Document:

EX-4.6

 Exhibit 4.6 

FORM OF AMENDED AND RESTATED 

SERVICES AGREEMENT 
 This Amended
and Restated Services 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 St., Houston, Texas, U.S.A. 77002, and COMPANIA PANAMENA DE AVIACION, S.A. (together with its Affiliates, “COPA”), a corporation (sociedad
anonima) duly organized and validly existing under the laws 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 Holdings, S.A. a Panamanian corporation (sociedad anonima) have, as of the date
hereof entered into an Amended and Restated Alliance Agreement (“Alliance Agreement”) a Registration Rights Agreement (“Registration Rights Agreement”) and an Amended and Restated Shareholders Agreement (“Shareholders
Agreement”). In connection with such agreements, COPA desires that Continental make available to COPA certain services that are necessary or advisable for the operation of a commercial air carrier and services that are necessary or advisable
for the operation of a commercial air carrier and Continental is willing to provide COPA such services in accordance with the terms and conditions of this Agreement. 

Continental and COPA are each a party to the “Services Agreement” made the 22nd of May, 1998 and each agree to enter into this
Agreement as an amended and restated version of the Services Agreement. 
 Continental and COPA are each a party to the Amended and Restated
Alliance Agreement (as amended, the “Alliance Agreement”) entered into on the date hereof. 
 NOW, THEREFORE, in consideration of
the premises and the mutual promises herein contained, Continental and COPA hereby agree as follows: 
 1. Cost Reduction Initiatives.
Subject to the terms and conditions set forth in this Agreement, Continental will provide services as set forth below in Section 2(a) through (m) of this Agreement pursuant to separate agreements. Current agreements between the Carriers
with respect to the services identified in Section 2(a) through (m) are listed on Schedule 1 hereto. Any agreements to be negotiated in the future will be 

 
negotiated at arms-length, will contain mutually acceptable provisions typically applicable to such agreements, will not necessarily be coterminous with this Agreement, will not contain any
cross-default clauses with respect to this Agreement or the Shareholders Agreement, will not permit COPA to transfer services and equipment to third parties and will adequately address COPA’s concern that it have notice of termination of the
agreements sufficient enough to allow COPA to transition to alternative service providers. Unless otherwise stated, services will be provided as follows: 

(a) Services provided directly by Continental to COPA. Upon reasonable request by COPA, Continental will provide the services specified in
Section 2 below to COPA, as permitted by Continental’s applicable contracts. Except as otherwise provided herein, services provided to COPA directly by Continental will be priced at Continental’s Incremental Cost as defined below.

 (b) Services provided by a third party. Wherever contractually permitted (except as otherwise provided herein), Continental will provide
COPA access to the same third party vendor arrangements as are available to Continental at the cost charged to Continental, plus any additional costs incurred by Continental, provided that such access will not adversely impact Continental with
respect to pricing or availability. For current contracts under which COPA does not have access, and for future contracts as appropriate, Continental will use commercially reasonable efforts to permit COPA to obtain the same benefits as Continental
under such contracts, provided doing so will not adversely impact Continental. 
 (c) Incremental Cost. As used in this Agreement
“Incremental Cost” shall mean the additional direct cost incurred by a Carrier to provide a good or service to the other Carrier, plus a pro-rata allocation of the providing Carrier’s cost for
fixed capital and intangibles (including depreciation, amortization and interest), overhead (including labor burden and facilities) associated with the activity providing the good or service and a percentage of the providing Carrier’s corporate
overhead equal to the percentage that the charges to the receiving Carrier for the good or service are of the providing Carrier’s total expenses for the preceding fiscal year, but excluding any profit or
mark-up. The intention of this Agreement is that those goods and services charged at Incremental Cost shall be provided by a Carrier to the other Carrier without the providing Carrier’s incurring a profit
or loss with respect thereto. 
 (d) Services Contractually Permitted. For purposes of this Agreement, “contractually permitted”
means either that the providing Carrier has the contractual ability to require its counterparty to offer the relevant goods or services to the other Carrier on the relevant terms, or that the relevant contract does not prohibit the provision of such
services on such terms, and the providing Carrier’s counterparty is willing to provide such services on such terms. The obligation of Continental to provide services or access to the benefits of its contracts to COPA shall be subject to
contractual limitations to which Continental is subject; provided, however, that Continental will use its 

  
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commercially reasonable efforts to obtain a waiver of any such contractual limitations which prevent Continental from passing along any material benefit to COPA. 

(e) Financing Limitations. To the extent that any of the services provided pursuant to Section 2 hereof require a capital expenditure or
the financing of materials, services or equipment, Continental shall not be required to participate in any financing structure that (i) causes the materials, services or equipment, or any financial obligation with respect thereto, to be
included on Continental’s balance sheet, (ii) may, based on Continental’s reasonable judgment, adversely affect Continental’s future financing costs, or (iii) imposes any uncompensated financial obligation on Continental,
including following the transfer of the materials, services or equipment (whether by purchase, assignment or lease) to COPA; provided that nothing in this Section shall be construed to relieve Continental of any obligations to provide services under
this Agreement if such capital expenditure or financing of materials, services or equipment is undertaken by COPA. 
 (f) Reciprocity by
COPA. To the extent that COPA is able to provide services or access to the benefits of its contracts to Continental of a similar nature as is set forth in Section 2 hereof, it shall, upon the request of Continental, provide such benefits to
Continental on comparable terms (including Section 1(c)) as are set forth herein. 
 2. Services To Be Provided. Subject to
Section 1, Continental will offer and, subject to COPA’s request, provide the following services: 
 (a) Purchase of Equipment.
Continental will advise COPA of intended future large acquisitions of flight and ground equipment and will use its commercially reasonable efforts to have the capacity requirements of COPA included in the procurement by Continental, so long as such
inclusion would not have a material adverse affect on Continental’s transaction (e.g. because of unwillingness of vendors to disclose Continental pricing to any other airline). COPA understands that most of Continental’s current major
equipment purchase agreements have non-disclosure requirements. In addition, the calculation of Continental’s cost for a particular piece of equipment will depend on its delivery date, the source (from
manufacturer or lessor) and type of financing. Pursuant and subject to Section 1, COPA shall be free to seek such equipment from other sources, and, if requested by COPA, Continental will provide assistance in evaluating such alternative
procurement. In addition, Continental will assist in the execution of COPA’s fleet growth and replacement plan as follows: 

A. Continental will use its commercially reasonable efforts to ensure no increase in the discrepancy between COPA’s and
Continental’s pricing on Boeing 737 NG flight equipment. 
 B. In the event that the sale of any unused and expiring
Continental Options to COPA would yield a lower net purchase price to COPA, Continental agrees to offer such option aircraft for sale to COPA on commercially reasonable terms. 

