Company: UP
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001819516-25-000012
Chunk: 295

Company: Wheels Up Experience Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 295
---
)Weighted-Average GrantDate Fair Value(in thousands)Non-vested RSUs as of January 1, 20241,848 $9.35 Granted10,606 2.54 Vested(1,178)8.29 Forfeited(1,142)5.61 Non-vested RSUs as of December 31, 202410,134 2.76 (1)    The number of non-vested RSUs as of January 1, 2024, the number of forfeited RSUs and the related weighted-average grant date fair values include 68,376 RSUs granted under the 2022 Inducement Grant Plan, which were forfeited in September 2024.The total unrecognized compensation cost related to non-vested RSUs was $22.3 million as of December 31, 2024 and is expected to be recognized over a weighted-average period of 2.7 years.PSUsUnder the terms of the PSUs granted to certain employees, upon the achievement of certain pre-determined performance objectives, each PSU may settle into shares of our Common Stock. The PSUs will vest, if at all, upon the actual achievement of the related performance objectives, subject to specified change of control exceptions and the grantee’s continued service to the Company through the applicable vesting date.The following table summarizes the activity under the Amended and Restated 2021 LTIP related to PSUs as of December 31, 2024:Number of PSUsWeighted-Average GrantDate Fair Value(in thousands)Non-vested PSUs as of January 1, 202418 $2.89 Granted482 3.07 Vested— — Forfeited(113)3.03 Non-vested PSUs as of December 31, 2024387 3.05 Compensation expense associated with PSUs is recognized over the vesting period of the awards that are ultimately expected to vest when the achievement of the related performance objectives becomes probable. As of December 31, 2024, the achievement of the performance objectives associated with certain non-vested PSUs was deemed  not probable of being achieved and no expense has been recognized associated with those awards. The total unrecognized compensation cost related to non-vested PSUs deemed probable of being achieved was $0.4 million as of December 31, 2024, and is expected to be recognized over