Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 147

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 147
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. In addition, if the cumulative Charter Sales Adjusted EBITDA threshold for 2024-2026 is not achieved, any accrued but unpaid Sales Bonus will be forfeited. If Mr. Briffa’s employment terminates other than for a reason listed in Section 24.1 of the Briffa Service Agreement, he will be entitled to receive the pro rata portion of the Sales Bonus based on the Charter Sales Adjusted EBITDA achieved through the date of termination and extrapolated through the end of the then current term year. Otherwise, any termination of Mr. Briffa’s employment with Air Partner will result in forfeiture of any amounts payable under the Sales Incentive Award. The Sales Incentive Award is in addition to the Bonus Plan and Mr. Briffa remains eligible to earn annual bonuses under the Bonus Plan.

| 76Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders |

TABLE OF CONTENTS EXECUTIVE COMPENSATION (continued) Contractual Arrangements with Former Named Executive Officers Prior to his separation of employment with the Company, Mr. Smith was a party to an offer letter, dated June 17, 2022 (the “Smith Offer Letter”), with WUP LLC. Mr. Smith did not receive any compensation in connection with his separation of employment with the Company and forfeited all outstanding RSUs and PSUs under the Amended and Restated 2021 LTIP and 2022 Inducement Grant Plan (as defined below), and the Forfeited CFO Performance Plan. The compensation paid to Mr. Smith for 2024 reflected in the Summary Compensation Table was provided pursuant to the Smith Offer Letter, which is summarized below, the Forfeited CFO Performance Plan, as described above, and as otherwise approved by the Compensation Committee. Todd Smith (Former Chief Financial Officer )—Offer Letter Pursuant to the Smith Offer Letter, Mr. Smith was entitled to receive an annual base salary and eligible to earn an annual incentive bonus, with a target amount equal to 115% of his base salary for 2023 and later, subject to the satisfaction of certain performance metrics established by the Company’s leadership team and approved by the Compensation Committee. Commencing in 2023, the Company was required to recommend to the Compensation Committee that Mr. Smith be granted an annual equity award with a target value of $3.0 million, subject to adjustment based on individual performance and any other factors determined at the reasonable discretion of the Company. Mr