eligible dependents, less the monthly amount that  DocuSign Envelope ID: D1B44D2E-8DF3-43B1-A4F5-C5FEBB6AC791 

 

   4     Executive would have paid as an active employee for such coverage (“COBRA  Reimbursement”). The Company will pay Executive the COBRA Reimbursements for the  period from Separation until the earliest to occur of (1) twelve (12) months after the date of  Separation; (2) the date Executive becomes eligible for group health insurance coverage through  a subsequent employer; or (3) the date Executive ceases to be eligible for COBRA coverage for  any reason, including plan termination (each of the events set forth in subsections (2) and (3) in  this Section 9(b)(iii) shall be referred to herein as a “Disqualifying Event”). Executive is  required to notify the Company within five (5) days of becoming aware that a Disqualifying  Event has occurred or will occur.  (iv) Executive’s vested stock options will remain exercisable until the  earlier to occur of (1) the tenth (10th) day following the expiration of the Lockup Period (defined  below) and (2) the ten (10) year anniversary of the applicable grant date. The “Lockup Period”  is a period of up to 180 days (plus up to an additional 35 days to the extent reasonably requested  by The We Company or its underwriter(s) to accommodate regulatory restrictions on the  publication or other distribution of research reports or earnings releases by The We Company)  following an initial public offering of The We Company.  (v) Any Annual Bonus for the calendar year preceding Executive’s  Separation that has not yet been paid as of Executive’s Separation.  (c) Termination on Account of Death.  Subject to Section 9(d) below, in the  event Executive’s employment is terminated on account of Executive’s death, Executive’s estate  and dependents shall be entitled to the following, in addition to the payments and benefits  provided in Section 9(a):  (i) A Pro-Rated Target Bonus.   (ii) Provided that Executive’s eligible dependents are eligible for and  timely elect continuation coverage under COBRA, a monthly payment which is equal to, on an  after-tax basis, the COBRA premiums for continued health care coverage under the Company’s  group health plans for Executive’s eligible dependents, less the monthly amount that Executive  would have paid as an active employee for such coverage (“Dependent COBRA  Reimbursement”). The Company will pay Executive’s estate the Dependent COBRA  Reimbursements for the period from Separation until the earliest to occur of (1) twelve (12)  months after the date of Separation; (2) the date Executive’s eligible dependents become eligible  for group health insurance coverage through an employer; or (3) the date Executive’s eligible  dependents cease to be eligible for COBRA coverage for any reason, including plan termination  (each of the events set forth in subsections (2) and (3) in this Section 9(c)(ii) shall be referred to  herein as a “Dependent Disqualifying Event”). Executive’s eligible dependents are required to  notify the Company within five (5) days of becoming aware that a Dependent Disqualifying  Event has occurred or will occur.  (iii) Executive’s vested stock options will remain exercisable until the  earlier to occur of (1) the tenth (10th) day following the expiration of the Lockup Period and (2)  the 10-year anniversary of the applicable grant date.  DocuSign Envelope ID: D1B44D2E-8DF3-43B1-A4F5-C5FEBB6AC791 

 

   5     (iv) Any Annual Bonus for the calendar year preceding Executive’s  Separation that has not yet been paid as of Executive’s Separation.  (d) Form and Timing of Payment. None of the payments in Sections 9(b) or  9(c) above shall apply unless Executive (or Executive’s estate, if applicable) (i) has returned all  Company property in Executive’s possession, (ii) has resigned as an officer and member of the  Board and/or its subsidiaries and affiliates (as applicable), and (iii) has executed a separation  agreement and general release of the Company and its affiliates, and each of their respective  employees, officers, directors, owners, members, and other persons affiliated with the Company  or its affiliates (the “Separation Agreement”), in a form reasonably prescribed by the Company.  Executive (or Executive’s estate, if applicable) must execute and return the Separation  Agreement on or before the date specified by the Company, which will in no event be later than  52 days after the date of Separation. Subject to Section 10 and Section 23 hereof: (A) payments  under Sections 9(b)(i), 9(b)(iii), and 9(c)(ii) will be made over the 12-month period (or such  shorter period in the event of a Disqualifying Event or Dependent Disqualifying Event, as  applicable) following Executive’s Separation in installments in accordance with the Company’s  normal payroll practices and will commence within 60 days after Executive’s Separation, with  any installments not paid between Separation and the date of the first payment included in the  first payment, (B) payments under Sections 9(b)(ii) and 9(c)(i) will be made in a lump sum  within 60 days after Executive’s Separation, and (C) payment of any Annual Bonus under  Sections 9(b)(v) and 9(c)(iv) will be paid in a lump sum at the same time as annual bonuses are  paid to other executives of the Company. Notwithstanding anything to the contrary herein, if the  period in which Executive can execute and return the Separation Agreement spans two calendar  years and if any of the payments described in this Section 9(d) are nonqualified deferred  compensation subject to Section 409A of the Code (“Section 409A”), payments described in this  Section 9(d) shall be made or commence in the second calendar year.  (e) Definitions.  (i) “Cause” shall mean: (1) Executive’s gross negligence or gross  misconduct in the performance of Executive’s employment duties; (2) Executive’s refusal or  willful failure to substantially perform Executive’s duties to the Company after Executive was  warned by the Company in writing as to Executive’s failure to so perform and Executive failed  to cure such failure within ten (10) days following such warning; (3) Executive’s dishonesty,  willful misconduct, misappropriation, breach of fiduciary duty or fraud with regard to the  Company or its affiliates; (4) Executive’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) Executive’s improper disclosure of proprietary  information or trade secrets of the Company, its affiliates or their business; (6) Executive’s  falsification of any records or documents of the Company or its affiliates; (7) Executive’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) Executive’s indictment for a felony or crime involving moral  turpitude; (9) Executive’s engaging in behavior that risks harm to the reputation of the Company  or its affiliates or puts Executive at material risk of being prohibited from working for the  Company; or (10) Executive’s other willful action that is materially harmful to the business,  interests or reputation of the Company or its affiliates.  DocuSign Envelope ID: D1B44D2E-8DF3-43B1-A4F5-C5FEBB6AC791 