  
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 C. In the event that Continental agrees to acquire Embraer 190 Family flight
equipment, Continental will use its commercially reasonable efforts to ensure that COPA benefits from the economy of scale that a combined order would afford on any undelivered EMB 170/175/190/195 aircraft. 

(b) Ground Equipment. Where contractually permitted, COPA shall have access to the prices and delivery available to Continental for ground
equipment, provided that such access will not adversely impact Continental. Continental will use commercially reasonable efforts to assist COPA in obtaining financing terms with respect to purchases of ground equipment by or on behalf of COPA that
are comparable to Continental’s. 
 (c) Insurance. At the request of COPA, COPA shall be included in Continental’s insurance
coverage of all types to the extent commercially reasonable. Continental shall permit COPA to continue to obtain the insurance benefits associated with Continental’s superior size and expertise, unless and until it is no longer commercially
reasonable to do so. 
 (d) Fuel. The Carriers shall provide each other with the benefits of each other’s fuel-purchase arrangements.

 (e) Management Information and Related Systems and Data. The Carriers shall provide each other with their respective applicable
capabilities and information relating to management information and related systems to the extent contractually permitted. This applies to pricing, yield management, distribution planning, reservations, departure control, E-ticketing, flight scheduling, crew scheduling, personnel management and evaluation, passenger and cargo revenue accounting, general accounting, computer reservation system analysis, quality monitoring, maintenance
support, fleet planning, flight profitability, treasury support, group management, sales planning, U.S. GSA Support, marketing planning information, DOT database analysis, frequent flyer program, technical support and other systems. 

(f) Reservations, Departure Control, and Operational Control. At the request of COPA, assistance with reservations, departure control and
operational control functions shall be provided by Continental to COPA. 
 (g) Training. At the request of COPA, training shall be provided
to COPA by Continental that involves both technical areas (e.g., maintenance, crew resource management, simulator access, and crew training) and other areas (e.g., salesmanship, negotiating skills, personnel evaluation). 

  
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 (h) Catering. At the request of COPA, COPA shall receive access to Continental’s
catering and on-board supply contracts. 
 (i) Employee Exchanges. At the request of COPA,
Continental shall provide COPA a reasonable number of qualified staff in key areas to facilitate implementation and knowledge and capability transfer. Included in the resources provided by Continental will be a reasonable number of qualified
management personnel who will, unless otherwise agreed, be assigned to COPA for a period of not less than two years and will collectively be knowledgeable in the areas of yield management, maintenance and engineering, marketing and sales, flight
operations and passenger services. 
 (j) Accounting and Administrative. At the request of COPA, Continental shall provide COPA with
accounting and administrative support services. This also includes access to credit card processing arrangements, commission levels, bank settlement plan participation, surety bonds and other items. 

(k) Maintenance of Aircraft, Engines, and Components. Upon COPA’s request, Continental shall integrate COPA’s fleet into
Continental’s maintenance program. Maintenance, quality assurance, planning, and engineering services performed substantially by Continental will be charged to COPA at Continental’s Incremental Cost. 

(l) General Purchasing of Goods and Services. Continental shall undertake to include COPA in access to rates, terms, and availability of other
applicable goods and services reasonably requested by COPA. Continental will use commercially reasonable efforts to assist COPA to obtain financing terms with respect to purchases by or on behalf of COPA that are comparable to Continental’s.

 (m) Other (telecommunications, etc.). Upon COPA’s request, Continental shall provide COPA access to its rates, terms, networks, and
other telecommunications services and facilities. 
 3. Most-favored nations. Except as otherwise expressly set forth in this Agreement, all
services, supplies, training, products and any other assistance covered by this Agreement, including, but not limited to, technical, personnel, aviation services and supply assistance (the “Assistance”), which Continental or its Affiliates
shall provide to COPA shall be provided at Continental’s or its Affiliates’ Incremental Cost of providing such Assistance, but in no case will COPA be required to pay more than the price that Continental or its Affiliates is at the time
providing such Assistance to any other non-majority owned airline after giving effect to the existence, if any, of cross-subsidy arrangements involving multiple service provided to and received from such other
airline. In the event that COPA can obtain similar or more favorable Assistance from a third party at a lower price or with more favorable terms, COPA shall be permitted to purchase such Assistance from such third party, subject to the provisions of
any agreements between Continental and COPA with respect thereto. Also, Continental and its Affiliates 

  
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shall use their commercially reasonable efforts to assure that COPA is the beneficiary of the most favorable prices and terms that Continental or its Affiliates can obtain for themselves via
their externally provided resources. Continental shall have no obligation to extend the benefits of this Agreement to COPA’s Affiliate, Aerorepublica, S.A., or any Affiliate acquired or created after the date hereof, unless COPA is, and only
for so long as they remain, the record and beneficial owner of at least eighty-five percent (85%) of the capital stock of such Affiliate, calculated on a fully diluted basis. If COPA has an Affiliate that no longer qualifies for the benefits of this
Agreement, Continental and COPA shall, upon COPA’s request, discuss the possibility of such Affiliate being included under this Agreement. 

4. Sharing of resources during the term of the Agreement. Within a reasonable time after the date of this Agreement and subject to
Continental’s contractual obligations, and subject to the negotiation of satisfactory confidentiality and use agreements, Continental shall share with COPA its expertise and know-how reasonably requested
by COPA in the form of, but not limited to, manuals, procedures, automation, training and systems, necessary or desirable for COPA to provide the same options and services with the same quality that Continental provides; provided, however, that such
expertise and know-how shall be provided to COPA at Continental’s Incremental Cost. 
 5.
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 or 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 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 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. 

  
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 (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 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. 
 (d) Standard of Care; Disclaimer of Warranties;
Limitation of Liabilities. A providing Carrier’s standard of care with respect to the provision of services pursuant to this Agreement shall be limited to providing services of the same general quality as such Carrier provides for its own
internal operations. Except for the previous sentence, neither Carrier makes any representations or warranties of any kind, whether express or implied (i) as to the quality or timeliness or fitness for a particular purpose of services it
provides or any services provided hereunder by third-party vendors or subcontractors, or (ii) with respect to any supplies or other material purchased on behalf of the receiving Carrier pursuant to this Agreement, the merchantability or fitness
for any purpose of any such supplies or other materials. Under no circumstances shall the providing Carrier have any liability hereunder for damages in excess of amounts paid by the receiving Carrier under the applicable agreement or for
consequential or punitive damages, including, without limitation, lost profits. 
 6. Term and Termination. 

