Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 145

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 145
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 a receiving order made against him or he makes any general composition with his creditors or takes advantage of any statute affording relief for insolvent debtors; (vii) he becomes prohibited by law from being or acting as a statutory director of Air Partner; (viii) he refuses or fails to agree to accept employment due to certain reorganizations, reconstructions or amalgamations of Air Partner or its subsidiaries; (ix) he resigns as a director of Air Partner other than at the request of the Board; (x) the office of director of Air Partner held by Mr. Briffa is vacated pursuant to Air Partner's Articles of Association, save if the vacation shall be caused by illness (including mental disorder) or injury; (xi) he is guilty of a serious breach of any professional conduct rules applicable to him, any regulatory authorities relevant to Air Partner or its subsidiaries or any code of practice or policy issued by Air Partner; (xii) he has committed a serious breach of Air Partner’s policies; or (xiii) he is in material breach of Air Partner’s Articles of Association. Notwithstanding the foregoing, upon termination, Mr. Briffa may be entitled to payments under any executive severance package in accordance with the terms and conditions of Wheels Up’s Executive Severance Guidelines in force from time to time, which will be conditional upon, among other things, Mr. Briffa entering into a settlement agreement on terms acceptable to Air Partner and Wheels Up. Mr. Briffa’s employment under the Briffa Service Agreement may be terminated by Air Partner in its discretion with notice and the making of a payment in lieu of notice (or the first installment thereof) within 45 days after the date of such notice. In such circumstance, Air Partner would be required to pay Mr. Briffa an amount equal to 12 weeks of his then-applicable annual base salary; however, no bonuses, commissions, share options or long-term incentive compensation, benefits or amounts for accrued holiday or leave are required to be paid to Mr. Briffa. In addition, if Air Partner terminates Mr. Briffa in its discretion other than as described in the immediately preceding paragraph or if Mr. Briffa terminates his employment for breach of contract, Air Partner may, by written notice, require Mr. Briffa not to perform any services or to perform only specified services for Air Partner or its subsidiaries for all or part of a 12-week “garden leave” period that begins on the date such