EX-4.23 25 d128959dex423.htm EX-4.23

EXHIBIT 4.23

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. 20

to

Purchase Agreement No. 2191

between

The Boeing Company

and

COPA Holdings, S.A., Inc. Relating to

Boeing Model 737 Aircraft

THIS SUPPLEMENTAL AGREEMENT No. 20 (“Supplemental Agreement 20”) is entered into as of November 19, 2009 by and between THE BOEING COMPANY, a Delaware corporation with its principal office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A., INC. (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, **Material Redacted**;

WHEREAS, **Material Redacted**.

WHEREAS, Customer and Boeing have agreed **Material Redacted**; and,

WHEREAS, Customer and Boeing have agreed that **Material Redacted**;

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.

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

3. Table 1-10A entitled “Aircraft Delivery, Description, Price and Advance Payments”, is revised so as to: **Material Redacted**. Table 1-10A as amended in accordance with this paragraph 3 is attached hereto.

PA No. 2191 |  | SA No. 20 Nov 2009

CONFIDENTIAL TREATMENT

4. Table 1-10B entitled “Aircraft Delivery, Description, Price and Advance Payments for Exercised Options”, is revised so as to: (A) **Material Redacted**; (B) **Material Redacted** and (C) add at the bottom the following note, “**Material Redacted**. The revised Table 1-10B as amended in accordance with this paragraph 4 is attached hereto.

5. **Material Redacted**

6. Letter Agreement 6-1162-RLL-3958R1, Option Aircraft, is revised so as to **Material Redacted**. The revised Letter Agreement 6-1162-RLL-3958R2 is attached hereto.

7. Letter Agreement 2191-03, Seller Purchased Agreement, is revised to **Material Redacted**. The revised Letter Agreement 2191-034R1 is attached hereto.

8. Attachments A and B were inadvertently left out of the signed original of Letter Agreement 6-1162-KSW-6419, **Material Redacted**. Letter Agreement 6-1162-KSW-6419 including Attachments A and B is attached hereto.

9. **Material Redacted**

10. **Material Redacted**

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.

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 |  | SA No. 20
|  | Nov 2009

Page 2

CONFIDENTIAL TREATMENT

TABLE OF CONTENTS

|  |  |  | SA NUMBER |
ARTICLES |  |  |  |  |  |
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 20 |
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 16 |
1-9 |  | Aircraft Information Table for Model 737-8V3 Aircraft |  |  | SA 19 |
1-10 |  | Aircraft Information Table for Model 737-8V3 Aircraft |  |  | SA 20 |
1-11 |  | Aircraft Information Table for Model 737-8V3 Option Aircraft |  |  | SA 20 |
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 |
B. |  | Aircraft Delivery Requirements and Responsibilities |  |  | SA 3 |
SUPPLEMENTAL EXHIBITS |
AE1. |  | Escalation Adjustment Airframe and Optional Features |  |  | SA 10 |
BFE1. |  | BFE Variables |  |  | SA 18 |
CS1. |  | Customer Support Variables |  |  | SA 3 |
EE1. |  | Engine Escalation/Engine Warranty and Patent Indemnity |  |  |  |
SLP1. |  | Service Life Policy Components |  |  |  |

PA No. 2191 |  | SA No. 20 Nov 2009

i

CONFIDENTIAL TREATMENT

|  |  |  | SA NUMBER |
LETTER AGREEMENTS |
2191-01 |  | Demonstration Flight Waiver |  |  |  |
2191-02 |  | Escalation Sharing |  |  |  |
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-3958R1 |  | 737-8V3 Option Aircraft |  |  | SA 18 |
6-1162-RLL-3958R2 |  | 737-8V3 Option Aircraft |  |  | SA 20 |
6-1162-LAJ-982R5 |  | Special Matters |  |  | SA 16 |
6-1162-LAJ-982R6 |  | Special Matters |  |  | SA 17 |
6-1162-LAJ-982R7 |  | Special Matters |  |  | SA 18 |
**Material Redacted** |
6-1162-RLL-4092 |  | Advance Payment Matters for Aircraft Listed in Table 1-9 |  |  | SA 17 |
6-1162-KSW-6417 |  | Boeing Offer Related to New Interior |  |  | SA 18 |
6-1162-KSW-6419 |  | **Material Redacted** |  |  | SA 20 |

