EX-4.26





 EXHIBIT 4.26 

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. 23 

to 
 Purchase Agreement
No. 2191 
 between 
 The
Boeing Company 
 and 
 COPA
Holdings, S.A. 
 Relating to Boeing Model 737 Aircraft 

THIS SUPPLEMENTAL AGREEMENT No. 23 (“Supplemental Agreement 23”) is entered into as of October     ,
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 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. 
 2. The “Table of Contents” of the Purchase Agreement is revised to reflect the
changes made by this Supplemental Agreement 23 and a copy of such revised Table of Contents is attached hereto. 
 3. [***]. 

3. Tables 1-10A(2) and 1-10B, “Aircraft Delivery, Description, Price and Advance Payments”, attached hereto, [***]. 

6. Attachment A of Letter Agreement 6-1162-KSW-6419R1 [***]. 

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. 

  

					
	PA No. 2191	  	Page 1	  	 SA No. 22

September 2010
















 CONFIDENTIAL TREATMENT 
  


									
	 THE BOEING COMPANY
	 	            	 	COPA HOLDINGS, S.A.
					
	 By:    
	 	  
	 		 	By:    	 	  

		 	Its: Attorney-In-Fact	 		 		 	Its: Chief Executive Officer


  

					
	PA No. 2191	  	Page 2	  	 SA No. 22

September 2010
















 CONFIDENTIAL TREATMENT 
  

 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 TREATMENT 
  


							
		
	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
	 	 Escalation Sharing
	  			
	 2191-03
	 	 Seller Purchased Equipment
	  			
	 2191-03R1
	 	 Seller Purchased Equipment
	  	 	SA-20	 
	
	RESTRICTED LETTER AGREEMENTS	  

	6-1162-DAN -01	 	 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
	  	 	SA 17	 
		 	 Listed in Table 1-9
	  			
	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 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, 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     , 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 TREATMENT 
  

Table 1-10A(2) 
 Aircraft
Delivery, Description, Price and Advance Payments (BSI/Winglets) 
  

																							
	 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:
	  	 	[***]	 	  		  				  				  				  			

  
  

																																					
	 Delivery

Date
	  	Number of
Aircraft	 	  	Escalation
Factor
(Airframe)	 	  	Serial
Number	 	  	Fixed
Escalation	 	  	Escalation
Estimate
Adv Payment
Base Price
Per A/P	 	  	Advance Payment Per Aircraft
(Amts. Due/Mos. Prior to
Delivery):	 
	  	[***]	 	  	[***]	 	  	[***]	 	  	[***]	 
	  	[***]	 	  	[***]	 	  	[***]	 	  	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 Total:
	  	 	10	 	  				  				  				  				  				  				  				  			
	 [***]
	  				  				  				  				  				  				  				  				  			
	 [***]
	  				  				  				  				  				  				  				  				  			
	 [***]
	  				  				  				  				  				  				  				  				  			


  

					
	 COP-54019-1F.TXT
 PA No. 2191
SA-23
	  	  
 Boeing Proprietary
	  	 Oct. 2010

Page 1
















 CONFIDENTIAL TREATMENT 
  

 Table 1-10B 

Aircraft Delivery, Description, Price and Advance Payments 

(BSI Interior) 
  

																			
	 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:
	  	 	[***]	 	  		  				  				  			
	 Option Deposit Paid
	  	 	[***]	 	  		  				  				  			

  

																																					
	 Delivery

Date
	  	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):	 
	  	    [***]    	 	  	    [***]    	 	  	    [***]    	 	  	    [***]    	 
	  	[***]	 	  	[***]	 	  	[***]	 	  	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 Total:
	  	 	3	 	  				  				  				  				  				  				  				  			
	 [***]
	  				  				  				  				  				  				  				  				  			
	 [***]
	  				  				  				  				  				  				  				  				  			
	 [***]
	  				  				  				  				  				  				  				  				  			


  

					
	 COP-54022-1F.TXT

PA No. 2191 SA-23
	  	  
 Boeing Proprietary
	  	 10/10

Page 1
















 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	 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 


  

					
	PA No. 2191 SA23	  		  	 10/10