EX-4.25 27 d128959dex425.htm EX-4.25

EXHIBIT 4.25

CONFIDENTIAL TREATMENT

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL

Supplemental Agreement No. 22

to

Purchase Agreement No. 2191

between

The Boeing Company

and

COPA Holdings, S.A.

Relating to Boeing Model 737 Aircraft

THIS SUPPLEMENTAL AGREEMENT No. 22 (“Supplemental Agreement 22”) is entered into as of September 24, 2010 by and between THE BOEING COMPANY, a Delaware corporation with its principal office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A. (Customer);

WHEREAS, the parties hereto entered into Purchase Agreement No. 2191 dated November 25, 1998, (as amended and supplemented and together with all exhibits, schedules and letter agreements pertaining thereto, the “Purchase Agreement”) relating to Boeing Model 737-7V3 and 737-8V3 aircraft (collectively, the “Aircraft” and each an “Aircraft”);

WHEREAS, Customer is purchasing [***] aircraft [***];

WHEREAS, Customer and Boeing have mutually agreed to amend the Agreement to incorporate the effect of these and certain other changes;

NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree as follows:

1. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement. The [***] 737-8V3 aircraft that Customer is purchasing are hereinafter defined as the Table 1-13 Aircraft.

2. The “Table of Contents” of the Purchase Agreement is revised to reflect the changes made by this Supplemental Agreement 22 and a copy of such revised Table of Contents is attached hereto.

3. Table 1-13, “Aircraft Delivery, Description, Price and Advance Payments”, attached hereto, is added to the Purchase Agreement providing the delivery and pricing information for the Table 1-13 Aircraft.

6. Exhibit A-4 entitled “Aircraft Configuration for Customer’s 737-8V3 [***]” provides the configuration for the Table 1-13 Aircraft.

PA No. 2191 |  |  |  | SA No. 22 September 2010

CONFIDENTIAL TREATMENT

7. Supplemental Exhibit BFE1, Buyer Furnished Equipment Variables is not revised because preliminary on-dock dates for these delivery positions are not available as they are outside the current production schedule. [***]

8. [***]

9. Letter Agreement 6-RLL-1162-3958R2, entitled “Option Aircraft Delivery, Description, Price and Advance Payments”, is [***]. The revised letter agreement 6-1962-RLL-3958R3 is attached hereto

10. [***]

11. [***]

12. Letter Agreement COP-2191-LA-10001606 entitled [***] attached hereto, is added to the Purchase Agreement.

[***]

The Purchase Agreement will be deemed to be supplemented and revised to the extent herein provided as of the date hereof and as so supplemented and revised will continue in full force and effect.

PA No. 2191 |  | Page 2 |  | SA No. 22 September 2010

CONFIDENTIAL TREATMENT

Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of the day and year first written above.

THE BOEING COMPANY |  |  |  | COPA HOLDINGS, S.A.
By |  |  |  |  |  | By: |  |
|  | Its: Attorney-In-Fact |  |  |  |  |  | Its: Chief Executive Officer

