Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 9

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 9
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 more than 25% of our stock be voted, directly or indirectly, by persons
who are non-U.S. Citizens, and that our president/chief executive officer, at least two-thirds of our officers and at least two-thirds
of the members of our Board be a “citizen of the United States”. Our By-Laws provide that if the number of shares of our
capital stock owned or controlled by non-U.S. Citizens exceeds 25% of the voting power of our capital stock, the voting rights of the
capital stock owned or controlled by non-U.S. Citizens and not registered on a separate stock record (the “Foreign Stock Record”)
at the time of any vote or action will be suspended. The suspension of voting power will be terminated upon the earlier of (i) the
transfer of the shares to a “citizen of the United States” and (ii) the registration of the shares on the Foreign Stock
Record. The Investment and Investor Rights Agreement, dated September 20, 2023 (the “Original Investor Rights Agreement”),
by and among the Company and the initial lenders party thereto, which was subsequently amended by Amendment No. 1 thereto dated
as of November 15, 2023 (the “First Investor Rights Agreement Amendment”), and as further subsequently amended by Amendment
No. 2 thereto dated September 22, 2024 (the “Second Investor Rights Agreement Amendment”, and collectively with
the Original Investor Rights Agreement and First Investor Rights Agreement Amendment and related joinders thereto, the “Investor
Rights Agreement”), also limits the number of shares of Common Stock held by certain investors party thereto that are non-U.S.
Citizens that may be voted at a meeting of the Company’s stockholders or in connection with any consent solicitation in a manner
intended to comply with the foregoing requirements. This limitation is also referred to herein as the “Citizenship Limitation.”

The Foreign Stock Record
is maintained by our transfer agent. It is the duty of each stockholder that is not a “citizen of the United States” to register
their shares of capital stock as a non-U.S. Citizen. We and our transfer agent will not permit the number of shares entered on the Foreign
Stock Record to exceed the Citizenship Limitation. If the number of shares on the Foreign Stock Record exceeds the Citizenship Limitation,
each stockholder with capital stock registered on the Foreign Stock Record will have their voting rights suspended on a pro rata basis