Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 47

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 47
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 does not obligate the Company to issue any future grants to our Chief Commercial Officer. Eligible Participants The CCO Performance Plan was granted to David Harvey, our Chief Commercial Officer, and does not, by its terms, allow for additional awards to be made thereunder. Performance-Based Vesting Conditions The CCO Performance Plan is a multi-year, one-time performance award granted to our Chief Commercial Officer in lieu of future annual equity compensation grants and is intended to provide him with the opportunity to share in the long-term growth of the value of the Company. The award consists of a contingent right to receive a number of shares of Common Stock upon: (i) a Repayment Event consisting of either the repayment or refinancing of the Company’s borrowings under the $390.0 million Term Loan, plus any additional amounts drawn on the Term Loan, if at all, on or before the Term Loan Maturity Date, if at all; and (ii) satisfaction of certain service-based vesting conditions described below. If both the performance- and service-based vesting conditions are satisfied prior to forfeiture, the number of shares of Common Stock that may vest and be issued to our Chief Commercial Officer will first be determined on the first Determination Date following a Repayment Event and again on each Determination Date through the Final Determination Date. 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. See Sections 1 and 2 of the CCO Performance Plan included as Appendix B to this Proxy Statement for more information about the performance-based vesting conditions. Service-Based Vesting Conditions The service-based vesting condition provides that 25% of the CCO Performance Plan was eligible to vest on September 20, 2024 and an additional 25% will be eligible to vest on each of September 20, 2025, 2026 and 2027, so long as our Chief Commercial Officer remains employed with the Company as of such dates. At any Determination Date following the satisfaction of the performance- and service-based vesting conditions, the number of shares of Common Stock issuable to our Chief Commercial Officer in connection with such Determination Date, if any, will be determined using the Service Vested Percentage. No portion of the CCO Performance Plan had vested as of the Record Date.

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