Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 53

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 53
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 securities of the Company entitled to vote generally in the election of directors; provided, however, that neither the consummation of the acquisition of the Company described in clauses (A) or (B) above by any Lender or any affiliate or subsidiary of a Lender nor the consummation of the acquisition of the Company described in clauses (A) or (B) above by any employee benefit plan (or related trust) sponsored or maintained by any Lender or any affiliate or subsidiary of a Lender will constitute a Change of Control; |

| • | the consummation of a reorganization, merger or consolidation of the Company or any direct or indirect subsidiary of the Company under which a majority of shares of Common Stock would be converted into or exercised for cash or securities of any other corporation or entity, or sale or other disposition of all or substantially all of the Company’s assets or equity securities; |

| • | the approval by the stockholders of the Company of a complete liquidation or dissolution of the Company (other than an exchange in connection with a dissolution, insolvency or bankruptcy); or |

| • | the individuals who served on the Board as of the grant date of the CCO Performance Plan thereafter cease to constitute at least a majority thereof; provided, however, that any person becoming a member of the Board subsequent to the grant date of the CCO Performance Plan and whose election or nomination was approved by a vote of at least two-thirds of the directors who then comprised the Board immediately prior to such vote will be considered a member of the Board on the grant date of the CCO Performance Plan. |

Adjustments for Stock Dividends, Stock Splits, Etc. The CCO Performance Plan requires the Administrator to make any appropriate adjustments to the CCO Performance Plan and to any outstanding awards to reflect stock dividends, stock splits, extraordinary cash dividends and similar events, including, but not limited to, appropriate adjustments to the number, class and price of shares under the CCO Performance Plan. See “ Proposal No. 7—Implementation of the Reverse Stock Split—Effect on Equity Compensation Arrangements and Warrants” in this Proxy Statement for more information about the treatment of the CCO Performance Plan in the event the stockholders approve Proposal No. 7 at the Annual Meeting and the Board, in its discretion, subsequently decides to effect the Reverse Stock Split and Authorized Share Reduction. Amendment to the CCO Performance Plan No amendment or modification of any provision of the CCO Performance Plan that has a material adverse effect on Mr