EXHIBIT 10.51
 CONFIDENTIAL TREATMENT
 
         
     1.1.
    
    Remove and replace, in its entirety the Table of Contents, with the
Table of Contents attached hereto and hereby made a part of the Agreement, to
reflect the changes made by this Supplemental Agreement.
 1.2.
    
    Table 1-10 entitled Aircraft Information Table for Model 737-8V3 Aircraft,
attached hereto, is added to the Agreement to reflect the scheduled delivery months for the
737-8V3 **Material Redacted**.
 1.3.
    
    Exhibit A-3, Aircraft Configuration for Customers 737-8V3 Aircraft is added which
represents the changes included in Customers Detail Specification number
**Material Redacted** dated April 24, 2009.
 PA No. 2191
    
    
    
    SA No. 18




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##### 



CONFIDENTIAL TREATMENT
 1.4.
    
    Supplemental Agreement BFE1, Buyer Furnished Equipment Variables, paragraph 2 is
revised as stated below to add the preliminary on-dock dates for the Incremental Aircraft
delivering in 2012. Preliminary on-dock dates for later delivery positions are not
available as they are outside the current production schedule.  My Boeing Configuration
(MBC) can provide on-dock dates as each Incremental Aircraft implements into the Integrated
BFE Accountability System (IBAS).
  **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**Seats
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**Galleys/Furnishings
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**Antennas and Mounting Equipment
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**Avionics Equipment
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**Cabin Systems Equipment
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**Miscellaneous/ Emergency Equipment
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**Textiles/Raw Material
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**Cargo Systems
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**Provision Kits
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**Radomes
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
 1.5.
    
    **Material Redacted**1.6.
    
    **Material Redacted**
 1.7.
    
    Letter Agreement No. 6-1162-RLL-3958 entitled 737-8V3 Option Aircraft is revised to
add Table 1-11 which provides the delivery positions for **Material Redacted** Option
Aircraft, a copy of the revised Letter 6-1162-RLL-3985R1 is attached.
 1.8.
    
    Letter Agreement 6-1162-6417 entitled Boeing Offer Related to New Interior is added
to the Agreement.
 PA No. 2191
    
    
    
    SA No. 18
  Page 2




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##### 



CONFIDENTIAL TREATMENT
 1.9.
    
    **Material Redacted**1.10.
    
    **Material Redacted**.
   THE BOEING COMPANY
    
    
    
    COPA HOLDINGS, S.A.By:
    
    
    
    
    
    By:Its:
    Attorney-In-Fact
    
    
    
    
    Its:

    Chief Executive Officer
 PA No. 2191
    
    
    
    SA No. 18
  Page 3




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##### 



CONFIDENTIAL TREATMENT
  SANUMBERARTICLES1.
    
    
    Quantity, Model and Description
    
    SA 32.
    
    
    Delivery Schedule3.
    
    
    Price4.
    
    
    Payment
    
    SA 35.
    
    
    MiscellaneousTABLE1-1
    
    
    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 131-7
    
    
    Aircraft Information Table for Model 737-8V3 Aircraft
Option Aircraft
    
    SA 131-8
    
    
    Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 161-9
    
    
    Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 171-10
    
    
    Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 181-11
    
    
    Aircraft Information Table for Model 737-8V3 Option
Aircraft
    
    SA 18EXHIBITA-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 18B.
    
    
    Aircraft Delivery Requirements and Responsibilities
    
    SA 3
 PA No. 2191
    
    
    
    SA No. 18
  i




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##### 



CONFIDENTIAL TREATMENT
 SANUMBER
 SUPPLEMENTAL EXHIBITSAE1.
    
    Escalation Adjustment Airframe and Optional Features
    
    SA 10BFE1.
    
    BFE Variables
    
    SA 18CS1.
    
    Customer Support Variables
    
    SA 3EE1.
    
    Engine Escalation/Engine Warranty and Patent IndemnitySLP1.
    
