Form 4: Wheels Up Executive Mark Briffa Receives Stock Grant

Wheels Up Experience Inc.'s EVP, Charter & CEO of Air Partner, Mark Briffa, was granted 174,522 shares of Class A Common Stock on June 6, 2024, as restricted stock units (RSUs) that will vest over time.

Summary

• Mark Briffa, EVP, Charter & CEO Air Partner at Wheels Up Experience Inc., received a grant of 174,522 shares of Class A Common Stock in the form of restricted stock units (RSUs) on June 6, 2024.
• These RSUs will vest over time, with 1/4th vesting on February 26, 2025, and the remaining RSUs vesting in 12 equal quarterly installments starting May 26, 2025.
• Vesting is contingent upon Briffa's continued service to the Issuer.

Sentiment

Score: 6

Explanation: The document itself is neutral, simply reporting a stock grant. The sentiment is slightly positive as it indicates an incentive for a key executive.

Positives

• The grant of RSUs to a key executive like Mark Briffa can serve as an incentive for continued service and alignment with the company's long-term success.

Risks

• The vesting of the RSUs is contingent upon Mark Briffa's continued service, so his departure would forfeit unvested shares.

Future Outlook

The document does not contain specific forward-looking statements beyond the vesting schedule of the RSUs.

Industry Context

Stock grants are a common practice in the corporate aviation industry to incentivize and retain key executives.

Comparison to Industry Standards

• Executive compensation packages, including stock grants, are typical in publicly traded companies like Wheels Up.
• The vesting schedule is a standard mechanism to ensure long-term commitment, similar to practices at NetJets and Flexjet.

Stakeholder Impact

• Shareholders may view the stock grant as a positive incentive for executive performance.
• Employees may see this as a sign of the company's commitment to its leadership.

Key Dates