Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 33

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 33
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 its independence. THE BOARD OF DIRECTORS RECOMMENDS A VOTE FORRATIFICATION OF OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.

| Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders17 |

TABLE OF CONTENTS

PROPOSAL NO. 4—AMENDMENT TO AMENDED AND RESTATED WHEELS UP EXPERIENCE INC. 2021 LONG-TERM INCENTIVE PLAN The Amended and Restated 2021 LTIP was adopted on April 1, 2023 and approved by the Company’s stockholders at the 2023 annual meeting of stockholders, and Amendment No. 1 to the Amended and Restated 2021 LTIP (the “LTIP First Amendment”) was adopted on April 15, 2024 and approved by the Company’s stockholders at the 2024 annual meeting of stockholders. Historically, the Company has issued equity incentive awards in the forms of restricted stock units (“RSUs”), performance-based RSUs (“PSUs”) and stock options to the Company’s directors, officers and employees under the Amended and Restated 2021 LTIP. On March 26, 2025, the Board of Directors, upon the recommendation of the Compensation Committee, approved the LTIP Amendment, subject to approval by the Company’s stockholders at the Annual Meeting. We are requesting that the Company’s stockholders approve the LTIP Amendment, which if approved at the Annual Meeting would give effect to the following amendments to the Amended and Restated 2021 LTIP:

| • | an increase in the number of shares of Common Stock authorized for issuance thereunder from 30,149,682 to 60,149,682 shares, or an increase of 30,000,000 shares; and |

Summary of Amendments Increase in the Number of Shares Authorized for Issuance The proposed increase in the number of shares of Common Stock authorized for issuance under the Amended and Restated 2021 LTIP is intended to permit the Company to continue to offer equity incentive compensation that aligns long-term pay outcomes for certain of our directors, officers and employees with the interests of the Company’s stockholders, and is important to attract, retain, motivate and reward key employees. The Compensation Committee has historically awarded a mix of PSUs and RSUs to certain officers and employees, which are subject to vesting depending on, among others, the achievement of certain operational and financial targets. The Board and the Compensation