Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 138

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 138
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” for more information about the CCO Performance Plan and CFO Performance Plan, respectively. Perquisites and Other Benefits We believe our perquisites are an important aspect of our executive compensation program and provide important benefits to our named executive officers. Additional details on our primary perquisites and other benefits are included below. Amounts attributable to the following items are reflected in the “All other compensation” column of the Summary Compensation Table. Aircraft Use Our named executive officers use our aircraft for flights that are integrally and directly related to their business duties. Given the nature of our business, we also expect our named executive officers to utilize our aircraft for personal benefit as a way to help promote, increase and maintain the Wheels Up brand. Accordingly, we allocate to our named executive officers and directors a specified number of hours per year of flight time. In addition, certain employment agreements and offer letters for our named executive officers list a minimum

| 72Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders |

TABLE OF CONTENTS EXECUTIVE COMPENSATION (continued) number of flight hours per cabin class to be granted to the named executive officer each year. Our named executive officers are required to reimburse us for any incremental cost to us for guests on the aircraft during business travel. The named executive officer may also pay for any personal travel in excess of the executive’s allotted hours, based on discounted hourly rates that have been approved by the Board and that cover the incremental cost to Wheels Up. For 2024, the aggregate incremental cost to the Company of flight hours compensation (which is reported at a higher value than the tax Standard Industry Fare Level (“SIFL”) and the related “gross-up” of income taxes for such flight hours, as described below) paid to our named executive officers in 2024 was $274,030. We determine the incremental cost of the personal use of our aircraft based on the variable operating costs to Wheels Up for the applicable cabin class. If the named executive officer or director flies on a different cabin class than that for which it has been allocated flight hours, the total value of the flight hours then available for future use is reduced by the applicable hourly rate for the cabin class actually flown. The named executive officers incur taxable income for usage of their granted flight time, calculated in accordance with the tax SIFL. Beginning in 2024, Wheels Up began reimbursing named executive officers for income taxes related to the tax SIFL owed for personal travel on its aircraft by “grossing-up”