Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 55

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 55
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 and/or reimburse the Company for an award and/or shares of Common Stock issued under the CCO Performance Plan, and any proceeds paid or provided upon disposition of shares of Common Stock issued under the CCO Performance Plan, pursuant to the terms of the Recoupment Policy. See “ Corporate Governance—Executive Compensation Recoupment Policy” in this Proxy Statement for additional information about the Company’s compensation clawback policy. Types of Awards Although the terms of the Amended and Restated 2021 LTIP incorporated into the CCO Performance Plan permit the Administrator to grant awards of stock options, restricted stock, restricted stock units, stock appreciation rights, other stock-based awards, performance awards or cash awards, the CCO Performance Plan is a one-time award in lieu of future annual equity compensation grants and does not constitute a promise of future grants. The CCO Performance Plan does not obligate the Company to issue any future grants to our Chief Commercial Officer. Minimum Vesting Condition for Awards The terms of the Amended and Restated 2021 LTIP incorporated into the CCO Performance Plan require that any grant or award thereunder have a minimum restriction, vesting and/or performance period, as applicable, of no less than one year after the grant date; provided, that the Compensation Committee, in its sole discretion, would be permitted to designate up to 5% of the shares available for issuance under the CCO Performance Plan as not being subject to such requirement. Dividend and Dividend Equivalent Rights The CCO Performance Plan does not permit dividends or dividend equivalents to be paid or settled on unearned and unvested equity awards. U.S. Federal Income Tax Consequences of Awards The U.S. federal income tax consequences to Wheels Up and our Chief Commercial Officer with respect to the CCO Performance Plan are substantially identical to the consequences described under “ Proposal No. 4—Amendment to Amended and Restated Wheels Up Experience Inc. 2021 Long-Term Incentive Plan—Summary of the Amended and Restated 2021 LTIP—U.S. Federal Income Tax Consequences of Awards” under the subheadings “ Restricted Stock Units” and “ Section 409A”, which are incorporated by reference herein. The summary incorporated by reference herein does not purport to be legal or tax advice. The U.S. federal tax laws may change and the federal, state and local tax consequences for any participant will depend upon their individual circumstances. Tax consequences for any particular individual may be different. If both the performance- and service-based vest