Document:

EX-4.12

 EXHIBIT 4.12 

FORM OF DIRECTOR 
 INDEMNITY
AGREEMENT 
 This agreement is between Copa Holdings, S.A., a Panamanian corporation (sociedad anonima) (the “Company”) and ,
Director of the Company (the “Indemnitee”). 
 A. Indemnitee is Director of the Company. 

B. Both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of
public companies in today’s environment. 
 C. The Pacto Social of the Company (the “Pacto Social”) require the Company to
indemnify to its directors and officers to the fullest extent permitted by law and the Indemnitee has been serving and continues to serve as Director of the Company in part in reliance on such provisions. 

D. In recognition of Indemnitee’s need for substantial protection against any potential personal liability in order to assure
Indemnitee’s continued service to the Company in an effective manner and Indemnitee’s reliance on the provisions of the Pacto Social and in part to provide Indemnitee with specific contractual assurance that the protection promised by the
Pacto Social will be available to Indemnitee (regardless of, among other things, any amendment to or revocation of any provision of the Company’s Pacto Social or any change in the composition of the Company’s Board of Directors or any
acquisition of the Company), the Company wishes to provide in this Agreement for the indemnification of and the advancing of expenses to Indemnitee to the fullest extent (whether partial or complete) permitted by law and as set forth in this
Agreement, and for the continued coverage of the Indemnitee under the Company’s directors’ and officers’ liability insurance policies. 

The parties hereto agree as follows: 

1. Certain Definitions. 
 (a)
“Change in Control” shall be deemed to have occurred if (i) any “person” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than a trustee or other fiduciary
holding securities under an employee benefit plan of the Company or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes the
“beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 20% or more of the total voting power represented by the Company’s
then outstanding voting securities, or (ii) during any period of 24 consecutive months, individuals who at the beginning of such period constitute the Board of Directors of the Company and any new director whose election by the Board of
Directors or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for
election was previously so approved, cease for any reason to 

 
constitute a majority thereof, or (iii) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation or entity, other than a merger or
consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 80%
of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or disposition by the Company, in one transaction or a series of transactions, of all or substantially all the Company’s assets. 

(b) “Proceeding” shall mean any completed, actual, pending or threatened action, suit, claim, inquiry or proceeding, whether civil,
criminal, administrative or investigative (including an action by or in the right of the Company) and whether formal or informal. 
 (c)
“Expenses” means all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys’ fees and related disbursements and other
out-of- pocket costs) actually and reasonably incurred by the Indemnitee in connection with the investigation, defense or appeal of or being a witness in, participating
in or preparing to defend a Proceeding or establishing or enforcing a right to (i) indemnification or advancement of expenses under this Agreement, the Pacto Social, Panamanian law or otherwise or (ii) directors’ and officers’
liability insurance coverage; provided, however, that Expenses shall not include any judgments, fines or penalties or amounts paid in settlement of a Proceeding. 

(d) “Indemnifiable Event” is any event or occurrence related to the fact that Indemnitee is or was a director or officer of the
Company, or is or was serving at the request of the Company as a director, officer, employee, trustee or agent of another corporation, partnership, joint venture, trust, nonprofit entity or other entity (including service with respect to employee
benefit plans), or by reason of anything done or not done by Indemnitee in any such capacity. 
 (e) “Indemnification Period”
shall be such period as the Indemnitee shall continue to serve as a director or officer of the Company, or shall continue at the request of the Company to serve as a director, officer, employee, trustee or agent of another corporation, partnership,
joint venture, trust, nonprofit entity or other entity, and thereafter so long as the Indemnitee shall be subject to any possible Proceeding arising out of the Indemnitee’s tenure in the foregoing positions. 

(f) “Losses” are any judgments, fines, penalties and amounts paid in settlement (including all interest assessments and other
charges paid or payable in connection with or in respect of such judgments, fines, penalties or amounts paid in settlement) of any Proceeding. 

(g) “Reviewing Party” shall mean (i) the Board of Directors (provided that a majority of directors are not parties to the
Proceeding), (ii) a person or body selected by the Board of Directors or (iii) if there has been a Change in Control, the special independent counsel referred to in Section 5. 

