Exhibit 10.54

Demonstration Flight Waiver

Escalation Sharing

Seller Purchased Equipment

Seller Purchased Equipment

EXHIBIT 10.54

CONFIDENTIAL TREATMENT

Supplemental Agreement No. 21

Purchase Agreement No. 2191

between

The Boeing Company

and

COPA Holdings, S.A., Inc.

Relating to Boeing Model 737 Aircraft

THIS SUPPLEMENTAL AGREEMENT No. 21 (“Supplemental Agreement 21”) is entered into as of May 28, 2010 by and between THE BOEING COMPANY, a Delaware corporation with its principal office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A., INC. (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 has exercised one (1) [***] Option Aircraft and one (1) [***] Option Aircraft; and

[***]

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

1. The one (1) [***] and one (1) [***] Aircraft that Customer has exercised will deliver one (1) [***] with serial number [***] and one (1) in [***]with serial number [***].

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

3. The “Table of Contents” of the Purchase Agreement is revised to reflect the changes made by this Supplemental Agreement 21 and to delete Restricted Letter Agreement “6-1162-LAJ-982R8. . . .Special Matters . . . .SA-20” from the Table of Contents since it was not included in SA-20. A copy of the revised Table of Contents is attached hereto.

4. The following changes are made to the Aircraft Delivery, Description, Price and Advance Payments Tables to incorporate the [***].

4.1. Tables 1-6, 1-9 and 1-10B are revised to change the features price and SPE price as discussed in paragraph 4 above. Tables 1-6, 1-9 and 1-10B as revised in accordance with this paragraph 4 are attached hereto.



PA No. 2191	Page 1	SA No. 21
		May 2010

CONFIDENTIAL

4.2. Table 1-8 is revised to change the features price and SPE price as discussed in paragraph 4 above for the August 2011 Aircraft only. Table 1-8, as revised, is attached hereto.

4.3. Table 1-10A is revised to create two Tables. Table 1-10A(1) lists only the [***] Aircraft which continue to have the features from Exhibit A-3. Table 1-10A(2) lists the remainder of the Aircraft from Table 1-10A and includes the revised features pricing and SPE estimate as discussed in paragraph 4 above. Table 1-10A(1) and Table 1-10A(2) are attached hereto.

4.4. Table 1-12, attached hereto, provides the pricing information for the exercised [***] Aircraft.

5. Exhibit A-4 entitled “Aircraft Configuration for Customer’s 737-8V3 Aircraft with Deliveries [***]”, attached hereto, provides the features for Aircraft with deliveries [***] including the [***]. These changes will be included in Customer’s Detail Specification number [***].

6. Supplemental Agreement BFE1, Buyer Furnished Equipment Variables, paragraph 2 is revised as stated below to add the preliminary on-dock dates for the [***] Aircraft. Preliminary On dock Dates for the [***] Aircraft are found in Supplemental Agreement 18.


	[***]
	Aircraft
[***]		[***]
[***]		[***]
[***]		[***]

[***]		[***]
[***]		[***]
[***]		[***]

[***]		[***]
[***]		[***]
[***]		[***]
[***]		[***]

7. [***]

8. Letter Agreement 6-RLL-3958R2, Table 11 entitled “Option Aircraft Delivery, Description, Price and Advance Payments”, is revised to [***]. The revised Table 11 dated May 2010 is attached hereto

9. [***]

10. [***]



PA No. 2191	Page 2	SA No. 21
		May 2010

CONFIDENTIAL

11. At signing of this Supplemental Agreement _____ is due.

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.


THE BOEING COMPANY			COPA HOLDINGS, S.A.