(a) Term. The term of the Services Agreement, unless earlier terminated as provided in this Section 6, shall continue until either
Carrier gives the other Carrier three (3) years’ written notice of termination: provided, however, that either Carrier may only give such notice on or after May 22, 2012. The terms and conditions of this Amended and Restated Services
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 6, this Agreement, but not the individual services agreements (which shall be terminated in accordance with their respective terms), 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 180day 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; 

  
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 (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) 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 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; 
 (iv) By either Carrier on thirty (30) days’ prior written notice if the Alliance Agreement is
terminated; 
 (v) 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; 

(vi) 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) 

  
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the terms and/or conditions of the Shareholders Agreement or the Registration Rights Agreement 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; and 
 (vii) By a Carrier on thirty (30) days’ prior written notice if the other Carrier rejects the
Alliance Agreement and/or Frequent Flyer Program Participation Agreement in a bankruptcy proceeding. 
 (c) 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. 

(d) Duties upon termination. 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. 
 (e) 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
terms used in this Section 6: 
 “AIRLINE ASSETS” means those assets used, as of the date of determination, in the relevant
Person’s operation as an air carrier. 
 “BENEFICIAL OWNERSHIP” has the meaning given such term in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended. 

  
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 “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 a 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) such Carrier (or its successor), any Holding Company of such Carrier (or its successor), or any of their
respective Subsidiaries 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 such 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; or 

(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. 

“HOLDING COMPANY” means, as applied to a Person, any other Person of whom such Person is, directly or indirectly, a Subsidiary. 

  
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 “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. 
 7.
Confidential Information. 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, 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 Confidential Information
except as contemplated by this Agreement. This Section 7 shall survive two years after the termination or expiration of this Agreement. 

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 award rendered by the arbitrators 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 

  
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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 uncompensated cash outlays, to accept adverse contract terms, to limit, alter, impair or
interfere with its operations, to impair any right with respect to the use of its assets, or to otherwise adversely affect the Carrier in any measurable manner. 

(b) Affiliate. As used in this Agreement, “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. 
 (c) Person. As used in this Agreement, “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.
Governing Law. This Agreement shall be construed and enforced in accordance with, and governed by, the laws of the State of New York. 
 11.
Entire Agreement, Waivers and Amendments. This Agreement and the Alliance Agreement to the extent such agreement concerns the matters covered in this Agreement constitute the entire understanding of the Carriers with respect to the subject matter
hereof superseding all prior discussions and agreements, written or oral. This Agreement may not be amended, nor may any of its provisions be waived, except by writing signed by both carriers. No delay on the part of either carrier in exercising any
right power or privilege hereunder shall operate as a waiver hereof, nor shall any waiver operate as a continuing waiver of any right, power or privilege. 

  
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 12. 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 St., HQSCD
                                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 St., HQSLG
                                Telecopier No.: (713)
324-5161
	Houston, Texas 77002	  	
	 Attention: Senior Vice President

and General Counsel
	  	

  

			
	If to COPA:	  	            Corporacion de Inversiones Aereas, S.A.
		  	Ave. Justo Arosemena y Calle 39
		  	Apdo. 1572
		  	Panama 1, Panama
		  	Attention: Pedro Heilbron
		  	Facsimile No: 507-227-1952
		
	With a copy to:	  	            Galindo, Arias y Lopez
		  	Edif. Omanco
		  	Apartado 8629
		  	Panama 5, Panama
		  	Attention: Jaime A. Areas C.
		  	Facsimile No.: 507-263-5335

 12. Successors, Assigns. Except as otherwise provided in this Agreement, 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. 

13. 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. 

  
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 14. 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. 
 15. Counterparts. This Agreement may be executed in counterparts, all of which
taken together shall constitute one agreement. 
 16. 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 hereby incorporated by reference. Each Carrier shall comply with all equal opportunity
laws and regulations which apply to or must be satisfied by that Carrier as a result of this Agreement. 
 IN WITNESS WHEREOF, the parties hereto, being
duly authorized, have caused this Agreement to be executed as of the date first written above. 
  

			
	 CONTINENTAL AIRLINES, INC.

			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 COMPANIA PANAMENA DE AVIACION, S.A. 

			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 14 

 Schedule 1 

to the 
 Amended and Restated
Services Agreement 
 Below is a list of agreements between Continental and Copa that have been negotiated to implement the Services Agreement: 

 

			
	 Agreement
	  	 Dated

	 COPA’s Use of Continental’s Manuals Agreement
	  	August 13, 1998
	 Agreement (with respect to CO Sales Support in Miami)
	  	October 31, 1998
	 Frequent Flyer Program Participation Agreement
	  	January 27, 1999
	 Trademark License Agreement
	  	May 24, 1999
	 Agreement (with respect to CO’s P-Club in
Panama)
	  	July 13, 1999
	 Equipment Sales Agreement
	  	December 1, 1999
	 Information Technology Services Agreement
	  	September 27, 2000
	 Parts Pool Agreement
	  	October 12, 2000
	 Agreement (with respect to CO SalesInsight software)
	  	November 11, 2000
	 COPA Corporate Program Inclusion Agreement
	  	November 16, 2000
	 Agreement (with respect to distribution services)
	  	November 28, 2000
	 737-700 Maintenance Management, Material Management and
Maintenance Services Agreement
	  	May 3, 2001
	 Agreement (with respect to CO Sales Support in Los Angeles)
	  	June 2, 2001
	 Agreement (with respect to CO’s CTO in Cuenca, Ecuador)
	  	December 14, 2001
	 General Passenger Sales Agency Agreement (Chile)
	  	January 1, 2002
	 Airline Forecasting Services Agreement
	  	January 14, 2002
	 City Ticket Office Representation Agreement
	  	February 11, 2002
	 Agreement (with respect to CO General US Sales Support)
	  	May 30, 2002
	 General Passenger Sales Agency Agreement (Argentina)
	  	November 29, 2002
	 In-Flight Entertainment Agreement
	  	February 19, 2004
	 Agreement (with respect to CO’s RewardOne system)
	  	March 15, 2004
	 Agreement (with respect to CO Sales Support in New York)
	  	June 1, 2004
	 Standard Ground Handling Agreement (LAX)
	  	June 1, 2004
	 Marketing Insight for Copa Airlines Agreement
	  	October 7, 2004

  
 15EX-4.7

 Exhibit 4.7 

AMENDED AND RESTATED 

SHAREHOLDERS AGREEMENT 
 among

 CORPORACION DE INVERSIONES AEREAS, S.A., 

CONTINENTAL AIRLINES, INC. 
 and

 COPA HOLDINGS, S.A. 

