Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 19

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 19
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 this regard) do not anticipate becoming, a USRPHC for U.S. federal income tax purposes. Even if
we are or were to become a USRPHC, gain arising from the sale or other taxable disposition by a non-U.S. holder of our Common
Stock will not be subject to U.S. federal income tax so long as (a) the non-U.S. holder owned, directly, indirectly,
and constructively, no more than 5% of our Common Stock at all times within the shorter of (i) the five-year period preceding the
disposition or (ii) the holder’s holding period and (b) our Common Stock is “regularly traded,” as defined
by applicable Treasury Regulations, on an established securities market. There can be no assurance that our Common Stock will qualify
as regularly traded on an established securities market. Prospective investors are encouraged to consult their own tax advisors regarding
the possible consequences to them if we are, or were to become, a USRPHC.

Gain described in the first bullet point above
generally will be subject to U.S. federal income tax on a net income basis at the regular U.S. federal income tax rates
in the same manner as if the non-U.S. holder were a resident of the United States. A non-U.S. holder that is a foreign
corporation also may be subject to an additional branch profits tax equal to 30% (or such lower rate specified by an applicable income
tax treaty) of its effectively connected earnings and profits for the taxable year, as adjusted for certain items.

<div align='center'>S-11</div>

A non-U.S. holder
described in the second bullet point above will be subject to U.S. federal income tax at a flat 30% rate on gain realized upon
the sale or other taxable disposition of our Common Stock which may be offset by certain U.S.-source capital losses (even though the
individual is not considered a resident of the United States), provided that the non-U.S. holder has timely filed U.S. federal
income tax returns with respect to such losses. Non-U.S. holders should consult their tax advisors regarding any applicable
income tax treaties that may provide for different rules.

Information Reporting and Backup Withholding

Annual reports are required
to be filed with the IRS and provided to each non-U.S. holder indicating the amount of distributions on our Common Stock paid
to such non-U.S. holder and the amount of