Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 46

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 46
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 current law) breaches resulting from grossly negligent
behavior. Under current law, exculpation would not apply to any director or officer if the director or officer has acted in bad faith,
knowingly or intentionally violated the law or derived an improper benefit from his or her actions as a director or officer, or to any
director who authorized illegal dividends or redemptions. The Certificate of Incorporation does not currently eliminate such personal
liability for officers.

The By-Laws provide that
Wheels Up must indemnify and advance expenses to its directors and officers to the fullest extent authorized by the DGCL. Wheels Up is
also expressly authorized to carry directors’ and officers’ liability insurance providing indemnification for its directors,
officers and certain employees for some liabilities. Wheels Up believes that these indemnification and advancement provisions and insurance
are useful to attract and retain qualified directors and officers.

The limitation of liability,
advancement and indemnification provisions in the Organizational Documents may discourage stockholders from bringing a lawsuit against
directors for breach of their fiduciary duty.

These provisions also may
have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful,
might otherwise benefit Wheels Up and its stockholders. In addition, your investment may be adversely affected to the extent Wheels Up
pays the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

There is currently no pending
material litigation or proceeding involving Wheels Up’s directors, officers or employees for which indemnification is sought.

Exclusive Jurisdiction of Certain Actions

The Certificate of Incorporation
requires, to the fullest extent permitted by law, that derivative actions brought in Wheels Up’s name, actions against directors,
officers and employees for breach of fiduciary duty or any provision of the DGCL, the Certificate of Incorporation, the By-Laws and other
similar actions may be brought only in the Court of Chancery in the State of Delaware and, if brought outside of the State of Delaware,
the stockholder bringing the suit will be deemed to have consented to (i) the personal jurisdiction of the state and federal courts
in the State of Delaware in connection with any action brought in any such court to enforce the exclusive jurisdiction provisions of
the Certificate of Incorporation and (ii) the service of process on such stockholder’s counsel. Notwithstanding the foregoing,
the Certificate of Incorporation provides that the exclusive forum provision will not apply to suits brought to enforce a duty or