Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 69

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 69
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olvency or bankruptcy); or |

| • | the individuals who served on the Board as of the grant date of the CFO Performance Plan thereafter cease to constitute at least a majority thereof; provided, however, that any person becoming a member of the Board subsequent to the grant date of the CFO Performance Plan and whose election or nomination was approved by a vote of at least two-thirds of the directors who then comprised the Board immediately prior to such vote will be considered a member of the Board on the grant date of the CFO Performance Plan. |

Adjustments for Stock Dividends, Stock Splits, Etc. The CFO Performance Plan requires the Administrator to make any appropriate adjustments to the CFO Performance Plan and to any outstanding awards to reflect stock dividends, stock splits, extraordinary cash dividends and similar events, including, but not limited to, appropriate adjustments to the number, class and price of shares under the CFO Performance Plan. See “ Proposal No. 7—Implementation of the Reverse Stock Split—Effect on Equity Compensation Arrangements and Warrants” in this Proxy Statement for more information about the treatment of the CFO Performance Plan in the event the stockholders approve Proposal No. 7 at the Annual Meeting and the Board, in its discretion, subsequently decides to effect the Reverse Stock Split and Authorized Share Reduction. Amendment to the CFO Performance Plan No amendment or modification of any provision of the CFO Performance Plan that has a material adverse effect on Mr. Verkamp will be effective unless signed in writing by or on behalf of the Company and Mr. Verkamp. In addition, no amendment will be effective unless approved by the Company’s stockholders to the extent stockholder approval is necessary to satisfy the requirements of the Internal Revenue Code, any federal or state law or regulation, or any securities exchange listing requirements. Termination of the CFO Performance Plan The CFO Performance Plan generally may not be terminated by the Company, the Board or the Company’s stockholders. In addition, neither Article XXVI of the Amended and Restated 2021 LTIP, which is incorporated into the CFO Performance Plan, nor any other article

| 36Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders |

TABLE OF CONTENTS Summary of the CFO Performance Plan (continued) of the Amended and Restated 2021 LTIP that is incorporated into the CFO Performance Plan that permits the Board or the Compensation Committee to do any of the following will apply to the CFO Performance Plan: (i) suspend vesting and/or settlement of the CFO