Aspirational Consumer Lifestyle Sponsor LLC - 13 Jul 2021 Form 4 Insider Report for Wheels Up Experience Inc. (UP)

Role
Director
Signature
Aspirational Consumer Lifestyle Sponsor LLC, by /s/ Ravi Thakran, as attorney-in-fact
Issuer symbol
UP
Transactions as of
13 Jul 2021
Net transactions value
$0
Form type
4
Filing time
15 Jul 2021, 16:27:12 UTC
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction UP Class A Common Stock Options Exercise +5,918,658 5,918,658 13 Jul 2021 Direct F1
transaction UP Class A Common Stock Other -5,918,658 -100% 0 13 Jul 2021 Direct F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction UP Class B ordinary share Options Exercise $0 -5,918,658 -100% $0.000000* 0 13 Jul 2021 Class A Common Stock 5,918,658 Direct F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On July 13, 2021, Aspirational Consumer Lifestyle Corp. ("ASPL" and the former name of the Issuer) consummated its initial business combination (the "Business Combination") with Wheels Up Partners Holdings LLC. In connection with the consummation of the Business Combination, each share of Class B ordinary share, par value $0.0001 per share, of ASPL automatically converted into one share of the Issuer's Class A common stock, par value $0.0001 per share.
F2 Following the consummation of the Business Combination, Aspirational Consumer Lifestyle Sponsor LLC (the "Sponsor") distributed its shares of the Issuer's Class A common stock received in connection with the Business Combination to its members on a pro rata basis, including 1,764,004 shares distributed to Mr. Ravi Thakran.

Remarks:

Mr. Ravi Thakran, an indirect manager of the Sponsor, serves on the board of directors of the Issuer. By virtue of these relationships, the Sponsor may be deemed a director by deputization with respect to the Issuer for the purposes of Section 16 of the Securities Exchange Act of 1934, as amended.