Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 41

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 41
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 into which the securities may be convertible or exercisable, exceeds either 1% of the then outstanding voting
power or number of outstanding shares of Common Stock, (iii) the issuance of Common Stock in any transaction or series of related
transaction in which a Related Party has a 5% or greater interest, directly or indirectly, in the Company or assets to be acquired or
in the consideration to be paid and the issuance of Common Stock, or securities convertible into Common Stock, could result in an issuance
that exceeds either five percent of the number of shares of Common Stock or 5% of the voting power outstanding before the issuance, or
(iv) any issuance that will result in a change of control of Wheels Up. Additional shares that may be issued in the future may be
used for a variety of corporate purposes, including to raise additional capital or to facilitate acquisitions.

One of the effects of the
existence of unissued and unreserved Common Stock may be to enable the Board to issue shares to persons friendly to current management,
which such issuance could render more difficult or discourage an attempt to obtain control of Wheels Up by means of a merger, tender
offer, proxy contest or otherwise and thereby protect the continuity of management and possibly deprive stockholders of opportunities
to sell their shares of Common Stock at prices higher than prevailing market prices.

No Cumulative Voting

Under Delaware law, the
right to vote cumulatively does not exist unless the certificate of incorporation expressly authorizes cumulative voting. The Certificate
of Incorporation does not authorize cumulative voting.

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Limited Voting by Foreign and Certain Other Stockholders

To comply with restrictions
imposed by federal law on ownership of United States (“U.S.”) airlines by persons who may be deemed not to be a “citizen
of the United States” pursuant to 49 USC § 40102(a)(15)(C) (such persons, “Non-U.S. Citizens” and such limitation,
the “Citizenship Limitation”), the Certificate of Incorporation and By-Laws restrict voting of shares of our capital stock
by Non-U.S. Citizens. The restrictions imposed by federal law currently require that no more than 25% or our voting stock be voted, directly
or indirectly, by persons who are Non-U.S. Citizens, and that our chief executive officer, president, at least two-thirds of our officers
and at least two-thirds of the Board be a “citizen of the United States” pursuant to 49 USC § 40102