Company: CTTRF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001292814-25-001765
Chunk: 176

Company: Controladora Vuela Compania de Aviacion, S.A.B. de C.V.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 4A
Chunk 176
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 based on an
exchange rate of Ps.13.07 to U. S. $1) and Ps.6.5 million (U. S. $500 thousand as of December 31, 2012, based on an exchange rate of Ps.13.01
to U. S. $1), respectively, as bonuses as part of the caption salaries and benefits. During 2014, this plan was structured as a long-term
incentive plan, which consists of a long-term incentive plan (equity-settled) and share appreciation rights plan (cash-settled), each
as further described below.

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  Table of Contents  

Share Purchase Plan (Equity-Settled)

Under the share purchase plan (equity-settled), in November
2014, Servicios Corporativos granted a special bonus to certain of our key employees in an amount of Ps.10.8 million (U. S. $797 thousand
as of November 11, 2014, based on an exchange rate of Ps.13.58 to U. S. $1), to be used to purchase our Series A shares.

The bonus amount of Ps.7.1 million (U. S. $520 thousand as
of November 11, 2014 based on an exchange rate of Ps.13.58 to U. S. $1), net of withheld taxes, was transferred on November 11, 2014, as
per the written instructions of each key employee, to the Administrative Trust for the acquisition of our Series A shares through an intermediary
authorized by the Mexican Stock Exchange based on the Administration Trust’s Technical Committee instructions.

Subject to specified terms and conditions set forth in the
Administrative Trust, the acquired shares are held in escrow under the Administrative Trust for its administration until the vesting period
date for each key employee, when such key employee can fully dispose of the shares as desired.

The share purchase plan provides that if the terms and conditions
are not met by the vesting period date, then the shares will be sold in the Mexican Stock Exchange, and Servicios Corporativos would be
entitled to receive the proceeds of the sale of such shares.

Each key employee’s account balance is tracked by the
Administrative Trust. The Administrative Trust objectives are to acquire Series A shares on behalf of the key employees and to manage
the shares granted to such key executive based on instructions set forth by the Technical Committee.

As the Administrative Trust