Document:

<PAGE>

                                                                   Exhibit 10.39

                               COPA HOLDINGS, S.A.

                    FORM OF RESTRICTED STOCK AWARD AGREEMENT

            THIS AGREEMENT (the "Agreement"), is made, effective as of the __th
day of _____________, 2005 (the "Date of Grant"), between Copa Holdings, S.A., a
corporation organized under the laws of the Republic of Panama (the "Company"),
and ___________ (the "Participant").

                                R E C I T A L S:

            WHEREAS, the Company has adopted the Company's 2005 Stock Incentive
Plan (the "Plan"), which Plan is incorporated herein by reference and made a
part of this Agreement. Capitalized terms not otherwise defined herein shall
have the same meanings as in the Plan; and

            WHEREAS, the Committee has determined that it would be in the best
interests of the Company and its stockholders to grant the restricted stock
award provided for herein (the "Restricted Stock Award") to the Participant
pursuant to the Plan and the terms set forth herein.

            NOW THEREFORE, in consideration of the mutual covenants hereinafter
set forth, the parties hereto agree as follows:

            1. Grant of the Restricted Shares. Subject to the terms and
conditions of the Plan and the additional terms and conditions set forth in this
Agreement, the Company hereby grants to the Participant a Restricted Stock Award
consisting of ______ Shares (the "Restricted Shares"). The Restricted Shares
shall vest and become nonforfeitable in accordance with Section 2 hereof.

            2. Vesting

            (a) General. Subject to the Participant's continued Employment with
the Company, the Restricted Shares shall vest and become nonforfeitable [FOR
NON-EXECUTIVE OFFICERS: on the second anniversary of the Date of Grant.] [FOR
EXECUTIVE OFFICERS: in accordance with the following vesting schedule:

<TABLE>
<CAPTION>
             DATE                                          INCREMENTAL VESTING %                 CUMULATIVE VESTED %
             ----                                          ---------------------                 -------------------
<S>                                                        <C>                                   <C>
1st Anniversary of Date of Grant                                    15%                                  15%
2nd Anniversary of Date of Grant                                    15%                                  30%
3rd Anniversary of Date of Grant                                    15%                                  45%
4th Anniversary of Date of Grant                                    25%                                  70%
5th Anniversary of Date of Grant                                    30%                                 100%]
</TABLE>

Notwithstanding the foregoing, in the event the above vesting schedule results
in the vesting of any fractional Shares, such fractional Shares shall not be
deemed vested hereunder but shall vest and become nonforfeitable when such
fractional Shares aggregate whole Shares.

            (b) Termination of Employment.

            (i) If the Participant's Employment with the Company is voluntarily
      terminated by the Participant (other than for Good Reason) or is
      terminated by the Company for

<PAGE>
                                                                               2

      Cause, the Restricted Shares shall, to the extent not then vested, be
      forfeited by the Participant without consideration; provided, however,
      that the Committee may, in its sole discretion, cause the Restricted
      Shares to become fully vested upon the Participant's Retirement.

            (ii) If the Participant's Employment with the Company is terminated
      by the Participant for Good Reason; by the Company without Cause or as a
      result of the Participant's death or Disability, in either case prior to
      the 5th anniversary of the Date of Grant, the Restricted Shares shall, to
      the extent not then vested and not previously forfeited, immediately
      become fully vested.

            (iii) For purposes of this Agreement:

            "Cause" shall mean "Cause" as defined in the Labor Code of the
      Republic of Panama. The determination of the existence of Cause shall be
      made by the Committee in good faith, which determination shall be
      conclusive for purposes of this Agreement;

            "Good Reason" shall mean "Good Reason Resignation" as defined in the
      Labor Code of the Republic of Panama then in effect; provided that in no
      event shall an event constitute "Good Reason" unless the Participant shall
      have delivered written notice to the Company describing the event
      allegedly constituting Good Reason and the Company shall have failed to
      cure or to in good faith commence the cure of such material reduction in
      the Participant's duties and responsibilities within 30 days of receiving
      such notice ; and

            "Disability" shall mean "Disability" as defined in the Labor Code of
      the Republic of Panama.