By			By:

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



PA No. 2191	Page 3	SA No. 21
		May 2010

CONFIDENTIAL

TABLE OF CONTENTS


				SA
ARTICLES				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 21
1-12	Aircraft Information Table for Model 737-8V3 Aircraft	SA 21


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 21
	[***]

B.	Aircraft Delivery Requirements and Responsibilities	SA 3



PA No. 2191	i	SA No. 21
		May 2010

CONFIDENTIAL

SUPPLEMENTAL EXHIBITS


AE1.	Escalation Adjustment Airframe and Optional Features	SA 10

BFE1.	BFE Variables	SA 21

CS1.	Customer Support Variables	SA 3

EE1.	Engine Escalation/Engine Warranty and Patent Indemnity

SLP1.	Service Life Policy Components

LETTER AGREEMENTS

RESTRICTED LETTER AGREEMENTS


6-1162-DAN-0123	[***]
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	[***]	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-3958R1	737-8V3 Option Aircraft	SA 18
6-1162-RLL-3958R2	737-8V3 Option Aircraft	SA 21
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 20
6-1162-RLL-4092	Advance Payment Matters for Aircraft Listed in Table 1-9	SA 17
6-1162-KSW-6417	Boeing Offer Related to New Interior	SA 18
6-1162-KSW-6419	[***]	SA 20
6-1162-KSW-6471	[***]
	[***]	SA 21
LA-1000842	Installation of Cabin Systems Equipment	SA 21



PA No. 2191	ii	SA No. 21
		May 2010

CONFIDENTIAL


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, 1002
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 23, 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



PA No. 2191	iii	SA No. 21
		May 2010

CONFIDENTIAL

Table 1-6
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):

Base Year Index (ECI):

[***]

Aircraft Basic Price (Excluding BFE/SPE):

[***]

Base Year Index (CPI):

[***]

Buyer Furnished Equipment (BFE) Estimate:

Seller Purchased Equipment (SPE) Estimate:

[***]

Refundable Deposit/Aircraft at Proposal Accept:

[***]

Escalation

Estimate

Escalation

Adv Payment

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

Delivery

Number of

Factor

Serial

Base

[***]

Date

Aircraft

(Airframe)

Number

Price Per A/P

[***]

Total:



COP-54041-1F.TXT		May 2010
PA No. 2191 SA-21	Boeing Proprietary	Page 1

CONFIDENTIAL

Table 1-8
Aircraft Delivery, Description, Price and Advance Payments

Airframe Model/MTOW: 737-800

[***]

Detail Specification: see PA 2191

Engine Model/Thrust: CFM56-7B26

[***]

Airframe Price Base Year/Escalation Formula:

[***]

Airframe Price*: see note below

[***]

Engine Price Base Year/Escalation Formula:

[***]

Optional Features:

[***]

Sub-Total of Airframe and Features:

[***]

Airframe Escalation Data:

[***]

Engine Price (Per Aircraft):

Base Year Index (ECI):

[***]

Aircraft Basic Price (Excluding BFE/SPE):

[***]

Base Year Index (CPI):

[***]

Buyer Furnished Equipment (BFE) Estimate:

Seller Purchased Equipment (SPE) Estimate:

[***]

Refundable Deposit/Aircraft at Proposal Accept:

[***]

Escalation

Estimate

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

Number

Escalation

Adv Payment

Delivery):

Delivery

Factor

Serial

Base

[***]

Date

Aircraft

(Airframe)

Number

Price Per A/P

[***]

Total:

[***]



COP-48720/54023-1F.TXT		May 2010
PA No. 2191 SA-21	Boeing Proprietary	Page 1

CONFIDENTIAL

Table 1-9
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):

Base Year Index (ECI):

[***]

Aircraft Basic Price (Excluding BFE/SPE):

[***]

Base Year Index (CPI):

[***]

Buyer Furnished Equipment (BFE) Estimate:

Seller Purchased Equipment (SPE) Estimate:

[***]

Refundable Deposit/Aircraft at Proposal Accept:

[***]

Escalation

Estimate

Escalation

Adv Payment

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

Delivery

Number of

Factor

Serial

Base

[***]

Date

Aircraft

(Airframe)

Number

Price Per A/P

[***]

Total:



COP-54021-1F.TXT		May 2010
PA No. 2191 SA-21	Boeing Proprietary	Page 1

CONFIDENTIAL

Table 1-10A(1)
Aircraft Delivery, Description, Price and Advance Payments

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):

Base Year Index (ECI):

[***]

Aircraft Basic Price (Excluding BFE/SPE):

[***]

Base Year Index (CPI):

[***]

Buyer Furnished Equipment (BFE) Estimate:

Seller Purchased Equipment (SPE) Estimate:

[***]

