AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This Amended and Restated Employment Agreement (the Agreement) is entered into effective as of August 11, 2019 (the Effective Date), by and between We Work Management LLC (the Company), and Jennifer Berrent (the Executive) (together, the Parties).
WHEREAS, Executive and the Company are parties to an Employment Agreement dated as of September 19, 2014, as previously amended and restated from time to time (the Original Employment Agreement) setting forth the terms and conditions of Executives employment with the Company; and
WHEREAS, the Company and Executive desire to replace the Original Employment Agreement with the Agreement.
NOW THEREFORE, in consideration of the foregoing and in consideration of the mutual promises and agreements contained herein, the parties hereto agree as follows:
(a) As of the Effective Date, Executive shall continue to be employed as Co-President, Chief Legal Officer, and Chief Operating Officer of the Company, and be based in New York City. Executive shall report to the Companys Chief Executive Officer, and will be a member of the Companys senior executive team.
(b) Executive shall use her best efforts to perform all services diligently and to the best of her ability, and shall at all times carry out her duties in a competent and professional manner and seek to enhance and promote the business of the Company. Executive shall devote all business time and efforts to the affairs of the Company. With prior written approval by the Companys Chief Executive Officer, Executive may serve as a member of the board of for profit and nonprofit organizations, provided that such activities do not interfere with Executives performance of her responsibilities to the Company.
2. At-Will Employment. Executive shall be an at-will employee of the Company. This means that Executives employment relationship with the Company, and this Agreement, may be terminated by either party, for any reason, at any time, with or without notice and with or without Cause (as defined below).
3. Salary. The Company shall pay Executive the minimum annual base salary required pursuant to applicable law. Executives annual base salary shall be paid in installments in accordance with the Companys regular payroll practices. It is the expectation of the Parties that Executive shall retain $1 of the annual base salary and donate the remaining, after-tax amount to a charity of Executives choice.
4. Bonus. Executive may be eligible for an annual bonus. Any bonus, and the amount thereof, shall be within the sole discretion of the Company based on Executives performance and the performance of the Company. In order to receive any bonus, Executive must be employed by, and in good standing with, the Company at the time of payment of the bonus.