 

   6     (ii) “Code” means the Internal Revenue Code of 1986, as amended  from time to time, or any successor thereto.  (iii) “Disability” shall mean that Executive has incurred a “permanent  and total disability” within the meaning of Section 22(e)(3) of the Code.  (iv) “Good Reason” shall mean (1) a material diminution in  Executive’s duties, responsibilities and authority, (2) the requirement by the Company that  Executive’s principal place of employment be relocated more than 50 miles from New York  City; or (3) a material reduction in Executive’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. Good Reason shall not exist unless (a) the Company has received written notice of  such Good Reason from Executive within thirty (30) days of the first occurrence of the alleged  event of Good Reason, (b) the Company does not cure within thirty (30) days after receipt of  such notice, and (c) Executive terminates employment for Good Reason within ninety (90) days  following the first occurrence of such event.  10. Section 280G. To the extent that any payments to be made to Executive under  this Agreement or otherwise as a result of a “change in ownership or control” (including any  accelerated vesting of equity awards) could be “excess parachute payments” for purposes of  Sections 280G and 4999 of the Code, then, to the extent the Company is not publicly-traded for  purposes of the applicable regulations at such time, the Company and Executive shall attempt in  good faith to obtain a shareholder vote under circumstances that satisfy the shareholder approval  requirements of Section 280G(b)(5) of the Code in order to avoid adverse tax consequences for  the Company and Executive under Sections 280G and 4999 of the Code, provided Executive  waives Executive’s right to retain any parachute payments submitted to a vote in the event that  the shareholders do not approve such payments. If such shareholder approval is not obtained, the  payments (or, acceleration, as applicable) shall be reduced in a manner consistent with the  requirements of Section 409A. If such shareholder approval is not available, the payments  (including equity awards) shall be reduced in a manner consistent with the requirements of  Section 409A if, and solely to the extent that, such reduction will cause Executive to retain, on an  after-tax basis taking into account any excise tax imposed by Section 4999 of the Code, a greater  amount of such payments than would be the case if there were no such reduction.  Any  determination of reduction of payments pursuant to this Section 10 shall be made by an  accounting firm selected by the Company. Such determination shall be binding upon the  Company and Executive, and the fees of such firm shall be paid by the Company.  11. No Conflict. Executive represents and warrants that Executive is free to enter into  this Agreement and the agreements referenced herein, and that Executive has no contractual  commitments, restrictions, or obligations that will in any way preclude or interfere with  Executive’s continued employment by the Company, Executive’s conduct of Company business,  or performance of Executive’s duties. Executive further represents and warrants that Executive  will not bring or disclose, and that Executive has not brought or disclosed to the Company any  confidential or proprietary information of any former employer.  12. Indemnification. In the event Executive is made, or threatened to be made, a  party to any legal action or proceeding, whether civil or criminal, including any governmental or  DocuSign Envelope ID: D1B44D2E-8DF3-43B1-A4F5-C5FEBB6AC791 

 

