Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 187

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 187
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 | “Term Loan Amount” means $390 million plus any additional amounts drawn on the Term Loan following the date hereof. |

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| Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of StockholdersB-5 |

TABLE OF CONTENTS

IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement as of the date last written below or the date electronically accepted through the applicable portal, as applicable.

| WHEELS UP EXPERIENCE INC. |     |                         |
| By:                       |     | /s/ George Mattson      |
| Name:                     |     | George Mattson          |
| Title:                    |     | Chief Executive Officer |
| GRANTEE                   |     |                         |
| /s/ David Harvey          |     |                         |
| Name:                     |     | David Harvey            |

| B-6Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders |

TABLE OF CONTENTS

EXHIBIT A Vesting and Settlement of Performance Award Each capitalized term used and not otherwise defined in this Exhibit A will have the meaning set forth in the Performance Award Agreement (the “ Agreement”) to which this Exhibit A is attached. This Performance Award provides the Grantee with the opportunity to share in the growth of the value of the Company based on the Total Investor Profits recognized or deemed to be recognized by the Investors and his providing services to the Company.

| 1. | Repayment Event. No Shares will be provided or granted with respect to the Performance Award unless and until a Repayment Event has occurred. For the avoidance of doubt, a Repayment Event will be deemed to have occurred if the Investors refinance the Term Loan at the time of the Scheduled Maturity Date. |

| 2. | Calculation and Settlement of Performance Award. Following a Repayment Event, the Grantee will be entitled to receive a number of Shares calculated by the Company on each Determination Date as follows: |

| (a) | The Company shall determine the Grantee Profit Percentage by calculating the Investor MOIC on each Determination Date following a Repayment Event; |

| (b) | The Company shall determine the Grantee Profit Amount on each Determination Date by multiplying the (i) Total Investor Profits as of the Determination Date by (ii) Grantee Profit Percentage; |

| (c) | The number of Shares to be granted by the Company to the