Co-chiefs reach receive $8 million as firm runs low on cash

The WeWork golden parachutes emerged from company documents over the weekend. Earlier this fall, the real estate firm received a bailout from SoftBank. The Financial Times recently gained access to company documents on negotiated exit packages before the cash infusion.

WeWork Golden Parachutes

Co-Chairs Artie Minson and Sebastian Gunningham will both receive $8.3 million if they face termination or depart the firm for a list of reasons. The two took over for Adam Neumann after he stepped down in September (and received a $1.6 billion exit deal).

The reasons for Minson and Gunningham’s potential departures include involuntary relocation, a reduction in their responsibilities, or reductions in compensation, according to the report.

Both executives obtained salaries of $1.5 million apiece in September during the run-up to the firm’s failed IPO. Both now report the newly appointed executive chairman Marcelo Claure, a SoftBank executive.

The FT report also shows that the firm’s chief legal officer received similar exit scenario protections. Jennifer Berrent will receive a $1.5 million check and does not have to repay any of the $12 million in retention bonuses should she depart the firm or face termination. A previous agreement had clawback provisions for similar scenarios.

Softbank’s bailout of WeWork also helped prevent the firm from running out of capital. However, it isn’t out of the woods yet as it continues to divest assets, cut staff and other costs, and address large levels of unfunded liabilities.

Related: WeWork’s ‘Mr Fixit’ CEO May Be Drawn from A Telecom Company