secwatch.observer — SEC 8-K summary
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Issuer:     Wheels Up Experience Inc. (UP)
CIK:        0001819516
Form:       8-K
Filed at:   2023-12-01T23:59:59+00:00
Accession:  0001819516-23-000063
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819516/000181951623000063/0001819516-23-000063-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819516/000181951623000063/up-20231130.htm
  HTML page:      https://secwatch.observer/filing/0001819516-23-000063

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