Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 131

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 131
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 can be no assurance that both the performance- and service-based vesting conditions will be satisfied, or that the CEO Performance Plan or CCO Performance Plan will vest or result in the issuance of any shares of Common Stock or cash payments. At the Company’s 2024 annual meeting of stockholders held on June 6, 2024, the Company’s stockholders authorized 73.0 million shares for potential issuance under the CEO Performance Plan upon vesting, if at all. As a result, the grant date fair value of the CEO Performance Plan, assuming that the highest level of performance conditions will be achieved and all shares of Common Stock currently authorized for issuance thereunder are ultimately issued, was $168.6 million based on the price per share of Common Stock of $2.31 at the close of the trading day on November 30, 2023. As of December 31, 2024 and the date of this Proxy Statement, the performance- and service-based vesting conditions under the CCO Performance Plan had not been satisfied, and the CCO Performance Plan and the number of shares of Common Stock authorized for issuance thereunder had not been approved by the Company’s stockholders. As a result, the grant date fair value of the CCO Performance Plan, assuming that the highest level of performance conditions will be achieved, cannot be calculated at this time. Upon the departure of Mr. Smith from the Company on September 6, 2024, the Forfeited CFO Performance Plan was terminated and any right to receive shares of Common Stock or cash payments thereunder in the future was forfeited. No shares of Common Stock had been issued or cash payments made to Mr. Smith under the Forfeited CFO Performance Plan prior to forfeiture.

| (6) | Includes the grant date fair value of the CEO Performance Plan, which will vest, if at all, on the Term Loan Maturity Date, and for which the performance- and service-based vesting conditions for the CEO Performance Plan were not met and no shares vested as of each of December 31, 2024 and the date of this Proxy Statement. See footnote 5 above for details about the calculation of the grant-date fair value of the CEO Performance Plan in accordance with ASC 718 using a Monte Carlo simulation model. |

| (7) | Mr. Harvey was hired as Chief Commercial Officer on May 20, 2024. |

| (8) | Includes the grant date fair value of the CCO Performance Plan, which will vest, if