   7     regulatory proceedings or investigations, by reason of the fact that Executive is or was a director  or officer of The We Company or any of its subsidiaries (including the Company), Executive  shall be indemnified by the Company, to the fullest extent permitted by applicable law and The  We Company’s articles of incorporation and bylaws.  13. Cooperation. Executive agrees that, upon the Company’s reasonable notice to  Executive, Executive shall fully cooperate with the Company in investigating, defending,  prosecuting, litigating, filing, initiating or asserting any actual or potential claims or  investigations that may be made by or against the Company to the extent that such claims or  investigations may relate to any matter in which Executive was involved (or alleged to have been  involved) while employed with the Company (or, if applicable, any affiliate of the Company) or  of which Executive has knowledge by virtue of Executive’s employment with the Company  (or,  if applicable, any affiliate of the Company). Upon submission of appropriate documentation,  Executive shall be reimbursed for reasonable and pre-approved out-of-pocket expenses incurred  in rendering such cooperation.  14. Notices. All notices, consents, waivers, and other communications under this  Agreement must be in writing and shall be deemed to have been given (a) on the day sent, if  delivered by hand or email (with confirmation), or (b) on the business day after the day sent if  delivered by a recognized overnight courier, to the following addresses (or such other addresses  as a Party may designate by notice to the other Party):  To Executive:  At the address on file in the Company’s personnel records  To the Company:  The We Company  115 West 18th Street  New York, New York 10011  Attn: Chief Legal Officer  15. Successors and Assigns. This Agreement shall be binding on, and inure to the  benefit of, the Parties and their respective legal representatives, successors, and permitted  assigns, and nothing herein is intended to confer any right, remedy, or benefit upon any other  person. Executive may not assign or transfer any of Executive’s rights and obligations under this  Agreement without the prior written consent of the Company.  16. Entire Agreement. This Agreement, together with the Employee Dispute  Resolution Program and the Invention, Non-Disclosure and Non-Solicitation Agreement  (attached hereto as Exhibit A and Exhibit B, respectively), and the agreements governing the  Existing Equity Awards and the Retention Bonus Letter, constitute the entire understanding and  agreement between Executive and the Company with respect to the subject matter hereof and  supersede all prior negotiations and understandings, whether written or oral, relating to such  subject matter. Executive acknowledges that neither the Company nor its agents have made any  promise, representation, or warranty whatsoever, either express or implied, written or oral,  which is not contained in this Agreement. Notwithstanding any contrary provision of this  Agreement or of the Offer Letter, this Agreement entirely replaces and supersedes the Offer  DocuSign Envelope ID: D1B44D2E-8DF3-43B1-A4F5-C5FEBB6AC791 

 

   8     Letter and after the Effective Date, Executive will not receive any payments, benefits or other  rights or entitlements under the Offer Letter.  17. Amendment and Waiver. The terms of this Agreement may not be modified,  waived, changed, discharged, or terminated, except by an agreement in writing signed by the  Parties. No term or condition of this Agreement shall be waived, nor shall there be any estoppel  against enforcement of any provision of this Agreement, except by written instrument of the  Party charged with such waiver or estoppel. No such written waiver shall be a continuing waiver  unless specifically stated therein, and each such waiver shall operate only as to the specific term  or condition waived and shall not constitute a waiver of such term or condition for the future or  as to any act other than that specifically waived.  18. Severability. Each provision and term of this Agreement should be interpreted in  a manner to be enforceable and valid, but if any provision or term is held, in whole or in part, to  be invalid or unenforceable, then such invalidity or unenforceability shall not affect the validity  or enforceability of the other provisions and terms, and such other provisions and terms shall  remain in full force and effect.  19. Governing Law. This Agreement shall be governed by the laws of the State of  New York without reference to the conflict or choice of laws provisions thereof.  20. Dispute Resolution. In the event of any dispute arising under or relating to this  Agreement, Executive and the Company agree that any such dispute shall be resolved pursuant  to the Employee Dispute Resolution Program.  21. Counterparts. This Agreement may be executed in counterparts, each of which  shall be deemed an original but all of which together shall constitute one and the same  instrument.  22. Tax Matters.  (a) Withholding. All forms of compensation referred to in this Agreement are  subject to reduction to reflect applicable withholding and payroll taxes and other deductions  required by law.  (b) Tax Advice. Executive is encouraged to obtain Executive’s own tax  advice regarding Executive’s compensation from the Company.  23. Section 409A. The Parties intend for the payments and benefits under this  Agreement to be exempt from Section 409A or, if not so exempt, to be paid or provided in a  manner which complies with the requirements of such section, and intend that this Agreement  shall be construed and administered in accordance with such intention. Notwithstanding anything  contained herein to the contrary, Executive shall not be considered to have terminated  employment with the Company for purposes of any payments under this Agreement until  Executive would be considered to have incurred a separation from service from the Company  within the meaning of Section 409A (a “Separation”). Each amount to be paid or benefit to be  provided under this Agreement shall be construed as a separate identified payment for purposes  of Section 409A. Without limiting the foregoing and notwithstanding anything contained herein  DocuSign Envelope ID: D1B44D2E-8DF3-43B1-A4F5-C5FEBB6AC791 

 

   9     to the contrary, to the extent required in order to avoid accelerated or additional taxation and/or  tax penalties under Section 409A, amounts that would otherwise be payable and benefits that  would otherwise be provided pursuant to this Agreement or any other arrangement between  Executive and Company during the six (6) month period immediately following Executive’s  Separation shall instead be paid on the first business day after the date that is six (6) months  following Executive’s Separation (or, if earlier, Executive’s date of death). To the extent  required to avoid an accelerated or additional tax under Section 409A, amounts reimbursable to  Executive under this Agreement or any other arrangement between Executive and Company  shall be paid to Executive on or before the last day of the calendar year following the calendar  year in which the expense was incurred and the amount of expenses eligible for reimbursement  (and in kind benefits provided to Executive) during one calendar year may not affect amounts  reimbursable or provided in any subsequent calendar year. Notwithstanding anything set forth  herein to the contrary, to the extent that any severance amount payable under a plan or agreement  that Executive may have a right or entitlement to as of the date of this Agreement constitutes  non-qualified deferred compensation under Section 409A, then to the extent required to avoid  accelerated or additional taxation and/or tax penalties under Section 409A, the portion of the  benefits payable hereunder equal to such other amount shall instead be provided in the form set  forth in such other plan or agreement. The Company makes no representation that any or all of  the payments described in this Agreement will be exempt from or comply with Section 409A and  makes no undertaking to preclude Section 409A from applying to any such payment. Executive  shall be solely responsible for the payment of any taxes and penalties incurred under Section  409A.  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]  DocuSign Envelope ID: D1B44D2E-8DF3-43B1-A4F5-C5FEBB6AC791 

