Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 58

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 58
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. Smith ceased to be an executive officer of the Company effective September 6, 2024. No grants under the CCO Performance Plan were made to Mr. Smith. |

| 30Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders |

TABLE OF CONTENTS

PROPOSAL NO. 6—APPROVAL OF THE CFO PERFORMANCE PLAN The CFO Performance Plan was granted by the Compensation Committee effective March 31, 2025 in connection with the hiring of John Verkamp as the Company’s Chief Financial Officer, subject to approval by the Company’s stockholders at the Annual Meeting. We are requesting that the Company’s stockholders approve the CFO Performance Plan as a standalone employee benefit plan, and authorize the Company to issue up to 12,000,000 shares of Common Stock thereunder, subject to the satisfaction of the applicable vesting conditions under such plan, if at all, as described in further detail below. There can be no assurance that the vesting conditions for the CFO Performance Plan will be satisfied or that any shares of Common Stock will be issued or cash payments will be made to our Chief Financial Officer pursuant to the CFO Performance Plan. Background & Key Terms of the Award On February 26, 2025, the Compensation Committee approved the CFO Performance Plan in connection with the hiring of John Verkamp as the Company’s Chief Financial Officer, effective March 31, 2025, which is subject to both performance- and service-based vesting conditions. The CFO Performance Plan is a standalone plan and is a multi-year, one-time performance award granted to our Chief Financial Officer in lieu of future annual equity compensation grants, which is intended to provide him with the opportunity to share in the long-term growth of the value of the Company. The Board and Compensation Committee believe that our executive compensation programs should primarily focus on driving strong financial performance and stockholder value creation and reward our executive officers for the achievement of challenging financial and operational goals. As a result, the Compensation Committee designed the CFO Performance Plan, as well as the other Executive Performance Plans, to align the performance-based vesting conditions with important future Company events. We believe the award ties the “at-risk,” long-term pay outcomes for our Chief Financial Officer to the Company’s overall success and provides meaningful upside if the Company’s market value increases. The CFO Performance Plan is contingent upon the satisfaction of both the performance- and service-based vesting conditions in order for any shares of Common Stock to be issuable or cash payment to be