Document:

EX-4.4

 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 
 Exhibit 4.4 

GE ENGINE SERVICES 
 CFM56-7 
 MAINTENANCE COST PER HOUR(SM) 

ENGINE SERVICE AGREEMENT 

(“MCPH” (SM)) 
 BETWEEN

 COMPANIA PANAMENA DE AVIACION, S.A. 

AND 
 GE ENGINE SERVICES, INC. 

REFERENCE NUMBER ESI-01-0417M 

DATED MARCH 5, 2003 
 THIS PROPOSAL
SHALL REMAIN VALID THROUGH MARCH 15, 2003 
 PROPRIETARY INFORMATION NOTICE 

The information contained in this document is GE Engine Services, Inc. (“GE”) Proprietary Information and is disclosed in confidence.
It is the property of GE and shall not be used, disclosed to others or reproduced without the express written consent of GE. If consent is given for reproduction in whole or in part, this notice and the notice set forth on each page of this document
shall appear in any such reproduction. U.S. export control laws may also control the information contained in this document. Unauthorized export or re-export is prohibited. 

 TABLE OF CONTENTS 
  

							
	ARTICLE	 	SUBJECT	  	PAGE	 
	 1
	 	Definitions	  	 	3	 
	 2
	 	Term	  	 	6	 
	 3
	 	Maintenance Cost Per Hour Program Procedures	  	 	7	 
	 4
	 	Supplemental Work	  	 	11	 
	 5
	 	Copa Obligations	  	 	12	 
	 6
	 	Delivery, Redelivery, and Governmental Authorization	  	 	14	 
	 7
	 	Parts Replacement Procedures	  	 	14	 
	 8
	 	Repair Stations and Subcontracted Services	  	 	15	 
	 9
	 	Pricing	  	 	15	 
	 10
	 	Invoices and Payment	  	 	16	 
	 11
	 	Limitation of Liability, Indemnification, and Insurance	  	 	17	 
	 12
	 	Excusable Delay	  	 	19	 
	 13
	 	Notices	  	 	19	 
	 14
	 	Taxes and Other Charges	  	 	20	 
	 15
	 	Dispute Resolution, Arbitration	  	 	20	 
	 16
	 	Termination	  	 	21	 
	 17
	 	Non Disclosure of Proprietary Data	  	 	21	 
	 18
	 	Warranty	  	 	22	 
	 19
	 	General Provisions	  	 	22	 
		 	Signatures	  	 	24	 

  

			
	EXHIBITS	 	
		
	 Exhibit A
	 	**Material Redacted**
	 Schedule 1
	 	**Material Redacted**
	 Schedule 2
	 	**Material Redacted**
	 Schedule 3
	 	**Material Redacted**
	 Exhibit B
	 	**Material Redacted**
	 Exhibit C
	 	**Material Redacted**
	 Exhibit D
	 	**Material Redacted**
	 Exhibit E
	 	**Material Redacted**

  
 2 

 CFM56-7 MAINTENANCE COST PER HOUR(SM)
(“MCPH” (SM)) 
 ENGINE SERVICE AGREEMENT 

THIS ENGINE SERVICE AGREEMENT is made as of the 1st day of January, 2003 (“Effective Date”), by and between Compania Panamena De Aviacion, S.A., a
corporation organized under the law of Panama, whose principal address is Aeropuerto Int. De Tocumen, Apdo. 1572 Panama 1, Panama (“Copa”) and GE Engine Services, Inc., a corporation organized under the law of the State of Delaware, whose
principal address is 1 Neumann Way, Cincinnati, Ohio 45215 (“GE”), (both of which may be hereinafter collectively referred to as the “Parties”). 

RECITALS 
 WHEREAS, GE maintains and operates
Repair Stations for the servicing, repair, maintenance, and functional testing of aircraft engines, and engine modules, assemblies, subassemblies, controls and accessories, and parts thereof; 

WHEREAS, Copa requires repair, overhaul or servicing of CFM56-7 aircraft Engines, and engine modules, assemblies,
subassemblies, controls and accessories, and parts thereof on a cost per hour basis; and 
 WHEREAS, GE agrees to provide certain Services on Copa’s
equipment, as defined below, subject to the terms of this Agreement. 
 NOW, THEREFORE, and in consideration of the mutual promises and covenants herein
contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

ARTICLE 1 - DEFINITIONS 

Definitions. Capitalized terms used in the recitals and elsewhere in the Agreement but not otherwise defined in this Agreement shall have the following
meanings: 
 “Agreement” shall mean this Engine Service Agreement, as the same may be amended or supplemented from time to time.

 “Airworthiness Directive” or “AD” shall mean a document issued by the Approved Aviation Authority having jurisdiction
over the Engine, identifying an unsafe condition relating to such Engine and, as appropriate, prescribing inspections and the conditions and limitations, if any, under which the Engine may continue to operate. 

“Approved Aviation Authority” shall mean, as applicable, the Federal Aviation Administration of the United States (“FAA”),
or, as identified by Copa and agreed in writing by GE, the European Joint Aviation Authority (“JAA”), Panamanian DAC or such other equivalent foreign aviation authority having jurisdiction over the performance of Services provided
hereunder. 
 “Base Price” shall mean the applicable MCPH Rate stated in Base Year (2003) Dollars. 

“Base Year” shall mean the contract year in which the Base Price is applicable and is the baseline from which adjustment for
fluctuation in the economy is made. 
 “Bench Stock” shall mean those expendable or consumable items routinely replaced during the
inspection, repair or maintenance of Engine, whether or not such items have been damaged, and other items that are customarily replaced at each inspection or maintenance period. 

  
 3 

 “Catastrophic Failure” shall mean an Engine shop visit caused by failure of an
internal Engine part **Material Redacted**. 
 “CLP” shall mean the manufacturer’s current catalog or manufacturer’s
current list price pertaining to a new part or new item of equipment. The term “current” as used in this definition means as of the time of the applicable Service. 

“Copa’s Fleet” shall mean all B737-700 and
B737-800 aircraft, operated by Copa and powered by CFM56-7B Engines. The currently fleet is list on Exhibit B which exhibit shall be amended by the Parties from time to
time in accordance. 
 “Delivery” shall, subject to the terms of Section 3.4.7 below, mean, in respect of any item of
equipment, the occurrence of the arrival of the Engine, together with all applicable records and required data (as described in Paragraph 5.1.8 below), Delivered Duty Paid (“DDP”) to the Designated Repair Station pursuant to the
International Chamber of Commerce “Incoterms” (2000 Edition), whereby Copa shall fulfill the obligations of seller and GE of buyer. “Deliver” shall mean the act by which Copa accomplishes Delivery. 

“Designated Repair Station” shall mean the GE affiliate Repair Station specified for each shop visit. 

“Dollars” and “$” shall mean the lawful currency of the United States of America. 

“Engine” shall mean, each bare CFM56-7B22,
CFM56-7B24, and CFM56-7B26 engine assembly, identified by serial number in Exhibit B including its essential controls, accessories, and parts as described in Exhibit E.
Exhibit B shall be amended by mutual agreement of the Parties from time to time as set forth herein, to reflect changes in the Copa fleet. 

“Engine Year” shall mean the year of Engine operation measured in twelve (12) consecutive month periods, with the first Engine
year measured from the date of aircraft acceptance by Copa for installed Engines or the date of first installation of Spare Engines. For purposes of invoicing MCPH payments, the date of aircraft acceptance, or the date of the first installation for
Spare Engines, will be deemed to have occurred on the first day of the month following the actual acceptance or installation if the date of the actual acceptance or installation falls on or before the 15th day of that month. The date of aircraft
acceptance, or the date of first installation for Spare Engines, will be deemed to have occurred on the first of the month following the actual acceptance or installation if the date of actual acceptance or installation falls after the 15th day of
that month. 
 “Foreign Object Damage” or “FOD” shall mean damage to any portion of the Engine caused by impact or
ingestion of an outside object such as birds, vehicles, stones, hail, or debris. FOD shall be further defined as follows: 
 “Major
FOD” shall mean impact damage to an Engine or Engine part caused by the a foreign object which requires the Engine to be immediately removed from service, or subsequently removed due to an out of limit condition per Copa’s Aircraft
Maintenance Manual as reviewed and accepted by mutual agreement between the parties. 
 “Other FOD” shall mean foreign object
damage to an Engine or Engine Part detected during routine maintenance which is determined to be FOD other than Major FOD. 
 “Life
Limited Part” or “LLP” shall mean a part with an approved limitation on use in cumulative hours or cycles, established by the OEM or the Approved Aviation Authority. 

“Line Replaceable Unit” or “LRU” shall mean one or more major accessories of the external portion of an Engine which can be
changed on wing and is identified as an LRU in Exhibit E. 

  
 4 

 “MCPH” shall mean maintenance cost per hour. 

“MCPH Program” shall mean the program consisting of the repair, maintenance, and management of the Engines provided to Copa by GE on
an MCPH fixed rate basis, pursuant to the terms hereof. 
 “MCPH Rate” shall have the meaning set forth in Exhibit A. 

“MCPH Shop Visit(s)” shall mean a Repair Station visit (scheduled or unscheduled) during which
off-wing repair and maintenance covered under the MCPH fixed rate pricing is performed on equipment that meets the MCPH eligibility requirements of Clause 3.2.2 below. 

“Original Equipment Manufacturer” or “OEM” shall mean the original manufacturer of any item of equipment. 

“Performance Restoration” shall mean the Services performed during an Engine shop visit in which, at a minimum, the compressor,
combuster and high pressure turbine are exposed and subsequently refurbished, consistent with the workscope utilized for MCPH. 

“Procedure Manual” shall mean the document, prepared by GE and approved by Copa, based upon the requirements of this Agreement which
provides detailed procedures and guidance for the administration of the MCPH Program. In case of conflict between the Procedure Manual and the Agreement, the Agreement will prevail. 

“Qualifying Shop Visit” shall mean the Repair Station visit during which the initial Performance Restoration required for any Engine
that does not meet the MCPH eligibility requirements, as set forth in Clause 3.1, is performed on the Engine. The Qualifying Shop Visit shall be performed at Copa’s expense in accordance with the Supplemental Work pricing set forth in Exhibit
A. 
 “Redelivery” shall, subject to the terms of Section 3.4.7 below, mean the occurrence of the return of the Engine for
Copa’s acceptance Ex Works, GE’s Designated Repair Station, pursuant to the International Chamber of Commerce “Incoterms” (2000 Edition), whereby Copa shall fulfill the obligations of buyer and GE of seller. “Redeliver”
shall mean the act by which GE accomplishes Redelivery. 
 “Removal Schedule” or “RS” shall mean the schedule for Engine
removal from the aircraft for maintenance as jointly developed by GE and Copa. 
 “Repair Specification” shall mean the Copa repair
specification number                     , dated
                    as may be amended by Copa (upon written agreement by GE, such agreement not to be unreasonably withheld, conditioned or
delayed) from time to time, which shall identify the minimum baseline to which Copa’s equipment will be inspected, repaired, modified, reassembled and tested hereunder. Unless otherwise agreed by the Parties, such Repair Specification shall
meet or exceed the recommendations of the OEM’s operational specifications and applicable Engine maintenance or overhaul manuals and Copa’s maintenance plan as agreed to by Copa and GE and approved by the Approved Aviation Authority. 

“Repair Station” shall mean one or more of the repair facilities owned by GE or its affiliates, now or in the future, which are
certified by the Approved Aviation Authority to perform the applicable Service hereunder. 
 “Repairable” shall mean capable of
being made Serviceable. 
 “Rotable Part” shall mean a new or used Serviceable part drawn from a common pool of parts used to
support multiple customers, which replaces a like part requiring repair. 

  
 5 

 “Scrapped Parts” shall mean those parts determined by GE (or Copa if in connection
with a Supplemental Work Shop Visit) to be unserviceable and beyond economic repair for reliability, performance or economic reasons. **Material Redacted** 

“Service” or “Services” shall mean, with respect to any Engine, all or anypart of those services requested by Copa which GE
agrees to perform under this Agreement, as more particularly described in the Workscope for such Engine, including, without limitation, the furnishing of parts and materials, labor, facilities, tooling, painting, plating, and testing devices
required in the performance of repair and maintenance in connection with the Engine. “Serviced” shall be construed accordingly. 

“Service Bulletin” or “SB” shall mean the document issued by an OEM to notify the operator of modifications, substitution
of parts, special inspections, special checks, amendment of existing life limits or establishment of first time life limits, or conversion of Engine from one model to another. 

“Serviceable” means an item of equipment that meets all OEM and Approved Aviation Authority specified standards for airworthiness,
and has no known defects which would render it unfit for service in accordance with the Repair Specification. 
 “Serviceable
Condition” shall mean, with respect to an item, a repaired, calibrated, or inspected item in an airworthy condition which can be used for the same purpose as a newly manufactured item. 

“Supplemental Work” shall mean any Service provided hereunder which is not covered under the MCPH Program. All Supplemental Work
shall be at Copa’s expense, in accordance with the pricing set forth in Exhibit A. 
 “Straight Time” shall mean the first
eight (8) hours charged per person each day, Monday through Friday (except local holidays observed by the Designated Repair Station), provided that a minimum of eight (8) hours break has occurred since the last time charged. 

“Turn Time” shall mean the number of calendar days between Delivery and Redelivery of an Engine, exclusive of public holidays
observed by the Designated Repair Station. 
 “Workscope” shall mean the document written and approved by GE’s engineering
staff and approved in writing by Copa, which approval shall not be unreasonably delayed, conditioned or denied, describing the prescribed repair or approach to repair of identified equipment to meet the requirements of the Repair Specification for
the Engine. 
 ARTICLE 2 - TERM 

 

	2.1	 Term of Agreement. This Agreement shall commence upon the Effective Date and, unless sooner terminated pursuant
to Article 16 herein, shall remain in effect through December 31, 2014 (the “Initial Term”). 

  

	2.2	 Exclusive Agreement. This Agreement, insofar as it relates to the maintenance, repair or overhaul of the
Engines, including, without limitation, Supplemental Work, shall be exclusive, and Copa shall not enter into any other arrangement with a third party for such services with respect to the Engines during the term hereof, except to the extent provided
in Article 12 herein and subject to provisions of Article 16 hereof 

  

	2.3	 Renewal Beyond Initial Term. If Copa desires to extend the term of this Agreement beyond the Initial Term, Copa
shall give GE written notice of its desire to extend at least one hundred twenty (120) days prior to the expiration date of the Initial Term. Upon GE’s proposal for pricing for such extended term and mutual agreement of the parties, the
term of the Agreement shall be extended for a period of sixty (60) months. Should the term be extended as described herein, Copa shall have an option for an additional extension of sixty (60) month term on the same basis.

  
 6 

 ARTICLE 3 MAINTENANCE COST PER HOUR PROGRAM PROCEDURES 

 

	3.1	 MCPH Eligibility. Commencing on the Effective Date, GE shall provide Services, as further described in this
Article 3, and Copa shall pay the MCPH Rate, for all of Copa’s Engines listed by Engine serial number in Exhibit B on a MCPH basis upon eligibility of each Engine as follows: 

 

	 	3.1.1	 Engines listed on Exhibit B as of the Effective Date shall be eligible for the MCPH Program as of the Effective
Date and shall be charged at the applicable Base Price per Engine Flying Hour (“EFH”) as set forth in Exhibit A. 

  

	 	3.1.2	 New Engines (Serviceable Engines with less than one hundred (100) operating hours since manufacture), or
as otherwise agreed by the Parties, shall be eligible for MCPH coverage as of the date of aircraft or spare Engine acceptance and shall be charged the Base Price Per Engine Flying Hour (“EFH”) for the applicable Engine Year as set forth in
Exhibit A. 

  

	 	3.1.3	 After the Effective Date and with GE’s written consent, Copa may add additional used CFM56-7 engines (which may be eligible or ineligible at the time of such addition) to this Agreement for the remaining term hereunder as specified in Exhibit A hereto. As a condition to GE’s consent to add such
an Engine, Customer shall disclose whether or not such additional Engine has had any non-OEM approved part or repair installed or performed. All non-OEM parts or repairs
shall be removed by GE or Customer at Customer’s expense prior to eligibility of such additional Engine. On the date of such addition, Copa shall begin paying the applicable, adjusted and escalated MCPH Rate for each such Engine based upon its
Engine Year. Upon meeting the eligibility requirements, which may require completing a Qualifying Shop Visit, the added Engine shall be eligible for MCPH Shop Visits and all other MCPH Services, subject to
then-current terms and conditions. Any such addition shall be documented by amending Exhibit B accordingly. All MCPH charges paid by Copa for such an Engine, to the point such Engine meets the MCPH
Program’s eligibility requirements, shall be credited up to the amount of the Supplemental Work invoice for the Qualifying Shop Visit. 

