Document:

Filed by Bowne Pure Compliance

 

EXHIBIT 10.46

CERTAIN PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND FILED

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT

TO A REQUEST FOR CONFIDENTIAL TREATMENT

Supplemental Agreement No. 13

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 April 23, 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
**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 Letter Agreements:
	 
	 	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 **Material Redacted** for the **Material Redacted** 737-7V3
Aircraft.
	 
	 	1.4.	 	Table 1-5 entitled “Aircraft Information Table for Model 737-8V3 Aircraft” is
attached hereto to reflect the **Material Redacted** 737-8V3 Aircraft.

					
	 	 	 	 	 
	PA No. 2191
	 	Page 1
	 	SA No. 13

 

 

 

	 	1.5.	 	Table 1-6 entitled “Aircraft Information Table for Model 737-8V3 Aircraft” is
attached hereto to reflect the scheduled delivery months for the 737-8V3 Aircraft of
**Material Redacted**
	 
	 	1.6.	 	Table 1-7 entitled “RLL-3958 —Option Aircraft — Aircraft Information Table for
Model 737-8V3 Aircraft” is attached hereto to reflect the scheduled delivery months for
the 737-8V3 Option Aircraft of **Material Redacted**.
	 
	 	1.7.	 	Letter Agreement No. 6-1162-LAJ-982R4 entitled “Special Matters” to include a revision
to Article 6 entitled **Material Redacted** and “Confidentiality”.
	 
	 	1.8.	 	Letter Agreement No. 6-1162-RLL-3958 entitled “Option Aircraft” is attached
hereto and hereby made a part of the Agreement.

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. 13

 

 

 

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 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. 13

 

 

 

	 	 	 	 	 
	 
	 	 	 	 
	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

	 	 	 
	 
	 	 
	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

	 	     ,2007 

			
	 	 	 
	PA No. 2191
	 	SA No. 13

 

 

 

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**

	 	 	 	 	 
	 
	 	 	 	 
	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**	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Escalation	 	 	 	 	 	Escalation Estimate	 	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
	Delivery	 	Number of	 	Factor	 	Manufacturer	 	 	 	Adv Payment Base	 	At Signing	 	24 Mos.	21/18/12/9/6 Mos.	Total
	Date	 	Aircraft	 	(Airframe)	 	Serial Number	 	 	 	Price Per A/P	 	1%	 	4%	 	5%	 	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**
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total:

	 	 	2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	COP — SA 13	 	 	 	 
	44824
	 	Boeing Proprietary
	 	Page 1

 

 

 

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:
	 	 	 	 
	 
	 	 	 	 
	Base Year Index (ECI):

	 	**Material

Redacted**	 	 
	Base Year Index (CPI):

	 	**Material

Redacted**	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Escalation	 	 	 	 	 	Escalation Estimate	 	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
	Delivery	 	Number of	 	Factor	 	Manufacturer	 	 	 	Adv Payment Base	 	At Signing	 	24 Mos.	 	21/18/12/9/6 Mos.	 	Total
	Date	 	Aircraft	 	(Airframe)	 	Serial Number	 	 	 	Price Per A/P	 	1%	 	4%	 	5%	 	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**
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total:

	 	 	4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	COP — SA 13	 	 	 	 
	44824
	 	Boeing Proprietary
	 	Page 1

 

 

 

Table 1-6

Aircraft Information Table for Model 737-8V3

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-06 
	 	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**	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Escalation	 	 	 	 	 	Escalation Estimate	 	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
	Delivery	 	Number of	 	Factor	 	Manufacturer	 	 	 	Adv Payment Base	 	At Signing	 	24 Mos.	 	21/18/12/9/6 Mos.	 	Total
	Date	 	Aircraft	 	(Airframe)	 	Serial Number	 	 	 	Price Per A/P	 	1%	 	4%	 	5%	 	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**
	Total:

