Company: CTTRF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001292814-25-001765
Chunk: 227

Company: Controladora Vuela Compania de Aviacion, S.A.B. de C.V.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 10
Chunk 227
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 at that time became holders of Series A shares directly.

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  Table of Contents  

Non-Mexican investors are only entitled to hold Series A
shares through CPOs (including CPOs in the form of ADSs), which will give non-Mexican investors economic rights but not voting rights.

We have obtained authorization from the Mexican Ministry of
Economy (Secretaría de Economía) to issue up to 90% of our outstanding shares representing capital stock in the form
of CPOs.

Changes to Capital Stock

The fixed portion of our capital stock may be increased or
decreased by a resolution adopted at a general extraordinary shareholders’ meeting and upon amendment of our by-laws. The variable
portion of our capital stock may be increased or decreased by a resolution adopted at a general ordinary shareholders’ meeting without
amending our by-laws. Increases or decreases in the fixed or variable portion of the capital stock must be recorded in our registry of
capital variations. New shares cannot be issued unless the then-issued shares have been paid in full.

Registration and Transfer

Our shares are evidenced by share certificates in registered
form. Our shareholders may hold their Series A shares in the form of physical certificates if they are Mexican, or through Series A
shares (in the case of Mexican investors) or CPOs (in the case of non-Mexican investors) that are maintained in book-entry form with institutions
which have accounts with the Mexican depositary institution, S. D. Indeval Institución para el Depósito de Valores,
S. A. de C. V. (“ Indeval”). The CPO trustee is the holder of record of the Series A shares underlying our CPOs. Accounts
may be maintained at Indeval by brokers, banks and other financial institutions and entities authorized for this purpose. We maintain
a stock registry and only those persons listed in such stock registry and holding certificates issued in their name as registered holders,
or persons holding Series A shares or CPOs through institutions that maintain accounts with Indeval, will be recognized as our shareholders.

Pursuant to Mexican law, any transfer of shares must be registered
in our stock registry, if effected physically, or through book entries that may be traced back from our stock registry to the records
of Indeval, if effected through book-entry CPOs or Series A shares.

Change of Control Provisions

Subject to certain exceptions (including those applicable
to transfers or acquisitions or certain other transactions by or