Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 59

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 59
---
 made thereunder, as described below:

| • | The performance-based vesting condition for the CFO Performance Plan consists of a contingent right to receive a number of shares of Common Stock upon a Repayment Event. See “—Summary of the CFO Performance Plan—Performance-Based Vesting Conditions” below for more information. |

The Compensation Committee believes a Repayment Event is a significant performance-based milestone for the Company and its stockholders, and an important indicator of the Company’s future success. We also believe that the Company’s ability to consummate a Repayment Event is primarily dependent on the Company’s operating and financial success, the ability to generate positive cash flow and/or obtain additional financing leading up to any such repayment or refinancing. Accordingly, our Chief Financial Officer would be rewarded upon the consummation of a Repayment Event and get to participate in any enhancement of the Company’s market value. However, there can be no assurance that the performance- or service-based vesting conditions for the CFO Performance Plan will be satisfied, or that upon vesting the variables described under “ —Summary of the CFO Performance Plan—Number of Shares of Common Stock Issuable Upon Vesting” below that determine the potential number of shares of Common Stock issuable or cash payments pursuant to the CFO Performance Plan, if any, will result in any issuance of shares of Common Stock or cash payments under the CFO Performance Plan. 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 Financial Officer will first be determined on each Determination Date until the Final Determination Date. 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 Financial Officer in connection with such Determination Date, if any, will be determined using the then-applicable Service Vested Percentage. If no Repayment Event occurs prior to the Term Loan Maturity Date, or if the Investor Multiple on 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 CFO Performance Plan will be made, to our Chief Financial Officer. In such scenarios, the CFO Performance Plan would expire and be forfeited as of the Final Determination Date.

| Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders31 |

TABLE OF CONTENTS PROPOSAL NO. 6—AP