*The remainder of this cover page shall be filled out for a reporting
person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing
information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall
not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise
subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 96328L 106
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SCHEDULE 13D
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1
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Names of Reporting Persons
Delta Air Lines, Inc.
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2
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Check the Appropriate Box if a Member of a Group
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(a)
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o
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(b)
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o
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3
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SEC Use Only
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4
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Source of Funds
SC
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5
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Check Box if Disclosure of Legal Proceeding Is Required Pursuant to Item 2(d) or 2(e) o
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6
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Citizenship or Place of Organization
Delaware
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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7
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Sole Voting Power
52,000,995
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8
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Shared Voting Power
0
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9
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Sole Dispositive Power
52,000,995
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10
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Shared Dispositive Power
0
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11
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Aggregate Amount Beneficially Owned by Each Person
52,000,995
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12
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Check if the Aggregate Amount in Row (11) Excludes Certain Shares o
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13
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Percent of Class Represented by Amount in Row (11)
21.2%(1)
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14
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Type of Reporting Person
CO
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(1)
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Percentage calculated on the basis of 245,287,754 shares of Class A Common Stock, $0.0001 par value (the “Class A Common
Stock”), of Wheels Up Experience Inc. (the “Issuer”), outstanding as of July 13, 2021, as reported by
the Issuer in its Current Report on Form 8-K, filed with the Securities and Exchange Commission (“SEC”) on July
19, 2021. Neither this percentage nor the shares listed above as being beneficially owned reflect Earnout Shares (as defined below),
which are issuable only upon the achievement of share price thresholds for Class A Common Stock that have not been satisfied.
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Item 1.
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Security and Issuer
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This statement on Schedule 13D (“Schedule
13D”) relates to the shares of Class A Common Stock of the Issuer. The principal executive office of the Issuer
is located at 601 West 26th Street, New York, New York, 10001.
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Item 2.
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Identity and Background
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This Schedule 13D is being filed pursuant to §
240.13d-1 under the Act on behalf of Delta Air Lines, Inc., a Delaware corporation (the “Reporting
Person”).
The principal executive office of the Reporting
Person is located at 1030 Delta Boulevard, Atlanta, Georgia 30354. The Reporting Person is a major passenger airline, providing scheduled
air transportation for passengers and cargo throughout the United States of America and around the world.
The name, business address, present principal occupation
or employment (including the name, principal business and address of any corporation or other organization in which such employment is
conducted) and place of citizenship of each executive officer and director of the Reporting Person (each of such directors and officers,
a “Covered Person” and collectively, the “Covered Persons”) are set forth on Schedule A attached
hereto, which is incorporated into this Item 2 by reference.
Neither the Reporting Person nor, to the Reporting
Person’s knowledge, any Covered Person has during the last five years (i) been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or (ii) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
All disclosures herein with respect to the Reporting
Person are made only by the Reporting Person. Any disclosures herein with respect to persons other than the Reporting Person are made
on information and belief after making inquiry to the appropriate party.
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Item 3.
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Source and Amount of Funds or Other Consideration
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The responses to Items 2, 4, 5 and 6 of this Schedule
13D are incorporated into this Item 3 by reference.
On January 17, 2020, Wheels Up Partners Holdings
LLC, a Delaware limited liability company (“WUP”), acquired from the Reporting Person 100% of the outstanding equity
of Delta Private Jets, LLC, then a wholly owned subsidiary of the Reporting Person. As consideration for the acquisition of Delta Private
Jets, LLC, the Reporting Person received 112,949,305 Class E preferred interests in WUP.
On February 1, 2021, Aspirational Consumer Lifestyle
Corp., a Cayman Islands exempted company limited by shares (“Aspirational,” the Issuer, prior to its domestication
in Delaware and renaming), WUP and certain other parties entered into the Agreement and Plan of Merger (as subsequently amended, the “Merger
Agreement”) related to (i) the domestication of Aspirational as a Delaware corporation and renaming as “Wheels Up Experience
Inc.”; (ii) a series of merger transactions, including a merger of KittyHawk Merger Sub LLC, a Delaware limited liability company
and a direct wholly owned subsidiary of Aspirational, with and into WUP, with WUP surviving the merger, with Aspirational as its managing
member; and (iii) other transactions contemplated by the Merger Agreement.
On July 13, 2021, upon the consummation of the
transactions contemplated by the Merger Agreement (the “Closing”), 112,949,305 Class E preferred interests of WUP owned
by the Reporting Person were cancelled in exchange for 52,000,995 shares of Class A Common Stock of the Issuer. In addition, pursuant
to the Merger Agreement, subject to achievement by the Issuer’s Class A Common Stock of certain dollar volume-weighted average prices
at any time during the five years following the Closing, the Reporting Person will be entitled to up to 2,308,546 additional shares of
Class A Common Stock of the Issuer (the “Earnout Shares”).
The foregoing description of the Merger Agreement
does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement, which is attached hereto
as an exhibit and is incorporated herein by reference.
