Wheels Up Announces Inducement Grant Under New York Stock Exchange Rule 303A.08
On July 1, 2022, Wheels Up Experience Inc. (NYSE: UP) granted 2,051,282 restricted stock units (RSUs) to Todd Smith as part of his hiring as Chief Financial Officer. This grant serves as a material inducement related to his employment, and it was authorized by the company’s Compensation Committee under the newly adopted 2022 Inducement Grant Plan. The RSUs will vest in equal installments on December 30 for the years 2022, 2023, and 2024, provided Mr. Smith remains employed with the company.
- Grant of 2,051,282 RSUs to CFO Todd Smith indicates substantial confidence in his leadership.
- RSUs vesting in installments may align executive performance with shareholder interests.
- None.
NEW YORK, July 1, 2022 /PRNewswire/ -- On July 1, 2022, Wheels Up Experience Inc. (NYSE: UP) made a grant to Todd Smith of 2,051,282 restricted stock units in respect of the company's Class A common stock ("RSUs"). The grant of RSUs was offered as a material inducement to Mr. Smith's hiring as Chief Financial Officer of the company. Mr. Smith, whose hiring was announced on June 23, 2022, joined the company on June 30, 2022.
The RSUs were granted by the Compensation Committee of the company's Board of Directors, outside the terms of the Wheels Up Experience Inc. 2021 Long-Term Incentive Plan, pursuant to the Wheels Up Experience Inc. 2022 Inducement Grant Plan, which was newly adopted by the company's Board of Directors. The RSUs were granted in reliance on the employment inducement exemption under the NYSE's Listed Company Manual Rule 303A.08, which requires public announcement of inducement awards. The company is issuing this press release pursuant to Rule 303A.08.
The RSUs shall generally vest and become exercisable in equal installments on each of December 30, 2022, 2023 and 2024, subject to Mr. Smith's continued employment with the company or its affiliates.
Wheels Up is the leading provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. Powered by a growing marketplace of more than 1,500 safety-vetted and verified aircraft, Wheels Up is the only company in the industry to offer a total private aviation solution that includes a relentless focus on safety and service, with flexibility across all types of aircraft, membership programs, corporate solutions, aircraft management, whole aircraft sales and commercial travel benefits through a strategic partnership with Delta Air Lines.
The Wheels Up App enables members and customers to search, book and fly. Wheels Up Connect, Core and Business memberships provide enhancements such as flight sharing, empty-leg Hot Flights, Shuttle Flights, Shared Flights, signature Wheels Up Down events and exclusive member benefits from preeminent lifestyle brands. Wheels Up's ongoing Wheels Up Cares program aligns with philanthropic organizations and initiatives that affect and matter to the company and its customers, members, stakeholders, families and friends. The Wheels Up Cares fleet comprises five custom-painted Beechcraft King Air 350i aircraft, with each plane serving as a flying symbol for a specific social cause.
To learn more about Wheels Up, go to Wheelsup.com.
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SOURCE Wheels Up
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