  

	3.2	 Scope of MCPH 

  

	 	3.2.1	 Qualifying Shop Visits. Copa will Deliver all used Engines that are inducted into Copa’s Fleet after
execution of this Agreement and which are to be covered under this Agreement to GE for an initial Performance Restoration Shop Visit on a Supplemental Work basis. All non-OEM parts or repairs shall be removed
by GE as Supplemental Work prior to eligibility of such additional Engine. Following such Performance Restoration Shop Visit, a used Engine will enter the MCPH Program in accordance with Paragraph 3.1.3 above. 

 

	 	3.2.2	 **Material Redacted** 

 

	3.3	 Workscope and Repair Specification. Upon input of Engines for Service, GE shall prepare a Workscope which
specifies inspections, upgrades, improvements, and repairs required to return the Engine to Serviceable Condition and provide a copy of such Workscope to Copa for approval, such approval not to be unreasonably delayed, conditioned, or denied. Should
Copa fail to provide approval of the Workscope within two (2) business days of receipt, the calendar days beyond that time shall be an excusable delay. Such Workscope may include reliability and performance enhancements and Approved Aviation
Authority approved repairs. GE shall repair the Engines and, as defined in Exhibit E, LRU’s in accordance with the Repair Specification and Approved Aviation Authority regulations. GE may request that Copa amend the Repair Specification during
the term hereof to improve reliability, enhance Engine operating 

  
 7 

	 	
characteristics, and incorporate Designated Engineering Representative approved repairs or repairs not contained in the OEM manual, subject to Copa’s written approval, which approval shall
not be unreasonably delayed, conditioned or denied. Any changes or amendments requested by Copa or requested or made by any regulatory agency to the Workscope or Repair Specification shall be mutually agreed by the Parties hereto and may be subject
to an adjustment in the pricing described in Exhibit A. The Procedures Manual will delineate the procedures to be followed when processing Engines in the Repair Station. 

 

	3.4	 MCPH Program Services Provided. Services to be provided by GE under the MCPH Program are:

  

	 	3.4.1	 Provide, either at a Repair Station, a subcontractor (if an entire Engine is subcontracted, Copa’s prior
written approval is required), or such other location as agreed by Copa and GE, all labor, materials, and parts (new or used Serviceable, including use of GE Rotable Parts) necessary to return the Engine to a Serviceable Condition.

  

	 	3.4.2	 Repair or replace LLP. 

 

	 	3.4.3	 Repair LRUs, as specified in Exhibit E, received with an Engine for a MCPH Shop Visit and which were installed
on the Engine when it was removed from the aircraft for the shop visit, as evidenced by records provided in accordance with Paragraph 5.1.8 of this Agreement. 

 

	 	3.4.4	 Notwithstanding Section 3.4.1.above, comply with Airworthiness Directives (“AD”), issued by the
Approved Aviation Authority, and Service Bulletins designated by the OEM as mandatory (Categories 3-6) and which are performed during an MCPH Shop Visit, **Material Redacted**. 

 

	 	3.4.5	 With Copa’s written approval, perform repairs at a location other than that of GE or a GE affiliate, which
may otherwise require a shop visit, without unduly disrupting Copa’s operation. 

  

	 	3.4.6	 Test Engine in accordance with the Repair Specification and provide all associated labor and material,
including fuel and oil, for MCPH Shop Visits, including slave test equipment. 

  

	 	3.4.7	 **Material Redacted** 

 

	 	3.4.8	 Assign a Program Manager who will be the point of contact for Copa with respect to Services specified in this
Agreement and support this Agreement as set forth in Paragraphs 3.4.8.1 through 3.4.8.6 below. 

  

	 	3.4.8.1	 Coordinating the work to be accomplished for each MCPH Shop Visit or Qualifying Shop Visit, consistent with the
Procedure Manual. 

  

	 	3.4.8.2	 Assist Copa with Supplemental Work requirements to be performed in accordance with Article 4 below.

  

	 	3.4.8.3	 Maintain the necessary liaison between GE and Copa. 

 

	 	3.4.8.4	 Provide Copa’s authorized personnel with immediate access to Copa’s maintenance records. If immediate
access would create an undue burden for GE, GE shall provide access as soon as reasonably possible. 

  

	 	3.4.8.5	 Develop with Copa, on a monthly basis, an RS for the Engines forecast for Delivery. The RS shall identify by
serial number the Engine(s) to be Delivered during the following six (6) month period and the anticipated reason for removal of each. 

  

	 	3.4.8.6	 Ensure that all routine correspondence from GE to Copa relative to the administration of the Agreement, except
for formal notices issued under Article 13 of this Agreement, shall be directed to the attention of the appropriate person at Copa’s facility as designated by Copa. 

 

	 	3.4.9	 Engineering Support. GE will provide engineering support services for Engines as follows:

  
 8 

	 	3.4.9.1	 Develop a plan for removal and shop input of Engines at the Designated Repair Station as outlined in the
Procedure Manual. 

  

	 	3.4.9.2	 Maintain current files on published CFM56-7 Service Bulletins,
engineering specifications, and applicable repair documents as well as their application and introduction to Copa’s equipment. The parties will meet quarterly to determine the incorporation of Service Bulletins and the economic impact thereof.

  

	 	3.4.9.3	 Notify Copa of any deviations from the configuration specification, provided by Copa pursuant to Paragraph
5.1.8, on equipment Delivered for Service and request disposition of same. 

  

	 	3.4.9.4	 Provide Engine test logs and Service Bulletin introduction status for each Engine Redelivered to Copa.

  

	 	3.4.9.5	 Provide a findings report identifying any damage detected and repair(s) accomplished, including any photographs
of same. 

  

	 	3.4.10	 Documentation. GE shall provide Copa with a records package in connection with Services performed on each
Engine, at Redelivery and shall retain a copy of such records. 

  

	 	3.4.10.1	 Major Repair/Alteration Certification FAA No. 337 (or equivalent foreign agency equivalent) including AD
compliance; 

  

	 	3.4.10.2	 FAA Form 8130-3 (or Approved Aviation Authority equivalent) for
accessories; 

  

	 	3.4.10.3	 Cycle limited parts log; 

 

	 	3.4.10.4	 Serviceable tag for Serviceable equipment; 

 

	 	3.4.10.5	 Original records and related documentation furnished by Copa; 

 

	 	3.4.10.6	 Incoming inspection report; 

 

	 	3.4.10.7	 Off/On log; and, 

  

	 	3.4.10.8	 Service Bulletin status report. 

 

	 	3.4.10.9	 Findings Report. 

  

	 	3.4.11	 Spare Engines. **Material Redacted**: 

 

	 	3.4.11.1	 The parties have established a mutually agreeable Removal Schedule; and 

 

	 	3.4.11.2	 Customer has shipped Engines for MCPH Shop Visits within forty-eight
(48) hours following removal from the aircraft unless prevented by any circumstance directed by GE; and 

  

	 	3.4.11.3	 Customer is in compliance with the requirements of Paragraphs 5.1.8 and 5.1.11 below; and

  

	 	3.4.11.4	 Customer, concurrent with execution of this Agreement, has executed a General Equipment Lease Agreement
(“GELA”) with GE, or a GE affiliate for the benefit of 

  
 9 

	 	
and enforceable by GE, the terms of which shall govern the lease and operation of any Lease Engine(s) required to support this Agreement. 

 

	 	3.4.11.5	 Customer shall redeliver DDP (Incoterms 2000) the Lease Engine to GE at the Housekeeping facility or other
mutually agreed location as soon as practicable but in no case later than ten (10) calendar days following Redelivery of an MCPH Engine provided that such Redelivery corrects the zero (0) spare Engine condition. Daily rental fees and
hourly restoration charges shall be waived during such ten (10) day period. Customer shall commence paying the applicable daily rental fees and hourly restoration charges on the eleventh (11th) day following correction of the zero
(0) spare engine condition. In addition, Customer shall continue to pay the applicable MCPH Rate for EFH incurred by the Lease Engine., plus LLP fees per flight cycle. 

 

	 	3.4.11.6	 In the event a Copa operated aircraft is in an AOG situation as a sole and direct result of GE’s failure
to provide spare engine in accordance with the provisions above, then GE shall be obligated to credit Copa an amount equal to 2.5 times the then current daily lease rates for such spare engine for each AOG, commencing in the first day of such AOG
situation, for each day the AOG situation continues thru the 10th day of such AOG situation. Should the AOG situation continues past the 10th day of such AOG situation, senior executives of each party, so designated by each party, shall meet within
5 calendar days to negotiate an equitable solution. 

  

	 	3.4.11.7	 the foregoing shall constitute the sole remedy of Copa and the sole liability of GE for Spare Engine
availability under this Agreement. 

  

	 	3.4.12	 Implement remote diagnostics services known as “Tier One” to identify and diagnose trend shifts in
accordance with the following requirements (“Remote Diagnostics”) as follows: 

  

	 	3.4.12.1	 Twenty-four (24) hours a day, seven (7) days a week (“24
X 7”) automated processing of Engine performance and other data using Remote Diagnostics expanded tool set when received at the Designated Repair Station. 

 

	 	3.4.12.2	 Customer Notification Reports (“CNR”), for Engine condition monitoring trend shift observation,
including engineering review, analysis, and recommendations based on trend shift observations and other available information. CNRs will be provided to Customer as required on a 24 X 7 basis. 

 

	 	3.4.12.3	 Monthly Performance Summary Report. 

 

	 	3.4.12.4	 GE shall review that portion of data and messages delivered to GE by Customer that are relative to GE’s
implementation of Remote Diagnostics. 

  

	 	3.4.12.5	 The parties understand that any information provided to Customer by GE for use in troubleshooting and managing
operations is advisory only. GE is not responsible for Line Maintenance or other actions resulting from such advice. GE will use commercially reasonable efforts to identify and notify Customer of Engine and aircraft fault data. Customer is
responsible to conclusively identify and resolve any aircraft or Engine faults or adverse trend 

  

	 	3.4.13	 If Copa’s spare Engine availability reaches zero (0) as a sole and direct result of SV for
Supplemental Work per Article 4, GE shall deliver a Lease Engine to Copa at Copa’s expense as provided in the GELA agreement. If not possible to provide an engine, GE will endeavor, using its diligent commercial efforts, to locate and deliver a
spare engine from other resources. 

  
 10 

 ARTICLE 4 SUPPLEMENTAL WORK 

 

	4.1	 Supplemental Work At Shop Visits. Any and all Services not specifically included in the MCPH Program pursuant
to Paragraph 3.4, above shall be performed by GE in accordance with the Supplemental Work pricing provisions of Exhibit A. Supplemental Work shall include, but not be limited to: 

 

	 	4.1.1	 Any shop visit not described in Paragraph 3.2.2 of this Agreement. 

 

	 	4.1.2	 Further, Services described in Paragraph 3.4 of this Agreement, shall be identified as Supplemental Work if it
has been determined to GE’s reasonable satisfaction, based on reasonable technical substantiation provided to Copa including, without limitation, engineering reports and metallurgical analysis, that such Engine or module requires Service for,
or as a result of the following while the equipment was in Copa’s care, custody, or control: 

  

	 	4.1.2.1	 An accident. 

  

	 	4.1.2.2.	 FOD that is not covered under 3.2.2.5 above. GE will provide reasonable assistance, which may include
independent metallurgical analysis as required, to Copa, in substantiation of FOD events in support of processing insurance claims for same. 

  

	 	4.1.2.3	 The incorporation, at Copa’s request, of Service Bulletins other than those described in Paragraph 3.4.4
of this Agreement. 

  

	 	4.1.2.4	 Military action or terrorist activity. 

 

	 	4.1.2.5	 An act of God. 

  

	 	4.1.2.6	 Improper or negligent installation, operation or maintenance of Copa’s equipment not in conformance with
OEM manuals, unless performed by GE. 

  

	 	4.1.2.7	 Experimental test applied to the equipment, unless performed by GE. 

 

	 	4.1.2.8	 Use of non-conforming parts, components or modules, except those
installed by GE. 

  

	 	4.1.2.9	 Repairs resulting from failure of a PMA part not installed by GE (for GE or CFMI Engine lines).

  

	 	4.1.2.10	 Engine upgrade programs or conversion to another thrust rating. 

 

	 	4.1.2.11	 Operation beyond OEM removal guidelines. 

 

	 	4.1.2.12	 Service required to comply with or resulting from lease return conditions. 

 

	 	4.1.2.13	 Catastrophic Failure, unless due to defects in material or GE workmanship. 

 

	 	4.1.2.14	 Repair or replacement of buyer furnished equipment and LRU’s not defined in Exhibit E.

  

	 	4.1.2.15	 Replacement of scrapped LRU’s or QEC items. 

  
 11 

	4.2	 Work Accomplished at Copa’s Facility. Copa shall be responsible for all repairs that may be accomplished
without a MCPH Shop Visit, consistent with Copa’s historical maintenance practices, except for Services that GE decides to perform on-wing that would otherwise be performed under the MCPH Program.

  

	4.3	 On-Wing Support. GE shall provide, at Copa’s request, twenty-four (24) hour field service support for on-wing Services at rates specified in Schedule 3 of Exhibit A. 

 

	4.4	 Additional/Changed Engine Removals. Should Copa elect to remove an Engine notwithstanding advice to the
contrary from GE’s onsite Service Representative (Reference Paragraph 3.2.2.4 above) such shop visit shall be deemed Supplemental Work, unless, during that shop visit, it is demonstrated that the removal meets the requirements to be considered
a MCPH Shop Visit. 

  

	4.5	 Pre-Existing Warranty. Copa agrees that any requested Engine repairs
that are covered under a warranty from an entity other than GE shall be performed directly by that entity at no expense to GE or, at GE’s option, such warranties shall be, for the duration of the term hereof, assigned to GE to the extent
assignable. A list of such equipment under pre-existing warranties shall be developed by Copa and GE within thirty (30) calendar days of execution of this Agreement. Copa agrees to execute the warranty
assignment letter, attached hereto as Exhibit D, as required by paragraph 5.1.7 below. 

  

	4.6	 Transportation Stands and Containers. Maintenance services, as required, for Copa’s Engine transportation
stands and containers while at GE’s facility in connection with Supplemental Work shall be charged as Supplemental Work. 

  

	4.7	 **Material Redacted** 

 

	4.8	 **Material Redacted** 

ARTICLE 5 - COPA OBLIGATIONS 
  

	5.1	 During the term of this Agreement, Copa shall: 

 

	 	5.1.1	 Provide to GE’s authorized personnel immediate, reasonable, access to the Engines when such Engines are in
Copa’s possession, as well as to all operating and maintenance records related to the Engines which are maintained by Copa, in a manner which does not cause undue interruption to Copa’s operations. 

 

	 	5.1.2	 Make every reasonable effort to provide incoming transportation information in writing to GE (A) within forty-eight (48) hours prior to the availability of an Engine for Delivery, (B) within twenty-four (24) hours following commencement of an unscheduled removal,
when either occurs within or outside the forty-eight (48) contiguous United States. 

  

	 	5.1.3	 Designate in writing one (1) or more of its employees as a representative during the term of this
Agreement. Such representative(s) shall be Copa’s point of contact for matters hereunder. 

  

	 	5.1.4	 Develop with GE, on a monthly basis, an RS of Engines forecast for Delivery to GE for Service hereunder. The RS
shall identify by serial number the Engine(s) to be Delivered during the following six (6) month period and the anticipated reason for removal of each. However, actual removals shall occur as specified in the Procedures Manual.

  

	 	5.1.5	 Provide all line maintenance and line station support. 

 

	 	5.1.6	 Copa shall use commercially reasonable efforts to troubleshoot in accordance with the Engine’s OEM or
aircraft maintenance manuals, as applicable. Copa shall, with GE’s concurrence, to the extent that it is practicable to obtain GE’s concurrence, determine prior to removal from the aircraft whether any Engine requires off-wing repairs considering the impact the off-wing maintenance may have on Copa flight operations. 

  
 12 

	 	5.1.7	 Execute the Warranty Assignment Letter, attached hereto as Exhibit D stating that Copa agrees to assign to GE
the benefits of all off-wing maintenance related guarantees (but, excluding the CFMI Shop Visit Rate Guarantee), warranties or other remedies (including campaign service bulletin benefits) Copa is entitled to
assign, and which directly relate to Services covered by MCPH charges. If these guarantees, warranties or other remedies cannot be assigned, Copa will raise claims under said non-assigned guarantees,
warranties or other remedies. Copa agrees to support GE in the enforcement of any assigned rights as described in this Paragraph 5.1.7. It is agreed that any remaining benefits of such warranties and guarantees shall be re-assigned to Copa by GE upon expiration or termination of this Agreement. 

