Document:

Exhibit 10.27

 

PROFITS INTEREST AWARD AGREEMENT

Wheels Up Partners Holdings LLC Equity
Incentive Plan [VIII]

Series [●] Interests

 

THIS PROFITS INTEREST
AWARD AGREEMENT (this “Agreement”) is made as of the grant date specified on the signature page hereto (the
 “Grant Date”), among Wheels Up Partners Holdings LLC, a Delaware limited liability company (the “Company”),
Wheels Up MIP LLC, a Delaware limited liability company (“MIP LLC”), and the recipient identified on the signature
page hereto (“Recipient”). Certain definitions are set forth in Section 7 of this Agreement. Capitalized
terms used but not otherwise defined shall have the meaning given thereto in the Plan.

 

WHEREAS, the
Company has adopted the Plan, pursuant to which Interests in MIP LLC may be awarded to designated recipients from time to time;

 

WHEREAS, the
Recipient is employed by or otherwise provides services as a consultant to the Company or an Affiliate thereof; and

 

WHEREAS, the
Company has determined that it would be in the best interests of the Company to make the award of Profits Interests provided for
herein to the Recipient pursuant to the Plan and the terms set forth herein.

 

NOW THEREFORE,
in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:

 

1.                 Profits
Interests.

 

(a)               Issuance.
Upon the execution of this Agreement, MIP LLC will issue to Recipient the total number of Profits Interests set forth on the signature
page hereto with a Participation Threshold as set forth on the signature page hereto.

 

(b)              
Operating Agreement. By executing and delivering this Agreement, the Recipient hereby agrees to become a party to,
to be bound by, and to comply with the provisions of the MIP LLC Operating Agreement (including, for the avoidance of doubt, this
Agreement) in the same manner as if the undersigned were an original signatory thereto. In connection therewith, effective as of
the date hereof the undersigned hereby makes the representations and warranties contained in the MIP LLC Operating Agreement.

 

(c)              
Election. Within 30 days after the issuance to Recipient of Profits Interests pursuant to this Agreement, Recipient
may make an effective election with the Internal Revenue Service under Section 83(b) of the Internal Revenue Code of 1986, as amended,
and the regulations promulgated thereunder. The form for making thE
section 83(b)
election is attached to this agreement as Exhibit A and Recipient (and not MIP LLC, the Company or any of its agents)
shall be solely responsible for appropriately filing such form, even if Recipient requests MIP LLC, the company or its agents to
make this filing on Recipient’s behalf.

 

     

     

    

 

(d)              Representations. In connection with the issuance of the Profits Interests pursuant hereto, Recipient represents
and warrants to the Company and MIP LLC that:

 

   (i)               The Profits Interests to be issued to Recipient pursuant to this Agreement will be acquired for investment purposes for
Recipient’s own account and not with a view to, or intention of, distribution thereof in violation of the Securities Act,
or any applicable state securities laws, and the Profits Interests will not be disposed of in contravention of the Securities Act
or any applicable state securities laws;

 

   (ii)              Recipient is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the
Profits Interests, which investment involves a high degree of risk;

 

   (iii)             Recipient is able to bear the economic risk of his, her or its investment in the Profits Interests for an indefinite period
of time because the Profits Interests have not been registered under the Securities Act and, therefore, cannot be sold unless subsequently
registered under the Securities Act or an exemption from such registration is available;

 

   (iv)             Recipient has had an opportunity to ask questions and receive answers concerning the terms and conditions of the issuance
of the Profits Interests and has had full access to such other information concerning the Company and MIP LLC as he, she or it
has requested;

 

   (v)              This
Agreement and each of the other agreements contemplated hereby and to which Recipient is a party constitute legal, valid and binding
obligations of Recipient, enforceable in accordance with their terms, and the execution, delivery and performance of this Agreement
and such other agreements by Recipient does not and will not conflict with, violate or cause a breach of any agreement, contract
or instrument to which Recipient is a party or any judgment, order or decree to which Recipient is subject;

 

   (vi)             Recipient understands that the valuation of the Profits Interests reflects MIP LLC’s fair appraisal of their worth,
but that it remains possible that the IRS may successfully assert that the value of the Profits Interests on the date hereof exceeds
MIP LLC’s appraisal and, in such event, any additional value ascribed to the Profits Interests by such an IRS determination
will constitute ordinary income to Recipient as of the date hereof and any additional taxes and interest due will be the sole responsibility
of Recipient;

 

   (vii)            Recipient
is not a party to or bound by any employment agreement, noncompetition agreement or confidentiality agreement which conflicts
with the obligations set forth in this Agreement; and

 

   (viii)           Recipient
is a resident of the state set forth on the signature page hereto.

 

   (ix)              If
Recipient has checked the “accredited investor” box on the signature page hereto or if Recipient is an entity, Recipient
qualifies as an “accredited investor” as defined in Rule 501(a) of Regulation D under the Securities Act (a copy of
which rule is attached hereto as Annex 1) and has such knowledge and experience in financial and business matters to evaluate
the merits and risks of the acquisition of the Profits Interests and has the capacity to protect his, her or its own interests
in connection with such acquisition. Recipient has no reason to anticipate any material change in his, her or its personal financial
condition for the foreseeable future.

 

    2 

     

    

 

(e)               No
Right to Continue Performing Services. As an inducement for the Company to commit to award, and MIP LLC to issue, the Profits
Interests to Recipient, and as a condition thereto, Recipient acknowledges and agrees that neither any future issuance of equity
of MIP LLC or any Affiliate to Recipient nor any provision contained herein or in the MIP LLC Operating Agreement shall entitle
Recipient to remain in the service of the Company or any of its subsidiaries, or affect the right of the Company or any subsidiary,
to terminate Recipient’s services at any time for any reason.

 

(f)                Spousal
Consent. Concurrently with the execution of this Agreement, if Recipient is lawfully married and subject to the laws of a
community property state, Recipient’s spouse shall execute the consent in the form of Exhibit B attached hereto.

 

2.                 Vesting of Profits Interests.

 

(a)               Vesting.
The Profits Interests issued hereunder will vest in four equal annual installments on the dates set forth on the signature page
hereto, in each case subject to Recipient’s continued employment or service with the Company (or one of its subsidiaries)
at all times from the Grant Date through each such annual vesting date. Profits Interests which have become vested hereunder are
referred to herein as “Vested Interests,” and all other Profits Interests are referred to herein as “Unvested
Interests.” In the event Recipient ceases to perform services for the Company or one of its subsidiaries for any reason
(a “Separation”), no further Profits Interests granted to Recipient shall become Vested Interests and each
Unvested Interest will be immediately forfeited by Recipient to the Company for no consideration; provided, however, that,
if Recipient is an employee of the Company or its subsidiaries, upon a termination of employment by the Company without Cause,
any Profits Interests that are scheduled to vest within six months following the date of such termination shall vest as if no
such termination has occurred.

 

(b)             Acceleration.
Upon the occurrence of a Change of Control, all Profits Interests that have not yet become vested shall become vested at the time
of such Change of Control, if (i) at all times from the Grant Date through the Change of Control, Recipient is performing
services for the Company or one of its subsidiaries, or (ii) Recipient is an employee of the Company or its subsidiaries and his
or her employment was terminated by the Company without Cause following the announcement of a Change of Control transaction and
that transaction closes within six months following the date of termination of Recipient’s employment.

 

3.                 Repurchase
Option.

 

(a)               Right
of Repurchase. In the event that Recipient’s employment or service terminates for any reason, all Vested Interests (whether
held by Recipient or one or more of Recipient’s permitted transferees, other than the Company and MIP LLC) will be subject
to repurchase by MIP LLC pursuant to the terms and conditions set forth in this Section 3 (the “Repurchase Option”).
MIP LLC may assign its repurchase rights set forth in this Section 3 to any Person.

 

    3 

     

    

 

(b)               Repurchase Price for Profits Interests. The purchase price for each Vested Interest to be repurchased pursuant to
Section 3(a) above will be the Repurchase Value for such Interest.

