Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 140

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 140
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 on any outstanding long-term incentive awards or other equity awards. If Mr. Mattson’s employment is terminated for Cause (as defined herein) or by Mr. Mattson without Good Reason (as defined herein), he will be entitled to receive: (i) any accrued but unpaid base salary through the termination date; (ii) reimbursement of any unreimbursed business expenses properly incurred in connection with Wheels Up’s policies prior to termination; (iii) any accrued but unpaid vacation or other leave; and (iv) any other accrued and vested employment benefits Mr. Mattson is entitled to under the employee benefit plans (collectively, the amounts described in clauses (i) through (iv) above, the “Accrued Obligations”). If Mr. Mattson’s employment is terminated by Wheels Up without Cause (as defined herein) or by Mr. Mattson for Good Reason (as defined herein), subject to Mr. Mattson’s timely execution and non-revocation of a release of claims in favor of Wheels Up and compliance with applicable restrictive covenants, Mr. Mattson will be entitled to receive, in addition to the Accrued Obligations: (i) continued payment of his base salary for a period of 12 months following the termination date; (ii) his annual incentive bonus for the year of termination based on Wheels Up’s actual performance for the full performance year and paid at the same time as other similarly situated executives; (iii) any accrued and unpaid annual incentive bonus for the fiscal year prior to the termination date that has not yet been paid; (iv) immediate vesting of a portion of his long-term incentive award as if Mr. Mattson had remained employed through the next vesting date and, if the next vesting date is less than three months after the termination date, a portion of his long-term incentive award as if Mr. Mattson had remained employed through the vesting date following the next vesting date; and (v) continuation of health benefits for Mr. Mattson and his eligible dependents pursuant to the Consolidated Budget Reconciliation Act of 1985 (“COBRA”) and reimbursement for the employer portion of the premiums paid by him for such coverage through the earlier of (A) 12 months following the termination date and (B) the date that he elects equivalent health benefit coverage with a new employer. For purposes of Mr. Mattson’s employment agreement, the term “Cause” means the occurrence of any of the following which is not cured by Mr. Matt