Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 156

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 156
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 to vest as follows: (i) 1/4th of the RSUs will vest on February 26, 2025; and (ii) the remaining RSUs will vest in 12 equal quarterly installments commencing May 26, 2025. |

| (9) | Represents unvested PSUs granted to Mr. Briffa on February 23, 2023 under the Amended and Restated 2021 LTIP, which contain separate performance conditions based on the achievement of pre-determined Adjusted EBITDA (a non-GAAP financial measure) thresholds for the following performance periods: (i) the one-year performance for 2023; (ii) the two-year cumulative performance for 2023 and 2024; and (iii) the three-year cumulative performance for 2023 through 2025. No award will vest until the end of the three-year vesting period. Pursuant to Instruction 3 to Item 402(p)(2) of Regulation S-K, the number of unvested PSUs reported in the table above that were granted on February 23, 2023 and are based on the achievement of pre-determined Adjusted EBITDA thresholds reflects the number of unvested PSUs based on the achievement of: (a) the target performance goal (100%) for the one-year performance for 2023, because the Compensation Committee determined in the first quarter of 2024 that performance in 2023 exceeded the threshold performance goal but was less than the target performance goal; and (b) threshold performance goals (50%) for the two-year cumulative performance for 2023 and 2024 and the three-year cumulative performance for 2023 through 2025, in each case because the Compensation Committee determined in the first quarter of 2025 that cumulative performance in 2023 and 2024 was less than the threshold performance goal. |

| (10) | Represents unvested PSUs granted to Mr. Briffa on February 23, 2023 under the Amended and Restated 2021 LTIP, which contain separate performance conditions based on the achievement of pre-determined relative total stockholder return compared to our compensation peer group (“Relative TSR”) thresholds for the following performance periods: (i) the one-year performance for 2023; (ii) the two-year cumulative performance for 2023 and 2024; and (iii) the three-year cumulative performance for 2023 through 2025