 

(c)               Timing. In the event of a termination, MIP LLC may elect to purchase all or any portion of the Vested Interests by
delivering written notice (the “Repurchase Notice”) to the holder or holders of the Vested Interests within
thirty (30) days after the Separation. The Repurchase Notice will set forth the number of Vested Interests to be acquired from
each holder, the aggregate consideration to be paid for such securities and the time and place for the closing of the transaction.
The Vested Interests to be repurchased by MIP LLC shall first be satisfied to the extent possible from the Vested Interests held
by Recipient at the time of delivery of the Repurchase Notice. If the number of the Vested Interests then held by Recipient is
less than the total number of the Vested Interests which MIP LLC has elected to purchase, MIP LLC shall purchase the remaining
Vested Interests elected to be purchased from the other holder(s) of the Vested Interests under this Agreement, pro rata according
to the number of the Vested Interests held by such other holder(s) at the time of delivery of such Repurchase Notice (determined
as nearly as practicable to the nearest interest).

 

(d)              
Closing. The closing of the purchase of the Vested Interests pursuant to the Repurchase Option shall take place on
the date designated by MIP LLC in the Repurchase Notice, which date shall not be more than two (2) weeks nor less than two (2)
business days after the delivery of such notice. The Company and MIP LLC will be entitled to receive customary representations
and warranties from the sellers of the Vested Interests (including representations and warranties regarding good title to the Vested
Interests, the absence of any liens on such title or other encumbrances with respect to the Transfer of the Vested Interests and
the ability of such sellers to consummate the sale).

 

(e)              
Limitations. Notwithstanding anything to the contrary contained in this Agreement, all repurchases of the Vested
Interests by MIP LLC shall be subject to applicable restrictions contained in the Delaware Limited Liability Company Act and as
may be required by other parties in MIP LLC’s, the Company’s or any subsidiaries’ equity financing agreements
and agreements evidencing indebtedness for borrowed money, if any. If any such restrictions prohibit the repurchase of the Vested
Interests hereunder which MIP LLC is otherwise entitled to make, MIP LLC may make such repurchases as soon as it is permitted to
do so under such restrictions.

 

4.                 Restrictions
on Transfer of Profits Interests. Recipient shall not Transfer any interest in any Unvested Interests. Recipient shall not
Transfer any interest in any Vested Interests, except as permitted by the MIP LLC Operating Agreement, and in the event of any
such Transfer (A) the restrictions herein and in the MIP LLC Operating Agreement will continue to be applicable to the Profits
Interests irrespective of such Transfer and (B) any transferee shall be required to execute and deliver to MIP LLC an executed
joinder agreement to the MIP LLC Operating Agreement and agree to all repurchase rights of MIP LLC contained herein. Recipient
acknowledges that the MIP LLC Operating Agreement separately imposes restrictions on the Transfer of the Profits Interests.

 

5.                 Opinion
of Counsel for Transfer of Profits Interests. In addition to the restrictions on transfer in Section 4 hereof and in the
MIP LLC Operating Agreement, no holder of Profits Interests may transfer any Profits Interests (except pursuant to an
effective registration statement under the Securities Act) without first delivering to MIP LLC an opinion of counsel
(reasonably acceptable in form and substance to the MIP LLC) that neither registration nor qualification under the Securities
Act and applicable state securities laws is required in connection with such Transfer, unless the Company and MIP LLC both
waive the requirement of an opinion of counsel.

 

    4 

     

    

 

6.                 Registration. Recipient understands that the Profits Interests are not currently being registered under the Securities
Act by reason of their contemplated issuance in a transaction exempt from the registration and prospectus delivery requirements
of the Securities Act pursuant to Rule 506 or Rule 701 (or Section 4(a)(2)) thereof. Recipient further agrees that Recipient
will not sell or otherwise dispose of the Profits Interests unless such sale or other disposition has been registered or is exempt
from registration under the Securities Act and has been registered or qualified or is exempt from registration or qualification
under applicable securities laws of any state.

 

7.                 Definitions.

 

“Affiliate”
has the meaning set forth in the MIP LLC Operating Agreement.

 

“Board”
means the Board of Directors of the Company.

 

“Cause”
means (i) Recipient’s theft or embezzlement, or attempted theft or embezzlement, of money or property of the Company
or of an Affiliate, Recipient’s perpetration or attempted perpetration of fraud, or Recipient’s participation in a
fraud or attempted fraud, on the Company or an Affiliate or Recipient’s unauthorized appropriation of, or Recipient’s
attempt to misappropriate, any tangible or intangible assets or property of the Company or an Affiliate; (ii) any act or acts
by Recipient of disloyalty, dishonesty, misconduct, moral turpitude, or any other act or acts by Recipient injurious to the interest,
property, operations, business or reputation of the Company or an Affiliate; (iii) Recipient’s commission of a felony
or any other crime the commission of which results in injury to the Company or an Affiliate; or (iv) any violation of any
restriction on the disclosure or use of confidential information of the Company or an Affiliate, client, customer, prospect, or
merger or acquisition target, or on competition with the Company or an Affiliate or any of its businesses as then conducted.

 

“Change of
Control” has the meaning set forth in the Operating Agreement.

 

“Initial Public
Offering” has the meaning set forth in the Operating Agreement.

 

“IRS”
means Internal Revenue Service.

 

“Member”
has the meaning set forth in the MIP LLC Operating Agreement.

 

“MIP LLC Operating
Agreement” means the Amended & Restated Limited Liability Company Agreement of MIP LLC dated as of December 22, 2016,
as the same may be amended from time to time.

 

“Operating
Agreement” means the Sixth Amended and Restated Limited Liability Company Agreement of the Company dated as of January
17, 2020, as the same may be amended from time to time.

 

    5 

     

    

 

“Participation
Threshold” means the value of the Company as of the date of issuance, above which the Recipient shall have the right
to participate in distributions attributable to the income and growth of the Company from and after the date of issuance.

 

“Person”
has the meaning set forth in the MIP LLC Operating Agreement.

 

“Plan”
means the Wheels Up Partners Holdings LLC Equity Incentive Plan [VIII].

 

“Profits Interests”
means Series [●] Interests in MIP LLC, which such interests are intended to be partnership profits interests within the meaning
of Revenue Procedure 93-27 as supplemented by Revenue Procedure 2001-43.

 

“Repurchase
Value” means the fair market value of the Vested Interests being repurchased as of the date of termination of employment
or service as determined by the Board in good faith, less any distributions paid with respect to such Vested Interests after such
date.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time (and the rules and regulations promulgated thereunder).

 

“Transfer”
has the meaning set forth in the MIP LLC Operating Agreement.

 

8.                 Notices.
Any notice, consent, waiver and other communications required or permitted pursuant to the provisions of this Agreement must be
in writing and will be deemed to have been properly given (a) when delivered by hand; (b) when sent by facsimile (with acknowledgment
of complete transmission), provided that a copy is mailed by U.S. certified mail, return receipt requested; (c) three (3) days
after sent by certified mail, return receipt requested; or (d) one (1) day after deposit with a nationally recognized overnight
delivery service, in each case to the appropriate addresses and facsimile numbers set forth below:

 

If to the Company:

 

Wheels Up Partners Holdings LLC

601 West 26th Street,
Suite 900

New York, New York 10001

Attn: Kate O’Malley, SVP,
Legal & Corporate Development

Email: komalley@wheelsup.com

 

With a copy to (which shall not
constitute notice):

 

Arnold & Porter Kaye Scholer
LLP

250 West 55th Street

New York, New York 10019

Attn: John Geelan and Thomas
Yadlon

Email: john.geelan@arnoldporter.com
and

            thomas.yadlon@ arnoldporter.com

 

    6 

     

    

 

If to MIP LLC:

 

Wheels Up MIP LLC

601 West 26th Street,
Suite 900

New York, New York 10001

Attn: Kate O’Malley

Email: komalley@wheelsup.com

 

With a copy to (which shall not
constitute notice):

 

Arnold & Porter Kaye Scholer
LLP

250 West 55th Street

New York, New York 10019

Attn: John Geelan and Thomas
Yadlon

Email: john.geelan@ arnoldporter.com
and

            thomas.yadlon@ arnoldporter.com

 

If to Recipient:

 

To the address set forth on the signature
page hereto.