PA No. 2191 |  | Page 3 |  | SA No. 22 September 2010

CONFIDENTIAL

TABLE OF CONTENTS

ARTICLES |  | SA NUMBER |
1. Quantity, Model and Description |  |  | SA 3 |
2. Delivery Schedule |  |  |  |
3. Price |  |  |  |
4. Payment |  |  | SA 3 |
5. Miscellaneous |  |  |  |
TABLE |  |  |  |
1-1 Aircraft Information Table for Model 737-7V3 Aircraft |  |  | SA 4 |
1-2 Aircraft Information Table for Model 737-8V3 Aircraft |  |  | SA 5 |
1-3 Aircraft Information Table for Model 737-7V3 Aircraft |  |  | SA 7 |
1-4 Aircraft Information Table for Model 737-7V3 Aircraft |  |  | SA 13 |
1-5 Aircraft Information Table for Model 737-8V3 Aircraft |  |  | SA 13 |
1-6 Aircraft Information Table for Model 737-8V3 Aircraft |  |  | SA 21 |
1-7 Aircraft Information Table for Model 737-8V3 Aircraft Option Aircraft |  |  | SA 13 |
1-8 Aircraft Information Table for Model 737-8V3 Aircraft |  |  | SA 21 |
1-9 Aircraft Information Table for Model 737-8V3 Aircraft |  |  | SA 21 |
1-10 Aircraft Information Table for Model 737-8V3 Aircraft |  |  | SA 21 |
1-10A(1) Aircraft Information Table for Model 737-8V3 Aircraft |  |  | SA 21 |
1-10A(2) Aircraft Information Table for Model 737-8V3 Aircraft |  |  | SA 21 |
1-10B Aircraft Information Table for Model 737-8V3 Aircraft |  |  | SA 21 |
1-11 Aircraft Information Table for Model 737-8V3 Option Aircraft |  |  | SA 22 |
1-12 Aircraft Information Table for Model 737-8V3 Aircraft |  |  | SA 21 |
1-13 Aircraft Information Table for Model 737-8V3 Aircraft |  |  | SA 22 |
1-14 Aircraft Information Table for Model 737-8V3 Option Aircraft |  |  | SA 22 |
EXHIBIT |  |  |  |
A-1 Aircraft Configuration for Model 737-7V3 Aircraft |  |  | SA 3 |
A-2 Aircraft Configuration for Model 737-8V3 Aircraft |  |  | SA 3 |
A-3 Aircraft Configuration for Model 737-8V3 Aircraft |  |  | SA 18 |
A-4 Aircraft Configuration for Model 737-8V3 Aircraft |  |  | SA 22 |
[***] |  |  |  |
B. Aircraft Delivery Requirements and Responsibilities |  |  | SA 3 |

PA No. 2191 |  | i |  | SA No. 22 September 2010

CONFIDENTIAL

SUPPLEMENTAL EXHIBITS |  |  |  |
AE1. Escalation Adjustment Airframe and Optional Features |  |  | SA 10 |
BFE1. BFE Variables |  |  |  |  | SA 22 |
CS1. Customer Support Variables |  |  | SA 3 |
EE1. Engine Escalation/Engine Warranty and Patent Indemnity |  |  |  |
SLP1. Service Life Policy Components |  |  |  |
LETTER AGREEMENTS |  |  |  |
2191-01 |  | Demonstration Flight Waiver |  |  |  |
2191-02 |  | [***] |  |  |  |
2191-03 |  | Seller Purchased Equipment |  |  |  |
2191-03R1 |  | Seller Purchased Equipment |  |  | SA-20 |
RESTRICTED LETTER AGREEMENTS |  |  |  |
6-1162-DAN-0123 |  | Performance Guarantees |  |  |  |
6-1162-DAN-0124 |  | Special Matters |  |  |  |
6-1162-DAN-0155 |  | Airframe Escalation Revision |  |  |  |
6-1162-DAN-0156 |  | Year 2000 Ready Software, Hardware and Firmware |  |  |  |
6-1162-DAN-0157 |  | Miscellaneous Matters |  |  |  |
6-1162-MJB-0017 |  | Special Matters |  |  |  |
6-1162-MJB-0030 |  | Special Matters |  |  |  |
6-1162-LAJ-874R |  | Special Matters |  |  | SA 5 |
6-1162-LAJ-874R1 |  | Special Matters |  |  | SA 6 |
6-1162-LAJ-874R2 |  | Special Matters |  |  | SA 7 |
6-1162-LAJ-982 |  | Special Matters |  |  | SA 8 |
6-1162-LAJ-982R3 |  | Special Matters |  |  | SA 11 |
6-1162-RLL-3852 |  | 737-800 Performance Guarantees |  |  | SA 9 |
6-1162-LAJ-982R4 |  | Special Matters |  |  | SA 13 |
6-1162-RLL-3958 |  | 737-8V3 Option Aircraft |  |  | SA 13 |
6-1162-RLL-3958R1 |  | 737-8V3 Option Aircraft |  |  | SA 18 |
6-1162-RLL-3958R2 |  | 737-8V3 Option Aircraft |  |  | SA 21 |
6-1162-RLL-3958R3 |  | 737-8V3 Option Aircraft |  |  | SA 22 |
6-1162-LAJ-982R5 |  | Special Matters |  |  | SA 16 |
6-1162-LAJ-982R6 |  | Special Matters |  |  | SA 17 |
6-1162-LAJ-982R7 |  | Special Matters |  |  | SA 18 |
6-1162-LAJ-982R8 |  | Special Matters |  |  | SA 22 |
6-1162-RLL-4092 |  | Advance Payment Matters for Aircraft Listed in Table 1-9 |  |  | SA 17 |
6-1162-KSW-6417 |  | [***] |  |  | SA 18 |
6-1162-KSW-6419 |  | [***] |  |  | SA 20 |
6-1162-KSW-6419R1 |  | [***] |  |  | SA 22 |
6-1162-KSW-6471 |  | [***] |  |  |  |
|  | [***] |  |  | SA 22 |
LA-1000842 |  | Installation of Cabin Systems Equipment |  |  | SA 21 |
LA-10001606 |  | [***] |  |  | SA 22 |

