EXHIBIT 10.55
 CONFIDENTIAL TREATMENT
               Table of Contents
   PA No. 2191
    
    SA No. 22
September 2010




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CONFIDENTIAL TREATMENT
   Option Aircraft Delivery, Description, Price
and Advance Payments
      PA No. 2191
    
    Page 2
    
    SA No. 22
September 2010




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CONFIDENTIAL TREATMENT
  THE BOEING COMPANY
    
    COPA HOLDINGS, S.A.By
    
    
    
    By:Its: Attorney-In-Fact
    
    
    
    Its: Chief Executive Officer
 PA No. 2191
    
    Page 3
    
    SA No. 22
September 2010




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##### 



CONFIDENTIAL
  SAARTICLES
    
    NUMBER1. Quantity, Model and Description
    
    SA                  32. Delivery Schedule3. Price4. Payment
    
    SA                    35. Miscellaneous
 TABLE1-1 Aircraft Information Table for Model 737-7V3 Aircraft
    
    SA                41-2 Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA                51-3 Aircraft Information Table for Model 737-7V3 Aircraft
    
    SA                71-4 Aircraft Information Table for Model 737-7V3 Aircraft
    
    SA                131-5 Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA                131-6 Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA                211-7 Aircraft Information Table for Model 737-8V3 Aircraft
Option Aircraft
    
    SA                131-8 Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA                211-9 Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA                211-10 Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA                211-10A(1) Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA         211-10A(2) Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA               211-10B Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA                211-11 Aircraft Information Table for Model 737-8V3 Option Aircraft
    
    SA        221-12 Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA                211-13 Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA                221-14 Aircraft Information Table for Model 737-8V3 Option Aircraft
    
    SA        22
 EXHIBITA-1 Aircraft Configuration for Model 737-7V3 Aircraft
    
    SA                                     3A-2 Aircraft Configuration for Model 737-8V3 Aircraft
    
    SA                                     3A-3 Aircraft Configuration for Model 737-8V3 Aircraft
    
    SA                               18A-4 Aircraft Configuration for Model 737-8V3 Aircraft
    
    SA                                           22[***]B. Aircraft Delivery Requirements and Responsibilities
    
    SA                                           3
 PA No. 2191
    
    i
    
    SA No. 22
September 2010




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##### 



CONFIDENTIAL
 SUPPLEMENTAL EXHIBITSAE1. Escalation Adjustment Airframe and Optional Features
    
    SA                                      10BFE1. BFE Variables
    
    SA                                      22CS1. Customer Support Variables
    
    SA                                      3EE1. Engine Escalation/Engine Warranty and Patent IndemnitySLP1. Service Life Policy Components
 LETTER AGREEMENTS2191-01
    
