secwatch.observer — SEC 8-K summary
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Issuer:     Wheels Up Experience Inc. (UP)
CIK:        0001819516
Form:       8-K
Filed at:   2023-05-02T23:59:59+00:00
Accession:  0001104659-23-055047
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wheels Up CMO Lee Applbaum departs; receives $487K+ severance package
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- Lee Applbaum, Chief Marketing Officer, left effective May 1, 2023, to pursue personal ventures.
- Severance includes lump sum of $271,233 (8 months base salary) and additional $216,310 for flight-hour payout.
- Eligible for 2023 annual bonus at 100% target for 4 months of service, subject to performance metrics.
- Equity awards vesting for 12 months post-departure accelerated; COBRA premiums paid through Dec 31, 2023.
- No replacement named; separation agreement includes non-disparagement and confidentiality.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819516/000110465923055047/0001104659-23-055047-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819516/000110465923055047/tm2314240d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-055047

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer