Document:

Exhibit 10.1

 

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

 

THIS AMENDMENT (“Amendment”), is entered
into as of this 28th day of February, 2022 by and between Vinayak Hegde (“Executive”) and Wheels Up Partners LLC, a Delaware
limited liability company (“Company”). Capitalized terms used but not defined herein shall have the meanings ascribed to them
in the Employment Agreement (defined below).

 

Whereas, Executive and Company are parties to that
certain Employment Agreement dated as of April 27, 2021 (the “Employment Agreement”); and

 

Whereas, the parties hereto desire to amend the
Employment Agreement.

 

NOW, THEREFORE, in consideration of the mutual
agreements herein contained and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties
agree as follows:

 

		1.	In Section 2 (Employment Duties) of the Agreement, effective October 5, 2021, the reference to “EVP and Chief
Marketplace Officer” shall be deleted and replaced with “President.” Executive agrees to perform the duties consistent
with the responsibilities of a President, which include oversight for both the demand generation and supply side of the Wheels Up marketplace,
all sales functions, member services, account management, technology, product, operations and supply. Further, all other references in
all other places in the Employment Agreement to “EVP and Chief Marketplace Officer” or “Chief Marketplace Officer”
shall be deleted and replaced with “President”.

 

		2.	In Section 5.1.1 (Base Salary) of the Agreement, effective October 5, 2021, the reference to a base salary of “$475,000
per year” shall be deleted and replaced with a base salary of “$600,000 per year.” Additionally, Executive received
a salary increase from $475,000 to $495,000 which was effective September 20, 2021, through October 5, 2021. The $475,000 salary will
be utilized to calculate Executive’s annual discretionary bonus for the period between September 20, 2021, and October 4, 2021.
Within thirty (30) days from the date this Amendment is fully executed, Company shall pay Executive a cash bonus of $25,846.15 to compensate
for the increase in wages Executive would have received between October 5, 2021, and December 31, 2021.

 

		3.	In Section 5.2 (Annual Bonus Opportunity) of the Agreement, effective October 5, 2021, the reference to “an annual
discretionary bonus with a target amount equal to one hundred percent (100%)” shall be deleted and replaced with “an annual
discretionary bonus with a target amount equal to one hundred twenty-five percent (125%).” The annual bonus amounts for the first
twelve (12) months of employment are guaranteed at the Target Bonus level (100% between May 5, 2021, and October 4, 2021, and 125% from
October 5, 2021, and May 5, 2022).

 

     

     

    

 

		4.	Effective January 1, 2022, Section 5.4 (Executive Flight Hours) shall be deleted in its entirety and replaced with the
following:

 

“Section 5.4 (Executive Flight Hours)
Provided Executive continues to maintain his Wheels up Core membership account in good standing during the Term, Executive shall receive
fifteen (15) bonus hours of flight time on a light-cabin (e.g. King Air 350i, Hawker 400) and fifty (50) bonus hours of flight time on
a mid-cabin (e.g. Citation Excel/XLS or Citation X), in accordance with the Executive Flight Hours plan established by the Company. Further,
in addition to the aforementioned Flight Hours, Executive will be entitled to purchase up to fifteen (15) light-cabin (e.g. King Air 350i,
Hawker 400) hours per year and fifty (50) mid-cabin (e.g. Citation Excel/XLS or Citation X hours per year at the then prevailing rate
and terms available for purchase generally by other senior executives of the Company.

 

		5.	Equity Award. The Company will recommend to the Compensation Committee of the Board of Directors that you be granted
a one-time equity award of 1,377,411 restricted stock units, in the form and subject to the terms of the Company’s long-term incentive
plans that may be implemented for similar level of employees of the Company (currently pending), and as may be amended from time to time
at the discretion of the Company. The Equity Award grant shall be made on the next regularly scheduled grant date by the Board of Directors.
The RSU Award Agreement shall specify that the grant shall vest in equal, annual installments over a three-year period on each anniversary
of the Grant Date.

 

Except as amended hereby, each of the parties hereto acknowledges and
agrees that the Employment Agreement shall continue and remain in full force and effect in all respects.

 

 

 

[Signature Page Follows]

 

    2

     

    

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of
the date first above written.

 

 

	 	WHEELS UP PARTNERS LLC	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Kenneth Dichter	 
	 		Name: Kenneth Dichter	 
	 	 	Title: CEO	 
	 	 	 	 
	 	 	 	 
	 	EXECUTIVE:	 
	 	 	 
	 	 	 
	 	/s/ Vinayak Hegde 	 
	 	Vinayak Hegde	 
	 	Title: President	 
	 	 	 	 
	 	 	 	 
	 	Address:	 
	 	[Redacted]	 

 

 

 

 

 

[Signature Page to Amendment No. 1 to Employment
Agreement]

 

