Supplemental Agreement No. 23







to







Purchase Agreement No. 2191







between







The Boeing Company







and







COPA Holdings, S.A.







Relating to Boeing Model 737 Aircraft







THIS SUPPLEMENTAL AGREEMENT No. 23 (“Supplemental Agreement 23”) is entered into as of October 26, 2010 by and between THE BOEING COMPANY, a Delaware corporation with its principal office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A. (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, 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 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 23 and a copy of such revised Table of Contents is attached hereto.







3.            [***].







3.            Tables 1-10A(2) and 1-10B, “Aircraft Delivery, Description, Price and Advance Payments”, attached hereto, [***].







6.            Attachment A of Letter Agreement 6-1162-KSW-6419R1 [***].







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.








	
PA No. 2191

	
Page 1

	
SA No. 22


	  	  	
September 2010











  





  











  












	  	
THE BOEING COMPANY

	 	  	
COPA HOLDINGS, S.A.


	 	 	 	 	 
	
By

	
/s/ David Gossard

	  	
By:

	
/s/ Pedro Heilbron


	  	  	  	  	  
	
Its:

	
Attorney-In-Fact

	  	
Its:

	
Chief Executive Officer













	
PA No. 2191

	
Page 2

	
SA No. 22


	  	  	
September 2010











  





  











  








TABLE OF CONTENTS








	  	 	  	
SA


	
ARTICLES

	 	  	
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 13


	  	
1-5

	 	
Aircraft Information Table for Model 737-8V3 Aircraft

	
SA 13


	  	
1-6

	 	
Aircraft Information Table for Model 737-8V3 Aircraft

	
SA 21


	  	
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 21


	  	
1-9

	 	
Aircraft Information Table for Model 737-8V3 Aircraft

	
SA 21


	  	
1-10

	 	
Aircraft Information Table for Model 737-8V3 Aircraft

	
SA 21


	  	
1-10A(1)

	 	
Aircraft Information Table for Model 737-8V3 Aircraft

	
SA 21


	  	
1-10A(2)

	 	
Aircraft Information Table for Model 737-8V3 Aircraft

	
SA 21


	  	
1-10B

	 	
Aircraft Information Table for Model 737-8V3 Aircraft

	
SA 21


	  	
1-11

	 	
Aircraft Information Table for Model 737-8V3 Option Aircraft

	
SA 22


	  	
1-12

	 	
Aircraft Information Table for Model 737-8V3 Aircraft

	
SA 21


	  	  	 	  	  
	  	
1-13

	 	
Aircraft Information Table for Model 737-8V3 Aircraft

	
SA 22


	  	  	 	  	  
	  	
1-14

	 	
Aircraft Information Table for Model 737-8V3 Option Aircraft

	
SA 22


	  	  	 	  	  
	
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













	
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i

	
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September 2010











  





  











  












	  	
A-4

	 	
Aircraft Configuration for Model 737-8V3 Aircraft [***]

	
SA 22


	  	  	 	  	  
	  	
B.

	 	
Aircraft Delivery Requirements and Responsibilities

	
SA 3


	  	  	 	  	  
	
SUPPLEMENTAL EXHIBITS

	  
	  	  	 	  	  
	  	
AE1.

	 	
Escalation Adjustment Airframe and Optional Features

	
SA 10


	  	  	 	  	  
	  	
BFE1.

	 	
BFE Variables

	
SA 22


	  	  	 	  	  
	  	
CS1.

	 	
Customer Support Variables

	
SA 3


	  	  	 	  	  
	  	
EE1.

	 	
Engine Escalation/Engine Warranty and Patent Indemnity

	  
	  	  	 	  	  
	  	
SLP1.

	 	
Service Life Policy Components

	  



 



	
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-01

	 	
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-3958R2

	 	
737-8V3 Option Aircraft

	
SA 21


	
6-1162-RLL-3958R3

	 	
737-8V3 Option Aircraft

	
SA 22


	
6-1162-LAJ-982R5

	 	
Special Matters

	
SA 16


	
6-1162-LAJ-982R6

	 	
Special Matters

	
SA 17















	
PA No. 2191

	
ii

	
SA No. 22


	  	  	
September 2010











  





  











  












	
6-1162-LAJ-982R7

	 	
Special Matters

	
SA 18


	
6-1162-LAJ-982R8

	 	
Special Matters

	
SA 22


	
6-1162-RLL-4092

	 	
Advance Payment Matters for Aircraft Listed in Table 1-9

	
SA 17


	
6-1162-KSW-6417

	 	
[***]

	
SA 18


	
6-1162-KSW-6419

	 	
[***]

	
SA 20


	
6-1162-KSW-6419R1

	 	
[***]

	
SA 22


	
6-1162-KSW-6471

	 	
[***]

	
SA 22


	
LA-1000842

	 	
Installation of Cabin Systems Equipment

	
SA 21


	
LA-10001606

	 	
[***]

	
SA 22













	
PA No. 2191

	
iii

	
SA No. 22


	  	  	
September 2010











  





  











  












	
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 , 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 31, 2009


