Company: UP
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001819516-25-000012
Chunk: 222

Company: Wheels Up Experience Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 222
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,455,190

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(1)    Consists of the Amended and Restated 2021 LTIP and CEO Performance Award.

(2)    Consists of (i) 11,236,560 RSUs and PSUs that may be settled into a maximum of 11,236,560 shares of Common Stock under the Amended and Restated 2021 LTIP, (ii) 76,732 stock options to purchase up to 76,732 shares of Common Stock under the Amended and Restated 2021 LTIP, and (iii) up to 73,000,000 shares of Common Stock under the CEO Performance Award that have been authorized by the Company’s stockholders for issuance thereunder, subject to the satisfaction of both the performance- and service-based vesting conditions under the CEO Performance Award, if at all.

(3)    Reflects the weighted-average exercise price of outstanding stock options under the Amended and Restated 2021 LTIP as of December 31, 2024. The calculation of the weighted-average exercise price does not include outstanding equity awards that are received or exercised for no consideration.

(4)    Consists of the Wheels Up Partners Holdings LLC Option Plan (“WUP option plan”). All awards made under the WUP option plan were made prior to the Business Combination Closing Date and were assumed by the Company in connection with the Business Combination. No further awards may be made under the WUP option plan.

(5)    Consists of (i) 825,727 stock options to purchase up to 825,727 shares of Common Stock under the WUP option plan.

(6)    Reflects the weighted-average exercise price of outstanding stock options under the WUP option plan as of December 31, 2024. The calculation of the weighted-average exercise price does not include outstanding equity awards that are received or exercised for no consideration.

The above table excludes shares issuable under the CCO Performance Award, as no shares of Common Stock were authorized for issuance under the award as of December 31, 2024. Capitalized terms used but not defined in this Item 12 have the meanings assigned to them in the Notes to Financial Statements included in Part II, Item 8 “Financial Statements and Supplementary Data” in this Annual Report.

Other information required by this Item 12 “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters,” is set forth under the heading “Security