 

Each party will be
entitled to specify a different address for the receipt of subsequent notices by giving written notice thereof to the other party
in accordance with this Section 8.

 

9.                 General Provisions.

 

(a)               Transfers
in Violation of Agreement. Any Transfer or attempted Transfer of any Profits Interests in violation of any provision of this
Agreement shall be null and void, and MIP LLC shall not record such Transfer on its books or treat any purported transferee of
such Profits Interests as the owner of such securities for any purpose.

 

(b)               Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other
jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein.

 

(c)               Complete
Agreement. This Agreement, those documents expressly referred to herein and other documents of even date herewith embody the
complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations
by or among the parties, written or oral, which may have related to the subject matter hereof in any way.

 

(d)               Counterparts.
This Agreement may be executed in separate counterparts (including by facsimile, electronic transmission or electronic signature),
each of which is deemed to be an original and all of which taken together constitute one and the same agreement.

 

    7 

     

    

 

(e)               Successors and Assigns.

 

   (i)               All Profits Interests will continue to be Profits Interests in the hands of any holder other than Recipient, including any
of Recipient’s transferees permitted hereunder and under the MIP LLC Operating Agreement (except for MIP LLC and the Company
and except for transferees in an Initial Public Offering or pursuant to a Change of Control). Except as otherwise provided herein,
each such other holder of Profits Interests will succeed to all rights and obligations attributable to Recipient as a holder of
Profits Interests hereunder.

 

   (ii)             
Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by Recipient,
MIP LLC, the Company and their respective successors and assigns (including subsequent holders of Profits Interests); provided
that the rights and obligations of Recipient under this Agreement shall not be assignable without the written consent of the Company
and MIP LLC.

 

(f)                Choice
of Law/Consent to Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the State
of Delaware, without reference to its conflict of law provisions. Recipient, MIP LLC and the Company each hereby irrevocably submits
to the jurisdiction of any New York state or federal court sitting in the County of New York, State of New York, in any action
or proceeding arising out of or relating to this Agreement, and Recipient, MIP LLC and the Company hereby irrevocably agree that
all claims in respect of such action or proceeding may be heard and determined in such New York state or federal court. Recipient,
MIP LLC and the Company each hereby irrevocably waive, to the fullest extent permitted by law, any objection which he, she or
it may now or hereafter have to the laying of the venue of any such action or proceeding brought in any such court, and any claim
that any such action or proceeding brought in any such court has been brought in an inconvenient forum.

 

(g)               Remedies.
Each of the parties to this Agreement will be entitled to enforce its rights under this Agreement specifically, to recover damages
and costs (including attorney’s fees) caused by any breach of any provision of this Agreement and to exercise all other
rights existing in its favor. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any
breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of
competent jurisdiction (without posting any bond or deposit) for specific performance and/or other injunctive relief in order
to enforce or prevent any violations of the provisions of this Agreement.

 

(h)               Amendment and Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent
of the Company, MIP LLC and Recipient. No cause of conduct or failure or delay in enforcing the provisions of this Agreement shall
affect the validity, binding effect or enforceability of this Agreement.

 

(i)                Business Days. If any time period for giving notice or taking action hereunder expires on a day which is a Saturday,
Sunday or holiday in the state in which the Company’s chief executive office is located, the time period shall be automatically
extended to the business day immediately following such Saturday, Sunday or holiday.

 

    8 

     

    

 

(j)                Indemnification and Reimbursement of Payments on Behalf of Recipient. MIP LLC, the Company and its subsidiaries
shall be entitled to deduct or withhold from any amounts owing from MIP LLC, the Company or any subsidiaries to Recipient any
federal, state, local or foreign withholding taxes, excise taxes or employment taxes (“Taxes”) imposed with
respect to Recipient’s compensation or other payments from MIP LLC, the Company or any subsidiaries or Recipient’s
ownership interest in MIP LLC, including, but not limited to, bonuses, dividends, the receipt or exercise of options and/or the
receipt or vesting of restricted equity. Recipient shall indemnify MIP LLC, the Company and its subsidiaries for any amounts paid
with respect to any such Taxes, together with any interest, penalties and expenses related thereto.

 

(k)               Termination.
This Agreement shall survive the termination of Recipient’s service relationship with the Company or any subsidiary and
shall remain in full force and effect after such termination.

 

(l)                Generally
Accepted Accounting Principles. Where any accounting determination or calculation is required to be made under this Agreement
or the exhibits hereto, such determination or calculation (unless otherwise provided) shall be made in accordance with United
States generally accepted accounting principles, consistently applied.

 

(m)              Waiver of Jury Trial. Each of the parties hereto hereby irrevocably waives
any and all right to trial by jury of any claim or cause of action in any legal proceeding arising out of or related to this Agreement
or the transactions or events contemplated hereby or any course of conduct, course of dealing, statements (whether verbal or written)
or actions of any party hereto. The parties hereto each agree that any and all such claims and causes of action shall be tried
by a court trial without a jury. Each of the parties hereto further waives any right to seek to consolidate any such legal proceeding
in which a jury trial has been waived with any other legal proceeding in which a jury trial cannot or has not been waived.

 

(n)               Clawback.
Notwithstanding anything herein or in the Plan or in any other agreement to the contrary, any grant, exercise, payment, delivery
or transfer made pursuant to this Agreement which is subject to recovery under any law (including, without limitation, the Dodd-Frank
Wall Street Reform and Consumer Protection Act), government regulation, stock exchange listing requirement or policy of the Company
or any related entity implemented pursuant to any of the foregoing will be subject to such clawbacks or deductions as may be required
to be made pursuant to such law, government regulation, stock exchange listing requirement or policy.

 

(o)               Recapitalizations,
Exchanges, etc. The provisions of any award agreement pursuant to which Recipient has been granted profits interests in MIP
LLC (including this Agreement) shall apply, to the full extent set forth in such agreement, with respect to any and all equity
securities of MIP LLC or any affiliate or any successor or assign thereof (whether by conversion, merger, consolidation, sale
of assets or otherwise) which may be issued in respect of, in exchange for, or in substitution of such profits interests, by reason
of a distribution, interest split, interest issuance, reverse interest split, combination, recapitalization, reclassification,
conversion, merger, consolidation or otherwise. Upon the occurrence of any such events, amounts and the provisions of such agreements
shall be appropriately adjusted by the Board.

 

    9 

     

    

 

(p)               Approval.
If Recipient holds any interests in MIP LLC that were issued prior to the Grant Date, Recipient hereby consents to the adoption
of the Plan.

 

[Remainder of page
intentionally left blank]

 

    10 

     

    

 

 

IN WITNESS WHEREOF,
the parties hereto have executed this Profits Interest Award Agreement as of the date first written above.

 

	 	Wheels Up Partners Holdings LLC
	 	 
	 	By:	 
	 	 	Name: Kenneth Dichter
	 	 	Title: Chief Executive Officer
	 	 
	 	Wheels Up MIP LLC
	 	 
	 	By:	 
	 	 	Name: Kenneth Dichter
	 	 	Title: CEO of its Managing Member
	 	 
	 	Recipient

                                                                           

	  	[●]
	 	 
	 	Grant Date: [●], 202_
	 	 
	 	Number of Profit Interests: [●]
	 	 
	 	Participation Threshold: $[●]
	 	 
		Vesting Schedule:
	 	     [●], 202_:               25%
	 	     [●], 202_:               25%
	 	     [●], 202_:               25%
	 	     [●], 202_:               25%

	 	Address for Notices:
	 	 
	 	 
	 	 
	 	 
	 	State of Residence: [●]
	 	 
	 	Accredited Investor? ☐ Yes ☐ No (See Annex 1)
	 	 

 

[Signature Page to Profits Interest Award
Agreement]

 

     

     

    

 

EXHIBIT A

 

83(b) ELECTION

 

(Attached)

 

     

     

    

 

 

IF YOU WISH TO MAKE A SECTION 83(B)
ELECTION, THE FILING OF SUCH ELECTION IS YOUR RESPONSIBILITY.

