Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 76

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 76
---
exercised will be determined by a straight-line interpolation between the number of shares set forth for the higher and lower fair market
values and the earlier and later redemption dates, as applicable, based on a 365- or 366-day year, as applicable. For example, if the
volume weighted average price of the shares of Common Stock during the 10 trading days immediately following the date on which the notice
of redemption is sent to the holders of the warrants is $110.00 per whole share, and at such time there are 57 months until the expiration
of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.0277 shares of Common
Stock for each whole warrant. For an example where the exact fair market value and redemption date are not as set forth in the table
above, if the volume weighted average price of the shares of Common Stock during the 10 trading days immediately following the date on
which the notice of redemption is sent to the holders of the warrants is $135.00 per whole share, and at such time there are 38 months
until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for
0.0298 shares of Common Stock for each whole warrant. In no event will the warrants be exercisable in connection with this redemption
feature for more than 0.0361 shares of Common Stock per warrant (subject to adjustment). Finally, as reflected in the table above, if
the warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in connection with a redemption by
Wheels Up pursuant to this redemption feature, since they will not be exercisable for any shares of Common Stock.

| 27 |

This redemption feature
differs from the typical warrant redemption features used in warrants initially issued in connection with many other blank check offerings,
which typically only provide for a redemption of warrants for cash (other than the private placement warrants) when the trading price
for the shares of Common Stock exceeds $180.00 per whole share for a specified period of time. This redemption feature is structured
to allow for all of the outstanding warrants to be redeemed when the shares of Common Stock are trading at or above $100.00 per whole
share, which may be at a time when the trading price of the shares of Common Stock is below the exercise price of the warrants. Wheels
Up has established this redemption feature to provide it