Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 101

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 101
---
 10-K for more information about the Term Loan and Revolving Credit Facility. Investor Rights Agreement As previously disclosed by the Company, in connection with the transactions contemplated by the Credit Agreement, the Company entered into the Investor Rights Agreement, pursuant to which the Company issued to the Lenders: (i) on September 20, 2023, 141,313,671 shares of Common Stock in the aggregate (the “Initial Shares”); and (ii) on November 15, 2023, an additional 529,926,270 shares of Common Stock in the aggregate (together with the Initial Shares, the “Investor Shares”). The Investor Shares were issued such that upon completion, each Lender, including the Investor Parties, were issued a pro rata portion of the Investor Shares equal to the proportion of its participation in the Term Loan. In addition, the Investor Rights Agreement sets forth certain rights and obligations applicable to the Investor Parties and the Company, which include, among others:

| • | the right of: (x) Delta to designate and remove four directors to the Board, provided that Delta continues to hold at least 75% of the shares of Common Stock issued to Delta pursuant to the Investor Rights Agreement; (y) CK Wheels to designate and remove four directors to the Board, provided that CK Wheels continues to hold at least 75% of the shares of Common Stock issued to CK Wheels pursuant to the Investor Rights Agreement; and (z) CIH to designate and remove one director to the Board; provided that CIH holds at least 30% of the shares of Common Stock issued to CIH pursuant to the Investor Rights Agreement. The number of directors that Delta and CK Wheels are each entitled to designate and remove if each ceases to hold 75% of the shares of Common Stock issued to such party pursuant to the Investor Rights Agreement is described in further detail in the Investor Rights Agreement; and |

In addition, pursuant to the Investor Rights Agreement and, in the case of Delta, a side letter, dated September 20, 2023, certain Investor Parties agreed to the Voting Limitations. See “ Information about Wheels Up—Key Stockholder Agreements—Investor Rights Agreement” in this Proxy Statement for additional information about the Voting Limitations, including the number of shares that certain Investor Parties are entitled to vote at the Annual Meeting. In September 2024, the Company entered into Amendment No. 2 to Investment and Investor Rights Agreement (the “Investor Rights Agreement Amendment”), with Investor Parties