PA No. 2191 |  | SA No. 20 Nov 2009

ii

CONFIDENTIAL TREATMENT

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, 1002 |
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 , 2009 |
Supplemental Agreement No. 20 |  |  | November , 2009 |

PA No. 2191 |  | SA No. 20 Nov 2009

iii

CONFIDENTIAL TREATMENT

Table 1-10A

Aircraft Information Table for Model 737-8V3 Aircraft

Delivery, Description and Advance Payments

Airframe Model/MTOW: |  | 737-800 |  | 174200 pounds |  | Detail Specification: |  |  |  |
Engine Model/Thrust: |  | CFM56-7B26 |  | 26400 pounds |  | Airframe Price Base Year/Escalation Formula: |  |  | Jul -08 |  |  |  |  |  |  |  | ECI-MFG/CPI |
Airframe Price: |  |  |  | **Material Redacted** |  | Engine Price Base Year/Escalation Formula: |  |  | N/A |  |  |  |  |  |  |  | N/A |
Optional Features: |  |  |  | **Material Redacted** |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sub-Total of Airframe and Features: |  | **Material Redacted** |  | Airframe Escalation Data: |  |  |  |  |  |  |  |  |  |  |  |
Engine Price (Per Aircraft): |  | **Material Redacted** |  | Base Year Index (ECI): |  |  |  |  |  |  | 103.1 |  |  |  |  |
Aircraft Basic Price (Excluding BFE/SPE): |  | **Material Redacted** |  | Base Year Index (CPI): |  |  |  |  |  |  | 208.2 |  |  |  |  |
Buyer Furnished Equipment (BFE) Estimate: |  | **Material Redacted** |  |  |  |  |  |  |  |  |  |  |  |  |  |
Seller Purchased Equipment (SPE) Estimate: |  | **Material Redacted** |  |  |  |  |  |  |  |  |  |  |  |  |  |
Refundable Deposit/Aircraft at Proposal Accept: |  | **Material Redacted** |  |  |  |  |  |  |  |  |  |  |  |  |  |

|  |  |  |  |  |  |  |  |  | Escalation |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Estimate |  | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
|  |  |  | Escalation |  |  |  |  |  | Adv Payment |  |  |  |  |  | 21/18/12/9/6 |  |
Delivery |  | Number of |  | Factor |  | Serial |  |  |  | Base |  | At Signing |  | 24 Mos. |  | Mos. |  | Total
Date |  | Aircraft |  | (Airframe) |  | Number |  | Escalation |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
Total: |  | **Material Redacted** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

PA No. 2191 |  | SA No. 20 Nov 2009

i

CONFIDENTIAL TREATMENT

Table 1-11

Aircraft Information Table for Model 737-8V3 Option Aircraft

Delivery, Description and Advance Payments

Airframe Model/MTOW: |  | 737-800 |  | 174200 pounds |  | Detail Specification: |  |  |
Engine Model/Thrust: |  | CFM56-7B26 |  | 26400 pounds |  | Airframe Price Base Year/Escalation Formula: |  | Jul -08 |  |  |  |  | ECI-MFG/CPI |
Airframe Price: |  | **Material Redacted** |  | Engine Price Base Year/Escalation Formula: |  | N/A |  |  |  |  | N/A |
Optional Features: |  | **Material Redacted** |  |  |  |  |  |  |  |  |  |
Sub-Total of Airframe and Features: |  | **Material Redacted** |  | Airframe Escalation Data: |  |  |  |  |  |  |  |
Engine Price (Per Aircraft): |  |  |  | Base Year Index (ECI): |  |  |  | 103.1 |  |  |  |
Aircraft Basic Price (Excluding BFE/SPE): |  | **Material Redacted** |  | Base Year Index (CPI): |  |  |  | 208.2 |  |  |  |
Buyer Furnished Equipment (BFE) Estimate: |  | **Material Redacted** |  |  |  |  |  |  |  |  |  |
Seller Purchased Equipment (SPE) Estimate: |  | **Material Redacted** |  |  |  |  |  |  |  |  |  |
Non -Refundable Deposit/Aircraft at Def Agreemt: |  | **Material Redacted** |  |  |  |  |  |  |  |  |