Refundable Deposit/Aircraft at Proposal Accept:

[***]

Escalation

Estimate

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

Escalation

Adv Payment

Delivery):

Delivery

Number of

Factor

Serial

Base

[***]

Date

Aircraft

(Airframe)

Number

Escalation

Price Per A/P

[***]

Total:

[***]



COP PA 2191 SA-20		11/25/09
51647, 52612	Boeing Proprietary	Page 1

CONFIDENTIAL

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):

Base Year Index (ECI):

[***]

Aircraft Basic Price (Excluding BFE/SPE):

[***]

Base Year Index (CPI):

[***]

Buyer Furnished Equipment (BFE) Estimate:

Seller Purchased Equipment (SPE) Estimate:

[***]

Refundable Deposit/Aircraft at Proposal Accept:

[***]

Escalation

Estimate

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

Escalation

Adv Payment

Delivery):

Delivery

Number of

Factor

Serial

Fixed

Base

[***]

Date

Aircraft

(Airframe)

Number

Escalation

Price Per A/P

[***]

Total:

[***]



COP- 54019-1F.TXT		May 2010
PA No. 2191 SA-21	Boeing Proprietary	Page 1

CONFIDENTIAL

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):

Base Year Index (ECI):

[***]

Aircraft Basic Price (Excluding BFE/SPE):

[***]

Base Year Index (CPI):

[***]

Buyer Furnished Equipment (BFE) Estimate:

Seller Purchased Equipment (SPE) Estimate:

[***]

Option Deposit Paid

[***]

Escalation

Estimate

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

Escalation

Adv Payment

Delivery):

Delivery

Number of

Factor

Serial

Base

[***]

Date

Aircraft

(Airframe)

Number

Escalation*

Price Per A/P

[***]

Total:

[***]



COP- 54022-1F.TXT		May 2010
PA No. 2191 SA-2	Boeing Proprietary	Page 1

CONFIDENTIAL

Table 1-12
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):

Base Year Index (ECI):

[***]

Aircraft Basic Price (Excluding BFE/SPE):

[***]

Base Year Index (CPI):

[***]

Buyer Furnished Equipment (BFE) Estimate:

Seller Purchased Equipment (SPE) Estimate:

[***]

Option Deposit

[***]

Escalation

Estimate

Escalation

Adv Payment

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

Delivery

Number of

Factor

Serial

Base

[***]

Date

Aircraft

(Airframe)

Numbers

Price Per A/P

[***]



COP-54019-1F. TXT		May 2010
PA No. 2191 SA-21	Boeing Proprietary	Page 1

CONFIDENTIAL

Table 1-11
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):

Base Year Index (ECI):

[***]

Aircraft Basic Price (Excluding BFE/SPE):

[***]

Base Year Index (CPI):

[***]

Buyer Furnished Equipment (BFE) Estimate:

Seller Purchased Equipment (SPE) Estimate:

[***]

Non-Refundable Deposit/Aircraft at Def Agreemt:

[***]

Escalation

Estimate

Escalation

Adv Payment

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

Delivery

Number of

Factor

Base

[***]

Date

Aircraft

(Airframe)

Price Per A/P

[***]



COP- 54039-10.TXT		May 2010
PA No. 2191 SA-21	Boeing Proprietary	Page 1

CONFIDENTIAL

Exhibit A-4 to
Purchase Agreement No. 2191
Page 2

AIRCRAFT CONFIGUARTION
WITH DELIEVERIES BEGINNING IN 2011

Dated May 2010

relating to

BOEING MODEL 737-8V3 AIRCRAFT

Exhibit A-4 provides the Options for Customer’s Aircraft [***]. These Aircraft will have the [***]. The Detail Specification will be [***]. Such Detail Specification will incorporate the Options listed below, including the [***]. The aircraft Basic Price reflects and includes all effects of such Options, except such Aircraft Basic Price does not include the price effects of any Buyer Furnished Equipment or Seller Purchased Equipment. Exhibit A-4 is [***] used in the pricing Tables.



P.A. No. 2191 SA-21		A-4
		BOEING PROPRIETARY

CONFIDENTIAL



11-COP38W0003-06_0511010172	BOEING PROPRIETARY	4/11/2011