Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 148

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 148
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. Smith was also eligible to participate in the employee benefit plans available to Wheels Up employees, subject to the terms of those plans. In addition, the Compensation Committee authorized us to allocate to Mr. Smith flight time of 15 hours per year on King Air 350i aircraft and 20 hours per year on Excel aircraft. Pursuant to the Smith Offer Letter, the Compensation Committee approved a one-time equity award to Mr. Smith of 205,128 RSUs under the 2022 Inducement Grant Plan, effective June 30, 2022, which was scheduled to vest in three equal installments on each of December 30, 2022, 2023 and 2024. Todd Smith (Former Chief Financial Officer )—Wheels Up 2022 Inducement Grant Plan On June 30, 2022, the Board adopted the 2022 Inducement Grant Plan to be used for a one-time employment inducement grant for Todd Smith, our Chief Financial Officer, pursuant to NYSE Rule 303A.08. The maximum number of awards that could be granted under the 2022 Inducement Grant Plan were 205,128 shares of Common Stock, which were all granted as RSUs to Mr. Smith on July 1, 2022. The RSUs granted under the 2022 Inducement Grant Plan are subject to service-based vesting. One-third of the RSUs vested on each of December 30, 2022 and 2023. The remaining unvested RSUs were forfeited on September 6, 2024 upon the departure of Mr. Smith from the Company and the 2022 Inducement Grant Plan terminated. Pre-Business Combination Incentive Plans WUP Management Incentive Plan WUP adopted the WUP Equity Incentive Plan in 2015 (the “WUP Management Incentive Plan”), of which the last amended and restated version thereof (the Wheels Up Partners Holdings LLC Equity Incentive Plan VIII) was adopted in April 2020. Under the WUP Management Incentive Plan, prior to the Business Combination, WUP granted (i) membership interests in the form of “profits interests” in MIP LLC, and (ii) membership interests in the form of restricted interests in MIP RI LLC. Employees, directors and consultants of WUP were eligible to participate in the WUP Management Incentive Plan. The WUP Management Incentive Plan was administered by the WUP