I would say if you like him and have a good relationship, offer him the upgrade - it shows a little respect and will go a long way.
At my job, there are 7 of us on the account team. We all travelled together recently, and the most senior of us all has no status on DL
what so ever, while three of us were Medallion.
My immediate supervisor just jumped at the chance to get into F-class as did another coworker. I, however went over to our Global Director and basically said - "Hey, I got upgraded, would you like to sit up front so you don't have to be uncomfy in the back" (he's a tall guy) He declined, responding with "You've earned it, but thanks a lot for asking"
Three months later, when it was raise/review time, I got an extra $3K above what the company was giving to my level because he fought for it. I know $3K isn't a lot, but it was definitely a nice "Thank You"
Some see lines, others see between the lines.