 

DB1/ 110312273.12       10     IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be  executed on the date first written above.  WE WORK MANAGEMENT LLC  BENJAMIN DUNHAM      By: Matt Jahansouz  Date:  Title: Chief People Officer            DocuSign Envelope ID: D1B44D2E-8DF3-43B1-A4F5-C5FEBB6AC791 October 1, 2020a1015employmentagreement

wework.  1  WeWork UK – Anthony Yazbeck  18 November 2020  VIA EMAIL   Anthony Yazbeck  anthony.yazbeck@wework.com  Dear Anthony,  This agreement sets out the revised terms of your employment with WeWork International Limited (the  successor to WeWork UK Limited, the “Company”) and supersedes and replaces the terms of your employment  offer letter agreement dated 10th January 2020 and any other employment contract between you and any  Group Company.  For the sake of clarity, this agreement does not supersede or replace the Employee  Intellectual Property, Non-Competition, and Confidentiality Agreement you previously executed.  Please sign and return a copy of this agreement to the Company by no later than 23 November 2020 to confirm  your acceptance of the terms herein. This agreement will become a legally binding agreement once it is signed  and dated by you, and returned to the Company by the date requested.  1. COMMENCEMENT OF EMPLOYMENT 1.1 Your employment with the Company under this agreement shall commence on the date that you sign and return this agreement to the Company.  Your continuous employment with the Group Company commenced on March 14th, 2016. 1.2 Your continued employment is conditional upon you being legally entitled to work in the UK without  any additional approvals.   2. JOB TITLE AND DUTIES 2.1 You are employed as President & Chief Operating Officer, International and will be a member of the company’s senior executive team. 2.2 You will be required to undertake such additional duties for the Company and any Group Company as  the Company may reasonably require from time to time. If requested to do so you shall also take up  employment with any Group Company in place of or as well as the Company even where such Group  Company is based overseas in which case all references to the Company shall be read as references  to such Group Company.    2.3 You agree to devote your full business time, attention and best efforts to the performance of your  duties and to the furtherance of the Company's and the Group Company's interests. You will not during  your employment with the Company, except with the prior written consent of the Company, be directly  or indirectly engaged, concerned or interested in any other business or occupation whatsoever, save  that, with the Company’s prior written approval, you may serve as a member of the board of for profit  and non-profit organizations, provided that such activities do not interfere with your performance of  your responsibilities to the Company.  3. PLACE OF WORK 3.1 Your normal place of work is London, but you understand and agree that, as directed by your manager, you may be required to travel as part of your role both inside and outside the UK and may be required to perform services or work at any other of the Company's or any Group Company's premises either inside or outside the UK from time to time. If any work requirement is determined by the Company Exhibit 10.15 

 

wework.    2  WeWork UK – Anthony Yazbeck  to constitute a change to the terms of your employment, you and your manager will use your  respective best efforts to come to agreement on the details of any such arrangement.   4. HOURS OF WORK   4.1 Your normal hours of work are 9.00 am to 6.00 pm Monday to Friday inclusive.  However, due to the  nature of your role the Company expects you to work such hours necessary to perform your duties  without additional pay.  4.2 You agree that, by virtue of your senior / managerial position, your working time cannot be measured  and your employment therefore falls within the scope of regulation 20 of the Working Time Regulations  1998.  In any event, you agree to work in excess of an average of 48 hours per week should the  Company require you to do so.  5. PAY  5.1 Your basic salary will be GBP 579,904 per annum (“Base Salary”) (less appropriate withholdings for  tax and National Insurance contributions) and will be paid monthly in arrears on the twenty-fifth day  of each month, or on the first working day thereafter by credit transfer into your nominated bank or  building society account. Your Base Salary shall be reviewed periodically by the Compensation  Committee of WeWork Inc.’s Board of Directors (the “Compensation Committee”) pursuant to the  normal performance review policies for members of the senior executive team and may be adjusted  from time to time as the Compensation Committee deems appropriate. Any changes in your salary  will be confirmed to you, and WeWork Inc.’s Board of Directors can take any actions of the  Compensation Committee pursuant to this agreement.  For the avoidance of doubt, there will be no  salary review after you or we have given notice of termination of your employment.  5.2 You will be reimbursed for proper and reasonable business expenses authorised by the Company,  provided you produce evidence of such expense in a form required by the Company and comply with  its expenses policies and procedures from time to time. The Company reserves the right to refuse to  reimburse expense claims that do not comply with its policies.  6. BONUS  6.1 You shall be eligible to be considered for an annual discretionary bonus award, based on the  attainment of individual, corporate and/or other performance goals as may be established from time  to time by the Compensation Committee (“Annual Bonus”).   6.2 The target amount of your Annual Bonus for any calendar year is 100% of your annual Base Salary  (“Target Bonus”) and the maximum Annual Bonus payable for any calendar year is 150% of the  Target Bonus. Any Annual Bonus, and the amount thereof, shall be within the sole and absolute  discretion of the Compensation Committee and shall range from 0% to 150% of the Target Bonus;  provided that for calendar year 2020, the amount of the Annual Bonus shall range from 50% to 150%  of the Target Bonus.   6.3 Any Annual Bonus will be paid between January 1 and March 15 of the calendar year following the  calendar year to which the Annual Bonus relates and may be paid pursuant to the Company’s annual  bonus plan then in effect, provided that the terms of Executive’s Annual Bonus pursuant to such plan  shall be consistent with the terms of this agreement.  6.4 Except as provided in clause 11.6 below, no Annual Bonus will be paid if, for whatever reason, as at  the date on which a bonus might otherwise have been payable:  (1) you are not employed by us;  (2) you have been given notice of termination of employment;  

