Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 131

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 8
Chunk 131
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ed PSUs as of March 31, 20251,913 $1.90 Compensation expense associated with PSUs is recognized over the vesting period of the awards that are ultimately expected to vest when the achievement of the related performance objectives becomes probable. As of March 31, 2025, the achievement of the performance objectives associated with non-vested PSUs was deemed probable. The total unrecognized compensation cost related to non-vested PSUs deemed probable of being achieved was $2.7 million as of March 31, 2025 and is expected to be recognized over a weighted-average period of 2.3 years. 

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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 March 31, 2025:Number of Wheels Up Stock OptionsWeighted- Average Exercise PriceWeighted-Average Grant Date Fair Value(in thousands)Outstanding Wheels Up stock options as of January 1, 202577 $100.00 $47.52 Granted— — — Exercised— — — Forfeited— — — Expired— — — Outstanding Wheels Up stock options as of March 31, 202577 $100.00 $47.52 Exercisable Wheels Up stock options as of March 31, 202577 $100.00 $47.52 The aggregate intrinsic value as of March 31, 2025, for Wheels Up stock options that were outstanding and exercisable was nil. The weighted-average remaining contractual term as of March 31, 2025, for Wheels Up stock options that were outstanding and exercisable was approximately 2.6 years.Executive Performance PlansThe Compensation Committee of the Board approved the CEO Performance Plan granted to George Mattson, the Company’s Chief Executive Officer, CFO Performance Plan granted to John Verkamp, the Company’s Chief Financial Officer, and CCO Performance Plan granted to David Harvey, the Company’s Chief Commercial Officer, effective November 30, 2023, March 31, 2025 and May 20, 2024, respectively. Except as set forth in Section III.A of the Amended and Restated