    Demonstration Flight Waiver2191-02
    
    [***]2191-03
    
    Seller Purchased Equipment2191-03R1
    
    Seller Purchased Equipment
    
    SA-20
 RESTRICTED LETTER AGREEMENTS6-1162-DAN-0123
    
    Performance Guarantees6-1162-DAN-0124
    
    Special Matters6-1162-DAN-0155
    
    Airframe Escalation Revision6-1162-DAN-0156
    
    Year 2000 Ready Software, Hardware and Firmware6-1162-DAN-0157
    
    Miscellaneous Matters6-1162-MJB-0017
    
    Special Matters6-1162-MJB-0030
    
    Special Matters6-1162-LAJ-874R
    
    Special Matters
    
    SA                                   56-1162-LAJ-874R1
    
    Special Matters
    
    SA                                   66-1162-LAJ-874R2
    
    Special Matters
    
    SA                                   76-1162-LAJ-982
    
    Special Matters
    
    SA                                   86-1162-LAJ-982R3
    
    Special Matters
    
    SA                                   116-1162-RLL-3852
    
    737-800 Performance Guarantees
    
    SA                                                            96-1162-LAJ-982R4
    
    Special Matters
    
    SA                                   136-1162-RLL-3958
    
    737-8V3 Option Aircraft
    
    SA                                   136-1162-RLL-3958R1
    
    737-8V3 Option Aircraft
    
    SA                                   186-1162-RLL-3958R2
    
    737-8V3 Option Aircraft
    
    SA                                   216-1162-RLL-3958R3
    
    737-8V3 Option Aircraft
    
    SA                                   226-1162-LAJ-982R5
    
    Special Matters
    
    SA                                   166-1162-LAJ-982R6
    
    Special Matters
    
    SA                                   176-1162-LAJ-982R7
    
    Special Matters
    
    SA                                   186-1162-LAJ-982R8
    
    Special Matters
    
    SA                                   226-1162-RLL-4092
    
    Advance Payment Matters for Aircraft Listed in Table 1-9
    
    SA 176-1162-KSW-6417
    
    [***]
    
    SA  186-1162-KSW-6419
    
    [***]
    
    SA  206-1162-KSW-6419R1
    
    [***]
    
    SA  226-1162-KSW-6471
    
    [***][***]
    
    SA     22LA-1000842
    
    Installation of Cabin Systems Equipment
    
    SA 21LA-10001606
    
    [***]
    
    SA  22
 PA No. 2191
    
    ii
    
    SA No. 22
September 2010




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##### 



CONFIDENTIAL
 SUPPLEMENTAL AGREEMENTS
    
    DATED AS OF:Supplemental Agreement No. 1
    
    June 29, 2001Supplemental Agreement No. 2
    
    December 21, 2001Supplemental Agreement No. 3
    
    June 14, 2002Supplemental Agreement No. 4
    
    December 20, 1002Supplemental Agreement No. 5
    
    October 31, 2003Supplemental Agreement No. 6
    
    September 9, 2004Supplemental Agreement No. 7
    
    December 9, 2004Supplemental Agreement No. 8
    
    April 15, 2005Supplemental Agreement No. 9
    
    March 16, 2006Supplemental Agreement No. 10
    
    May 8, 2006Supplemental Agreement No. 11
    
    August 30, 2006Supplemental Agreement No. 12
    
    February 26, 2007Supplemental Agreement No. 13
    
    April 23, 2007Supplemental Agreement No. 14
    
    August 31, 2007Supplemental Agreement No. 15
    
    February 21, 2008Supplemental Agreement No. 16
    
    June 30, 2008Supplemental Agreement No. 17
    
    December 15, 2008Supplemental Agreement No. 18
    
    July 15, 2009Supplemental Agreement No. 19
    
    August 31, 2009Supplemental Agreement No. 20
    
    November 19, 2009Supplemental Agreement No. 21
    
    May 28, 2010
 PA No. 2191
    
    iii
    
    SA No. 22
September 2010




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##### 



CONFIDENTIAL
 Table 1-13
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):
    
    
    
    
    
    
    
    
    
    $
    0
    
    
    Base Year Index (ECI):
    
    
    
    
    
    
    
    
    
    
    [***]Aircraft Basic Price (Excluding BFE/SPE):
    
    
    
    
    
    
    
    
    
    
    [***]
    
    
    Base Year Index (CPI):
    
    
    
    
    
    
    
    
    
    
    [***]Buyer Furnished Equipment (BFE)
Estimate:
    
    
    
    
    
    
    
    
    
    $
    0Seller Purchased Equipment (SPE)
Estimate:
    
    
    
    
    
    
    
    
    
    
    [***]Refundable Deposit/Aircraft at
Proposal Accept:
    
    
    
    
    
    
    
    
    
    
    [***]
 EscalationEstimate
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior toNumber
    
    Escalation
    
    
    
    
    
    Adv Payment
    
    Delivery):Delivery
    
    of
    
    Factor
    
    Serial
    
    
    
    Base
    
    [***]
    
    [***]
    
    [***]
    
    [***]Date
    
    Aircraft
    
    (Airframe)
    
    Number
    
    Escalation
    
    Price Per A/P
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
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 PA 2191 SA 22
54965 54958
    
    Boeing Proprietary
    
    9/2010
2




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CONFIDENTIAL
 
 Boeing Commercial Airplanes
  
 Subject:
    
    Special MattersReference:
    
    Purchase Agreement No. 2191 as amended to date, including
without limitation all exhibits, attachments, schedules and
letter agreements thereto (the Purchase Agreement) between The
Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer)
relating to Model 737 aircraft (the Aircraft)
   PA 2191 SA 22
    
    9/2010




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CONFIDENTIAL
 
 
 13.
    