  
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 2. Indemnification and Advancement of Expenses. Subject to the limitations set forth in
Section 4: 
 (a) Indemnification. The Company shall indemnify and hold harmless Indemnitee, to the fullest extent permitted by
applicable law, as soon as practicable after written demand is presented to the Company, in the event Indemnitee was or is made or is threatened to be made a party to or witness in or is otherwise involved in a Proceeding by reason, in whole or in
part, of an Indemnifiable Event against all Expenses and Losses incurred by Indemnitee in connection with such Proceeding. In the event of any change, after the date of this Agreement, in any applicable law, statute or rule regarding the right of a
Panamanian corporation to indemnify a member of its Board of Directors or an officer, such change, to the extent it would expand Indemnitee’s rights under this Agreement, shall be included within Indemnitee’s rights and the Company’s
obligations under this Agreement, and, to the extent it would narrow Indemnitee’s rights or the Company’s obligations under this Agreement, shall be excluded from this Agreement. 

(b) Advancement of Expenses. The Company shall to the fullest extent permitted by applicable law pay the Expenses incurred by Indemnitee as
soon as practicable after written demand is presented to the Company in the event Indemnitee was or is made or is threatened to be made a party to or witness in or is otherwise involved in a Proceeding by reason, in whole or in part, of an
Indemnifiable Event in advance of its final disposition; provided, however, that, to the extent required by law, such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking by the
Indemnitee to repay all amounts advanced if it should be ultimately determined that the Indemnitee is not entitled to be indemnified under this Agreement, Panamanian law or otherwise. 

(c) Partial Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion
of the Losses or Expenses, but not, however, for all of the total amount thereof, the Company shall indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee has been successful on the merits or otherwise in defense of any issue or matter therein, including dismissal without prejudice, Indemnitee shall be indemnified against all Expenses incurred in connection therewith. 

(d) Contribution. If the indemnification provided in Section 2(a) for any reason is unavailable to the Indemnitees, then in respect of
any Indemnifiable Event, the Company shall contribute to the amount of Expenses and Losses paid in settlement actually incurred and paid or payable by the Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits
received by the Company on the one hand and the Indemnitee on the other hand from the transaction from which such proceeding arose and (ii) the relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection
with the events which resulted in such Expenses and Losses, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to, among
other things, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances 

  
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resulting in such expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution pursuant to this Section 2(d) were determined
by pro rata allocation or any other method of allocation which does not take account of the foregoing equitable considerations. 
 (e)
Enforcement. If a claim for indemnification (following the final disposition of such Proceeding) under Section 2(a) or advancement of Expenses under Section 2(b) is not paid in full within thirty days after a written claim therefor by the
Indemnitee has been presented to the Company, the Indemnitee may file suit against the Company to recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In
addition, Indemnitee may file suit against the Company to establish a right to indemnification or advancement of Expenses arising under this Agreement, the Pacto Social, Panamanian law or otherwise. In any such action the Company shall have the
burden of proving by clear and convincing evidence that the Indemnitee is not entitled to the requested indemnification or advancement of Expenses under applicable law. 

3. Notification and Defense of Proceeding. Promptly after receipt by Indemnitee of notice of the commencement of or threat of the commencement
of any Proceeding, Indemnitee shall, if a request for indemnification in respect thereof is to be made against the Company under this Agreement, notify the Company of the commencement thereof; but the failure to notify the Company will not relieve
the Company from any liability which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such omission can be shown to have prejudiced the Company’s ability to defend the Proceeding. Except as
otherwise provided below, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee (which approval shall not be unreasonably withheld). After notice from the Company to Indemnitee of its election to
assume the defense thereof, the Company will not be liable to Indemnitee under this Agreement for any legal or other expenses subsequently incurred by Indemnitee in connection with the defense thereof other than reasonable costs of investigation or
as otherwise provided below. Indemnitee shall have the right to employ its counsel in such Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense
of Indemnitee unless (i) the employment of counsel by Indemnitee has been authorized by the Company, (ii) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the
conduct of the defense of such Proceeding or (iii) the Company shall not in fact have employed counsel to assume the defense of such Proceeding, in each of which cases the fees and expenses of counsel shall be at the expense of the Company. The
Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee shall have made the conclusion provided for in clause (ii) of this Section 3. The Company shall not
settle any Proceeding in any manner, which would impose any penalty, limitation, admission, loss or Expense on the Indemnitee without the Indemnitee’s prior written consent. Neither the Company nor the Indemnitee will unreasonably withhold its
consent to any proposed settlement, provided that Indemnitee may, in Indemnitee’s sole discretion, withhold consent to any proposed settlement that would impose any penalty, limitation, admission, loss or Expense on the Indemnitee. 

