EX-4.21





 EXHIBIT 4.21 

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. 18 

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              , 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 (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 purchase of **Material Redacted**; and 
 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 to
amend the Agreement as follows: 
  

	 	1.1.	 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. 


  

	 	1.2.	 Table 1-10 entitled “Aircraft Information Table for Model 737- 8V3 Aircraft ”, attached
hereto, is added to the Agreement to reflect the scheduled delivery months for the 737-8V3 **Material Redacted**. 


  

	 	1.3.	 Exhibit A-3, Aircraft Configuration for Customer’s 737-8V3 Aircraft is added which represents the changes
included in Customer’s Detail Specification number **Material Redacted** dated April 24, 2009. 


  

  

					
	PA No. 2191	  		  	SA No. 18















 CONFIDENTIAL TREATMENT 
  


	 	1.4.	 Supplemental Agreement BFE1, Buyer Furnished Equipment Variables, paragraph 2 is revised as stated below to add
the preliminary on-dock dates for the Incremental Aircraft delivering in 2012. Preliminary on-dock dates for later delivery positions are not available as they are outside the current production schedule. My Boeing Configuration (MBC) can provide
on-dock dates as each Incremental Aircraft implements into the Integrated BFE Accountability System (IBAS). 



Preliminary On-dock Dates 
  

							
		  	**Material Redacted**	  	**Material Redacted**	  	**Material Redacted**
	 Seats
	  	**Material Redacted**	  	**Material Redacted**	  	**Material Redacted**
	 Galleys/Furnishings
	  	**Material Redacted**	  	**Material Redacted**	  	**Material Redacted**
	 Antennas and Mounting Equipment
	  	**Material Redacted**	  	**Material Redacted**	  	**Material Redacted**
	 Avionics Equipment
	  	**Material Redacted**	  	**Material Redacted**	  	**Material Redacted**
	 Cabin Systems Equipment
	  	**Material Redacted**	  	**Material Redacted**	  	**Material Redacted**
	 Miscellaneous/ Emergency Equipment
	  	**Material Redacted**	  	**Material Redacted**	  	**Material Redacted**
	 Textiles/Raw Material
	  	**Material Redacted**	  	**Material Redacted**	  	**Material Redacted**
	 Cargo Systems
	  	**Material Redacted**	  	**Material Redacted**	  	**Material Redacted**
	 Provision Kits
	  	**Material Redacted**	  	**Material Redacted**	  	**Material Redacted**
	 Radomes
	  	**Material Redacted**	  	**Material Redacted**	  	**Material Redacted**

  

	 	1.5.	 **Material Redacted** 



 

	 	1.6.	 **Material Redacted** 



 

	 	1.7.	 Letter Agreement No. 6-1162-RLL-3958 entitled “737-8V3 Option Aircraft” is revised to add Table 1-11
which provides the delivery positions for **Material Redacted** Option Aircraft, a copy of the revised Letter 6-1162-RLL- 3985R1 is attached. 


  

	 	1.8.	 Letter Agreement 6-1162-6417 entitled “Boeing Offer Related to New Interior” is added to the
Agreement. 


  

  

					
	PA No. 2191	  		  	SA No. 18

 Page 2 














 CONFIDENTIAL TREATMENT 
  


	 	1.9.	 **Material Redacted** 



 

	 	1.10.	 **Material Redacted**. 



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	  		  	SA No. 18

 Page 3 














 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 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	 
	 1-9
	 	Aircraft Information Table for Model 737-8V3 Aircraft	  	 	SA 17	 
	 1-10
	 	Aircraft Information Table for Model 737-8V3 Aircraft	  	 	SA 18	 
	 1-11
	 	Aircraft Information Table for Model 737-8V3 Option Aircraft	  	 	SA 18	 
			
	 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	 


  

					
	PA No. 2191	  		  	SA No. 18

 i 














 CONFIDENTIAL TREATMENT 
  


							
	 	 	 	  	SA
NUMBER	 
	 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	  			

  

			
	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 Mattera	  	 	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-LAJ-982R5
	  	Special Matters	  	 	SA 16	 
	 6-1162-LAJ-982R6
	  	Special Matters	  	 	SA 17	 
	 6-1162-LAJ-982R7
	  	Special Matters	  	 	SA 18	 
	 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 18	 


  

					
	PA No. 2191	  		  	SA No. 18

 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     2009

  

  

					
	PA No. 2191	  		  	SA No. 18

 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):	 		 	$0	 		 	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:	 		 	$0	 		 		  		 	
	Seller Purchased Equipment (SPE) Estimate:	 		 	**Material Redacted**	 		 		  		 	
							
	Refundable Deposit/Aircraft at Proposal Accept:	 		 	**Material Redacted**	 		 		  		 	

  

																			
	 	 	 	 	Escalation	 	 	 	 	 	Escalation Estimate	 	 Advance Payment Per

Aircraft (Amts. Due/Mos.

