Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 135

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 135
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 Company’s 2023 annual meeting of stockholders. On June 6, 2024, the Company’s stockholders approved the LTIP First Amendment at the Company’s 2024 annual meeting of stockholders to increase the number of shares of Common Stock issuable there under. The Amended and Restated 2021 LTIP is administered by the Board and Compensation Committee, which has the authority to select, from among the individuals eligible for awards, the individuals to whom awards may be granted, to make any combination of awards to participants and to determine the specific terms and conditions of each award, subject to the provisions of the Amended and Restated 2021 LTIP. Eligible employees and certain non-employees of Wheels Up are eligible to participate in the Amended and Restated 2021 LTIP. The long-term incentive awards under the Amended and Restated 2021 LTIP may consist of incentive options, non-statutory options, restricted stock, RSUs, PSUs, rights, dividend equivalents, other stock-based awards, performance awards or cash awards, or any combination of the foregoing, as the Board and the Compensation Committee may determine. On March 26, 2025, the Board, upon the recommendation of the Compensation Committee, approved the LTIP Amendment, subject to approval by the Company’s stockholders at the Annual Meeting. We are requesting that the Company’s stockholders approve the LTIP Amendment to, among other things, increase the number of shares of Common Stock authorized for issuance thereunder from 30,149,682 to 60,149,682 shares, or an increase of 30,000,000 shares. See “ Proposal No. 4—Amendment to Amended and Restated Wheels Up Experience Inc. 2021 Long-Term Incentive Plan” for more information. 2024 Annual Grants under the Amended and Restated 2021 LTIP . The amount shown in the “Stock awards” column of the Summary Compensation Table for 2024 for Mr. Briffa represents the grant date fair value of the RSUs and PSUs, as applicable, determined in accordance with ASC 718 corresponding to the number of RSUs and PSUs, as applicable, awarded to such named executive officer under the Amended and Restated 2021 LTIP during fiscal year 2024. The grant date fair values for all awards reflected in the “Stock awards” column of the Summary Compensation Table are calculated using the closing trading price per share of Common Stock