April 23, 2024
In a filing today after the market closed, Wheels Up disclosed the base salary, bonus, and other perks for new CEO George Mattson.
Wheels Up, via an 8-K filing today after the market closed, revealed the salary and employment contract of new CEO George Mattson.
The former Delta Board Member gets a base salary of $625,000.
It will be reviewed by the Board annually.
He is also eligible to receive an annual incentive bonus with a target amount equal to $1,000,000.
The actual amount of the performance bonus ranges from 0% to 200% of the target amount.
Wheels Up is also giving Mattson a one-time long-term incentive award.
The value and terms will be agreed upon before November 1, 2023, according to the filing.
Mattson receives a one-time executive housing allowance of $100,000 to cover expenses associated with temporary housing and related miscellaneous expenses he locates permanently in Atlanta.
The new boss will be based in Wheels Up’s newly opened operations center instead of the current headquarters in New York.
Mattson can also use company aircraft for business purposes, subject to periodic review by the Board.
He can also travel on Delta Air Lines for business and commuting purposes, including first class if it’s available.
If Delta doesn’t have seats, Mattson gets equivalent travel privileges on other airlines paid by Delta.
While Mattson left the Delta Board to focus on Wheels Up, the agreement allows him to remain on the Boards of XOS and seaplane operator Tropic Ocean Airways.
What appears to be missing is free private travel for personal use, something previously offered to Wheels Up senior executives.