  

	 	5.1.8	 No later than the time of Delivery of the equipment, provide GE all information and records necessary for GE to
establish the nature and extent of the Services required to be performed on the equipment and to perform such Services. Such information and records include, but are not limited to: 

 

	 	5.1.8.1	 The cause of Engine removal (reason for this shop visit); 

 

	 	5.1.8.2	 Applicable information as typically received in Engine log books detailing work performed at last shop visit,
any reported defects or incidents during operation since last shop visit, with description of action taken, and significant operational characteristics experienced during last flight prior to shop visit; 

 

	 	5.1.8.3	 SB and AD status/requirements; 

 

	 	5.1.8.4	 Total engine operating time since new (“TSN”) for each Engine; 

 

	 	5.1.8.5	 Time since last shop visit (“TSLV”) for each Engine, module, component and accessory;

  

	 	5.1.8.6	 Flight cycles since new (“CSN”); 

 

	 	5.1.8.7	 Flight cycles since last visit (“CSLV”); 

 

	 	5.1.8.8	 Record of change of parts during operating period prior to this shop visit (these records are limited to the
previous ninety (90) days); 

  

	 	5.1.8.9	 TSN, CSN, TSLV, CSLV time since overhaul (“TSO”) and cycles since overhaul (“CSO”) for each
thrust rating utilized on all LLP; 

  

	 	5.1.8.10	 Back to birth history certificate indicating history from zero TSN/CSN on all LLPs; 

 

	 	5.1.8.11	 Copa inventory of equipment “as shipped”, including (when applicable) a description of the external
Engine configuration; 

  

	 	5.1.8.12	 Engine oil used (for Engines); 

 

	 	5.1.8.13	 Historical log (for parts and accessories); 

 

	 	5.1.8.14	 Module log cards (if applicable); and 

 

	 	5.1.8.15	 Engine on-wing performance trend data generated utilizing trend
monitoring programs such as ADEPT or SAGE (if available). Copa’s failure to furnish necessary information and records shall result in an excusable delay in induction of the Engine for Service, and GE’s obligation to provide a lease Engine,
as specified in Paragraph 3.4.12, shall be suspended on a day for day basis for that shop visit delay, and may necessitate premature LLP replacement as described in Paragraph 7.2.2, below, at Copa’s expense. However, prior to replacing such
LLP, and if data remains unavailable for three (3) calendar days, GE will first advise Copa that certain records are missing and allow Copa five (5) working days to acknowledge and forward such records to GE. 

 

	 	5.1.8.16	 Non-OEM approved parts or repairs installed by other than GE in such
Engine. 

  

	 	5.1.8.17	 Standard Form ATA-106
(non-incident statement) or equivalent for the Engine since its last certification as airworthy. 

  

	 	5.1.9	 Provide to GE an external equipment configuration specification for any Engine to be Delivered for Service.

  
 13 

	 	5.1.10	 Ensure that adequate non-exclusive workspace, parking, and local
telephone and facsimile access are available for the GE technical representative assigned to the Copa facility, as applicable. Costs incurred by such GE technical representative, including without limitation, long distance telephone charges, fax, or
computer charges, shall be the responsibility of GE. 

  

	 	5.1.11	 Provide a minimum quantity of spare Engines, as required in Exhibit B, for the term of the Agreement.

  

	 	5.1.12	 Provide automated transfer of Engine trend and maintenance data from
in-flight data acquisition systems and/or ground based computer systems via electronic medium. 

  

	 	5.1.13	 **Material Redacted** 

ARTICLE 6 - DELIVERY, REDELIVERY, AND GOVERNMENTAL AUTHORIZATION 

 

	6.1	 DELIVERY. ALL ENGINES FROM COPA’S FLEET, AS SPECIFIED IN EXHIBIT B, TO BE SERVICED SHALL BE DELIVERED BY
COPA TO GE. SUCH ENGINES SHALL BE READY FOR SHIPMENT WITHIN FORTY-EIGHT (48) HOURS, FROM LOCATIONS WITHIN THE FORTY-EIGHT (48) CONTIGUOUS UNITED STATES, AND
WITHIN ONE HUNDRED TWENTY (120) HOURS FROM LOCATIONS OUTSIDE OF THE FORTY-EIGHT (48) CONTIGUOUS UNITED STATES, FOLLOWING REMOVAL FROM THE AIRCRAFT. HOWEVER, GE SHALL HAVE THE OPTION TO PERFORM
REPAIRS WITH A FIELD TEAM AT LOCATIONS OTHER THAN ITS FACILITIES. 

  

	6.2	 Redelivery. After completion of Services, GE shall Redeliver the Engine to Copa. In the event Redelivery of the
Engine cannot occur due to any cause referred to in Article 12, “Excusable Delay” below, or at Copa request, GE may place such Engine into storage (which may be at a Repair Station). In such event, GE shall notify Copa of such storage,
GE’s Redelivery obligations shall be deemed fulfilled, except that GE shall retain all risk of loss or damage to the Engine until they are in Copa’s care, custody and control, and any amounts payable to GE upon Redelivery shall be payable
Upon presentation of GE’s invoice. Such Engines in storage shall be considered available spare Engines for purposes of Paragraph 5.1.11 above. Upon payment of all amounts due hereunder, GE shall assist and cooperate with Copa in the removal of
Engines placed in storage. 

  

	6.3	 Governmental Authorization. Copa shall be the importer and/or exporter of record outside of the U.S. and shall
be responsible for timely obtaining any import license, export license, exchange permit, or other required governmental authorization relating to the Engines. GE shall be importer and/or exporter of record in the U.S. GE will not be liable if any
authorization is not renewed or is delayed, denied, revoked, or restricted, and Copa shall not thereby be relieved of its obligation to pay for Services performed by GE. All items and equipment delivered hereunder shall at all times be subject to
the U.S. Export Administration Regulations and/or International Traffic in Arms Regulations of the U.S.A. and any amendments thereto. Copa agrees not to dispose of U.S. origin items provided by GE other than in and to the country of ultimate
destination specified in Copa’s purchase order and/or approved government license or authorization, except as said laws and regulations may permit. 

ARTICLE 7 - PARTS REPLACEMENT PROCEDURES 

 

	7.1	 Missing or Damaged Parts. GE shall, within one hundred twenty (120) hours of Delivery, notify Copa in writing,
or by alternate mutually agreed electronic communication, of any components or LRUs damaged or missing from an Engine when received at the Designated Repair Station. GE shall replace such missing or damaged items at Copa’s expense unless Copa
notifies GE in writing within two (2) business days of receiving GE’s notice that Copa wishes to furnish such missing or damaged items within a period of time specified by GE. If such damage or loss occurred after Delivery, GE shall be
responsible for repairing or replacing such item. 

  
 14 

	7.2	 Parts Replacement. GE shall determine which parts are required to accomplish the Services associated with a
MCPH Shop Visit and shall provide all parts and materials required to accomplish the Services. 

  

	 	7.2.1	 Rotable Parts. GE may issue compatible parts from GE’s Rotable Parts inventory to replace Copa’s
parts requiring repair. Copa agrees to accept compatible Rotable Parts that are updated to the then-current Service Bulletin baseline used by the majority of GE’s customers. Repairable parts removed from
the Engine and replaced by GE’s Rotable Parts inventory will be repaired by GE or a third party, at GE’s option. Any Rotable Part which replaces a Copa part shall meet or exceed the modification standard of the Copa part.

  

	 	7.2.2	 Life Limited Parts. LLP received by GE without the necessary records required in Paragraph 5.1.8 above that
relate to LLP, shall be replaced by GE at Copa’s expense as stated therein, following the time period allowed for Copa to provide such records, as stated herein. 

 

	7.3	 Title to Parts. GE furnished parts and material incorporated into an Engine shall be deemed to have been sold
to Copa and title to such GE furnished parts and material shall pass to Copa upon incorporation into such Engine. Risk of loss or damage to such parts and material shall pass to Copa upon Redelivery of the Engine. Title to any parts removed from the
Engine, which are replaced by other parts, shall pass to GE upon incorporation into the Engine of the replacement part, unless such removed parts are scrapped. 

 

	7.4	 Title to Scrapped Parts. Title to Scrapped Parts shall pass to GE upon review and disposition by Copa, only to
the extent required to comply with FAA requirements. Title to Scrapped Parts as result of a Supplemental Shop Visit shall pass to GE only upon confirmation of scrap status by Copa. 

 

	7.5	 Scrapped Parts. GE shall, at its sole expense and without any further adjustment to Copa, dispose of all
Scrapped Parts, except for Supplemental Work Scrap Parts which shall be subject to Copa’s disposition instructions (delays in such disposition instruction shall not prevent GE from continuing performance on the Engine, including replacement of
the Scrapped Part). Copa shall prior to the end of each calendar quarter elect, at its option, either to witness destruction of Scrapped Parts or receive a certificate of destruction, in a format to be set forth in the Procedures Manual, during the
subsequent quarter. 

 ARTICLE 8 - REPAIR STATIONS AND SUBCONTRACTED SERVICES 

 

	8.1	 GE Repair Stations. GE may have any of the Services within the scope of this Agreement performed at any
facility of GE or any GE affiliated repair station, with prior Copa written approval, such approval not to be unreasonably withheld, delayed or denied. 

  

	8.2	 Subcontracted Services. GE may subcontract any portion of the Services to be performed on the Engines. Any
subcontracted Services shall be performed in accordance with the requirements of this Agreement. Copa shall, at its sole expense, have the right to review GE’s audit report(s) for such subcontractor(s). Subcontracting of any Services hereunder
shall not relieve GE of its performance obligations set forth in this Agreement. 

 ARTICLE 9 - PRICING 
 In consideration of Services provided under this Agreement, Copa agrees to pay GE for labor,
material, subcontractor Services, testing, and all other services furnished hereunder in accordance with the prices set forth in Exhibit A. All prices are stated in 2003 United States Dollars, and are subject to adjustment as described in Exhibit A.

  
 15 

 ARTICLE 10 -INVOICES AND PAYMENT 

 

	10.1	 MCPH Payments. Copa shall remit to GE, on the fifteenth (15th) day of each month of performance under this
Agreement, an amount equal to the actual EFH incurred by all of the Engines for that preceding month multiplied by the applicable adjusted and escalated MCPH Rate. 

 

	10.2	 Supplemental Work Payments. 

 

	 	10.2.1	 Supplemental Work invoices shall be net of any warranty applicable to the equipment which GE receives.

  

	 	10.2.2	 Application of Payments 

Payments by Copa for Supplemental Work shall be applied to the oldest outstanding invoices, less any disputed amounts, in order of succession.

  

	 	10.2.3	 Invoice(s) 

  

	 	10.2.3.1	 Interim Invoices. GE shall issue an interim invoice at terms of net thirty (30) days, following incoming
inspection of Engines into GE’s Designated Repair Station, for GE’s cost estimate for that shop visit. 

  

	 	10.2.3.2	 Final Invoice. GE shall issue a final invoice for Services as soon as practicable, not later than 6 months
following Redelivery of the Engine. The final invoice shall reflect the total charges owed by Copa and credits due Copa and shall reflect any additional charges and/or credits to the interim invoice(s) incurred, based on actual charges to complete
the Services. Such invoice shall be reconciled with any interim invoice(s). 

  

	 	10.2.3.3	 Payment Terms. Copa shall pay, in full, the unpaid balance of any final invoice for Services within thirty
(30) days after Redelivery of the Engine. If any payment date falls on a day that is not a business day, the payment that is otherwise due shall instead be due the next business day. Subject to GE’s then current credit and collection
status for Copa, or in the event Copa’s account becomes delinquent, GE reserves the right to require different terms of payment or other commercially acceptable assurances of payment until such delinquency has been cured. 

 

	 	10.2.3.4	 All Invoices shall include the following information: 

 

	 	•	 	 Cover sheet to include general transaction data. 

 

	 	•	 	 Labor summary. 

  

	 	•	 	 Material listing by source. (Includes PN, IIN, Noun, reason for replacement, price, quantity and total price.)

  

	 	•	 	 Subcontractor charges, including supporting documentation. 

 

	 	•	 	 Any other applicable charges. 

 

	 	10.2.4	 Invoice Dispute Resolution Process 

In the event Copa has a legitimate, substantiated reason(s) to believe that an error(s) has been made in a GE invoice for Supplemental Work,
the following resolution process shall apply: 
  

	 	10.2.4.1	 Copa shall provide written notice to GE which states both the amount and nature of the alleged error(s) within
thirty (30) working days of the applicable invoice date; 

  
 16 

	 	10.2.4.2	 Copa shall deduct the amount(s) being disputed from the invoice total, without penalty, pending an
investigation by GE of the alleged error(s); however, Copa shall pay all non-disputed charges in accordance with Paragraph 10.2.1, above; 

 

	 	10.2.4.3	 GE shall conduct an investigation of the disputed amount(s) and notify Copa of the findings of such
investigation within ten (10) working days of receipt of notification. Upon mutual agreement of such resolution, Copa shall pay any and all amounts still owed to GE or GE shall credit Copa, as applicable and as promptly as possible, but in no
event later than thirty (30) days following such resolution. 

  

	 	10.2.5	 All MCPH charges paid by Copa for an ineligible Engine, to the point such Engine qualifies under the MCPH
Program’s eligibility requirements in 3.1.3 above, shall be credited up to the Supplemental Work charges for the Qualifying Shop Visit. 

  

	 	10.2.6	 In the event that Copa requires a Supplemental Work shop visit which includes a Full Performance Restoration
Workscope, GE shall invoice all of the Services performed during that shop visit as Supplemental Work and credit Copa’s Supplemental Work invoice for ninety percent (90%) of Copa’s MCPH payments actually paid to GE for EFH incurred by the
applicable Engine since its last shop visit or since new, whichever occurred last. 

  

	10.3	 Late Payment. Should Copa fail to make payment for non-disputed charges
within the specified time, then it is agreed that GE may charge interest for late payment at a rate equal to the then current one (1) year London InterBank Offered Rate (“LIBOR”) for U.S. Dollar deposits, as published in the Wall
Street Journal, plus two hundred (200) basis points, compounded daily on any unpaid balance commencing on the next calendar day after the payment due date until such time as the payment plus the late payment charges are received by GE. Payments
by Copa shall be applied to the oldest outstanding amounts owing to GE in order of succession. GE’s obligation to provide a lease Engine as specified in Paragraph 3.4.11 will be suspended during any period Copa fails to make payment within the
specified time, except for amounts disputed pursuant to 10.2.4. 

  

	10.4	 Payment Instruction. All payments under this Agreement shall be made in United States Dollars, immediately
available for use, without any right of set-off or deduction, except as permitted by this Agreement, via wire transfer by Copa to the bank account and address designated below: 

GE Engine Services, Inc. 
 Account
No. 1010933861 
 ABA # 043000096 

Pittsburgh National Bank 

Pittsburgh PA 15265 
  

	10.5	 Mechanic’s Lien/Security Interest. To the extent permissible under any applicable Lease of Copa aircraft
and Copa’s rights under applicable law in the respective Engine operated by Copa, Copa shall properly execute and deliver all documentation as reasonably requested by GE to effect GE’s rights to a mechanic’s, material man’s, FAA
or other statutory or common law lien under applicable state, federal or foreign laws. 

 ARTICLE 11 - LIMITATION OF LIABILITY, INDEMNIFICATION AND INSURANCE 
  

	11.1	 Total Liability. The total liability of GE or Copa for any and all claims, whether in contract, warranty, tort
(including negligence but excluding willful misconduct or gross negligence), product liability, patent infringement, or otherwise for any damages arising out of, connected with, or resulting from the performance or
non-performance of any Service or Services provided hereunder or from the manufacture, sale, Redelivery, resale, repair, overhaul, replacement or use of any Engine shall not exceed the then current fair market
value of that certain Engine which gives rise to the claim, on a per occurrence basis. 

  
 17 

	11.2	 Damages. Except for indemnification obligations for third party claims under Paragraph 11.3 or as otherwise
provided herein, in no event, whether as a result of breach of contract, warranty, tort (including negligence but excluding willful misconduct or recklessness), product liability, patent infringement, or otherwise, shall GE be liable for any
special, consequential, incidental, resultant (except resultant physical damage to any Engine), indirect, punitive or exemplary damages (including, without limitation, loss of use, loss of profit or loss of revenue in connection with the Engine).

  

	11.3	 GE and Copa shall each release the other party from, and shall indemnify, defend and hold the other party
harmless from and against any and all claims, liabilities and losses whatsoever of any nature or kind on account of or by any reason of injury to or death of any employee or representative of that other party or any third party or damage to or loss
of property, including infringement of intellectual property rights, of that other party or any third party, arising out of, in connection with or resulting from performance hereunder or operation of the Aircraft on which an Engine is installed,
whether in contract, warranty, tort, product liability, patent infringement or otherwise, except to the extent such injury, death or damage arose directly out of the gross negligence or willful misconduct of an indemnified party.

  

	11.4	 Definition. For the purpose of this Article 11, the term “GE” or “Copa” is deemed to
include such party and its affiliated companies, the subcontractors and suppliers of any Services furnished hereunder, and the directors, officers, employees, servants, and representatives of each. 

