(Bloomberg) -- WeWork and its primary backer, SoftBank Group Corp., paid Adam Neumann only a portion of the $185 million fee that was part of his controversial exit package as chief executive officer, a person familiar with the transaction said.
The fee was tied to a noncompete agreement for Neumann, said the person, who asked not to be identified because the details are private. A portion of the payment depended on the completion of a deal to acquire WeWork stock from Neumann and other shareholders, the person said. SoftBank backed out of that stock transaction, a move that is the subject of a lawsuit involving Neumann.
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The status of Neumann's exit package came into focus on Monday when Marcelo Claure, a SoftBank executive and WeWork executive chairman, was asked about it at the Wall Street Journal's technology conference. He said the arrangement was no longer in effect and declined to elaborate, citing the legal dispute. It's unclear how much Neumann was paid.
Representatives for SoftBank and WeWork declined to comment. A spokesman for Neumann didn't immediately respond to a request for comment.
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