Company: CTTRF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001292814-25-001765
Chunk: 263

Company: Controladora Vuela Compania de Aviacion, S.A.B. de C.V.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 11
Chunk 263
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, or take any similar action      To the extent there are changes to the Series A Shares affecting our CPOs, the                                                                                                                        

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  Table of Contents  

Amendment and Termination

We may agree with the depositary to amend the deposit agreement
and the ADRs for any reason without the consent of the ADS holders. If an amendment adds or increases fees or charges, except for taxes
and other governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar items,
or prejudices a substantial right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the depositary
notifies ADS holders of the amendment. At the time an amendment becomes effective, ADS holders are considered, by continuing to hold ADSs,
to agree to the amendment and to be bound by the ADRs and the deposit agreement as amended.

The depositary will terminate the deposit agreement if we
ask it to do so. The depositary may also terminate the deposit agreement if the depositary has told us that it would like to resign, and
we have not appointed a new depositary bank within 60 days. In either case, the depositary must notify ADS holders at least 30 days
before termination.

After termination, the depositary and its agents will do the
following under the deposit agreement but nothing else: (a) advise ADS holders that the deposit agreement is terminated, (b) collect
distributions on the deposited securities, (c) sell rights and other property, and (d) deliver CPOs and other deposited securities
upon surrender of ADSs. Four months or more after termination, the depositary may sell any remaining deposited securities by public
or private sale. After that, the depositary will hold the money it received on the sale, as well as any other cash it is holding under
the deposit agreement for the pro rata benefit of the ADS holders that have not surrendered their ADSs. It will not invest the money and
has no liability for interest. The depositary’s only obligations will be to account for the money and other cash. After termination,
our only obligations will be to indemnify the depositary and to pay fees and expenses of the depositary that we agreed to pay.

Shareholder Communications and Inspection of Register of Holders of ADSs

The depositary will make available for shareholders’
inspection at its office all communications that it receives from us or the CPO trustee as a