0001104659-21-092711.txt : 20210715 0001104659-21-092711.hdr.sgml : 20210715 20210715180413 ACCESSION NUMBER: 0001104659-21-092711 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20210713 FILED AS OF DATE: 20210715 DATE AS OF CHANGE: 20210715 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Cheung Chih T CENTRAL INDEX KEY: 0001308122 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-39541 FILM NUMBER: 211093613 MAIL ADDRESS: STREET 1: UNIT 516-521, FLOOR 5, NO. 691, QUIX ROA CITY: SHANGHAI STATE: F4 ZIP: 200011 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: Wheels Up Experience Inc. CENTRAL INDEX KEY: 0001819516 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, NONSCHEDULED [4522] IRS NUMBER: 981557048 FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 601 WEST 26TH STREET STREET 2: SUITE 900 CITY: NEW YORK STATE: NY ZIP: 10001 BUSINESS PHONE: 1-855-359-8760 MAIL ADDRESS: STREET 1: 601 WEST 26TH STREET STREET 2: SUITE 900 CITY: NEW YORK STATE: NY ZIP: 10001 FORMER COMPANY: FORMER CONFORMED NAME: Aspirational Consumer Lifestyle Corp. DATE OF NAME CHANGE: 20200729 4 1 tm2122254-6_4seq1.xml OWNERSHIP DOCUMENT X0306 4 2021-07-13 0 0001819516 Wheels Up Experience Inc. UP 0001308122 Cheung Chih T C/O WHEELS UP EXPERIENCE INC., 601 WEST 26TH STREET NEW YORK NY 10001 1 0 0 0 Class A Common Stock, par value $0.0001 per share 2021-07-13 4 P 0 50000 10.00 A 50000 I Held by Infinity Particles Limited Stock Option (right to buy) 7.56 2021-07-13 4 A 0 46039 A Class A Common Stock, par value $0.0001 per share 46039 46039 D Profits Interests (Series 5) 2021-07-13 4 A 0 57549 A Class A Common Stock, par value $0.0001 per share 57549 57549 D Profits Interests (Series 7) 2021-07-13 4 A 0 23019 A Class A Common Stock, par value $0.0001 per share 23019 23019 D Profits Interests (Series 9) 2021-07-13 4 A 0 34529 A Class A Common Stock, par value $0.0001 per share 34529 34529 D All 50,000 shares of Class A Common Stock are held indirectly through Infinity Particles Limited, an entity controlled by the Reporting Person. As previously disclosed, on February 1, 2021, the Issuer entered into subscription agreements with certain investors (the "PIPE investors") pursuant to which such investors agreed to purchase, substantially concurrently with the closing of the Business Combination, an aggregate of $550,000,000 of the Issuer's shares of Class A Common Stock at a price of $10.00 per share, or an aggregate of 55,000,000 shares of Class A Common Stock. Infinity Particles Limited is among the PIPE Investors. Received in connection with Aspirational Consumer Lifestyle Corp.'s ("Aspirational") business combination transaction (the "Business Combination") with Wheels Up Partners Holdings LLC ("Legacy Wheels Up") in accordance with the terms of the Agreement and Plan of Merger, dated as of February 1, 2021, as amended on May 6, 2021, by and among, inter alia, Aspirational, KittyHawk Merger Sub LLC and Legacy Wheels Up. 50% of the shares subject to the stock option vested and became exercisable as of the closing of the Business Combination, and the remaining 50% will vest and become exercisable in equal installments on June 25, 2022 and June 25, 2023. The stock option will expire as of October 13, 2030. Represents profits interests ("Profits Interests") in Wheels Up MIP LLC, which indirectly correspond to profits interests in Wheels Up Partners Holdings LLC, a subsidiary of the Issuer. Subject to certain lock-up restrictions and the terms and conditions of the operating agreements of each of Wheels Up MIP LLC and Wheels Up Partners Holdings LLC, each vested Profits Interest may be redeemed and then exchanged at the election of the Reporting Person for a number of shares of Class A Common Stock, par value $0.0001 per share, based on the intrinsic value of the Profits Interest at the time of exchange calculated based on a specified hurdle amount. The Profits Interests (Series 5) fully vested as of December 22, 2020, and have no expiration date. All Profits Interests that have not been exchanged for shares of Class A Common Stock as of July 13, 2031 will automatically be so exchanged on such date. The Profits Interests (Series 5) have a hurdle amount equal to $6.50 per interest. The Profits Interests (Series 7) fully vested as of July 13, 2021, and have no expiration date. The vested Profits Interests (Series 7) have no expiration date. All Profits Interests that have not been exchanged for shares of Class A Common Stock as of July 13, 2031 will automatically be so exchanged on such date. The Profits Interests (Series 7) have a hurdle amount equal to $7.04 per interest. 25% of the Profits Interests (Series 9) vested on December 11, 2020, 25% vested as of July 13, 2021, and the remaining 50% will vest in equal installments on August 23, 2021 and August 23, 2022. The vested Profits Interests (Series 9) have no expiration date. All Profits Interests that have not been exchanged for shares of Class A Common Stock as of July 13, 2031 will automatically be so exchanged on such date. The Profits Interests (Series 9) have a hurdle amount equal to $7.56 per interest. /s/ Mark Sorenesen as attorney-in-fact for Chih T. Cheung 2021-07-15