Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 14

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 14
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 issued in connection therewith, or we issue additional shares of our Common Stock or other securities that
are convertible into or exchangeable or exercisable for shares of our Common Stock from time to time, including pursuant to equity-incentive
plans, as consideration for acquisitions or otherwise, there may be further dilution to investors participating in this offering. In
addition, we may choose to raise additional capital because of market conditions or other considerations, even if we believe that we
have sufficient funds for our current or future operating or strategic plans. If we raise additional capital through the sale of equity
or convertible debt securities, including Common Stock or securities convertible into or exchangeable or exercisable for Common Stock,
the issuance of these securities could result in further dilution to holders of our Common Stock.

<div align='center'>S-8

MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS</div>

The following is a summary
of the material U.S. federal income tax consequences to non-U.S. holders (as defined below) of the ownership and
disposition of our Common Stock issued pursuant to this offering. This discussion is not a complete analysis of all potential U.S. federal
income tax consequences relating thereto, does not address any tax consequences arising under any state, local or non-U.S. tax
laws, any estate, gift or other U.S. federal tax laws other than income tax laws, and does not address the potential application of the
Medicare contribution tax on net investment income, any alternative minimum tax, or the special tax accounting rules under Section 451(b) of
the Internal Revenue Code of 1986, as amended (the “Code”). This discussion is based on the Code and applicable Treasury
Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the Internal Revenue
Service (the “IRS”), all as in effect as of the date hereof. These authorities are subject to differing interpretations and
may change, possibly retroactively, resulting in U.S. federal income tax consequences different from those discussed below.
We have not requested nor do we intend to request a ruling from the IRS, or an opinion of counsel, with respect to the statements made
and the conclusions reached in the following summary, and there can be no assurance that the IRS or a court will agree with such statements
and conclusions.

This discussion is limited
to non-U.S. holders that purchase our Common Stock pursuant to this