 

	11.5	 Insurance. GE shall maintain, at its own cost and expense, during the term of this Agreement, policies of
insurance of the types and in the amounts not less than those stipulated in the terms of this Agreement: 

  

	 	11.5.1	 Comprehensive General Liability with combined single limits not less than $2,500,000.00 per occurrence.

  

	 	11.5.2	 Aircraft Products and Completed Operations liability, for bodily injury and property damage with limits of not
less than $500,000,000.00 combined single limit per occurrence and in the aggregate where applicable. 

  

	 	11.5.3	 Workers’ Compensation to statutory limits and Employer’s Liability with limits of not less than
$1,000,000.00 per occurrence and including occupational disease coverage. 

  

	 	11.5.4	 GE shall cause the aforesaid liability insurance policies to be duly and properly endorsed by GE’s
insurance underwriters to: 

  

	 	11.5.4.1	 Contain a standard cross liability/severability of interest clause. 

 

	 	11.5.4.2	 Provide that said insurance shall be primary in all instances with respect to Copa’s insurance which shall
be secondary or excess at all times. 

  

	 	11.5.4.3	 Provide blanket contractual liability coverage for the liability, indemnity and hold harmless obligations
assumed under the terms of this Agreement. 

  

	 	11.5.4.4	 Provide a waiver of subrogation rights in favor of Copa. 

 

	 	11.5.4.5	 Provide thirty (30) days prior written notice of cancellation or adverse material change in coverage.

  

	 	11.5.4.6	 Provide that Copa is endorsed as an additional insured. 

  
 18 

	 	11.5.5	 Within ten (10) days after the execution of this Agreement, GE shall supply Copa with certificates of
insurance evidencing the coverages and endorsements referenced above with Copa listed as an additional insured. 

 ARTICLE
12 - EXCUSABLE DELAY 
  

	12.1	 Excusable Delays. GE and Copa shall be excused from, and shall not be liable for, any delays in its performance
or failure to perform hereunder, and shall not be deemed to be in default for any delay in or failure of performance hereunder due to causes beyond its reasonable control. Such causes shall be conclusively deemed to include, but not be limited to,
acts of God, acts (or failure to act) of the other party, acts (or failure to act) of civil or military authority, government priorities, fires, strikes, labor disputes, work stoppage, floods and other natural catastrophe(s), epidemics, war
(declared or undeclared), riot, or delays in transportation. In the event of any such delay, the time of performance shall be extended for a period equal to the time lost by reason of the delay. 

 

	12.2	 Continuing Obligations. Paragraph 12.1 shall not, however, relieve either party from using its best commercial
efforts to avoid or remove such causes of delay and continue performance with reasonable dispatch when such causes are removed. If, within fourteen (14) calendar days of the event causing the excusable delay, GE has not provided Copa evidence
of GE’s ability to continue providing Services under the Agreement or providing such Services through a third party, Copa shall have the right to have any of the Services performed by a mutually agreeable third party. In such event, GE shall,
with respect to any Engine sent to a third party, reimburse Copa the MCPH Rates paid since the last MCPH Shop Visit. 

  

	12.3	 Extended Delay - Termination. If delay resulting from any of the
foregoing causes extends for more than six (6) months and the parties have not agreed upon a revised basis for continuing the Services, including any adjustment of the price, then either party, upon thirty (30) calendar days written notice
to the other, may terminate the performance of Services with respect to any Engine for which Services were delayed, whereupon Copa shall pay GE amounts due upon receipt of GE’s invoice(s). 

ARTICLE 13 - NOTICES 
  

	13.1	 Acknowledgment. All notices required or permitted under this Agreement shall be in writing and shall be
delivered personally, or sent via first class mail, return receipt requested, facsimile, courier service, or express mail, addressed as follows or such other address as either party may designate in writing to the other party from time to time:

  

			
	 GE:
	 	 COPA:

	 GE Engine Services, Inc.
	 	 Compania Panamena De Aviacion, S.A

	 1 Neumann Way
	 	 Tocumen Int’l Airport

	 M/D F-103
	 	 P.O. Box 1572

	 Cincinnati, OH 45215-6301
	 	 Panama 1, Panama

	 Attn: President & CEO
	 	 Attn: VP Purchasing & Material Services

	 Copy to: GE Engine Services, Inc
	 	 Tel.: (507) 238-4449

	             1 Neumann Way
	 	 Fax: (507) 238-4810

	             M/D F-120
	 	
	             Cincinnati, OH 45215-6301
	 	 Copy to: Chief Financial Officer

	Attn: Manager, Fleet Management Operation	 	

  
 19 

	13.2	 Effect of Notices. Notices shall be effective and shall be deemed to have been given when received by the
recipient (A) if sent by courier, express mail, or delivered personally, upon delivery; (B) if sent by facsimile, upon receipt; and (C) in the case of a letter sent prepaid first class mail, on the fifth (5th) day after posting (or on
actual receipt, if earlier). 

 ARTICLE 14 - TAXES AND OTHER CHARGES 

 

	14.1	 Taxes, Duties or Charges. In addition to the price for the Services, Copa shall pay to GE, upon demand, any
taxes (including without limitation, sales, use, ad valorem, excise, turnover or value added taxes), duties, fees, charges, imposts, tariffs, or assessments of any nature (but excluding income taxes) (“Taxes”), assessed or levied in
connection with GE’s performance under this Agreement. 

  

	14.2	 Right To Protest/Refund. If claim is made against GE for any such Taxes, GE shall immediately notify Copa and,
if requested by Copa, GE shall not pay except under protest, and if payment be made, GE shall use all reasonable efforts to obtain a refund thereof. If all or any part of any such Taxes be refunded, GE shall repay to Copa such part thereof as Copa
shall have paid. Copa shall pay to GE, upon demand, all expenses (including penalties, interest and attorney’s fees) incurred by GE in protesting payment and in endeavoring to obtain such refund at Copa’s request. 

ARTICLE 15 - DISPUTE RESOLUTION, ARBITRATION 

 

	15.1	 Resolution by Senior Management. If a dispute arises relating to this Agreement and related damages, if any,
(the “Dispute”) either party shall give written notice to the other party requesting that senior management attempt to resolve the Dispute. Within fifteen (15) days after receipt of such notice, the receiving party shall submit a
written response. The notice and the response shall include a statement of the applicable party’s position and a summary of reasons supporting that position. The parties shall cause senior management to meet within thirty (30) days after
delivery of the notice, at a mutually acceptable time and place, and thereafter as often as they reasonably deem necessary, to use commercially reasonable efforts to resolve the Dispute. 

 

	15.2	 Arbitration. If the parties’ senior management do not resolve the Dispute by means of the process
described above within one hundred twenty (120) calendar days after delivery of the disputing party’s notice, then either party may request that the Dispute be settled and finally determined by binding arbitration in New York, New York,
USA, or any other location the parties may agree, in accordance with the Commercial Arbitration Rules of the American Arbitration Association (then in effect) (“AAA”). 

 

	15.3	 Arbitration Procedure. The arbitration will be conducted by a single arbitrator chosen by agreement of the
parties. In the event that they are unable to reach agreement within thirty (30) calendar days of the demand for arbitration, the parties may request the AAA to appoint the neutral arbitrator. The arbitrator may hold pre-hearing conferences or adopt other procedures. The Agreement shall be interpreted and applied in accordance with the substantive laws of the State of New York, without giving effect to its conflict of law
provisions, rules or procedures (except to the extent that the validity, perfection, or creation of any lien or security interest hereunder and the exercise of rights or remedies with respect of such lien or security interest for a particular item
of equipment are governed by the laws of a jurisdiction other than New York). 

 Reasonable examination of opposing
witnesses in oral hearing will be permitted. Each party will bear its own cost of presenting or defending its position in the arbitration. The award of the arbitrator shall be final, binding and non-appealable
and judgment may be entered thereon in any court having jurisdiction 

  
 20 

 
thereof. If a party is found to be in default hereunder, the non-defaulting party’s reasonably incurred costs associated with the arbitration,
including reasonable attorneys’ fees, shall be paid by the defaulting party. 
  

	15.4	 **Material Redacted** 

 

	15.5	 Exception. Either party may at any time, without inconsistency with this Article 15, seek from a court of
competent jurisdiction any equitable, interim, or provisional relief to avoid irreparable harm or injury. This Article 15 shall not be construed to modify or displace the ability of the parties to effectuate any termination contemplated in Article
16 below. 

 ARTICLE 16 - TERMINATION 

 

	16.1	 Failure to Pay/Insolvency. Either party may, at its option, immediately cancel all or any portion of this
Agreement if the other party: (A) fails to make any of the required payments or credits when due, unless cured within ten (10) calendar days of such payment due date; (B) makes any agreement with creditors due to its inability to make
timely payments of its debts; (C) enters into bankruptcy or liquidation whether involuntary or voluntary (provided, in the event of an involuntary proceeding, the same shall not have been dismissed within 60 days); (D) becomes insolvent; or
(E) becomes subject to the appointment of a receiver of the whole or material part of its assets. If such cancellation should occur, Copa shall not be relieved of its payment obligation for Services rendered hereunder prior to such
cancellation. 

  

	16.2	 Material Provisions. Without limiting the provisions of Paragraph 16.1 above and excluding any other remedies
provided elsewhere in this Agreement, either party may cancel this Agreement upon sixty (60) calendar days written notice to the other for failure to comply with any material provision of this Agreement, unless the failure shall have been cured
or the party in breach has substantially effected all acts required to cure the failure prior to such ninety (690) calendar days. 

  

	16.3	 Work in Process. Upon the expiration or cancellation of this Agreement, GE shall complete all work in process
in a diligent manner under the terms of this Agreement provided that Copa has deposited sufficient monies with GE to pay the estimated charges for all such work, in accordance with the prices set forth in Exhibit A. 

 

	16.4	 GE shall, upon receipt of Copa’s written request, promptly deliver all Copa’s Engines, parts and
related documentation to Copa. 

  

	16.5	 Reconciliation of MCPH Payments. In the event this Agreement is terminated, GE will calculate reconciliation
for each Engine covered by this Agreement as set forth in Paragraph 1.3.1.2 of Exhibit A to this Agreement. Based on this calculation and at its option, GE shall invoice Copa an amount to be paid by Copa within thirty (30) days of the date of
invoice. 

  

	16.6	 **Material Redacted** 

 

	16.7	 Survival. Termination of this Agreement shall not terminate the rights and obligations of the parties accruing
prior to such termination. The provisions of Articles 11, 17 and 18 shall survive termination of this Agreement. 

 ARTICLE
17 - NONDISCLOSURE OF PROPRIETARY DATA 
  

	17.1	 Non-Disclosure. The existence of this Agreement and its general purpose
may be stated to others by either of the parties without approval from the other, except, that the terms of this Agreement and any knowledge or information which either party may disclose to the other party with respect to pricing,

  
 21 

 
design, manufacture, sale, use, repair, overhaul or Service of Engines, shall be deemed to be proprietary information, and shall be held in confidence by the receiving party. Such information
shall not be reproduced, used or disclosed to others by receiving party without the disclosing party’s prior written consent, except to the extent required by government agencies and courts for official purposes. Disclosure to such government
agencies and courts shall be made only (A) upon thirty (30) calendar days advance written notice by the receiving party to the other party of such disclosure, so as to provide that other party the ability to obtain appropriate protective
orders, and (B) with a suitable restrictive legend limiting further disclosure. 
  

	17.2	 Exceptions. The preceding Paragraph 17.1 shall not apply to information which (A) is or becomes part of
the general public knowledge or literature otherwise than as a result of breach of the receiving party’s obligations hereunder, or (B) was, as shown by written records, known to the receiving party prior to receipt from other party, or
(C) is disclosed without restriction to the receiving party by a third party having the right to do so. 

  

	17.3	 Trademarks. Nothing contained in this Agreement shall convey to either party the right to use the trademarks of
the other, or convey or grant to either Party any license under any patent owned or controlled by the other party. 

ARTICLE 18 - WARRANTY 
  

	18.1	 **Material Redacted** 

 

	18.2	 **Material Redacted** 

 

	18.3	 **Material Redacted** 

 

	18.4	 **Material Redacted** 

 

	18.5	 **Material Redacted** 

 

	18.6	 **Material Redacted** 

 

	18.7	 **Material Redacted** 

ARTICLE 19 - GENERAL PROVISIONS 

 

	19.1	 Assignment. The assignment of all or any portion of this Agreement or any purchase order or any right or
obligation hereunder, by either party, without the prior written consent of the other party, shall be void; except that Copa’s consent shall not be required for the substitution of an affiliated company of GE in place of GE as the contracting
party and/or the recipient of payments pertaining to all or any portion of this Agreement or any purchase order in connection with this Agreement. In the event of any such substitution, Copa shall be so advised in writing. 

 

	19.2	 Governing Law, Waiver of Immunity. The Agreement shall be interpreted and applied in accordance with the
substantive laws of the State of New York, without giving effect to its conflicts or choice of law provisions, rules or procedures. To the extent that Copa or any of its property becomes entitled at any time to any immunity on the grounds of
sovereignty or otherwise from any legal action, suit, or proceeding of any nature, Copa hereby irrevocably waives the application of such immunity and particularly, the U.S. Foreign Sovereign Immunities Act, 28 U.S.C. 1602, et. seq. insofar as such
immunity relates to Copa’s rights and obligations in connection with this Agreement. 

  
 22 

	19.3	 Savings Clause. If any portion of this Agreement shall be determined to be a violation of or contrary to any
controlling law, rule or regulation issued by a court of competent jurisdiction, then that portion shall be unenforceable and deleted from this Agreement. However, the balance of this Agreement shall remain in full force and effect.

  

	19.4	 Beneficiaries. Except as herein expressly provided to the contrary, the provisions of the document are for the
benefit of the parties hereto and not for the benefit of any third party. 

  

	19.5	 Controlling Language. The English language shall be used in the interpretation and performance of this
Agreement. All correspondence and documentation arising out of or connected with this Agreement and any related purchase order(s), including but not limited to Engine records and Engine logs shall be in the English language. 

 

	19.6	 Non-Waiver of Rights and Remedies. Any failure or delay in the exercise
of rights or remedies hereunder shall not operate to waive or impair such rights or remedies. Any waiver given shall not be construed to require future or further waivers. 

 

	19.7	 Titles/Subtitles. The titles and subtitles given to the sections of the Agreement are for convenience only and
shall not in any manner be deemed to limit or restrict the context of the article or section to which they relate. The words “herein”, “hereof”, “hereunder”, “herewith”, and similar terms are not to be deemed
restrictive and refer to the entire Agreement, including all Exhibits. 

  

	19.8	 Currency Judgment. This is an international transaction in which the specification of United States Dollars is
of the essence. No payments required to be made under this Agreement shall be discharged by payments in any currency other than United States Dollars, whether pursuant to a judgment, arbitration award, or otherwise. 

 

	19.9	 No Agency Fees. Copa represents and warrants that no officer, employee, representative, or agent of Copa has
been or will be paid a fee or otherwise has received or will receive any personal compensation or consideration by or from GE in connection with the obtaining, arranging or negotiation of this Agreement or other documents entered into or executed in
connection herewith. GE represents that, unless otherwise disclosed in writing prior to the execution of this Agreement and approved by Copa’s duly authorized representative, GE has not and will not enter into any agreement with any third party
for the purpose of facilitating, assisting, or coordinating, in any way, shape or form, any aspect of this Agreement (except in the case of attorneys or other counselors whose function is to review and advise GE on the terms of this Agreement),
including but not limited to the initial meetings which led to the negotiation of this Agreement. 

  

	19.10	 On-Site Representative. Subject to the following conditions, GE agrees
to ensure that adequate non-exclusive workspace, parking, and local telephone and facsimile access are available for Copa’s on-site representative assigned to the
Designated Repair Station. Costs incurred by such on-site representative, including without limitation, long distance telephone charges, fax, or computer charges, shall be the responsibility of Copa, and if
charged to GE in the first instance, shall be invoiced to Copa. 

  

	19.11	 No Agency. Nothing in this Agreement shall be interpreted or construed to create a partnership, agency, or
joint venture between GE and Copa. 

  

	19.12	 Entire Agreement. This Agreement, together with Exhibits A through E, contains and constitutes the entire
understanding and agreement between the Parties hereto respecting the subject matter hereof, and supersedes and cancels all previous negotiations, agreements, commitments, and writings in connection herewith. This Agreement may not be released,
discharged, abandoned, supplemented, changed, or modified in any manner, orally or otherwise, except by a writing of concurrent or subsequent date signed 

  
 23 

	 	
and delivered by a duly authorized officer or representative of each of the parties hereto making specific reference to this Agreement and the provisions hereof being released, discharged,
abandoned, supplemented, changed, or modified. 

  

	19.13	 Counterparts. This Agreement may be executed in one or more counterparts, all of which counterparts shall be
treated as the same binding agreement, which shall be effective as of the date set forth on the first page hereof, upon execution and delivery by each party hereto to the other party of one or more such counterparts. 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized officer or representatives who represent to each other and
both parties that each is employed in the capacity indicated below and has the unequivocal authority to execute and deliver this Agreement, which shall be effective as of the date first above written. 

