Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 114

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 114
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 to or exceeded $180.00 per share of Common Stock. If the Private Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units that were sold as part of Aspirational’s initial public offering. The Sponsor, or its permitted transferees, has the option to exercise the Private Warrants for cash or on a cashless basis. The Private Warrants are identical to the 7,991,544 redeemable public warrants (the “Public Warrants” and, together with the Private Warrants, the “Warrants”) that were included in the units issued by Aspirational in its initial public offering, except that the Private Warrants: (i) are not redeemable by us other than pursuant to Section 6.2 of the Warrant Agreement and only if the Reference Value is equal to or exceeds $180.00 per share of Common Stock; (ii) may be exercised for cash or on a cashless basis so long as they are held by the Sponsor or any of its permitted transferees; and (iii) are entitled to registration rights (including the shares issuable upon exercise of the Private Warrants, as set forth in the Warrant Agreement). Other Related Person Transactions Commercial Relationship with Tropic Ocean Airways In March 2022, Wheels Up, through its indirect subsidiary, made an investment in Tropic Ocean Investors LLC (“Tropic Ocean”), which owns Tropic Ocean Airways, an amphibious airline and leading provider of last-mile private charter and scheduled service in Florida, the Northeastern U.S., the Bahamas and the Caribbean. The Company, through its indirect subsidiary, owns approximately 14.56% of Tropic Ocean, has the right to designate one person to serve on the Board of Managers of Tropic Ocean, and has also entered into a multiyear commercial cooperation agreement (the “TOA CCA”) with Tropic Ocean. Mr. Mattson, our Chief Executive Officer, holds minority equity interests in, and serves as Chairman of the Board of Managers of, Tropic Ocean. Total payments to Tropic Ocean under the TOA CCA since January 1, 2023 were approximately $486,265 and consist of payments to Tropic Ocean as a third-party operator for Wheels Up member flights. Because Mr. Mattson holds an equity interest in Tropic Ocean in excess of the threshold identified under Item 404(d