	 	 	4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	COP — SA — 13	 	 	 	 
	43715
	 	Boeing Proprietary
	 	Page 1

 

 

 

 

 

The Boeing Company

P.O. Box 3707

Seattle, WA 98124-2207

6-1162-LAJ-982R4

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**
	 
	12.	 	**Material Redacted**

			
	PA 2191
	 	SA 13

 

 

 

 

 

Page 2

 

 

	13.	 	**Material Redacted**
	 
	14.	 	**Material Redacted**
	 
	15.	 	**Material Redacted**
	 
	16.	 	**Material Redacted**
	 
	17.	 	**Material Redacted**
	 
	18.	 	**Material Redacted**
	 
	19.	 	**Material Redacted**
	 
	20.	 	**Material Redacted**

			
	PA 2191
	 	SA 13

 

 

 

 

 

Page 3

 

 

ACCEPTED AND AGREED TO this

	 	 	 	 	 
	Date:

	 	 
	 	, 2007
	 

	 	 	 	 

THE BOEING COMPANY

	 	 	 	 	 
	
**Material Redacted**	 	 
	 
	 	 	 	 
	By

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Its

	 	Attorney-In-Fact
	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	COPA HOLDINGS, S.A.	 	 
	 
	 	 	 	 
	By

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Its

	 	Chief Executive Officer	 	 
	 

	 	 	 	 

 

 

 

 

 

The Boeing Company

P.O. Box 3707

Seattle, WA 98124-2207

6-1162-RLL-3958

COPA HOLDINGS, S.A.

Apartado 1572

Avenida Justo Arosemena y Calle 39

Panama 1, Panama

	 	 	 
	Subject:

	 	Option Aircrraft
	 
	 	 
	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 the Purchase Agreement. All terms used but not defined in this Letter
Agreement have the same meaning as in the Purchase Agreement.

Boeing agrees to manufacture and sell to Customer additional Model 737 aircraft as Option Aircraft.
The delivery months, number of aircraft, Advance Payment Base Price per aircraft and advance
payment schedule are listed in Table 1-7 to this Letter Agreement. The Airframe Price shown
includes the Engine Price.

	1.	 	Aircraft Description and Changes
	 
	 	 	**Material Redacted** 
	 
	2.	 	Price
	 
	 	 	**Material Redacted** 

			
	PA 2191
	 	SA 13

 

 

 

 

 

Page 2

 

 

	 	2.2	 	Price Adjustments.
	 
	 	**	 	 Material Redacted**

	3.	 	Payment.

3.1 Customer will pay a deposit to Boeing in the amount shown in Table 1-7 for each Option
Aircraft (Deposit), on the date of this Letter Agreement. If Customer exercises an option, the
Deposit will be credited against the first advance payment due. If Customer does not exercise an
option, Boeing will retain the Deposit for that Option Aircraft.

3.2 Following option exercise, advance payments in the amounts and at the times listed in
Table 1-7 will be payable for the Option Aircraft. The remainder of the Aircraft Price for the
Option Aircraft will be paid at the time of delivery.

	4.	 	Option Exercise.
	 
		 	**Material Redacted** 
	 
	5.	 	Contract Terms.

Boeing and Customer will promptly confirm Customer’s exercise of its rights in respect to an
Option Aircraft by entering into a definitive agreement for the purchase of an Option Aircraft,
including the terms and conditions contained in this Letter Agreement, in the Purchase Agreement,
and other terms and conditions as may be agreed upon. **Material Redacted**

ACCEPTED AND AGREED TO this

	 	 	 	 	 
	Date:

	 	 	 	, 2007
	 

	 	 	 	 

			
	 	 	 
	PA 2191
	 	SA 13

 

 

 

 

 

Page 3

 

 

	 	 	 	 	 
	By

	 	**Material Redacted**
	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Its

	 	Attorney-In-Fact	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	COPA HOLDINGS, S.A.	 	 
	 