 

									
	GE ENGINE SERVICES, INC.	 		 	                                 COMPANIA
PANAMENA DE AVIACION, S.A

									
					
	BY:	 	 /s/ Gilberto Peralta
	 		 	BY:	 	 /s/ Pedro Heilbron

			
	PRINTED NAME:    Gilberto Peralta	 	       	 	PRINTED NAME:    Pedro Heilbron
			
	TITLE:    GM, Sales, Latin America	 		 	TITLE:    CEO
			
	DATE:    3/6/03	 		 	DATE:    3/6/03

  
 24 

 EXHIBIT A 

**Material Redacted** 
 **5
pages** 

  
 25 

 SCHEDULE 1 

TO 
 EXHIBIT A 

**Material Redacted** 
 **2
pages** 

  
 26 

 SCHEDULE 2 

TO 
 EXHIBIT A 

**Material Redacted** 
 **2
pages** 
  

  
 27 

 SCHEDULE 3 

TO 
 EXHIBIT A 

**Material Redacted** 

  
 28 

 EXHIBIT B 

**Material Redacted** 

  
 29 

 EXHIBIT C 

**Material Redacted** 
 **2
pages** 

  
 30 

 EXHIBIT D 

**Material Redacted** 

  
 31 

 EXHIBIT E 

**Material Redacted** 

  
 32EX-4.5

 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 

Exhibit 4.5 
 FORM OF AMENDED AND
RESTATED 
 ALLIANCE AGREEMENT 

This Amended and Restated Alliance Agreement (the “Agreement”) is made this
         day of                 , 2005, by and between CONTINENTAL AIRLINES, INC. (together with its
Affiliates, “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, “COPA”), a corporation of the Republic of Panama, with its principal office at Ave. Justo Arosemena y Calle 39, Apartado 1572, Panama 1, Panama. Continental and COPA are herein referred to as the
“Carriers”. 
 RECITALS 

Continental and COPA are each certificated air carriers providing air transportation services with respect to both passengers and cargo in
their respective areas of operation. 
 Continental and COPA desire to increase the flow of air passenger traffic on aircraft operated by
both carriers and increase the quantity and quality of air service available to the traveling public by entering into and maintaining a cooperative relationship that will include the codesharing of flights, schedule coordination for connectivity,
through check-in, special prorate arrangements for both passengers and cargo, frequent flyer program participation, joint marketing programs and other mutually agreed to arrangements. 

Continental and COPA are each a party to the “Alliance Agreement” made the 22nd day of May, 1998 and each agree to enter into this
Agreement as an amended and restated version of the Alliance Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual
promises herein contained, Continental and COPA hereby agree as follows: 
  

	A.	 GOVERNMENTAL APPROVALS 

1. Antitrust Immunity. 
 (a)
During the term of this Agreement, Continental and Compania Panamena de Aviacion, S.A. shall use their commercially reasonable efforts to maintain unconditional exemption and immunization pursuant to 49 U.S.C. Sections 41308 and 41309 and 41309 from
the application of all United States antitrust laws, as defined therein, for all transactions and activities contemplated in this Agreement with respect to such Carriers, including, but not limited to, pricing, route planning, yield management,
scheduling, commissions, advertising, sales and marketing and all ancillary transactions and activities thereto (“Antitrust Immunity”); provided, however, that if the Carriers use their commercially reasonable efforts to maintain Antitrust

 
Immunity but Antitrust Immunity is terminated, this Agreement shall not terminate and shall continue to be a valid and binding agreement of the Carriers and enforceable against the Carriers but
limited by any applicable law, rule, regulation, ordinance, certificate, governmental permit or license, judgment, injunction, order or decree or a governmental or regulatory authority, agency, commission, court or other entity, domestic or foreign.

 (b) To the extent that Antitrust Immunity is terminated, a new application for Antitrust Immunity shall be filed by the applicable
Carriers with the Department of Transportation (the “DOT”) as soon as reasonably and commercially possible after such termination. 

(c) Subject to Antitrust Immunity and applicable laws and regulations, the Carriers shall coordinate their pricing, route planning, yield
management, scheduling, commissions, advertising, sales and marketing and other activities for the mutual benefit of the Carriers. 
 2.
Codesharing Approval. Within 45 days after the commencement date of this Agreement (the “Implementation Date”), Continental and COPA shall apply to the DOT pursuant to Section 212 of the DOT’s regulations for authorization to
implement the “Shared Code Segments” (the application for “Statements of Authorization”), as defined below. Continental and COPA shall use their commercially reasonable efforts to obtain and maintain such authorization. 

3. Filings; Other Action. Subject to the terms and conditions herein provided the Carriers shall: (i) promptly make any other filings,
notices or applications with any Governmental Entity required in connection with the consummation of the transactions and acts contemplated by this Agreement; (ii) promptly seek any necessary consents of, or give any required notices to, third
parties with respect to the transactions and acts contemplated by this Agreement; (iii) consult reasonably with the other party in connection with, and keep the other party reasonably informed with respect to, the foregoing; and (iv) use all
reasonable effort to promptly take, or cause to be taken, all other actions and do, or cause to be done, all other things necessary, proper or appropriate under applicable laws and regulations to consummate and make effective the transactions and
acts contemplated by this Agreement as soon as practicable. 
  

	B.	 CODESHARING 

1. Schedules to be Operated. 
 (a)
To the extent permitted by law, Continental operated Shared Code Segments (as herein defined) will be marketed under not only Continental’s “CO” designator code but also under COPA’s “CM*” designator code, and COPA
operated Shared Code Segments will be marketed under not only COPA’s “CM” designator code, but also under Continental’s “CO*” designator code. Schedule B.1(a) hereto, which is incorporated herein by this reference, sets
forth the flight segments where shared code segments (“Shared Code Segments”) will operate during the term of this Agreement. It is the intention of the Carriers that 

  
 2 

 
the Shared Code Segments shall be operated with full reciprocity in a non-discriminatory manner towards the non-operating Carrier on gateway routes (i.e., from a non-United States point to
another non-United States point or to a United States domestic routes as applicable and on head-to-head and non-overlapping markets). Each Carrier will use its commercially reasonable efforts to commence codeshare operations as soon as regulatory
authority to commence such operations has been obtained ; provided that neither Carrier shall have an obligation to place its designator code on flights operated by the other Carrier unless or until such time as the Carrier whose designator code
will be used is reasonably satisfied that the manner in which the codeshare service is to be provided is substantially comparable to its own service. Except as expressly set forth herein, no Carrier shall have an obligation to extend Shared Code
Segments to other routes or to maintain operations of its aircraft on any routes and no such obligation can be created by any oral statements or representations or course of dealing by a Carrier, but only by an express written agreement. 

(b) The Carriers shall meet together at least twice per year to discuss the appropriateness of expanding or contracting the Shared Code
Segments. Each Carrier shall have the right to propose changes to the Shared Code Segments and such proposal must be duly and timely analyzed and the decision of the other Carrier to reject it must be made on a commercially reasonably basis. 

2. Schedule Changes. For flights operating as Shared Code Segments, each Carrier shall operate the schedule published by it on the
Implementation Date and either Carrier may change its schedule published by it on the Implementation Date and either Carrier may change its schedule for Shared Code Segments operated by it at its own discretion; provided, however, that if a proposed
change in a Carrier’s schedule will have a material adverse effect on the other Carrier’s connecting opportunities, the Carrier planning to change its schedule shall provide the other Carrier with 60 days’ written notice (or notice as
far in advance as practical, if 60 days is not practical, but under no circumstances less than 15 days) of the schedule change. The Carriers recognize that in order to provide a high level of customer service, the schedule change process must be
synchronized and the Carriers shall endeavor to achieve such synchronization to such extent and as promptly as is reasonably and legally possible. 

3. Revenue Sharing, Codeshare Commission and Proration on Shared Code Segments. 

(a) The revenue from flight itineraries made up of transportation via a flight (a Shared Code Segment or otherwise) operated by one Carrier
connecting with a flight (a Shared Code Segment or otherwise) operated by the other Carrier (such flight itineraries are hereinafter referred to as the “Through Flights”) shall be allocated between the Carriers in accordance with a special
prorate agreement between the Carriers, a copy of which is attached hereto as Exhibit A (the “Special Prorate Agreement”). The tickets for Through Flights or connecting flights shall be issued such that a separate coupon shall be utilized
for each flight segment. From time to time and in good faith, each Carrier shall determine which discount coupons or documents of the other Carrier it shall recognize. 

  
 3 

 (b) The Special Prorate Agreement shall be based primarily on **Material Redacted**. In such
selected short-haul markets, the operating Carrier will provide **Material Redacted**. The Special Prorate Agreement will also provide for revenue proration for unpublished fares on mutually agreeable terms. The Special Prorate Agreement shall be
modified by mutual agreement of the Carriers, as necessary, so that it is no less favorable to the non-operating Carrier on applicable origin and destination itineraries than the most favorable arrangement offered by the applicable operating Carrier
to another non-operating airline for similar origin and destination itineraries. 
 (c) The Carriers agree that for tickets sold by the
marketing Carrier on Shared Code Segments, the operating Carrier shall be responsible for booking fees with respect to segments operated by the operating Carrier assessed by any CRS vendors, including CRSs operated by third parties and CRSs
providing hosting services to any of the Carriers. The Carriers will request the CRS vendors to directly bill the operating Carrier for such booking fees if feasible. If such direct billing is not feasible, the Carriers shall bill each other monthly
and shall provide documentation that is reasonably acceptable to the other Carrier of such fees from each CRS vendor. 
 (d) Gain-Sharing.
Subject to Antitrust Immunity, the air traffic revenue gains and cost efficiencies derived from the alliance of the Carriers shall benefit both Carriers. The Carriers shall periodically assess the relative benefits and costs of codesharing and other
forms of marketing cooperation. If, after Antitrust Immunity, the gains or costs of the Carrier’s coordination of pricing, route planning, yield management, scheduling, commissions, advertising, sales and marketing and other activities directly
result in benefits to one Carrier but adversely impact the other, and such adverse impact is not the result of such other Carrier’s action, the Carriers shall negotiate immediately in good faith to make adjustments so that both Carriers may
fairly benefit from these alliance activities. 
 4. Issuance of Traffic Documents and Settlement. 

(a) Passenger’s traffic documents for Shared Code Segments may be issued by either Carrier, or third parties with whom the Carriers from
time to time have interline traffic agreements, in the same way as for any other flight of the marketing Carrier or the operating Carrier. 

(b) The acceptance of passengers’ traffic documents used in connection with the Shared Code Segments and settlements between the Carriers
shall occur through the IATA Clearinghouse in accordance with the procedures set forth in the IATA Multilateral Interline Traffic Agreement-Passenger (the `IATA Interline Agreement), except as specifically set forth in this Section B.4. The
settlement amounts shall be determined using the techniques provided in the IATA Revenue Accounting Manual. Each Carrier consents to the use by the other Carrier of sampling techniques in accordance with the IATA Revenue Accounting Manual, Chapter
B1, to determine the settlement amounts. COPA’s revenue accounting system currently does not have the capacity to handle interline sampling. Should Continental request that COPA install and use interline sampling, Continental shall pay the
reasonablecost to upgrade COPA’s revenue accounting system to accommodate interline sampling. The Carriers recognize that because of 

  
 4 

 
Continental’s size and selling strength relative to COPA’s it is probable that a disproportionate number of COPA operated Shared Code Segments will be ticketed on Continental’s
ticket stock or ticketing plate and, therefore, COPA will suffer negative impact to its cash flow from ticket sales. If a disproportionate number of COPA operated Shared Code Segments are ticketed, or are reasonably expected to be ticketed on
Continental’s ticketed on Continental’s ticket stock or ticketing plate, the Carriers will develop a commercially reasonable method to neutralize the negative impact, if any, to COPA’s cash flow, including, but not limited to,
Continental’s providing a cash advance on ticket lifts or a cash deposit to cover the amount of COPA’s delayed cash flow resulting from Continental’s sales of COPA operated Shared Code Segments. Each Carrier shall remain a member in
good standing of the IATA Clearinghouse. If the IATA Clearinghouse ceases to operate, settlement shall be determined by the internal accountants of the Carriers in accordance with procedures to be mutually agreed. 

(c) Unredeemed Tickets. If either Carrier demonstrates that the revenue distribution associated with unredeemed tickets is detrimental to it,
the Carriers will discuss ways to correct the problem and, to the extent that it is commercially reasonable to do so, implement necessary changes. 

(d) Employee Pass Travel Agreement. During the term of this Agreement, the Carriers will maintain a mutually agreeable employee pass travel
agreement which includes benefits for Officers of both Carriers and members of board of directors of Copa Holdings, S.A. substantially similar to the terms of the pass travel agreement in place as of the date hereof. 

5. Pricing and Yield Management of Shared Code Segments. 

(a) Pricing. Each Carrier shall, subject to the following sentences, independently and at it sole discretion, establish and determine the
tariffs and fares for flights operated on Shared Code Segments that utilize its designator code (CO or CO* in the case of Continental and CM or CM* in the case of COPA). Subject to retaining Antitrust Immunity and applicable laws and regulations,
pricing on the Shared Code Segments shall be established as follows: (i) local fares will be set by the Carrier operating the route if only one Carrier is operating the route and (ii) through fares on all connecting itineraries and local
fares on routes operated by both carriers shall be established by mutual agreement. Automatic concurrence shall apply when matching competitive fares. 

(b) Yield Management. 

(i) Except to the extent necessary to prevent unauthorized overbooking and subject to applicable laws, each Carrier shall make
available for sale by the other Carrier on a non-discriminatory basis all of the available seats in each inventory class for Shared Code Segments and COPA/Continental interline flights subject to reasonable yield management practices; provided,
however, that the Carriers may negotiate in good faith to establish reasonable capacity limits on 

  
 5 

 
the maximum number of seats that may be sold in a particular fare category on a particular operating flight, and provided that such capacity limits can be implemented in a commercially reasonable
manner. The Carriers shall map fares into each other’s booking classes (“buckets”) in a fully non-discriminatory fashion so that comparable fares are placed in comparable buckets. 

(ii) Each Carrier shall have access to the other Carrier’s inventory through an automated interface, which interface shall
be maintained by both Carriers to permit the sale of inventory on the Shared Code Segments. 
 (iii) Subject to the rights of
each Carrier to manage the seat inventory that it controls, including seats on the operational flight of another Carrier, each Carrier shall maintain its reservations and yield management systems in good operational condition to permit the other
Carrier, when it is the Marketing Carrier, to offer the same functionality to its customers as is enjoyed by the customers of the Operating Carrier, including the ability to make advance seat assignments, issue advance boarding passes and access
inventory that is available for sale (in the appropriate inventory class) on the reservations system of the Operating Carrier, but excluding, until technically practical, the ability to review seat maps. Each Carrier will be responsible for its own
systems costs for ensuring such functionality. 
 (iv) Unless the Carriers mutually agree, the Carriers shall not have any
blocked-space arrangements with each other. 
 6. Marketing Programs. 

To the extent permitted by law, the Carriers shall work to develop and implement mutually agreeable joint marketing programs to help promote the codeshare and
frequent flyer relationship and to increase revenues from traffic on the Shared Code Segments and the other flights. Where applicable, the Carriers shall include each other as appropriate in each other’s marketing programs, such as cross-route
tie-in’s, third-party tie-in’s, contests and affinity programs. The Carriers will, to the extent permitted by law, structure mutually agreeable agency and corporate incentive compensation programs that provide an incentive to customers to
increase their aggregate business on the Carriers, while preserving the independent marketing practices of the Carriers, unless (once Antitrust Immunity is obtained) otherwise agreed. Without limiting the foregoing and to the extent permitted by
law, each Carrier shall include the other in its travel agent, corporate and related override commission, discounting and sales incentive programs in a non-discriminatory fashion unless the other Carrier declines to participate in any such program.
The joint marketing programs shall take into account the following elements: 
  

	 	(i)	 mutual internal incentive program; 

 

	 	(ii)	 overall product compatibility; 

  
 6 

	 	(iii)	 ground and in-flight consistency that promotes both carriers; 

 

	 	(iv)	 communication planning for travel agencies and corporate travel departments; 

 

	 	(v)	 targeted Frequent Flyer Program promotions; 

 

	 	(vi)	 performance measurements and reporting; 

 

	 	(vii)	 leisure product development; 

 

	 	(viii)	 communication plans; and 

 

	 	(ix)	 hub development. 

Details of joint program development and the sharing of the incremental program costs shall be negotiated by the Carriers based on the relative revenue
benefit obtained by each of the Carriers with respect to the program on a case-by-case basis. The Carriers shall conduct quarterly joint marketing meetings to discuss implementing or adding possible marketing programs and strategies. 

7. Codesharing Licenses. 
 (a)
CO* License 
 (i) Grant of License. Subject to the terms and conditions of this Agreement, Continental shall grant to COPA a
nonexclusive, nontransferable, revocable license to use the CO* designator code on all of COPA’s flights operated as a Shared Code Segment (COPA flights flown using the CO* code are herein referred to as “CO* Flights”). 

