ASPL Aspirational Consumer Lifestyle Corp

Wheels Up Experience Inc. (the “Company”) is announcing that Lee Applbaum, the Chief Marketing Officer of Wheels Up Partners LLC, an indirect subsidiary of the Company (“WUP”), departed the Company effective May 1, 2023 (the “Separation Date”) to focus on personal and entrepreneurial ventures. In connection with Mr. Applbaum’s separation of employment, on April 26, 2023, WUP and Mr. Applbaum entered into a Separation and Release Agreement (the “Separation Agreement”). The Separation Agreement includes a general release of claims by Mr. Applbaum in favor of the Company, subject to a 21-day consideration period beginning on the date the Separation Agreement was delivered to Mr. Applbaum and a seven-day revocation period that began on April 26, 2023 (the “Revocation Period”).

Pursuant to the Separation Agreement, Mr. Applbaum will: (i) receive a lump sum of $271,233, less applicable withholdings, representing eight (8) months of Mr. Applbaum’s base salary and payable on WUP’s first regularly scheduled payroll date that is at least 14 business days from the end of the Revocation Period (the “Payment Date”); (ii) be eligible to receive an annual bonus with a target of 100% of his annual base salary for four (4) months of service during fiscal year 2023, subject to the application of bonus plan performance metrics approved by the Company’s board of directors, to be paid in a lump sum at the same time and in the same manner as regular annual bonuses are distributed to other similarly situated senior executives of WUP; (iii) receive aggregate $216,310, less applicable withholdings, as an additional lump sum, payable on the Payment Date; and (iv) be eligible for reimbursement for applicable premiums under WUP’s group health insurance plans at the coverage levels in effect on the Separation Date until December 31, 2023, to the extent he elects to participate in continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). In addition, any stock options and restricted stock units held by Mr. Applbaum as of the Separation Date that would have otherwise vested in accordance with its terms, absent Mr. Applbaum’s separation of employment, during the 12-month period immediately following the Separation Date will become vested and exercisable as of the Separation Date. Mr. Applbaum also will be entitled to exercise any vested stock options until the earlier of the fifth anniversary of the Separation Date and the expiration of such stock options.

The preceding description of the Separation Agreement is a summary of its material terms, does not purport to be complete, and is qualified in its entirety by reference to the Separation Agreement, a copy of which is being filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.