Prior to Delivery):
	 	 	 	 	 	 
	 Delivery

Date      
	 	 Number of

Aircraft
	 	 Factor

(Airframe)
	 	 Serial

Number
	 	Escalation	 	 Adv Payment Base

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**	 	 **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. 18

 i 














 CONFIDENTIAL TREATMENT 

Table 1-10B 
 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-06	  	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):	  	180.3	  	
	Aircraft Basic Price (Excluding BFE/SPE):	  		  	**Material Redacted**	  		  	Base Year Index (CPI):	  	195.4	  	
	Buyer Furnished Equipment (BFE) Estimate:	  		  		  		  		  		  	
	Seller Purchased Equipment (SPE) Estimate:	  		  	**Material Redacted**	  		  		  		  	
							
	Option Deposit Paid	  		  	**Material Redacted**	  		  		  		  	

  

																			
	 	 	 	 	Escalation	 	 	 	 	 	Escalation Estimate	 	 Advance Payment Per

Aircraft (Amts.

Due/Mos. Prior to

Delivery):
	 	 	 	21/18/12/9/	 	 
	Delivery	 	Number of	 	Factor	 	Serial	 	 	 	Adv Payment Base	 	 At Signing
	 	 24 Mos.
	 	 6 Mos.
	 	 Total

	 Date      
	 	 Aircraft
	 	 (Airframe)
	 	 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**

	 Total:
	 	 **Material

Redacted**
	 		 		 		 		 		 		 		 	


  

					
	PA No. 2191	  		  	SA No. 18

 i 














 CONFIDENTIAL TREATMENT 

Table 1-11 
 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):	  		  		  	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:	  		  		  		  		  	
	Seller Purchased Equipment (SPE) Estimate:	  		  	**Material Redacted**	  		  		  	
						
	Non-Refundable Deposit/Aircraft at Def Agreemt:	  		  	**Material Redacted**	  		  		  	

  

																			
	 	 	 	 	 Escalation

Factor

(Airframe)
	 	 	 	 	 	 Escalation

Estimate

Adv Payment
	 	 Advance Payment Per

Aircraft (Amts. Due/Mos.

Prior to Delivery):
	 	 	 	21/18/12/9/6	 	 
	 Delivery

Date        
	 	 Number of

Aircraft
	 	 	 	 	 	Base	 	 At Signing
	 	24 Mos.	 	 Mos.
	 	 Total

	 	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

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	 	 **Material

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	 	 **Material

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	 	 **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

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	 	 **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. 18

 i 














 CONFIDENTIAL TREATMENT 
  

 AIRCRAFT CONFIGURATION 

between 
 THE BOEING COMPANY 

and 
 COPA HOLDINGS, S.A., INC.

 Exhibit A-3 to Purchase Agreement Number 2191 

  

					
	P.A. No. 2191 SA-18	  	A-3	  	

 BOEING PROPRIETARY 














 CONFIDENTIAL TREATMENT 

Exhibit A-3 to 
 Purchase Agreement No. 2191 

Page 2 
  

 AIRCRAFT CONFIGURATION 

Dated July 2009 
 relating to 

BOEING MODEL 737-8V3 AIRCRAFT 

The Detail Specification is **Material Redacted** dated April 24, 2009. Such Detail Specification incorporates the Options listed below,
including the effects on Manufacturer’s Empty Weight (MEW) and Operating Empty Weight (OEW). The Aircraft Basic Price reflects and includes all effects of such Options, except such Aircraft Basic Price does not include the price effects of any
Buyer Furnished Equipment or Seller Purchased Equipment. 
 Customer has accepted the proposal for the New Interior. This revision to the
Detail Specification does not include the New Interior changes nor any price change associated with the New Interior. Exhibit A will be revised at a later date to include the changes related to the New Interior. 