(ii) Control of CO* Flights. COPA shall have sole responsibility for and control over, and Continental shall have no
responsibility for, control over or obligations or duties with respect to, each and every aspect of COPA’s operations including, without limitation, scheduling (except as provided in Sections B.1 and 2), pricing (except as provided in Section
B.5), planning of flight itineraries and routings, reservations, reservations control, yield management (except as provided in Section B.5), dispatch, fueling, weight and balance, flight release, maintenance, and flight operations and compliance
with applicable rules and regulations. 

  
 7 

 (b) CM* License 

(i) Grant of License. Subject to the terms and conditions of this Agreement, COPA shall grant to Continental a nonexclusive,
nontransferable, revocable license to use the CM* designator code on all of Continental’s flights operated as a Shared Code Segment. (Continental flights flown using the CM* code are herein referred to as “CM* Flights”). 

(ii) Control of CM* Flights. Continental shall have sole responsibility for and control over, and COPA shall have no
responsibility for, control over or obligations or duties with respect to, each and every aspect of Continental’s operations including, without limitation, scheduling (except as provided in Sections B.1 and 2), pricing (except as provided in
Section B.5), planning of flight itineraries and routings, reservations, reservations control, yield management (except as provided in Section B.5), dispatch, fueling, weight and balance, flight release, maintenance, and flight operations and
compliance with applicable rules and regulations. 
 8. Audit. 

(a) Continental Audit. Continental shall have the right, at its own cost, to inspect, review, and observe COPA’s operations of CO
*Flights, and/or to conduct a full safety and/or service audit of COPA’s operations, manuals and procedures reasonably related to CO* Flights, at such intervals as Continental shall reasonably request. In the exercise of such right, Continental
does not undertake any responsibility for the performance of COPA’s operations. Continental shall coordinate its safety and service audits with COPA so as to avoid disruptions of COPA’s operations. Any safety audit may include, without
limitation, maintenance and operation procedures, crew planning, reservations, passenger and baggage handling, customer service, personnel records, spare parts, inventory records, training records and manuals, and flight, flight training and
operational personnel records. 
 (b) COPA Audit. COPA shall have the right, at its own cost, to inspect review, and observe
Continental’s operations of CM* Flights, and/or to conduct a full safety and/or service audit of Continental’s operations, manuals and procedures reasonably related to CM* Flights, at such intervals as COPA shall reasonably request. In the
exercise of such right, COPA does not undertake any responsibility for the performance of Continental’s operations. COPA shall coordinate its safety and service audits with Continental so as to avoid disruptions of Continental’s
operations. Any safety audit may include, without limitation, maintenance and operation procedures, crew planning, reservations, passenger and baggage handling, customer service, personnel records, spare parts, inventory records, training records
and manuals, and flight, flight personnel records, spare parts, inventory records, training records and manuals, and flight, flight training and operational personnel records. 

9. Irregularities in Operations. 

(a) COPA shall promptly notify Continental of all irregularities involving CO* Flight which result in any damage to persons or property as
soon as such information is available and shall furnish to Continental as much detail as practicable. 

  
 8 

 (b) Continental shall promptly notify COPA of all irregularities involving a CM* Flight
which result in any damage to persons or property as soon as such information is available and shall furnish to COPA as much detail as practicable. 

(c) In the event of any irregularity in Shared Code Segments’ operations, including without limitation, any event causing damage to
persons or property, the Operating Carrier shall identify itself as being operated independently of the Carrier whose code is being used, and as being solely responsible for its operations. Either Carrier may state that it holds a codesharing
license from the other Carrier and that it obtains certain services from, or provides certain services to, as the case may be, the other Carrier if third parties inquire as to such relationship. COPA shall designate (and notify Continental of such
designation) a contact in each of the cities that COPA operates CO* Flights that is authorized to speak and comment (and has the knowledge or immediate access to the knowledge necessary to do so) on behalf of COPA in relation to its irregular
operations and Continental shall designate (and notify COPA of such designation) a contact in each of the cities that Continental operates CM* Flights that is authorized to speak and comment (and has the knowledge or immediate access to the
knowledge necessary to do so) on behalf of Continental in relation to its irregular operations. 
 10. Reporting Obligation. 

(a) Changes of Service. Each Carrier shall give the other Carrier 60 days advance notice (or notice as far in advance as possible if 60 days
is impracticable) of any intended material changes to the manner of conducting its business or operations or the nature of its product that relate to its operation of Shared Code Segments. 

(b) Correspondence from Governmental Entities. 

(i) COPA shall immediately provide Continental copies of any formal notice of proposed civil penalty, or other similar
document, received from any Governmental Entity which, with respect to CO* Flights, references (i) any alleged noncompliance with rules or regulations affecting air transportation, or (ii) any investigation of COPA performed or proposed by
any Governmental Entity, including, without limitation, any communication issued by a government authority concerning the airworthiness of COPA’s aircraft, the compliance of COPA’s personnel with required operational or training procedures
or any other matter relating to the safe operation of COPA aircraft. 
 (ii) Continental shall immediately provide COPA
copies of any formal notice of proposed civil penalty, or other similar document, received from any Governmental Entity which, with respect to CM* Flights, references (i) any alleged noncompliance with rules or regulations affecting air
transportation, or (ii) any investigation of Continental performed or proposed by any Governmental Entity, including, without limitation, any communication issued by a government authority concerning the airworthiness of Continental’s
aircraft, the compliance of 

  
 9 

 
Continental’s personnel with required operational or training procedures or any other matter relating to the safe operation of Continental aircraft. 

(c) Notice of Complaints. COPA shall monthly furnish Continental a summary of complaints, notices of violation, requests to cease activity or
similar correspondence which reasonably relate to CO* Flights and which are received by COPA from Continental ticketed passengers, any Governmental Entity or other parties. Continental shall monthly furnish COPA a summary of complaints, notices of
violation, request to cease activity or similar correspondence which reasonably relate to CM* Flights and which are received by Continental from COPA ticketed passengers, any Governmental Entity or other parties. Each Carrier shall comply with the
other Carrier’s reasonable requests for actual copies of any such documents. 
 (d) Operations. For purposes of monitoring the success
of the codeshare operations, the Carriers shall provide each other with mutually agreed to monthly reports containing, without limitation, the following data for Shared Code Segments operated by each Carrier: 

(i) the total number of scheduled, actual and canceled departures for the month, by flight and city pair; and 

(ii) completion and on-time performance data, by system and market. 

11. Flight Display. 
 (a) All
Shared Code Segments shall be included in the schedule, availability and fare displays of all computerized reservations systems in which Continental and COPA participate, the Official Airline Guide (to the extent agreed upon) and Continental’s
and COPA’s internal reservation systems, under the shared code as well as the operator’s own code, to the extent possible. Continental and COPA shall take the appropriate measures necessary to ensure the display of the schedules of all
Shared Code Segments in accordance with the preceding sentence. 
 (b) Continental and COPA shall disclose and identify the Shared Code
Segments to the public as actually being a flight of and operated by the Operating Carrier, in at least the following ways: 

(i) a symbol shall be used in timetables and computer reservation system indicating that Shared Code Segments are actually
operated by the other Carrier; 
 (ii) to the extent reasonable, messages on airport flight information displays shall
identify the operator of flights shown as Shared Code Segments; 

  
 10 

 (iii) Continental and COPA advertising concerning Shared Code Segments and
Continental and COPA reservationists shall disclose the operator of each flight; and 
 (iv) in any other manner prescribed
by law. 
 12. Terms and Conditions of Carriage and Claims Procedures. 

(a) In all cases the contract of carriage between a passenger and a Carrier shall be that of the Carrier whose code is designated on the
ticket. As for handling passenger claims between the Carriers, the conditions of carriage of the Operating Carrier shall apply to the Shared Code Segments, except as otherwise mutually agreed by the Carriers. The procedures for claims handling of
the Operating Carrier shall also be applicable to the Shared Code Segments. The Carriers shall meet as soon as practical prior to commencement of the Shared Code Segments to identify discrepancies in procedures for claims handling between the
Carriers. 
 (b) The Carriers shall use existing IATA procedures when handling and settling claims made by customers in connection with
Shared Code Segments. 
 13. Irregularity Handling. 

(a) In the event of flight delays, cancellations or other schedule irregularities that affect Shared Code Segments, the Operating Carrier
shall inform the Marketing Carrier, if applicable, in accordance with Section B.9, of all pertinent information concerning an irregularity for customer information purposes. 

(b) The Carriers shall cooperate in all available ways to accommodate passengers experiencing flight irregularities (including, but not
limited to, schedule changes, flight cancellations, delayed flights, flight interruptions and delayed, damaged, pilfered or lost baggage) and that neither shall forbear from providing such assistance because the other may have been responsible for
the flight irregularity. In the event of a flight irregularity, the Carrier causing or experiencing the irregularity shall bear all related costs (including costs of the other Carrier) associated with accommodating the passengers that has been
affected by such flight irregularity. The Carriers shall review existing procedures for handling flight irregularities and accommodating interline passengers with respect thereto and handling over sales situations to determine their adequacy for the
purposes of this Agreement and shall make such mutually agreed to adjustments in existing procedures as they find necessary or appropriate to provide coordinated irregularity handling. In the absence of such agreement, the written policies and
procedures of the Operating Carrier shall be followed. The Carriers shall meet prior to commencement of the Shared Code Segments to develop a mishap response plan with respect to flights operated as Shared Code Segments. 

14. Tariff Filing. Each Carrier shall file the tariffs and fares for flights operated on Shared Code Segments that utilize its designator code
(CO or CO* in the case of Continental and CM or CM* in the case of COPA). 

  
 11 

 15. Transportation Taxes. Each Carrier shall be responsible for collecting and paying any
taxes or fees assessed by any Governmental Entities or airport on the transportation of passengers or property for transportation utilizing its travel documents. 

16. Flight Coupon Handling. 

(a) Continental Authorization. Except as may otherwise be provided in this Agreement, Continental shall authorize COPA to handle Continental
flight coupons specifying Continental’s Through Flights or connecting flights under this Agreement to and from points in Panama’, in the same way as if these coupons were specifying COPA Through Flights or connecting flights between
Panama’, on the one hand, and (i) other points served by COPA beyond Panama’, and (ii) the United States, on the other. Continental shall confirm this authorization immediately to third parties if COPA so requires. 

(b) COPA Authorization. Except as may otherwise be provided in this Agreement, COPA hereby authorizes Continental to handle COPA flight
coupons specifying COPA Through Flights or connecting flights under this Agreement to and from points in the United States in the same way as if these coupons were specifying Continental flights between the United States, on the one hand, and
(i) other points served by Continental beyond the United States and (ii) Panama’, on the other. COPA shall confirm this authorization immediately to third parties if Continental so requires. 

17. Quality of Service. 
 (a)
Subject to Subsection (d) of this Section , each Carrier shall retain its own identity and determine its own service levels. Each Carrier shall adopt a smoking policy for flights operated by it that it believes is appropriate for its services,
it being understood that each of the Carriers intends to continue to ban smoking on flights operated by it. 
 (b) Each Carrier shall
perform its service with respect to its flights operated under the designator code of the other Carrier in a timely and professional manner with superior quality in accordance with all applicable laws, rules and regulations. Without limitation, each
Carrier shall maintain its aircraft in an airworthy, clean, attractive and comfortable condition and strive to maintain a completion factor of at least 98% (without considering delays caused by air traffic control or weather). Each Carrier agrees
that, in conducting flight operations under the designator of the other Carrier, it shall employ prudent safety and loss prevention policies in accordance with applicable laws, rules and regulations. If either Carrier is in breach of this Section
B.17(b), the non-breaching Carrier may remove its designator code from the breaching Carrier’s flight operations or refuse to allow the breaching Carrier to place its designator code on the flight operations of the non-breaching Carrier until
such time as the breach is fully cured and such removal by the non-breaching Carrier of the designator code from the breaching Carrier’s flight operations or refusal to allow the breaching Carrier to place its designator code on the flight
operations of the non-breaching Carrier shall not constitute a breach of this Agreement or a waiver of its rights under this Agreement by the non-breaching Carrier. 

  
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 (c) To provide customers with the best service and a positive impression of the cooperative
services of the alliance between the Carriers, the Carriers shall create, to the extent practicable, the following: 
 (i)
Schedule Coordination. The Carriers shall each use all reasonable efforts, consistent with their respective operational constraints, to coordinate their schedules to minimize connecting passenger waiting time and to maximize passenger convenience
and service. 
 (ii) Seamless Transfer. Subject to operational constraints, the Carriers shall expedite, to the greatest
extent feasible, the transfer of all passengers and baggage making connections between the respective networks of the Carriers, and shall cooperate in communicating efficiently to passengers the benefits and procedures associated with the
cooperative service through ticket inserts, terminal and gate signage, and flight information displays. In connection therewith, Continental and COPA shall cooperate to coordinate and maintain their schedules to minimize the waiting time and to
maximize convenience of passengers who are connecting from a Continental to a COPA flight segment (or vice versa). Each Carrier shall provide the other with the airport operational assistance that is required to assure schedule compatibility for the
Through Flights or the connecting flights where applicable. 
 (iii) Terminal Facilities. Each Carrier shall use its
commercially reasonable efforts to arrange for terminal facilities at gateway airports to facilitate passenger handling and connections between the flights of the Carriers with the objective of achieving convenience similar to on-line connections.

 (iv) In-Flight Announcements. The Operating Carrier shall make in-flight announcements to all passengers on the Shared
Code Segments to promote the cooperative service. 
 (d) The customer service standards of the Operating Carrier shall be
followed on Shared Code Segments for both Continental and COPA passengers; provided that COPA agrees to maintain a standard of service in all classes of service that is at least substantially similar to the quality that Continental provides on its
flights of similar stage length. 
 18. Frequent Flyer Program Participation. Cooperation between the Carriers with respect to frequent
flyer program participation is governed by the “Amended and Restated Frequent Flyer Program Participation Agreement”, dated as of the date hereof. During the term of this Agreement, Copa will be a participant in Continental’s OnePass
program on a co-branded basis as contemplated in the Amended and Restated Frequent Flyer Program Participation Agreement or pursuant to a reciprocal frequent flyer program participation arrangement as contemplated in the Amended and Restated
Frequent Flyer Program Participation Agreement if COPA ceases to participate in OnePass on a co-branded basis. 

  
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	C	 JOINT COOPERATION 

To the extent applicable, the initiatives covered by this Section C are subject to Antitrust Immunity. 

1. Procedures and Ground Handling 

(a) Harmonizing. The Carriers shall harmonize their physical operations with respect to components, operations, quality, appearance, conditions
of carriage and any other aspects of the physical operations as the Carriers agree. 
 (b) Joint Handling. Without employee dislocation and
subject to competitive pricing and service, COPA will provide below wing handling services for Continental’s operations in Panama. Compensation for such service shall be the “Incremental Cost” (as defined in the Amended and Restated
Services Agreement entered into by and between the Carriers on the date hereof (the “Services Agreement”)), of the handling Carrier plus a reasonable profit. To enhance operations of Shared Code Segments, the Carriers shall make their
airport operations contiguous where practical. In locations where both Carriers operate, other than Panama, each Carrier shall give the other Carrier the opportunity to bid on handling services (above and below wing). 

2. Reservations and City Ticket Offices. The Carriers shall consider the best way to coordinate their reservations and the functions of the
city ticket offices. 
 3. Joint Advertising and Publicity. The Carriers shall jointly promote their alliance as part of their ordinary
advertising efforts. Each Carrier, while an Operating Carrier, shall not discriminate against the Marketing Carrier in its respective advertising, public relations, promotion, distribution and sales activities. 

4. Employee and Corporate Incentives. 

(a) Instruction, measurement, and evaluation. Joint targets shall be established by the Carriers at their annual meeting, as
provided under Section B.1.(b). Applicable employees of each Carrier shall be instructed that in applicable areas of interaction, the first aim is to maximize the alliance between the Carriers, not the individual Carrier’s position. 

(b) Inclusion in incentive programs. Employees bonus, profit-sharing and other cash and non-cash route specific sales incentive
programs should include Shared Code Segments, revenues, etc. of both Carriers on a non-discriminatory basis. 

  
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 (c) Selection and reciprocal feedback. Employees performing outsourced or
joint service shall be selected on a basis that provides no favoritism to either Carrier. Their evaluation (and certain personnel decisions) shall be based on input from both Carriers with ultimate decision-making by their employer after giving high
regard to the input of the other Carrier. 
 5. Information Sharing. Subject to applicable laws and regulations, the Carriers shall share
research studies on booking (including marketing information data tape), revenue, traffic, yield, cost and other data with the other Carrier as it pertains to their common areas of cooperation. Such information shall be provided at the providing
Carrier’s Incremental Cost as provided in the Services Agreement and, where jointly performed, in proportion to the size of the Carriers. 

