Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 147

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 147
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12-week “garden leave” period that begins on the date such notice of termination is delivered. During such 12-week “garden leave” period, Mr. Briffa: (i) would be entitled to receive continued payments of his then-applicable annual base salary and other contractual benefits under the Briffa Service Agreement in the usual way and subject to the terms from time to time in force of any benefit arrangements; (ii) would remain an employee of Air Partner and bound by his duties and obligations; (iii) would not be permitted to contact or deal with (or attempt to contact or deal with) any customer, client, supplier, agent, distributor, shareholder, employee, officer or other business contact of Air Partner or its subsidiaries without the prior written consent of the Board; and (iv) would be subject to additional requirements or restrictions on his conduct under the Briffa Service Agreement. The Briffa Service Agreement also contains certain post-termination restrictions, including non-competition and non-solicitation provisions, for 12 months following any termination of Mr. Briffa’s employment with the Company, subject to offset for any period of “garden leave” under the Briffa Service Agreement. Sales Incentive Award Following approval by the Compensation Committee, WUP LLC and Mr. Briffa entered into the Sales Incentive Award on June 6, 2024. The Sales Incentive Award provides Mr. Briffa the opportunity to earn an additional cash bonus (a “Sales Bonus”) upon the achievement of certain Charter Sales Adjusted EBITDA (as defined in the Sales Incentive Award) goals specified in the Sales Incentive Award. The achievement of the Charter Sales Adjusted EBITDA goals will be determined by the Compensation Committee for each of fiscal years 2024, 2025 and 2026. If the target Charter Sales Adjusted EBITDA goal is achieved for a specific plan year, Mr. Briffa will be entitled to receive a Sales Bonus equal to 3% of such goal amount, which percentage is subject to adjustment by a range of 80-150% of the goal amount depending on the corresponding level of achievement. Any Sales Bonus attributable to a specific plan year will accrue for potential payment after December 31, 2026, subject to Mr. Briffa’s continued service through such date. If the Charter Sales Adjusted EBITDA threshold goal is not met for a specific plan year, Mr. Briff