Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 20

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 20
---
 any tax withheld with respect to those distributions. These information reporting
requirements apply even if no withholding was required (because the distributions were effectively connected with the non-U.S. holder’s
conduct of a U.S. trade or business, or withholding was reduced or eliminated by an applicable income tax treaty) and regardless of whether
such distributions constitute dividends. This information also may be made available under a specific treaty or agreement with the tax
authorities in the country in which the non-U.S. holder resides or is established. Backup withholding, currently at a 24% rate,
generally will not apply to payments to a non-U.S. holder of distributions on or the gross proceeds of a disposition of our
Common Stock provided that the non-U.S. holder furnishes the required certification for its non-U.S. status, such
as by providing a valid IRS Form W-8BEN, IRS Form W-8BEN-E or IRS Form W-8ECI, or certain other requirements
are met. Backup withholding may apply if the payor has actual knowledge, or reason to know, that the non-U.S. holder is a United
States person that is not an exempt recipient.

Backup withholding is not an additional tax.
If any amount is withheld under the backup withholding rules, non-U.S. holders are urged to consult their U.S. tax advisors
regarding the possibility of and procedure for obtaining a refund or a credit against the non-U.S. holder’s U.S. federal
income tax liability, if any.

Foreign Account Tax Compliance Act

FATCA imposes a U.S. federal
withholding tax of 30% on certain payments made to a “foreign financial institution” (as specially defined under these rules)
unless such institution enters into an agreement with the U.S. government to withhold on certain payments and to collect and provide
to the U.S. tax authorities certain information regarding certain U.S. account holders of such institution (which includes certain equity
and debt holders of such institution, as well as certain account holders that are foreign entities with U.S. owners) or an exemption
applies. FATCA also generally imposes a U.S. federal withholding tax of 30% on certain payments made to a non-financial foreign
entity unless such entity provides the withholding agent a certification identifying certain direct and indirect U.S. owners of the entity,
or an exemption applies. An intergovernmental agreement between the United States and an applicable non-U.S. country may modify
these requirements. Under