Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 199

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 199
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box GT Fund, LP (Pandora and the Whitebox related entities, collectively, the “Whitebox Entities”). It is understood that the Invested Capital on the date of this Agreement is $390 million and will include any additional amounts drawn on the Term Loan and any amounts drawn on the Revolving Credit Facility. |

| (d) | “Revolving Credit Facility” means the revolving credit facility pursuant to which as of November 15, 2023 Delta has provided commitments of an aggregate principal amount of $100 million. |

| (e) | “Service Vested Percentage” means the portion of the Performance Award that has service-vested, with such service vesting to occur as follows: one-third (1/3) of the Performance Award will vest on each of the second, third and fourth anniversaries of the Vesting Commencement Date, subject to the Grantee’s continued service through each applicable vesting date (unless otherwise provided in Section 4(a) and (b) of this Agreement), such that 100% of the Performance Award will be service-vested on the fourth anniversary of the Vesting Commencement Date. For purposes of the service-vested percentage, no absence of Grantee from work because of: (i) Grantee’s exercise of his leave rights under any federal, state or local statute; (ii) Grantee’s leave of absence, as approved in writing by the Committee, for a temporary disability, which may include any physical or mental condition other than a “Disability” as defined in the Plan; or (iii) Grantee’s leave of absence for any purpose approved in writing by the Committee, will be considered to have interrupted Grantee’s continued service to the Company. Notwithstanding anything to the contrary set forth in this Agreement, the Service Vested Percentage will be 100% upon the consummation of a Change of Control. |

| (g) | “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 StockholdersC-5 |

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

| WHEELS UP EXPERIENCE INC. |     |                         |
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