Company: UP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819516-25-000044
Chunk: 53

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 53
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30, 20252,881 $4.16 The weighted-average remaining contractual term as of June 30, 2025, for WUP profits interests outstanding was approximately 6.0 years. All WUP profits interests vested as of or prior to December 31, 2023. WUP Option PlanIn December 2016, the WUP Option Plan was established, which provided for the issuance of stock options to purchase WUP common interests at an exercise price based on the fair market value of the interests on the date of grant. Generally, WUP stock options granted vest over a four-year service period and expire on the tenth anniversary of the grant date. Each outstanding WUP stock option is exercisable for one share of Common Stock.

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The following table summarizes the activity under the WUP Option Plan as of June 30, 2025:Number of WUP Stock OptionsWeighted-Average Exercise PriceWeighted-Average Grant Date Fair Value(in thousands)Outstanding WUP stock options as of January 1, 2025826 $74.21 $11.57 Granted— — — Exercised— — — Forfeited(15)71.13 11.04 Expired— — — Outstanding WUP stock options as of June 30, 2025811 $74.27 $11.58 Exercisable WUP stock options as of June 30, 2025  811 $74.27 $11.58 The aggregate intrinsic value as of June 30, 2025, for WUP stock options that were outstanding and exercisable was nil. The weighted-average remaining contractual term as of June 30, 2025, for WUP stock options that were outstanding and exercisable was approximately 3.7 years. All WUP stock options were vested as of December 31, 2023.  Amended and Restated 2021 LTIPIn connection with the Business Combination, the Company’s Board of Directors (the “Board”) and stockholders of Wheels Up adopted the Wheels Up Experience Inc. 2021 Long-Term Incentive Plan (the “Original 2021 LTIP”), for employees, consultants and other qualified persons. Following approval by the Board, (i) at the 2023 annual meeting of the Company’s stockholders, the Company’s stockholders approved the Amended and Restated 2021 LTIP