PA No. 2191 |  | ii |  | SA No. 22 September 2010

CONFIDENTIAL

SUPPLEMENTAL AGREEMENTS |  | DATED AS OF: |
Supplemental Agreement No. 1 |  |  | June 29, 2001 |
Supplemental Agreement No. 2 |  |  | December 21, 2001 |
Supplemental Agreement No. 3 |  |  | June 14, 2002 |
Supplemental Agreement No. 4 |  |  | December 20, 2002 |
Supplemental Agreement No. 5 |  |  | October 31, 2003 |
Supplemental Agreement No. 6 |  |  | September 9, 2004 |
Supplemental Agreement No. 7 |  |  | December 9, 2004 |
Supplemental Agreement No. 8 |  |  | April 15, 2005 |
Supplemental Agreement No. 9 |  |  | March 16, 2006 |
Supplemental Agreement No. 10 |  |  | May 8, 2006 |
Supplemental Agreement No. 11 |  |  | August 30, 2006 |
Supplemental Agreement No. 12 |  |  | February 26, 2007 |
Supplemental Agreement No. 13 |  |  | April 23, 2007 |
Supplemental Agreement No. 14 |  |  | August 31, 2007 |
Supplemental Agreement No. 15 |  |  | February 21, 2008 |
Supplemental Agreement No. 16 |  |  | June 30, 2008 |
Supplemental Agreement No. 17 |  |  | December 15, 2008 |
Supplemental Agreement No. 18 |  |  | July 15, 2009 |
Supplemental Agreement No. 19 |  |  | August 31, 2009 |
Supplemental Agreement No. 20 |  |  | November 19, 2009 |
Supplemental Agreement No. 21 |  |  | May 28, 2010 |

PA No. 2191 |  | iii |  | SA No. 22 September 2010

CONFIDENTIAL

Table 1-13

Aircraft Delivery, Description, Price and Advance Payments

Airframe Model/MTOW: 737-800 |  |  | [***] |  |  | Detail Specification: |  |  | [***] |  |  |  |  |  |  |  |  |  |  |  |  |
Engine Model/Thrust: CFM56-7B26 |  |  | [***] |  |  | Airframe Price Base Year/Escalation Formula: |  |  |  |  |  |  | [***] |  |  |  |  |  |  |  | [***] |
Airframe Price: |  |  | [***] |  |  | Engine Price Base Year/Escalation Formula: |  |  |  |  |  |  | [***] |  |  |  |  |  |  |  | [***] |
Optional Features: |  |  | [***] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sub-Total of Airframe and Features: |  |  | [***] |  |  | Airframe Escalation Data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engine Price (Per Aircraft): |  | $ | 0 |  |  | Base Year Index (ECI): |  |  |  |  |  |  |  |  |  |  | [***] |  |  |  |  |
Aircraft Basic Price (Excluding BFE/SPE): |  |  | [***] |  |  | Base Year Index (CPI): |  |  |  |  |  |  |  |  |  |  | [***] |  |  |  |  |
Buyer Furnished Equipment (BFE) Estimate: |  | $ | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Seller Purchased Equipment (SPE) Estimate: |  |  | [***] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Refundable Deposit/Aircraft at Proposal Accept: |  |  | [***] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

|  | Number of Aircraft |  | Escalation Factor (Airframe) |  | Serial Number |  | Escalation |  | Escalation Estimate Adv Payment Base Price Per A/P |  | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
Delivery Date |  | [***] |  | [***] |  | [***] |  | [***]
| [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]

