Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 34

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 34
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 Committee believe that the ability to continue to grant such performance-based equity compensation awards in the future to certain of our officers and employees as a significant component of total compensation further aligns the success of our officers and employees with the success of our stockholders. As of the Record Date, and excluding the proposed 30,000,000 share increase set forth in the LTIP Amendment, approximately shares of Common Stock were available for future awards under the Amended and Restated 2021 LTIP, which the Company believes is insufficient to support expected future grants of PSUs and RSUs as and when approved by the Compensation Committee for the remainder of 2025 and thereafter. The failure to obtain stockholder approval of the LTIP Amendment would limit our ability to grant equity incentive awards in the future, which may materially and adversely impact our ability to attract, retain, motivate and reward our directors, officers and employees compared to our competitors, or cause us to shift our compensation schemes in a manner that may be less effective in aligning the Company’s long-term success to compensation. Extension of the Termination Date of the Amended and Restated 2021 LTIP Assuming that the Company’s stockholders approve the LTIP Amendment at the Annual Meeting, the LTIP Amendment extends the termination date of the Amended and Restated 2021 LTIP to March 26, 2035 (i.e., 10 years from the effective date of the LTIP Amendment). The material terms of the Amended and Restated 2021 LTIP and the LTIP Amendment are described below. A copy of the LTIP Amendment is included as Appendix A to this Proxy Statement. THE BOARD OF DIRECTORS RECOMMENDS A VOTE FORAPPROVAL OF THE LTIP AMENDMENT.

| 18Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders |

TABLE OF CONTENTS Summary of the Amended and Restated 2021 LTIP & LTIP Amendment The summary below is qualified in its entirety by reference to the full text of the Amended and Restated 2021 LTIP, which was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on June 1, 2023, the LTIP First Amendment, which was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on June 7, 2024, and the LTIP Amendment. Administration of the Amended