  
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 4. Limitation on Indemnification. Notwithstanding the terms of Section 2: 

(a) the obligations of the Company set forth in Section 2 shall be subject to the presumption that Indemnitee is entitled indemnification
here under unless the Reviewing Party shall have determined (based on a written opinion of independent outside counsel in all cases) that Indemnitee would not be permitted to be so indemnified under applicable law; provided, however, that if
Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Party that
Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall not be required to reimburse the Company for any advancement of Expenses until a final judicial determination is made with respect
thereto (as to which all rights of appeal therefrom have been exhausted or lapsed) and the Company shall not be obligated to indemnify or advance to Indemnitee any additional amounts covered by such Reviewing Party determination (unless there has
been a determination by a court of competent jurisdiction that the Indemnitee would be permitted to be so indemnified under applicable law); 

(b) the Company shall not be required to indemnify or advance Expenses to the Indemnitee with respect to a Proceeding (or part thereof) by the
Indemnitee (and not by way of defense), except if the commencement of such Proceeding (i) is expressly required to be made by applicable law, and (ii) was authorized in the specific case by the Board of Directors or (ii) brought to
establish or enforce a right to indemnification and/or advancement of Expenses arising under this Agreement, the Pacto Social, Panamanian law or otherwise; 

(c) the Company shall not be obligated pursuant to the terms of this Agreement to indemnify the Indemnitee for any amounts paid in settlement
of a Proceeding unless the Company consents in advance in writing to such settlement, which consent shall not be unreasonably withheld; 

(d) the Company shall not be obligated pursuant to the terms of this Agreement to indemnify the Indemnitee on account of any suit in which
judgment is rendered against the Indemnitee for an accounting of profits made from the purchase or sale by the Indemnitee of securities of the Company pursuant to the provisions of Section l6(b) of the Securities Exchange Act of 1934, as amended or
similar provisions of any federal, state or local statutory law; 
 (e) the Company shall not be obligated pursuant to the terms of this
Agreement to indemnify the Indemnitee if a final decision by a court having jurisdiction in the matter shall determine that such indemnification is not lawful; and 

(f) the Company shall not be obligated pursuant to the terms of this Agreement to make any payment in connection with any Proceeding to the
extent Indemnitee has otherwise actually received payment (under any insurance policy or otherwise) of the amounts otherwise indemnifiable under this Agreement. 

(g) the Company shall not be obligated pursuant to the terms of this Agreement to indemnify the Indemnitee if a final decision by a Court
having jurisdiction in the matter shall determine that the actions that give rise to the Indemnification Event are proven to be the result of Indemnitee’s willful misconduct or gross negligence. 

  
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 5. Change in Control of Company. The Company agrees that if there is a Change in Control of
the Company, then with respect to all matters thereafter arising concerning the rights of Indemnitee to indemnity payments and Expense advances under this Agreement, any other agreements, the Pacto Social now or hereafter in effect relating to
Proceedings for Indemnifiable Events, the Company shall seek legal advice only from special independent counsel selected by Indemnitee and approved by the Company’s Board of Directors (which approval shall not be unreasonably withheld), and who
has not otherwise performed services for the Company (other than in connection with such matters) or Indemnitee. Such special independent counsel, among other things, shall determine whether and to what extent the Indemnitee would be permitted to be
indemnified under applicable law and shall render its written opinion to the Company and Indemnitee to such effect. The Company agrees to pay the reasonable fees of the special independent counsel referred to above and to fully indemnify such
counsel against any and all expenses (including attorneys’ fees), Proceedings, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant to this Agreement. 

