When the work place sharing company WeWork had acquired he trade mark “We” from the company’s founder and CEO Adam Neumann, he had been paid for it. Neumann has now returned about $5.9 million worth of stock which was paid to him originally as compensation for acquiring the trademark.

It had was unwinding the agreement “at Adam’s direction”, announced WeWork’s parent company, the We Company, in an amended S-1 filing on Wednesday. After the rebranding of the WeWork to the We Company in January, Neumann was issued the $5.9 million.

“Subsequently, at Adam’s direction, the issuance to WE Holdings LLC of the partnership interests was unwound and the partnership interests were returned to the We Company Partnership,” the filing states. “The We Company continues to hold all of the assigned rights to the ‘we’ family trademarks.”

A complicated corporate structure was adopted by WeWork in July which is known as an umbrella corporation, or Up-C. And as a portion of the new arrangement, the trademark to “We” from We Holdings LLC was acquired by the We Company. We Holdings is an investment firm that is owned by Neumann and co-founder Miguel McKelvey. The We Holdings received an additional stake worth about $5.9 million in exchange for the trademark.

This payment for the trademark was criticized by analysts who said this was an example of less-than-stellar corporate governance of WeWork.

The new corporate filing by the company also disclosed the appointment to its board of a Frances Frei, a Harvard Business School professor and a former head of leadership and strategy at Uber. Frei is also the first female director of WeWork which is welcome change of the much criticized policy of the company of maintaining an all male governing board of directors.

It expects to name another director to its board one month after its IPO, the We Company noted in the filing, We Company said. The company also made a “commitment to increasing the board’s gender and ethnic diversity.”

(Adapted from CNBC.com)