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