Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 7

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 7
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 to Credit Agreement, dated November 13, 2024, by and among the Company, as borrower, the other Loan Parties party thereto, as guarantors, the Lenders and the Agent (“Second Credit Agreement Amendment” and, collectively with the Original Credit Agreement and First Credit Agreement Amendment, the “Credit Agreement”). Pursuant to the Credit Agreement, the Lenders provided a term loan facility in the aggregate original principal amount of $390.0 million (the “Term Loan”) and Delta provided a commitment for a revolving loan facility in the aggregate original principal amount of $100.0 million that expires on September 20, 2025 (the “Revolving Credit Facility” and, together with the Term Loan, the “Credit Facility”). Investor Rights Agreement In connection with entering into the Credit Facility, we entered into the Investment and Investor Rights Agreement, dated as of September 20, 2023 (as amended by Amendment No. 1 thereto, dated as of November 15, 2023, and as further amended by Amendment No. 2 thereto, dated as of September 22, 2024, collectively, the “Investor Rights Agreement”), pursuant to which, among other things, the Company implemented a new structure for our Board of Directors and issued, in two separate private placements on September 20, 2023 and November 15, 2023, shares of Common Stock to the Lenders in proportion to each such Lender’s original participation in the Term Loan. Shares of Common Stock held by certain of the Lenders are subject to the Voting Limitations (as defined herein). Please see the caption titled “ Information About the Proxy Process and Voting—Who can vote at the Annual Meeting, and how do I vote or submit my proxy?” below for more information about the Voting Limitations. As of the date of this Proxy Statement, the directors serving on the Board pursuant to the terms of the Investor Rights Agreement are as follows: (i) Alain Bellemare, Dwight James, Daniel Janki and Lee Moak, each designated by Delta; (ii) Adam Cantor, Thomas Klein, Zachary Lazar and Adam Zirkin, each designated by CK Wheels; (iii) Andrew Davis, who was designated by CIH; (iv) Timothy Armstrong, as an independent director; and (v) George Mattson, the Company’s Chief Executive Officer. Pursuant to Proposal No. 1, we are asking the Company’s stockholders to vote “For