Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 98

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 98
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 the Company’s consolidated total assets as of December 31, 2024 and 2023; and |

| • | any of our directors, executive officers or holders of more than 5% of our capital stock, or an affiliate or immediate family member thereof, had or will have a direct or indirect material interest. |

The Board has adopted a written related person transactions policy that sets forth policies and procedures for the review and approval or ratification of related person transactions. We have policies and procedures designed to provide appropriate notifications and approval and ratification procedures for the disclosure of any real or potential conflicts of interest that may arise or exist from time to time. Specifically, pursuant to our Audit Committee’s charter and our related person transactions policy, the Audit Committee has the responsibility to review related person transactions. All of the transactions described in this section as having been entered into prior to the consummation of the Business Combination were entered into prior to the adoption of our related person transactions policy. Related Person Transactions with Holders of More than 5% of Our Voting Stock Investor Credit Facility & Investor Rights Agreement Each of Delta, CK Wheels, CIH and the Whitebox Entities (collectively, the “Investor Parties”) hold more than 5% of our outstanding Common Stock and has a direct interest in the (i) Credit Agreement and funding of the Term Loan in the amount of their respective commitments, (ii) Investor Rights Agreement, and (iii) the Investor Registration Rights Agreement (as defined herein). In addition, Delta has a direct interest in the Revolving Credit Facility in the amounts of its related commitment and the Credit Support Premium (as defined below). Credit Agreement As previously disclosed by the Company, on September 20, 2023, the Company and the Loan Parties entered into the Original Credit Agreement with, among others, Delta, CK Wheels and CIH, which was subsequently amended on November 15, 2023 by the First Credit Agreement Amendment and further amended on November 13, 2024 by the Second Credit Agreement Amendment. Pursuant to the Credit Agreement, (i) the Lenders, including the Investor Parties, provided the Term Loan in the aggregate original principal amount of $390.0 million and (ii) Delta provided a commitment for the Revolving Credit Facility in the aggregate original principal amount of $100.0 million. As of December 31, 2024, the outstanding aggregate principal amount of the Term Loan was approximately $443.8 million (including capitalized paid-in-kind interest and the amount owed with