Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 66

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 66
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ed Capital being greater than 3.0x; (b) consummation of the Repayment Event as of September 20, 2028, the Term Loan Maturity Date; (c) the Service Vested Percentage as of the applicable Determination Date being 100%; and (d) the number of shares outstanding and fully diluted shares of Common Stock being the same as they were on November 30, 2023. The Company deems these assumptions as reasonable based on currently available information for the purpose of authorizing enough shares of Common Stock for future issuance should the CFO Performance Plan vest. Any increase or decrease in the variables described above will result in the CFO Performance Plan having a different value upon vesting, if at all, which in turn would result in a different number of shares of Common Stock being issuable under the award. For example, if the price per share of Common Stock declines, the value of the CFO Performance Plan will generally decline; however, the number of shares of Common Stock issuable upon vesting would increase under certain circumstances, because the aggregate number of shares of Common Stock required to equal such award value would be higher. The Company’s stockholders may experience significant dilution resulting from the settlement of the CFO Performance Plan and/or the concurrent settlement of the other Executive Performance Plans, if any. However, 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 CFO Performance Plan. While we currently believe that the amount of shares of Common Stock that the Company’s stockholders are being asked to authorize the Company to issue under the CFO Performance Plan approximates the maximum number of shares of Common Stock, as calculated in consultation with our independent compensation consultant, that may be issuable under the plan upon the satisfaction of both the performance- and service-based vesting conditions, if at all, it is possible that future events, including future dilutive issuances of shares of Common Stock or other instruments or securities exchangeable or exercisable for, or convertible into, shares of Common Stock in public offerings or private placements, a sustained decline in the trading price per share of our Common Stock or a significant modification to the terms of the Term Loan, could result in an insufficient number of shares of Common Stock being authorized for issuance under the CFO Performance Plan. If the number of shares of Common Stock that the Company is authorized to issue under the CFO Performance Plan or the