Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 83

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 83
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) less the exercise price of the warrants by (ii) the
sponsor fair market value. For these purposes, the “sponsor fair market value” shall mean the average last reported sale
price of the shares of Common Stock for the 10 trading days ending on the third trading day prior to the date on which the notice of
warrant exercise is sent to the warrant agent. The reason that Wheels Up has agreed that these warrants will be exercisable on a cashless
basis so long as they are held by the Sponsor and its permitted transferees is because it was not known at the time of the issuance of
the Private Placement Warrants whether they will be affiliated with Wheels Up following the closing of the business combination between
WUP Holdings and Aspirational on July 13, 2021. If some or all of them remained affiliated with Wheels Up, the ability
of such affiliates to sell Wheels Up’s securities in the open market would be significantly limited. Wheels Up has a policy in
place that restrict insiders from selling its securities except during specific periods of time. Even during such periods of time when
insiders will be permitted to sell Wheels Up securities, an insider cannot trade in Wheels Up’s securities if he or she is in possession
of material non-public information. Accordingly, unlike public stockholders who could exercise their warrants and sell the shares of
Common Stock received upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be
significantly restricted from selling such securities. As a result, Wheels Up believes that allowing the holders to exercise such warrants
on a cashless basis is appropriate.

Transfer Agent and Warrant Agent

The warrant agent for the
warrants is Continental Stock Transfer & Trust Company, whose address is One State Street, 30th Floor, New York, NY 10004.

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<div align='center'>DESCRIPTION OF UNITS</div>

We
may issue units consisting of two or more other constituent securities. These units may be issuable as, and for a specified period of
time may be transferable as, a single security only, rather than as the separate constituent securities comprising such units. Each series
of units will be issued under a separate unit agreement to be entered into by our company and a unit agent specified in the applicable
prospectus supplement. The statements made in this section relating to the units are summaries only. These summaries are not complete
and are subject to, and qualified in their entirety