6. Joint Selling. 
 (a) To the
extent legally permissible, the Carriers shall sell seats on each other’s aircraft in a non-discriminatory fashion and will establish mutually agreed to incentives and methods to do so. The Carriers shall consider establishing joint sales
organizations (including inbound and outbound telephone sales) in countries where COPA currently flies and where it may begin to fly during the duration of this Agreement. 

(b) If a Carrier withdraws its sales personnel from a country where the other Carrier has a significant presence, the Carrier that has a
significant presence in such country will offer to serve as the other Carrier’s general sales agent (“GSA”) in such country in consideration of receiving its Incremental Costs of providing the services of a GSA for the withdrawing
Carrier, plus a reasonable profit acceptable to both Carriers. If the withdrawing Carrier chooses, at its option, to employ the other Carrier as its GSA in such country, the other Carrier will represent the withdrawing Carrier in a
non-discriminatory manner. 
  

	D	 GENERAL PROVISIONS 

1. Compliance with Laws and Regulations and Changes in Laws. 

(a) Each of Continental and COPA represents, warrants, and agrees with the other that performance of its respective obligations under this
Agreement shall be conducted and all of its personnel shall at all times meet, be in full compliance with and have all required licenses under any and all applicable laws, statutes, orders, rules and regulations of any country or territory with
jurisdiction over the Shared Code Segments, including without limitation, those laws, statutes, orders, rules and regulations promulgated by the United States of America or Panama. Each Carrier shall be responsible, at its own cost, for obtaining
any regulatory authorizations necessary to operate its flights or utilize its designator code on the Shared Code Segments, provided that, the other Carriers shall render such assistance as a reasonably requested in order to obtain such regulatory
authorizations. No provision of this Agreement that would violate applicable antitrust laws without Antitrust Immunity having first been obtained shall be applicable unless and until Antitrust Immunity is obtained. 

  
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 (b) If, during the term of this Agreement, there is any change in treaties, statutes or
regulations of air transportation (and legally binding interpretations thereof) that prevents Continental or COPA of both from operating the CO* or CM* Flights or carrying out the arrangements contemplated by this Agreement or attaches conditions or
restrictions on the operation of CO* or CM* Flights that have a material adverse effect on a carrier’s other services or operations not contemplated by this Agreement, the Carriers shall consult within 30 days after any of the occurrences
described herein. The purpose of such consultations shall be to assess such change or changes and to seek, in good faith, mutual agreement on what changes, if any, to this Agreement are necessary or appropriate. Any such changes to this Agreement
shall be made in accordance with Section D.13. 
 2. Independent Parties. 

(a) Independent Contractors. It is expressly recognized and agreed that each Carrier, in its performance and otherwise under this agreement,
is and shall be engaged and acting as an independent contractor and in its own independent and separate business; that each Carrier shall retain complete and exclusive control over its staff and operations and the conduct of its business; and that
each Carrier shall bear and pay all expenses, costs, risks and responsibilities incurred by it in connection with its obligations under this Agreement. Neither Continental nor COPA nor any officer, employee representative, or agent of Continental or
COPA shall in any manner, directly or indirectly, expressly or by implication, be deemed to be in, or make any representation of take any action which may give rise to the existence of, any employment, agent, partnership, of other like relationship
as regards the other, but each Carrier’s relationship as respects the other Carrier in connection with this Agreement is and shall remain that of an independent contractor. 

(b) Status of Employees. The employees, agents and/or independent contractors of COPA shall be employees, agents, and independent contractors
of COPA for all purposes, and under no circumstances shall they be deemed to be employees, agents or independent contractors of Continental. The employees, agents and independent contractors of Continental shall be employees, agents and independent
contractors of Continental for all purposes, and under no circumstances shall they be deemed to be employees, agents or independent contractors of COPA. Continental shall have no supervisory power or control over any employees, agents or independent
contractors employed by COPA, and COPA shall have no supervisory power or control over any employees, agents and independent contractors employed by Continental. 

(c) Liability For Employee Costs. Each Carrier, with respect to its own employees (hired directly or through a third party), accepts full and
exclusive liability for the payment of worker’s compensation and/or employer’s liability (including insurance premiums where required by law) and for the payment of all taxes, contributions or other payments for unemployment compensation,
vacations, or old age benefits, pensions and all other benefits now or hereafter imposed upon employers with respect to its employees by any government or agency 

  
 16 

 
thereof or provided by such Carrier (whether measured by the wages, salaries, compensation or other remuneration paid to such employees or otherwise) and each Carrier further agrees to make such
payments and to make and file all reports and returns, and to do everything necessary to comply with the laws imposing such taxes, contributions or other payments. 

3. Term and Termination. 
 (a)
Term. The term of this Agreement, unless earlier terminated as provided in this Section D.3, shall continue until either Carrier gives the other Carrier three years’ written notice of termination: provided, however, that neither Carrier may
give such notice on or before May 22, 2012. The terms and conditions of this Amended and Restated Alliance Agreement are effective as of the date first written above. 

(b) Other Termination Rights. In addition to the termination provisions of paragraph (a) of this Section D.3, this Agreement may be
terminated as follows: 
 (i) By a Carrier, if the other Carrier has materially breached any material provision of this
Agreement and such breach shall remain unremedied for more than 180 days after delivery of written notice by the non-defaulting Carrier. During such 180-day period, the Carriers shall consult in good faith to ensure that each of the Carriers
understands the nature of the alleged breach and what steps are required to effect a cure; 
 (ii) By a Carrier immediately
on notice, if the other Carrier (i) shall be dissolved or shall fail to maintain its corporate existence, or (ii) shall have its authority to operate as a scheduled airline suspended or revoked, or shall cease operations as a scheduled
airline, in each case for a period of 30 or more days; 
 (iii) In the event of a breach of any payment obligation under this
Agreement, the non-breaching Carrier shall be entitled to terminate this Agreement on providing 60 days prior written notice, which notice shall describe, with as much specificity as reasonably practicable, the breach and the total sums due and
owing. Termination under this paragraph (iii) shall not be effective, however, if the allegedly breaching Carrier shall, within 45 days of receiving such notice, correct the breach by making the full payment due together with interest thereon
at 10% per annum from the date of such notice, provided that in the event the breaching Carrier disputes the obligation to pay the amounts claimed owing, it may satisfy its obligations pursuant to this sentence by paying, within such 45 day period,
the disputed amounts into escrow during the pendency of the dispute; 
 (iv) By a Carrier immediately on notice if the other
Carrier shall (A) commence any case, proceeding or other action (1) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an
order for relief 

  
 17 

 
entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other
relief with respect to it or its debts, or (2) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or shall make a general assignment for the
benefit of its creditors; or (B) there shall be commenced against the other Carrier any case, proceeding or other action of a nature referred to in clause (A) above that (1) results in the entry of an order for relief or any such
adjudication or appointment or (2) remains undismissed or undischarged for a period of 60 days; or (C) there shall be commenced against the other Carrier any case, proceeding or other action seeking issuance of a warrant of attachment,
execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from
the entry thereof; or (D) the other Carrier shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (A), (B), or (C) above; or (E) the other Carrier
shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; 

(v) By a Carrier immediately on notice if the other Carrier fails to maintain the insurance coverage that is required to be
maintained pursuant to Section D.4(b) and such failure remains unremedied for 60 days after the breaching Carrier’s receipt of written notice of such failure from the other Carrier, provided that the marketing Carrier may cease displaying its
code on the breaching Carrier’s Shared Code Segments during the period such failure continues; 
 (vi) By Continental
immediately on notice if, unless agreed otherwise by the Carriers, COPA shall have a system wide completion factor (completed flights, regardless of time of departure or arrival, divided by scheduled flights) of less than 95% during any 90 day
period (including in such calculations all flights canceled less than one week prior to the date of its scheduled operation, but excluding flights not completed due to weather or air traffic control); 

(vii) By COPA immediately on notice if, unless agreed otherwise by the Carriers, Continental shall have a system wide
completion factor (completed flights, regardless of time of departure or arrival, divided by scheduled flights) of less than 95% during any 90 day period (including in such calculations all flights canceled less than one week prior to the date of
its scheduled operation, but excluding flights not completed due to weather or air traffic control); 
 (viii) By either
Carrier immediately on notice if the other Carrier fails to maintain its membership in the Airline Clearing House (ACH) or the International Air Transport Association Clearing House for a period of ten (10) consecutive days; and 

  
 18 

 (ix) By a Carrier on thirty (30) days’ prior written notice if it
shall have duly terminated the Amended and Restated Services Agreement pursuant to Section 6(b)(i) thereof as a result of an unremedied breach of the terms and conditions of such agreement by the other Carrier; 

(x) By a Carrier on sixty (60) days’ prior written notice if the other Carrier materially breaches (or, in the case
of Continental’s right to terminate, Corporacion de Inversiones Aereas, S.A. materially breaches) the terms and/or conditions of the Amended and Restated Shareholders Agreement or the Registration Rights Agreement, each entered into on the date
hereof, and fails to cure such breach within such sixty (60)-day notice period; provided that during such 60-day period, the Carriers shall consult in good faith to ensure that each of the Carriers understands the nature of the alleged breach and
what steps are required to effect a cure; 
 (xi) By either Carrier immediately on notice if the Amended and Restated
Frequent Flyer Program Participation Agreement is terminated and the Carriers do not enter into a new reciprocal frequent flyer participation arrangement within three months after such termination as contemplated by the Amended and Restated Frequent
Flyer Program Participation Agreement; 
 (xii) **Material Redacted**; (xiii) **Material Redacted**; 

(xiv) By either Carrier, with respect to any Affiliate of the other Carrier, immediately on notice, if such Affiliate is no
longer an Affiliate of the other Carrier; and 
 (xv) By either Carrier on thirty (30) days’ prior written notice
if the other Carrier rejects the Services Agreement and/or Frequent Flyer Program Participation Agreement in a bankruptcy proceeding. 
 (c)
Tickets Issued Prior to Termination. With respect to tickets issued but unused prior to termination of this Agreement: 
 (i)
If this Agreement is terminated as provided herein by the Marketing Carrier, the Marketing Carrier shall endorse all Marketing Carrier tickets to the Operating Carrier. The Operating Carrier shall accept all confirmed reservations for passengers
traveling on such tickets as if such reservations had been booked through the Operating Carrier using ordinary interline procedures but giving effect to the ticket pricing methodology as provided by IATA’s standard procedures. 

  
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 (ii) If this Agreement is terminated as provided herein by the Operating
Carrier, the Marketing Carrier, at its sole discretion, shall have the option to endorse Marketing Carrier tickets to the Operating Carrier or any other carrier. The Marketing Carrier shall also have the option to transfer confirmed reservations for
passengers traveling on such tickets to the Operating Carrier or any other carrier. 
 (d) Force Majeure and Termination. Except with
respect to the performance of a Carrier’s payment obligations under this Agreement, neither Carrier shall be liable for delays or failure in its performance hereunder to the extent that such delay or failure of performance (a) is caused by
any act of God, war, [terrorism], natural disaster, strike, lockout, labor dispute, work stoppage, fire, serious accident, epidemic, quarantine restriction, act of government, or any other cause, whether similar or dissimilar, beyond the control of
that Carrier, and (b) is not the result of that Carrier’s lack of reasonable diligence (an “Excusable Delay”). In the event an Excusable Delay continues for sixty (60) days or longer, the non-delayed Carrier shall have the
right, at its option, to terminate this Agreement by giving the delayed Carrier at least thirty (30) days prior written notice of such election to terminate. 

(e) Duties upon termination. If this Agreement is terminated pursuant to this Section D.3, the Carriers will cooperate with each other to
achieve an orderly termination and wind-down of the codeshare relationship so as not to inconvenience customers or cause undue hardship to either of the Carriers. No termination of this Agreement will release the parties from any liability for
breach of this Agreement or from any moneys or other duties owed at the time of such termination. 
 (f) Termination for Change of Control.
Notwithstanding any other provision of this Agreement in the event of a Change of Control involving a Carrier, the Carrier not involved in the Change of Control shall have the right to terminate this Agreement on six (6) months’ prior
written notice without liability or penalty to the Carrier involved in the Change of Control; provided, however, the right of a Carrier to give notice to terminate with respect to a Change of Control involving the other Carrier shall expire on the
six month anniversary of the later to occur of (i) the date the terminating Carrier receives notice of such Change of Control from the other Carrier or (ii) the date of the consummation of such Change of Control transaction. The following
definitions apply to the following terms used in this Section D.3(f): 
 “AIRLINE ASSETS” means those assets used, as of the date
of determination, in the relevant Person’s operation as an air carrier. 

  
 20 

 “BENEFICIAL OWNERSHIP” has the meaning given such term in Rules 13d-3 and 13d-5
under the Securities Exchange Act of 1934, as amended. 
 “CAPITAL STOCK” of any Person means any and all shares, interests,
rights to purchase, options, warrants, 
 participation or other equivalents of or interests in (however designated) the equity of such
Person, including any preferred stock. 
 “CARRIER AFFECTED COMPANY” means as to the applicable Carrier (a) such Carrier and
its successor, (b) any Holding Company of such Carrier or its successor, or (c) any Subsidiary of such Carrier or its successor or of any Holding Company of such Carrier or its successor, that in any such case owns, directly or indirectly,
all or substantially all of the Airline Assets of such Carrier or its successor, such Holding Companies of such Carrier and such Subsidiaries, taken as a whole. 

“CHANGE OF CONTROL” shall mean, with respect to a Carrier, the consummation of: 

(1) a merger, reorganization, share exchange, consolidation, tender or exchange offer, private purchase, business combination,
recapitalization or other transaction as a result of which (A) a Competing Carrier or a Holding Company of a Competing Carrier and a Carrier Affected Company are legally combined, (B) a Competing Carrier, any of its Affiliates or any
combination thereof acquires, directly or indirectly, Beneficial Ownership of 50% or more of the Capital Stock or Voting Power of a Carrier Affected Company, or (C) a Carrier Affected Company acquires, directly or indirectly, Beneficial
Ownership of 50% or more of the Capital Stock or Voting Power of a Competing Carrier; 
 (2) the sale, transfer or other disposition of all
or substantially all of the Airline Assets of a Carrier (or its successor) and its Subsidiaries on a consolidated basis directly or indirectly to a Competing Carrier, any Affiliate of a Competing Carrier or any combination thereof, whether in a
single transaction or a series of related transactions; 
 (3) the execution by a Carrier Affected Company of bona fide definitive
agreements, the consummation of the transactions contemplated by which would result in a transaction described in the immediately preceding clauses (1) or (2). 

“COMPETING CARRIER” means an air carrier that competes (internationally and/or domestically) on a significant and material basis
with the Carrier that is not involved in the Change of Control. 

  
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 “HOLDING COMPANY” means, as applied to a Person, any other Person of whom such
Person is, directly or indirectly, a Subsidiary. 
 “SUBSIDIARY” of any Person means any corporation, association, partnership,
joint venture, limited liability company or other business entity of which more than 40% of the total Voting Power thereof or the Capital Stock thereof is at the time owned or controlled, directly or indirectly, by (1) such person,
(2) such person and one or more Subsidiaries of such Person, or (3) one or more Subsidiaries of such Person. 
 “VOTING
POWER” means, as of the date of determination, the voting power in the general election of directors, managers or trustees, as applicable. 

4. Indemnification and Insurance. 

(a) Indemnification. 

(i) Except as otherwise provided herein, each Carrier (the “Indemnifying Carrier”) shall indemnify and hold harmless
the other Carrier and its directors, officers, employees, agents, consultants and contractors from all liabilities, damages, losses, claims, suits, judgments, costs, and expenses, including reasonable attorneys’ fees, directly or indirectly
incurred by the other Carrier as the result of any claims that arise out of or in connection with the breach of this Agreement by the Indemnifying Carrier or performance or failure of performance of the Indemnifying Carriers’ obligations under
this Agreement, including, but not limited to, the operation of the aircraft by the Indemnifying Carrier. In addition, each Indemnifying Carrier shall indemnify and hold harmless the other Carrier and its directors, officers, employees, agents,
consultants and contractors from all liabilities, damages, losses, claims, suits, judgments, costs and expenses, including reasonable attorneys’ fees, directly or indirectly incurred by the other Carrier as the result of any claims by third
parties that arise out of or in connection with any products or services received from or supplied by the Indemnifying Carrier in connection with this Agreement, except with respect to the products or services provided pursuant to Section C hereof
and the Services Agreement (which will be subject to indemnification obligations as separately agreed). The indemnification provision under this paragraph (i) shall be valid and enforceable as of the Implementation Date whether or not Antitrust
Immunity or other regulatory approvals are obtained. 
 (ii) The indemnified Carrier has no right under this Section D.4 to
be indemnified for claims that arise out of such Carrier’s gross negligence or willful misconduct. 