PA 2191 SA 22 54965 54958 |  | Boeing Proprietary |  | 9/2010 2

CONFIDENTIAL

Boeing Commercial Airplanes

P.O. Box 3707

Seattle, WA 98124-2207

6-1162-LAJ-982R8

COPA HOLDINGS, S.A.

Urbanizacion Costa del Este

P.O. Box 0816-06819

Panama, Republic of Panama

Subject: | Special Matters

Reference: | Purchase Agreement No. 2191 as amended to date, including without limitation all exhibits, attachments, schedules and letter agreements thereto (the Purchase Agreement) between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737 aircraft (the Aircraft)

This Letter Agreement amends and supplements the Purchase Agreement and supersedes and replaces in its entirety Letter Agreement 6-1162-LAJ-982R7. All terms used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement. For purposes of this Letter Agreement “Incremental Aircraft” as defined in Supplemental Agreement 18 are “Aircraft” or “Table 1-10A&B Aircraft”; the exercised Option Aircraft in Supplemental Agreement 21 are “Table 1-12 Aircraft” and “Aircraft” and the “Table 1-13 Aircraft” are “Table 1-13 Aircraft” and “Aircraft”.

[***]

PA 2191 SA 22 |  |  |  | 9/2010

CONFIDENTIAL

COPA HOLDINGS, S.A.

6-1162-LAJ-982R8

13. | Confidentiality. The information contained herein represents confidential business information and has value precisely because it is not available generally or to other parties. Except as otherwise required by applicable law, regulation or legal process, Customer will limit the disclosure of its contents to employees, counsel and auditors of Customer with a need to know the contents for purposes of helping Customer perform its obligations under the Purchase Agreement or advising Customer with respect thereto and who understand they are not to disclose its contents to any other person or entity in violation of the provisions of this Paragraph 13.

Very truly yours,
THE BOEING COMPANY
By |  |
|  | Its Attorney-In-Fact
ACCEPTED AND AGREED TO this
Date: , 2010
COPA HOLDINGS, S.A.
By |  |

Its |  |

PA 2191 SA-22 |  | 2 |  | 9/2010

CONFIDENTIAL

Boeing Commercial Airplanes

P.O. Box 3707

Seattle, WA 98124-2207

6-1162-RLL-3958R3

COPA HOLDINGS, S.A.

Urbanizacion Costa del Este

P.O. Box 0816-06819

Panama, Republic of Panama

Subject: | Option Aircraft

Reference: | Purchase Agreement No. 2191 as amended to date, including without limitation all exhibits, attachments, schedules and letter agreements thereto (the Purchase Agreement) between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737 aircraft (the Aircraft)

This Letter Agreement amends the Purchase Agreement and supersedes and replaces in its entirety Letter Agreement 6-1162-RLL- 3958R2. All terms used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement.

[***]

1. Aircraft Description and Changes

1.1 Aircraft Description: The Option Aircraft are described by the Detail Specification [***].

1.2 Changes: The Detail Specification will be revised to include:

[***]

PA No. 2191 Option Aircraft |  |  |  | SA-22 9/10

CONFIDENTIAL

COPA HOLDINGS, S.A.

