EX-4.22





 EXHIBIT 4.22 

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. 19 

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 agreed to accelerate the
delivery of Aircraft serial number 40664 from June 2010 to May 2010. 
 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.	 The “Table of Contents” is revised to reflect the changes made by this Supplemental Agreement.



  

	2.	 Table 1-9 entitled “Aircraft Information Table for Model 737-8V3 Aircraft”, is revised to **Material Redacted**. The revised Table 1-9 is attached hereto. 



 

	3.	 **Material Redacted** 



 

					
	PA No. 2191	 		 	SA No. 19
		 		 	Aug 2009














 CONFIDENTIAL TREATMENT 
  

 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. 19
		 		 	Aug 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 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 19	 
	 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	 
		
	 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. 19
		 		 	Aug 2009
		 	  
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 CONFIDENTIAL TREATMENT 
  


							
	 	 	 	  	SA
NUMBER	 
	 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	 
	
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. 19
		 		 	Aug 2009
		 	  
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 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	 


  

					
	PA No. 2191	 		 	SA No. 19
		 		 	Aug 2009
		 	  
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 CONFIDENTIAL TREATMENT 
  

 Table 1-9 

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):
	 	 	 	21/18/12/9/6	 	 
	 Delivery
Date
	 	 Number of


Aircraft
	 	 Escalation

Factor 

(Airframe)
	 	 Serial

Number
	 	 Escalation
	 	 Adv Payment

Base

Price Per A/P
	 	 At Signing

**Material

Redacted**
	 	 24 Mos.

**Material

Redacted**
	 	 Mos.

**Material

Redacted**
	 	 Total

**Material

Redacted**

	 **Material Redacted**
	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**
	 **Material Redacted**
	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**
	 **Material Redacted**
	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**	 	**Material Redacted**	 	**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. 19
		 		 	Aug 2009
		 	  
 i