  
 22 

 (iii) In the case of each indemnified Carrier: 

A. it shall promptly notify the Indemnifying Carrier in writing of any claim for indemnification hereunder; 

B. it shall cede to the Indemnifying Carrier, if the latter so requests, sole control of the defense and any related
settlement negotiations of any matter covered by indemnification hereunder (provided that any settlement shall contain a complete and unconditional release of all claims against the indemnified Carrier); 

C. it shall provide to the Indemnifying Carrier, at the latter’s expense, all reasonable information and assistance for
such defense or settlement; and 
 D. the Indemnifying Carrier shall not be liable for any settlement of any such claim or
suit entered into by the indemnified Carrier without the former’s consent (which consent shall not be unreasonably withheld). 
 (b)
Insurance Coverage. 
 (i) Each Carrier shall, at all times during the term of this Agreement, maintain in full force and effect policies of
insurance as follows: 
 A. Comprehensive Airline Liability Insurance, including Aircraft Third Party, Passenger, including Passengers’
Baggage and Personal Effects, Cargo and Mail Legal Liability for a Combined Single Limit (CSL) of not less than **Material Redacted** for B737 aircraft; provided that if the number of U.S. origin passengers increases in a material manner, the
carriers will reevaluate the coverage levels. In respect of Personal Injury (per clause AVN 60 or its equivalent) the maximum limit is **Material Redacted** per offense and in the aggregate. 

B. Workmen’s Compensation or Government Social Insurance 

 

			
	            Insurance	 	Per Accident
		
	(Company Employee)	 	  Statutory

 C. Employers’ Liability (**Material Redacted** combined single limit) 

  
 23 

 (ii) Subject to Section D.4(b)(i), the Operating Carrier shall, as
applicable, cause the policies of insurance described in such Section D.4(b)(i) with respect to flights operated as Shared Code Segments by it to be duly and properly endorsed by that Carrier’s insurance underwriters as follows: 

A. to provide that the underwriters shall waive any and all subrogation rights against the other Carrier, its directors, officers, agents,
employees and other authorized representatives, except for gross negligence or willful misconduct; 
 B. to provide that the other Carrier,
its directors, officers, agents, employees and other authorized representatives shall be endorsed as additional insured parties thereunder, except for gross negligence or willful misconduct of any of the additional insureds; 

C. to provide that said insurance shall be primary to and without right of contribution from any other insurance which may be available to the
additional insureds; 
 D. to include a breach of warranty provision in favor of the additional insureds; 

E. to accept and insure the Operating Carrier’s hold harmless and indemnity undertaking under Section D.4(a), but only to the extent of
the coverage afforded by the policy or policies; and 
 F. to provide that said policy or policies or any part or parts thereof shall not be
canceled, terminated or materially altered, changed or amended until 30 days (but seven days or such lesser period as may be available in respect of war and allied periods) after written notice thereof shall have been sent to the other Carrier. 

iii) From time to time, upon request by either Carrier, the other Carrier shall furnish to the requesting Carrier evidence
reasonably satisfactory to the requesting Carrier of the aforesaid insurance coverage and endorsements, including certificates certifying that the aforesaid insurance and endorsements are in full force and effect. 

  
 24 

 iv) In the event either Carrier fails to maintain in full force and effect
any of the insurance and endorsements required hereby, the other Carrier shall have the right (but not the obligation) to procure and maintain such insurance or any part thereof. The cost of such insurance shall be payable by the first Carrier to
the other Carrier upon demand b the other Carrier. The procurement of such insurance or any part thereof by the other Carrier shall not discharge or excuse the first Carrier’s obligation to comply with the provisions of Sections D.4(b)(i) and
(ii). 
 v) Notwithstanding the above provisions, it shall not be a breach of the Agreement to maintain the insurance
described in subsection (i) above to the extent the failure to maintain such insurance is caused by a change or condition generally affecting the availability of insurance in the aviation industry in a material manner in the countries or
regions in which such Carrier operates. 
 (c) Survival of Rights and Obligations. The rights and obligations of this Section D.4 shall
survive the expiration or termination of this Agreement. 
 5. Trademarks. 

(a) COPA shall have nonexclusive, nontransferable, revocable license to use the Continental Service Marks (as defined below) in its marketing
programs for the purpose of promoting Shared Code Segments. All advertising programs using any Continental Service Marks shall be subject to Continental’s prior approval. In general, COPA’s use of the Continental Service Marks shall do no
more than identify the codeshare relationship between Continental and COPA, and advertise that schedules are coordinated to provide convenient connections. Any marketing program, advertising brochures, schedules, signs or information disseminated to
the public or intended to be disseminated to the pubic (“Advertising Material”) shall reflect that Continental and COPA are operated separately and shall comply with any DOT policy on airline designator codesharing. COPA is specifically
prohibited from using any of the Continental Service Marks and agrees that it shall not do anything that would infringe, abridge, and adversely affect, impair or reduce the value or validity of the Continental Service Marks. In no event shall COPA
allow the use of any Continental Service Marks in marketing, selling, promoting or otherwise identifying or referencing any flight that is not a Shared Code Segment. 

(b) Continental shall have nonexclusive, nontransferable, revocable license to use the COPA Service Marks (as defined below) in its marketing
programs for the purpose of promoting Shared Code Segments. All advertising programs using any COPA Service Marks shall be subject to COPA’s prior approval. In general, Continental’s use of the COPA Service Marks shall do no more than
identify the codeshare relationship between Continental and COPA, and advertise that schedules are coordinated to provide convenient connections. Any Advertising Material shall reflect hat Continental and COPA are operated separately and shall
comply with any DOT policy on airlines designator codesharing. Continental is specifically prohibited from using any of the COPA Service Marks on its aircraft or other equipment, on its stationery, or elsewhere unless Continental has received prior
specific authorization in writing from COPA. 

  
 25 

 
Continental hereby acknowledges COPA’s exclusive ownership of the COPA Service Marks and agrees that it shall not do anything that would infringe, abridge or adversely affect, impair or
reduce the value or validity of the COPA Service Marks. In no event shall Continental allow the use of any COPA Service Marks in marketing, selling, promoting or otherwise identifying or referencing any flight that is not a Shared Code Segment. 

(c) As used herein the term “Service Marks” shall include, without limitation: (i) with respect to Continental:
“Continental”, the “CO” and “CO*” designator codes, “Business First” and “OnePass”, and (ii) with respect to COPA: “COPA” and the “CM” and “CM*” designator codes.

 6. Confidential Information. Neither COPA nor Continental shall disclose to the other Carrier or be required to disclose by the other
Carrier any information relating to its scheduling (except as provided in Section B.1 and .2), pricing (except as provided in Section B.5), inventory control or flight profitability. Neither COPA nor Continental shall disclose the terms of this
Agreement or any proprietary information with respect to the other obtained as a result of this Agreement, either during the term hereof or thereafter; provided, however, that such disclosure may be made if required by applicable law, regulation or
stock exchange rule, or by any order of a court or administrative agency, and then only upon ten days’ written notice by the disclosing Carrier to the other Carrier. The Carriers recognize that, in the course of the performance of each of the
provisions hereof, each Carrier may be given and may have access to confidential and proprietary information of the other Carrier. The Carriers recognize that, in the course of the performance of each of the provisions hereof, each Carrier may be
given and may have access to confidential and proprietary information of the other Carrier, including proposed schedule changes, promotional programs and other operating and competitive information (“Confidential Information”). Each
Carrier shall preserve, and shall ensure that each of its officers, agents, consultants and employees who receive Confidential Information preserve, the confidentiality of the other Carrier’s Confidential Information and shall not disclose
Confidential Information to a third Carrier, without prior written consent from the other Carrier or use of Confidential Information to a third Carrier, without prior written consent from the other Carrier or use Confidential Information except as
contemplated by this Agreement. This Section D.6 shall survive two years after the termination or expiration of this Agreement. 
 7.
Management and Initial Dispute Resolution. This Agreement shall be governed and managed by a steering committee composed of senior officers of each Carrier (the “Committee”). Said Committee shall be responsible for identifying profit
maximizing activities to be undertaken by the Carriers in furtherance of the codeshare relationship. In addition, the Committee shall attempt to resolve all disputes that occur between the Carriers that arise under this Agreement. Disputes that
cannot be resolved by the Committee shall be referred to the Chief Executive Officers of the two Carriers. If the Chief Executive Officers of the two Carriers cannot resolve the dispute, it shall be finally settled by arbitration in accordance with
Section D.8. 

  
 26 

 8. Arbitration 

(a) Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by
arbitration administered by the Conciliation and Arbitration Center (the “CAC”) an affiliate of the Panama Chamber of Commerce in accordance with the International Arbitration Rules of the International Chamber of Commerce Court of
International Arbitration. Judgment on the awarded rendered by the arbitrator may be entered in any court having jurisdiction thereof. 

(b) The number of arbitrators shall be three, one of whom shall be appointed by each of the Carriers and the third of whom
shall be selected by mutual agreement, if possible, within 30 days of the selection of the second arbitrator and, if no agreement on the third arbitrator is possible, by the CAC; provided that unless otherwise agreed the CAC may only choose an
arbitrator that is from a country other than Panama or the United States. The place of arbitration shall be Miami, Florida. The language of the arbitration shall be English, but documents or testimony may be submitted in any other language if a
translation is provided. 
 (c) The arbitrators shall have no authority to award punitive damages or any other damages not
measured by the prevailing Carrier’s actual damages, and may not, in any event, make any ruling, finding or award that does not conform to the terms of this Agreement. 

(d) Either Carrier may make an application to the arbitrators seeking injunctive relief to maintain the status quo until such
time as the arbitration award is rendered or the controversy is otherwise resolved. Either Carrier may apply to any court having jurisdiction hereof and seek injunctive relief in order to maintain the status quo until such time as the arbitration
award is rendered or the controversy is otherwise resolved. 
 9. Certain Definitions: 

(a) Commercially Reasonable Efforts. As used in this Agreement, the term “commercially reasonable efforts” shall not require a Carrier to make any
cash outlays, to accept adverse contracts terms, to limits its operations, to impair any right with respect to the use of its assets, or to otherwise adversely affect the Carrier. 

(b) Affiliate. As used in this Agreement, the term “Affiliate” means, as applied to a Person, any other Person directly or indirectly controlling,
controlled by, or under common control with, that Person. For purposes of this definition “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control
with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities, by contract or
otherwise. 

  
 27 

 (c) Person. As used in this Agreement, the term “Person” means an individual, partnership,
corporation, business trust, joint stock company, limited liability company, unincorporated association, joint venture or other entity of whatever nature. 

10. Alliance Development. COPA and Continental will explore areas of cooperation that will produce revenue and cost synergies for the Carriers
and to the extent reasonable will implement such cooperation. Neither Carrier guarantees that any such cooperation is possible nor that any such synergies will be obtained. In order to facilitate the development of their commercial agreement to the
maximum extent possible, the Carriers agree, subject to the proviso at the end of this Section: 
  

	 	a)	 **Material Redacted** 

 

	 	b)	 **Material Redacted** 

 

	 	c)	 **Material Redacted** 

 

	 	d)	 Continental shall use its commercially reasonable efforts to cause COPA, at COPA’s election, to be
included as a commercial partner (e.g. an airline with whom Continental has a Commercial Agreement) with each of Continental’s commercial partners and to be invited to join the SkyTeam global alliance or any other branded global alliance group
which Continental is a member. 

  

	 	e)	 **Material Redacted** 

 

	 	f)	 **Material Redacted** 

 

	 	g)	 **Material Redacted** 

 

	 	h)	 **Material Redacted** 

Provided, however, nothing in this Section shall preclude COPA and Continental from fully performing their obligations, participating in,
maintaining and renewing the code-share or alliance agreements that either of them may have entered into prior to the date hereof or from complying with their obligations pursuant to SkyTeam membership. Provided, further, nothing in this Section
shall preclude either Carrier from performing obligations arising under, participating in, maintaining or renewing any Commercial Agreement to which such Carrier may become a party or to which it may otherwise succeed after the date hereof by virtue
of any merger, reorganization, consolidation, business combination or similar transaction involving such Carrier. 
 11. Governing Law. This
Agreement shall be construed and enforced in accordance with, and governed by, the laws of the State of New York. 

  
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 12. Taxes. Each Carrier shall be responsible for paying any and all taxes assessed on its
income or revenue derived pursuant to this Agreement and shall hold harmless and indemnify the other Carrier from all and all claims based on such assessments. 

13. Entire Agreement, Waivers and Amendments. This Agreement, together with the Services Agreement and the Amended and Restated Frequent Flyer
Program Participation Agreement to the extent such agreements concern the matters covered in this Agreement, constitutes the entire understanding of the carriers with respect to the subject matter hereof superseding all prior discussions and
agreements, written and oral. This Agreement may not be amended, nor may any of its provision be waived, except by writing signed by both carriers. No delay on the part of either shall any waiver operate as a continuing waiver of any right, power of
privilege. 
 14. Notices. All notices given hereunder shall be in writing delivered by hand, certified mail, telex, or telecopy to the
carriers at the following addresses: 
 If to Continental: 
  

			
	Continental Airlines, Inc.	  	
	1600 Smith Street	  	Telecopier No.: (713) 324-3099
	Houston, Texas 77002	  	
	Attention:    Senior Vice President– Asia/Pacific and Corporate Development

 With copy to: 
  

			
	Continental Airlines, Inc.	  	
	1600 Smith Street	  	Telecopier No.: (713) 324-5161
	Houston, Texas 77002	  	
	 Attention:    Senior Vice President

And General Counsel
	  	

 If COPA: 

Compania Panamena de Aviacion, S.A. 

Ave. Justo Arosemena y Calle 39 

Apdo. 1572 
 Panama 1, Panama

 Attention:    Pedro Heilbron 

Facsimile No.: 507-227-1952 

With copy to: 
 Galindo, Arias y
Lopez 
 Edif. Omanco 

Apartado 8629 
 Panama 5, Panama

 Attention:    Jaime A. Arias C. 

Facsimile No.: 507-263-5335 

  
 29 

 15. Successors and Assigns. Neither carrier may assign its rights or delegate its duties
under this Agreement and any such purported assignment or delegation shall be void. This Agreement shall be binding on the lawful successors of each carrier. 

16. Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. 
 17. Headings. The headings in this Agreement are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof. 
 18. Counterparts. This Agreement may be executed in counterparts, all of which taken together shall
constitute one agreement. 
 19. Equal Opportunity. To the extent applicable, EEO clauses contained at 41 C.F.R. Sections 60-1.4,60-250.4
and 60-741.4 are herby incorporated by reference. Each Carrier shall comply with all equal opportunity laws and regulations that apply to or must be satisfied by that Carrier as a result of this Agreement. 

20. Nondiscrimination on the Basis of Disability. COPA shall make all reasonable efforts not to discriminate against Continental’s
customers on the basis of disability in activities performed on behalf of Continental in connection with Shared Code Segments, consistent with 14 CFR Part 382, Nondiscrimination on the Basis of Disability in Air Travel. In connection therewith, COPA
shall make all reasonable efforts to comply with directives issued by Continental’s complaints resolution officials (CROs). 
 21.
Privacy Obligations. If a Carrier (“Accessing Party”) processes and/or has access to personally identifiable information obtained by the other Carrier (“Collecting Party”) from the data subject (“Personal Data”) that is
provided to it by the Collecting Party, it agrees that the Collecting Party owns all such Personal Data provided to it pursuant to this Agreement. The Accessing Party will at all times comply with all applicable laws and regulations, including but
not limited to data privacy laws, in its use of Personal Data provided by the Collecting Party that will be processed under this Agreement that relates to, or is about, an identified or identifiable person. Without limiting the foregoing, the
Accessing Party represents and warrants that it has appropriate security measures in place to protect any Personal Data provided by the Collecting Party pursuant to this Agreement. The Accessing Party will indemnify, defend and protect the
Collecting Party from any claims arising out of the Accessing Party’s failure to comply with the foregoing. 

  
 30 

 IN WITNESS WHEREOF, the parties hereto, being duly authorized, have caused this Agreement to be executed as
of the date written below. 
  

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

  
 31 

 Schedule B.1(a) 

SHARED CODE SEGMENTS 
 Shared
Code Segments shall be operated on the following routes: 
 Subject to the terms and conditions of the Agreement, Shared Code Segments will be operated on
the following routes: 
 CO* Flights 
 Flights
operated by COPA between the Republic of Panama or the Republic of Colombia and cities located in the United States (except New York/Newark, Houston or Cleveland) and, to the extent legally permissible, (i) between cities within the Republic of
Panama or the Republic of Colombia and (ii) between the Republic of Panama or the Republic of Colombia and cities located beyond the Republic of Panama or the Republic of Colombia will operate as CO* Flights. 

CM*/P5* Flights 
 Flights operated by
Continental between the United States and cities located in the Republic of Panama or the Republic of Colombia, between the Republic of Panama and the Republic of Colombia and, to the extent mutually agreed and legally permissible, (i) between
cities within the United States and (ii) between the United States and cities located beyond the United States will operate as CM* or P5* Flights.

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