Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 132

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 8
Chunk 132
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2021 LTIP, the Executive Performance Plans incorporate the terms of the Amended and Restated 2021 LTIP, as it may be amended from time-to-time. Each Executive Performance Plan is intended to constitute a standalone equity incentive plan and any shares of Common Stock issued under such awards will not be issued under, or count against the number of shares of Common Stock reserved pursuant to, any of the Company’s other equity-based compensation plans or awards. In addition, the Board formerly approved the Wheels Up Experience Inc. Performance Award Agreement, dated as of March 3, 2023 (the “Forfeited CFO Performance Plan”), to Todd Smith, our former Chief Financial Officer. Upon the departure of our former Chief Financial Officer from the Company on September 6, 2024, the Forfeited CFO Performance Plan was effectively terminated and any right to receive shares of Common Stock or cash payments thereunder in the future was forfeited. No shares of Common Stock had been issued or cash payments made to our former Chief Financial Officer under the Forfeited CFO Performance Plan through such date. In addition, all compensation expense associated with the Forfeited CFO Performance Plan was reversed during the three months ended September 30, 2024. The issuance of any shares under the Executive Performance Plans upon vesting is contingent upon receipt of the approval of each award by the Company’s stockholders. At the 2024 Annual Meeting, the Company’s stockholders approved the CEO Performance Plan and the potential issuance of up to 73.0 million shares of Common Stock thereunder, subject to the satisfaction of the applicable performance- and service-based vesting conditions under such award, if at all. The Company’s definitive proxy statement on Schedule 14A filed with the U.S. Securities and Exchange Commission on April 24, 2025 for the Company’s 2025 annual meeting of stockholders includes stockholder voting proposals to approve the CCO Performance Plan and CFO Performance Plan, as well as a specified number of shares of Common Stock available for potential issuance under each plan upon vesting, if at all. If on any Determination Date (as defined below) there is not a sufficient amount of shares authorized by the Company's stockholders to deliver the number of shares due under the Executive Performance Plans or any such Executive Performance Plan has not been approved by the Company’s stockholders, then upon 

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vesting, if at all, any amounts payable under any such Executive Performance Plan will not be paid in the form of the issuance of