EX-4.15





 EXHIBIT 4.15 

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. 12 

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 Feb 26, 2007 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 and Tables: 



 

	 	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 1-4 entitled “Aircraft Information Table for Model 737- 7V3 Aircraft ” is attached
hereto to reflect the deletion of the May 2008 737-7V3 aircraft from this table. 


  

	 	1.4.	 Table 1-5 entitled “Aircraft Information Table for Model 737- 8V3 Aircraft ” is attached
hereto to reflect the addition of the May 2008 737-8V3 aircraft to this table. 


 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. 

  

					
	 PA No. 2191
	 	 Page 1
	 	SA No. 12














 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.
					
		 	**Material Redacted**	 		 		 	
					
	By:	 	  
	 		 	By:	 	  

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



  

					
	 PA No. 2191
	 	 Page 2
	 	SA No. 12














 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 12	 
	 1-5  
	  	Aircraft Information Table for Model 737 - 8V3 Aircraft	  	 	SA 12	 
		
	 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. 12















							
	 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	 
		
	 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
	  	 	            , 2007	 


  

					
	PA No. 2191	 		 	SA No. 12














 Table 1-4 

Aircraft Information Table for Model 737-7V3 Aircraft 

Aircraft Delivery, Description, Price and Advance Payments 

 


							
	 Airframe Model/MTOW:
	  	 	737-700	 	  	154,500
	 Engine Model:
	  	 	CFM56 -7B22	 	  	
	 Airframe Price:
	  				  	**Material Redacted**
	 Optional Features:
	  				  	**Material Redacted**
		  				  	  

	 Sub-Total of Airframe and Features:
	  
	  	**Material Redacted**
	 Engine Price (Per Aircraft):
	  
	  	**Material Redacted**
	 Aircraft Basic Price (Excluding BFE/SPE):
	  
	  	**Material Redacted**
		  				  	  

	 Buyer Furnished Equipment (BFE) Estimate:
	  
	  	**Material Redacted**
	 Seller Purchased Equipment (SPE) Estimate:
	  
	  	**Material Redacted**
		
	 Refundable Deposit/Aircraft at Proposal Accept:
	  
	  	**Material Redacted**

 


					
	Detail Specification:	  	D6-38808-42-1	 	
		  	(4/30/2004)	 	
	Airframe Price Base Year/Escalation Formula:	  	Jul-04	 	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**

 
 



							
	
Delivery
Date
	  	 Number of
Aircraft
	  	
    
    
Escalation

Factor
(Airframe)
	  	
Manufacturer
Serial Number


	 **Material
	  	**Material	  	**Material	  	**Material
	 Redacted**
	  	Redacted**	  	Redacted**	  	Redacted**
	 **Material
	  	**Material	  	**Material	  	**Material
	 Redacted**
	  	Redacted**	  	Redacted**	  	Redacted**

 


									
	 Escalation
Estimate
Adv Payment

Base
Price Per A/P
	  	 Advance Payment Per Aircraft
(Amts. Due/Mos.
Prior to Delivery):

	  	 At Signing
1%
	  	 24 Mos.
4%
	  	 21/18/12/9/6

Mos.
5%
	  	 Total
30%

	**Material	  	**Material	  	**Material	  	**Material	  	**Material
	Redacted**	  	Redacted**	  	Redacted**	  	Redacted**	  	Redacted**
	**Material	  	**Material	  	**Material	  	**Material	  	**Material
	Redacted**	  	Redacted**	  	Redacted**	  	Redacted**	  	Redacted**

 
 


																																	
	 Total:
	  	 	2                                  
                                         
                                         
                                         
                                         
      	 	  				  				  				  				  				  				  			


  

					
	COP — SA 12	 		 	
	May 08 — Sub from -700 to a -800	 	Boeing Proprietary	 	Page 1














 Table 1-5 

Aircraft Information Table for Model 737-8V3 Aircraft 

Delivery, Description, Price and Advance Payments 

 


							
	 Airframe Model/MTOW:
	  	 	37-8V3	 	  	174,200 pounds
	 Engine Model/Thrust:
	  	 	CFM56 -7B26	 	  	26,400 pounds
	 Airframe Price:
	  				  	**Material Redacted**
		  				  	  

	 Optional Features:
	  				  	**Material Redacted**
	 Sub-Total of Airframe and Features:
	  
	  	**Material Redacted**
	 Engine Price (Per Aircraft):
	  
	  	**Material Redacted**
	 Aircraft Basic Price (Excluding BFE/SPE):
	  
	  	**Material Redacted**
		  				  	  

	 Buyer Furnished Equipment (BFE) Estimate:
	  
	  	**Material Redacted**
	 Seller Purchased Equipment (SPE) Estimate:
	  
	  	**Material Redacted**
		
	 Refundable Deposit/Aircraft at Proposal Accept:
	  
	  	**Material Redacted**

 


					
	Detail Specification:	  	D6-38808-1 Rev C,	  	
		  	dated 5-4-05	  	
	 Airframe Price Base
 Year/Escalation
Formula:
	  	Jul-04	  	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**

 
 



							
	
Delivery
Date
	  	 Number of
Aircraft
	  	
    
    
Escalation

Factor
(Airframe)
	  	
Manufacturer
Serial Number


	 **Material
	  	**Material	  	1.1101	  	35068
	 Redacted**
	  	Redacted**	  		  	
	 **Material
	  	**Material	  	**Material	  	**Material
	 Redacted**
	  	Redacted**	  	Redacted**	  	Redacted**
	 **Material
	  	**Material	  	**Material	  	**Material
	 Redacted**
	  	Redacted**	  	Redacted**	  	Redacted**
	 **Material
	  	**Material	  	**Material	  	**Material
	 Redacted**
	  	Redacted**	  	Redacted**	  	Redacted**

 


									
	 Escalation
Estimate
Adv Payment

Base
Price Per A/P
	  	 Advance Payment Per Aircraft
(Amts. Due/Mos.
Prior to Delivery):

	  	 At Signing
1%
	  	 24 Mos.
4%
	  	 21/18/12/9/6

Mos.
5%
	  	 Total
30%

	$71,479,000	  	$624,790	  	$2,859,160	  	$3,573,950	  	$21,443,700
		  		  		  		  	
	**Material	  	$ 629,620	  	**Material	  	**Material	  	**Material
	Redacted**	  		  	Redacted**	  	Redacted**	  	Redacted**
	**Material	  	**Material	  	**Material	  	**Material	  	**Material
	Redacted**	  	Redacted**	  	Redacted**	  	Redacted**	  	Redacted**
	**Material	  	**Material	  	**Material	  	**Material	  	**Material
	Redacted**	  	Redacted**	  	Redacted**	  	Redacted**	  	Redacted**

 
 


																																	
	 Total:
	  	 	4                                  
                                         
                                         
                                         
                                         
      	 	  				  				  				  				  				  				  			


  

					
	 COP — SA 12
 44193-May 08 Sub to
-700 to a -800
	 	 Boeing Proprietary
	 	Page 1