Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 45

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 45
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 before the time that the person becomes an interested stockholder,
(ii) the interested stockholder owns at least 85% of the outstanding voting stock of such corporation at the time the merger transaction
commences (excluding voting stock owned by directors who are also officers and certain employee stock plans), or (iii) the business
combination is approved by the board of directors and at a meeting of stockholders, not by written consent, by the affirmative vote of
two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

While Section 203 is
the default provision under the DGCL, the DGCL allows companies to opt out of Section 203 of the DGCL by including a provision in
their certificate of incorporation expressly electing not to be governed by Section 203 of the DGCL. Wheels Up has not opted out
of Section 203. Under certain circumstances, this provision will make it more difficult for a person who would be an “interested
stockholder” to effect various business combinations with us for a three-year period. This provision may encourage companies interested
in acquiring Wheels Up to negotiate in advance with the Board because the stockholder approval requirement would be avoided if the Board
approves either the business combination or the transaction which results in the stockholder becoming an interested stockholder. These
provisions also may have the effect of preventing changes in the Board and may make it more difficult to accomplish transactions which
stockholders may otherwise deem to be in their best interests.

Quorum for Meetings of the Board of Directors

The By-Laws provide that
at any meeting of the Board, a majority of the total number of directors then in office constitutes a quorum for all purposes.

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Limitations on Liability and Indemnification of Officers and Directors

The DGCL authorizes corporations
to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary damages for breaches of
directors’ and officers’ fiduciary duties, subject to certain exceptions. The Certificate of Incorporation includes a provision
that eliminates the personal liability of directors for monetary damages for any breach of fiduciary duty as a director, except to the
extent such exemption from liability or limitation thereof is not permitted under the DGCL. The effect of these provisions is to eliminate
the rights of Wheels Up and its stockholders, through stockholders’ derivative suits on our behalf, to recover monetary damages
from a director for breach of fiduciary duty as a director, including (under