Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 153

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 153
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 Plan had not been satisfied. At the Company’s 2024 annual meeting of stockholders held on June 6, 2024, the Company’s stockholders authorized 73.0 million shares for potential issuance under the CEO Performance Plan upon vesting, if at all. The value of shares of Common Stock authorized for issuance under the CEO Performance Plan is based on the closing price per share of our Common Stock on December 31, 2024, which was $1.65, as if such shares of Common Stock authorized for issuance thereunder had vested in full on December 31, 2024. As of December 31, 2024, the performance- and service-based vesting conditions under the CCO Performance Plan had not been satisfied, and the CCO Performance Plan and the number of shares of Common Stock authorized for issuance thereunder had not been approved by the Company’s stockholders. As a result, it is not reasonably practicable to estimate the number of shares of Common Stock issuable under, or the approximate dollar value of, the CCO Performance Plan as of December 31, 2024. There can be no assurance that both the performance- and service-based vesting conditions will be satisfied, or that the CEO Performance Plan or CCO Performance Plan will vest or result in the issuance of any shares of Common Stock or cash payments. For details regarding the vesting conditions of the CCO Performance Plan, see “Proposal No. 5—Approval of the CCO Performance Plan” above. |

| (5) | Represents the unvested portion of RSUs granted to Mr. Briffa on October 2, 2024 under the Amended and Restated 2021 LTIP, which are scheduled to vest in three equal installments on October 2, 2025, 2026 and 2027, respectively, subject to continued service through each such vesting date. |

| (6) | Represents unvested PSUs granted to Mr. Briffa on February 26, 2024 under the Amended and Restated 2021 LTIP, which contain separate performance conditions based on the achievement of pre-determined Adjusted EBITDA (a non-GAAP financial measure) thresholds for the following performance periods: (i) the one-year performance for 2024; (ii) the two-year cumulative performance for 2024 and 2025; and (iii) the three-year cumulative performance for 2024 through 2026.