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Item 4.
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Purpose of Transaction
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The responses to Items 2, 3, 5 and 6 of this Schedule
13D are incorporated into this Item 4 by reference.
The purpose of the transactions described in Item
3 is for general investment purposes and in support of the strategic relationship between the Issuer and the Reporting Person. On January
17, 2020, the Reporting Person, Wheels Up Partners LLC and WUP entered into a long-term Commercial Cooperation Agreement (as subsequently
amended, the “Commercial Cooperation Agreement”), which is expected to drive value through certain strategic initiatives,
co-marketing efforts and the creation of an array of new products and features for existing and prospective customers of both the Issuer
and the Reporting Person.
On February 1, 2021, the Reporting Person, WUP,
and Aspirational entered into a letter agreement (“Delta Investor Rights Letter”) providing the Reporting Person with
certain governance rights relating to the Issuer. Pursuant to the Delta Investor Rights Letter, subject to certain conditions:
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the Reporting Person is entitled to designate two members of the Issuer’s
board of directors, and to thereafter nominate (and if such director is not elected, to appoint, subject to certain limitations) two directors
to the Issuer’s board of directors. If the Reporting Person ceases to own at least 50% of the shares of Class A Common Stock that
it owned as of the Closing, the Reporting Person will no longer have the right to nominate (or appoint, if applicable) one such director.
If the Reporting Person ceases to own at least 25% of the shares of Class A Common Stock that it owned as of the Closing, the Reporting
Person will no longer have any nomination (or appointment) rights;
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for so long as the Reporting Person continues to own at least 25% of the
shares of Class A Common Stock that it owned as of the Closing or has a designated representative serving on the Issuer’s board
of directors, the Issuer will not, without the consent of the Reporting Person, issue any equity or equity-linked securities to certain
domestic commercial air carriers or any of their respective subsidiaries or parent entities; and
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·
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for so long as the Reporting Person continues to own at least 25% of the
shares of Class A Common Stock that it owned as of the Closing, the Issuer will consult with the Reporting Person in hiring or terminating
the employment of certain senior employees with responsibility for flight operations, safety, maintenance and quality control.
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If the Commercial Cooperation Agreement is terminated
by either party in accordance with its terms, the Reporting Person’s right to nominate (or appoint, if applicable) a second director,
if applicable, and the right to consult with the Issuer on the hiring and termination of certain employees with responsibility for flight
operations, safety, maintenance and quality control will also terminate.
The foregoing description of the Delta Investor
Rights Letter does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement, which
is attached hereto as an exhibit and is incorporated herein by reference. The foregoing description of the Commercial Cooperation Agreement
does not purport to be complete.
Except as described in this Schedule 13D, the Reporting
Person does not have any present plans or proposals that relate to or would result in any of the actions described in subparagraphs (a)
through (j) of Item 4 of Schedule 13D, although the Reporting Person, at any time and from time to time, may review, reconsider and change
its position and/or change its purpose and/or develop such plans and may from time to time consider pursuing or proposing such matters
with advisors, the Issuer or other persons.
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Item 5.
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Interest in Securities of the Issuer
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(a-b) The responses of the Reporting Person
to rows (7) through (13) on page 1 and Items 2, 3, 4 and 6 of this Schedule 13D are incorporated into this Item 5 by reference.
To the Reporting Person’s knowledge, none
of the Covered Persons directly owns any shares of the Class A Common Stock; however, because each Covered Person is a director or
executive officer of the Reporting Person, each Covered Person may be deemed to be the beneficial owner of the Class A Common Stock beneficially
owned by the Reporting Person. The Covered Persons disclaim any beneficial ownership of the shares of Class A Common Stock held by the
Reporting Person. None of the Covered Persons shares voting or dispositive power over any shares of Class A Common Stock held by the Reporting
Person.
(c) Except
as disclosed in this Schedule 13D, the Reporting Person has not, and to the Reporting Person’s knowledge, none of the Covered Persons
has, effected any transactions in shares of Class A Common Stock during the past 60 days.
(d) Except
as disclosed in this Schedule 13D, no other person is known to the Reporting Person to have the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of, the Class A Common Stock covered by this statement on Schedule 13D.
(e) Not
applicable.
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Item 6.
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Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
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The responses to Items 2, 3, 4 and 5 of this Schedule
13D are incorporated into this Item 6 by reference.
On the Closing, the Reporting Person entered into
an Amended and Restated Registration Rights Agreement (the “Registration Rights Agreement”) with the Issuer and certain
other parties thereto, pursuant to which the Issuer agreed to register for resale, pursuant to Rule 415 under the Securities Act of
1933, as amended, certain shares of Class A Common Stock and other equity securities of the Issuer that are held by the parties thereto
from time to time, subject to the restrictions to transfer therein. Additionally, the Registration Rights Agreement contains certain restrictions
on transfer with respect to shares of Class A Common Stock and Earnout Shares held by the Reporting Person.