6. Subrogation. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to
all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring
suit to enforce such rights. 
 7. No Presumptions. For purposes of this Agreement, the termination of any Proceeding against Indemnitee by
judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have any
particular belief or that a court has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the Reviewing Party to have made a determination as to whether Indemnitee has met any particular standard
of conduct or had any particular belief, nor an actual determination by the Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief shall be a defense to Indemnitee’s Proceeding for indemnification or
create a presumption that Indemnitee has not met any particular standard of conduct or did not have any particular belief shall be a defense to Indemnitee’s Proceeding for indemnification or create a presumption that Indemnitee has not a met
any particular standard of conduct or did not have a particular belief. 
 8. Non-Exclusivity. The
rights conferred on the Indemnitee by this Agreement shall not be exclusive of any other rights which the Indemnitee may have or hereafter acquire under any statute, provision of the Pacto Social, agreement, vote of stockholders or disinterested
directors or otherwise, and to the extent that during the Indemnification Period such rights are more favorable than the rights currently provided under this Agreement to Indemnitee, Indemnitee shall be entitled to the full benefits of such more
favorable rights to the extent permitted by law. Other than as set forth in this Section 8, in the case of any inconsistency between the indemnification provisions of this Agreement and any other agreement relating to the indemnification of an
Indemnitee, the indemnification provisions of this Agreement shall control. 

  
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 9. Liability Insurance. The Company may, to the extent that the Board of Directors in good
faith determines it to be economically reasonable, maintain a policy of directors’ and officers’ liability insurance, on such terms conditions as may be approved by the Board of Directors. To the extent the Company maintains
directors’ and officers’ liability insurance, the Indemnitee shall be covered by such policy in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s
directors. Notice of any termination or failure to renew such policy shall be provided to Indemnitee promptly upon the Company’s becoming aware of such termination or failure to renew. The Company shall provide copies of all such insurance
policies and any endorsements thereto whenever such documents have been provided to the Company. 
 10. Amendment/Waiver. No supplement,
modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this
Agreement (whether or not similar) nor shall such waiver constitute a continuing waiver. Any waiver to this Agreement shall be in writing. 

11. Binding Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their
respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and personal and legal
representatives. 
 12. Survival. This Agreement shall continue in effect during the Indemnification Period, regardless of whether
Indemnitee continues to serve as a director of the Company or of any other enterprise at the Company’s request. 
 13. Severability.
The provisions of this Agreement shall be severable in the event that any provision of this Agreement (including any provision within a single section, paragraph or sentence) is held by a court of competent jurisdiction to be invalid, void or
otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. 
 14. Period of
Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s estate, spouse, heirs, executors or personal or legal representatives after the expiration
of three years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such three year period;
provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action, such shorter period shall govern. 

15. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the Republic of Panama
without giving effect to the principles of conflicts of laws. 

  
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 16. Choice of Forum. With respect to any legal action relating to the interpretation or
enforcement of this Agreement, the parties hereto irrevocably agree and consent to be subject to the jurisdiction of the Courts of the Republic of Panama. 
  

			
	COPA HOLDINGS, S.A.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	[INDEMNITEE]

 
			
		
	By:	 	  

	Name:	 	

  
 8EX-4.13

 EXHIBIT 4.13 

FORM OF AMENDED & RESTATED TRADEMARK LICENSE AGREEMENT 

This Amended & Restated Trademark License Agreement (the “Agreement”) is made effective as of the
         day of                 , 2005, by and between CONTINENTAL AIRLINES, INC.
(“Continental”), a corporation duly organized and validly existing under the laws of the State of Delaware, U.S.A., with its principal office at 1600 Smith Street, Houston, Texas, U.S.A. 77002, and COMPANIA PANAMENA DE AVIACION, S.A.
(together with its Affiliates that are reasonably acceptable to Continental in terms of safety and quality of service, “COPA”), a corporation (sociedad anonima) duly organized and validly existing under the laws of the Republic of Panama
(“Panama”), with its principal office at Ave. Justo Arosemena y Calle 39, Apartado 1572, Panama 1, Panama. “Affiliate” shall have the meaning given to such term in the Alliance Agreement. 

RECITALS 
 WHEREAS, Continental
and COPA entered into an alliance agreement dated May 22, 1998, as amended and restated on the date hereof , (“Alliance Agreement”) regarding the providing of airline transportation services; 

WHEREAS, Continental is the owner of the names, marks, trade dress, and associated design elements set forth in Schedule 1 hereto, including
any United States and foreign registrations and pending United States and foreign applications therefor and the goodwill attendant thereto (“Continental Marks”); 

WHEREAS, COPA is the owner of the names, marks, trade dress, and associated design elements set forth on Schedule 2 hereto, including any
United States and foreign registrations thereon and pending United States and foreign applications therefor and the goodwill attendant thereto (“COPA Marks”); 