6-1162-RLL-3958R3

2. | Price

[***]

2.2 [***]

3. Payment.

[***]

P.A. No. 2191 Option Aircraft |  |  |  | SA-22 9/10
|  | 2 |  |

CONFIDENTIAL

COPA HOLDINGS, S.A

6-1162-RLL-3958R3

4. Option Exercise.

4.1 [***]

4.2 [***]

5. [***]

5.1 [***]

6. Contract Terms.

[***]

P.A. No. 2191 Option Aircraft |  |  |  | SA-22 9/10
|  | 3 |  |

CONFIDENTIAL

COPA HOLDINGS, S.A

6-1162-RLL-3958R3

Very truly yours,
THE BOEING COMPANY
By |  |
|  | Its Attorney-In-Fact
ACCEPTED AND AGREED TO this
Date: September , 2010
COPA HOLDINGS, S.A.
By |  |

Its |  |
Attachment — Table 1-11 and 1-14

P.A. No. 2191 Option Aircraft |  |  |  | SA-22 9/10
|  | 4 |  |

CONFIDENTIAL

Table 1-11

Option Aircraft Delivery, Description, Price and Advance Payments

Airframe Model/MTOW: 737-800 |  |  | [***] |  |  | Detail Specification: |  |  | [***] |  |  |  |  |  |  |  |  |
Engine Model/Thrust: CFM56-7B26 |  |  | [***] |  |  | Airframe Price Base Year/Escalation Formula: |  |  |  |  |  |  | [***] |  |  |  | [***] |
Airframe Price: |  |  | [***] |  |  | Engine Price Base Year/Escalation Formula: |  |  |  |  |  |  | [***] |  |  |  | [***] |
Optional Features: |  |  | [***] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sub-Total of Airframe and Features: |  |  | [***] |  |  | Airframe Escalation Data: |  |  |  |  |  |  |  |  |  |  |  |
Engine Price (Per Aircraft): |  | $ | 0 |  |  | Base Year Index (ECI): |  |  |  |  |  |  | [***] |  |  |  |  |
Aircraft Basic Price (Excluding BFE/SPE): |  |  | [***] |  |  | Base Year Index (CPI): |  |  |  |  |  |  | [***] |  |  |  |  |
Buyer Furnished Equipment (BFE) Estimate: |  | $ | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Seller Purchased Equipment (SPE) Estimate: |  |  | [***] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Refundable Deposit/Aircraft at Def Agreemt: |  |  | [***] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

|  | Number of Aircraft |  | Escalation Factor (Airframe) |  |  |  |  |  | Escalation Estimate Adv Payment Base Price Per A/P |  | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
Delivery Date |  |  |  |  |  | [***] |  | [***] |  | [***] |  | [***]
| [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  |  |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  |  |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
[***] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

COP-54039-10.TXT PA No. 2191 SA-22 |  | Boeing Proprietary |  | Sep 2010 Page 1

CONFIDENTIAL

Attachment to

6-1162-RLL-3958R3

Table 1-14

Option Aircraft Delivery, Description, Price and Advance Payments

Airframe Model/MTOW: 737-800 |  |  | [***] |  |  | Detail Specification: |  |  | [***] |  |  |  |  |
Engine Model/Thrust: CFM56 -7B26 |  |  | [***] |  |  | Airframe Price Base Year/Escalation Formula: |  |  | [***] |  |  |  | [***] |
Airframe Price: |  |  | [***] |  |  | Engine Price Base Year/Escalation Formula: |  |  | [***] |  |  |  | [***] |
Optional Features: |  |  | [***] |  |  |  |  |  |  |  |  |  |  |
Sub-Total of Airframe and Features: |  |  | [***] |  |  | Airframe Escalation Data: |  |  |  |  |  |  |  |
Engine Price (Per Aircraft): |  | $ | 0 |  |  | Base Year Index (ECI): |  |  | [***] |  |  |  |  |
Aircraft Basic Price (Excluding BFE/SPE): |  |  | [***] |  |  | Base Year Index (CPI): |  |  | [***] |  |  |  |  |
Buyer Furnished Equipment (BFE) Estimate: |  | $ | 0 |  |  |  |  |  |  |  |  |  |  |
Seller Purchased Equipment (SPE) Estimate: |  |  | [***] |  |  |  |  |  |  |  |  |  |  |
Non-Refundable Deposit/Aircraft at Def Agreemt: |  |  | [***] |  |  |  |  |  |  |  |  |  |  |

Delivery Date |  | Number of Aircraft |  | Escalation Factor (Airframe) |  | Escalation Estimate Adv Payment Base Price Per A/P |  | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
| [***] |  | [***] |  | [***] |  | [***]
| [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
[***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***] |  | [***]
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COP{ PA 2191 SA-22 54695-1O.TXT |  | Boeing Proprietary |  | 9/2010 Page 1

CONFIDENTIAL

Boeing Commercial Airplanes

P.O. Box 3707

Seattle, WA 98124-2207

6-1162-KSW-6419R1

COPA HOLDINGS, S.A.