	 	 	 	 
	By

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Its

	 	Chief Executive Officer	 	 
	 

	 	 	 	 

Attachment — Table 1-7

 

 

 

Table 1-7

RLL-3958 — Option Aircraft

Aircraft Information Table for Model 737-8V3

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-06 
	 	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**	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Escalation	 	 	 	 	 	Escalation Estimate	 	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
	Delivery	 	Number of	 	Factor	 	Manufacturer	 	 	 	Adv Payment Base	 	At Signing	 	24 Mos.	 	21/18/12/9/6 Mos.	 	Total
	Date	 	Aircraft	 	(Airframe)	 	Serial Number	 	 	 	Price Per A/P	 	1%	 	4%	 	5%	 	30%
	**Material 

Redacted**

	 	**Material

Redacted**
	 	**Material

Redacted**
	 	**Material

Redacted**
	 	 
	 	**Material

Redacted**
	 	**Material

Redacted**
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	**Material 

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	Total:

	 	 	3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	COP — SA — 13	 	 	 	 
	43715
	 	Boeing Proprietary
	 	Page 1Filed by Bowne Pure Compliance

 

EXHIBIT 4.1

AMENDMENT NO. 2 TO RIGHTS AGREEMENT

This Amendment No. 2 to Rights Agreement (this “Amendment”) is entered into as of June 25,
2007 (to become effective on the date set forth in Section 5.0 of this Amendment), between Image
Entertainment, Inc., a Delaware corporation (the “Company”), and Computershare Trust Company, N.A.,
a Delaware corporation, as Rights Agent (the “Rights Agent”), and amends the Rights Agreement dated
as of October 31, 2005, between the Company and the Rights Agent, as amended by Amendment No. 1 to
the Rights Agreement dated as of March 29, 2007 (the “Rights Agreement”).

WHEREAS, the Company desires to amend the Rights Agreement to prevent certain Persons acting
with the approval of the Board of Directors of the Company who propose to acquire all of the equity
interests in the Company from becoming Acquiring Persons, and to prevent the execution, delivery or
performance of the Amended and Restated Merger Agreement (as such term is defined below), the
Securities Purchase Agreement (as such term is defined below) or the Amended and Restated Support
Agreements (as such term is defined below) from resulting in a Section 11(a)(ii) Event, a Section
13 Event, a Distribution Date or a Share Acquisition Date; and

WHEREAS, this Amendment is entered into pursuant to Section 27 of the Rights Agreement prior
to the time that any Person, to the knowledge of the Company, has become an Acquiring Person.

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth,
the parties hereto agree as follows:

1.0 Defined Terms. Terms defined in the Rights Agreement and used and not otherwise defined
herein shall have the meanings given to them in the Rights Agreement.

2.0 Additional Definitions. Section 1 of the Rights Agreement is hereby amended to add the
following definitions, which shall be inserted into Section 1 in alphabetical order:

“Amended and Restated Merger Agreement” shall mean the Amended and Restated Agreement and Plan
of Merger made and entered into as of June 25, 2007, by and among Parent, Merger Sub and the
Company, as amended from time to time in accordance with its terms.

“Amended and Restated Support Agreements” shall mean the Amended and Restated Support
Agreements dated as of June 25, 2007 by and between Parent and certain stockholders of the Company,
as amended from time to time in accordance with their terms.

“Merger Sub” shall mean IEAC, Inc., a Delaware corporation and a wholly-owned subsidiary of
Parent.

“Parent” shall mean BTP Acquisition Company, a Delaware limited liability company.

 

1

 

“Securities Purchase Agreement” shall mean the Securities Purchase Agreement to be executed
and delivered by Parent and the Company immediately prior to the Effective Time (as such term is
defined in the Amended and Restated Merger Agreement), pursuant to which Parent will be entitled to
purchase from the Company, and the Company will agree to issue and sell to Parent, shares of common
stock of the Company and/or shares of series a convertible preferred stock of the Company.