            "Retirement" shall mean "Retirement as defined in the laws of the
      Republic of Panama then in effect.

            (c) Change in Control. Notwithstanding any other provision of this
Agreement to the contrary, in the event of a Change in Control, the Restricted
Shares shall, to the extent not then vested and not previously forfeited,
immediately become fully vested as contemplated by Section 9(b) of the Plan.

            (d) Forfeiture upon Violation of Certain Restrictive Covenants. TBD
whether to include a "clawback" provision requiring forfeiture of vested
Restricted Shares if the Participant breaches restrictive covenants within 12
months following termination of employment.

            3. Certificates. Certificates evidencing the Restricted Shares shall
be issued by the Company and shall be registered in the Participant's name on
the stock transfer books of the Company promptly after the date hereof, but
shall remain in the physical custody of the Company or its designee at all times
prior to the vesting of such Restricted Shares pursuant to Section 2. As a
condition to the receipt of this Restricted Stock Award, the Participant shall

<PAGE>
                                                                               3

deliver to the Company a stock power, duly endorsed in blank, relating to the
Restricted Shares. No certificates shall be issued for fractional Shares.

            4. Rights as a Stockholder. The Participant shall be the record
owner of the Restricted Shares until or unless such Restricted Shares are
forfeited pursuant to Section 2 hereof, and as record owner shall be entitled to
all rights of a common stockholder of the Company, including, without
limitation, voting rights with respect to the Restricted Shares and the
Participant shall receive, when paid, any dividends on all of the Restricted
Shares granted hereunder as to which the Participant is the record holder on the
applicable record date; provided that the Restricted Shares shall be subject to
the limitations on transfer and encumbrance set forth in Section 7. As soon as
practicable following the vesting of any Restricted Shares pursuant to Section
2, certificates for the Restricted Shares which shall have vested shall be
delivered to the Participant or to the Participant's legal guardian or
representative along with the stock powers relating thereto.

            5. Legend on Certificates. The certificates representing the vested
Restricted Shares delivered to the Participant as contemplated by Section 4
above shall be subject to such stop transfer orders and other restrictions as
the Committee may deem advisable under the Plan or the rules, regulations, and
other requirements of the Securities and Exchange Commission, any stock exchange
upon which such Shares are listed, and any applicable Federal or state laws, and
the Committee may cause a legend or legends to be put on any such certificates
to make appropriate reference to such restrictions.

            6. No Right to Continued Employment. The granting of the Restricted
Shares evidenced by this Agreement shall impose no obligation on the Company or
any Affiliate to continue the Employment of the Participant and shall not lessen
or affect the Company's or its Affiliate's right to terminate the Employment of
such Participant.

            7. Transferability. The Restricted Shares may not, at any time prior
to becoming vested pursuant to Section 2, be assigned, alienated, pledged,
attached, sold or otherwise transferred or encumbered by the Participant and any
such purported assignment, alienation, pledge, attachment, sale, transfer or
encumbrance shall be void and unenforceable against the Company or any
Affiliate; provided that the designation of a beneficiary shall not constitute
an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

            8. Withholding. The Participant may be required to pay to the
Company or any Affiliate and the Company shall have the right and is hereby
authorized to withhold, any applicable withholding taxes in respect of the
Restricted Shares, their grant or vesting or any payment or transfer with
respect to the Restricted Shares and to take such action as may be necessary in
the opinion of the Committee to satisfy all obligations for the payment of such
withholding taxes.

            9. Securities Laws. Upon the vesting of any Restricted Shares, the
Participant will make or enter into such written representations, warranties and
agreements as the Committee may reasonably request in order to comply with
applicable securities laws or with this Agreement.

