Company: UP
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015477
Chunk: 83

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 83
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 a “going private” effect.

| 44Wheels Up Experience Inc.Proxy Statement and Notice of 2025 Annual Meeting of Stockholders |

TABLE OF CONTENTS

PROPOSAL NO. 7—REVERSE STOCK SPLIT AND AUTHORIZED SHARE REDUCTION (continued) Anticipated Impact on Dividend The Company has not historically paid dividends to stockholders. Although the Board reserves the right to change the Company’s dividend policy in the future, subject to the approval of each of Delta and CK Wheels under certain circumstances pursuant to Section 6.07(a)(viii) of the Investor Rights Agreement, the Board does not currently anticipate that the Reverse Stock Split, if implemented by the Board, in its discretion, will result in a change to the Company’s dividend policy. No Appraisal or Dissenters’ Rights Under Delaware law and the Amended and Restated Certificate of Incorporation, holders of Common Stock will not be entitled to dissenter’s rights or appraisal rights with respect to the Reverse Stock Split Amendment. Interests of Directors, Executive Officers and Significant Stockholders Certain of our directors, executive officers and holders of 5% or more of our outstanding shares of Common Stock have an interest in this Proposal No. 7 as a result of their ownership of shares of Common Stock and/or other securities that are convertible into shares of Common Stock. However, we do not believe that directors, executive officers and holders of 5% or more of our outstanding shares of Common Stock have interests in this Proposal No. 7 that are different than or greater than those of any of our other stockholders. Material U.S. Federal Income Tax Consequences of the Reverse Stock Split Amendment The following is a summary of material U.S. federal income tax consequences of the Reverse Stock Split to holders of Common Stock and Warrants. This summary is based on the provisions of the Code, U.S. Treasury regulations, administrative rulings and judicial decisions, all as in effect on the date hereof, and all of which are subject to change or differing interpretations, possibly with retroactive effect. Any such change or differing interpretation could affect the tax consequences described below. We have not sought and will not seek an opinion of counsel or ruling from the Internal Revenue Service (the “IRS”) with respect to the statements made and the conclusions reached in the following summary, and there can be no assurance that the IRS or a court will agree with such statements and conclusions. This summary is limited to holders of Common Stock and Warrants that are U.S. holders, as