Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 129

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 129
---
 perquisites or personal benefits in excess of the reporting thresholds under SEC rules. From time to time, the named executive officers attend events hosted, produced or sponsored by Wheels Up at no measurable incremental cost to Wheels Up. In addition, certain Wheels Up executives and employees are provided with Delta SkyMiles 360™ and SkyMiles Medallion® benefits pursuant to the Benefits Agreements, at no measurable incremental cost to Wheels Up. For Mr. Harvey, the amount reflects reimbursement for relocation expenses pursuant to the Company’s relocation assistance policy available to eligible employees. For Mr. Briffa, the amount reflects the payment of $47,537 of contributions by us to Mr. Briffa for purposes of covering contributions under the U.K. Pensions Act of 2008, as required under the Briffa Service Agreement (as defined herein), and a $18,827 vehicle allowance. |

| (5) | The amount reflects the grant-date fair values of the CEO Performance Plan, CCO Performance Plan and Forfeited CFO Performance Plan in accordance with ASC 718 using a Monte Carlo simulation model, which, if realized upon the satisfaction of both performance- and service-based vesting conditions in connection with the Final Determination Date, would require an Investor Multiple on Invested Capital of greater than 4.0x, 6.0x and 6.0x, respectively. The derived service periods for the CEO Performance Plan, CCO Performance Plan and Forfeited CFO Performance Plan, each of which is a multi-year, one-time performance award in lieu of future annual equity compensation grants to the recipient, were 5.2, 4.1 and 4.9 years, respectively, at the time of grant. Any issuance of shares or cash payment under the CEO Performance Plan, CCO Performance Plan or Forfeited CFO Performance Plan is contingent upon both the occurrence of a Repayment Event and the satisfaction of certain service-based vesting conditions. For purposes of calculating the grant-date fair values of the CEO Performance Plan, CCO Performance Plan and Forfeited CFO Performance Plan reflected in the table above, the achievement of the related performance objective was deemed probable of being achieved on September 20, 2028, the Term Loan Maturity Date. |

As of December 31, 2024 and the date of this Proxy Statement, the performance- and service-based vesting conditions under the CEO Performance Plan had not been satisfied. There can be no assurance that both the performance- and service-based vesting