Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 38

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 38
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Pursuant to the Investor
Rights Agreement, the Company may not issue, redeem or repurchase any equity securities of the Company or any of its subsidiaries (other
than, in each case, issuances, awards, redemptions or repurchases of equity securities approved by the Company’s Board of Directors
(the “Board”) under any management incentive plan) without the prior written consent of each of Delta, so long as Delta
is entitled to designate at least one director pursuant to Section 6.01 of the Investor Rights Agreement, and CK Wheels LLC
(“CK Wheels”), so long as CK Wheels is entitled to designate at least one director pursuant to Section 6.01
of the Investor Rights Agreement.

Contractual Right of First Offer

Under the Investor Rights
Agreement, for as long as certain term loan commitments of the Company remain outstanding, the Investors are entitled to notice of any
proposed offering by the Company of any equity securities in a private placement in connection with equity financing for cash proposed
by Delta or CK Wheels and may purchase the equity securities proposed to be issued at the price and terms specified in the notice.

Dividend Rights

Each holder of our capital
stock is entitled to the payment of dividends and other distributions as may be declared by the Board from time to time out of our assets
or funds legally available for dividends or other distributions. These rights will be subject to the preferential rights of the holders
of our preferred stock, if any, and any contractual limitations on our ability to declare and pay dividends, including pursuant to the
WUP Holdings Company Agreement.

Pursuant to the Investor
Rights Agreement, the Company may not change, modify or alter the dividend policy of the Company and its subsidiaries without the prior
written consent of each of Delta, so long as Delta is entitled to designate at least one director pursuant to Section 6.01 of the
Investor Rights Agreement, and of CK Wheels, so long as CK Wheels is entitled to designate at least one director pursuant to
Section 6.01 of the Investor Rights Agreement.

Liquidation Rights

If we are involved in a
voluntary or involuntary liquidation, dissolution or winding up of our affairs, or a similar event, each holder of shares of Common Stock
will participate pro rata in all assets remaining after payment of liabilities, subject to prior distribution rights of our preferred
stock, if any, then outstanding.

Anti-Takeover Effects of the Certificate of Incorporation, the By-Laws and Certain