WHEREAS, Continental and COPA agreed in the Alliance Agreement to develop a new brand for COPA that will extend the brand identity of
Continental (i.e., it will, subject to this Agreement, utilize as its principal elements the Continental Marks); 
 WHEREAS, in connection
with the development of COPA brand, the Continental Marks are being used as part of the composite marks and trade dress set forth on Schedule 3 hereto (“Continental/COPA Co-Branded Marks”) pursuant to the terms of this Agreement; and 

WHEREAS Continental and COPA have previously entered into a Trademark License Agreement dated May 24, 1999, and, for good and valuable
consideration the parties now desire to amend and restate that prior Agreement through this Agreement; 
 NOW THEREFORE, in consideration of
the mutual promises and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, Continental and COPA agree as follows: 

1. Grant. Subject to the provisions of Section 2 herein, Continental hereby grants to COPA, and COPA accepts, a non-exclusive, personal,
non-transferable, royalty-free right and license to adopt and use the Continental Marks as part of the Continental/COPA Co-Branded Marks in connection with the rendering of airline transportation services, subject to the conditions and restrictions
set forth herein. Continental and COPA may mutually agree in writing to add additional Continental/COPA Co-Branded Marks to the list specified in Schedule 3. 

2. Limitations on Continental Grants to Third Parties. Continental shall not license the globe element of the Continental/COPA Co-Branded
Marks to any airline without the prior written consent of COPA. Continental further agrees that it will not license the Continental/COPA Co-Branded Marks or the COPA Marks to any other airline after the termination of this Agreement without the
prior written consent of COPA, and at no time shall Continental license any mark that incorporates or refers to the term COPA or any other mark owned or used exclusively by COPA. The limitations detailed in this paragraph 2 shall survive the
termination of this Agreement. 

 3. Use and Ownership of the Continental/COPA Co-Branded Marks. COPA is not required to use
the Continental/COPA Co-Branded Marks. However, to the extent that COPA does use such marks, COPA shall use the Continental Marks as part of the Continental/COPA Co-Branded Marks only as authorized herein by Continental and in accordance with such
standards of quality as Continental may establish. Continental shall at all times remain the owner of the Continental/COPA Co-Branded Marks and any registrations thereof. COPA’s use of any Continental Marks and the Continental/COPA Co-Branded
Marks shall, in all commercially reasonable instances, clearly identify Continental as the owner of such marks to protect Continental’s interest therein. All use 

  
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by COPA of the Continental Marks as part of the Continental/COPA Co-Branded Marks shall inure to the benefit of Continental and COPA shall obtain no right, title or interest in and to the
Continental Marks or the elements of the Continental/COPA Co-Branded Marks derived from the Continental Marks, or any other word, words, term, design, name or mark that is confusingly similar to the Continental Marks. Continental agrees that it
shall obtain no right, title, or interest in and to any element of the Continental/COPA Co-Branded Marks that are derived exclusively from COPA’s marks, such as the mark COPA and the beige “streak” design element of the
Continental/COPA Co-Branded Marks, thus preserving the distinctive reference to COPA’s identity. Should Continental cease all use of and abandon its “Globe Design” (such design being shown in Schedules 1-1 and 1-2) such that
Continental no longer uses the “Globe Design” or a similar design during the term of this Agreement, Continental will promptly assign all right, title, and interest in the globe element of the Continental/COPA Co-Branded Marks, including
United States Trademark Registration No. 2,360,006, to COPA. 
 4. Registration. In the event COPA wishes to have any of the
Continental/COPA Co-Branded Marks registered in any jurisdiction, it shall submit to Continental a written request for registration. Continental agrees that it will permit any such registrations as requested. All expenses incurred in connection with
such requests for registration of the Continental/COPA Co-Branded Marks shall be paid by COPA. COPA shall promptly transfer to Continental, in accordance with applicable law, any application(s) filed by or on behalf of COPA to register any
Continental/COPA Co-Branded Mark. COPA shall retain all rights in elements of any Continental/COPA Co-Branded Mark derived from the COPA Marks, and may register such elements in its own name without Continental’s prior approval. 

