D. Applbaum - Jul 13, 2021 Form 4 Insider Report for Wheels Up Experience Inc. (UP)

Role
Chief Marketing Officer
Signature
/s/ Mark Sorenesen as attorney-in-fact for Lee David Applbaum
Stock symbol
UP
Transactions as of
Jul 13, 2021
Transactions value $
$0
Form type
4
Date filed
7/15/2021, 05:53 PM
Next filing
Sep 21, 2021

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 Stock Option (right to buy) Award +34.5K 34.5K Jul 13, 2021 Class A Common Stock, par value $0.0001 per share 34.5K $7.56 Direct F1, F2
transaction UP Stock Option (right to buy) Award +1.15M 1.15M Jul 13, 2021 Class A Common Stock, par value $0.0001 per share 1.15M $7.56 Direct F1, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Received in connection with Aspirational Consumer Lifestyle Corp.'s ("Aspirational") business combination transaction with Wheels Up Partners Holdings LLC ("Legacy Wheels Up") in accordance with the terms of the Agreement and Plan of Merger, dated as of February 1, 2021, as amended on May 6, 2021, by and among, inter alia, Aspirational, KittyHawk Merger Sub LLC and Legacy Wheels Up.
F2 50% of the shares subject to the stock option vested and became exercisable as of July 13, 2021, and the remaining 50% will vest and become exercisable in equal installments on June 25, 2022 and June 25, 2023. The stock option will expire on October 13, 2030.
F3 25% of the shares subject to the stock option vested and became exercisable as of July 13, 2021, and the remaining 75% will vest in equal installments on July 15, 2021, July 15, 2022 and July 15, 2023. The stock option will expire on November 2, 2030.