Company: UP
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001819516-25-000012
Chunk: 300

Company: Wheels Up Experience Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 300
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in years)4.75.2Volatility70%60%Risk-free rate4.4%4.3%Expected dividend rate—%—%(1) Assumptions used in the Monte Carlo simulation related to  the CCO Performance Award, which was granted on May 20, 2024.(2) Assumptions used in the Monte Carlo simulation related to the CEO Performance Award, which was granted on November 30, 2023.  Equity-Based Compensation ExpenseCompensation expense for WUP profits interests recognized in the consolidated statements of operations was nil, $0.1 million and $1.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Compensation expense for WUP restricted interests recognized in the consolidated statements of operations was nil, nil and $4.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.Compensation expense for WUP stock options under the WUP Option Plan and Wheels Up stock options under the Amended and Restated 2021 LTIP recognized in the consolidated statements of operations was nil, $1.1 million and $7.7 million for the years ended December 31, 2024, 2023 and 2022, respectively. Compensation expense for RSUs and PSUs under the Amended and Restated 2021 LTIP recognized in the consolidated statements of operations was $10.9 million, $16.7 million and $41.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.Compensation expense for the Executive Performance Awards recognized in the consolidated statements of operations was $35.1 million, $2.5 million and nil for the years ended December 31, 2024, 2023 and 2022, respectively.

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The following table summarizes equity-based compensation expense recognized by consolidated statement of operations line item (in thousands):Year Ended December 31,202420232022Cost of revenue$2,228 $3,927 $14,456 Technology and development1,302 2,096 3,180 Sales and marketing661 1,764 11,009 General and administrative41,786 17,846 60,334 Total equity-based compensation expense$45,977 $25,633 $88,979 Earnout SharesAs part of the Business Combination, existing