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  4. [Form 3] Controladora Vuela Compania de Aviacion, S.A.B. de C.V. Initial Statement of Beneficial Ownership

Volaris EVP files initial insider holdings

Controladora Vuela (Volaris) executive Holger Blankenstein has filed an initial ownership report on Form 3.

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
3

Rhea-AI Filing Summary

Controladora Vuela (Volaris) executive Holger Blankenstein has filed an initial ownership report on Form 3. He directly holds 5,567,828 Series A shares of common stock, plus several grants of restricted securities units covering 274,993, 477,326 and 773,492 underlying Series A shares.

He also holds share appreciation rights over 200,000 underlying Series A shares with an exercise price of 14.8000 (in Mexican pesos) expiring on February 18, 2031. The restricted securities units vest between November 6, 2026 and later dates, in one to three annual installments, and have no expiration date.

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Insider Blankenstein Holger
Role EVP Airline
Type Security Shares Price Value
holding Restricted Securties Units -- -- --
holding Restricted Securties Units -- -- --
holding Restricted Securties Units -- -- --
holding Share Appreciation Rights -- -- --
holding Series A shares of common stock -- -- --
Holdings After Transaction: Restricted Securties Units — 1,525,811 contracts (Direct); Share Appreciation Rights — 200,000 contracts (Direct); Series A shares of common stock — 5,567,828 shares (Direct)
Footnotes (6)
  1. F1. The restricted securities units will vest on November 6, 2026 and have no expiration date.
  2. F2. Each restricted securities unit represents a contingent right to receive on Series A share of common stock.
  3. F3. The restricted securities units will vest in two equal annual installments beginning on November 6, 2026 and have no expiration date.
  4. F4. The restricted securities units will vest in three equal annual installments beginning on November 6, 2026 and have no expiration date.
  5. F5. Provides the right of cash payment determined based on the increase of the stock price between the grant date and the exercise.
  6. F6. The price shown is in Mexican Pesos.

FAQ

What does the VLRS Form 3 filing by Holger Blankenstein show?
The Form 3 shows that Volaris executive Holger Blankenstein directly holds 5,567,828 Series A shares. It also details multiple restricted securities unit grants and 200,000 share appreciation rights, giving investors a clear view of his current equity-based stake in the company.

How many Volaris (VLRS) common shares does Holger Blankenstein hold?
Holger Blankenstein directly holds 5,567,828 Series A shares of Volaris common stock. In addition, he has several restricted securities unit awards and share appreciation rights tied to more underlying shares, which may increase his effective exposure as those awards vest over time.

What equity incentives does the Volaris EVP have besides common shares?
Beyond common shares, the Volaris EVP holds restricted securities units over 274,993, 477,326 and 773,492 underlying Series A shares. He also owns share appreciation rights linked to 200,000 underlying shares at an exercise price of 14.8000 Mexican pesos, expiring in 2031.

When do Holger Blankenstein’s Volaris restricted securities units vest?
The restricted securities units vest starting on November 6, 2026. One grant vests fully on that date, while others vest in two or three equal annual installments beginning November 6, 2026, giving a staggered schedule that extends his long-term alignment with Volaris performance.

What are the key terms of Holger Blankenstein’s share appreciation rights in VLRS?
His share appreciation rights cover 200,000 underlying Series A shares with a 14.8000 exercise price in Mexican pesos. They provide a right to a cash payment based on stock price increases between grant and exercise, and they expire on February 18, 2031, aligning incentives with long-term value creation.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SEC Form 3
FORM 3UNITED 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
OMB APPROVAL
OMB Number:3235-0104
Estimated average burden
hours per response:0.5
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 CITY01210
(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)
Director10% Owner
XOfficer (give title below)Other (specify below)
EVP Airline
6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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 stock5,567,828D
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 ExercisableExpiration DateTitleAmount or Number of Shares
Restricted Securties Units (1) (1)Series A shares of common stock274,993(2)D
Restricted Securties Units (3) (3)Series A shares of common stock477,326(2)D
Restricted Securties Units (4) (4)Series A shares of common stock773,492(2)D
Share Appreciation Rights(5)02/18/201702/18/2031Series A shares of common stock200,000$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 PersonDate
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)

Source: View Original Filing on SEC EDGAR