Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 72

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 72
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 the Secretary of State of the State of Delaware (the “Delaware Secretary of State”). As described below, the Board, in its discretion, also may determine not to effect the Reverse Stock Split and the Authorized Share Reduction. The Company will not effect the Reverse Stock Split without also effecting the Authorized Share Reduction, and vice versa. If the Board, in its discretion, determines not to effect the Reverse Stock Split and Authorized Share Reduction prior to the 2026 Annual Meeting Date, the Reverse Stock Split Amendment will be abandoned. If our stockholders approve the Reverse Stock Split Amendment at the Annual Meeting, no further action on the part of stockholders will be required for the Board, in its discretion, to either implement or abandon the Reverse Stock Split or the Authorized Share Reduction. Background and Considerations The Reverse Stock Split Amendment, if approved by our stockholders at the Annual Meeting and thereafter effected by the Board in its discretion, will effect a Reverse Stock Split of the issued and outstanding shares of Common Stock at a reverse stock split ratio of not less than 1-for-5 and not greater than 1-for-20 (the “Ratio Range”), with an exact ratio within that range as may be determined by the Board, in its discretion, at a later date (such ratio approved by the Board, the “Reverse Stock Split Ratio”). If the Reverse Stock Split is effected, we would contemporaneously effect the Authorized Share Reduction, such that the 1.5 billion authorized shares of Common Stock currently authorized under the Amended and Restated Certificate of Incorporation would be reduced proportionately pursuant to the Reverse Stock Split Ratio. See “ —Implementation of the Reverse Stock Split—Effect on Common Stock” below for a table and more illustrative examples of the number of shares of Common Stock that would be authorized, issued and outstanding, and authorized for future issuance depending on the Reverse Stock Split Ratio. Even if this Proposal No. 7 is approved by our stockholders at the Annual Meeting, the Board, in its discretion, reserves the right not to effect the Reverse Stock Split and Authorized Share Reduction. Reverse Stock Split The purpose of the Reverse Stock Split is to increase the trading price per share of our Common Stock, as fewer shares will be outstanding upon effectiveness. The Board believes that the increased trading price per share of our Common Stock expected as a result of implementing the Reverse Stock Split may improve the marketability and liquidity of our Common Stock, as well as the marketability of any securities that are convertible into shares of Common Stock. It is also anticipated that