    Confidentiality. The information contained herein represents confidential
business information and has value precisely because it is not available generally or to other
parties. Except as otherwise required by applicable law, regulation or legal process,
Customer will limit the disclosure of its contents to employees, counsel and auditors of
Customer with a need to know the contents for purposes of helping Customer perform its
obligations under the Purchase Agreement or advising Customer with respect thereto and who
understand they are not to disclose its contents to any other person or entity in violation of
the provisions of this Paragraph 13.
   ByIts
    
    Attorney-In-FactACCEPTED AND AGREED TO thisDate: , 2010COPA HOLDINGS, S.A.ByIts
 PA 2191 SA-22
    
    2
    
    9/2010




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CONFIDENTIAL
 
 Boeing Commercial Airplanes
  
 Subject:
    
    Option AircraftReference:
    
    Purchase Agreement No. 2191 as amended to date, including
without limitation all exhibits, attachments, schedules and
letter agreements thereto (the Purchase Agreement) between The
Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer)
relating to Model 737 aircraft (the Aircraft)
   Aircraft Description and Changes
 Aircraft Description
 Changes
  PA No. 2191
    
    SA-22Option Aircraft
    
    9/10




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CONFIDENTIAL
 
 
 2.
    
    Price   Payment
  P.A. No. 2191
    
    SA-22Option Aircraft
    
    9/10
  2




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CONFIDENTIAL
 
 
 Option Exercise
     Contract Terms
  P.A. No. 2191
    
    SA-22Option Aircraft
    
    9/10
  3




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CONFIDENTIAL
 
 
   ByIts
    
    Attorney-In-Fact
  
  ByIts
  P.A. No. 2191
    
    SA-22Option Aircraft
    
    9/10
  4




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CONFIDENTIAL
 Table 1-11
Option 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):
    
    
    
    
    
    $
    0
    
    
    Base Year Index (ECI):
    
    
    
    [***]Aircraft Basic Price (Excluding BFE/SPE):
    
    
    
    
    
    
    [***]
    
    
    Base Year Index (CPI):
    
    
    
    [***]Buyer Furnished Equipment (BFE) Estimate:
    
    
    
    
    
    $
    0Seller Purchased Equipment (SPE) Estimate:
    
    
    
    
    
    
    [***]Non-Refundable Deposit/Aircraft at Def Agreemt:
    
    
    
    
    
    
    [***]
 Escalation
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior toEscalation
    
    
    
    
    
    Estimate
    
    Delivery):Delivery
    
    Number of
    
    Factor
    
    
    
    
    
    Adv Payment Base
    
    [***]
    
    [***]
    
    [***]
    
    [***]Date
    
    Aircraft
    
    (Airframe)
    
    
    
    
    
    Price Per A/P
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
    
    [***]
    
    
    
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    [***][***]
 COP-54039-10.TXT PA No. 2191 SA-22
    
    Boeing Proprietary
    
    Sep 2010 Page 1




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CONFIDENTIAL
 
 Table 1-14
Option 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):
    
    
    
    
    
    
    
    $
    0
    
    
    Base Year Index (ECI):
    
    [***]Aircraft Basic Price (Excluding BFE/SPE):
    
    
    
    
    
    
    
    
    [***]
    
    
    Base Year Index (CPI):
    
    [***]Buyer Furnished Equipment (BFE) Estimate:
    
    
    
    
    
    
    
    $
    0Seller Purchased Equipment (SPE) Estimate:
    
    
    
    
    
    
    
    
    [***]Non-Refundable Deposit/Aircraft at Def Agreemt:
    
    
    
    
    
    
    
    
    [***]
 EscalationEscalation
    
    
    