3.0 Amendment of Section 7. Paragraph (a) of Section 7 of the Rights Agreement is amended by:

	 	3.1	 	deleting the word “and” immediately preceding clause (iii) thereof and by
adding a “,” immediately preceding clause (iii) thereof; and

	 	3.2	 	by adding the following immediately following clause (iii) thereof: “or (iv)
immediately prior to the Effective Time (as such term is defined in the Amended and
Restated Merger Agreement). The Company hereby agrees to promptly notify the Rights
Agent, in writing, upon the occurrence of the Effective Time (as such term is defined
in the Amended and Restated Merger Agreement), which notice shall specify (i) that the
Effective Time (as such term is defined the Amended and Restated Merger Agreement) has
occurred, and (ii) the date upon which the Rights established hereby expired and this
Agreement terminated.”

4.0 Amendment of Section 35. Section 35 of the Rights Agreement is hereby amended and restated in
its entirety to read as follows:

“Section 35. Exception For Amended and Restated Merger Agreement.
Notwithstanding any provision of this Agreement to the contrary,
neither a Section 11(a)(ii) Event, a Section 13 Event, a
Distribution Date, nor a Share Acquisition Date shall be deemed to
have occurred, none of Parent, Merger Sub or any of their Affiliates
or Associates shall be deemed to have become an Acquiring Person,
and no holder of any Rights shall be entitled to exercise such
Rights under, or be entitled to any rights pursuant to, any of
Sections 3(a), 7(a), 11(a) or 13 of this Agreement, in any such case
by reason of (a) the announcement of the Merger (as such term is
defined in the Amended and Restated Merger Agreement), (b) the
approval, execution or delivery of the Amended and Restated Merger
Agreement or any amendments thereof, (c) the execution and delivery
of the Amended and Restated Support Agreements or any amendments
thereof, (d) the approval, execution and delivery of the Securities
Purchase Agreement or any amendments thereof, (e) the commencement
or, the consummation of, any of the transactions contemplated by the
Amended and Restated Merger Agreement, including the Merger (as such
term defined in the Amended and Restated Merger Agreement), (f) the
commencement or, the consummation of, any of the transactions
contemplated by the Amended and Restated
Support Agreements, or (g) the commencement or, the consummation of,
any of the transactions contemplated by the Securities Purchase
Agreement.”

 

2

 

5.0 Effectiveness. This Amendment shall be deemed effective as of the time immediately prior to
the signing of the Amended and Restated Merger Agreement. Except as amended hereby, the Rights
Agreement shall remain in full force and effect and shall be otherwise unaffected hereby.

6.0 Miscellaneous. This Amendment shall be deemed to be a contract made under the laws of the
State of Delaware and for all purposes shall be governed by and construed in accordance with the
laws of such state. This Amendment may be executed in any number of counterparts, each of such
counterparts shall for all purposes be deemed an original and all such counterparts shall together
constitute but one and the same instrument. If any term, provision, covenant or restriction of
this Amendment is held by a court of competent jurisdiction or other authority to be invalid,
illegal, or unenforceable, the remainder of the terms, provisions, covenants and restrictions of
this Amendment shall remain in full force and effect and shall in no way be affected, impaired or
invalidated.

[signature page follows]

 

3

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to the Rights
Agreement to be duly executed as of the day and year first above written.

	 	 	 	 	 
	 	IMAGE ENTERTAINMENT, INC.

 	 
	 	By:  	/s/ Dennis Hohn Cho
 	 
	 	 	Name:  	Dennis Hohn Cho 	 
	 	 	Title:  	Senior Vice President, General Counsel

and Corporate Secretary 	 
	 

	 	 	 	 	 
	 	COMPUTERSHARE TRUST COMPANY, N.A.

 	 
	 	By:  	/s/ Kellie Gwinn
 	 
	 	 	Name:  	Kellie Gwinn 	 
	 	 	Title:  	Vice President 	 
	 

 

S-1

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