EX-4.18






			
	CONFIDENTIAL TREATMENT	  	EXHIBIT 4.18

 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. 15 

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
                                , 2008 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 **Material Redacted** 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 **Material Redacted** 737-8V3 aircraft to this table. 



  

			
	PA No. 2191	  	SA No. 15

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 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	 	**Material Redacted**	 		 	By:	 	
					
	Its:	 	Attorney-In-Fact	 		 	Its:	 	Chief Executive Officer


  

			
	PA No. 2191	  	SA No. 15

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 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 15	 
	 1-5 Aircraft Information Table for Model 737-8V3 Aircraft
	  	 	SA 15	 
	 1-6 Aircraft Information Table for Model 737-8V3 Aircraft
	  	 	SA 13	 
	 1-7 Aircraft Information Table for Model 737-8V3 Aircraft
	  	 	SA 13	 
	       Option Aircraft
	  			
		
	 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. 15

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	 ARTICLES
	  	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-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	 

  

			
	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
	 (2 typographical errors in SA 13 have been corrected in SA 14)
	  	
	 Supplemental Agreement No. 14
	  	August 31, 2007
	 Supplemental Agreement No. 15
	  	February     , 2008


  

			
	PA No. 2191	  	SA No. 15

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 Table 1-4 

Aircraft Information Table 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**
			
	 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
	 	
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%

	Total:	 	0	 		 		 		 		 		 		 	

  

	**	 Material Redacted** 



  

			
	PA No. 2191	  	SA No. 15

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 Table 1-5 

Aircraft Information Table Model 737-8V3 Aircraft 

Delivery, Description, Price and Advance Payments 
  

					
	 Airframe Model/MTOW:
	  	737-8V3	  	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:M
	  		  	
			
	 Base Year Index (ECI):
	  		  	**Material Redacted**
	 Base Year Index (CPI):
	  		  	**Material Redacted**

  

																	
	 Delivery Date
	 	 Number of
Aircraft
	 	 Escalation

Factor
(Airframe)
	 	 Escalation

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**
	**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:	 	6	 		 		 		 		 		 		 	


  

			
	PA No. 2191	  	SA No. 15

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