November 23, 2005 

 TABLE OF CONTENTS 
  

							
	 ARTICLE I MANAGEMENT OF THE COMPANY; BOARD OF DIRECTORS
	  	 	2	 
			
	 Section 1.1.
	 	 Board of Directors
	  	 	2	 
	 Section 1.2.
	 	 Composition of Board of Directors
	  	 	2	 
	 Section 1.3.
	 	 Meetings; Quorum; Required Vote
	  	 	3	 
	 Section 1.4.
	 	 Removal; Vacancies
	  	 	3	 
		
	 ARTICLE II DISPOSITIONS, SALES AND TRANSFERS OF SHARES; RIGHT OF FIRST OFFER; TAG-ALONG RIGHTS
	  	 	4	 
			
	 Section 2.1.
	 	 Transfers
	  	 	4	 
	 Section 2.2.
	 	 Prohibited Transfers
	  	 	5	 
	 Section 2.3.
	 	 Right of First Offer
	  	 	5	 
	 Section 2.4.
	 	 Tag Along Rights
	  	 	7	 
		
	 ARTICLE III MISCELLANEOUS
	  	 	9	 
			
	 Section 3.1.
	 	 Termination
	  	 	9	 
	 Section 3.2.
	 	 Successors and Assigns
	  	 	9	 
	 Section 3.3.
	 	 Entire Agreement
	  	 	9	 
	 Section 3.4.
	 	 Severability
	  	 	9	 
	 Section 3.5.
	 	 Language
	  	 	9	 
	 Section 3.6.
	 	 GOVERNING LAW
	  	 	9	 
	 Section 3.7.
	 	 Arbitration
	  	 	9	 
	 Section 3.8.
	 	 Notices
	  	 	10	 
	 Section 3.9.
	 	 Headings
	  	 	11	 
	 Section 3.10.
	 	 Modification, Amendment or Clarification
	  	 	11	 
	 Section 3.11.
	 	 Counterparts
	  	 	11	 
	 Section 3.12.
	 	 Constructive Termination
	  	 	11	 
	 Section 3.13.
	 	 Remedies
	  	 	12	 
	 Section 3.14.
	 	 Shareholder Meeting
	  	 	12	 

  
 i 

 AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

This Amended and Restated Shareholders Agreement (this “Agreement”) of Copa Holdings, S.A., a corporation (sociedad anonima) duly
organized and validly existing under the laws of Panama (the “Company”), is made and entered into as of November 23, 2005, by and among the Company, Corporacion de Inversiones Aereas, S.A., a corporation (sociedad anonima) duly
organized and validly existing under the laws of Panama (“CIASA”), and Continental Airlines, Inc., a corporation duly organized and validly existing under the laws of the State of Delaware (“Continental” and, together with CIASA,
the “Shareholders”). 
 RECITALS 

WHEREAS, the Company owns, directly or indirectly, substantially all of the issued and outstanding capital stock of Compania Panamena de
Aviacion, S.A., a corporation (sociedad anonima) duly organized and validly existing under the laws of Panama (“COPA”), Oval Financial Leasing, Ltd., a corporation duly organized and validly existing under the laws of the British Virgin
Islands (“Oval”), AeroRepublica S.A., a corporation (sociedad anonima) duly organized and validly existing under the laws of Colombia (“AeroRepublica”), and OPAC, S.A., a corporation (sociedad anonima) duly organized and validly
existing under the laws of Panama (“OPAC” and, together with COPA, AeroRepublica, Oval and the Company’s other subsidiaries, the “Operating Companies”); 

WHEREAS, the Company and the Shareholders entered into a shareholders agreement, dated May 12, 1998 (the “Old Shareholders
Agreement”), in connection with a Stock Purchase Agreement, dated as of May 8, 1998 (the “Stock Purchase Agreement”), pursuant to which CIASA owned 76,500 shares of Class A common stock, without par value (the “Old
Class A Shares”), of the Company, and Continental owned 73,500 shares of Class B common stock, without par value (the “Old Class B Shares” and, together with the Class A Shares, the “Old Shares”), of the
Company; 
 WHEREAS, COPA and Continental have entered into an Amended and Restated Services Agreement (the “Services Agreement”)
and an Amended and Restated Alliance Agreement (the “Alliance Agreement”), each dated as of the date hereof, pursuant to which COPA and Continental will cooperate with each other in connection with certain aspects of COPA’s and
Continental’s air transportation business; 
 WHEREAS, in order to facilitate a public offering (the “Initial Public
Offering”) of a portion of their Shares (hereinafter defined), the Shareholders are recapitalizing the Company to, among other things, replace the Old Shares with a new series of Class A shares, without par value (the “Class A
Shares”), which will not have voting rights except in certain circumstances described in the Company’s Pacto Social, as amended, and a new series of Class B shares, without par value (the “Class B Shares” and, together with
the Class A Shares, the “Shares”), entitled to one vote per share; 
 WHEREAS, the Shareholders believe it to be in the best
interests of themselves and the Company to enter into this Agreement to modify certain provisions of the Old Shareholders Agreement and to reflect the Company’s new capital structure; 

 WHEREAS, on the date hereof the Shareholders are entering into a registration rights
agreement, substantially in the form attached as Exhibit A hereto (the “Registration Rights Agreement”), with respect to the Class A Shares held by Continental and the Class B Shares held by CIASA; and 

WHEREAS, the Shareholders believe it to be in the best interests of themselves and the Company that the agreements contained herein be adopted
in order to promote the harmonious management of the Company; 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual
agreements and covenants contained herein, and intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I 

MANAGEMENT OF THE COMPANY; BOARD OF DIRECTORS 

Section 1.1. Board of Directors. The business and affairs of the Company shall be managed and controlled by the Board of Directors of the
Company in a manner consistent with this Agreement and the Company’s Pacto Social. 
 Section 1.2. Composition of Board of
Directors. 
 (a) The Shareholders agree that, effective as of the date hereof, the Board of Directors of the Company (the “Board of
Directors”) shall consist of eleven (11) members (each, a “Director”) and shall have the following composition: six (6) Directors elected from candidates nominated by CIASA (“CIASA Directors”); two
(2) Directors elected from candidates nominated by Continental (“Continental Directors”); and three (3) Directors who shall be “independent” (the “Independent Directors”) under the rules of the New York Stock
Exchange (the “NYSE”); provided that the number of Continental Directors shall be automatically decreased to (i) one (1) at such time as Continental, together with its Permitted Transferees, owns less than 19.0% of the total
outstanding Shares (the “Continental Ownership Event”) and (ii) zero at such time as the Continental Ownership Event has occurred and the Alliance Agreement has expired or been terminated. Each of the Shareholders agrees to vote, or
act by written consent with respect to, any Shares beneficially owned by it that are entitled to vote, at each annual or special meeting of stockholders of the Company at which Directors are to be elected or to take all actions by written consent in
lieu of any such meeting as are necessary, to cause the CIASA Directors, the Continental Directors and the Independent Directors to be elected to the Board of Directors as provided in this Section 1.2. Each of the Shareholders agrees to use its
best efforts to cause the election of each such designee to the Board of Directors, including nominating such individuals to be elected as members of the Board of Directors. Further, the Company agrees that, if at any time there is a vacancy on the
Board of Directors and as a result thereof the Board of Directors includes fewer CIASA Directors or Continental Directors than CIASA or Continental are entitled to nominate at such time, then the Company shall nominate or appoint, as the case may
be, the person designated by CIASA or Continental, as the case may be, to fill such vacancy and, in the event of a shareholders vote, shall recommend to shareholders such individual’s election to the Board. In addition, at any time 

