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Former WeWork CEO Adam Neumann will reportedly leave the company’s board for at least one year as part of a settlement deal with the coworking firm’s owner SoftBank.
The legal battle between the two companies has been ongoing after SoftBank walked away from a $3 billion tender offer intended to be part of WeWork’s bailout package. That’s when Neumann filed a lawsuit against the Japanese conglomerate.
Once the year is up, Neumann could once again request to attend meetings as an observer. However, he would not get a vote, but he could designate someone else to take his place contingent upon SoftBank’s approval.
Additionally, the settlement would provide Neumann with $50 million to cover legal fees, as well as a $50 million payout. SoftBank would also extend a $430 million loan to Neumann by five years.
Neumann will also receive around $500 million from SoftBank buying shares from early WeWork investors, which is about half of what it agreed to in the original bailout deal.
