Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 77

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 77
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 with the flexibility to redeem the warrants without the warrants having to reach
the $180.00 per whole share threshold set forth above under “- Redemption of warrants when the price per whole share of Common Stock equals or exceeds $180.00.” Holders choosing to exercise their warrants in connection with a redemption pursuant to this
feature will, in effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility input
as of the date of the initial public offering (the “IPO”) of the securities of Aspirational. This redemption right provides
us with an additional mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure
as the warrants would no longer be outstanding and would have been exercised or redeemed. Wheels Up will be required to pay the applicable
redemption price to warrant holders if it chooses to exercise this redemption right and it will allow Wheels Up to quickly proceed with
a redemption of the warrants if it determines it is in Wheels Up’s and its other stockholders’ best interest to do so. As
such, Wheels Up would redeem the warrants in this manner when it believes it is in Wheels Up’s and its other stockholders’
best interest to update its capital structure to remove the warrants and pay the redemption price to the warrant holders.

As stated above, Wheels
Up can redeem the warrants when the shares of Common Stock are trading at a price starting at $100.00 per whole share, which is below
the exercise price of $115.00 per whole share, because it will provide certainty with respect to Wheels Up’s capital structure
and cash position while providing warrant holders with the opportunity to exercise their warrants on a cashless basis for the applicable
number of shares. If Wheels Up chooses to redeem the warrants when the shares of Common Stock are trading at a price below the exercise
price per whole share of the warrants, this could result in the warrant holders receiving fewer shares of Common Stock than they would
have received if they had chosen to wait to exercise their warrants for shares of Common Stock if and when such shares of Common Stock
were trading at a price higher than the exercise price of $115.00 per whole share.

No fractional shares of
Common Stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share,
Wheels Up will round down to the nearest whole number of the number of shares of Common Stock to be issued to the holder. If