Exhibit 10.49





EXHIBIT 10.49




CONFIDENTIAL TREATMENT




CERTAIN PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND FILED

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT

TO A REQUEST FOR CONFIDENTIAL TREATMENT




Supplemental Agreement No. 16




to




Purchase Agreement No. 2191




between




The Boeing Company




and




COPA Holdings, S.A., Inc.




Relating to Boeing Model 737 Aircraft




THIS SUPPLEMENTAL AGREEMENT entered into as of                                         , 2008 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
(the Agreement), as amended and supplemented, relating to Boeing Model 737-7V3 and 737-8V3 aircraft
(the Aircraft); and




WHEREAS, Customer and Boeing have come to agreement on the **Material Redacted**; and



WHEREAS, Boeing and Buyer 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 to amend the Agreement as follows:




	 	1.1.	 	 Table of Contents, Tables and Letter Agreements:
	 
	 	1.2.	 	Remove and replace, in its entirety the “Table of Contents”, with the
“Table of Contents” attached hereto and hereby made a part of the Agreement, to
reflect the changes made by this Supplemental Agreement.
	 
	 	1.3.	 	Table 1-8 entitled “Aircraft Information Table for Model 737-8V3 Aircraft” is
attached hereto to reflect **Material Redacted**.
	 
	 	1.4.	 	Letter Agreement No. 6-1162-LAJ-982R5 entitled “Special Matters” has been revised to
**Material Redacted**.





					
	 	 	 	 	 
	PA No. 2191
	 	 
	 	SA No. 16





 


 









 





The Purchase Agreement will be deemed to be supplemented to the extent herein provided as of the
date hereof and as so supplemented 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
	 	Page 2
	 	SA No. 16







 


 









 







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 13	 
	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	 
	 
	 	 	 	 
	EXHIBIT
	 	 	 	 
	 
	 	 	 	 
	A-1 Aircraft Configuration for Model 737-7V3 Aircraft
	 	SA 3	 
	A-2 Aircraft Configuration for Model 737-8V3 Aircraft
	 	SA 3	 
	B. Aircraft Delivery Requirements and Responsibilities
	 	SA 3	 
	 
	 	 	 	 
	SUPPLEMENTAL EXHIBITS
	 	 	 	 
	 
	 	 	 	 
	AE1. Escalation Adjustment Airframe and Optional Features
	 	SA 10	 
	 
	 	 	 	 
	BFE1. BFE Variables
	 	SA 3	 
	 
	 	 	 	 
	CS1. Customer Support Variables
	 	SA 3	 
	 
	 	 	 	 
	EE1. Engine Escalation/Engine Warranty and Patent Indemnity
	 	 	 	 
	 
	 	 	 	 
	SLP1. Service Life Policy Components
	 	 	 	 






					
	 	 	 	 	 
	PA No. 2191
	 	 	 	SA No. 16






 


 









 





	 	 	 	 	 
	 	 	SA	 
	 	 	NUMBER	 
	LETTER AGREEMENTS
	 	 	 	 
	 
	 	 	 	 
	2191-01 Demonstration Flight Waiver
	 	 	 	 
	2191-02 Escalation Sharing
	 	 	 	 
	2191-03 Seller Purchased Equipment
	 	 	 	 
	 
	 	 	 	 
	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-LAJ-982R5 Special Matters
	 	SA 16	 






	 	 	 	 	 
	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
	 	 	                    , 2008	 






					
	 	 	 	 	 
	PA No. 2191
	 	 	 	SA No. 16







 


 









 








