EX-4.14





 EXHIBIT 4.14 

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. 11 

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 August 30, 2006 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 Exhibits: 



 

	 	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 November 2007 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 November 2007 737-8V3 aircraft to this table. 



  

					
	PA No. 2191	  	Page 1	  	SA No. 10














 EXHIBIT 4.14 
  


	 	1.5.	 Letter Agreements: No. 6-1162-LAJ-982R3, entitled “Special Matters” Article 14 has been
updated to correct various manufacturer’s serial numbers and to include our agreement on **Material Redacted** for certain future aircraft. 



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.
			
	**Material Redacted**	 		 	
					
	By:	 	  
	 		 	By:	 	  

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



  

					
	PA No. 2191	  	Page 2	  	SA No. 10














 EXHIBIT 4.14 

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 11	 
	1-5	 	 Aircraft Information Table for Model 737-8V3 Aircraft
	  	 	SA 11	 
			
	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. 10














 EXHIBIT 4.14 
  


							
	 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 , 2006	 


  

					
	PA No. 2191	  	                	  	SA No. 10














 Table 1-4 

Aircraft Delivery, Description, Price and Advance Payments 
  

																			
		 				 				  	Detail Specification:	  	 	D6-38808-42-1	 	 	 	4th Qtr 2004	 
	Airframe Model/MTOW:	 	 	737-700	 	 	 	154,500	 	  		  	 	(4/30/2004)	 	 	 	Forecast (F)	 
	Engine Model:	 	 	CFM56 -7B22	 	 				  		  				 			
	Airframe Price:	 				 	 
 
	**Material
 Redacted**
	 
  
	  	 Airframe Price Base Year/Escalation Formula:

Engine Price Base Year/Escalation Formula:
	  	 
 
	Jul-04
 N/A
	 
  
	 	 
 
	ECI-MFG/CPI
 N/A
	 
  

	  	Airframe Escalation Data:	  				 			
	Optional Features:	 				 	 
	**Material
Redacted**	 
 
	Sub-Total of Airframe and Features:	  
	 	 	**Material	 	  	Base Year Index (ECI):	  	 	**Material	 	 			
		 				 	 	Redacted**	 	  		  	 	Redacted**	 	 			
	Engine Price (Per Aircraft):	 				 	 	**Material	 	  	Base Year Index (CPI):	  	 	**Material	 	 			
		 				 	 	Redacted**	 	  		  	 	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**	 
 	  		  				 			

  

																	
	 Delivery

Date
	  	 Number of

Aircraft
	  	 Escalation
Factor
(Airframe)
	  	 Manufacturer
Serial
Number
	  	 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

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**

	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **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:
	  	3	  		  		  		  		  		  		  	


  

					
	COP — SA 11	  		  	
	Nov 07 — Sub from -700 to a -800	  	Boeing Proprietary	  	Page 1














 Table 1-5 

Aircraft Delivery, Description, Price and Advance Payments 
  

																			
	Airframe Model/MTOW:	 	 	737-8V3	 	  	 
	174,200
pounds	 
 	  	Detail Specification:	  	 
	D6-38808-1 Rev C,
dated 5-4-05	 
 	  	 
	4th Qtr 2005
Forecast (F)	 
 
	Engine Model/Thrust:	 	 	CFM56 -7B26	 	  	 
	26,400
pounds	 
 	  	Airframe Price Base Year/Escalation Formula:	  	 	Jul-04	 	  	 	ECI-MFG/CPI	 
	Airframe Price:	 				  	 
	**Material
Redacted**	 
 	  	Engine Price Base Year/Escalation Formula:	  	 	N/A	 	  	 	N/A	 
	Optional Features:	 				  	 
	**Material
Redacted**	 
 	  	 Airframe Escalation Data:
	  				  			
	Sub-Total of Airframe and Features:	  
	  	 	**Material	 	  	Base Year Index (ECI):	  	 	**Material	 	  			
		 				  	 	Redacted**	 	  		  	 	Redacted**	 	  			
	Engine Price (Per Aircraft):	 				  	 	**Material	 	  	Base Year Index (CPI):	  	 	**Material	 	  			
		 				  	 	Redacted**	 	  		  	 	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**	 
 	  		  				  			

  

																	
	 Delivery

Date
	  	 Number of

Aircraft
	  	 Escalation Factor
(Airframe)
	  	 Manufacturer
Serial Number
	  	 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

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**

	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **Material

Redacted**
	  	 **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:
	  	3	  		  		  		  		  		  		  	


  

					
	COP — SA 11	  		  	
	Nov 07 — Sub from -700 to a -800	  	Boeing Proprietary	  	Page 2














 The Boeing Company 

P.O. Box 3707 
 Seattle, WA
98124-2207 
  

			
	



	  	 6-1162-LAJ-982R3
  

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**



  

					
	PA 2191	  	                	  	SA 11















			
		
	



	  	 12.  **Material Redacted**

 
 13.  **Material Redacted**

 
 14.  **Material Redacted**

 
 15.  **Material Redacted**

 
 16.  **Material Redacted**

 
 17.  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.


  

					
		 	ACCEPTED AND AGREED TO this
			
		 	Date:	 	                                      
           , 2006
		
		 	 THE BOEING COMPANY
  

**Material Redacted**

			
		 	By	 	                                      
          
			
		 	Its	 	Attorney-In-Fact                    
		 		 	
		
		 	COPA HOLDINGS, S.A.
			
		 	By	 	                                      
          
			
		 	Its	 	Chief Executive Officer            
		 		 	


  

					
	PA 2191	  	                	  	SA 11