WeWork co-founder Adam Neumann, who left the lossmaking office-space provider with a $1.6bn exit package, could earn hundreds of millions of dollars more under an agreement struck with the company and its top shareholder in October, according to documents reviewed by the Financial Times and people briefed on the matter.
The deal revised the terms of a class of shares held by Mr Neumann — known as profits interests — that were created by the company’s complex restructuring this year and had little value after plans for a WeWork initial public offering fell apart.
But a future flotation — even at a valuation significantly lower than the company was seeking this summer — could result in Mr Neumann receiving hundreds of millions of dollars if he sells the stake.