Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 106

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 106
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 certain executive and non-executive employees are entitled to receive certain Delta SkyMiles 360™ and SkyMiles Medallion® benefits on an annual basis; and (iii) Delta Benefits Letter, Delta directors, former directors and certain executive level employees are entitled to purchase discounted Wheels Up memberships and flight services upon entering into a Member Agreement and/or Flight Services Agreement with Wheels Up, in each case subject to certain terms and conditions. The parties are generally required to periodically review the levels of benefits and privileges under the Benefits Agreements to determine if adjustments are proper. The Employee Travel Agreement may be terminated by either party with 30 days’ prior written notice. The Wheels Up Benefits Letter and Delta Benefits Letter will terminate upon the effective date of termination of the CCA. In May 2023, the Company entered into the Corporate Customer Discount Program letter agreement with Delta under the CCA. Under the Corporate Program, we provide specified charter discounts to eligible Delta customers. Upon commencement of the Corporate Program, Delta provided an initial deposit of $5.0 million, which may be expanded up to $20.0 million in the aggregate depending on the level of flight activity through the program and/or Delta’s purchases of products or services for its own account. The Corporate Program will terminate on the later of (i) the termination of the CCA and (ii) May 25, 2025, at which time the Company will refund amounts on deposit, if any, to Delta. Subleases WUPJ was formerly party to two sublease agreements with Delta relating to the property at 87 Comair Boulevard and 82 Comair Boulevard at Cincinnati/Northern Kentucky International Airport, both of which were terminated effective March 31, 2023 and December 12, 2024, respectively. Under the subleases, WUPJ paid Delta monthly rental fees, monthly utilities fees and certain other fees. Former Delta Investor Rights Letter On February 1, 2021, we entered into an Investor Rights Letter with Delta (the “Delta Rights Letter”), pursuant to which WUP provided Delta with certain governance rights relating to Wheels Up following the consummation of the Business Combination. The Delta Rights Letter became effective upon the closing of the Business Combination and was terminated on September 20, 2023 upon the Company and Delta entering into the Investor Rights Agreement. Pursuant to the Delta Rights Letter, subject to certain conditions, Delta was entitled to designate two members of the Board beginning at the closing of the Business Combination, with one individual to serve as