Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 159

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 159
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 of the Company and will be determined based on the satisfaction of performance metrics for management bonuses generally established by the Board each year relative to targets; (iii) if the executive officer elects to enroll in COBRA benefits, the Company will reimburse applicable premiums and administrative fees for up to the applicable continuation period indicated in the table above; (iv) equity incentive awards scheduled to vest during the period after separation indicated in the table above will vest promptly after departure; (v) the exercise period for any outstanding vested stock options, including stock options that were subject to accelerated vesting upon departure, will be extended for five years after the date of separation; and (vi) final post-separation flight hours will be granted quarterly or annually, as applicable, for the termination year in an amount equal to the number of hours for which the executive officer was eligible in the year of termination or at the option of the employee, it may convert current flight hour outstanding balance and remaining annual flight hour award to a cash payment. The Severance Guidelines utilize the definition of “Cause” in each named executive officer’s employment agreement or offer letter. To the extent not otherwise defined in the named executive officer’s employment agreement or offer letter, under the Severance Guidelines:

| • | “Good Reason” means, (i) a material breach by the Company of any material covenant or provision of the named executive officer’s employment agreement or offer letter, or there is a breach of any option agreement by WUP that materially affects named executive officer’s rights or benefits with respect to the option or any other equity award subsequently granted to the named executive officer; (ii) any involuntary change in the named executive officer’s title or reporting relationships except as permitted hereunder or any involuntary material diminution in the named executive officer’s material duties, authorities or responsibilities; or (iii) a reduction by the Company in the base salary or a reduction in the named executive officer’s target bonus as provided under the named executive officer’s employment agreement or offer letter, except in circumstances where such reduction was due to unforeseen circumstances and such reduction was applied to all individuals at the named executive officer’s level, in each case subject to the satisfaction of certain notice procedures and Company cure periods; and |

| • | “Change in Control” means the earliest to occur of: (i) the purchase or other acquisition of outstanding shares of the Company’s capital stock by any entity, person or group of beneficial ownership, as that term is defined in Rule 13d-3 under the Exchange Act |

| Wheels Up