Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 137

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 137
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 see Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2024 Form 10-K for definitions and reconciliations of non-GAAP financial measures (including Adjusted EBITDA) and key performance metrics presented by the Company. |

| • | The RSUs granted to certain of our senior employees, including Mr. Briffa, in October 2024 will vest, if at all, in equal installments on each of the first three annual anniversaries following the grant date. |

The PSUs and RSUs granted to our named executive officers under the Amended and Restated 2021 LTIP in 2024 are subject to such executive officer’s continued service to the Company through the applicable vesting date and forfeiture in the event of certain termination of service scenarios. See “—Potential Payments Upon Termination or Change of Control” for details about the treatment of outstanding unvested PSUs and RSUs granted in 2024 based on various termination of service scenarios. Executive Performance Plans The CEO Performance Plan, Forfeited CFO Performance Plan, CCO Performance Plan and CFO Performance Plan were granted effective November 30, 2023, March 3, 2024, May 20, 2024 and March 31, 2025, respectively. The CEO Performance Plan and Forfeited CFO Performance Plan were approved by the Company’s stockholders at the 2023 annual meeting of stockholders. The CCO Performance Plan and CFO Performance Plan were granted subject to approval by the Company’s stockholders at the Annual Meeting. The Executive Performance Plans are multi-year, one-time performance awards in lieu of future annual equity compensation grants and are intended to provide our Chief Executive Officer, Chief Commercial Officer and Chief Financial Officer with the opportunity to share in the long-term growth of the value of the Company. Each Executive Performance Plan is a standalone equity compensation plan that is subject to both service and performance conditions, and will vest, if at all, only after a Repayment Event. At the Annual Meeting, we are requesting that the Company’s stockholders approve the CCO Performance Plan and CFO Performance Plan, and authorize the Company to issue a specified number of shares of Common Stock under each plan, subject to the satisfaction of both the performance- and service-based vesting conditions under such awards, if at all. See “ Proposal No. 5—Approval of the CCO Performance Plan” and “ Proposal No. 6—Approval of the CFO Performance Plan