Company: UP
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001819516-25-000012
Chunk: 296

Company: Wheels Up Experience Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 296
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 a weighted-average period of 1.9 years. Market-Based RSUsThe Company previously granted RSUs subject to market-based vesting conditions (“Market-Based RSUs”) to certain employees, which were settleable into shares of Common Stock. Market-Based RSUs were subject to 

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vesting, if at all, based on the closing trading price per share of our Common Stock over any 30 consecutive trading day-period that occurred prior to the end date specified in the underlying award agreement, subject to continued service through each such vesting date. Based on the Common Stock trading price, the market conditions for the outstanding Market-Based RSUs were not met, and no shares had vested as of June 30, 2023. All outstanding unvested Market-Based RSUs were forfeited and cancelled during the three months ended June 30, 2023.Wheels Up Stock OptionsWheels Up stock options granted under the Amended and Restated 2021 LTIP vest quarterly over a three-year service period and expire on the tenth anniversary of the grant date. The following table summarizes the activity under the Amended and Restated 2021 LTIP related to Wheels Up stock options as of December 31, 2024:Number of Wheels UpStock OptionsWeighted-Average Exercise PriceWeighted-Average Grant Date Fair Value(in thousands)Outstanding Wheels Up stock options as of January 1, 202477 $100.00 $47.52 Granted— — — Exercised— — — Forfeited— — — Expired— — — Outstanding Wheels Up stock options as of December 31, 202477 100.00 47.52 Exercisable Wheels Up stock options as of December 31, 202477 100.00 47.52 The aggregate intrinsic value as of December 31, 2024 for Wheels Up stock options that were outstanding and exercisable was nil. The weighted-average remaining contractual term as of December 31, 2024 for Wheels Up stock options that were outstanding and exercisable was approximately 2.9 years. Executive Performance AwardsThe Compensation Committee of the Board approved the CEO Performance Award granted to George Mattson, the Company’s Chief Executive Officer, Forfeited CFO Performance Award granted to our former Chief Financial Officer, and CCO Performance Award granted to David Harvey, the Company’s Chief Commercial Officer, on November 30, 2023, March 3, 202