Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 48

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 48
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 Meeting of Stockholders25 |

TABLE OF CONTENTS

Summary of the CCO Performance Plan (continued) The CCO Performance Plan also sets forth the following treatment of the award for certain termination of service scenarios (“Change of Control” is described separately below under “ —Change of Control Provisions”):

| • | If our Chief Commercial Officer is terminated by the Company for Cause (as defined in the Amended and Restated 2021 LTIP), the CCO Performance Plan, including any Service Vested Percentage thereof, will be forfeited for no consideration. |

See Section 4 of, and the definition of “Service Vested Percentage” in, the CCO Performance Plan included as Appendix B to this Proxy Statement for more information about the service-based vesting conditions and termination of service outcomes. Number of Shares of Common Stock Issuable Upon Vesting Upon the satisfaction of both the performance- and service-based vesting conditions, if at all, the number of shares of Common Stock subject to vesting and issuance, if any, to our Chief Commercial Officer on each Determination Date following a Repayment Event will be based on the repayment or refinancing of the Term Loan and Revolving Credit Facility, and the then-applicable dollar value of the shares of Common Stock issued to the Lenders under the Investor Rights Agreement, relative to the volume weighted average price per share of Common Stock during the 60 trading day period prior to the applicable Determination Date (the “VWAP”). The number of shares of Common Stock, if any, issuable under the CCO Performance Plan will vary depending on, among other things, the: (i) occurrence and timing of a Repayment Event; (ii) Investor Multiple on Invested Capital, if any; and (iii) Service Vested Percentage as of the applicable Determination Date. As a result, the exact number of shares of Common Stock that may be issued under the CCO Performance Plan will not be readily determinable until the first Determination Date following a Repayment Event and at each successive Determination Date thereafter 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. Any such cash payments by the Company to our Chief Commercial Officer may be material and, depending on the timing and magnitude of such required payments, may adversely affect our liquidity, financial condition and results of