EX-4.26

EXHIBIT 4.26

CONFIDENTIAL TREATMENT

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL

Supplemental Agreement No. 23

Purchase Agreement No. 2191

between

The Boeing Company

and

COPA Holdings, S.A.

Relating to Boeing Model 737 Aircraft

THIS SUPPLEMENTAL AGREEMENT No. 23 (“Supplemental Agreement 23”) is entered into as of October , 2010 by and between THE BOEING COMPANY, a Delaware corporation with its principal office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A. (Customer);

WHEREAS, the parties hereto entered into Purchase Agreement No. 2191 dated November 25, 1998, (as amended and supplemented and together with all exhibits, schedules and letter agreements pertaining thereto, the “Purchase Agreement”) relating to Boeing Model 737-7V3 and 737-8V3 aircraft (collectively, the “Aircraft” and each an “Aircraft”);

[***];

WHEREAS, Customer and Boeing have mutually agreed to amend the Agreement to incorporate the effect of these and certain other changes;

NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree as follows:

1. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement.

2. The “Table of Contents” of the Purchase Agreement is revised to reflect the changes made by this Supplemental Agreement 23 and a copy of such revised Table of Contents is attached hereto.

3. [***].

3. Tables 1-10A(2) and 1-10B, “Aircraft Delivery, Description, Price and Advance Payments”, attached hereto, [***].

6. Attachment A of Letter Agreement 6-1162-KSW-6419R1 [***].

The Purchase Agreement will be deemed to be supplemented and revised to the extent herein provided as of the date hereof and as so supplemented and revised will continue in full force and effect.

Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of the day and year first written above.

PA No. 2191

Page 1

SA No. 22

September 2010

CONFIDENTIAL TREATMENT


THE BOEING COMPANY		COPA HOLDINGS, S.A.

By:		By:
	Its: Attorney-In-Fact		Its: Chief Executive Officer

PA No. 2191

Page 2

SA No. 22

September 2010

CONFIDENTIAL TREATMENT

TABLE OF CONTENTS


ARTICLES	SA NUMBER

1. Quantity, Model and Description		SA 3

2. Delivery Schedule

3. Price

4. Payment		SA 3

5. Miscellaneous

TABLE
1-1 Aircraft Information Table for Model 737-7V3 Aircraft		SA 4
1-2 Aircraft Information Table for Model 737-8V3 Aircraft		SA 5
1-3 Aircraft Information Table for Model 737-7V3 Aircraft		SA 7
1-4 Aircraft Information Table for Model 737-7V3 Aircraft		SA 13
1-5 Aircraft Information Table for Model 737-8V3 Aircraft		SA 13
1-6 Aircraft Information Table for Model 737-8V3 Aircraft		SA 21
1-7 Aircraft Information Table for Model 737-8V3 Aircraft Option Aircraft		SA 13
1-8 Aircraft Information Table for Model 737-8V3 Aircraft		SA 21
1-9 Aircraft Information Table for Model 737-8V3 Aircraft		SA 21
1-10 Aircraft Information Table for Model 737-8V3 Aircraft		SA 21
1-10A(1) Aircraft Information Table for Model 737-8V3 Aircraft		SA 21
1-10A(2) Aircraft Information Table for Model 737-8V3 Aircraft		SA 21
1-10B Aircraft Information Table for Model 737-8V3 Aircraft		SA 21
1-11 Aircraft Information Table for Model 737-8V3 Option Aircraft		SA 22
1-12 Aircraft Information Table for Model 737-8V3 Aircraft		SA 21
1-13 Aircraft Information Table for Model 737-8V3 Aircraft		SA 22
1-14 Aircraft Information Table for Model 737-8V3 Option Aircraft		SA 22

EXHIBIT
A-1 Aircraft Configuration for Model 737-7V3 Aircraft		SA 3
A-2 Aircraft Configuration for Model 737-8V3 Aircraft		SA 3
A-3 Aircraft Configuration for Model 737-8V3 Aircraft		SA 18
A-4 Aircraft Configuration for Model 737-8V3 Aircraft		SA 22
[***]
B. Aircraft Delivery Requirements and Responsibilities		SA 3

PA No. 2191

SA No. 22

September 2010

CONFIDENTIAL TREATMENT



SUPPLEMENTAL EXHIBITS

AE1. Escalation Adjustment Airframe and Optional Features		SA 10

BFE1. BFE Variables		SA 22

CS1. Customer Support Variables		SA 3

EE1. Engine Escalation/Engine Warranty and Patent Indemnity

SLP1. Service Life Policy Components

LETTER AGREEMENTS
2191-01	Demonstration Flight Waiver
2191-02	Escalation Sharing
2191-03	Seller Purchased Equipment
2191-03R1	Seller Purchased Equipment	SA-20

