Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On February 17, 2023, Jared DeMatteis notified WeWork Inc. (the "Company") that
he will be leaving the Company to pursue other opportunities. Effective as of
February 21, 2023 (the "Transition Date"), Mr. DeMatteis will step down from his
positions as the Company's Chief Legal Officer, Chief Compliance Officer and
Corporate Secretary, and Pam Swidler, currently the Company's Senior Vice
President, Head of Americas & International, Legal, will be promoted to such
positions.
Following the Transition Date, Mr. DeMatteis will serve in the role of Special
Counsel to the Company through at least February 28, 2023 (such period following
the Transition Date, the "Transition Period") as described in the Transition
Agreement and General Release entered into between Mr. DeMatteis and the Company
on February 19, 2023 (the "Transition Agreement"). Pursuant to and conditioned
upon Mr. DeMatteis' compliance with the Transition Agreement, Mr. DeMatteis will
receive (i) a payment of $534,110 in lieu of his 2022 annual cash bonus,
(ii) continuation of healthcare benefits under COBRA for up to a period of 12
months following the end of the Transition Period, and (iii) an extension of the
period in which Mr. DeMatteis may exercise his stock options until 24 months
following the termination of his employment (or, if earlier, the 10-year
anniversary of the grant date). There is no disagreement between Mr. DeMatteis
and the Company, its Chief Executive Officer, or its board of directors.
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