Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 71

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 71
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, and a current prospectus relating thereto, until the expiration of the
warrants in accordance with the provisions of the Warrant Agreement. Notwithstanding the above, if the shares of Common Stock are, at
the time of any exercise of a warrant, not listed on a national securities exchange such that they satisfy the definition of a “covered
security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants
who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act
and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but will use commercially
reasonable efforts to register or qualify the shares under applicable state blue sky laws to the extent an exemption is not available.
In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of Common Stock equal
to the lesser of (i) the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the
warrants, multiplied by the excess of the “fair market value” (as defined below) less the exercise price of the warrants
by (y) the fair market value and (ii) 0.0361 shares of Common Stock per warrant. The “fair market value” as used
in the preceding sentence shall mean the volume weighted average price of the shares of Common Stock for the 10 trading days ending on
the trading day prior to the date on which the notice of exercise is received by the warrant agent. The date the warrant agent receives
notice of a “cashless exercise” will be determined by the warrant agent.

| 25 |

Redemption of warrants when the price per whole share of Common Stock equals or exceeds $180.00. Once the warrants become exercisable,
Wheels Up may redeem the outstanding warrants (except as described herein with respect to the private placement warrants):

| · | in                     
 whole and not in part; |

| · | at                            
 a price of $0.01 per warrant; |

| · | upon                                                                                  
 not less than 30 days’ prior written notice of redemption to each warrant holder; and |

| · | if,                                                                                           
 and only if, the last reported sale price of the shares of Common Stock for any 20 trading    
 days within a 30-trading day period ending on the third trading day