Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 113

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 113
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 the Company) incurred in pursuing and conducting, or otherwise related to, its activities, including in its capacity as managing member of WUP. In addition, WUP or Wheels Up is responsible for the ordinary and reasonable expenses incurred by MIP LLC and MIP RI LLC in connection with their continued existence and administration. Dissolution. WUP will be dissolved only upon the first to occur of: (i) an election by Wheels Up to dissolve WUP, which election shall require the written consent of the holders of a majority of the WUP profits interests then outstanding in MIP LLC and the written consent of the holders of a majority of the equity interests then outstanding in MIP RI LLC; (ii) WUP ceases to have any remaining members; and (iii) the entry of a decree of judicial dissolution.

| 60Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders |

TABLE OF CONTENTS CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS (continued) Pre-Business Combination Related Person Transactions of Aspirational Discussion of certain rights and obligations related to the 4,529,950 warrants (the “Private Warrants”) that were issued at a price of $1.50 per warrant to the Sponsor in a private placement that closed concurrently with the closing of the Aspirational’s initial public offering is included below, because Mr. Thakran, who served as Executive Chairman and a director during 2023, held Private Warrants. Private Warrants Simultaneously with the consummation of Aspirational’s initial public offering, the Sponsor purchased 4,333,333 Private Warrants at a price of $1.50 per warrant in a private placement. On October 2, 2020, as a result of the underwriters’ election to partially exercise their over-allotment option, the Sponsor purchased an additional 196,617 Private Warrants. Each Private Warrant entitles the holder to purchase 1/10th of one share of Common Stock for $115.00 per whole share of Common Stock. The Private Warrants are not redeemable by us so long as they are held by the Sponsor or its permitted transferees other than pursuant to Section 6.2 of the warrant agreement, dated as of September 25, 2020 (the “Warrant Agreement”), entered into between Aspirational and the Transfer Agent, as warrant agent and only if the Reference Value (as defined in the Warrant Agreement) is equal