 

the
form for making this section 83(B) election is attached to this agreement as Exhibit a.

 

YOU
MUST FILE THIS FORM WITHIN 30 DAYS OF THE ISSUANCE OF THE INTERESTS.

 

YOU
(and not MIP LLC, the Company or any of its agents) shall be solely responsible for filing such form WITH THE IRS, even
if YOU request MIP LLC, the company or its agents to make this filing on YOUR behalf and even if MIP LLC, the company or its agents
have previously made this filing on YOUR Behalf.

 

The election should be filed by mailing
a signed election form by certified mail, return receipt requested to the IRS Service Center where you file your tax returns.
See <www.irs.gov>

 

     

     

    

 

ELECTION
TO INCLUDE VALUE

OF

RESTRICTED
PROPERTY IN GROSS INCOME

IN YEAR OF TRANSFER UNDER CODE
 § 83(b)

 

The
undersigned (the “Taxpayer”) hereby elects pursuant to § 83(b) of the Internal Revenue Code of 1986,
as amended, to include in his, her or its gross income as compensation for services, the excess (if any) of the fair market value
of the interests described below over the amount paid for those interests.

 

1.          
The name, address and taxpayer identification number of the Taxpayer are:

 

Name:
                                                   

Address:
                                               

                                                              

SSN:
                                                     

 

2.          
Description of property with respect to which the election is being made:

 

[●]
Membership Interests (the “Profits Interests”) in Wheels Up MIP LLC, a Delaware limited liability company (the
 “Company”).

 

3.          
The date on which property was transferred is[●], 202_.

 

The
taxable year to which this election relates is calendar year 202_.

 

4.          
The nature of the restriction(s) to which the property is subject is:

 

A.     The
Profits Interests are not transferable except as permitted by a Profits Interest Award Agreement and the Limited Liability Company
Agreement of the Company, as amended from time to time. Transferees are generally subject to the same restrictions as are imposed
on their transferors.

 

B.      If
the Taxpayer’s employment or service with Wheels Up Partners Holdings LLC and its subsidiaries is terminated (for any reason
or no reason), prior to certain specified time periods (the last day of each such period, a “Vesting Date”),
a portion of the Profits Interests will be subject to forfeiture. On each specified Vesting Date the restrictions with respect
to a portion of the Profits Interests subject to forfeiture will lapse and such portion will then generally be repurchasable at
its fair market value upon termination of employment or service. 

 

    2 

     

    

 

5.          
 Fair market value:

 

The
fair market value at time of transfer (determined without regard to any restrictions other than restrictions which by their terms
will never lapse) of the property with respect to which this election is being made is $0.00.

 

6.          
Amount paid for property:

 

The
amount paid by Taxpayer for said property is $0.00.

 

7.          
Amount to include in gross income:

 

The
amount to include in gross income is $0.00. (The result of the amount reported in Item 5 minus the amount reported in Item 6).

 

8.          
Furnishing statement to employer:

 

A
copy of this statement has been furnished to the employer or service recipient

 

The
undersigned Taxpayer will file this election with the Internal Revenue Service office with which the Taxpayer files his, her or
its annual Federal income tax returns not later than thirty (30) days after the date of transfer of the property. This filing should
be made by registered or certified mail, return receipt requested. The Taxpayer should retain a copy of the completed form for
his, her or its records. The undersigned Taxpayer is the person performing the services in connection with which the property was
transferred.

 

Dated:
                                      ,
202_

 

		 
	 	
Name:

	
	 

 

     

     

    

 

EXHIBIT
B

 

SPOUSAL
CONSENT*

 

The
undersigned spouse of [●] (“Recipient”) hereby acknowledges that I have read the foregoing Profits Interest
Award Agreement executed by Recipient, and that I understand its content. I am aware that the foregoing Profits Interest Award
Agreement provides for the sale or repurchase of my spouse's Profits Interests under certain circumstances and/or impose other
restrictions on such securities (including, without limitation, restrictions on transfer). I agree that my spouse's interest in
these securities is subject to these restrictions and any interest that I may have in such securities shall be irrevocably bound
by the Profits Interest Award Agreement and further, that my community property interest, if any, shall be similarly bound by the
Profits Interest Award Agreement.

 

 

                                                          Date
                    
, 20    

 

Spouse’s
Name:                                              

 

                                                          Date
                    
, 20    

 

Witness’
Name:                                              

 

*
Required only if Recipient resides in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas,
Washington and Wisconsin).

 

     

     

    

 

ANNEX 1

ACCREDITED INVESTOR QUESTIONNAIRE

 

The following are “accredited investors”
for purposes of the offering and sale of securities:

 

		a)	any bank as defined in section 3(a)(2) of the Securities Act of 1933, as amended (the “Securities
Act”), or any savings and loan association or other institution as defined in section 3(a)(5)(A) of the Securities Act whether
acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to section 15 of the Securities Exchange
Act of 1934, as amended; any insurance company as defined in section 2(13) of the Securities Act; any investment company registered
under the Investment Company Act of 1940 (the “Investment Company Act”) or a business development company as defined
in section 2(a)(48) of the Investment Company Act; Small Business Investment Company licensed by the U.S. Small Business Administration
under section 301(c) or (d) of the Small Business Investment Act of 1958; any plan established and maintained by a state, its political
subdivisions, or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, if such
plan has total assets in excess of $5,000,000; employee benefit plan within the meaning of the Employee Retirement Income Security
Act of 1974 (“ERISA”) if the investment decision is made by a plan fiduciary, as defined in section 3(21) of ERISA,
which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit
plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that
are accredited investors;

 

		b)	any private business development company as defined in section 202(a)(22) of the Investment Advisers
Act of 1940;

 

		c)	any organization described in Section 501(c)(3) of the Internal Revenue Code (the “Code”),
corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities
offered, with total assets in excess of $5,000,000;

 

		d)	any director, executive officer, or general partner of the Company;

 

		e)	any natural person whose individual net worth, or joint net worth with that person’s spouse,
exceeds $1,000,000, at the time of this purchase;1

 

     

     

    

 

	 	f)	i)	any natural person who had an individual income in excess of $200,000 in each of the two most recent years and has a reasonable
expectation of reaching the same income level in the current year; or
	 

		ii)	any natural person who had joint income with that person's spouse in excess of $300,000 in each
of the two most recent years and has a reasonable expectation of reaching the same income level in the current year;

 

		g)	any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring
the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of Regulation D
promulgated under the Securities Act; or

 

		h)	any entity in which all of the equity owners are accredited investors meeting one or more of the
tests under subparagraphs (a) - (g).

 

 

 

1
For purposes of calculating net worth, (A) the person’s primary residence shall not be included as an asset, (B) indebtedness
that is secured by the person’s primary residence, up to the estimated fair market value of the primary residence at the
time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding
at the time of sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition
of the primary residence, the amount of such excess shall be included as a liability) and (C) indebtedness that is secured
by the person’s primary residence in excess of the estimated fair market value of the primary residence at the time of the
sale of securities shall be included as a liability.Exhibit 10.28

 

RESTRICTED INTEREST AWARD AGREEMENT

Wheels Up Partners Holdings LLC Equity
Incentive Plan [VIII]

Series [●] Interests

 

THIS RESTRICTED
INTEREST AWARD AGREEMENT (this “Agreement”) is made as of the grant date specified on the signature page
hereto (the “Grant Date”), among Wheels Up Partners Holdings LLC, a Delaware limited liability company (the
 “Company”), Wheels Up MIP RI LLC, a Delaware limited liability company (“MIP RI LLC”), and
the recipient identified on the signature page hereto (“Recipient”). Certain definitions are set forth in Section
8 of this Agreement. Capitalized terms used but not otherwise defined shall have the meaning given thereto in the Plan.