<PAGE>
                                                                               4

            10. Notices. Any notice necessary under this Agreement shall be
addressed to the Company in care of is Secretary at the principal executive
office of the Company and to the Participant at the address appearing in the
personnel records of the Company for such Participant or to either party at such
other address as either party hereto may hereafter designate in writing to the
other. Any such notice shall be deemed effective upon receipt thereof by the
addressee.

            11. Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE REPUBLIC OF PANAMA WITHOUT REGARD TO
CONFLICTS OF LAWS

            12. Restricted Stock Award Subject to Plan. By entering into this
Agreement the Participant agrees and acknowledges that the Participant has
received and read a copy of the Plan. The Restricted Stock Award and the
Restricted Shares granted hereunder is subject to the Plan. The terms and
provisions of the Plan as it may be amended from time to time are hereby
incorporated herein by reference. In the event of a conflict between any term or
provision contained herein and a term or provision of the Plan, the applicable
terms and provisions of the Plan will govern and prevail.

            13. Signature in Counterparts. This Agreement may be signed in
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

<PAGE>
                                                                               5

            IN WITNESS WHEREOF, the parties hereto have executed this Agreement.

                                          COPA HOLDINGS, S.A.

                                          By: ___________________________

Agreed and acknowledged as
of the date first above written:
________________________________<PAGE>

                                                                  EXHIBIT 10.41

             FORM OF AMENDED & RESTATED TRADEMARK LICENSE AGREEMENT

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

                                    RECITALS

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

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

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

      WHEREAS, Continental and COPA agreed in the Alliance Agreement to develop
a new brand for COPA that will extend the brand identity of Continental (i.e.,
it will, subject to this Agreement, utilize as its principal elements the
Continental Marks);

      WHEREAS, in connection with the development of COPA brand, the Continental
Marks are being used as part of the composite marks and trade dress set forth on
Schedule 3 hereto ("Continental/COPA Co-Branded Marks") pursuant to the terms of
this Agreement; and

                                                                               1
<PAGE>
      WHEREAS Continental and COPA have previously entered into a Trademark
License Agreement dated May 24, 1999, and, for good and valuable consideration
the parties now desire to amend and restate that prior Agreement through this
Agreement;

      NOW THEREFORE, in consideration of the mutual promises and covenants
contained herein, the receipt and sufficiency of which are hereby acknowledged,
Continental and COPA agree as follows:

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

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

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

                                                                               2
<PAGE>
by COPA of the Continental Marks as part of the Continental/COPA Co-Branded
Marks shall inure to the benefit of Continental and COPA shall obtain no right,
title or interest in and to the Continental Marks or the elements of the
Continental/COPA Co-Branded Marks derived from the Continental Marks, or any
other word, words, term, design, name or mark that is confusingly similar to the
Continental Marks. Continental agrees that it shall obtain no right, title, or
interest in and to any element of the Continental/COPA Co-Branded Marks that are
derived exclusively from COPA's marks, such as the mark COPA and the beige
"streak" design element of the Continental/COPA Co-Branded Marks, thus
preserving the distinctive reference to COPA's identity. Should Continental
cease all use of and abandon its "Globe Design" (such design being shown in
Schedules 1-1 and 1-2) such that Continental no longer uses the "Globe Design"
or a similar design during the term of this Agreement, Continental will promptly
assign all right, title, and interest in the globe element of the
Continental/COPA Co-Branded Marks, including United States Trademark
Registration No. 2,360,006, to COPA.

      4.    Registration. In the event COPA wishes to have any of the
Continental/COPA Co-Branded Marks registered in any jurisdiction, it shall
submit to Continental a written request for registration. Continental agrees
that it will permit any such registrations as requested. All expenses incurred
in connection with such requests for registration of the Continental/COPA
Co-Branded Marks shall be paid by COPA. COPA shall promptly transfer to
Continental, in accordance with applicable law, any application(s) filed by or
on behalf of COPA to register any Continental/COPA Co-Branded Mark. COPA shall
retain all rights in elements of any Continental/COPA Co-Branded Mark derived
from the COPA Marks, and may register such elements in its own name without
Continental's prior approval.