    Service Life Policy Components
 LETTER AGREEMENTS2191-01
    
    Demonstration Flight Waiver2191-02
    
    Escalation Sharing2191-03
    
    Seller Purchased EquipmentRESTRICTED 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 Mattera
    
    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-LAJ-982R5
    
    Special Matters
    
    SA 166-1162-LAJ-982R6
    
    Special Matters
    
    SA 176-1162-LAJ-982R7
    
    Special Matters
    
    SA 186-1162-RLL-4092
    
    Advance Payment Matters for Aircraft
Listed in Table 1-9
    
    SA 176-1162-KSW-6417
    
    Boeing Offer Related to New Interior
    
    SA 186-1162-KSW-6419
    
    **Material Redacted**
    
    SA 18
 PA No. 2191
    
    
    
    SA No. 18
  ii




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##### 



CONFIDENTIAL TREATMENT
 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  2009
 PA No. 2191
    
    
    
    SA No. 18
  iii




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##### 



CONFIDENTIAL TREATMENT
 Table 1-10A
Aircraft Information Table for Model 737-8V3 Aircraft
Delivery, Description and Advance Payments
 Airframe Model/MTOW:
    
    737-800
    
    174200  pounds
    
    Detail Specification:Engine Model/Thrust:
    
    CFM56-7B26
    
    26400  pounds
    
    Airframe Price Base Year/Escalation Formula:
    
    Jul-08
    
    ECI-MFG/CPIAirframe Price:
    
    
    
    **Material Redacted**
    
    Engine Price Base Year/Escalation Formula:
    
    N/A
    
    N/AOptional Features:
    
    
    
    **Material Redacted**Sub-Total of Airframe and Features:
    
    
    
    **Material Redacted**
    
    Airframe Escalation Data:Engine Price (Per Aircraft):
    
    
    
    $0
    
    Base Year Index (ECI):
    
    
    103.1Aircraft Basic Price (Excluding BFE/SPE):
    
    
    
    **Material Redacted**
    
    Base Year Index (CPI):
    
    
    208.2Buyer Furnished Equipment (BFE) Estimate:
    
    
    
    $0Seller Purchased Equipment (SPE) Estimate:
    
    
    
    **Material Redacted**Refundable Deposit/Aircraft at Proposal Accept:
    
    
    
    **Material Redacted**
 Advance Payment PerAircraft (Amts. Due/Mos.Escalation
    
    
    
    
    
    
    
    
    
    
    Escalation Estimate
    
    
    Prior to Delivery):Delivery
    
    Number of
    
    
    Factor
    
    
    Serial
    
    
    
    
    
    
    Adv Payment Base
    
    
    **Material Redacted**
    
    
    **Material Redacted**
    
    
    **Material Redacted**
    
    
    **Material Redacted**Date
    
    Aircraft
    
    
    (Airframe)
    
    
    Number
    
    
    Escalation
    
    
    Price Per A/P
    
    
    **Material Redacted**
    
    
    **Material Redacted**
    
    
    **Material Redacted**
    
    
    **Material Redacted****Material Redacted**
    
    **Material Redacted**
    
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    **Material Redacted**Total:
    
    **Material Redacted**
 PA No. 2191
    
    
    
    SA No. 18
  i




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##### 



CONFIDENTIAL TREATMENT
 Table 1-10B
Aircraft Information Table for Model 737-8V3 Aircraft
Delivery, Description and Advance Payments
 Airframe Model/MTOW:
    
    737-800
    
    174200  pounds
    
    Detail Specification:Engine Model/Thrust:
    
    CFM56-7B26
    
    26400  pounds
    
    Airframe Price Base Year/Escalation Formula:
    
    Jul-06
    
    ECI-MFG/CPIAirframe Price:
    
    
    
    **Material Redacted**
    
    Engine Price Base Year/Escalation Formula:
    
    N/A
    
    N/AOptional Features:
    
    
    
    **Material Redacted**Sub-Total of Airframe and Features:
    
    
    
    **Material Redacted**
    
    Airframe Escalation Data:Engine Price (Per Aircraft):
    
    
    
    
    
    Base Year Index (ECI):
    
    
    180.3Aircraft Basic Price (Excluding BFE/SPE):
    
    
    
    **Material Redacted**
    
    Base Year Index (CPI):
    
    
    195.4Buyer Furnished Equipment (BFE) Estimate:Seller Purchased Equipment (SPE) Estimate:
    
    
    
    **Material Redacted**Option Deposit Paid
    
    
    
    **Material Redacted**
 Advance Payment PerAircraft (Amts.Due/Mos. Prior toEscalation
    
    
    
    
    
    
    
    
    
    
    Escalation Estimate
    
    
    Delivery):
    
    
    
    
    
    
    21/18/12/9/Delivery
    
    Number of
    
    
    Factor
    
    
    Serial
    
    
    
    
    
    
    Adv Payment Base
    
    
    At Signing
    
    
    24 Mos.
    
    
    6 Mos.
    
    
    TotalDate
    
    Aircraft
    
    
    (Airframe)
    
    
    Number
    
    
    Escalation
    
    
    Price Per A/P
    
    
    **Material Redacted**
    
    
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    **Material Redacted**Total:
    
