Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 50

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 50
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 Invested Capital is not greater than one on any Determination Date through the Final Determination Date, no shares of Common Stock will be issued, and no cash payment under the CCO Performance Plan will be made, to our Chief Commercial Officer. In such scenarios, the CCO Performance Plan would expire and be forfeited as of the Final Determination Date. If the Company is unable to obtain the approval of the Company’s stockholders of the CCO Performance Plan at the Annual Meeting, or a future annual or special meeting of the Company’s stockholders or by written consent of the Company’s stockholders, in any event prior to 30 days after any Determination Date for which the issuance of shares of Common Stock is required under the CCO Performance Plan, then the value of the shares of Common Stock that would otherwise be issuable under the CCO Performance Plan as of such Determination Date will be satisfied by a cash payment. There can be no assurance that both the performance- and service-based vesting conditions will be satisfied or that the foregoing variables will result in the vesting and issuance of any shares of Common Stock or cash payments pursuant to the CCO Performance Plan.

| 26Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders |

TABLE OF CONTENTS Summary of the CCO Performance Plan (continued) See Exhibit A to the CCO Performance Plan included as Appendix B to this Proxy Statement for more information about the vesting and settlement terms for such award, including the variables used in the calculation of the number of shares of Common Stock issuable or total value payable to our Chief Commercial Officer if both the performance- and service-based vesting conditions are satisfied. Number of Shares Available for Issuance We are requesting that the Company’s stockholders approve the CCO Performance Plan as a standalone employee benefit plan, and authorize the Company to issue up to 15,000,000 shares of Common Stock thereunder, subject to the satisfaction of the applicable vesting conditions under such plan, if at all. The CCO Performance Plan provides that the delivery of any shares of Common Stock thereunder is subject to approval of such plan and a sufficient number of shares of Common Stock to be issued by the Company’s stockholders. The CCO Performance Plan also provides that if such plan is not approved by the Company’s stockholders or on any Determination Date there is not otherwise a sufficient number of shares of Common Stock approved by the Company’s stockholders in order to deliver the number of shares of Common Stock