4/A: Wheels Up Executive Mark Briffa Corrects RSU Grant Details in Amended SEC Filing

Mark Briffa, EVP, Charter & CEO Air Partner at Wheels Up Experience Inc., files an amendment to a previous Form 4 to correct the number of Restricted Stock Units (RSUs) granted on February 26, 2025.

Summary

• Mark Briffa, an executive at Wheels Up Experience Inc., filed an amended Form 4 with the SEC to correct the number of Restricted Stock Units (RSUs) granted to him on February 26, 2025.
• The amendment revises the number of shares reported in the original Form 4 filed on February 28, 2025.
• Specifically, the number of shares acquired is corrected to 439,454 from 366,212, and the total shares beneficially owned following the transaction is corrected to 1,119,688 from 1,046,446.
• The original filing also reported the withholding of 20,510 shares for payment of tax liability related to the vesting of RSUs originally reported on June 7, 2024.
• The RSUs will vest in installments, with 1/4th vesting on February 26, 2026, and the remaining vesting quarterly starting May 26, 2026, contingent upon continued service to the Issuer.

Sentiment

Score: 7

Explanation: The document is a routine correction of an SEC filing, indicating standard corporate governance practices. The sentiment is neutral to slightly positive as it reflects transparency and adherence to regulatory requirements.

Positives

• The correction of the RSU grant details provides more accurate information to investors.

Future Outlook

The RSUs will vest over time contingent upon continued service to the Issuer.

Industry Context

This filing is a routine disclosure related to executive compensation and is typical for publicly traded companies. It provides transparency regarding equity-based compensation for key personnel.

Comparison to Industry Standards

• Equity compensation is a standard practice across the aviation and technology industries to incentivize and retain key executives.
• Companies like Delta Air Lines, United Airlines, and other tech firms such as Uber and Lyft also utilize RSU grants as part of their compensation packages.
• The vesting schedules and amounts are generally aligned with industry norms, varying based on the executive's role and company performance.

Stakeholder Impact

• The correction of the RSU grant details ensures that shareholders have accurate information regarding executive compensation.
• This transparency can positively impact investor confidence.

Key Dates