Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 52

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 52
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 CCO Performance Plan (continued) Amended and Restated Certificate of Incorporation to complete any issuance of shares of Common Stock pursuant to the CCO Performance Plan, together with the issuance of any other shares of Common Stock that the Company may be obligated to reserve for future issuance under the terms of any applicable equity incentive plan, warrants or other securities that are convertible or exchangeable into or exercisable for shares of Common Stock, or pursuant to any other agreement to which the Company or its subsidiaries is a party. Although the terms of the Amended and Restated 2021 LTIP incorporated into the CCO Performance Plan specify conditions under which unvested shares under the CCO Performance Plan may become available for later grant or issuance, it is the Company’s present intention that if the CCO Performance Plan is forfeited, expires or otherwise terminates, in whole or in part, without having vested, no unvested shares of Common Stock will be issued to our Chief Commercial Officer under the plan and such unvested shares will not become available for later grant or issuance thereunder. Change of Control Provisions Pursuant to the CCO Performance Plan, if a Change of Control (as defined for purposes of this Proposal No. 5) occurs prior to any Determination Date, the date of the consummation of the Change of Control will be deemed a Repayment Event and the Final Determination Date, and the Service Vested Percentage will be 100% upon the consummation of such Change of Control. In addition, if a Change of Control is consummated within six months following the termination of our Chief Commercial Officer’s employment for any reason other than for Cause (as defined in the Amended and Restated 2021 LTIP), he will become 100% vested as of the date of the Change of Control. Under the CCO Performance Plan, “Change of Control” means the occurrence of any one of the following events on or after the grant date of the CCO Performance Plan and on or before the final Determination Date:

| • | the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) of beneficial ownership within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more (on a fully diluted basis) of either (A) the then outstanding shares of common stock of the Company or (B) the combined voting power of the then outstanding voting