Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 150

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 150
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 The WUP Management Incentive Plan was administered by the WUP board of directors and its compensation committee prior to the Business Combination, which had the authority to select, from among the individuals eligible for awards, the individuals to whom awards may be granted, to make any combination of awards to participants and to determine the specific terms and conditions of each award, subject to the provisions of the WUP Management Incentive Plan. The Board currently has the authority to amend, suspend or terminate the WUP Management Incentive Plan to the extent such action does not materially impair the rights of a participant under an outstanding equity award without the participant’s consent. The WUP Management Incentive Plan has a term of 10 years from the date of adoption. Since the Business Combination we have not granted any awards, nor do we intend to grant any additional awards, under the WUP Management Incentive Plan. None of the named executive officers identified in the Summary Compensation Table have any outstanding awards under the WUP Management Incentive Plan.

| Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders77 |

TABLE OF CONTENTS

EXECUTIVE COMPENSATION (continued) All awards granted under the WUP Management Incentive Plan are subject to the terms and conditions of the A&R LLCA, as well as the limited liability company agreements of MIP LLC or MIP RI LLC, as applicable, to which each recipient of an award became a party as a condition of receipt of a WUP profits interest or WUP restricted interest award. Each WUP profits interest award agreement and WUP restricted interest award agreement sets forth the vesting schedule of the profits interest award or restricted interest award (including both service- and performance-based vesting criteria), as applicable, and other applicable terms and conditions. Such agreements govern the treatment of awards under events such as a change of control, initial public offering (including the Business Combination), liquidation or dissolution of WUP and contain certain other terms related to distributions and other payment mechanics affecting each such award. General descriptions of the WUP profits interests and WUP restricted interests are set forth below:

| • | WUP profits interest awards consist of interests in MIP LLC, which provided the participant with the right to participate in distributions to the extent such distributions were attributable to income and growth of the value of MIP LLC, and indirectly attributable to income and growth of the value of WUP, after the date of issuance. The threshold value of WUP, above which the participant