 

wework.    3  WeWork UK – Anthony Yazbeck  (3) you have given us notice of termination of employment; and/or  (4) you are under investigation and/or subject to disciplinary proceedings in relation to any  wrong-doing or potential wrong-doing.   6.5 Any bonus is not part of your contractual remuneration and is not pensionable. The fact that we pay  you a bonus in one year does not mean that you will receive a bonus in any later year and you should  not expect this.  7. HOLIDAYS  7.1 The Company's holiday year runs from 1 January to 31 December. You are entitled to a number of  days of holiday per annum consistent with the policy that the Company maintains for its employees  from time to time, at a level consistent with that provided to other senior executives in the United  Kingdom, subject to the provisions of the applicable policy ("Holiday Entitlement"). Unless  otherwise stated, the Holiday Entitlement shall be inclusive of 8 public holidays in England and Wales.   Holiday Entitlement is inclusive of statutory holiday under the Working Time Regulations 1998  ("Statutory Holiday").  7.2 If you wish to take holiday of more than 5 working days consecutively you must give at least  eight weeks’ notice of proposed holiday days. For all holidays you must give three weeks' notice  of proposed holiday days. In both cases, these must then be approved by your direct supervisor.  The Company reserves the right to refuse any holiday request and to nominate days which must  be taken as part of your holiday entitlement.  7.3 Untaken Holiday Entitlement in any holiday year may not be carried forward to any following  holiday year and such Holiday Entitlement will be forfeited without any right to payment in lieu.  7.4 During any period when you are absent from work due to illness or injury or other incapacity you shall  not accrue any holiday in excess of your entitlement to Statutory Holiday. In any holiday year, the  first 5.6 weeks of any paid holiday taken by you shall be deemed to be Statutory Holiday, including  paid holiday taken on public or bank holidays.  7.5 Holiday Entitlement for any part of the year worked will be calculated on a pro rata basis at the  rate of days per complete calendar month worked. On termination of your employment you shall  be entitled to salary in lieu of any outstanding holiday entitlement which shall be based on your  maximum Statutory Holiday entitlement only and not on your entitlement under clause 7.1. If  you have taken more holiday than your pro rata Holiday Entitlement you will be required to repay  (including by way of deduction from any monies which would otherwise be payable to you) to the  Company any salary received in respect of the excess.  7.6 The Holiday Entitlement must be taken by you on any designated WeWork company shutdown days  (as will be notified to you from time to time), except where such days coincide with public holidays  which would already result in office closure.  8. SICKNESS ABSENCE  8.1 If you are absent from work because of sickness or injury you must:  8.1.1 notify your immediate line manager before 9.30 am on the first morning of absence and, if  absent for more than one day, keep your immediate line manager regularly informed of the  expected duration of your absence;  8.1.2 complete and return to the Company a self-certification form in respect of the first 7 days  (including weekends) of any sickness absence;  

 

wework.    4  WeWork UK – Anthony Yazbeck  8.1.3 if requested by the Company, provide the Company with a medical certificate from your GP  or other registered medical practitioner for periods of sickness absence in excess of seven  days (including weekends) or more and with medical certificates for each subsequent week  of sickness absence;  8.1.4 if requested by the Company undergo a medical examination at the expense of the Company  with a medical practitioner nominated by the Company;  8.1.5 if requested by the Company give written permission to the Company to have access to any  medical or health report in its complete form prepared by any health professional on your  physical or mental condition.  8.2 You will be entitled, subject to the Company's discretion, to sickness benefits as set out in the  Company handbook. Company sick pay will not be paid if you fail to follow the notification  requirements set out in clause 8.  9. PENSION AND BENEFITS  9.1 The Company will comply with the employer pension duties in accordance with Part 1 of the Pensions  Act 2008.   9.2 You will be entitled to participate in such Company benefit plans and programs as are in place from  time to time or which may be introduced in the future at a level consistent with the benefits provided  to other senior executives in the United Kingdom, subject to the rules of such plans or programs from  time to time (and the rules of any replacement plans provided by the Company). Where a plan provider  refuses for any reason to provide any benefits to you, the Company will not be liable to provide any  replacement benefit of the same or similar kind, or compensation in lieu. Nothing in this agreement  shall preclude the Company or any Group Company from terminating or amending any employee  benefit plan or program from time to time in place at any time.  10. DATA PROTECTION  10.1 For the purposes of data protection law under the General Data Protection Regulation (“GDPR”), the  Company is a data controller in respect of your personal data. In order to comply with its obligations  and responsibilities under the GDPR, the Company will make information about the processing of your  personal data available to you in its Employee Privacy Notice. The Employee Privacy Notice was  previously provided to you and is also available on the Company’s intranet. The Employee Privacy  Notice does not have contractual force or effect.  11. TERMINATION OF YOUR EMPLOYMENT  11.1 The written notice required to terminate your employment from you (including due to your resignation)  or from the Company is not less than six months.   11.2 The Company may terminate your employment without notice, and without payment or compensation  in lieu of notice, for Cause (as defined in Section 11.6.6) or if:  11.2.1 you are guilty of gross misconduct (including any of the examples of gross misconduct given  in our disciplinary procedure from time to time);  11.2.2 you are charged with and/or convicted of a criminal offence, other than an offence which in  our opinion does not affect your position as an employee of the Company;  11.2.3 you bring the name or reputation of the Company or any other Group Company into disrepute  or you prejudice the interests or business of the Company or any other Group Company;  