Urbanizacion Costa del Este

P.O. Box 0816-06819

Panama, Republic of Panama

Subject: | [***]

Reference: | Purchase Agreement No. 2191, as amended to date, including without limitation all exhibits, attachments, schedules and letter agreements thereto (the Purchase Agreement), between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737-8V3 aircraft (the Aircraft)

[***]

CONFIDENTIAL

COPA HOLDINGS, S.A., INC.

6-1162-KSW-6419R1

Page 2

6. The information contained herein represents confidential business information and has value precisely because it is not available generally or to other parties. Except as otherwise required by applicable law, regulation or legal process, Customer will limit the disclosure of its contents to employees, counsel and auditors of Customer with a need to know the contents for purposes of helping Customer perform its obligations under the Purchase Agreement or advising Customer with respect thereto and who understand they are not to disclose its contents to any other person or entity in violation of the provisions of this Paragraph 6.

Very truly yours,
THE BOEING COMPANY
By |  |
|  | Its Attorney-In-Fact
ACCEPTED AND AGREED TO this
Date: , 2010
COPA HOLDINGS, S.A.
By |  |

Its |  |

P.A. No. 2191 [***] 09/10 |  |  |  | SA-22 Boeing Proprietary

CONFIDENTIAL

Attachment A to Letter Agreement 6-1162-KSW-6419R1

|  |  |  | [***] |  |  |  |
Airframe Model |  | 737-800 |  |  |  |  |  |
Engine Model: |  | CFM56-7B26 |  |  |  |  |  |
Airframe Price Base Year |  | [***] |  |  |  |  |  |
Engine Price Base Year |  | [***] |  |  |  |  |  |

Delivery Month and Year |  | Subject Aircraft Serial Number |  |  | Applicable Combined Airframe/Engine Escalation Provisions |  |  | Election Period |
[***] |  |  | [ | ***] |  |  | [ | ***] |  |  | [ | ***]
[***] |  |  | [ | ***] |  |  | [ | ***] |  |  | [ | ***]
[***] |  |  | [ | ***] |  |  | [ | ***] |  |  | [ | ***]
[***] |  |  | [ | ***] |  |  | [ | ***] |  |  | [ | ***]
[***] |  |  | [ | ***] |  |  | [ | ***] |  |  | [ | ***]
[***] |  |  | [ | ***] |  |  | [ | ***] |  |  | [ | ***]
[***] |  |  | [ | ***] |  |  | [ | ***] |  |  | [ | ***]
[***] |  |  | [ | ***] |  |  | [ | ***] |  |  | [ | ***]
[***] |  |  | [ | ***] |  |  | [ | ***] |  |  | [ | ***]
[***] |  |  | [ | ***] |  |  | [ | ***] |  |  | [ | ***]
[***] |  |  | [ | ***] |  |  | [ | ***] |  |  | [ | ***]
[***] |  |  | [ | ***] |  |  | [ | ***] |  |  | [ | ***]
[***] |  |  | [ | ***] |  |  | [ | ***] |  |  | [ | ***]
[***] |  |  | [ | ***] |  |  | [ | ***] |  |  | [ | ***]
[***] |  |  | [ | ***] |  |  | [ | ***] |  |  | [ | ***]
[***] |  |  | [ | ***] |  |  | [ | ***] |  |  | [ | ***]
[***] |  |  | [ | ***] |  |  | [ | ***] |  |  | [ | ***]

P.A. No. 2191 |  | Boeing Proprietary |  | SA-22 09/10

CONFIDENTIAL

Attachment A to Letter Agreement 6-1162-KSW-6419R1

[***]