  
 2 

 
when there are no Continental Directors on the Board of Directors and Continental is entitled to appoint a member of the Board of Directors, at Continental’s request, the Company shall
invite an individual designated by Continental at such time to attend all board meetings (including telephonic meetings) as a non-voting observer and review all actions taken by the Board of Directors without
a meeting, and shall provide such individual, at the same time as provided to Directors, all materials provided to Directors in connection with such meetings or actions taken without a meeting. 

(b) The Shareholders shall, at CIASA’s option, adjust the size of the Board of Directors and/or replace one or more CIASA Directors with
new Independent Directors to the extent hereafter required to comply with applicable law or the rules of the NYSE; provided that any such adjustments shall not impair Continental’s rights pursuant to Section 1.2(a) (it being understood
that the mere adjustment of the size of the board shall not be deemed an impairment of Continental’s rights). 
 Section 1.3.
Meetings; Quorum; Required Vote. 
 (a) Meetings of the Board of Directors shall be held at least quarterly. Unless a majority of Directors
otherwise agrees, meetings of the Board of Directors shall be held in Panama. 
 (b) Unless every Director otherwise agrees or waives such
requirement or unless a fixed date is established for regular meetings, notice in writing of any meeting of the Board of Directors must be received by each Director no less than fourteen (14) days prior to the date on which such meeting is
scheduled to occur. 
 (c) Attendance in person or by telephone of at least a majority of the Directors or their respective alternate
Directors shall be required to constitute a quorum at a meeting of the Board of Directors, except where the Pacto Social of the Company may require a greater number. 

(d) Unless otherwise specified in this Agreement, all matters shall require a simple majority vote of all Directors present at the meeting.

 Section 1.4. Removal; Vacancies. 

(a) Either Shareholder may dismiss its nominated directors with or without cause, and, upon the occurrence of any such dismissal, the other
Shareholders shall vote accordingly in favor of, and shall use all reasonable efforts to implement promptly, such dismissal. In addition, any Director may resign at any time by giving written notice to the Shareholder that nominated such Director
and to the Secretary of the Board of Directors and filing such notice with the Public Registry in Panama. The Secretary of the Board of Directors shall provide notice of any such resignation to the other Shareholders and the other Directors within
two days of receiving such resignation. Such resignation shall take effect on the date shown on or specified in such notice or, if such notice is not dated, at the date of the receipt of such notice by the Secretary of the Board of Directors. No
acceptance of such resignation shall be necessary to make it effective. 

  
 3 

 (b) If the position of a CIASA Director or a Continental Director becomes vacant for any
reason (including dismissal by the Shareholder nominating such Director), the remaining Directors shall vote (and if necessary the Shareholders shall cause their Shares to be voted) to elect as Director a person nominated by the Shareholder entitled
to fill such vacant position and to replace the departed Director on any Committees on which he served. Notwithstanding the foregoing, if the position of any Continental Director becomes vacant as a result of the provisions of Section 1.2(a) of
this Agreement, the remaining Directors shall vote (and if necessary the Shareholders shall cause their Shares to be voted) to elect as Director a person nominated by a majority of the remaining Directors to fill such vacant position and to replace
the departed Director on any Committees on which he or she served. 
 ARTICLE II 

DISPOSITIONS, SALES AND TRANSFERS OF SHARES; 

RIGHT OF FIRST OFFER; TAG-ALONG RIGHTS 

Section 2.1. Transfers. No Shareholder shall directly or indirectly sell, assign, transfer or otherwise dispose of, or pledge, mortgage,
hypothecate, give, create a security interest in or lien on, place in trust (voting or otherwise), transfer by operation of law or in any way subject to any claims, options, charges, whether or not voluntarily, any Shares (or any beneficial interest
in such Shares) to or with any other person or entity (including, without limitation, by operation of law) (collectively, a “Transfer”) without complying with this Article II; provided that the restrictions of this Article II shall not
apply to any “Permitted Transfer” which shall be defined as any sale, assignment or transfer (i) by a Shareholder to any wholly-owned subsidiary of that Shareholder (provided the selling, assigning or transferring Shareholder agrees
in writing to remain bound by the terms of this Agreement and such wholly-owned subsidiary agrees in writing to be bound by the terms of this Agreement), (ii) to an Affiliate of CIASA (provided CIASA agrees in writing to remain bound by the terms of
this Agreement and such Affiliate agrees in writing to be bound by the terms of this Agreement), (iii) to the shareholders of CIASA as of the date hereof or any Affiliate or Family Member thereof (provided that CIASA agrees in writing to remain
bound by the terms of this Agreement and such transferee agrees in writing to be bound by the terms of this Agreement) or (iv) by Continental to a person owning a majority of the voting power of Continental’s capital stock (a
“Controlling Continental Shareholder”) (provided Continental agrees in writing to remain bound by the terms of this Agreement and such person agrees in writing to be bound by the terms of this Agreement). Each person or entity referred to
in sections (i) through (iv) of this Section 2.1 shall be a “Permitted Transferee”; provided that, for the avoidance of doubt, any trust subject to the U.S. Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), and established to fund retirement or pension benefits for employees of corporations, trades, or business that are under common control with Continental pursuant to sections 414(b) and 414(c) of the Internal Revenue Code of
1986, as amended and/or the ERISA benefit plan associated with such trust (any such trust or plan, a “Continental Plan”) shall not be considered a Permitted Transferee, and a Transfer to such Continental Plan shall not be considered a
Permitted Transfer. For purposes of this Agreement, an “Affiliate” of a person means an entity controlled by such person where control means ownership of a majority of both the economic interest in and voting power for such entity. 

