Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 117

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 117
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, Stockholders’ Equity and Equity-Based Compensation of the Notes to Consolidated Financial Statements included in Part II, Item 8 “Financial Statements and Supplementary Data” in our 2024 Form 10-K. The Company and the Board elected to forego grants of equity incentive awards during 2023. In January 2024, the Board approved cumulative “catch-up” grants of RSUs under the Amended and Restated 2021 LTIP to each of Messrs. Adelman, Armstrong and Moak corresponding to the period of their service as directors during the 2023-2024 Board service year, which vested in full as of the Company’s 2024 annual meeting of stockholders. In June 2024, the Board approved grants of RSUs under the Amended and Restated 2021 LTIP to each of Messrs. Adelman, Armstrong and Moak in connection with their service as directors during the 2024-2025 Board service year, which will vest, subject to the director’s continued service to the Company, in four equal quarterly installments on each of September 6, 2024, December 6, 2024, March 6, 2025 and June 6, 2025. The grant of RSUs to Mr. Summe upon joining the Board in 2024 is described in footnote 8 below. |

| Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders63 |

TABLE OF CONTENTS

DIRECTOR COMPENSATION (continued)

| (3) | The amount presented above in the “All other compensation” column reflects the incremental cost to us for each Eligible Director’s use of flight hours in 2024, as set forth in the table below: |

| Name              |     | Flight Hours 
   Awarded(a) |     | Flight Hours 
         Used |
| David Adelman(b)  |     |          6.3 |     |         20.1 |
| Timothy Armstrong |     |         18.9 |     |        ​35.3 |
| Lee Moak          |     |         35.6 |     |         30.7 |
| Gregory Summe     |     |         12.6 |     |          6.3 |

| (a) | Flight hours awarded to Eligible Directors for 2024 were deposited in quarterly installments and due to the timing of such deposits, the total number of hours reflected in