Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 154

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 154
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 No award will vest until the end of the three-year vesting period. Pursuant to Instruction 3 to Item 402(p)(2) of Regulation S-K, the number of unvested PSUs reported in the table above that were granted on February 26, 2024 and are based on the achievement of pre-determined Adjusted EBITDA thresholds reflects the number of unvested PSUs based on the achievement of threshold performance goals (50%) for all periods, because the Compensation Committee determined in the first quarter of 2025 that performance in 2024 was less than the threshold performance goal. Please see Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2024 Form 10-K for definitions and reconciliations of non-GAAP financial measures (including Adjusted EBITDA) and key performance metrics presented by the Company. |

| (7) | Represents unvested PSUs granted to Mr. Briffa on February 26, 2024 under the Amended and Restated 2021 LTIP, which contain separate performance conditions based on the achievement of pre-determined Charter Mix thresholds for the following performance periods: (i) the one-year |

| 80Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders |

TABLE OF CONTENTS

EXECUTIVE COMPENSATION (continued) performance for 2024; (ii) the two-year cumulative performance for 2024 and 2025; and (iii) the three-year cumulative performance for 2024 through 2026. No award will vest until the end of the three-year vesting period. Pursuant to Instruction 3 to Item 402(p)(2) of Regulation S-K, the number of unvested PSUs reported in the table above that were granted on February 26, 2024 and are based on the achievement of pre-determined Charter Mix thresholds reflects the number of unvested PSUs based on the achievement of maximum performance goals (200%) for all periods, because the Compensation Committee determined in the first quarter of 2025 that performance in 2024 met or exceeded the maximum performance goal.

| (8) | Represents the unvested portion of RSUs granted to Mr. Briffa on February 26, 2024 under the Amended and Restated 2021 LTIP, which are scheduled to vest as follows: (i) 1/4th of