Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 79

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 79
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 and (ii) “historical fair market value” means the
volume weighted average price of shares of Common Stock during the 10 trading day period ending on the trading day prior to the first
date on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right
to receive such rights.

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In addition, if Wheels Up,
at any time while the warrants are outstanding and unexpired, pays to all or substantially all of the holders of shares of Common Stock
a dividend or makes a distribution in cash, securities or other assets to the holders of shares of Common Stock on account of such shares
of Common Stock (or other securities into which the warrants are convertible), other than (i) as described above or (ii) any
cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid
on the shares of Common Stock during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed
$5.00 (as adjusted for share sub-divisions, share dividends, rights issuances, consolidations, reorganizations, recapitalizations and
other similar transactions) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less
than $5.00 per share, then the warrant exercise price will be decreased, effective immediately after the effective date of such event,
by the amount of cash and/or the fair market value of any securities or other assets paid on each share of Common Stock in respect of
such event.

If the number of issued
and outstanding shares of Common Stock is decreased by a consolidation, combination, reverse share sub-division or reclassification of
shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse share sub-division,
reclassification or similar event, the number of shares of Common Stock issuable on exercise of each warrant will be decreased in proportion
to such decrease in issued and outstanding shares of Common Stock.

Whenever the number of shares
of Common Stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted
by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (i) the numerator of which will be
the number of shares of Common Stock purchasable upon the exercise of the warrants immediately prior to such adjustment and (ii) the
denominator of which will