 

WHEREAS, the
Company has adopted the Plan, pursuant to which Interests in MIP RI LLC may be awarded to designated recipients from time to time;

 

WHEREAS, the
Recipient is employed by or otherwise provides services as a consultant to the Company or an Affiliate thereof; and

 

WHEREAS, the
Company has determined that it would be in the best interests of the Company to make the award of Restricted Interests provided
for herein to the Recipient pursuant to the Plan and the terms set forth herein.

 

NOW THEREFORE,
in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:

 

1.                 Restricted
Interests.

 

(a)               Issuance.
Subject to Section 9(q) hereof, MIP RI LLC hereby issues to Recipient the total number of Restricted Interests set forth
on the signature page hereto. The purchase price of the Restricted Interests shall be zero dollars.

 

(b)              Operating
Agreement. By executing and delivering this Agreement, the Recipient hereby agrees to become a party to, to be bound by, and
to comply with the provisions of the MIP RI LLC Operating Agreement (including, for the avoidance of doubt, this Agreement) in
the same manner as if the undersigned were an original signatory thereto. In connection therewith, effective as of the date hereof
the undersigned hereby makes the representations and warranties contained in the MIP RI LLC Operating Agreement.

 

(c)               Representations.
In connection with the issuance of the Restricted Interests pursuant hereto, Recipient represents and warrants to the Company
and MIP RI LLC that:

 

(i)         The
Restricted Interests to be issued to Recipient pursuant to this Agreement will be acquired for investment purposes for Recipient’s
own account and not with a view to, or intention of, distribution thereof in violation of the Securities Act, or any applicable
state securities laws, and the Restricted Interests will not be disposed of in contravention of the Securities Act or any applicable
state securities laws;

 

    

     

    

 

(ii)        Recipient
is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Restricted Interests,
which investment involves a high degree of risk;

 

(iii)       Recipient
is able to bear the economic risk of his, her or its investment in the Restricted Interests for an indefinite period of time because
the Restricted Interests have not been registered under the Securities Act and, therefore, cannot be sold unless subsequently
registered under the Securities Act or an exemption from such registration is available;

 

(iv)       Recipient
has had an opportunity to ask questions and receive answers concerning the terms and conditions of the issuance of the Restricted
Interests and has had full access to such other information concerning the Company and MIP RI LLC as he, she or it has requested;

 

(v)        This
Agreement and each of the other agreements contemplated hereby and to which Recipient is a party constitute legal, valid and binding
obligations of Recipient, enforceable in accordance with their terms, and the execution, delivery and performance of this Agreement
and such other agreements by Recipient does not and will not conflict with, violate or cause a breach of any agreement, contract
or instrument to which Recipient is a party or any judgment, order or decree to which Recipient is subject;

 

(vi)       Recipient
understands that the valuation of the Restricted Interests reflects MIP RI LLC’s fair appraisal of their worth, but that
it remains possible that the IRS may successfully assert that the value of the Restricted Interests on the date hereof exceeds
MIP RI LLC’s appraisal and, in such event, any additional value ascribed to the Restricted Interests by such an IRS determination
will constitute ordinary income to Recipient and any additional taxes and interest due will be the sole responsibility of Recipient;

 

(vii)      Recipient
is not a party to or bound by any employment agreement, noncompetition agreement or confidentiality agreement which conflicts
with the obligations set forth in this Agreement; and

 

(viii)     Recipient
is a resident of the state set forth on the signature page hereto.

 

(ix)        If
Recipient has checked the “accredited investor” box on the signature page hereto or if Recipient is an entity, Recipient
qualifies as an “accredited investor” as defined in Rule 501(a) of Regulation D under the Securities Act (a copy of
which rule is attached hereto as Annex 1) and has such knowledge and experience in financial and business matters to evaluate
the merits and risks of the acquisition of the Restricted Interests and has the capacity to protect his, her or its own interests
in connection with such acquisition. Recipient has no reason to anticipate any material change in his, her or its personal financial
condition for the foreseeable future.

 

(d)               No
Right to Continue Performing Services. As an inducement for the Company to commit to award, and MIP RI LLC to issue, the Restricted
Interests to Recipient, and as a condition thereto, Recipient acknowledges and agrees that neither any future issuance of equity
of MIP RI LLC or any Affiliate to Recipient nor any provision contained herein or in the MIP RI LLC Operating Agreement shall
entitle Recipient to remain in the service of the Company or any of its subsidiaries, or affect the right of the Company or any
subsidiary, to terminate Recipient’s services at any time for any reason.

 

    2 

     

    

 

(e)               Spousal
Consent. Concurrently with the execution of this Agreement, if Recipient is lawfully married and subject to the laws of a
community property state, Recipient’s spouse shall execute the consent in the form of Exhibit B attached hereto.

 

2.                Vesting
of Restricted Interests.

 

(a)               Vesting.
Subject to Section 3 below, the Restricted Interests issued hereunder will vest when both of the following vesting sub-conditions
(each, a “Vesting Sub-Condition”) are satisfied as follows:

 

(i)           
(A)       First Vesting Sub-Condition. The Restricted Interests shall vest with respect to the First Vesting Sub-Condition
in four equal annual installments on the dates set forth on the signature page hereto, in each case subject to Recipient’s
continued employment or service with the Company (or one of its subsidiaries) at all times from the Grant Date through each such
annual vesting date.

 

(B)       First
Vesting Sub-Condition Acceleration. Upon the occurrence of a Change of Control, all Restricted Interests that have not yet
become vested with respect to the First Vesting Sub-Condition shall accelerate and vest in full at the time of such Change of Control,
if at all times from the Grant Date through the Change of Control, Recipient is performing services for the Company or one of its
subsidiaries.

 

(ii)            Second
Vesting Sub-Condition. The Restricted Interests shall vest with respect to the Second Vesting Sub-Condition in full upon the
first to occur of (A) the consummation of a Change of Control and (B) the later to occur of (1) six months after the consummation
of an Initial Public Offering and (2) thirty (30) days after the expiration of any lock-up period applicable to senior management
of the Company in connection with an Initial Public Offering.

 

Restricted Interests which have satisfied
both Vesting Sub-Conditions are referred to herein as “Vested Interests,” and all other Restricted Interests are referred
to herein as “Unvested Interests.”

 

3.                 Termination.
In the event Recipient ceases to perform services for the Company or one of its subsidiaries prior to satisfaction of either or
both of the Vesting Sub-Conditions, the Restricted Interests will be treated as set forth below.

 

    3 

     

    

 

(a)               Termination
Without Cause, for Good Reason or due to Death or Disability. In the event that Recipient’s employment or other service
relationship is terminated by the Company or one of its subsidiaries without Cause, by Recipient for Good Reason or due to Recipient’s
death or Disability, any Restricted Interests that would have become vested with respect to the First Vesting Sub-Condition within
twenty-four (24) months following the date of such termination had Recipient remained employed through such period shall accelerate
and become vested upon the effective date of such termination (the “Accelerated Interests”), and, to the extent
the Second Vesting Sub-Condition has previously been satisfied, shall thereafter be deemed Vested Interests; provided,
that, after giving effect to the acceleration set forth in the preceding clause, any Restricted Interests that do not otherwise
accelerate and are deemed Unvested Interests will be immediately forfeited by Recipient to the Company at such time. To the extent
the Second Vesting Sub-Condition not yet been satisfied as of the effective date of such termination, the Accelerated Interests
shall continue to remain outstanding for a period of seven (7) years following termination, and, upon satisfaction of the Second
Vesting Sub-Condition at any time during such seven (7)-year period, the Accelerated Interests shall thereafter be deemed Vested
Interests. For the avoidance of doubt, if the Second Vesting Sub-Condition is not met within the seven (7)-year period following
Recipient’s termination, all Restricted Interests issued hereunder, including the Accelerated Interests, shall automatically
and immediately be forfeited for no consideration as of the seventh anniversary of the effective date of Recipient’s termination
of employment or other service relationship.

