Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 138

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 138
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 in the Summary Compensation Table with respect to the incremental cost to the Company of flight hours compensation for each named executive officer is based on the variable operating costs to Wheels Up for the applicable cabin class, which exceeds the combined tax SIFL and any tax gross-ups for the applicable period. Other Benefits and Compensation From time to time, the Compensation Committee may approve the payment of certain other benefits to our named executive officers, including housing allowances, car allowances, payment for certain commuting expenses, other hiring incentives and payments of or reimbursements for, among others, certain relocation expenses, specified legal fees or life insurance premiums for policies in addition to those generally provided to all employees. We evaluate whether to provide these benefits in light of the other elements of our executive compensation program, including the named executive officer’s overall compensation and the relative benefit to Wheels Up of providing such other benefits. We may in the future determine to pay other benefits to our named executive officers to align our practices with those of our competitors or otherwise provide benefits for their contributions to the Company. Termination-Based Compensation As described under “ —Potential Payments Upon Termination or Change of Control” below, the Company, with the requisite approval of the Board and/or the Compensation Committee, as applicable, has developed certain compensation and severance practices related to our named executive officers to align with our executive officer compensation philosophy. The Board and the Compensation Committee may determine in their sole discretion to provide compensation and severance to our named executive officers in excess of the Severance Guidelines (as defined herein) and the terms of a named executive officer’s employment agreement or offer letter. Employment Agreements and Offer Letters of Current Named Executive Officers We have entered into employment agreements or offer letters with each of our named executive officers. All such employment agreements provide for “at will” employment. Certain of the compensation paid to the named executive officers reflected in the Summary Compensation Table was provided pursuant to such employment agreements and offer letters, which are summarized below. George Mattson ( Chief Executive Officer ) Pursuant to his amended and restated employment agreement, dated November 30, 2023 (the “Mattson Employment Agreement”), Mr. Mattson is entitled to receive an annual base salary of $625,000, which is subject to annual review and further periodic increase by the Board. He is also entitled to earn an annual incentive bonus with a target amount equal to $1.0 million, based upon Wheels Up’s achievement of objective business plan financial targets established annually by the Compensation Committee in consultation with Mr. Mattson. The actual amount of