    
    
    Estimate
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):Delivery
    
    Number of
    
    Factor
    
    
    
    
    
    Adv Payment Base
    
    [***]
    
    [***]
    
    [***]
    
    [***]Date
    
    Aircraft
    
    (Airframe)
    
    
    
    
    
    Price Per A/P
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
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    [***]
 COP{ PA 2191 SA-2254695-1O.TXT
    
    Boeing Proprietary
    
    9/2010 Page 1




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##### 



CONFIDENTIAL
 
 Boeing Commercial Airplanes
  
 Subject:
    
    [***]Reference:
    
    Purchase Agreement No. 2191, as amended to date, including
without limitation all exhibits, attachments, schedules and
letter agreements thereto (the Purchase Agreement), between The
Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer)
relating to Model 737-8V3 aircraft (the Aircraft)




---



##### 



CONFIDENTIAL
 
 
    ByIts
    
    Attorney-In-Fact
  
  ByIts
 P.A. No. 2191[***]
    
    SA-2209/10
    
    Boeing Proprietary




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##### 



CONFIDENTIAL
  [***]Airframe Model
    
    737-800Engine Model:
    
    CFM56-7B26Airframe Price Base Year
    
    [***]Engine Price Base Year
    
    [***]
 ApplicableCombinedDelivery
    
    
    
    
    
    Airframe/EngineMonth and
    
    Subject Aircraft
    
    
    EscalationYear
    
    Serial Number
    
    
    Provisions
    
    
    Election Period[***]
    
    
    [***]
    
    
    
    [***]
    
    
    
    [***][***]
    
    
    [***]
    
    
    
    [***]
    
    
    
    [***][***]
    
    
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    [***]
 P.A. No. 2191
    
    
    
    SA-22Boeing Proprietary
    
    09/10




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##### 



CONFIDENTIAL
   ApplicableCombinedDelivery
    
    
    
    
    
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    Subject Aircraft
    
    
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    Serial Number
    
    
    Provisions
    
    
    Election Period[***]
    
    
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 P.A. No. 2191
    
    
    
    SA-22Boeing Proprietary
    
    09/10




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##### 



CONFIDENTIAL
 
 Reference:
    
    Purchase Agreement No. 2191 dated as of November 25,
1998, as amended to date, including all exhibits,
attachments, schedules and letter agreements thereto,
between The Boeing Company (Boeing) and COPA HOLDINGS,
S.A. (the Purchase Agreement)Attention:
    
    Vice President  ContractsMail Code 21-34
  Airframe Model:
    
    Airframe Price Base Year:Engine Model:
    
    Engine Price Base Year:
    
    [***]
 CombinedCandidate Aircraft
    
    
    Airframe/EngineDelivery Month and Year
    
    Serial Number
    
    
    Escalation Factor
  ByIts
 
   ByIts
    
    Attorney-in-Fact
 
 P.A. No. 2191
    
    
    
    SA-22Boeing Proprietary
    
    09/10




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##### 



CONFIDENTIAL
 The Boeing CompanyP.O. Box 3707Seattle, WA 98124-2207
 
  
 Subject:
    
    [***]Reference:
    
    Purchase Agreement No.
PA-2191 as amended to date, including
without limitation all exhibits,
attachments, schedules and letter
agreements thereto (Purchase Agreement)
between The Boeing Company (Boeing) and
COPA Holdings S.A. (Customer) relating
to Model 737-800 aircraft (Aircraft)
   COP-PA-2191-LA-1001606
    
    
    
    SA-22[***]
    
    Boeing Proprietary
    
    LA Page 1




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##### 



CONFIDENTIAL
 
 Confidential Treatment.
  COP-PA-2191-LA-1001606
    
    
    
    SA-22[***]
    
    Boeing Proprietary
    
    LA Page 2




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##### 



CONFIDENTIAL
 
   ByIts
    
    Attorney-in-Fact
  
  ByIts
 COP-PA-2191-LA-1001606
    
    
    
    SA-22[***]
    
    Boeing Proprietary
    
    LA Page 3