 

wework.    5  WeWork UK – Anthony Yazbeck  11.2.4 you have a bankruptcy order made against you or if you make any arrangement or  composition with your creditors or have an interim order made against you pursuant to  Section 252 of the Insolvency Act 1986;  11.2.5 you fail to acquire or retain any professional or regulatory qualification or permission which  is necessary for you to carry out your duties under this agreement; or  11.2.6 you materially breach WeWork’s Code of Conduct and Ethics or other applicable compliance  policies, the terms of this agreement, or the Employee Intellectual Property, Non- Competition, and Confidentiality Agreement you previously executed, and do not remedy the  breach within 10 days.  11.3 As an alternative to giving notice under clause 11.1 and without prejudice to the provisions of clause  11.2, the Company may terminate your employment with immediate effect by notifying you (a) that  it is doing so and (b) that it will make a payment in lieu of notice. If the Company exercises its right  to terminate your employment pursuant to this clause, the payment in lieu of notice will be paid within  28 days, and will consist of the basic salary (but not the other benefits nor any sum in respect of  bonus, nor any holiday entitlement which might have accrued had you worked your notice) to which  you would have been entitled during the period of notice of termination provided for in clause 11.1.   11.4 Once notice has been given, either by us or by you, under clause 11.1, and without prejudice to the  provisions of clause 11.2, the Company may terminate your employment with immediate effect by  notifying you (a) that it is doing so and (b) that it will make a payment in lieu of the remainder of  your notice period. If the Company exercises its right to terminate your employment pursuant to this  clause, the payment in lieu of the remainder of your notice period will be paid within 28 days, and will  consist of the basic salary (but not the other benefits or nor any sum in respect of bonus, nor any  holiday entitlement which might have accrued had you worked your notice) to which you would have  been entitled during the remainder of your notice period.  11.5 None of the benefits granted to you under this agreement (including those in clauses 6 and 8) will  prevent the Company terminating the employment for whatever reason even if such termination  results in you losing any existing or prospective benefits. On termination (however arising) you shall  not be entitled to compensation for the loss of any rights or benefits under any scheme operated by  the Company or any Group Company in which you may participate.  11.6 Subject to clause 11.6.4 below, in the event the Company terminates your employment without Cause  as defined below, you shall be entitled to the following, in addition to the payment in lieu of notice  referred to in clauses 11.3 and 11.4:   11.6.1 A sum equivalent to 6 months’ basic salary, at the rate then in effect on the date of  termination of employment;   11.6.2 A pro-rated Target Bonus for the calendar year in which your employment is terminated.  The  pro-rated Target Bonus shall be determined by multiplying the Target Bonus for the calendar  year in which your employment terminates, by a fraction, the numerator of which is the  number of days during which you were employed by the Company in such calendar year less  the number of days you were serving your notice period in such calendar year and the  denominator of which is 365; and  11.6.3 Any Annual Bonus for the calendar year preceding the date of termination of employment  that has not yet been paid as at such date of termination.    11.6.4 You shall not be eligible for the payments in clauses 11.6.1 through 11.6.3 above unless and  until you have (i) returned all Company property as referred to in clause 13, (ii) resigned as  an officer and director of any Group Company (as applicable), (iii) complied at all times with  