  
 4 

 For purposes of this Agreement, a “Family Member” of a person is the spouse of such person or a
parent, sibling or descendent of such person (or a spouse thereof) or a trust established for the benefit of any of the foregoing. Any Shareholder making a Permitted Transfer must notify the other Shareholder in writing prior to completing such
Permitted Transfer. 
 Section 2.2. Prohibited Transfers. For so long as CIASA and its Affiliates own, directly or indirectly, more
than 50% of the Company’s voting stock, neither Shareholder shall effect or agree to effect a Transfer (other than pursuant to (i) a Widely Distributed Public Offering, (ii) a Transfer to a Continental Plan, or (iii) a Permitted
Block Trade (A) to the knowledge of the Transferring Shareholder, has not been entered into directly or indirectly with any airline or any subsidiary of an airline, (B) that has not otherwise been structured for the purpose of avoiding
this Section 2.2 and (C) in which any underwriter or broker acknowledges that such underwriter or broker is familiar with the restrictions of this Section 2.2) without the prior written consent of the other Shareholder, which shall
not be unreasonably withheld, if such Transfer would result in any airline or an Affiliate of an airline that is not as of the date of this Agreement a direct holder of Shares holding Shares. As used in this Agreement, “Widely Distributed
Public Offering” means any public offering of Shares to five (5) or more purchasers, none of which are, to the knowledge of Continental or any underwriters, directly or indirectly affiliated with each other or any Shareholder and none of
which are acting as a “group” (as defined in Section 13(d) of the U.S. Securities Exchange Act of 1934, as amended), in which no one purchaser acquires more than 20% of the total number of Shares sold in such offering. 

Section 2.3. Right of First Offer. 

(a) In the event that Continental or a Permitted Transferee of Continental (together, for purposes of this Section 2.3, the
“Continental Seller”) intends to Transfer any Shares (other than pursuant to (i) a Permitted Transfer, (ii) a public offering of shares registered with the U.S. Securities and Exchange Commission pursuant to the Registration
Rights Agreement or (iii) a Transfer pursuant to Section 2.4), it shall first give written notice to CIASA stating its intention to make such Transfer and the number of Shares proposed to be Transferred (the “Offered
Securities”). Notwithstanding the foregoing, the Continental Seller shall not be required to give CIASA any such notice, and the provisions of this Section 2.3 shall not be applicable, on any date on which CIASA, together with its
Permitted Transferees, owns less than 10.0% of the total outstanding Shares. 
 (b) Unless the proposed Transfer is a Permitted Block Trade
in accordance with the terms of Section 2.3(d), upon receipt of the notice described in Section 2.3(a), CIASA may elect to, and if CIASA so elects the Continental Seller shall, negotiate in good faith, for a period of up to thirty
(30) days (such 30-day period, the “Offer Period”) from the date of the receipt by CIASA of such notice, the terms of a transaction in which CIASA will acquire all of the Offered Securities. The
Continental Seller shall be under no obligation to accept any offer made by CIASA during the Offer Period. An offer made by CIASA shall not be considered to be an offer for purposes of the remainder of this Section 2.3 unless it is a bona fide
offer made in good faith and subject only to such conditions as are customary for offers of such type and, in the good faith judgment of the Continental Seller, reasonably capable of being satisfied and consummated within sixty (60) days of the
date of such offer. 

  
 5 

 (c) If CIASA offers to purchase all of the Offered Securities and does not reach a
definitive agreement with the Continental Seller during the Offer Period to purchase all of the Offered Securities, the Continental Seller shall have the right, for a period of 180 days from the earlier of (i) the expiration of the Offer Period
and (ii) the date on which the Continental Seller shall have received written notice from CIASA stating that CIASA does not intend to exercise its right to offer to purchase all of the Offered Securities, to enter into an agreement to transfer
all (but not less than all) of the Offered Securities to any third person at a price that is at least 10% greater than the price offered by CIASA in its last offer. For purposes of this Section 2.3, in any Transfer to a Continental Plan,
including any contribution of Shares or any beneficial interest in Shares, the purchase price per Share shall be deemed to be the value set forth in a valuation report issued to an independent fiduciary of the Continental Plan by an independent
third party appraiser that includes a reasonable level of detail regarding the valuation method used by such appraiser to value such Shares or interests therein. If the Continental Seller intends to accept during such period an offer to Transfer all
of the Offered Securities to any third person at a price that is not at least 10% greater than the price offered by CIASA in its last offer, then the Continental Seller shall give notice (the “Second Notice”) in writing to CIASA specifying
the number of Offered Securities proposed to be Transferred, the proposed sale price, the name and address of the proposed transferee as well as all other terms and conditions in connection with the proposed Transfer and shall enclose a copy of the
offer received with respect thereto. During the three business days (such three-business-day period, the “Second Offer Period”) following receipt of the Second Notice, CIASA shall have an irrevocable
and exclusive option, but in no way an obligation, to agree to purchase all (but not less than all) of such Offered Securities on the same terms and subject to the same conditions as specified in the Second Notice, except that the closing date of
any such agreement by CIASA to purchase shall occur no later than thirty (30) days after the expiration of the Second Offer Period. In the event that CIASA elects to exercise such option, the Continental Seller and CIASA shall promptly
consummate the purchase and sale of such Offered Securities. In the event that the Second Offer Period has elapsed without CIASA having exercised such option, the Continental Seller shall have the right to consummate the proposed Transfer on the
terms and conditions set forth in the Second Notice within thirty (30) days from the earlier of (i) the expiration of the Second Offer Period and (ii) the date on which the Continental Seller shall have received written notice from
CIASA stating that CIASA does not intend to exercise its option to purchase all of such Offered Securities. If CIASA does not make an offer to purchase all of the Offered Securities during the Offer Period, the Continental Seller shall have the
right, for a period of 180 days from the earlier of (i) the expiration of the Offer Period and (ii) the date on which the Continental Seller shall have received written notice from CIASA stating that CIASA does not intend to exercise its
right to offer to purchase all of the Offered Securities, to enter into an agreement to transfer all (but not less than all) of the Offered Securities to any third person. 