  

					
	PA No. 2191 SA-18	  	 A-3

BOEING PROPRIETARY
	  	















 CONFIDENTIAL TREATMENT 

SUPPLEMENTAL EXHIBITS 

BFE Variables 
  


					
	Customer	  	COP COPA Airlines	  	
	Model	  	737-800	  	
	Engine	  	CFM56-7B26	  	
		  		  	2008$

  

					
	 Config Item No.
	  	 Title
	  	 AF Price

	**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**
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	P.A. No. 2191 SA-18	  	 A-3

BOEING PROPRIETARY
	  	















 CONFIDENTIAL TREATMENT 

SUPPLEMENTAL EXHIBITS 

BFE Variables 
  


					
	 Config Item No.
	  	 Title
	  	 AF Price

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	P.A. No. 2191 SA-18	  	 A-3

BOEING PROPRIETARY
	  	















 CONFIDENTIAL TREATMENT 

SUPPLEMENTAL EXHIBITS 

BFE Variables 
  


					
	 Config Item No.
	  	 Title
	  	 AF Price

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	P.A. No. 2191 SA-18	  	 A-3

BOEING PROPRIETARY
	  	















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SUPPLEMENTAL EXHIBITS 

BFE Variables 
  


					
	 Config Item No.
	  	 Title
	  	 AF Price

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	P.A. No. 2191 SA-18	  	 A-3

BOEING PROPRIETARY
	  	















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SUPPLEMENTAL EXHIBITS 

BFE Variables 
  


					
	 Config Item No.
	  	 Title
	  	 AF Price

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	P.A. No. 2191 SA-18	  	 A-3

BOEING PROPRIETARY
	  	















 CONFIDENTIAL TREATMENT 

SUPPLEMENTAL EXHIBITS 

BFE Variables 
  


					
	 Config Item No.
	  	 Title
	  	 AF Price

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	P.A. No. 2191 SA-18	  	 A-3

BOEING PROPRIETARY
	  	














 CONFIDENTIAL TREATMENT 
  





 
 COPA HOLDINGS, S.A 

6-1162-RLL-3958R1 
 6-1162-RLL-3958R1 

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. All terms
used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement. 
 Boeing agrees to manufacture and sell to Customer
additional Model 737 aircraft as Option Aircraft. The options for Option Aircraft listed in Table 1-7 have been exercised as part of this Supplemental Agreement 18. New option delivery positions are provided in Table 1-11. The delivery
months, number of aircraft, Advance Payment Base Price per aircraft and advance payment schedule for these new option positions are listed in Table 1-11 to this Letter Agreement. The Airframe Price shown includes the Engine Price. 

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. 



  
 1 














 CONFIDENTIAL TREATMENT 
  





 
 COPA HOLDINGS, S.A 

6-1162-RLL-3958R1 
  

 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. 
 4. Option Exercise. 

4.1 Customer may exercise an option by giving written notice to Boeing **Material Redacted**. 

4.2 **Material Redacted** 
 5. Contract
Terms. 
 **Material Redacted** 

  
 2 














 CONFIDENTIAL TREATMENT 
  





 
 COPA HOLDINGS, S.A 

6-1162-RLL-3958R1 
  

 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


  
 3 













 CONFIDENTIAL TREATMENT 
  





 
 Boeing Commercial Airplanes 

P.O. Box 3707 
 Seattle, WA
98124-2207 
 6-1162-LAJ-982R7 
 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 and supersedes and replaces in its entirety Letter Agreement 6-1162-LAJ-982R6. 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. For purposes of this Letter Agreement “Incremental Aircraft” are “Aircraft” or “Table 1-10A&B Aircraft”. 
  

	 	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** 















 CONFIDENTIAL TREATMENT 
  





 
 6-1162-KSW-6417 
 Page 2 of 3

  

  

	 	12.	 **Material Redacted** 



 

	 	13.	 **Material Redacted** 



 

	 	14.	 **Material Redacted** 



 

	 	15.	 **Material Redacted** 



 

	 	16.	 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 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:	 	        , 2009
	
	THE BOEING COMPANY
		
	By:	 	  

		 	Its Attorney-In-Fact
	
	COPA HOLDINGS, S.A.
		
	By:	 	  

		 	Its Chief Executive Officer


  
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 CONFIDENTIAL TREATMENT 
  





 
 6-1162-KSW-6417 
 Page 3 of 3

  

 ACCEPTED AND AGREED TO this 
  

			
	Date:	 	        , 2009
	
	BOEING COMMERCIAL AIRPLANE GROUP
		
	By:	 	  

		 	Its Attorney-In-Fact
	
	COPA HOLDINGS, S.A.
		
