Former WeWork CEO Adam Neumann and SoftBank have officially reached a settlement agreement before their lawsuit was set to go to trial later this week.
The agreement allows Neumann to cash out $480 million in stock to SoftBank, while also requiring him to take a step back from his role on WeWork’s board for one year.
SoftBank will also provide Neumann with $50 million to cover legal fees and an additional $50 million as part of a non-compete fee.
Neumann will also receive a five-year extension on a $430 million loan from SoftBank.
“With this litigation behind us, we are fully focused on our mission to reimagine the workplace and continue to meet the growing demand for flexible space around the world,” said Marcelo Claure, COO of SoftBank and executive chairman at WeWork.