(d) Notwithstanding Sections 2.3(b) and (c) above, if (i) immediately after giving effect to any proposed Transfer by a Continental
Seller described in Section 2.3(a), Continental and its Permitted Transferees would continue to own Registrable Securities (as defined in the Registration Rights Agreement) and (ii) the proposed Transfer will be a Permitted Block Trade (as
defined below) in accordance with this Section 2.3(d), the Continental Seller shall provide the written notice referred to in Section 2.3(a) no fewer than fourteen (14) days prior to the date on which the Continental Seller desires to
sell the Offered Securities (the “Proposed Sale Date”) and this Section 2.3(d) shall apply to the proposed Transfer of the Offered 

  
 6 

 
Securities in lieu of Sections 2.3(b) and (c). In such event, at least four days but not more than seven days prior to the Proposed Sale Date, the Continental Seller shall invite CIASA in writing
to make a written offer to purchase all of the Offered Securities (the “CIASA Bid”). The Continental Seller must receive the written CIASA Bid by 6:00 p.m., Central Standard Time, on the second full business day following the date of
CIASA’s receipt of Continental’s written invitation to make an offer. If the Continental Seller accepts the CIASA Bid, CIASA shall purchase the Offered Securities pursuant to the CIASA Bid no more than thirty (30) days following the
Continental Seller’s acceptance of the CIASA Bid or on such other date as the Continental Seller and CIASA may agree. If the Continental Seller wishes to reject the CIASA Bid it shall do so in writing and, if it does so by 6:00 p.m., Central
Standard Time, on the second full business day following its receipt of the CIASA Bid, the Continental Seller may sell no less than 70% of the Offered Securities in a block trade or similar transaction (a “Permitted Block Trade”); provided
that (i) the Permitted Block Trade is consummated within seven (7) days of the Continental Seller’s rejection of the CIASA Bid, (ii) the Offered Securities are purchased by at least four (4) purchasers that are not, to the
knowledge of Continental or any underwriters, directly or indirectly affiliated with one another or with Continental or the Continental Seller and none of which are acting as a “group” (as defined in Section 13(d) of the U.S.
Securities Exchange Act of 1934, as amended) (“Unaffiliated Purchasers”), (iii) no single Unaffiliated Purchaser directly or indirectly acquires or will beneficially own as a result of the Permitted Block Trade more than the lesser of 50%
of the Offered Securities and 5% of the total outstanding Shares, (iv) the purchase price paid by each of the Unaffiliated Purchasers for the Offered Securities is at least 95% of the price offered by CIASA pursuant to the CIASA Bid and
(v) the other terms and conditions relating to the timing or value of consideration of the Permitted Block Trade are not more favorable in any material respect to any of the Unaffiliated Purchasers than the terms and conditions relating to the
timing or value of consideration offered by CIASA in the written CIASA bid. Any Transfer that does not satisfy each of the requirements described in (i) through (v) of this Section 2.3(d) shall not constitute a Permitted Block Trade and
shall remain subject to the offer procedures set forth in Sections 2.3(b) and (c). 
 (e) If any portion of a price offered by CIASA or
another purchaser for the Offered Securities is proposed to be paid in a form other than cash, such portion shall be deemed to consist of the amount of cash equal to the fair market value of such non-cash
consideration as reasonably determined by the Continental Seller, in the case of non-cash consideration offered by CIASA, and by CIASA, in the case of non-cash
consideration offered by another person; provided that the Continental Seller may specify in any notice described in Section 2.3(a) that the Offered Securities shall only be available to CIASA or another purchaser for cash. Any transfer to a
Continental Plan shall be deemed to be a Transfer for cash. 
 (f) If CIASA and the Continental Seller do not reach an agreement to transfer
the Offered Securities to CIASA in accordance with the provisions of this Section 2.3 and the Continental Seller shall not have transferred the Offered Securities to a third person in accordance with the provisions of this Section 2.3, the
provisions of this Article II shall again apply in connection with any subsequent Transfer of all or any portion of such Offered Securities. 

Section 2.4. Tag Along Rights. (a) Continental shall have the rights set out in Sections 2.4(b) and 2.4(c) only with respect to a
sale of Shares by CIASA or a Permitted 

  
 7 

 
Transferee of CIASA (other than (i) Permitted Transfers, (ii) Transfers in a public offering of shares registered with the U.S. Securities and Exchange Commission pursuant to the
Registration Rights Agreement or (iii) Transfers of Class B Shares to a Panamanian (as defined in the Registration Rights Agreement) (a “Triggering Sale”) pursuant to a bona fide offer (the “Bona Fide Offer”) to acquire
such Shares made by one or more third-parties (the “Offeror”) that would result in CIASA, together with its Permitted Transferees, beneficially owning less than 19.0% of the total outstanding Shares. 

(b) In the event of a Triggering Sale by CIASA or a Permitted Transferee of CIASA (together, for purposes of this Section 2.4, the
“CIASA Seller”), the CIASA Seller shall provide Continental with written notice of its election to accept the Bona Fide Offer, which notice shall set forth the name and address of the Offeror and the principal terms of the Bona Fide Offer.
Upon receipt of such notice, Continental shall have thirty (30) days to irrevocably elect to sell a certain number of its Class A Shares to the Offeror on the terms and subject to the conditions set forth in Section 2.4(c) hereof;
provided that the sale contemplated by the Bona Fide Offer closes. The number of Class A Shares that Continental shall have the right to sell to the Offeror shall be equal to the number of Shares being sold by the CIASA Seller; provided, that
if CIASA, together with its Permitted Transferees, beneficially owns more than 19.0% of the total outstanding Shares immediately prior to the Triggering Sale, Continental shall have the right to sell the number of Shares being sold by the CIASA
Seller minus the number of Shares held by CIASA and Permitted Transferees of CIASA in excess of 19.0% of the total outstanding Shares. If the sale contemplated by the Bona Fide Offer does not close, or the CIASA Seller does not sell enough of its
Shares to cause a Triggering Sale, the notice provided pursuant to this Section 2.4(b) shall be deemed to have been withdrawn and the rights and obligations of Continental shall continue to be governed by this Section 2.4. Failure by
Continental to make an election pursuant to this Section 2.4(b) within the 30-day election period shall constitute an election to decline to sell pursuant to Section 2.4(c). 

(c) If Continental elects to sell its Class A Shares pursuant to Section 2.4(b), it shall take all lawful action reasonably
requested by the Offeror to complete the sale contemplated by the Bona Fide Offer, including, without limitation, the surrender to the Offeror of any stock certificates representing such shares properly endorsed for transfer to the Offeror against
payment of the sale price for such shares, and if so reasonably requested by the Offeror, the execution of all sale and other agreements in the form requested; provided that Continental shall not be required to make any representation, warranty, or
commitment in any such agreement except representations and warranties as to Continental’s power and authority to transfer such shares free and clear of all liens and encumbrances, Continental’s unencumbered title to such shares, and the
absence of any litigation, laws or agreements which would impede the transfer of such shares. The consideration to be paid for Continental’s Shares to be sold pursuant to the Bona Fide Offer shall be greater than or equal value to the
consideration to be paid for CIASA’s Shares sold pursuant to the Bona Fide Offer (in both cases, expressed on a per share basis). 

(d) In addition to the rights described in this Section 2.4, Continental shall have the registration rights described in Section 2.3
of the Registration Rights Agreement at any time that a CIASA Seller sells any Shares to a Panamanian (as defined in the Registration Rights Agreement). 