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

                                                                               3
<PAGE>
Continental/COPA Co-Branded Marks, immediately upon becoming aware of same. COPA
shall not be entitled to bring, or compel Continental to bring, an action or
other legal proceedings on account of any infringements, imitations, or
challenges to any element of the Continental/COPA Co-Branded Marks derived from
the Continental Marks without the written agreement of Continental. Continental
shall not be liable for any loss, cost, damage or expense suffered or incurred
by COPA because of the failure or inability to take or consent to the taking of
any action on account of any such infringements, imitations or challenges or
because of the failure of any such action or proceeding. In the event that
Continental shall commence any action or legal proceeding on account of such
infringements, imitations or challenges, COPA agrees to provide all reasonable
assistance requested by Continental in preparing for and prosecuting the same.

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

                                                                               4
<PAGE>
      7.    Term. The initial term of this Agreement shall be coextensive with
the term of the Alliance Agreement referenced above. The Agreement may be
extended past the initial term, as set out in Section 9 below ("Wind-Up Term").

      8.    Termination.

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

      9.    Wind-Up.

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

            9.2   Other Termination. Upon termination of this Agreement by COPA
pursuant to Sections 8.1 or 8.2 hereof or the initial term of this Agreement
ends because either party terminates the Alliance Agreement pursuant to Section
3.D(a) or

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

            9.3   Post Wind-Up. After the applicable wind-up period, COPA shall
not make use of any word, words, term, design, name, trade dress, or mark

                                                                               6
<PAGE>
confusingly similar with the Continental Marks so that any such word, words,
term, design, name or mark would present a likelihood of confusion or otherwise
suggest a continuing relationship between COPA and Continental, and Continental
shall not make use of any word, words, term, design, name or mark confusingly
similar with the COPA Marks so that any such word, words, term, design, name or
mark would present a likelihood of confusion or otherwise suggest a continuing
relationship between COPA and Continental.

      10.   Relationship of the Parties. The relationship of Continental and
COPA pursuant to this Agreement shall be that of independent contractors. The
relationship between Continental and COPA by virtue of this Agreement is not
that of partners, joint venturers, or principal/agent. Continental shall not by
virtue of this Agreement control or have the right to control the methods and
means by which COPA offers its goods or services in association with the
Continental/COPA Co-Branded Marks. In the event that COPA fails to use the
Continental/COPA Co-Branded Marks in accordance with Continental's quality
standards, Continental shall not have the right pursuant to this Agreement to
exercise any control over the activities of COPA; instead, Continental's right
pursuant to this Agreement shall be to terminate COPA's right to use the
Continental/COPA Co-Branded Marks. COPA shall defend, indemnify and hold
harmless Continental from and against any and all third party claims, demands or
causes of action for personal injury, property damage, or economic loss caused
by COPA's actions or inactions that in any way involve, arise out of, relate to
or are based upon COPA's use of the Continental/COPA Co-Branded Marks (other
than a third party claim that Continental does not have clear title to the
Continental/COPA Co-Branded Marks or that an element of a Continental/COPA
Co-Branded Mark infringes the third party's trademark rights), and all losses,
expenses (including reasonable attorneys fees), liabilities or judgment incurred
by Continental as a result of such third party claims, demands or causes of
action. This contractual right of indemnification shall apply even if
Continental is alleged or adjudicated to have been negligent or otherwise at
fault in allowing COPA to use the Continental/COPA Co-Branded Marks.

      11.   Assignment.  The non-exclusive license granted by Continental to
COPA is personal to COPA and may not be assigned, sub-licensed or transferred
by COPA in

                                                                               7
<PAGE>
any manner without the written consent of a duly authorized representative of
Continental.

