Company: UP
Filing Date: 2025-03-11
Form Type: 8-K
Source: 0001819516-25-000011
Chunk: 3

Company: Wheels Up Experience Inc.
Filing Date: 2025-03-11
Form: 8-K
Item: Item 5.02
Chunk 3
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 be lower than under the Existing Performance Awards; (ii) the service-based vesting conditions are expected to provide that one-third of the CFO Performance Award will be eligible to vest on each of September 20, 2025, 2026 and 2027, so long as Mr. Verkamp remains employed with the Company as of such dates; and (iii) certain differences are expected in the definitions used for purposes of determining treatment upon a termination of service to the Company. The issuance of any shares of Common Stock under the CFO Performance Award upon vesting is anticipated to be contingent upon receipt of the approval of the award by the Company’s stockholders. If the plan is not approved by the Company’s stockholders at a future annual or special meeting of the Company’s stockholders or by written consent of the Company’s stockholders, or if upon vesting there is not a sufficient amount of shares authorized by the Company’s stockholders to deliver the number of shares due under the CFO Performance Award, then upon vesting, if at all, any amounts payable under the CFO Performance Award will not be paid in the form of the issuance of new shares of Common Stock and instead will be payable in cash. The Company currently intends to obtain approval of the plan by the Company’s stockholders at a future meeting of the Company’s stockholders or by written consent of the Company’s stockholders.

There are: no family relationships between Mr. Verkamp and any director, executive officer or person nominated or chosen by the Company to become a director or executive officer of the Company; except as described above with respect to the Offer Letter and CFO Performance Award, no arrangements or understandings between Mr. Verkamp and any other person pursuant to which he was appointed as Chief Financial Officer and principal financial officer of the Company; and no transactions between Mr. Verkamp and the Company that would require disclosure under Item 404(a) of Regulation S-K.

The preceding description of: (i) the Offer Letter is a summary of its material terms, does not purport to be complete, and is qualified in its entirety by reference to the Offer Letter, a copy of which is filed as Exhibit 10.1 to this Current Report and is incorporated herein by reference; and (ii) the CFO Performance Award is a summary of its material terms, does not purport to be complete, and is qualified in its entirety by reference to the CFO Performance Award, a copy of which is expected to be filed with the Company’s forthcoming definitive proxy statement on