	
Supplemental Agreement No. 20

	
November 19, 2009


	
Supplemental Agreement No. 21

	
May 28, 2010













	
PA No. 2191

	
iv

	
SA No. 22


	  	  	
September 2010
















  





  











  








Table 1-10A(2)


Aircraft Delivery, Description, Price and Advance Payments (BSI/Winglets)








	
Airframe Model/MTOW:

	
737-800

	
[***]

	  	
Detail Specification:

	
[***]


	  	  	  	  	  	  
	
Engine Model/Thrust:

	
CFM56-7B26

	
[***]

	  	
Airframe Price Base Year/Escalation Formula:

	
[***]

	
[***]


	  	  	  	  	  	  	  
	
Airframe Price:

	
[***]

	  	
Engine Price Base Year/Escalation Formula:

	
[***]

	
[***]


	  	  	  	  	  
	
Optional Features:

	

[***]



	  	  	  
	  	  	  	  	  
	
Sub-Total of Airframe and Features:

	
[***]

	  	
Airframe Escalation Data:

	  
	  	  	  	  	  
	
Engine Price (Per Aircraft):

	
$0

	  	
Base Year Index (ECI):

	
[***]


	  	  	  	  	  
	
Aircraft Basic Price (Excluding BFE/SPE):

	

[***]



	  	
Base Year Index (CPI):

	
[***]


	  	  	  	  	  
	
Buyer Furnished Equipment (BFE) Estimate:

	
$0

	  	  	  
	  	  	  	  	  
	
Seller Purchased Equipment (SPE) Estimate:

	
[***]

	  	  	  
	  	  	  	  	  
	
Refundable Deposit/Aircraft at Proposal Accept:

	
[***]

	  	  	  





 



	  	  	
Escalation

	  	  	
Escalation Estimate

	
Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):


	
Delivery

	
Number of

	
Factor

	
Serial

	
Fixed

	
Adv Payment Base

	
[***]

	
[***]

	
[***]

	
[***]


	
Date

	
Aircraft

	
(Airframe)

	
Number

	
Escalation

	
Price Per A/P

	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]







 



	
COP-54019-1F.TXT

	  	
Oct. 2010


	
PA No. 2191 SA-23

	
Boeing Proprietary

	
Page 1







 




  





  











  






 



	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]


	
Total:

	
10

	  	  	  	  	  	  	  	  





 


[***]


[***]


[***]








	
COP-54019-1F.TXT

	  	
Oct. 2010


	
PA No. 2191 SA-23

	
Boeing Proprietary

	
Page 2











  





  











  








Table 1-10B


Aircraft Delivery, Description, Price and Advance Payments


(BSI Interior)








	
Airframe Model/MTOW:

	
737-800

	
[***]

	  	
Detail Specification:

	
[***]

	  
	 	 	 	 	 	 	 
	
Engine Model/Thrust:

	
CFM56-7B26

	
[***]

	  	
Airframe Price Base Year/Escalation Formula:

	
[***]

	
[***]


	 	 	 	 	 	 
	
Airframe Price:

	
[***]

	  	
Engine Price Base Year/Escalation Formula:

	
[***]

	
[***]


	 	 	 	 	 	 
	
Optional Features:

	

[***]



	  	  	  
	 	 	 	 	 
	
Sub-Total of Airframe and Features:

	
[***]

	  	
Airframe Escalation Data:

	  
	 	 	 	 	 
	
Engine Price (Per Aircraft):

	
$0

	  	
Base Year Index (ECI):

	
[***]


	 	 	 	 	 
	
Aircraft Basic Price (Excluding BFE/SPE):

	

[***]



	  	
Base Year Index (CPI):

	
[***]


	 	 	 	 	 
	
Buyer Furnished Equipment (BFE) Estimate:

	
$0

	  	  	  
	 	 	 	 	 
	
Seller Purchased Equipment (SPE) Estimate:

	
[***]

	  	  	  
	  	  	  	  	  
	
Option Deposit Paid

	
[***]

	  	  	  





 



	  	  	
Escalation

	  	  	
Escalation Estimate

	
Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):


	
Delivery

	
Number of

	
Factor

	
Serial

	  	
Adv Payment Base

	
[***]

	
[***]

	
[***]

	
[***]


	
Date

	
Aircraft

	
(Airframe)

	
Number

	
Escalation*

	
Price Per A/P

	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]


	
Total:

	
3

	  	  	  	  	  	  	  	  










[***]


[***]


[***]








	
COP-54019-1F.TXT

	  	
10/10


	
PA No. 2191 SA-23

	
Boeing Proprietary

	
Page 1











  





  











  











Attachment A to Letter Agreement 6-1162-KSW-6419R1







[***]








	
Airframe Model

	
737-800

	 
	 	 	 
	
Engine Model:

	
CFM56-7B26

	 
	 	 	 
	
Airframe Price Base Year

	
[***]

	 
	 	 	 
	
Engine Price Base Year

	
[***]

	 











	
Delivery


Month and


Year

	
Subject


Aircraft


Serial


Number

	
Applicable


Combined


Airframe/Engine


Escalation


Provisions

	
Election Period


	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]


	
[***]

	
[***]

	
[***]

	
[***]













	
PA No. 2191 SA23

	  	
10/10