5. Continental-Controlled Litigation. Continental at its sole expense shall take all steps that in its opinion and sole discretion are
necessary and desirable to protect the Continental/COPA Co-Branded Marks against any infringement or dilution of any element of the Continental/COPA Co-Branded Marks derived from the Continental Marks. COPA agrees to cooperate fully with Continental
in the defense and protection of the Continental/COPA Co-Branded Marks as reasonably requested by Continental. COPA shall report to Continental any infringement or imitation of, or challenge to, the 

  
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Continental/COPA Co-Branded Marks, immediately upon becoming aware of same. COPA shall not be entitled to bring, or compel Continental to bring, an action or other legal proceedings on account of
any infringements, imitations, or challenges to any element of the Continental/COPA Co-Branded Marks derived from the Continental Marks without the written agreement of Continental. Continental shall not be liable for any loss, cost, damage or
expense suffered or incurred by COPA because of the failure or inability to take or consent to the taking of any action on account of any such infringements, imitations or challenges or because of the failure of any such action or proceeding. In the
event that Continental shall commence any action or legal proceeding on account of such infringements, imitations or challenges, COPA agrees to provide all reasonable assistance requested by Continental in preparing for and prosecuting the same.

 6. COPA-Controlled Litigation. COPA at its sole expense shall take all steps that in its opinion and sole discretion are necessary and
desirable to protect the Continental/COPA Co-Branded Marks against any infringement or dilution of any element of the Continental/COPA Co-Branded Marks derived from the COPA Marks. Continental agrees to cooperate fully with COPA in the defense and
protection of the Continental/COPA Co-Branded Marks as reasonably requested by COPA. Continental shall report to COPA any infringement or imitation of, or challenge to, the Continental/COPA Co-Branded Marks, immediately upon becoming aware of same.
Continental shall not be entitled to bring, or compel COPA to bring, an action or other legal proceedings on account of any infringements, imitations, or challenges to any element of the Continental/COPA Co-Branded Marks derived from the COPA Marks
without the written agreement of COPA. COPA shall not be liable for any loss, cost, damage or expense suffered or incurred by Continental because of the failure or inability to take or consent to the taking of any action on account of any such
infringements, imitations or challenges or because of the failure of any such action or proceeding. In the event that COPA shall commence any action or legal proceeding on account of such infringements, imitations or challenges, Continental agrees
to provide all reasonable assistance requested by COPA in preparing for and prosecuting the same. 

  
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 7. Term. The initial term of this Agreement shall be coextensive with the term of the
Alliance Agreement referenced above. The Agreement may be extended past the initial term, as set out in Section 9 below (“Wind-Up Term”). 

8. Termination. 
 8.1 Material
Breach. This Agreement and the non-exclusive license granted herein may be terminated by either party in the event of a material breach of this Agreement by the other party, provided that the breaching party does not cure such material breach to the
reasonable satisfaction of the other party within thirty (30) days of receipt of written notice specifying the nature of the breach. The termination of this Agreement and the non-exclusive license granted herein shall be effective after the
expiration of said thirty (30) day period, unless the identified material breach is cured within such period. 8.2 Alliance Agreement. This Agreement and the non-exclusive license granted herein may be terminated by either party if the Alliance
Agreement is duly terminated (other than pursuant to Section D.3(a) or D.3(b)(iv) of the Alliance Agreement) by the terminating party pursuant to the terms thereof. 

9. Wind-Up. 
 9.1 Continental
Termination. Upon termination of this Agreement by Continental pursuant to Sections 8.1 or 8.2 hereof (i) COPA shall cease all use of the globe element of the Continental/COPA Co-Branded Marks within two (2) years of the termination of
this Agreement (unless such termination was related to a safety related breach by COPA, in which case COPA shall cease all use of the globe element of the Continental/COPA Co-Branded Marks within one (1) year of the termination of this
Agreement) and (ii) COPA shall cease all use of the Continental/COPA Co-Branded Marks that encompass any other Continental Mark(s) within 45 days of such termination. COPA’s post-termination use of the Continental/COPA Co-Branded Marks
shall comply with all conditions and limitations set forth in this Agreement, as if this Agreement were still in effect. 
 9.2 Other
Termination. Upon termination of this Agreement by COPA pursuant to Sections 8.1 or 8.2 hereof or the initial term of this Agreement ends because either party terminates the Alliance Agreement pursuant to Section 3.D(a) or