 

(b)               Termination
for Cause. In the event that Recipient’s employment or other service relationship is terminated by the Company or one
of its subsidiaries for Cause, all Restricted Interests issued hereunder shall automatically and immediately be forfeited for
no consideration as of the effective date of such termination, and Recipient shall no longer have any right, title or interest
in or to the Restricted Interests.

 

(c)               Other
Terminations. In the event that Recipient’s employment or other service relationship terminates for any reason other
than those set forth in Sections 3(a) and 3(b) above, no further Restricted Interests granted to Recipient shall
become Vested Interests and each Unvested Interest will be immediately forfeited by Recipient to the Company for no consideration;
provided, however, that, to the extent the Second Vesting Sub-Condition has not yet been satisfied as of the effective
date of such termination, no Unvested Interests shall be forfeited and instead all Restricted Interests issued hereunder shall
continue to remain outstanding for a period of seven (7) years following termination, and, upon satisfaction of the Second Vesting
Sub-Condition at any time during such seven (7)-year period, the number of Restricted Interests that shall vest and thereafter
be deemed Vested Interests shall be equal to the total number of Restricted Interests issued hereunder, multiplied by the Partial
Service Factor (with the resulting number being rounded to the nearest whole Restricted Interest, or in the case of 0.5 of a Restricted
Interest, up to the next whole Restricted Interest). For the avoidance of doubt, if the Second Vesting Sub-Condition is not met
within the seven (7)-year period following Recipient’s termination, the Restricted Interests shall automatically and immediately
be forfeited for no consideration as of the seventh anniversary of the effective date of Recipient’s termination of employment
or other service relationship.

 

4.                 Restrictions
on Transfer of Restricted Interests.

 

(a)               Transfer
Restrictions Generally. Recipient shall not Transfer any interest in any Unvested Interests. Recipient shall not Transfer
any interest in any Vested Interests, except as permitted by the MIP RI LLC Operating Agreement, and in the event of any such
Transfer (A) the restrictions herein and in the MIP RI LLC Operating Agreement will continue to be applicable to the Restricted
Interests irrespective of such Transfer and (B) any transferee shall be required to execute and deliver to MIP RI LLC an executed
joinder agreement to the MIP RI LLC Operating Agreement. Recipient acknowledges that the MIP RI LLC Operating Agreement separately
imposes restrictions on the Transfer of the Restricted Interests.

 

    4 

     

    

 

(b)               Lockup
Provision. Recipient agrees, if requested by the Company and any underwriter engaged by the Company, not to sell or otherwise
transfer or dispose of any securities of the Company or any public successor (including, without limitation, pursuant to Rule
144 under the Securities Act) held by him or her for (i) 180 days following the effective date of the relevant registration statement
filed under the Securities Act in connection with the Company’s Initial Public Offering or (ii) 90 days following the effective
date of the relevant registration statement in connection with any other public offering of the Company’s securities, as
the Company and such underwriter shall specify reasonably and in good faith. Notwithstanding the foregoing, if: (x) during the
last 17 days of the foregoing 180-day period or 90-period, as applicable, the Company issues an earnings release or material news
or a material event relating to the Company occurs; or (y) prior to the expiration of the 180-day period or 90-day period, as
applicable, the Company announces that it will release earnings results during the 16-day period beginning on the last day of
the period, then the restrictions described above shall continue to apply until the expiration of an 18-day period beginning on
the issuance of the earnings release or the occurrence of the material news or material event. Recipient agrees, if requested
by the underwriter engaged by the Company, to execute a separate letter reflecting the agreement set forth in this Section
4(b).

 

5.                 Opinion
of Counsel for Transfer of Restricted Interests. In addition to the restrictions on transfer in Section 4 hereof and
in the MIP RI LLC Operating Agreement, no holder of Restricted Interests may transfer any Restricted Interests (except pursuant
to an effective registration statement under the Securities Act) without first delivering to MIP RI LLC an opinion of counsel
(reasonably acceptable in form and substance to the MIP RI LLC) that neither registration nor qualification under the Securities
Act and applicable state securities laws is required in connection with such Transfer, unless the Company and MIP RI LLC both
waive the requirement of an opinion of counsel.

 

6.                 Registration.
Recipient understands that the Restricted Interests are not currently being registered under the Securities Act by reason of their
contemplated issuance in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act
pursuant to Rule 506 or Rule 701 (or Section 4(a)(2)) thereof. Recipient further agrees that Recipient will not sell or otherwise
dispose of the Restricted Interests unless such sale or other disposition has been registered or is exempt from registration under
the Securities Act and has been registered or qualified or is exempt from registration or qualification under applicable securities
laws of any state.

 

7.                 Definitions.

 

“Affiliate”
has the meaning set forth in the MIP RI LLC Operating Agreement.

 

“Board”
means the Board of Directors of the Company.

 

    5 

     

    

 

“Cause”
has the meaning ascribed thereto in any employment or other agreement between Recipient and the Company or any subsidiary or,
if there is no such agreement or definition therein, “Cause” shall mean: (i) (A) Recipient’s material
dishonesty in the performance of Recipient’s duties or (B) Recipient’s failure, whether willful, intentional or
grossly negligent, to perform Recipient’s duties; (ii) willful misconduct in connection with the performance of
Recipient’s duties; (iii) Recipient’s conviction of, or entering a plea of guilty or nolo contendere to, a crime
that constitutes a felony, or with respect to a misdemeanor involving moral turpitude; (iv) a material breach by Recipient of
any material covenant or provision contained in Recipient’s employment agreement, if any, or the Employee
Confidentiality Agreement and Restrictive Covenants executed by Recipient; (v) the Company, after reasonable investigation,
finds that Recipient has violated any material written policies of the Company or any of its subsidiaries, including, but not
limited to, any code of conduct or ethics policies, or policies pertaining to harassment or discrimination; (vi) a willful
failure or refusal by Recipient to comply with a written directive from the Board (unless such directive represents an
illegal act); or (vii) a confirmed positive illegal drug test for Recipient; provided, however, that none of
the foregoing shall constitute Cause unless the Company first provides Recipient with written notice referencing this
provision and describing the grounds that the Company believes constitutes Cause and Recipient fails to cure such grounds
within thirty (30) days after receipt of such written notice (except in the case of matters which the Board reasonably
determines in good faith are not able to be cured in which case Recipient’s termination for Cause shall be effective
immediately upon his or her receipt of the written Cause notice from the Company).

 

“Change of
Control” has the meaning set forth in the Operating Agreement.

 

“Disability”
has the meaning ascribed thereto in any employment or other agreement between Recipient and the Company or any subsidiary or, if
there is no such agreement or definition therein, “Disability” shall mean Recipient’s physical or mental disability,
whether total or partial, either permanent or so that Recipient, in the good faith judgment of the Board, is unable substantially
and competently to perform his or her duties for a period of ninety (90) consecutive days or for ninety (90) non-consecutive days
during any six (6)-month period.

 

“Initial Public
Offering” has the meaning ascribed thereto in the Operating Agreement and shall also mean the consummation of a transaction
with a publicly listed and traded special-purpose acquisition company following which the issued and outstanding equity interests
of the Company will be converted into a class of equity securities that are listed on a stock exchange or are otherwise publicly
traded.

 

“IRS”
means Internal Revenue Service.

 

“Good
Reason” has the meaning ascribed thereto in any employment or other agreement between Recipient and the Company or
any subsidiary or, if there is no such agreement or definition therein, “Good Reason” shall mean: (i) a material
breach by the Company or any subsidiary of any material covenant or provision of Recipient’s employment agreement, if
any; (ii) a breach by the Company, MIP RI LLC, Wheels Up MIP LLC or any subsidiary thereof of any provision in an outstanding
equity award agreement with Recipient that materially affects Recipient’s rights or benefits with respect to the equity
awards held by Recipient or any other equity award subsequently granted to Recipient; (iii) any involuntary change in
Recipient’s title or reporting relationships or any involuntary material diminution in Recipient’s material
duties, authorities or responsibilities; (iv) a reduction by the Company or any subsidiary in the base salary or annual
target bonus compensation payable to Recipient; or (v) the relocation of Recipient’s principal place of business
outside New York, New York or the State of New Jersey; provided, however, that none of the foregoing shall
constitute Good Reason unless Recipient first provides the Company with written notice referencing this provision and
describes the existence of such event that Recipient believes constitutes Good Reason within sixty (60) days after he or she
becomes aware of the existence of such event, and the Company fails to cure such change or reduction within thirty (30) days
after receipt of such written notice, and Recipient resigns from employment within fifteen (15) days after the end of such
cure period.