    **Material Redacted**
 PA No. 2191
    
    
    
    SA No. 18
  i




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##### 



CONFIDENTIAL TREATMENT
 Table 1-11
Aircraft Information Table for Model 737-8V3 Option Aircraft
Delivery, Description and Advance Payments
 Airframe Model/MTOW:
    
    737-800
    
    174200  pounds
    
    Detail Specification:Engine Model/Thrust:
    
    CFM56-7B26
    
    26400  pounds
    
    Airframe Price Base Year/Escalation Formula:
    
    Jul-08
    
    ECI-MFG/CPIAirframe Price:
    
    
    
    **Material Redacted**
    
    Engine Price Base Year/Escalation Formula:
    
    N/A
    
    N/AOptional Features:
    
    
    
    **Material Redacted**Sub-Total of Airframe and Features:
    
    
    
    **Material Redacted**
    
    Airframe Escalation Data:Engine Price (Per Aircraft):
    
    
    
    
    
    Base Year Index (ECI):
    
    
    103.1Aircraft Basic Price (Excluding BFE/SPE):
    
    
    
    **Material Redacted**
    
    Base Year Index (CPI):
    
    
    208.2Buyer Furnished Equipment (BFE) Estimate:Seller Purchased Equipment (SPE) Estimate:
    
    
    
    **Material Redacted**Non-Refundable Deposit/Aircraft at Def Agreemt:
    
    
    
    **Material Redacted**
 Escalation
    
    
    Advance Payment PerEstimate
    
    
    Aircraft (Amts. Due/Mos.Escalation
    
    
    
    
    
    
    
    
    
    
    Adv Payment
    
    
    Prior to Delivery):
    
    
    
    
    
    
    21/18/12/9/6Delivery
    
    Number of
    
    
    Factor
    
    
    
    
    
    
    
    
    
    
    Base
    
    
    At Signing
    
    
    24 Mos.
    
    
    Mos.
    
    
    TotalDate
    
    Aircraft
    
    
    (Airframe)
    
    
    Serial Number
    
    
    Escalation
    
    
    Price Per A/P
    
    
    **Material Redacted**
    
    
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 PA No. 2191
    
    
    
    SA No. 18
  i




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CONFIDENTIAL TREATMENT
       P.A. No. 2191 SA-18
    
    A-3BOEING PROPRIETARY




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CONFIDENTIAL TREATMENT
 
       P.A. No. 2191 SA-18
    
    A-3BOEING PROPRIETARY




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##### 



CONFIDENTIAL TREATMENT
 SUPPLEMENTAL EXHIBITS
 BFE Variables
 Customer
    
    COP  COPA AirlinesModel
    
    737-800Engine
    
    CFM56-7B262008$
 Config Item No.
    
    Title
    
    AF Price**Material Redacted**
    
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 P.A. No. 2191 SA-18
    
    A-3BOEING PROPRIETARY




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CONFIDENTIAL TREATMENT
 SUPPLEMENTAL EXHIBITS
 BFE Variables
 Config Item No.
    
    Title
    
    AF Price**Material Redacted**
    
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 P.A. No. 2191 SA-18
    
    A-3BOEING PROPRIETARY




---



##### 



CONFIDENTIAL TREATMENT
 SUPPLEMENTAL EXHIBITS
 BFE Variables
 Config Item No.
    
    Title
    
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 P.A. No. 2191 SA-18
    
    A-3BOEING PROPRIETARY




---



##### 



CONFIDENTIAL TREATMENT
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    Title
    
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 P.A. No. 2191 SA-18
    
    A-3BOEING PROPRIETARY




---



##### 



CONFIDENTIAL TREATMENT
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 P.A. No. 2191 SA-18
    
    A-3BOEING PROPRIETARY




---



##### 



CONFIDENTIAL TREATMENT
 SUPPLEMENTAL EXHIBITS
 BFE Variables
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    Title
    
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 P.A. No. 2191 SA-18
    
    A-3BOEING PROPRIETARY




---



##### 



CONFIDENTIAL TREATMENT
 
 
  
 Subject:
    
    Option AircraftReference:
    
    Purchase Agreement No. 2191 (the Purchase Agreement) between
The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer)
relating to Model 737 aircraft (the Aircraft)
  Option Aircraft
 Aircraft Description and Changes
 Aircraft Description
 Changes
 (i)
    
    Changes applicable to the basic Model 737
aircraft which are developed by Boeing between the date of the Detail
Specification and the signing of the definitive agreement to purchase
the Option Aircraft;(ii)
    
