Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 17

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 17
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will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings
and profits, as determined under U.S. federal income tax principles. Any portion of a distribution that exceeds our current
and accumulated earnings and profits will constitute a return of capital and will first be applied against and reduce the non-U.S. holder’s
tax basis in our Common Stock, but not below zero. Any amount distributed in excess of tax basis will be treated as gain realized on
the sale or other disposition of our Common Stock and will be treated as described in the section titled “Gain on Sale or Other
Taxable Disposition of our Common Stock” below.

Subject to the discussions
below regarding effectively connected income, backup withholding and Sections 1471 through 1474 of the Code, the Treasury Regulations
thereunder, and other official guidance (commonly referred to as “FATCA”), dividends paid to a non-U.S. holder
of our Common Stock generally will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or
such lower rate specified by an applicable income tax treaty). To receive the benefit of a reduced treaty rate, a non-U.S. holder
must furnish the applicable withholding agent with a valid IRS Form W-8BEN or IRS Form W-8BEN-E (or applicable successor
form) and satisfy applicable certification and other requirements. This certification must be provided to the applicable withholding
agent before the payment of dividends and must be updated periodically. If the non-U.S. holder holds our Common Stock through
a financial institution or other agent acting on the non-U.S. holder’s behalf, the non-U.S. holder will be
required to provide appropriate documentation to the applicable withholding agent, which then will be required to provide certification
to the applicable withholding agent, either directly or through other intermediaries.

<div align='center'>S-10</div>

Non-U.S. holders that
do not provide the required certification on a timely basis, but that qualify for a reduced treaty rate, may obtain a refund of any excess
amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. holders should consult their tax advisors
regarding their entitlement to benefits under any applicable income tax treaty.

If a non-U.S. holder
holds our Common Stock in connection with the conduct of a trade or business in the United States, and dividends paid on our Common Stock