---
schema_version: "secwatch.filing_event.v1"
accession: "0001819516-23-000063"
form_type: "8-K"
ticker: "UP"
cik: "0001819516"
company_name: "Wheels Up Experience Inc."
filed_at: "2023-12-01T23:59:59+00:00"
generated_at: "2026-06-07T19:30:29.815451+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001819516-23-000063
- form_type: 8-K
- ticker: UP
- cik: 0001819516
- company_name: Wheels Up Experience Inc.
- filed_at: 2023-12-01T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1819516/000181951623000063/0001819516-23-000063-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1819516/000181951623000063/up-20231130.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001819516-23-000063
- JSON: https://secwatch.observer/filing/0001819516-23-000063.json
- Plain text: https://secwatch.observer/filing/0001819516-23-000063.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.