Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 128

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 8
Chunk 128
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5, an aggregate of 3.1 million WUP profits interests have been authorized and issued under the WUP Management Incentive Plan. Vested WUP profits interests are eligible to be exchanged into shares of Common Stock before July 13, 2031. Amounts of WUP profits interests reported in the tables below represent the maximum number of WUP profits interests outstanding or that could be realized upon vesting and immediately exchanged for the maximum number of shares of Common Stock. The actual number of shares of Common Stock received upon exchange of such WUP profits interests will depend on the trading price per share of Common Stock at the time of such exchange. The following table summarizes the WUP profits interests activity under the WUP Management Incentive Plan as of March 31, 2025:Number of WUPProfits InterestsWeighted-Average GrantDate Fair Value(in thousands)Outstanding WUP profits interests as of January 1, 20252,881 $4.16 Granted— — Exchanged— — Expired/forfeited— — Outstanding WUP profits interests as of March 31, 20252,881 $4.16 The weighted-average remaining contractual term as of March 31, 2025, for WUP profits interests outstanding was approximately 6.3 years. All WUP profits interests vested as of or prior to December 31, 2023. WUP Option PlanIn December 2016, the WUP Option Plan was established, which provided for the issuance of stock options to purchase WUP common interests at an exercise price based on the fair market value of the interests on the date of grant. Generally, WUP stock options granted vest over a four-year service period and expire on the tenth anniversary of the grant date. As of March 31, 2025, the number of WUP stock options authorized and issued in the aggregate 

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under the WUP Option Plan was 1.8 million. Each outstanding WUP stock option is exercisable for one share of Common Stock.The following table summarizes the activity under the WUP Option Plan as of March 31, 2025:Number of WUP Stock OptionsWeighted-Average Exercise PriceWeighted-Average Grant Date Fair Value(in thousands)Outstanding WUP stock options as of January 1, 2025826 $74.21 $11.57 Granted— — — Exercised— — — For