Wheels Up Appoints New CFO, Announces Compensation

TL;DR

New CFO Todd Smith starts Aug 26, gets $450k salary + $100k bonus. Old CFO out.

AI Summary

Wheels Up Experience Inc. announced on August 20, 2024, the appointment of Todd Smith as Chief Financial Officer, effective August 26, 2024. Smith will receive an annual base salary of $450,000 and a one-time signing bonus of $100,000. The company also disclosed the departure of its previous CFO, Vinayak Hegde.

Why It Matters

A change in CFO can signal shifts in financial strategy or performance, and the details of the new CFO's compensation provide insight into the company's investment in financial leadership.

Risk Assessment

Risk Level: medium — Changes in key financial leadership can introduce uncertainty regarding financial strategy and execution.

Key Numbers

• $450,000 — New CFO Salary (Annual base compensation for Todd Smith)
• $100,000 — CFO Signing Bonus (One-time payment to new CFO Todd Smith)

Key Players & Entities

• Wheels Up Experience Inc. (company) — Registrant
• Todd Smith (person) — Appointed Chief Financial Officer
• August 26, 2024 (date) — Effective date of new CFO appointment
• $450,000 (dollar_amount) — New CFO's annual base salary
• $100,000 (dollar_amount) — New CFO's signing bonus
• Vinayak Hegde (person) — Departing Chief Financial Officer

FAQ

Key Financial Figures

• $0.0001 — hich registered Class A common stock, $0.0001 par value per share UP New York Stock E
• $450,000 — iod"), he will be paid a base salary of $450,000 per year, be eligible to receive an ann
• $510,000 — ltebran will: (i) receive a lump sum of $510,000, less applicable withholdings, represen
• $8,500 — executives of WUP LLC; (iii) receive an $8,500 reimbursement as an additional lump sum

Filing Documents

• up-20240820.htm (8-K) — 59KB
• ex-101xheltebranseparation.htm (EX-10.1) — 78KB
• ex-991xpressreleasedatedau.htm (EX-99.1) — 10KB
• 0001819516-24-000050.txt ( ) — 296KB
• up-20240820.xsd (EX-101.SCH) — 2KB
• up-20240820_lab.xml (EX-101.LAB) — 21KB
• up-20240820_pre.xml (EX-101.PRE) — 12KB
• up-20240820_htm.xml (XML) — 3KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. Appointment of Matthew Knopf as Chief Legal Officer and Secretary On the Notice Date, the Board appointed Matthew Knopf to serve as Chief Legal Officer and Secretary of the Company and WUP LLC, to become effective on September 9, 2024. Mr. Knopf will join the Company from Delta Air Lines, Inc. ("Delta"), where he has served as Senior Vice President and Deputy General Counsel since December 2015. At Delta, he leads the Corporate Transactions, Aircraft Transactions & Finance, SEC & Corporate Governance and Corporate Real Estate legal teams. Prior to joining Delta, he was a corporate partner in the Minneapolis office of Dorsey & Whitney LLP, where he led the firm-wide mergers and acquisitions practice. Mr. Knopf holds a Bachelor of Arts degree from Stony Brook University and a Juris Doctorate from the University of Chicago School of Law. There are: no family relationships between Mr. Knopf and any director, executive officer or person nominated or chosen by the Company to become a director or executive officer of the Company; no arrangements or understandings between Mr. Knopf and any other person pursuant to which he was appointed as Chief Legal Officer and Secretary of the Company, other than the terms of his offer letter with WUP LLC; and no transactions between Mr. Knopf and the Company that would require disclosure under Item 404(a) of Regulation S-K. Descriptions of certain relationships and transactions between the Company and Delta are included in: (i) the Company's definitive proxy statement on Schedule 14A filed with the U.S. Securities and Exchange Commission (the "SEC") on April 24, 2024 in the subsection titled "Related Person Transactions with Holders of More than 5% of Our Voting Stock" under the section titled "Certain Relationships and Related Person Transactions" beginning on page 47; and (ii) Item 1.01 of the Company's Current Report on Form 8-K filed with the SEC on June 17, 2024 , each of which is incorporat

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1*+ Separation and Release Agreement, dated August 20, 2024, by and between Laura Heltebran and Wheels Up Partners LLC 99.1** Press Release, dated August 21, 2024 104 Cover Page Interactive Data File ( embedded within the Inline XBRL document ) * Filed herewith. ** Furnished herewith. Identifies each management contract or compensatory plan or arrangement. + Certain portions of this exhibit (indicated by "[***]") have been omitted pursuant to Item (601)(b)(10) of Regulation S-K. In addition, schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Registrant agrees to furnish supplementally a copy of any omitted schedule or exhibit to the U.S. Securities and Exchange Commission or its staff upon request. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WHEELS UP EXPERIENCE INC . Date: August 21, 2024 By: /s/ George Mattson Name: George Mattson Title: Chief Executive Officer

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View this 8-K filing on SEC EDGAR