      12.   Miscellaneous.

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

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

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

            12.4. Severability. The provisions of this Agreement are independent
of each other and the invalidity of any provision or a portion hereof shall not
affect the validity or enforceability of any other provision. In the event that
any particular provision is found to be invalid or unenforceable, the parties
will negotiate in good faith to replace such provision with a valid and
enforceable provision that approximates as closely as possible the intent of the
parties as reflected in the original provision.

            12.5  Waiver. Any delay or failure on the part of either party to
enforce its rights hereunder to which it may be entitled shall not be construed
as a waiver of the right and privilege to do so at any subsequent time.

            12.6  Binding Agreement. The provisions of this Agreement will be
binding upon and inure to the benefit of the parties and their respective
subsidiaries, related and affiliated companies, and agents.

            12.7  Counterparts. This Agreement shall be executed in
counterparts, each of which shall be deemed to be an original.

            12.8  Section Headings. Any section headings herein are for
convenience only and shall not be considered in the interpretation of this
Agreement.

            12.9  Bankruptcy. The parties hereto acknowledge and accept the
provisions of 11 U.S.C. Section 365(n) governing the rights of licensees in the
event of a licensor's bankruptcy.

                                                                               8
<PAGE>
            12.10 Further Assurances. Each party agrees to provide such further
assurances and execute such additional documents as may be reasonably requested
by the other in furtherance of the purpose and terms of this Agreement.

      IN WITNESS WHEREOF, Continental and COPA, appearing through their duly
authorized representatives, having executed this instrument to be effective as
of the date first above written.

CONTINENTAL AIRLINES, INC.                COMPANIA PANAMENA DE
                                          AVIACION, S.A.

By: ___________________________           By: __________________________
Title:__________________________          Title:_________________________

                                                                               9
<PAGE>
                                                                      SCHEDULE 1

                                CONTINENTAL MARKS

BUSINESSFIRST
CONTINENTAL
CONTINENTAL AIRLINES
CONTINENTAL CARGO
CONTINENTAL VACATIONS
ONEPASS
PRESIDENTS CLUB
PRESTIGE PACKS
QUICKPAK
REWARDONE
WORK HARD. FLY RIGHT.
WORLD OF THANKS
CONTINENTAL'S GLOBE LOGO (DESIGN) IN COLOR
CONTINENTAL'S GLOBE LOGO (DESIGN) IN BLACK & WHITE
CONTINENTAL & DESIGN

e.g.:

                           (CONTINENTAL AIRLINES LOGO)

                                  Schedule 1-1
<PAGE>
                                                                      SCHEDULE 1

                                CONTINENTAL MARKS

                              CONTINENTAL AIRLINES

                                "AIRCRAFT LIVERY"

                                  Schedule 1-2
<PAGE>
                                                                      SCHEDULE 2

                                   COPA MARKS

COPA
COPAAIR.COM
COPAAIR.COM ENTRA, AHORRA Y GANA
COPA AIRLINES
COPA AIRLINES BUSINESS REWARDS
COPA AIRLINES CLASE EJECUTIVA
COPA CONVENCIONES
COPA CONVENTION
COPA AIRLINES CONVENTION
COPAPASS
COPACLUB
COPA CARGO
COPA AIRLINES CARGO
COPA AIRLINES PRIORITY CARGO
COPA COURIER
COPA AIRLINES CORPORATE
COPA VACACIONES
COPA VACATIONS
COPA AIRLINES VACATIONS
E-RRESISTIBLES
VOLANDITO
LA FORMA MAS DIRECTA DE CONECTARSE CON AMERICA
LA GRAN LINEA AEREA DE PANAMA
THE AIRLINE OF PANAMA
HUB OF THE AMERICAS - PANAMA
HUB DE LAS AMERICAS
PANORAMA DE LAS AMERICAS

3-prong beige streak design

COPA AND DESIGN

e.g.:

                                  Schedule 1-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00094-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00094-of-00352.parquet"}]]