Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 77

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 77
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Implementation of the Reverse Stock Split—Fractional Shares” below and after the Reverse Stock Split is effected, may result in fewer issued and outstanding shares of Common Stock and higher shares of Common Stock authorized but not issued depending on the number of holders of our Common Stock and the amount of their holdings. |

Effect on Equity Compensation Arrangements and Warrants If approved by our stockholders at the Annual Meeting and the Board, in its discretion, subsequently decides to effect the Reverse Stock Split, the principal effects of the Reverse Stock Split Amendment on the holders of the Warrants and other securities granted or issued and outstanding under the WUP Management Incentive Plan (as defined herein), WUP Option Plan (as defined herein), Amended and Restated 2021 LTIP (including the LTIP Amendment, if approved by stockholders at the Annual Meeting as described in Proposal No. 4 herein) and the Executive Performance Plans (if approved by our stockholders or if approved by our stockholders at the Annual Meeting as described in Proposal No. 5 and 6 herein) would be that:

| • | WUP Profits Interests and WUP Stock Options— The hurdle amounts for any outstanding WUP profits interests and per share exercise price of any outstanding WUP stock options prior to the effectiveness of the Reverse Stock Split would be increased proportionately by the inverse of the Reverse Stock Split Ratio, and the number of shares issuable under outstanding WUP profits interests and WUP stock options would be reduced proportionately by the Reverse Stock Split Ratio; |

| • | PSUs, RSUs and Other Equity-Based Awards— The number of shares issuable under outstanding PSUs, RSUs and all other outstanding equity-based awards, which generally list a maximum or target number of shares of Common Stock to be issued upon settlement, exercise or exchange, as applicable, prior to the effectiveness of the Reverse Stock Split would be reduced proportionately by the Reverse Stock Split Ratio and any applicable market-based performance metrics for any PSUs or other equity awards would be adjusted accordingly; |

| • | Shares Available for Issuance under Equity Incentive Plans— The number of shares of Common Stock authorized for future issuance under our equity incentive plans, including the Executive Performance Plans, prior to the effectiveness of the Reverse Stock Split would be proportionately reduced by the Reverse Stock Split Ratio and other similar adjustments would be made to the number of shares of Common Stock authorized for issuance under our equity incentive plans to reflect the Reverse Stock Split (including under the Amended and Restated