    3Document

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE 
SECURITIES EXCHANGE ACT OF 1934
Regal Rexnord Corporation (the “Company,” “we,” “us” or “our”) has one class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended: our common stock, $0.01 par value per share (our “Common Stock”). The following is a description of the material provisions of our Common Stock. This summary does not purport to be complete and is subject to, and is qualified in its entirety by reference to, the applicable provisions of Wisconsin law, our Amended and Restated Articles of Incorporation (our “Articles of Incorporation”) and our Amended and Restated Bylaws (our “Bylaws”). Our Articles of Incorporation and our Bylaws have been filed with the Securities and Exchange Commission as exhibits to the Annual Report on Form 10-K. We encourage you to read our Articles of Incorporation, our Bylaws and the applicable provisions of Wisconsin law for additional information. 
Common Stock 
We are authorized to issue 150,000,000 shares of our Common Stock. Our Common Stock is entitled to such dividends as may be declared from time to time by our board of directors in accordance with applicable law. Our ability to pay dividends is dependent upon a number of factors, including our future earnings, capital requirements, general financial condition, general business conditions and other factors. 
Only the holders of our Common Stock are entitled to vote for the election of members to our board of directors and on all other matters. Holders of our Common Stock are entitled to one vote per share of Common Stock held by them on all matters properly submitted to a vote of shareholders, subject to Section 180.1150 of the Wisconsin Business Corporation Law. See “— Statutory Provisions.” Shareholders have no cumulative voting rights, which means that the holders of shares entitled to exercise more than 50% of the voting power are able to elect all of the directors to be elected. The affirmative vote of the majority of the shares of our Common Stock represented and voted is required for the election of directors. 
All shares of our Common Stock are entitled to participate equally in distributions in liquidation. Holders of our Common Stock have no preemptive rights to subscribe for or purchase our shares. There are no conversion rights, sinking fund or redemption provisions applicable to our Common Stock. We do not have the authority to issue any shares of preferred stock. 
The shares of our Common Stock are listed on the New York Stock Exchange under the symbol “RRX.” 
Statutory Provisions 
Section 180.1150 of the Wisconsin Business Corporation Law provides that the voting power of shares of public Wisconsin corporations such as us held by any person or persons acting as a group in excess of 20% of our voting power is limited to 10% of the full voting power of those shares, unless full voting power of those shares has been restored pursuant to a vote of shareholders. Sections 180.1140 to 180.1144 of the Wisconsin Business Corporation Law contain some limitations and special voting provisions applicable to specified business combinations involving Wisconsin corporations such as us and a significant shareholder, unless the board of directors of the corporation approves the business combination or the shareholder’s acquisition of shares before these shares are acquired. Similarly, 

Sections 180.1130 to 180.1133 of the Wisconsin Business Corporation Law contain special voting provisions applicable to some business combinations involving public Wisconsin corporations, unless specified minimum price and procedural requirements are met. Following commencement of a takeover offer, Section 180.1134 of the Wisconsin Business Corporation Law imposes special voting requirements on share repurchases effected at a premium to the market and on asset sales by the corporation, unless, as it relates to the potential sale of assets, the corporation has at least three independent directors and a majority of the independent directors vote not to have the provision apply to the corporation. 
Certain Anti-Takeover Provisions 
Our Articles of Incorporation provide that: 
• directors may be removed from office only for cause and only with the affirmative vote of a majority of the votes entitled to be cast at an election of directors; 
• any vacancy on the board of directors or any newly created directorship may be filled by the affirmative vote of a majority of the directors then in office, even if such majority is less than a quorum; and 
• our shareholders have no cumulative voting rights, which means that the holders of shares of our common stock entitled to exercise more than 50% of the voting power are able to elect all of the directors to be elected. 
Limitations of Directors’ and Officers’ Liability and Indemnification      
Article IX of our Bylaws requires that we shall, to the fullest extent permitted or required by Sections 180.0850 to 180.0859, inclusive, of the Wisconsin Business Corporation Law, including any amendments thereto (but in the case of any such amendment, only to the extent such amendment permits or requires the corporation to provide broader indemnification rights than prior to such amendment), indemnify our directors and officers against any and all liabilities, and pay or reimburse any and all properly documented reasonable expenses, incurred thereby in any proceedings to which any such director or officer is a party because he or she is or was a director or officer of the Company. We shall also indemnify an employee who is not a director or officer, to the extent that the employee has been successful on the merits or otherwise in defense of a proceeding, for all expenses incurred in the proceeding if the employee was a party because he or she is or was an employee of the Company. The rights to indemnification granted under our Bylaws shall not be deemed exclusive of any other rights to indemnification against liabilities or the allowance of expenses which a director, officer or employee (or such other person) may be entitled under any written agreement, board resolution, vote of our shareholders, the Wisconsin Business Corporation Law or otherwise. We may, but shall not be required to, supplement the foregoing rights to indemnification against liabilities and allowance of expenses under this paragraph by the purchase of insurance on behalf of any one or more of such directors, officers or employees, whether or not we would be required or permitted to indemnify or allow expenses to such director, officer or employee. All capitalized terms used in this paragraph and not otherwise defined herein shall have the meaning set forth in Section 180.0850 of the Wisconsin Business Corporation Law.

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