Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 18

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 18
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are effectively connected with such non-U.S. holder’s U.S. trade or business (and are attributable to such non-U.S. holder’s
permanent establishment in the United States if required by an applicable tax treaty), the non-U.S. holder generally will be
exempt from U.S. federal withholding tax. To claim the exemption, the non-U.S. holder must generally furnish a valid IRS Form W-8ECI (or
applicable successor form) to the applicable withholding agent.

However, any such effectively
connected dividends paid on our Common Stock generally will be subject to U.S. federal income tax on a net income basis at
the regular U.S. federal income tax rates in the same manner as if the non-U.S. holder were a resident of the United
States. A non-U.S. holder that is a non-U.S. corporation also may be subject to an additional branch profits tax
equal to 30% (or such lower rate specified by an applicable income tax treaty) of its effectively connected earnings and profits for
the taxable year, as adjusted for certain items. Non-U.S. holders should consult their tax advisors regarding any applicable
income tax treaties that may provide for different rules.

Gain on Sale or Other Taxable Disposition of our Common Stock

Subject to the discussion
below regarding backup withholding, a non-U.S. holder generally will not be subject to U.S. federal income tax on
any gain realized on the sale or other taxable disposition of our Common Stock, unless:

| · | the                                                                                                                         
 gain is effectively connected with the non-U.S. holder’s conduct of a trade or business in the United States, and if        
 required by an applicable income tax treaty, is attributable to a permanent establishment maintained by the non-U.S. holder 
 in the United States;                                                                                                       |

| · | the non-U.S. holder                                                                                                                     
 is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year of the sale or other 
 taxable disposition (as calculated pursuant to Section 7701(b) of the Code), and certain other requirements are met; or                 |

Determining whether we are
a USRPHC depends on the fair market value of our U.S. real property interests relative to the fair market value of our worldwide real
property interests and our other assets used or held for use in a trade or business. We believe that we are not currently, and (although
there can be no assurance in