	By:	 	  

		 	Its Chief Executive Officer
	
	Attachment — Table 1-11


  
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 CONFIDENTIAL TREATMENT 
  





 
 Boeing Commercial Airplanes 

P.O. Box 3707 
 Seattle, WA
98124-2207 
 June 1, 2009 
 6-1162-KSW-6417 

COPA HOLDINGS, S.A. 
 Business Park, Torre Norte, 

Urbanizacion Costa del Este, 
 Apdo: 0816-06819 

Republic of Panama 
  

	Subject:	 Boeing Proposal relating to the Boeing Sky Interior (Proposal) 



 

	Reference:	 Purchase Agreement No. 2191 dated November 25, 1998 (Purchase Agreement) between The Boeing Company
(Boeing) and COPA HOLDINGS, S.A. 


 (Customer) relating to the sale of Boeing Model 737-800 aircraft 

Dear Sir: 
 Boeing is pleased to offer a new interior of
the 737 aircraft to further improve the flying experience for passengers (Boeing Sky Interior). The Boeing Sky Interior includes the following features: 
  

	 	•	 	 Color LED Ceiling Lighting 



 

	 	•	 	 Forward and Aft Cove Lighting 



 

	 	•	 	 New Pivot Bins 


  


	 	•	 	 New Sculpted Sidewalls and Color LED Sidewall Lighting 



 

	 	•	 	 New PSUs with LED Reading Lights 



 

	 	•	 	 Brighter Color and Décor 



 

	 	•	 	 New Window Reveal 



 

	 	•	 	 Touch Screen Attendant Panel 



 

	 	•	 	 Improved Operational Security Features 



 

	 	•	 	 Quieter Cabin 



1. Implementation. 
 Boeing is offering Customer the
Boeing Sky Interior for implementation beginning on your March 2011 Model 737-800 aircraft (Aircraft), subject to prior sale, production constraint, or other disposition and acceptance in accordance with paragraph 4 below. 













 CONFIDENTIAL TREATMENT 
  





 
 6-1162-KSW-6417 
 Page 2 of 3

  

 2. Boeing Sky Interior Price. 

**Material Redacted** 
 3. Big Bin Existing Interior. 

**Material Redacted** 
 4. Proposal Acceptance. 

Customer may accept this proposal by providing its authorized signature in the space provided below and returning a copy to Boeing by no later than July 29,
2009. Upon receipt of this countersigned Proposal by the aforementioned date, Boeing will reserve the Boeing Sky Interior for the Aircraft or advise Customer of an alternate implementation schedule for the Boeing Sky Interior. Upon Customer’s
and Boeing’s agreement of the applicable Aircraft the parties shall agree to amend Exhibit A and other affected provisions of the Purchase Agreement (including the Aircraft Basic Price) in the form of a supplemental agreement. 

5. Expiration of Offer. 
 Unless expressly withdrawn, this
Proposal will expire on June 9, 2009 if not accepted in accordance with the provisions set forth in paragraph 3 above by such date. 
 6. Confidential
Treatment. 
 The information contained herein represents confidential business information and has value precisely because it is not available generally
or to other parties. By receiving this Proposal, Customer agrees to limit the disclosure of its contents to employees of Customer with a need to know the contents for purposes of helping Customer evaluate or respond to the Proposal and who
understand they are not to disclose its contents to any other person or entity without the prior written consent of Boeing. 

  
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 CONFIDENTIAL TREATMENT 
  





 
 6-1162-KSW-6417 
 Page 3 of 3

  

 If you have any questions regarding this Proposal, please feel free to contact me. 

Very truly yours, 
  

			
	The Boeing Company
	
	THE BOEING COMPANY
		
	By:	 	
                     


		 	Its Attorney-In-Fact
	
	ACCEPTED AND AGREED TO this
		
	Date:	 	        , 2009


			
	
	COPA HOLDINGS, S.A.
		
	Signature:	 	  

		
	Printed Name:	 	  

		
	Title:	 	  



  
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 CONFIDENTIAL TREATMENT 
  





 
 Boeing Commercial Airplanes 

P.O. Box 3707 
 Seattle, WA
98124-2207 
 6-1162-KSW-6419 
 COPA HOLDINGS, S.A., INC. 

Apartado 1572 
 Avenida Justo Arosemena y Calle 39 

Panama 1, Panama 
  

	Subject:	 **Material Redacted** 



 

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



**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. 













 CONFIDENTIAL TREATMENT 
  





 
 COPA HOLDINGS, S.A. 

6-1162-KSW-6419 
  

 Very truly yours, 
  

			
	THE BOEING COMPANY
		
	By:	 	
                     


		 	Its Attorney-In-Fact


			
	
	ACCEPTED AND AGREED TO this
		
	Date:	 	        , 2009
	
	COPA HOLDINGS, S.A.


					
		
	By:	 	  

		 	Its	 	  



  
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