The foregoing description of the Registration Rights
Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement, which is attached
hereto as an exhibit and is incorporated herein by reference.
Except as disclosed in this Schedule 13D, there
are no contracts, arrangements, understandings or relationships between the Reporting Person and any third person with respect to the
Class A Common Stock.
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Item 7.
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Material to be Filed as Exhibits
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Exhibit 99.1
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Agreement and Plan of Merger, dated as of February 1, 2021, by and among Aspirational Consumer Lifestyle Corp., Wheels Up Partners Holdings LLC and certain other parties (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K/A, filed by Aspirational Consumer Lifestyle Corp. with the SEC on February 2, 2021).
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Exhibit 99.2
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Amendment
No. 1 to Agreement and Plan of Merger, dated as of May 6, 2021, by and among Aspirational Consumer Lifestyle Corp., Wheels Up
Partners Holding LLC and certain other parties (incorporated by reference to Annex A-I to Amendment No. 1 to the Registration
Statement on Form S-4, filed by Aspirational Consumer Lifestyle Corp. with the SEC on May 6, 2021).
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Exhibit 99.3
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Letter Agreement, dated as of February 1, 2021, by and among Wheels Up Partners Holdings LLC, Delta Air Lines, Inc. and Aspirational Consumer Lifestyle Corp. (incorporated by reference to Annex F to the Registration Statement on Form S-4, filed by Aspirational Consumer Lifestyle Corp. with the SEC on March 15, 2021).
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Exhibit 99.4
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Amended
and Restated Registration Rights Agreement, dated as of July 13, 2021, by and among Wheels Up Experience Inc., Aspirational Consumer
Lifestyle Sponsor LLC, the Reporting Person and certain other parties (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K, filed by the Issuer with the SEC on July 19, 2021).
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SIGNATURES
After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: July 22, 2021
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Delta Air Lines, Inc.
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By:
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/s/ Peter W. Carter
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Name:
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Peter W. Carter
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Title:
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Executive Vice President and Chief Legal Officer
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Schedule
A
Directors
and Executive Officers of Delta Air Lines, Inc.
The following table sets forth the name and present principal
occupation or employment and the name, principal business and address of any corporation or other organization in which such
employment is conducted of each director and executive officer of Delta Air Lines, Inc. The business address of each such person at
Delta Air Lines, Inc. is 1030 Delta Boulevard, Atlanta, Georgia 30354. Each such person is a citizen of the United States of
America, with the exception of Sergio A. L. Rial, who is a dual citizen of Brazil and Spain.
Name
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Relationship to Reporting Person
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Present Principal Occupation (outside Reporting Person, if any)
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Edward H. Bastian
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Chief Executive Officer and Director
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N/A
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Francis S. Blake
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Non-Executive
Chairman of the Board
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N/A
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Ashton B. Carter
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Director
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Director of the Belfer Center for Science and International Affairs at Harvard Kennedy School(1)
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David G. DeWalt
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Director
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Founder and Managing Director of NightDragon Security(2)
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William H. Easter III
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Director
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N/A
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Christopher A. Hazleton
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Captain, Airbus 321, and Director
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N/A
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Michael P. Huerta
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Director
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N/A
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Jeanne P. Jackson
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Director
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N/A
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George N. Mattson
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Director
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N/A
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Sergio A. L. Rial
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Director
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CEO of Banco Santander Brasil(3)
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David S. Taylor
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Director
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Chairman, President and CEO of The Procter & Gamble Company(4)
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Kathy N. Waller
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Director
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N/A
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Allison Ausband
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Executive Vice President and Chief Customer Experience Officer
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N/A
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Alain M. Bellemare
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Executive Vice President and President – International
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N/A
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Peter W. Carter
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Executive Vice President and Chief Legal Officer
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N/A
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Glen W. Hauenstein
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President
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N/A
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Daniel C. Janki
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Executive Vice President and Chief Financial Officer
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N/A
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John Laughter
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Executive Vice President – Chief of Operations
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N/A
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Rahul Samant
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Executive Vice President and Chief Information Officer
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N/A
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Steven M. Sear
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Executive Vice President – Global Sales
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N/A
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Joanne D. Smith
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Executive Vice President and Chief People Officer
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N/A
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(1)
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The Harvard Kennedy School is located at 79 John F. Kennedy Street, Cambridge, Massachusetts 02138.
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(2)
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The principal executive offices of NightDragon Security, a private venture capital firm, are located at 101 2nd St.,
Suite 1275, San Francisco, CA 94105.
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(3)
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The principal executive offices of Banco Santander (Brasil) S.A., a commercial bank and member of the Santander Group, are located at
Avenida Presidente Juscelino Kubitschek, 2,041 and 2,235 – Bloco A, Vila
Olímpia, São Paulo, SP 04543-011, Federative
Republic of Brazil.
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(4)
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The principal executive offices of The Procter & Gamble Company, a consumer goods corporation, are located at One
Procter & Gamble Plaza, Cincinnati, Ohio, 45202.
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