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Adam Neumann And SoftBank Approach Settlement Deal

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.

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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.

ABOUT Aayat Ali
Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces. Feel free to reach out to her at [email protected] View all posts by Aayat Ali

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