Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 62

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 62
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 the satisfaction of the applicable vesting conditions under such plan, if at all. Except as set forth in Section III.A of the Amended and Restated 2021 LTIP, the CFO Performance Plan incorporates the terms of the existing Amended and Restated 2021 LTIP, as it may be amended from time to time. The CFO Performance Plan is intended to constitute a standalone employee benefit plan and any shares of Common Stock issued under the CFO Performance Plan will not be issued under, or count against the number of shares of Common Stock reserved pursuant to, any of the Company’s other equity incentive plans or awards. While certain of the provisions described below are similar to the Amended and Restated 2021 LTIP, there are certain differences with respect to, among other things, termination of service scenarios, treatment upon a “Change of Control” (as defined under “— Change of Control Provisions” below), and the potential settlement by a payment in cash if the CFO Performance Plan is not approved by the Company’s stockholders or if on any Determination Date, there is not otherwise a sufficient number of shares of Common Stock authorized for issuance upon vesting to deliver the number of shares due under the CFO Performance Plan. Additional descriptions of these items are contained in Proposal No. 6 above, as well as where applicable in the following summary of the CFO Performance Plan, considering the changes to the terms of the Amended and Restated 2021 LTIP set forth in the LTIP Amendment, as applicable. A copy of the CFO Performance Plan is included as Appendix C to this Proxy Statement. The summaries set forth herein are qualified in their entirety by reference to the full text of the CFO Performance Plan. Administration of the CFO Performance Plan The CFO Performance Plan may be administered by the Administrator. The Administrator has exclusive authority to make all interpretations and determinations affecting the CFO Performance Plan. The CFO Performance Plan does not obligate the Company to issue any future grants to our Chief Financial Officer. Eligible Participants The CFO Performance Plan was granted to John Verkamp, our Chief Financial Officer, and does not, by its terms, allow for additional awards to be made thereunder. Performance-Based Vesting Conditions The CFO Performance Plan is a multi-year, one-time performance award granted to our Chief Financial 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