CEO Mattson gets amended employment agreement and performance award tied to $390M term loan repayment

Wheels Up Experience Inc.

Amended employment agreement grants CEO George Mattson up to 45 hrs/yr mid-cabin and 30 hrs/yr light-cabin aircraft for personal use; unused hours retained.
CEO receives $625K base salary, $1M target annual bonus based on revenue, adjusted EBITDA, and KPIs; 2023 bonus prorated.
Performance Award grants shares of Class A common stock linked to repayment or refinancing of $390M term loan before Sept 20, 2028.
Award vests 25% on each Sept 20 from 2024-2027; shares issued after Repayment Event based on formula using VWAP and investor returns.
Award is not under 2021 LTIP and requires stockholder approval; if not obtained, cash payment substitutes for shares.

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