|  |  |  |  |  |  |  |  |  | Escalation |  | Advance Payment Per |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Estimate |  | Aircraft (Amts. Due/Mos. |  |  |  |  |  |
|  |  |  | Escalation |  |  |  |  |  | Adv Payment |  | Prior to Delivery): |  |  |  | 21/18/12/9/6 |  |
Delivery |  | Number of |  | Factor |  |  |  |  |  | Base |  | At Signing |  | 24 Mos. |  | Mos. |  | Total
Date |  | Aircraft |  | (Airframe) |  | Serial Number |  | Escalation |  | Price Per A/P |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
**Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted** |  | **Material Redacted**
Total: |  | **Material Redacted** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

PA No. 2191 |  | SA No. 20 Nov 2009

i

CONFIDENTIAL TREATMENT

Boeing Commercial Airplanes

P.O. Box 3707

Seattle, WA 98124-2207

2191-03R1

COPA HOLDINGS, S.A.

Apartado 1572

Avenida Justo Arosemena y Calle 39

Panama 1

Panama

Subject: | Seller Purchased Equipment

Reference: | Purchase Agreement No. 2191 (as supplemented and amended the Purchase Agreement) between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737-7V3 aircraft (the Aircraft)

This Letter Agreement amends and supplements the Purchase Agreement and cancels and supercedes Letter Agreement 2191-03. All terms used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement.

Definition of Terms:

**Material Redacted**

1. | Price.

Advance Payments. An estimated SPE price is included in the Advance Payment Base Prices shown in Table 1 for the purpose of establishing the advance payments for the Aircraft.

Aircraft Price. **Material Redacted**

2. | **Material Redacted**

3. | **Material Redacted**

4. | **Material Redacted**

5. | **Material Redacted**

6. | **Material Redacted**

P.A. 2191 SA-20 Option Aircraft 11/09 |  |

CONFIDENTIAL TREATMENT

COPA HOLDINGS, S.A

6-1162-RLL-3958R2

7. | **Material Redacted**

8. | **Material Redacted**

Very truly yours,
THE BOEING COMPANY
By: |  |
|  | Its Attorney-In-Fact
ACCEPTED AND AGREED TO this
Date: , 2009
COPA HOLDINGS, S.A.
By: |  |
|  | Its |  |

P.A. 2191 Option Aircraft |  | SA-20 11/09

2

CONFIDENTIAL TREATMENT

Boeing Commercial Airplanes

P.O. Box 3707

Seattle, WA 98124-2207

6-1162-RLL-3958R2

COPA HOLDINGS, S.A.

Apartado 1572

Avenida Justo Arosemena y Calle 39

Panama 1, Panama

Subject: | Option Aircraft

Reference: | Purchase Agreement No. 2191 (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- 3958R1. All terms used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement.

**Material Redacted**

1. | Aircraft Description and Changes

1.1 Aircraft Description: The Option Aircraft are described by the Detail Specification listed in Table 1-11.

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

| (i) | Changes applicable to the basic Model 737 aircraft which are developed by Boeing between the date of the Detail Specification and the signing of the definitive agreement to purchase the Option Aircraft;

| (ii) | Changes required to obtain required regulatory certificates; and

| (iii) | Changes mutually agreed upon.

P.A. 2191 SA-20 Option Aircraft 11/09 |  |

CONFIDENTIAL TREATMENT

COPA HOLDINGS, S.A

6-1162-RLL-3958R2

2. Price

2.1 The pricing elements of the Option Aircraft are listed Table 1-11.

2.2 Price Adjustments.

2.2.1 Optional Features. The price for Optional Features selected for the Option Aircraft will be adjusted to Boeing’s current prices as of the date of execution of the definitive agreement for the Option Aircraft.

2.2.2 Escalation Adjustments. The Airframe Price and the price of Optional Features for Option Aircraft will be escalated on the same basis as the Aircraft, and will be adjusted to Boeing’s current escalation provisions as of the date of execution of the definitive agreement for the Option Aircraft.

2.2.3 Base Price Adjustments. The Airframe Price of the Option Aircraft will be adjusted to Boeing’s current price as of the date of execution of the definitive agreement for the Option Aircraft.