RESTRICTED LETTER AGREEMENTS
6-1162-DAN -01	Performance Guarantees
6-1162-DAN -0124	Special Matters
6-1162-DAN -0155	Airframe Escalation Revision
6-1162-DAN -0156	Year 2000 Ready Software, Hardware and Firmware
6-1162-DAN -0157	Miscellaneous Matters
6-1162-MJB-0017	Special Matters
6-1162-MJB-0030	Special Matters
6-1162-LAJ-874R	Special Matters	SA 5
6-1162-LAJ-874R1	Special Matters	SA 6
6-1162-LAJ-874R2	Special Matters	SA 7
6-1162-LAJ-982	Special Matters	SA 8
6-1162-LAJ-982R3	Special Matters	SA 11
6-1162-RLL-3852	737-800 Performance Guarantees	SA 9
6-1162-LAJ-982R4	Special Matters	SA 13
6-1162-RLL-3958	737-8V3 Option Aircraft	SA 13
6-1162-RLL-3958R1	737-8V3 Option Aircraft	SA 18
6-1162-RLL-3958R2	737-8V3 Option Aircraft	SA 21
6-1162-RLL-3958R3	737-8V3 Option Aircraft	SA 22
6-1162-LAJ-982R5	Special Matters	SA 16
6-1162-LAJ-982R6	Special Matters	SA 17
6-1162-LAJ-982R7	Special Matters	SA 18
6-1162-LAJ-982R8	Special Matters	SA 22
6-1162-RLL-4092	Advance Payment Matters for Aircraft	SA 17
	Listed in Table 1-9
6-1162-KSW-6417	[***]	SA 18
6-1162-KSW-6419	[***]	SA 20
6-1162-KSW-6419R1	[]*	SA 22
6-1162-KSW-6471	[]*	SA 22
LA-1000842	Installation of Cabin Systems Equipment	SA 21
LA-10001606	[]*	SA 22

PA No. 2191

SA No. 22

September 2010

CONFIDENTIAL TREATMENT


SUPPLEMENTAL AGREEMENTS	DATED AS OF:
Supplemental Agreement No. 1		June 29, 2001
Supplemental Agreement No. 2		December 21, 2001
Supplemental Agreement No. 3		June 14, 2002
Supplemental Agreement No. 4		December 20, 2002
Supplemental Agreement No. 5		October 31, 2003
Supplemental Agreement No. 6		September 9, 2004
Supplemental Agreement No. 7		December 9, 2004
Supplemental Agreement No. 8		April 15, 2005
Supplemental Agreement No. 9		March 16, 2006
Supplemental Agreement No. 10		May 8, 2006
Supplemental Agreement No. 11		August 30, 2006
Supplemental Agreement No. 12		February 26, 2007
Supplemental Agreement No. 13		April , 2007
Supplemental Agreement No. 14		August 31, 2007
Supplemental Agreement No. 15		February 21, 2008
Supplemental Agreement No. 16		June 30, 2008
Supplemental Agreement No. 17		December 15, 2008
Supplemental Agreement No. 18		July 15, 2009
Supplemental Agreement No. 19		August 31, 2009
Supplemental Agreement No. 20		November 19, 2009
Supplemental Agreement No. 21		May 28, 2010

PA No. 2191

iii

SA No. 22

September 2010

CONFIDENTIAL TREATMENT

Table 1-10A(2)

Aircraft Delivery, Description, Price and Advance Payments (BSI/Winglets)

Airframe Model/MTOW: 737-800

[***]

Detail Specification:

[***]

Engine Model/Thrust: CFM56-7B26

[***]

Airframe Price Base Year/Escalation Formula:

[***]

Airframe Price:

[***]

Engine Price Base Year/Escalation Formula:

[***]

Optional Features:

[***]

Sub-Total of Airframe and Features:

[***]

Airframe Escalation Data:

Engine Price (Per Aircraft):

$ 0

Base Year Index (ECI):

[***]

Aircraft Basic Price (Excluding BFE/SPE):

[***]

Base Year Index (CPI):

[***]

Buyer Furnished Equipment (BFE) Estimate:

$ 0

Seller Purchased Equipment (SPE) Estimate:

[***]

Refundable Deposit/Aircraft at Proposal Accept:

[***]

Delivery

Date

Number of
Aircraft

Escalation
Factor
(Airframe)

Serial
Number

Fixed
Escalation

Escalation
Estimate
Adv Payment
Base Price
Per A/P

Advance Payment Per Aircraft
(Amts. Due/Mos. Prior to
Delivery):

[***]

[***]

Total:

[***]

COP-54019-1F.TXT

PA No. 2191 SA-23

Boeing Proprietary

Oct. 2010

Page 1

CONFIDENTIAL TREATMENT

Table 1-10B

Aircraft Delivery, Description, Price and Advance Payments

(BSI Interior)

Airframe Model/MTOW: 737-800

[***]

Detail Specification:

[***]

Engine Model/Thrust: CFM56-7B26

[***]

Airframe Price Base Year/Escalation Formula:

[***]

Airframe Price:

[***]

Engine Price Base Year/Escalation Formula:

[***]

Optional Features:

[***]

Sub-Total of Airframe and Features:

[***]

Airframe Escalation Data:

Engine Price (Per Aircraft):

$ 0

Base Year Index (ECI):

[***]

Aircraft Basic Price (Excluding BFE/SPE):

[***]

Base Year Index (CPI):

[***]

Buyer Furnished Equipment (BFE) Estimate:

$ 0

Seller Purchased Equipment (SPE) Estimate:

[***]

Option Deposit Paid

[***]

Delivery

Date

Number of
Aircraft

Escalation
Factor
(Airframe)

Serial
Number

Escalation*

Escalation Estimate
Adv Payment Base
Price Per A/P

Advance Payment Per Aircraft
(Amts. Due/Mos. Prior to Delivery):

[***]

[***]

Total:

[***]

COP-54022-1F.TXT

PA No. 2191 SA-23

Boeing Proprietary

10/10

Page 1

CONFIDENTIAL

Attachment A to Letter Agreement 6-1162-KSW-6419R1

[***]


Airframe Model		737-800
Engine Model:		CFM56-7B26
Airframe Price Base Year		[***]
Engine Price Base Year		[***]

Delivery Month and Year

Subject
Aircraft
Serial
Number

Applicable
Combined
Airframe/Engine
Escalation
Provisions

Election Period

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PA No. 2191 SA23				10/10