Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 139

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 139
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 his annual incentive bonus for any performance period will range from 0% to 200% of the target amount and will be based on achievement of the applicable performance criteria. The Mattson Employment Agreement sets forth guidelines to develop objective business plan metrics and objectively determinable key performance indicators. The Compensation Committee has authorized us to allocate to Mr. Mattson up to 45 hours per year of flight time on Wheels Up’s mid-cabin aircraft and 30 hours per year of flight time on Wheels Up’s light-cabin aircraft. Mr. Mattson will retain any flight hours not used prior to the termination of his employment (other than a termination for “Cause” (as defined herein)) for future use. Mr. Mattson is also eligible to participate in the employee benefit plans available to Wheels Up employees, subject to the terms of those plans. Additionally, the Mattson Employment Agreement provided for the award of the one-time CEO Performance Plan (in lieu of future annual equity compensation grants), a one-time executive housing allowance of $100,000, and a one-time reimbursement to

| Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders73 |

TABLE OF CONTENTS EXECUTIVE COMPENSATION (continued) Mr. Mattson for legal fees incurred in connection with negotiating the Mattson Employment Agreement up to a cap of $80,000, each of which were granted or paid, as applicable, during 2023. Wheels Up also agreed that, to the extent any payments or benefits under the Mattson Employment Agreement or otherwise would subject Mr. Mattson to excise taxes pursuant to Sections 280G or 4999 of the Internal Revenue Code, Wheels Up will make additional payments to Mr. Mattson or the applicable tax authority to put him in the same after-tax position as if the excise taxes did not apply. Mr. Mattson’s employment under the Mattson Employment Agreement is at-will and may be terminated by Wheels Up at any time with or without Cause (as defined herein), by Mr. Mattson for Good Reason (as defined herein) or by Wheels Up or Mr. Mattson for any reason with at least 60 days’ prior written notice to the other party. If Mr. Mattson resigns without Good Reason (as defined herein) and Wheels Up waives the 60-day notice period, Wheels Up will continue to pay his base salary and provide employee benefits generally available to Company executives for the duration of such notice period; provided, that there will be no continuous vesting