 

    6 

     

    

 

“Member”
has the meaning set forth in the MIP RI LLC Operating Agreement.

 

“MIP RI LLC
Operating Agreement” means the Amended & Restated Limited Liability Company Agreement of MIP RI LLC dated as of December
11, 2019, as the same may be amended from time to time.

 

“Operating
Agreement” means the Sixth Amended and Restated Limited Liability Company Agreement of the Company dated as of January
17, 2020, as the same may be amended from time to time.

 

“Partial Service
Factor” means a factor carried out to the fourth decimal to be used in calculating the number of Vested Interests pursuant
to Section 3(c) hereof in the event of the termination of Recipient’s employment prior to the satisfaction of the
Second Vesting Sub-Condition, determined by dividing (a) the number of calendar days that have elapsed since the Grant Date to
and including the effective date of Recipient’s termination by (b) the number of calendar days from the Grant Date to and
including the final annual installment vesting date under the First Vesting Sub-Condition as set forth on the signature page hereto;
provided, that in no event shall the Partial Service Factor exceed 1.0000.

 

“Person”
has the meaning set forth in the MIP RI LLC Operating Agreement.

 

“Plan”
means the Wheels Up Partners Holdings LLC Equity Incentive Plan [VIII].

 

“Restricted
Interests” means Series [●] Interests in MIP RI LLC that are subject to such restrictions and conditions as
the Board may determine at the time of grant.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time (and the rules and regulations promulgated thereunder).

 

“Transfer”
has the meaning set forth in the MIP RI LLC Operating Agreement.

 

8.                 Notices.
Any notice, consent, waiver and other communications required or permitted pursuant to the provisions of this Agreement must be
in writing and will be deemed to have been properly given (a) when delivered by hand; (b) when sent by facsimile (with acknowledgment
of complete transmission), provided that a copy is mailed by U.S. certified mail, return receipt requested; (c) three (3) days
after sent by certified mail, return receipt requested; or (d) one (1) day after deposit with a nationally recognized overnight
delivery service, in each case to the appropriate addresses and facsimile numbers set forth below:

 

    7 

     

    

 

If to the Company:

 

	Wheels Up Partners Holdings LLC	 
	601 West 26th Street, Suite 900	 
	New York, New York 10001	 
	Attn: Kate O’Malley, SVP, Legal & Corporate Development	 
	Email: komalley@wheelsup.com	 
	 	 
	With a copy to (which shall not constitute notice):	 
	 	 
	Arnold & Porter Kaye Scholer LLP	 
	250 West 55th Street	 
	New York, New York 10019	 
	Attn: John Geelan and Thomas Yadlon	 
	Email: john.geelan@arnoldporter.com and

               thomas.yadlon@arnoldporter.com	 

 

 

If to MIP
RI LLC:

 

	Wheels Up MIP RI LLC	 
	601 West 26th Street, Suite 900	 
	New York, New York 10001	 
	Attn: Kate O’Malley	 
	Email: komalley@wheelsup.com	 
	 	 
	With a copy to (which shall not constitute notice):	 
	 	 
	Arnold & Porter Kaye Scholer LLP	 
	250 West 55th Street	 
	New York, New York 10019	 
	Attn: John Geelan and Thomas Yadlon	 
	Email: john.geelan@arnoldporter.com and

               thomas.yadlon@arnoldporter.com	 

 

If to
Recipient:

 

To the address set forth on the signature
page hereto.

 

Each party will be
entitled to specify a different address for the receipt of subsequent notices by giving written notice thereof to the other party
in accordance with this Section 8.

 

9.                 General
Provisions.

 

(a)               Transfers
in Violation of Agreement. Any Transfer or attempted Transfer of any Restricted Interests in violation of any provision of
this Agreement shall be null and void, and MIP RI LLC shall not record such Transfer on its books or treat any purported transferee
of such Restricted Interests as the owner of such securities for any purpose.

 

    8 

     

    

 

(b)               Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other
jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein.

 

(c)               Complete
Agreement. This Agreement, those documents expressly referred to herein and other documents of even date herewith embody the
complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations
by or among the parties, written or oral, which may have related to the subject matter hereof in any way.

 

(d)              Counterparts.
This Agreement may be executed in separate counterparts (including by facsimile, electronic transmission or electronic signature),
each of which is deemed to be an original and all of which taken together constitute one and the same agreement.

 

(e)              
Successors and Assigns.

 

(i)               All
Restricted Interests will continue to be Restricted Interests in the hands of any holder other than Recipient, including any of
Recipient’s transferees permitted hereunder and under the MIP RI LLC Operating Agreement (except for MIP RI LLC and the
Company and except for transferees in an Initial Public Offering or pursuant to a Change of Control). Except as otherwise provided
herein, each such other holder of Restricted Interests will succeed to all rights and obligations attributable to Recipient as
a holder of Restricted Interests hereunder.

 

(ii)              Except
as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by Recipient, MIP RI LLC,
the Company and their respective successors and assigns (including subsequent holders of Restricted Interests); provided
that the rights and obligations of Recipient under this Agreement shall not be assignable without the written consent of the Company
and MIP RI LLC.

 

(f)                Choice
of Law/Consent to Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the State
of Delaware, without reference to its conflict of law provisions. Recipient, MIP RI LLC and the Company each hereby irrevocably
submits to the jurisdiction of any New York state or federal court sitting in the County of New York, State of New York, in any
action or proceeding arising out of or relating to this Agreement, and Recipient, MIP RI LLC and the Company hereby irrevocably
agree that all claims in respect of such action or proceeding may be heard and determined in such New York state or federal court.
Recipient, MIP RI LLC and the Company each hereby irrevocably waive, to the fullest extent permitted by law, any objection which
he, she or it may now or hereafter have to the laying of the venue of any such action or proceeding brought in any such court,
and any claim that any such action or proceeding brought in any such court has been brought in an inconvenient forum.

 

    9 

     

    

 

(g)               Remedies.
Each of the parties to this Agreement will be entitled to enforce its rights under this Agreement specifically, to recover damages
and costs (including attorney’s fees) caused by any breach of any provision of this Agreement and to exercise all other
rights existing in its favor. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any
breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of
competent jurisdiction (without posting any bond or deposit) for specific performance and/or other injunctive relief in order
to enforce or prevent any violations of the provisions of this Agreement.

 

(h)              Amendment
and Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent of the Company,
MIP RI LLC and Recipient. No cause of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the
validity, binding effect or enforceability of this Agreement.

 

(i)                Business
Days. If any time period for giving notice or taking action hereunder expires on a day which is a Saturday, Sunday or holiday
in the state in which the Company’s chief executive office is located, the time period shall be automatically extended to
the business day immediately following such Saturday, Sunday or holiday.

 

(j)                Indemnification
and Reimbursement of Payments on Behalf of Recipient. MIP RI LLC, the Company and its subsidiaries shall be entitled to deduct
or withhold from any amounts owing from MIP RI LLC, the Company or any subsidiaries to Recipient any federal, state, local or
foreign withholding taxes, excise taxes or employment taxes (“Taxes”) imposed with respect to Recipient’s
compensation or other payments from MIP RI LLC, the Company or any subsidiaries or Recipient’s ownership interest in MIP
RI LLC, including, but not limited to, bonuses, dividends, the receipt or exercise of options and/or the receipt or vesting of
restricted equity. Recipient shall indemnify MIP RI LLC, the Company and its subsidiaries for any amounts paid with respect to
any such Taxes, together with any interest, penalties and expenses related thereto.