  
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3.D(b)(iv) thereof, the initial term of this Agreement will end and this Agreement will enter the Wind-Up Term. The Wind-Up Term will be in effect for so long as there exists a Continuing
Relationship between COPA and Continental. For purposes of this Agreement, “Continuing Relationship” shall mean that Continental and COPA (a) are members of the same global Alliance, and/or (b) are parties to a commercial
agreement with respect to frequent flyer cooperation or code share service between Continental and COPA. Although the parties will no longer have a Continuing Relationship, prior to the Applicable Date, COPA may request and Continental shall
consider extending the Wind-up Term. As of the date that there ceases to be a Continuing Relationship between COPA and Continental (the “Applicable Date”), the Wind-Up Term will immediately end and the Agreement will automatically
terminate. Thereafter, (i) COPA shall cease all use of the Continental/COPA Co-Branded Marks that encompass any Continental Mark(s) as part of its airplane paint scheme as soon as practicable but in no event later than within five
(5) years of the Applicable Date, (ii) COPA shall cease all use of the Continental/COPA Co-Branded Marks that encompass any Continental Mark(s) on airport and other signage as soon as practicable but in no event later than within eighteen
(18) months of the Applicable Date, and (iii) COPA shall cease all other use of the Continental/COPA Co-Branded Marks that encompass any Continental Mark(s) as soon as practicable but in no event later than within nine (9) months of
the Applicable Date. COPA’s post-termination use of the Continental/COPA Co-Branded Marks shall comply with all conditions and limitations set forth in this Agreement, as if this Agreement were still in effect. COPA further agrees that after
the Applicable Date it shall not repaint any airplanes with a paint scheme containing the Continental/COPA Co-Branded Marks that encompass any Continental Mark(s), nor will it replace or re-stock or otherwise contract any materials containing the
Continental/COPA Co-Branded Marks that encompass any Continental Mark(s). For example, if one year after the Applicable Date, a COPA airplane needs to be repainted (or a sign replaced), COPA shall not repaint the airplane (or replace the sign) with
a paint scheme (or a new sign) containing the Continental/COPA Co-Branded Marks that encompass any Continental Mark(s). 

  
 6 

 9.3 Post Wind-Up. After the applicable wind-up period, COPA shall not make use of any word,
words, term, design, name, trade dress, or mark confusingly similar with the Continental Marks so that any such word, words, term, design, name or mark would present a likelihood of confusion or otherwise suggest a continuing relationship between
COPA and Continental, and Continental shall not make use of any word, words, term, design, name or mark confusingly similar with the COPA Marks so that any such word, words, term, design, name or mark would present a likelihood of confusion or
otherwise suggest a continuing relationship between COPA and Continental. 
 10. Relationship of the Parties. The relationship of
Continental and COPA pursuant to this Agreement shall be that of independent contractors. The relationship between Continental and COPA by virtue of this Agreement is not that of partners, joint venturers, or principal/agent. Continental shall not
by virtue of this Agreement control or have the right to control the methods and means by which COPA offers its goods or services in association with the Continental/COPA Co-Branded Marks. In the event that COPA fails to use the Continental/COPA
Co-Branded Marks in accordance with Continental’s quality standards, Continental shall not have the right pursuant to this Agreement to exercise any control over the activities of COPA; instead, Continental’s right pursuant to this
Agreement shall be to terminate COPA’s right to use the Continental/COPA Co-Branded Marks. COPA shall defend, indemnify and hold harmless Continental from and against any and all third party claims, demands or causes of action for personal
injury, property damage, or economic loss caused by COPA’s actions or inactions that in any way involve, arise out of, relate to or are based upon COPA’s use of the Continental/COPA Co-Branded Marks (other than a third party claim that
Continental does not have clear title to the Continental/COPA Co-Branded Marks or that an element of a Continental/COPA Co-Branded Mark infringes the third party’s trademark rights), and all losses, expenses (including reasonable attorneys
fees), liabilities or judgment incurred by Continental as a result of such third party claims, demands or causes of action. This contractual right of indemnification shall apply even if Continental is alleged or adjudicated to have been negligent or
otherwise at fault in allowing COPA to use the Continental/COPA Co-Branded Marks. 
 11. Assignment. The non-exclusive license granted by
Continental to COPA is personal to COPA and may not be assigned, sub-licensed or transferred by COPA in any manner without the written consent of a duly authorized representative of Continental. 

  
 7 

 12. Miscellaneous. 

12.1 Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties with respect to the subject
matter hereof and merges all prior discussions, representations and negotiations with respect to the Continental/COPA Co-Branded Marks. Notwithstanding the foregoing, the provisions of Section F.5. of the Alliance Agreement shall remain in effect.

