SEC Contract Filing

Filing Date: 2024-06-07

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex-101xupamendno1toar2021l.htm
<DESCRIPTION>EX-10.1
<TEXT>
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<title>Document</title></head><body><div id="ie6c1767cd4ab42d1bda0c8b02a5cf6f1_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Exhibit&#160;10.1</font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">AMENDMENT NO.&#160;1 </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">TO </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">WHEELS UP EXPERIENCE INC. 2021 LONG-TERM INCENTIVE PLAN, </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">AS AMENDED AND RESTATED APRIL 1, 2023</font></div><div style="margin-top:12pt;text-align:justify;text-indent:24.5pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">This Amendment No.&#160;1 (this &#8220;</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Amendment</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) to the Wheels&#160;Up Experience&#160;Inc. 2021 Long-Term Incentive Plan, as amended and restated April&#160;1,&#160;2023 (the &#8220;</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Plan</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), is adopted by the Board of Directors of Wheels&#160;Up Experience&#160;Inc. (the &#8220;</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Company</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) on April&#160;15,&#160;2024, to be effective upon approval (the &#8220;</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Amendment Effective Time</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) of this Amendment by the Company&#8217;s stockholders at a duly called and noticed meeting of the Company&#8217;s stockholders or by written consent of the Company&#8217;s stockholders, in each case in accordance with the Company&#8217;s Amended and Restated Certificate of Incorporation, dated November&#160;15,&#160;2023, Amended and Restated By-Laws, effective as of November&#160;15,&#160;2023, and the General Corporation Law of the State of Delaware. Capitalized terms used herein but not otherwise defined herein shall have the meaning given to such terms in the Plan.</font></div><div style="margin-top:12pt;text-align:justify;text-indent:24.5pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Effective as of the Amendment Effective Time, the Plan shall be amended as follows&#58;</font></div><div style="margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.&#160;&#160;&#160;&#160;Paragraph A of Article III of the Plan is hereby deleted in its entirety and replaced with the following&#58;</font></div><div style="margin-top:12pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">A.&#160;&#160;&#160;&#160;</font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The aggregate number of Shares as to which Awards may be granted from time to time shall be 30,149,682&#160;Shares (subject to adjustment for stock splits, stock dividends, and other adjustments described in Article&#160;XIX hereof). The aggregate number of Shares as to which Incentive Options may be granted from time to time shall not exceed 30,149,682 (subject to adjustment for stock splits, stock dividends and other adjustments described in Article XIX hereof). The Share amounts listed in this Paragraph&#160;A reflect all adjustments made as a result of the 1-for-10 reverse stock split of the Shares and proportionate reduction in the number of authorized shares of Shares completed on June&#160;7,&#160;2023.</font></div><div style="margin-bottom:12pt;margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.&#160;&#160;&#160;&#160;Article XXI of the Plan is hereby deleted in its entirety and replaced with the following&#58;</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">XXI.&#160;&#160;&#