 

wework.    6  WeWork UK – Anthony Yazbeck  your ongoing obligations to the Company and any Group Company, and (iv) if requested by  the Company, executed and returned to the Company on or before a date specified by the  Company a separation agreement and general release of the Company and any Group  Company and their respective employees, officers, owners, members and other persons  affiliated with the Company and any Group Company in a form reasonably prescribed by the  Company.  Payments will be made (subject to deductions for tax and National Insurance  Contributions as required by law) over the 12-month period following the termination of your  employment in installments in accordance with the Company’s normal payroll practices,  except that the payment referred to in 11.6.3 will be paid at the same time as annual bonuses  are paid to other executives of the Company.  11.6.5 For the avoidance of doubt, you shall have no entitlement to any of the sums referred to in  11.6.1 through 11.6.3 if you resign your employment for any reason or if your employment  terminates or you are under notice of termination for reasons other than provided for in this  clause 11.6.  11.6.6 For the purposes of this clause 11.6, “Cause” shall mean: (1) your gross negligence or gross  misconduct in the performance of your employment duties; (2) your refusal or willful failure  to substantially perform your duties to the Company; (3) your dishonesty, willful misconduct,  misappropriation, breach of fiduciary duty or fraud with regard to the Company or any Group  Company; (4) your violation of a confidentiality, non-solicitation, non-competition, or non- disparagement obligation to the Company or any Group Company, whether pursuant to  agreement, policy or otherwise; (5) your improper disclosure of proprietary information or  trade secrets of the Company, any Group Company or their business; (6) your falsification  of any records or documents of the Company or any Group Company; (7) your 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) your being charged with and/or convicted of a criminal offence other  than an offence which in the Company’s opinion does not affect your position as an employee  of the Company; (9) your engaging in behavior that risks harm to the reputation of the  Company or any Group Company or puts you at material risk of being prohibited from working  for the Company; or (10) your other willful action that is materially harmful to the business,  interests or reputation of the Company or any Group Company.  11.6.7 You agree that if you commence any legal or arbitration proceedings of any nature against  the Company or any Group Company in any jurisdiction arising out of or in connection with  your employment with the Company, its termination or otherwise, you will forthwith repay  to the Company (on a net basis) any and all sums received under clauses 11.6.1 and 11.6.2  above, and no further sums otherwise due under clause 11.6.1 and 11.6.2 will be payable to  you.    11.7 Following notice to terminate your employment being given by the Company or by you or if you  purport to terminate your employment in breach of contract the Company may require you not to  perform any services (or to perform only specified services) for the Company or for any Group  Company until the termination of your employment or a specified date ("Garden Leave").  11.8 During any period of Garden Leave you shall:  11.8.1 continue to receive your salary and (save as otherwise provided in this agreement or benefit  plan or program) other contractual benefits under this agreement in the usual way and  subject to the terms of any benefit arrangements;  11.8.2 remain an employee of the Company and remain bound by your duties and obligations,  whether contractual or otherwise, which shall continue in full force and effect;  

 

wework.    7  WeWork UK – Anthony Yazbeck  11.8.3 not contact or deal with (or attempt to contact or deal with) any customer client supplier  agent distributor shareholder employee officer or other business contact of the Company or  any Group Company without the prior written consent of the Company or relevant Group  Company;  11.8.4 not (unless otherwise requested) enter onto the premises of the Company or any Group  Company without the prior written consent of your direct supervisor;  11.8.5 not commence any other employment or engagement;  11.8.6 be deemed to take any accrued holiday entitlement (including for the avoidance of doubt any  holiday entitlement accruing during such garden leave period).  12. CONFIDENTIALITY AND PROTECTION OF THE COMPANY'S BUSINESS INTERESTS  12.1  You acknowledge the importance to the Company of ensuring that all key, confidential information,  as well as all tangible and intangible (including intellectual) property, belonging to it or any Group  Company is protected at all times.  12.2 As such, you agree that the terms of the Employee Intellectual Property, Non-Competition, and  Confidentiality Agreement you previously executed, and which is attached as a schedule to this  agreement, shall be incorporated into this agreement.  13. COMPANY PROPERTY  All documents and letters in any medium including any database of other list of members or member  details relating to the business of the Company or any Group Company or any other property which  comes into your possession during the course of your employment with the Company remain the  property of the Company/Group Company and must be returned immediately on request. On  termination of your employment you shall immediately return to the Company all property, including  any company car, petrol expense card, credit cards, keys and documents and letters, computer  hardware or software, laptop, mobile phone of whatsoever nature or description you may have in any  way related to the Company's or any Group Company's business.   14. DIRECTORS’ AND OFFICERS’ INSURANCE  You shall be entitled to be covered by a policy of directors' and officers' liability insurance, as amended  from time to time, during your appointment as a director of the Company and thereafter to the extent  applicable to similar situated employees of WeWork Inc. and its subsidiaries.  15. COOPERATION  15.1 You agree that, upon the Company giving you reasonable notice, you shall fully cooperate with the  Company in investigating, defending, prosecuting, litigating, filing, initiating or asserting any actual  or potential claims or investigations that may be made by or against the Company to the extent that  such claims or investigations may relate to any matter in which you were involved (or alleged to have  been involved) while employed with the Company or of which you have knowledge by virtue of your  employment with the Company. Upon submission of appropriate documentation, you shall be  reimbursed for reasonable and pre-approved out-of-pocket expenses incurred in rendering such  cooperation.   16. GRIEVANCE AND DISCIPLINARY PROCEDURES  16.1 The disciplinary and grievance procedures which apply to your employment with the Company are  contained in the Company handbook previously provided or made available to you. For the avoidance  of doubt these procedures are non-contractual.   