Delivery Month and Year |  | Subject Aircraft Serial Number |  |  | Applicable Combined Airframe/Engine Escalation Provisions |  |  | Election Period |
[***] |  |  | [***] |  |  |  | [***] |  |  |  | [***] |
[***] |  |  | [***] |  |  |  | [***] |  |  |  | [***] |
[***] |  |  | [***] |  |  |  | [***] |  |  |  | [***] |
[***] |  |  | [***] |  |  |  | [***] |  |  |  | [***] |
[***] |  |  | [***] |  |  |  | [***] |  |  |  | [***] |
[***] |  |  | [***] |  |  |  | [***] |  |  |  | [***] |
[***] |  |  | [***] |  |  |  | [***] |  |  |  | [***] |
[***] |  |  | [***] |  |  |  | [***] |  |  |  | [***] |
[***] |  |  | [***] |  |  |  | [***] |  |  |  | [***] |
[***] |  |  | [***] |  |  |  | [***] |  |  |  | [***] |
[***] |  |  | [***] |  |  |  | [***] |  |  |  | [***] |
[***] |  |  | [***] |  |  |  | [***] |  |  |  | [***] |

P.A. No. 2191 |  | Boeing Proprietary |  | SA-22 09/10

CONFIDENTIAL

Boeing Commercial Airplanes

P.O. Box 3707

Seattle, Washington 98124-2207

U.S.A.

Reference: | Purchase Agreement No. 2191 dated as of November 25, 1998, as amended to date, including all exhibits, attachments, schedules and letter agreements thereto, between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (the Purchase Agreement)

Attention: | Vice President — Contracts

| Mail Code 21-34

Pursuant to Article 2 of Letter Agreement 6-1162-KSW-6419 (Letter Agreement) to the Purchase Agreement and subject to the provisions of Article 3 of such Letter Agreement, COPA HOLDINGS, S.A. [***]:

Airframe Model: |  | Airframe Price Base Year: |  |  |  |
Engine Model: |  | Engine Price Base Year: |  |  | [***] |

Delivery Month and Year |  | Candidate Aircraft Serial Number |  | Combined Airframe/Engine Escalation Factor

COPA HOLDINGS, S.A.

By |  |

Its |  |

Dated
[***]
THE BOEING COMPANY
By |  |
|  | Its Attorney-in-Fact
Dated

P.A. No. 2191 |  | Boeing Proprietary |  | SA-22 09/10

CONFIDENTIAL

|  |  |  | The Boeing Company P.O. Box 3707 Seattle, WA 98124-2207

LA-1001606

COPA HOLDINGS S.A.

Urbanización Costa del Este

P.O. Box 0816-06819

Panama, Republic of Panama

Subject: | [***]

Reference: | Purchase Agreement No. PA-2191 as amended to date, including without limitation all exhibits, attachments, schedules and letter agreements thereto (Purchase Agreement) between The Boeing Company (Boeing) and COPA Holdings S.A. (Customer) relating to Model 737-800 aircraft (Aircraft)

[***]

1.2 [***]

COP-PA-2191-LA-1001606 [***] |  | Boeing Proprietary |  | SA-22 LA Page 1

CONFIDENTIAL

4. Confidential Treatment.

The information contained herein represents confidential business information and has value precisely because it is not available generally or to other parties. Except as otherwise required by applicable law, regulation or legal process, Customer will limit the disclosure of its contents to employees, counsel and auditors of Customer with a need to know the contents for purposes of helping Customer perform its obligations under the Purchase Agreement or advising Customer with respect thereto and who understand they are not to disclose its contents to any other person or entity in violation of the provisions of this Paragraph 4.

COP-PA-2191-LA-1001606 [***] |  | Boeing Proprietary |  | SA-22 LA Page 2

CONFIDENTIAL

Very truly yours,
THE BOEING COMPANY
By |  |
|  | Its Attorney-in -Fact
ACCEPTED AND AGREED TO this
Date:
COPA Holdings, S.A.
By |  |

Its |  |

COP-PA-2191-LA-1001606 [***] |  | Boeing Proprietary |  | SA-22 LA Page 3