    Changes required to obtain required
regulatory certificates; and(iii)
    
    Changes mutually agreed upon.
  1




---



##### 



CONFIDENTIAL TREATMENT
 
 
 Price
  Price Adjustments
 Optional Features
 Escalation Adjustments
 Base Price Adjustments
 Payment
   Option Exercise
   Contract Terms
   2




---



##### 



CONFIDENTIAL TREATMENT
 
 
   By:Its Attorney-In-Fact
  
  By:Its
   3




---



##### 



CONFIDENTIAL TREATMENT
 
 Boeing Commercial Airplanes
  
 Subject:
    
    Special MattersReference:
    
    Purchase Agreement No. 2191 (the Purchase Agreement) between
The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer)
relating to Model 737 aircraft (the Aircraft)
  1.
    
    **Material Redacted**2.
    
    **Material Redacted**3.
    
    **Material Redacted**4.
    
    **Material Redacted**5.
    
    **Material Redacted**6.
    
    **Material Redacted**7.
    
    **Material Redacted**8.
    
    **Material Redacted**9.
    
    **Material Redacted**10.
    
    **Material Redacted**11.
    
    **Material Redacted**




---



##### 



CONFIDENTIAL TREATMENT
 
 
 12.
    
    **Material Redacted**13.
    
    **Material Redacted**14.
    
    **Material Redacted**15.
    
    **Material Redacted**16.
    
    Confidentiality. Customer understands that certain commercial and
financial information contained in this Letter Agreement are considered by Boeing as
confidential. Customer agrees that it will treat this Letter Agreement and the
information contained herein as confidential and will not, without the prior written
consent of Boeing, disclose this Letter Agreement or any information contained herein to
any other person or entity except its counsel and/or auditors or as otherwise required
by law or legal process.
  Date: , 2009THE BOEING COMPANYBy:Its Attorney-In-FactCOPA HOLDINGS, S.A.By:Its Chief Executive Officer
  2




---



##### 



CONFIDENTIAL TREATMENT
 
 
 ACCEPTED AND AGREED TO this
Date: , 2009BOEING COMMERCIAL AIRPLANE GROUPBy:Its Attorney-In-FactCOPA HOLDINGS, S.A.By:Its Chief Executive Officer
   3




---



##### 



CONFIDENTIAL TREATMENT
 
 Boeing Commercial Airplanes
 
 
 Subject:
    
    Boeing Proposal relating to the Boeing Sky Interior (Proposal)Reference:
    
    Purchase Agreement No. 2191 dated November 25, 1998 (Purchase Agreement)between The
Boeing Company (Boeing) and COPA HOLDINGS, S.A.(Customer)relating to the sale of Boeing Model 737-800 aircraft
 :
 (Boeing Sky Interior)
 
    
    Color LED Ceiling Lighting
 
    
    Forward and Aft Cove Lighting
 
    
    New Pivot Bins
 
    
    New Sculpted Sidewalls and Color LED Sidewall Lighting
 
    
    New PSUs with LED Reading Lights
 
    
    Brighter Color and Décor
 
    
    New Window Reveal
 
    
    Touch Screen Attendant Panel
 
    
    Improved Operational Security Features
 
    
    Quieter Cabin
 Implementation
 Aircraft




---



##### 



CONFIDENTIAL TREATMENT
 
 
 Boeing Sky Interior Price
  Big Bin Existing Interior
  Proposal Acceptance
  Expiration of Offer.
  Confidential Treatment
   2




---



##### 



CONFIDENTIAL TREATMENT
 
 
  Very truly yours,The Boeing CompanyTHE BOEING COMPANYBy:Its Attorney-In-FactACCEPTED AND AGREED TO thisDate: , 2009
 COPA HOLDINGS, S.A.Signature:Printed Name:Title:
  3




---



##### 



CONFIDENTIAL TREATMENT
 
 Boeing Commercial Airplanes
  
 Subject:
    
    **Material Redacted**Reference:
    
    Purchase Agreement No. 2191, including without limitation all
exhibits, attachments and amendments thereto (the Purchase
Agreement), between The Boeing Company (Boeing) and COPA
HOLDINGS, S.A., INC. (Customer) relating to Model 737-8V3
aircraft (the Aircraft)
  Recitals
 Agreement




---



##### 



CONFIDENTIAL TREATMENT
 
 
 Very truly yours,THE BOEING COMPANYBy:Its Attorney-In-FactACCEPTED AND AGREED TO this
Date: , 2009COPA HOLDINGS, S.A.By:Its
  2