Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 136

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 136
---
 on the applicable grant date. As part of the Compensation Committee’s annual compensation review process and in consultation with the Company’s independent compensation consultant, the Compensation Committee determined in the first quarter of 2024 to, among other things, grant 25% of the total equity awards in the form of PSUs and the remainder in RSUs. In addition, in October 2024, the Compensation Committee approved additional RSU grants to certain senior employees, including Mr. Briffa, to further align the value of outstanding equity incentive awards to target levels relative to their annual base salaries.

| Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders71 |

TABLE OF CONTENTS

EXECUTIVE COMPENSATION (continued) Upon vesting, PSUs and RSUs granted to certain of our senior employees, including Mr. Briffa, under the Amended and Restated 2021 LTIP in 2024 will vest and settle on a one-for-one basis into shares of Common Stock, as follows:

| • | The RSUs granted to certain of our senior employees, including Mr. Briffa, in the first quarter of 2024, if any, will vest, if at all, as follows: (i) 1/4th of the RSUs will vest on February 26, 2025; and (ii) the remaining RSUs will vest in 12 equal quarterly installments commencing May 26, 2025; |

| • | The PSUs granted to certain of our senior employees, including Mr. Briffa, in the first quarter of 2024 will vest, if at all, on the last day of the three-year performance period upon achievement of equally weighted performance metrics based on Adjusted EBITDA (a non-GAAP financial measure) and the charter mix percentage of Flight Transaction Value (“Charter Mix”). These PSUs vest over three overlapping performance periods that are each equally weighted relative to the total number of PSUs granted: (i) the one-year performance for 2024; (ii) the two-year cumulative performance for 2024 and 2025; and (iii) the three-year cumulative performance for 2024 through 2026. No award will vest until the end of the three-year vesting period. For performance periods that are based on combined Adjusted EBITDA results for consecutive fiscal years, the Compensation Committee will approve the results in the first quarter following the last performance year in such period. Please