Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 71

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 71
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 after the grant date; provided, that the Compensation Committee, in its sole discretion, would be permitted to designate up to 5% of the shares available for issuance under the CFO Performance Plan as not being subject to such requirement. Dividend and Dividend Equivalent Rights The CFO Performance Plan does not permit dividends or dividend equivalents to be paid or settled on unearned and unvested equity awards. U.S. Federal Income Tax Consequences of Awards The U.S. federal income tax consequences to Wheels Up and our Chief Financial Officer with respect to the CFO Performance Plan are substantially identical to the consequences described under “ Proposal No. 4—Amendment to Amended and Restated Wheels Up Experience Inc. 2021 Long-Term Incentive Plan—Summary of the Amended and Restated 2021 LTIP—U.S. Federal Income Tax Consequences of Awards” under the subheadings “ Restricted Stock Units” and “ Section 409A”, which are incorporated by reference herein. The summary incorporated by reference herein does not purport to be legal or tax advice. The U.S. federal tax laws may change and the federal, state and local tax consequences for any participant will depend upon their individual circumstances. Tax consequences for any particular individual may be different. If both the performance- and service-based vesting conditions under the CFO Performance Plan are satisfied prior to forfeiture, if at all, any issuance of shares of Common Stock or cash payment under such award may result in excise taxes pursuant to Sections 280G or 4999 of the Internal Revenue Code being owed by Mr. Verkamp as a result of such issuance or payment. The Company is not liable for the payment of any excise taxes pursuant to Sections 280G or 4999 of the Internal Revenue Code (including any “gross-up”) that may be incurred by our Chief Financial Officer upon vesting of the CFO Performance Plan, if at all.

| Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders37 |

TABLE OF CONTENTS

Summary of the CFO Performance Plan (continued) New Plan Benefits As of the Record Date, only our Chief Financial Officer had an outstanding equity award under the CFO Performance Plan. We are requesting that the Company’s stockholders approve the CFO Performance Plan as a standalone employee benefit plan, and authorize the Company to issue up to 12,000,000 shares of Common Stock thereunder, subject to the satisfaction of the applicable vesting conditions under such plan, if at all. The CFO Performance Plan