Table of Contents corresponding shares of Class C common stock, for, at our option, shares of Class B common stock or cash, in each case as set forth in the Partnership Agreement. The amount of Class B common stock or cash received upon exchange is determined as set forth in the Partnership Agreement taking into account, among other things, the trading price of the Class A common stock and the catch-up base amount (as set forth in the Partnership Agreement) applicable to the profits interests being exchanged, with a higher trading price and lower catch-up base amount generally resulting in a higher exchange ratio. Upon the exchange of partnership interests in the We Company Partnership for shares of our Class B common stock or the forfeiture of profits interests in the We Company Partnership, the corresponding shares of Class C common stock will be canceled. Shares of Class C common stock cannot be transferred other than in connection with the transfer of the corresponding partnership interests in the We Company Partnership. Until such time that all of the Class B common stock has converted into Class A common stock as a result of our outstanding high-vote stock held by Adam and certain of his permitted transferees representing less than 5% of the aggregate number of then-outstanding shares of Class A common stock, Class B common stock and Class C common stock, together as a single class, any transfer of partnership interests in the We Company Partnership that would not constitute a permitted transfer as described above (if such interests were shares of Class B common stock) will result in the cancellation of nineteen-twentieths of every share of Class C common stock corresponding to such partnership interests. Preferred Stock Under the terms of our restated certificate of incorporation, our board of directors is authorized to direct us to issue shares of preferred stock in one or more series without stockholder approval, except as may be provided by the terms of any class or series of preferred stock then outstanding, and further provided that no preferred stock may be issued by us without the affirmative vote of the holders of a majority of the outstanding shares of Class B common stock. Our board of directors has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, powers, privileges, preferences and relative, participating, optional or other rights, and any qualifications, limitations or restrictions, of each class or series of preferred stock. The purpose of authorizing our board of directors to issue preferred stock and determine its rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock could adversely affect the voting power of holders of our common stock and the likelihood that such holders of our common stock will receive dividend payments and payments upon liquidation. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or could discourage a third party from seeking to acquire, a majority of our outstanding common stock. Immediately following the completion of this offering, there will be no shares of preferred stock outstanding. Options As of , 2019, we had outstanding options to purchase an aggregate of shares of our Class A common stock, with a weighted-average exercise price of approximately $ per share, and outstanding options to purchase an aggregate of shares of our Class B common stock, with a weighted-average exercise price of approximately $ per share, in each case under our equity compensation plans. Options to purchase an aggregate of shares of our Class A common stock and an aggregate of shares of our Class B common stock were exercisable within 60 days of , 2019. Warrants As of , 2019, outstanding warrants to purchase an aggregate of shares of our Class A common stock were held by members at our first location. These warrants are exercisable at any time prior to July 31, 2025 at an exercise price of $13.12 per share. As of , 2019, we also had outstanding warrants to purchase an aggregate of shares of our Class A common stock. These warrants are exercisable at any time prior to February 8, 2026 at an exercise price of $0.001 per share. 191