Table 1-8

Aircraft Information Table for 737-8V3

Delivery, Description, Price and Advance Payments








	 	 	 	 	 	 	 	 	 	 	 	 	 
	Airframe Model/MTOW:
	 	 	737-800	 	 	174200 pounds	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Engine Model/Thrust:
	 	CFM56-7B26	 	 	26400 pounds	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Airframe Price:
	 	 	 	 	 	**Material Redacted**	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Optional Features:
	 	 	 	 	 	**Material Redacted**	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Sub-Total of Airframe and Features:
	 	 	 	 	 	**Material Redacted**	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Engine Price (Per Aircraft):
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Aircraft Basic Price (Excluding BFE/SPE):
	 	 	 	 	 	**Material Redacted**	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Buyer Furnished Equipment (BFE) Estimate:
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Seller Purchased Equipment (SPE) Estimate:
	 	 	 	 	 	**Material Redacted**	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Refundable Deposit/Aircraft at Proposal Accept:
	 	 	 	 	 	**Material Redacted**	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Detail Specification:
	 	 	D6-38808-43-1	 	 	 	(5/4/2005	)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Airframe Price Base Year/Escalation Formula:
	 	 	 	 	 	Jul-07	 	 	ECI-MFG/CPI	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Engine Price Base Year/Escalation Formula:
	 	 	 	 	 	 	N/A	 	 	 	N/A	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Airframe Escalation Data:
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Base Year Index (ECI):
	 	 	 	 	 	**Material Redacted**	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Base Year Index (CPI):
	 	 	 	 	 	**Material Redacted**	 	 	 	 	 






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Advance Payment Per Aircraft (Amts. Due/Mos. Prior	 
	 	 	 	 	 	 		 	 	 	 	 	 	to Delivery): 	 
	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	21/18/12	 	 	 	 
	 	 	 	 	 	Escalation	 	 	Escalation Estimate	 	 	 	 	 	 	 	 	 	 	/9/6	 	 	 	 
	Delivery	 	Number of	 	 	Factor	 	 	Adv Payment Base	 	 	At Signing	 	 	24 Mos.	 	 	Mos.	 	 	Total	 
	Date	 	Aircraft	 	 	(Airframe)	 	 	Price Per A/P	 	 	1%	 	 	4%	 	 	5%	 	 	30%	 
	**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. 16










 


 









 







6-1162-LAJ-982R5




COPA HOLDINGS, S.A.

Apartado 1572

Avenida Justo Arosemena y Calle 39

Panama 1, Panama





Subject: Special Matters




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 and supplements the Purchase Agreement. This Letter Agreement
supersedes and replaces in its entirety Letter Agreement 6-1162-MJB-0017. All terms used but not
defined in this Letter Agreement have the same meaning as in the Purchase Agreement. In
consideration of the Aircraft orders, Boeing provides the following to Customer.




	1.	 	**Material Redacted**
	 
	2.	 	**Material Redacted**
	 
	3.	 	**Material Redacted**
	 
	4.	 	**Material Redacted**
	 
	5.	 	**Material Redacted**
	 
	6.	 	**Material Redacted**
	 
	7.	 	**Material Redacted**
	 
	8.	 	**Material Redacted**
	 
	9.	 	**Material Redacted**
	 
	10.	 	**Material Redacted**
	 
	11.	 	**Material Redacted**
	 
	12.	 	Confidentiality. Customer understands that certain commercial and financial
information contained in this Letter Agreement are considered by Boeing as confidential.
Customer agrees that it will treat this Letter Agreement and the information contained herein
as confidential and will not, without the prior written consent of Boeing, disclose this
Letter 









					
	 	 	 	 	 
	PA No. 2191
	 	 	 	SA No. 16





 


 









 






Agreement or any information contained herein to any other person or entity except its counsel
and/or auditors or as otherwise required by law or legal
process.


ACCEPTED AND AGREED TO this




	 	 	 	 	 	 	 
	Date:

	 	 	, 	 2008
	 	 
	 

	 	 	 	 	 	 






	 	 	 	 	 
	THE BOEING COMPANY	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 

	 	 
	 

	 	Its Attorney-In-Fact

	 	 






COPA HOLDINGS, S.A.




	 	 	 	 	 
	By
	 	 	 	 
	 

	 	 

	 	 
	 

	 	Its Chief Executive Officer

	 	 







					
	 	 	 	 	 
	PA No. 2191
	 	 	 	SA No. 16