UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Securities registered pursuant to Section 12(b) of the Act:
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| (1) | ||||
| (1) | On August 22, 2023, the New York Stock Exchange filed a Form 25 to delist the Company’s warrants and remove such securities from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended. Effective August 23, 2023, the registrant’s warrants are trading on the OTC Pink Marketplace under the symbol “WEWOW.” |
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
On October 10, 2023, the Board of Directors (the “Board”) of WeWork Inc. (the “Company”) appointed David Tolley as the Company’s Chief Executive Officer (“CEO”) on a permanent basis.
Mr. Tolley has been a member of the Board since February 2023 and was previously appointed interim CEO in May 2023. In connection with his appointment to permanent CEO, the Board approved a new employment agreement (the “Employment Agreement”) for Mr. Tolley, which replaced his existing employment agreement. The new Employment Agreement was constructed by the Board to reflect the skill and experience deemed necessary to perform the duties of CEO during the Company’s comprehensive transformation process.
The Employment Agreement provides for (a) an annual base salary of $2,875,000, (b) a target annual cash bonus opportunity in an amount equal to 100% of his annual base salary, except that his eligibility for such bonus will be suspended until a specific vesting date, (c) a discretionary target bonus of $400,000 for Mr. Tolley’s performance under his interim CEO employment agreement, and (d) a one-time cash payment of $500,000. The new Employment Agreement provides that if Mr. Tolley’s employment is terminated without Cause or with Good Reason (each, as defined therein), then Mr. Tolley is generally eligible for cash severance in the amount of his base salary and target annual bonus if such termination occurs on or before the first anniversary of the effective date of the Employment Agreement, and two times the sum of his base salary and target annual bonus if such termination occurs after the first anniversary of the effective date.
Information required by Items 401(b), (d), (e) and Item 404(a) of Regulation S-K with respect to Mr. Tolley is included in the Company’s Current Report on Form 8-K filed on May 16, 2023, and incorporated herein by reference, as applicable.
Item 7.01 Regulation FD Disclosure.
On October 16, 2023, the Company issued a press release announcing the appointment of David Tolley as permanent CEO and the appointment of Paul Keglevic, a current member of the Board of the Company, as Chair of the Board. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
The information in this Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section and shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
Description | |
| 99.1 | Press release issued by WeWork Inc. on October 16, 2023. | |
| 104 | Cover Page Interactive Date File (embedded within the Inline XBRL document). | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
| WEWORK INC. | ||||||
| By: | /s/ Pam Swidler | |||||
| Date: October 16, 2023 | Name: | Pam Swidler | ||||
| Title: | Chief Legal Officer | |||||