Company: UP
Filing Date: 2025-03-11
Form Type: 8-K
Source: 0001819516-25-000011
Chunk: 2

Company: Wheels Up Experience Inc.
Filing Date: 2025-03-11
Form: 8-K
Item: Item 5.02
Chunk 2
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 Mr. Verkamp an annual base salary of $550,000, which will be prorated for 2025 based on the term of his service during the year; (ii) he will be eligible to receive an annual incentive bonus with a target amount equal to 100% of his annual base salary, the achievement of which will be subject to the terms and conditions of the Company’s annual bonus plan and prorated for 2025 based on the term of his service during the year; (iii) he will receive 20 hours of flight time per year on the Company’s King Air 350i aircraft in accordance with the executive flight hours plan established by the Company from time to time; and (iv) he will be eligible to participate in the employee benefit plans available to other executive officers of the Company, including participation at the Executive Vice President level under the Company’s Executive Severance Guidelines.

In addition, the Compensation Committee of the Board approved the Wheels Up Experience Inc. Performance Award Agreement to be granted to Mr. Verkamp on the Start Date (the “ CFO Performance Award”), which is expected to be a standalone equity compensation plan. The CFO Performance Award is intended to be a one-time performance award granted to Mr. Verkamp in lieu of future annual equity compensation grants and provide him with the opportunity to share in the long-term growth of the value of the Company. The terms of the CFO Performance Award are expected to be substantially similar to the Wheels Up Experience Inc. Performance Award Agreements granted to the Company’s Chief Executive Officer and Chief Commercial Officer in November 2023 and May 2024 (together, the “ Existing Performance Awards”), respectively. Descriptions of the material terms of the Existing Performance Awards are included in the first four paragraphs under the heading “ Executive Performance Awards” in Note 10, Stockholders’ Equity and Equity-Based Compensation in Part I, Item 1 “Financial Statements” in the Company’sQuarterly Report on Form 10-Q for the three months ended September 30, 2024 filed with the U. S. Securities and Exchange Commission (the “ SEC”) on November 7, 2024, which are incorporated by reference herein. However, the CFO Performance Award is expected to be different from the Existing Performance Awards as follows: (i) the potential number of shares of the Company’s Class A common

stock, $0.0001 par value per share (“ Common Stock”), or payments of cash, as applicable, under the CFO Performance Award is expected to