Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 15

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 15
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 offering and that hold our Common Stock as a “capital
asset” within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not
address all of the U.S. federal income tax consequences that may be relevant to a particular holder in light of such holder’s
circumstances. This discussion also does not consider any specific facts or circumstances that may be relevant to holders subject to
special rules under the U.S. federal income tax laws, including, without limitation:

| · | certain                                                      
 former citizens or long-term residents of the United States; |

| · | partnerships,                                                                           
 S corporations, or other pass-through entities or arrangements (and investors therein); |

| · | “specified                                                                                                     
 foreign corporations” (including “controlled foreign corporations”) or “passive foreign investment companies;” |

| · | persons                                        
 who have elected to mark securities to market; |

| · | corporations                                               
 that accumulate earnings to avoid U.S. federal income tax; |

| · | banks,                                                                                              
 financial institutions, investment funds, insurance companies, or brokers or dealers in securities; |

| · | tax-exempt organizations,                                      
 governmental organizations, or tax-qualified retirement plans; |

| · | “qualified                                                                                                             
 foreign pension funds” as defined in Section 897(l)(2) of the Code and entities all of the interests of which are held 
 by qualified foreign pension funds;                                                                                    |

| · | persons                                                                                                                      
 who hold our Common Stock that constitutes “qualified small business stock” under Section 1202 of the Code, or “Section 1244 
 stock” under Section 1244 of the Code;                                                                                       |

| · | persons                                                                                                                           
 who acquired our Common Stock in a transaction subject to the gain rollover provisions of the Code (including Section 1045 of the 
 Code);                                                                                                                            |

| · | persons                                                                                                                                     
 that own, or have owned, actually or constructively, more than 5% of our Common Stock at any time (other than as expressly provided below); |

| · | persons                                                                                                                 
 that acquired our Common Stock pursuant to the exercise of warrants or conversion rights under convertible instruments; |

| · | persons                                           
 whose functional currency is not the U.S. dollar; |

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| · | persons                                                                                                  
 who acquire our Common Stock through the exercise options or otherwise as compensation for services; and |

| · | persons