Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 169

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 169
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, subject to the satisfaction of both performance- and service-based vesting conditions on or before the Term Loan Maturity Date. The price per share of our Common Stock is a significant driver of fluctuations in the fair value and ultimate payout under such plans. As a result, fluctuations in TSR attributable to volatility in the price per share of our Common Stock have, and are expected to significantly impact the value of the CEO Performance Plan and CCO Performance Plan in future periods prior to vesting or forfeiture. Relative TSR was used as a performance-based vesting condition for certain PSUs that were granted to certain of our non-PEO NEOs in the first quarter of 2023. Thereafter, we discontinued use of that measure. Such PSUs will not vest until the end of a three-year performance period, if at all, subject to continued service of the recipient through the vesting date. The Compensation Committee has determined that PSUs that used Relative TSR for the one-year performance period for 2023 and for the two-year cumulative performance period for 2023 and 2024 will not vest due to achievement below the threshold performance goals, which reduced average CAP to certain of our non-PEO NEOs that received such awards. Our Net income (loss) improved for the third straight year. Net income (loss) increased 30.3% year-over-year in 2024 despite approximately 37% lower Revenue in 2024 versus 2023. The improvement in Net income (loss) was primarily due to improvements in our operating margins as a result of measures we implemented to make our operations more efficient, our cost savings initiatives and our focus on more profitable flying. We did not use Net income (loss) as a metric when determining compensation decisions for our PEOs and non-NEO PEOs in 2024, 2023 or 2022.

| Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders89 |

TABLE OF CONTENTS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following table sets forth information known to us regarding beneficial ownership of our Common Stock as of March 31, 2025 by:

| • | each person who is known to be the beneficial owner of more than 5% of the outstanding shares of our Common Stock; |

| • | each of Wheels Up’s named executive officers and directors; and |

| • | all executive officers and directors of Wheels Up as a group. |

Beneficial ownership is