FIRST SUPPLEMENTAL INDENTURE

Exhibit 4.1

Execution Version

FIRST SUPPLEMENTAL INDENTURE

First Supplemental Indenture (this “First Supplemental Indenture”), dated as of July 17, 2023, among WeWork Companies LLC, a Delaware limited liability company (the “Company”), WW Co-Obligor Inc., a Delaware corporation (the “Co-Obligor” and, together with the Company, the “Issuers”), the Guarantors listed on the signature pages hereto and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the “Trustee”) and collateral agent (in such capacity, the “Collateral Agent”).

W I T N E S S E T H

WHEREAS, each of the Company, the Co-Obligor and the Guarantors (as defined in the Indenture referred to below) has heretofore executed and delivered to the Trustee and the Collateral Agent a First Lien Senior Secured PIK Notes Indenture (the “Base Indenture” and together with this First Supplemental Indenture, the “Indenture”), dated as of May 5, 2023, providing for the issuance of First Lien Notes up to the First Lien Notes Cap;

WHEREAS, pursuant to and on the date of the Base Indenture, the Company issued $525,000,000 aggregate principal amount of Initial Series I Notes;

WHEREAS, Sections 2.01, 2.15 and 4.09 of the Base Indenture provide that, on or subsequent to the Issue Date, the Company may issue Series II First Lien Notes and Series III First Lien Notes in an aggregate principal amount, together with the Initial Series I Notes, not to exceed the First Lien Notes Cap;

WHEREAS, the Company wishes to issue, pursuant to the Indenture, $116,666,667 aggregate principal amount of Initial Series II Notes (the “New Series II Notes”) and $58,333,333 aggregate principal amount of Initial Series III Notes (the “New Series III Notes” and, together with the New Series II Notes, the “New Notes”);

WHEREAS, Section 9.01(a)(11) of the Base Indenture provides that, without the consent of any Holder, the Company, the Guarantors and the Trustee may amend the Indenture to facilitate the issuance of First Lien Notes and therefore the Trustee is authorized to execute and deliver this First Supplemental Indenture; and

WHEREAS, all conditions and requirements necessary to the execution and delivery of this First Supplemental Indenture have been done and performed, and the execution and delivery hereof by the parties hereto has been authorized in all respects.

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

ARTICLE I

DEFINITIONS

Section 1.1     Defined Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

ARTICLE II

NEW NOTES

Section 2.1 Amount of New Notes. The aggregate principal amount of New Series II Notes to be authenticated and delivered under this First Supplemental Indenture on July 17, 2023 is $116,666,667 and the aggregate principal amount of New Series III Notes to be authenticated and delivered under this First Supplemental Indenture on July 17, 2023 is $58,333,333.

Section 2.2 Terms of New Notes.

ARTICLE III

MISCELLANEOUS

Section 3.1 Governing Law. THIS FIRST SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Section 3.2 Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS FIRST SUPPLEMENTAL INDENTURE, THE BASE INDENTURE, THE NEW NOTES, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

Section 3.3 Counterparts. The parties may sign any number of copies of this First Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

Section 3.4 Headings. The headings of the Articles and Sections of this First Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part of this First Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

Section 3.5 The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this First Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Issuers and Guarantors.

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.

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