 

wework.    8  WeWork UK – Anthony Yazbeck  16.2 If you have a grievance or are dissatisfied with any disciplinary action taken against you, you should  first raise the matter with your immediate line manager in writing, in accordance with the Company's  grievance or disciplinary procedure, as appropriate.  16.3 The Company shall have the right to suspend you from your duties on full pay on such terms and  conditions as it shall determine for the purpose of carrying out an investigation into any allegation of  misconduct or negligence or an allegation of bullying harassment or discrimination against you and  pending any disciplinary hearing.  17. COMPLIANCE WITH POLICIES  17.1 You are required to be familiar with and you agree to comply with the Company's policies, including  those in relation to bribery and corruption, as contained in the Company handbook or otherwise  communicated to you from time to time.  The Company reserves the right, at its absolute discretion,  to amend or withdraw such rules, policies and procedures (or any of them).  In the event of any  inconsistency between the terms of this agreement and any of the Company’s rules, policies or  procedures, the terms of this agreement will prevail.  18. CHANGES TO YOUR TERMS OF EMPLOYMENT  The Company reserves the right to make reasonable changes to any of your terms and conditions of  employment and you will be notified of minor changes of detail by way of a general notice to all  employees and any such changes will take effect from the date of the notice. You will be given not  less than one month's written notice of any significant changes which may be given by way of an  individual notice or a general notice to all employees.  19. OVERPAYMENTS AND DEDUCTIONS  19.1 In the event that we make any overpayment to you (whether of pay, benefits, expenses, or anything  else) you will repay to us immediately on demand, the amount of such overpayment.  19.2 You consent to the following deductions from your salary, other remuneration and/or any other sums  owed by the Company to you:  (1) any overpayment made to you;  (2) any payment in lieu of holiday which you have taken in excess of your accrued holiday  entitlement as at the Termination Date;  (3) any other sums that you owe to us at any time.  20. NOTICES   Any notice to be given under this agreement shall be given in writing and:  (1) in the case of the Company, may be delivered by hand, or sent, to its registered office for  the time being;  (2) in relation to you, may be given to you personally, or delivered by hand, or sent, to you at  your last known place of residence or your last known personal email address.  If delivered by hand or given personally, such notice will deemed to have been received at the time it  is left at the address or given to the addressee. If sent by email, such notice will deemed to have been  received at the time it is sent. Any such notice given by post shall be deemed to have been served 48  hours after it was posted.  

 

wework.    9  WeWork UK – Anthony Yazbeck  21. GENERAL TERMS  21.1 In this agreement, "Group Company" means the Company and its Subsidiaries, any Holding  Company of the Company, any Subsidiary of such Holding Company (all as defined below) and any  company of which the Company, its Subsidiaries or any Holding Company of the Company or any  Subsidiary of such Holding Company holds 20% or more of the equity share capital or any company  selling Company services or products. "Subsidiary" and "Holding Company" have the meanings  given to them in section 1159 of the Companies Act 2006.  21.2 No collective agreements exist which relate to any term or condition of your employment contract.  21.3 In the event that any provision of this agreement is determined to be invalid or unenforceable,  such provision shall be deemed severed from the remainder of this agreement and replaced with  a valid and enforceable provision as similar in intent as reasonably possible to the provision so  severed, and shall not cause the invalidity or unenforceability of the remainder of this agreement.  21.4 This agreement constitutes the entire agreement and understanding between the parties in  respect of the matters dealt with in it and supersedes and replaces previous agreement between  the parties relating to such matters notwithstanding the terms of any previous agreement or  arrangement expressed to survive termination. Each of the parties acknowledges and agrees  that in entering into this agreement, and the documents referred to in it, they do not rely on,  and shall have no remedy in respect of, any statement, representation, warranty or  understanding (whether negligently or innocently made) other than as expressly set out in this  agreement. The only remedy available to either party in respect of any such statement,  representation, warranty or understanding shall be for breach of contract under the terms of  this agreement. Nothing in this clause shall operate to exclude any liability for fraud.  21.5 A person who is not party to this agreement shall have no right under the Contracts (Rights of  Third Parties) Act 1999 to enforce any term of this agreement. This clause does not affect any  right or remedy of any person which exists or is available otherwise than pursuant to that Act.  21.6 This agreement and any dispute or claim arising out of or in connection with it or its subject matter  or formation including non-contractual disputes or claims shall be governed by and construed in  accordance with English law.  21.7 Each party irrevocably agrees to submit to the exclusive jurisdiction of the courts of England any claim  or matter arising under or in connection with this agreement.  21.8 This agreement may be executed in counterparts, each of which shall be deemed an original, but both  of which together shall constitute one and the same instrument.    Please do not hesitate to let me know if you have questions in relation to any of the terms set out above.   Yours sincerely,    Mandeep Bajwa  Director of People Partners, UK & Ireland      On behalf of WeWork International Limited    

 

wework.    10  WeWork UK – Anthony Yazbeck  (Please sign and return a copy of this agreement to me   by no later than 23 November 2020.)  I, Anthony Yazbeck, confirm that I have read and understood the terms set out above and accept this offer of  employment.  Signed:    Date:         

 

wework.    11  WeWork UK – Anthony Yazbeck  SCHEDULE 1  EMPLOYEE INTELLECTUAL PROPERTY, NON-COMPETITION, AND CONFIDENTIALITY  AGREEMENT

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