 

(k)               Termination.
This Agreement shall survive the termination of Recipient’s service relationship with the Company or any subsidiary and
shall remain in full force and effect after such termination.

 

(l)                Generally
Accepted Accounting Principles. Where any accounting determination or calculation is required to be made under this Agreement
or the exhibits hereto, such determination or calculation (unless otherwise provided) shall be made in accordance with United
States generally accepted accounting principles, consistently applied.

 

(m)              Waiver
of Jury Trial. Each of the parties hereto hereby irrevocably waives any and all right to trial by jury of any claim or cause
of action in any legal proceeding arising out of or related to this Agreement or the transactions or events contemplated hereby
or any course of conduct, course of dealing, statements (whether verbal or written) or actions of any party hereto. The parties
hereto each agree that any and all such claims and causes of action shall be tried by a court trial without a jury. Each of the
parties hereto further waives any right to seek to consolidate any such legal proceeding in which a jury trial has been waived
with any other legal proceeding in which a jury trial cannot or has not been waived.

 

(n)              Clawback.
Notwithstanding anything herein or in the Plan or in any other agreement to the contrary, any grant, exercise, payment, delivery
or transfer made pursuant to this Agreement which is subject to recovery under any law (including, without limitation, the Dodd-Frank
Wall Street Reform and Consumer Protection Act), government regulation, stock exchange listing requirement or policy of the Company
or any related entity implemented pursuant to any of the foregoing will be subject to such clawbacks or deductions as may be required
to be made pursuant to such law, government regulation, stock exchange listing requirement or policy.

 

(o)              Recapitalizations,
Exchanges, etc. The provisions of any award agreement pursuant to which Recipient has been granted restricted interests in
MIP RI LLC (including this Agreement) shall apply, to the full extent set forth in such agreement, with respect to any and all
equity securities of MIP RI LLC or any affiliate or any successor or assign thereof (whether by conversion, merger, consolidation,
sale of assets or otherwise) which may be issued in respect of, in exchange for, or in substitution of such restricted interests,
by reason of a distribution, interest split, interest issuance, reverse interest split, combination, recapitalization, reclassification,
conversion, merger, consolidation or otherwise. Upon the occurrence of any such events, amounts and the provisions of such agreements
shall be appropriately adjusted by the Board.

 

    10 

     

    

 

 

(p)              
Approval. If Recipient holds any interests in MIP RI LLC that were issued prior to the Grant Date, Recipient hereby
consents to the adoption of the Plan.

 

(q)              
Effectiveness. The effectiveness of the issuance of Restricted Interests under this Agreement is conditioned upon
the Company having amended its Operating Agreement to provide that any Common Interests (as defined in the Operating Agreement)
that are issued by the Company concurrently with the issuance of the Restricted Interests hereunder shall not be allocated profits
or losses or entitled to participate in distributions of the Company, unless and until such Common Interests become vested or unless
a Section 83(b) election is filed with respect thereto, as a result, any Unvested Interests under this Agreement similarly shall
not be allocated profits or losses or have the right to participate in distributions unless and until such Unvested Interests become
Vested Interests or unless a Section 83(b) election is filed by Recipient.

 

[Remainder of page
intentionally left blank]

 

    11

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Restricted Interest Award Agreement as of the date first written above.

 

	 	Wheels Up Partners Holdings LLC
	 	 
	 	 
	 	By:	 
	 	Name: Kenneth Dichter
	 	Title: Chief Executive Officer
	 	 
	 	Wheels Up MIP RI LLC
	 	 
	 	 
	 	By:	 
	 	Name: Kenneth Dichter
	 	Title: CEO of its Managing Member
	 	 
	 	Recipient
	 	 
	 	 
	 	 
	 	[●]
	 	 
	 	Grant Date: [●], 202_
	 	 
	 	Number of Restricted Interests: [●]
	 	 
	 	First Vesting Sub-Condition Vesting Schedule:
	 	 
	 	        [●], 202_:    25%
	 	        [●], 202_:    25%
	 	        [●], 202_:    25%
	 	        [●], 202_:    25%
	 	 
	 	Address for Notices:
	 	 
	 	 
	 	 
	 	 
	 	State of Residence: [●]
	 	 
	 	Accredited Investor?  ̈  Yes  ̈  No 
	 	(See  Annex 1)

 

[Signature Page
to Restricted Interest Award Agreement]

 

     

     

    

 

EXHIBIT
A

 

SPOUSAL
CONSENT*

 

The
undersigned spouse of [●] (“Recipient”) hereby acknowledges that I have read the foregoing Restricted
Interest Award Agreement executed by Recipient, and that I understand its content. I am aware that the foregoing Restricted Interest
Award Agreement provides for the sale of my spouse’s Restricted Interests under certain circumstances and/or impose other
restrictions on such securities (including, without limitation, restrictions on transfer). I agree that my spouse’s interest
in these securities is subject to these restrictions and any interest that I may have in such securities shall be irrevocably bound
by the Restricted Interest Award Agreement and further, that my community property interest, if any, shall be similarly bound by
the Restricted Interest Award Agreement.

 

_________________________       Date
_______ ___, 20__

 

Spouse’s
Name: ___________________________

 

 

 

_________________________       Date
_______ ___, _20__

 

Witness’
Name: ___________________________

 

 

 * Required only if Recipient
resides in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and
Wisconsin).

 

     

     

    

 

ANNEX 1

ACCREDITED INVESTOR QUESTIONNAIRE

 

The following are “accredited
investors” for purposes of the offering and sale of securities:

 

		a)	any bank as defined in section 3(a)(2) of the Securities Act of 1933, as amended (the “Securities
Act”), or any savings and loan association or other institution as defined in section 3(a)(5)(A) of the Securities Act whether
acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to section 15 of the Securities Exchange
Act of 1934, as amended; any insurance company as defined in section 2(13) of the Securities Act; any investment company registered
under the Investment Company Act of 1940 (the “Investment Company Act”) or a business development company as defined
in section 2(a)(48) of the Investment Company Act; Small Business Investment Company licensed by the U.S. Small Business Administration
under section 301(c) or (d) of the Small Business Investment Act of 1958; any plan established and maintained by a state, its political
subdivisions, or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, if such
plan has total assets in excess of $5,000,000; employee benefit plan within the meaning of the Employee Retirement Income Security
Act of 1974 (“ERISA”) if the investment decision is made by a plan fiduciary, as defined in section 3(21) of ERISA,
which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit
plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that
are accredited investors;

 

		b)	any private business development company as defined in section 202(a)(22) of the Investment Advisers
Act of 1940;

 

		c)	any organization described in Section 501(c)(3) of the Internal Revenue Code (the “Code”),
corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities
offered, with total assets in excess of $5,000,000;

 

		d)	any director, executive officer, or general partner of the Company;

 

		e)	any natural person whose individual net worth, or joint net worth with that person’s spouse,
exceeds $1,000,000, at the time of this purchase;1

 

 

1 For purposes of calculating
net worth, (A) the person’s primary residence shall not be included as an asset, (B) indebtedness that is secured
by the person’s primary residence, up to the estimated fair market value of the primary residence at the time of the sale
of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of
sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary
residence, the amount of such excess shall be included as a liability) and (C) indebtedness that is secured by the person’s
primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of securities
shall be included as a liability.

 

     

     

    

 

		f)	i)any natural person who had an individual income in excess of $200,000 in each of the two
most recent years and has a reasonable expectation of reaching the same income level in the current year; or

 

		ii)	any natural person who had joint income with that person’s spouse in excess of $300,000 in each of the two most recent
years and has a reasonable expectation of reaching the same income level in the current year;

 

		g)	any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring
the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of Regulation D
promulgated under the Securities Act; or

 

		h)	any entity in which all of the equity owners are accredited investors meeting one or more of the
tests under subparagraphs (a) - (g).

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