  
 8 

 ARTICLE III 

MISCELLANEOUS 
 Section 3.1.
Termination. This Agreement shall terminate without further action: (i) on the dissolution and liquidation of the Company; (ii) by mutual consent of CIASA and Continental; and (iii) at such time as either Shareholder (including any
Permitted Transferee) shall cease to own any Shares. This Agreement shall terminate at the option of CIASA upon written notice to Continental if a significant competitor of COPA, foreign or domestic, other than Northwest Airlines or its affiliates,
acquires majority ownership of, or majority voting control of, Continental. 
 Section 3.2. Successors and Assigns. The provisions of
this Agreement shall be binding upon, and shall inure to the benefit of, the respective successors and assigns of the Shareholders; provided that the benefit of this Agreement may not be assigned or transferred in whole or in part by any Shareholder
without the prior written consent of the other Shareholder except to a Controlling Continental Shareholder (subject to Section 2.1(iv) and provided the Controlling Continental Shareholder agrees in writing to be bound by the terms of this
Agreement). Nothing in this Agreement, express or implied, is intended to confer upon any person other than the parties hereto and their respective permitted successors and assigns any rights, remedies or obligations under or by reason of this
Agreement. 
 Section 3.3. Entire Agreement. This Agreement, taken together with the Pacto Social of the Company, the Services
Agreement, the Alliance Agreement and the Registration Rights Agreement between COPA and Continental, and the Contingency Agreement, dated the date hereof, among the parties hereto, embodies the entire agreement and understanding between the parties
hereto with respect to the subject matter hereof and thereof and supersedes all prior agreements and understandings relating to such subject matter. 

Section 3.4. Severability. Should any part of this Agreement for any reason be declared invalid, such decision shall not affect the
validity of any remaining portion, which remaining portion shall remain in full force and effect as if this Agreement had been executed with the invalid portion thereof eliminated, and it is hereby declared the intention of the parties hereto that
they would have executed, or agreed to abide or be governed by, the remaining portion of the Agreement without including therein any such part, parts, or portion which may, for any reason, be hereafter declared invalid. 

Section 3.5. Language. The English language version of this Agreement shall be the official version thereof. 

Section 3.6. GOVERNING LAW. This Agreement shall be construed and enforced in accordance with, and governed by, the laws of Panama. 

Section 3.7. 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 International Chamber of Commerce Court of International Arbitration (the “ICC”) in 

  
 9 

 
accordance with the International Arbitration Rules of the ICC. Judgment on the award rendered by the arbitrators 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 parties and the third of whom shall be selected by
mutual agreement, if possible, within 30 days of the selection of the second arbitrator and thereafter by the ICC (in which case the third arbitrator shall not be a citizen of Panama or the United States) and the place of arbitration shall be Panama
City, Panama. 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 will have no authority to award punitive damages or any other damages not measured by the prevailing party’s actual
damages, and may not, in any event, make any ruling, finding or award that does not conform to the terms of the Agreement. 
 (d) Either
party 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 party 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. 

Section 3.8. Notices. Any notice, request, instruction or other document to be given hereunder by any party to the other shall be in
writing and shall be deemed to have been duly given on the date of delivery (i) if delivered personally, (ii) if delivered by Federal Express or other next-day courier service, (iii) if
delivered by registered or certified mail, return receipt requested, postage prepaid, or (iv) if sent by telecopier (with written confirmation of receipt) or electronic mail; provided that a copy is mailed by
next-day courier, registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered as set forth below, or to such other person or at such other address and
telecopier numbers as may be designated in writing by the party to receive such notice. 
  

	 	(i)	 If to the Company or CIASA: 

Corporacion de Inversiones Aereas, S.A. 

c/o Campania Panamena de Aviacion, S.A. 

Ave. Justo Arosemena y Calle 39 Apdo 

Panama 1, Panama 
 Attention:
Pedro Heilbron 
 Facsimile No.: +507 227-1952 

with copies to: 
 Galindo, Arias
y Lopez 
 Edif. Omanco 

Apartado 8629 
 Panama 5, Panama

 Attention: Jaime A. Arias C. 

Facsimile No.: + 507 263-5335 

  
 10 

 and 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
New York 10017 
 United States of America 

Attn: David L. Williams 

Facsimile No.: (212) 455-2502 

 

	 	(ii)	 If to Continental: 

Continental Airlines, Inc. 
 1600
Smith Street 
 Houston, Texas 77002 

United States of America 
 Attn:
Senior Vice President - Asia/Pacific and Corporate Development 
 Facsimile No.: (713) 324-3099 

with copies to: 
 Continental
Airlines, Inc. 
 1600 Smith Street 

Houston, Texas 77002 
 United
States of America 
 Attn: Senior Vice President and General Counsel 

Facsimile No.: (713) 324-5161 

Section 3.9. Headings. The Article, Section and paragraph headings herein and table of contents hereto are for convenience of reference
only, do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof. 

Section 3.10. Modification, Amendment or Clarification. At any time, the parties hereto may modify, amend or clarify the intent of this
Agreement, by written agreement executed and delivered by duly authorized officers of the respective parties. 
 Section 3.11.
Counterparts. For the convenience of the parties hereto, this Agreement may be executed in any number of counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same
agreement. Each party hereto shall adhere any necessary stamp taxes to its respective counterpart. 
 Section 3.12. Constructive
Termination. To the extent permitted by applicable law, a Shareholder and the Permitted Transferees of such Shareholder shall be relieved of their obligations, but shall retain their rights, under this Agreement after giving the other Shareholder
sixty-days’ written notice of the occurrence of a material breach by such other Shareholder of a material provision of this Agreement that remains uncured during such sixty (60)-day notice period. 

  
 11 

 Section 3.13. Remedies. Subject to Section 3.7, any Shareholder having any rights
under any provision of this Agreement shall be entitled to enforce such rights specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. In addition, in the case of a
material breach of this Agreement, the Shareholders shall have the rights to terminate the Alliance Agreement or the Services Agreement as described in and in accordance with those agreements. 

Section 3.14. Shareholder Meeting. The Company shall provide Continental with notice of each meeting of shareholders of the Company, as
if Continental were a shareholder entitled to vote at such meeting. 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have duly executed the Agreement as of the date first
written above. 
  

			
	COPA HOLDINGS, S.A.
		
	By:	 	 /s/ Pedro Heilbron

		 	Name: Pedro Heilbron
		 	Title: Chief Executive Officer
	
	CORPORACION DE INVERSIONES AEREAS, S.A.
		
	By:	 	 /s/ Stanley Motta

		 	Name: Stanley Motta
		 	Title: Director
	
	CONTINENTAL AIRLINES, INC.
		
	By:	 	 /s/ Gerald Laderman

		 	Name: Gerald Laderman
		 	Title: Senior Vice President - Finance and Treasurer

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