Company: UP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819516-25-000044
Chunk: 55

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 55
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520,037 $1.77 The total unrecognized compensation cost related to non-vested RSUs was $29.9 million as of June 30, 2025 and is expected to be recognized over a weighted-average period of 2.8 years. PSUsUnder the terms of the PSUs granted to certain employees under the Amended and Restated 2021 LTIP, upon the achievement of certain pre-determined performance objectives, each PSU may settle into shares of our Common Stock. The PSUs will vest, if at all, upon the actual achievement of the related performance objectives, subject to specified change of control exceptions and the grantee’s continued service to the Company through the applicable vesting date.The following table summarizes the activity under the Amended and Restated 2021 LTIP related to PSUs as of June 30, 2025:Number of PSUsWeighted-Average GrantDate Fair Value(in thousands)Non-vested PSUs as of January 1, 2025387 $3.05 Granted1,742 1.20 Vested— — Forfeited(252)2.91 Non-vested PSUs as of June 30, 20251,877 $1.90 Compensation expense associated with PSUs is recognized over the vesting period of the awards that are ultimately expected to vest when the achievement of the related performance objectives becomes probable. As of June 30, 2025, the achievement of the performance objectives associated with non-vested PSUs was deemed probable. The total unrecognized compensation cost related to non-vested PSUs deemed probable of being achieved was $2.3 million as of June 30, 2025 and is expected to be recognized over a weighted-average period of 2.0 years. 

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Wheels Up Stock OptionsWheels Up stock options granted under the Amended and Restated 2021 LTIP vest quarterly over a three-year service period and expire on the tenth anniversary of the grant date. The following table summarizes the activity under the Amended and Restated 2021 LTIP related to Wheels Up stock options as of June 30, 2025:Number of Wheels Up Stock OptionsWeighted- Average Exercise PriceWeighted-Average Grant Date Fair Value(in thousands)Outstanding Wheels Up stock options as of January 1, 202577 $100.00 $47.52 Granted— — — Exercised