4/A: Wheels Up Interim CFO Eric Cabezas Amends SEC Filing to Correct RSU Grant
SEC Filing Amendment
Eric Cabezas, Interim CFO of Wheels Up Experience Inc., filed an amended Form 4 to correct the number of Restricted Stock Units (RSUs) granted on February 26, 2025.
Summary
- Eric Cabezas, the Interim CFO of Wheels Up Experience Inc., filed an amendment to a previous Form 4 filing with the SEC.
- The amendment corrects the number of Restricted Stock Units (RSUs) granted to Cabezas on February 26, 2025.
- The original filing, dated February 28, 2025, incorrectly stated the number of RSUs as 250,652, which has been revised to 300,781.
- Consequently, the total amount of Class A Common Stock beneficially owned following the transaction has been revised from 563,768 to 613,897 shares.
- The corrected filing also indicates that 8,866 shares were withheld for payment of tax liability arising from the vesting of restricted stock units.
- The RSUs will vest as follows: 1/4th on February 26, 2026, and the remaining RSUs in 12 equal quarterly installments commencing May 26, 2026, subject to continued service.
Sentiment
Score: 7
Explanation: The document is a routine correction of an SEC filing, indicating standard corporate governance practices. The RSU grant is a positive incentive for the executive, but the correction itself is neutral.
Future Outlook
The RSUs will vest over time, subject to the Reporting Person's continued service to the Issuer.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.
Comparison to Industry Standards
- RSU grants are a common form of executive compensation in publicly traded companies.
- Vesting schedules, such as the one described, are typical for aligning executive incentives with long-term company performance.
- The reporting requirements under Section 16(a) of the Securities Exchange Act of 1934 are consistently applied across all industries.
Stakeholder Impact
- Shareholders benefit from accurate reporting of insider ownership.
- The executive is incentivized through the RSU grant.
- The company maintains compliance with SEC regulations.
Key Dates
| Date | Description |
|---|---|
| 2024-09-11 | Original Form 3 filed with the SEC. |
| 2025-02-26 | Date of the RSU grant and shares withheld for tax liability. |
| 2025-02-28 | Date of the original Form 4 filing that was amended. |
| 2025-03-14 | Date of the amended Form 4/A filing. |
| 2026-02-26 | First vesting date for 1/4th of the RSUs. |
| 2026-05-26 | Commencement date for the remaining RSUs to vest in equal quarterly installments. |
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