Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 42

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 42
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 There can be no assurance that the vesting conditions for the CCO Performance Plan will be satisfied or that any shares of Common Stock will be issued or cash payments will be made to our Chief Commercial Officer pursuant to the CCO Performance Plan. Background & Key Terms of the Award On May 1, 2024, the Compensation Committee approved the CCO Performance Plan in connection with the hiring of David Harvey as the Company’s Chief Commercial Officer, effective May 20, 2024, which is subject to both performance- and service-based vesting conditions. The CCO Performance Plan is a standalone plan and is a multi-year, one-time performance award granted to our Chief Commercial Officer in lieu of future annual equity compensation grants, which is intended to provide him with the opportunity to share in the long-term growth of the value of the Company. The Board and Compensation Committee believe that our executive compensation programs should primarily focus on driving strong financial performance and stockholder value creation and reward our executive officers for the achievement of challenging financial and operational goals. As a result, the Compensation Committee designed the CCO Performance Plan, as well as the CFO Performance Plan and the Wheels Up Experience Inc. Performance Award Agreement, dated as of November 30, 2023, formerly granted to George Mattson, the Company’s Chief Executive Officer (the “CEO Performance Plan” and, collectively with the CCO Performance Plan and CFO Performance Plan, the “Executive Performance Plans”), to align the performance-based vesting conditions with important future Company events. We believe the award ties the “at-risk,” long-term pay outcomes for our Chief Commercial Officer to the Company’s overall success and provides meaningful upside if the Company’s market value increases. The CCO Performance Plan is contingent upon the satisfaction of both the performance- and service-based vesting conditions in order for any shares of Common Stock to be issuable or cash payment to be made thereunder, as described below:

| • | The performance-based vesting condition for the CCO Performance Plan consists of a contingent right to receive a number of shares of Common Stock upon the repayment or refinancing of the Company’s borrowings under the $390.0 million Term Loan, plus any additional amounts drawn on the Term Loan, if at all, on or before September 20, 2028, the maturity date of the Term Loan (the “Term Loan Maturity Date” and such repayment or refinancing, a “Repayment Event”). See “—Summary of the CCO Performance Plan—Performance-Based Vesting Conditions” below for