VLRS (VLRS) EVP Blankenstein details 5.6M shares and equity awards

Rhea-AI Filing Summary

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. executive Holger Blankenstein filed an initial ownership report showing his equity interests in the company. He directly holds 5,567,828 Series A shares of common stock.

He also holds several tranches of restricted securities units, each representing the right to receive one Series A share. These cover 274,993 shares that vest on November 6, 2026, 477,326 shares vesting in two equal annual installments beginning on that date, and 773,492 shares vesting in three equal annual installments beginning the same date.

In addition, he holds share appreciation rights over 200,000 underlying Series A shares with an exercise price of 14.8000 Mexican pesos per share that expire on February 18, 2031. These rights provide a cash payment based on stock price appreciation rather than share delivery.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Blankenstein Holger

(Last) (First) (Middle)

AV. ANTONIO DOVALI JAIME NO. 70

13 FL, TWR B, COLONIA ZEDEC SANTA FE

(Street)

MEXICO CITY 01210

(City) (State) (Zip)

MEXICO

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Controladora Vuela Compania de Aviacion, S.A.B. de C.V. [ VLRS ]

3a. Foreign Trading Symbol
[VOLAR]

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP Airline

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Series A shares of common stock	5,567,828	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Securties Units	(1)	(1)	Series A shares of common stock	274,993	(2)	D
Restricted Securties Units	(3)	(3)	Series A shares of common stock	477,326	(2)	D
Restricted Securties Units	(4)	(4)	Series A shares of common stock	773,492	(2)	D
Share Appreciation Rights(5)	02/18/2017	02/18/2031	Series A shares of common stock	200,000	$14.8(6)	D

Explanation of Responses:

1. The restricted securities units will vest on November 6, 2026 and have no expiration date.

2. Each restricted securities unit represents a contingent right to receive on Series A share of common stock.

3. The restricted securities units will vest in two equal annual installments beginning on November 6, 2026 and have no expiration date.

4. The restricted securities units will vest in three equal annual installments beginning on November 6, 2026 and have no expiration date.

5. Provides the right of cash payment determined based on the increase of the stock price between the grant date and the exercise.

6. The price shown is in Mexican Pesos.

Remarks:

Exhibit 24 - Power of Attorney.

	/s/ Isela Cervantes Rodriguez, Attorney-in-fact.	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Holger Blankenstein’s Form 3 for VLRS disclose?

The Form 3 discloses initial ownership for executive Holger Blankenstein in VLRS, including 5,567,828 Series A shares, multiple tranches of restricted securities units, and 200,000 share appreciation rights tied to the company’s stock performance.

How many VLRS common shares does Holger Blankenstein directly own?

Holger Blankenstein directly owns 5,567,828 Series A shares of VLRS common stock. This figure reflects his direct equity stake, separate from his additional compensation-linked instruments like restricted securities units and share appreciation rights described in the same ownership report.

What restricted securities units are reported for VLRS executive Holger Blankenstein?

He holds three restricted securities unit grants over 274,993, 477,326, and 773,492 underlying Series A shares. These units vest on or beginning November 6, 2026, with some vesting in equal annual installments, and each unit converts into one Series A share at vesting.

When do Holger Blankenstein’s VLRS restricted securities units vest?

One grant vests entirely on November 6, 2026, another vests in two equal annual installments starting that date, and a third vests in three equal annual installments beginning on November 6, 2026, aligning equity awards with long-term service and performance.

What are the terms of Holger Blankenstein’s share appreciation rights in VLRS?

He holds share appreciation rights over 200,000 underlying Series A shares with an exercise price of 14.8000 Mexican pesos per share. These rights expire on February 18, 2031 and provide cash payments based on stock price increases rather than delivering shares.

Does the VLRS Form 3 show insider buying or selling by Holger Blankenstein?

The Form 3 functions as an initial ownership report and lists Holger Blankenstein’s existing holdings and awards. It does not show open-market purchases or sales, only his direct shares, restricted securities units, and share appreciation rights outstanding.