Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 107

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 107
---
 a Class I director and the other to serve as a Class III director. Directors designated by Delta pursuant to the Delta Rights Letter did not receive any compensation for their service as directors. The Delta Rights Letter specified certain Common Stock ownership thresholds that had to be maintained in order to continue to have the right to nominate (or appoint, if applicable) one or more directors to the Board. In addition, the Delta Rights Letter included certain rights in favor of Delta related to, among others, any issuance of equity or equity-linked securities by the Company to certain domestic commercial air carriers and, subject to meeting a specified Common Stock ownership threshold, consultation with Delta in hiring or terminating the employment of certain senior employees with responsibility for flight operations, safety, maintenance and quality control. Other Flight Benefits Arrangements We have entered into an agreement with Certares and Knighthead, which are co-investment advisors to CK Wheels, pursuant to which we offer discounted flight services to a limited number of executives of each of Certares and Knighthead or their respective affiliates. Such discounts are reflected in each party’s Member Services Agreement, the non-pricing terms of which are substantially similar to those offered to other business customers that purchase a similar Custom Enterprise Solution funds. Such flight services are offered at a price that is not less than the direct operating cost to us. Business Combination Related Person Transactions of WUP Certain of our directors and executive officers that served during 2024 or 2023 or their respective affiliates were parties to the De-SPAC Registration Rights Agreement (as defined below) or held WUP profits interests or restricted interests or are entitled to Earnout Shares, if issued, as described below. De-SPAC Registration Rights Agreement In connection with the consummation of the Business Combination and as contemplated by the related Agreement and Plan of Merger, by and among, inter alia, WUP and Aspirational, dated as of February 1, 2021 (as amended on May 6, 2021, the “Merger Agreement”), we, Aspirational Consumer Lifestyle Sponsor LLC (the “Sponsor”), certain WUP equityholders, Aspirational’s independent directors and

| 58Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders |

TABLE OF CONTENTS CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS (continued) the other parties thereto entered into an Amended and Restated Registration Rights Agreement (the “De-SPAC Registration Rights Agreement”), pursuant to which we agreed