3. Payment.

3.1 Customer will pay a deposit to Boeing in the amount shown in Table 1-11 for each Option Aircraft (Deposit), on the date of this Letter Agreement. If Customer exercises an option, the Deposit will be credited against the first advance payment due. If Customer does not exercise an option, Boeing will retain the Deposit for that Option Aircraft.

3.2 Following option exercise, advance payments in the amounts and at the times listed in Table 1-11 will be payable for the Option Aircraft. The remainder of the Aircraft Price for the Option Aircraft will be paid at the time of delivery.

P.A. 2191 Option Aircraft |  | SA-20 11/09

2

CONFIDENTIAL TREATMENT

COPA HOLDINGS, S.A

6-1162-RLL-3958R2

4. | Option Exercise.

4.1 Customer may exercise an option by giving written notice to Boeing on or before the **Material Redacted** in Table 1- 11 (Option Exercise Date). For the two Quarterly Options delivering in 2012 written notice of the Option Exercise **Material Redacted**.

4.2 **Material Redacted**.

5. | **Material Redacted**.

6. | Contract Terms.

Boeing and Customer will use their best efforts to reach a definitive agreement for the purchase of an Option Aircraft, including the terms and conditions contained in this Letter Agreement, in the Purchase Agreement, and other terms and conditions as may be agreed upon. In the event the parties have not entered into a definitive agreement within 30 days following option exercise, either party may terminate the purchase of such Option Aircraft by giving written notice to the other within 5 days. If Customer and Boeing fail to enter into such definitive agreement, Boeing will retain the Deposit for that Option Aircraft.

P.A. 2191 Option Aircraft |  | SA-20 11/09

3

CONFIDENTIAL TREATMENT

COPA HOLDINGS, S.A

6-1162-RLL-3958R2

Very truly yours,
THE BOEING COMPANY
By: |  |
|  | Its Attorney-In-Fact
ACCEPTED AND AGREED TO this
Date: , 2009
COPA HOLDINGS, S.A., INC.
By: |  |
|  | Its |  |
Attachment — Table 1-11

P.A. 2191 Option Aircraft |  | SA-20 11/09

4

CONFIDENTIAL TREATMENT

6-1162-KSW-6419

COPA HOLDINGS, S.A., INC.

Apartado 1572

Avenida Justo Arosemena y Calle 39

Panama 1, Panama

Subject: |  | **Material Redacted**
Reference: |  | **Material Redacted**

**Material Redacted**

Recitals:

**Material Redacted**

Agreement:

1. | **Material Redacted**

2. | **Material Redacted**

3. | **Material Redacted**

4. | **Material Redacted**

5. | **Material Redacted**

6. The information contained herein represents confidential business information and has value precisely because it is not available generally or to other parties. Customer will limit the disclosure of its contents to employees of Customer with a need to know the contents for purposes of helping Customer perform its obligations under the Purchase Agreement and who understand they are not to disclose its contents to any other person or entity without the prior written consent of Boeing.

Very truly yours,
THE BOEING COMPANY
By: |  |
|  | Its Attorney-In-Fact

CONFIDENTIAL TREATMENT

COPA HOLDINGS, S.A., INC.

6-1162-KSW-6419

Page 2

ACCEPTED AND AGREED TO this
Date: , 2009
COPA HOLDINGS, S.A., INC.
By: |  |
|  | Its |  |

P.A. No. 2191 |  | SA-18
Fixing_Escalation_Factors 07/09 |  |

Boeing Proprietary

CONFIDENTIAL TREATMENT

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

**Material Redacted**

**Material Redacted**

P.A. No. 2191 |  | SA-18
Fixing_Escalation_Factors |  | 07/09

Boeing Proprietary

CONFIDENTIAL TREATMENT

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, between The Boeing Company (Boeing) and COPA HOLDINGS, S.A., INC. (the Purchase Agreement)

Attention: | Vice President — Contracts

Mail Code 21-34

**Material Redacted**

THE BOEING COMPANY
By: |  |
|  | Its Attorney-in-Fact
Dated |  |

P.A. No. 2191 |  | SA-18
Fixing_Escalation_Factors |  | 07/09

Boeing Proprietary