Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 62

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 62
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 the value of the Company. The award consists of a contingent right to receive a number of shares of Common Stock upon: (i) a Repayment Event consisting of either the repayment or refinancing of the Company’s borrowings under the $390.0 million Term Loan, plus any additional amounts drawn on the Term Loan, if at all, on or before the Term Loan Maturity Date, if at all; and (ii) satisfaction of certain service-based vesting conditions described below. If both the performance- and service-based vesting conditions are satisfied prior to forfeiture, the number of shares of Common Stock that may vest and be issued to our Chief Financial Officer will first be determined on the first Determination Date following a Repayment Event and again on each Determination Date through the Final Determination Date. There can be no assurance that both the performance- and service-based vesting conditions will be satisfied or that the foregoing variables will result in the vesting and issuance of any shares of Common Stock or cash payments pursuant to the CFO Performance Plan. See Sections 1 and 2 of the CFO Performance Plan included as Appendix C to this Proxy Statement for more information about the performance-based vesting conditions. Service-Based Vesting Conditions The service-based vesting condition provides that one-third of the CFO Performance Plan will be eligible to vest on each of September 20, 2025, 2026 and 2027, so long as our Chief Financial Officer remains employed with the Company as of such dates. At any Determination Date following the satisfaction of the performance- and service-based vesting conditions, the number of shares of Common Stock issuable to our Chief Financial Officer in connection with such Determination Date, if any, will be determined using the Service Vested Percentage. No portion of the CFO Performance Plan had vested as of the Record Date.

| Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders33 |

TABLE OF CONTENTS

Summary of the CFO Performance Plan (continued) The CFO Performance Plan also sets forth the following treatment of the award for certain termination of service scenarios (“Change of Control” is described separately below under “ —Change of Control Provisions”):

| • | If our Chief Financial Officer is terminated by the Company for Cause (as defined in the Amended and Restated 2021 LTIP), the CFO Performance Plan, including any Service Vested Percentage thereof, will be forfeited for no consideration. |

See Section 4 of, and the definition of “Service Vested Percentage”