 12.2. Governing Law. This Agreement shall be interpreted, construed and enforced pursuant to the laws of the State of Texas. 

12.3 Amendments Only in Writing. This Agreement may only be amended or modified in a writing signed and subscribed to by both parties. 

12.4. Severability. The provisions of this Agreement are independent of each other and the invalidity of any provision or a portion hereof
shall not affect the validity or enforceability of any other provision. In the event that any particular provision is found to be invalid or unenforceable, the parties will negotiate in good faith to replace such provision with a valid and
enforceable provision that approximates as closely as possible the intent of the parties as reflected in the original provision. 
 12.5
Waiver. Any delay or failure on the part of either party to enforce its rights hereunder to which it may be entitled shall not be construed as a waiver of the right and privilege to do so at any subsequent time. 

12.6 Binding Agreement. The provisions of this Agreement will be binding upon and inure to the benefit of the parties and their respective
subsidiaries, related and affiliated companies, and agents. 
 12.7 Counterparts. This Agreement shall be executed in counterparts, each of
which shall be deemed to be an original. 
 12.8 Section Headings. Any section headings herein are for convenience only and shall not be
considered in the interpretation of this Agreement. 
 12.9 Bankruptcy. The parties hereto acknowledge and accept the provisions of 11
U.S.C. Section 365(n) governing the rights of licensees in the event of a licensor’s bankruptcy. 

  
 8 

 12.10 Further Assurances. Each party agrees to provide such further assurances and execute
such additional documents as may be reasonably requested by the other in furtherance of the purpose and terms of this Agreement. 
 IN
WITNESS WHEREOF, Continental and COPA, appearing through their duly authorized representatives, having executed this instrument to be effective as of the date first above written. 

 

											
	CONTINENTAL AIRLINES, INC.	 		 		 	COMPANIA PANAMENA DE AVIACION, S.A.
				
	By:                                   
                                         
              	 		 		 	By:                                   
                                         
              
	Title:                                 
                                         
              	 		 		 	Title:	 	                                     
                                         
          

  
 9 

 SCHEDULE 1 

CONTINENTAL MARKS 
 BUSINESSFIRST 

CONTINENTAL 
 CONTINENTAL AIRLINES 

CONTINENTAL CARGO 
 CONTINENTAL VACATIONS 

ONEPASS 
 PRESIDENTS CLUB 

PRESTIGE PACKS 
 QUICKPAK 

REWARDONE 
 WORK HARD. FLY RIGHT. 

WORLD OF THANKS 
 CONTINENTAL MARKS 

CONTINENTAL’S GLOBE LOGO (DESIGN) IN COLOR 

CONTINENTAL’S GLOBE LOGO (DESIGN) IN BLACK & WHITE 

CONTINENTAL & DESIGN 
 e.g.: 

(CONTINENTAL AIRLINES LOGO) 

Schedule 1-1 
 SCHEDULE 1 

CONTINENTAL MARKS 
 CONTINENTAL
AIRLINES 
 “AIRCRAFT LIVERY” 

Schedule 1-2 
 SCHEDULE 2 

COPA MARKS 
 COPA 

COPAAIR.COM 
 COPAAIR.COM ENTRA, AHORRA Y GANA 

COPA AIRLINES 
 COPA AIRLINES BUSINESS REWARDS 

COPA AIRLINES CLASE EJECUTIVA 
 COPA CONVENCIONES 

COPA CONVENTION 
 COPA AIRLINES CONVENTION 

COPAPASS 
 COPACLUB 

COPA CARGO 
 COPA AIRLINES CARGO 

COPA AIRLINES PRIORITY CARGO 
 COPA COURIER 

COPA AIRLINES CORPORATE 
 COPA VACACIONES 

COPA VACATIONS 
 COPA AIRLINES VACATIONS 

E-RRESISTIBLES 
 VOLANDITO 

LA FORMA MAS DIRECTA DE CONECTARSE CON AMERICA 
 LA GRAN LINEA
AEREA DE PANAMA 
 THE AIRLINE OF PANAMA 
 HUB OF THE AMERICAS
– PANAMA 
 HUB DE LAS AMERICAS 
 PANORAMA DE LAS AMERICAS

 3-prong beige streak design 
 COPA AND DESIGN 

e.g.: 
 Schedule 1-2

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