EXHIBIT 10.53
 CONFIDENTIAL TREATMENT
 
                 Table of Contents
 Aircraft Delivery, Description, Price and Advance Payments
 PA No. 2191
    
    SA No. 20Nov 2009




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CONFIDENTIAL TREATMENT
 Aircraft Delivery, Description, Price and Advance Payments for
Exercised Options
         THE BOEING COMPANY
    
    
    
    COPA HOLDINGS, S.A.By:
    
    
    
    
    
    By:Its:

    Attorney-In-Fact
    
    
    
    
    Its:

    Chief Executive Officer
 PA No. 2191
    
    SA No. 20Nov 2009
  Page 2




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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 201-7
    
    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 191-10
    
    Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 201-11
    
    Aircraft Information Table for Model 737-8V3 Option
Aircraft
    
    SA 20EXHIBITA-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 3SUPPLEMENTAL 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
 PA No. 2191
    
    SA No. 20Nov 2009
  i




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CONFIDENTIAL TREATMENT
 SANUMBERLETTER AGREEMENTS2191-01
    
    Demonstration Flight Waiver2191-02
    
    Escalation Sharing2191-03
    
    Seller Purchased Equipment2191-03R1
    
    Seller Purchased Equipment
    
    SA-20RESTRICTED 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-3958R1
    
    737-8V3 Option Aircraft
    
    SA 186-1162-RLL-3958R2
    
    737-8V3 Option Aircraft
    
    SA 206-1162-LAJ-982R5
    
    Special Matters
    
    SA 166-1162-LAJ-982R6
    
    Special Matters
    
    SA 176-1162-LAJ-982R7
    
    Special Matters
    
    SA 18**Material Redacted**6-1162-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 20
 PA No. 2191
    
    SA No. 20Nov 2009
  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 15, 2009Supplemental Agreement No. 19
    
    August __, 2009Supplemental Agreement No. 20
    
    November __, 2009
 PA No. 2191
    
    SA No. 20Nov 2009
  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):
    
    **Material Redacted**
    
    Base Year Index (ECI):
    
    
    103.1Aircraft Basic Price (Excluding BFE/SPE):
    
    **Material Redacted**
    
    Base Year Index (CPI):
    
    
    208.2Buyer Furnished Equipment (BFE) Estimate:
    
    **Material Redacted**Seller Purchased Equipment (SPE) Estimate:
    
    **Material Redacted**Refundable Deposit/Aircraft at Proposal Accept:
    
    **Material Redacted**
 EscalationEstimate
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):Escalation
    
    
    
    
    
    Adv Payment
    
    
    
    
    
    21/18/12/9/6Delivery
    
    Number of
    
    Factor
    
    Serial
    
    
    
    Base
    
    At Signing
    
    24 Mos.
    
    Mos.
    
    TotalDate
    
    Aircraft
    
    (Airframe)
    
    Number
    
    Escalation
    
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 PA No. 2191
    
    SA No. 20Nov 2009
  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:
    
    **Material Redacted**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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    **Material Redacted**
 PA No. 2191
    
    SA No. 20Nov 2009
  i




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CONFIDENTIAL TREATMENT
 
 Boeing Commercial Airplanes
P.O. Box 3707
Seattle, WA 98124-2207
  
 Subject:
    
    Seller Purchased EquipmentReference:
    
    Purchase Agreement No. 2191 (as supplemented and amended the
Purchase Agreement) between The Boeing Company (Boeing) and
COPA HOLDINGS, S.A. (Customer) relating to Model 737-7V3
aircraft (the Aircraft)
  Definition of Terms:
  1.
    
    Price.
 Advance Payments
 Aircraft Price. **Material Redacted**2.
    
    **Material Redacted**3.
    
    **Material Redacted**4.
    
    **Material Redacted**5.
    
    **Material Redacted**6.
    
    **Material Redacted**




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CONFIDENTIAL TREATMENT
 
 
 7.
    
    **Material Redacted**8.
    
    **Material Redacted**
   By:Its Attorney-In-FactACCEPTED AND AGREED TO thisDate: , 2009COPA HOLDINGS, S.A.By:Its
 P.A. 2191
    
    SA-20Option Aircraft
    
    11/09
  2




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CONFIDENTIAL TREATMENT
 
 Boeing Commercial Airplanes
P.O. Box 3707
Seattle, WA 98124-2207
   
 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)
   1.
    
    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.




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CONFIDENTIAL TREATMENT
 
 
 Price
 2.1
    
    The pricing elements of the Option Aircraft are listed Table 1-11.2.2
    
    Price Adjustments.
 Optional Features
 Escalation Adjustments
 Base Price Adjustments
 Payment
   P.A. 2191
    
    SA-20Option Aircraft
    
    11/09
  2




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CONFIDENTIAL TREATMENT
 
 
 4.
    
    Option Exercise.
  4.2
    
    **Material Redacted**.
 5.
    
    **Material Redacted**.6.
    
    Contract Terms.
  P.A. 2191
    
    SA-20Option Aircraft
    
    11/09
  3




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CONFIDENTIAL TREATMENT
 
 
   By:Its Attorney-In-FactACCEPTED AND AGREED TO thisDate: , 2009COPA HOLDINGS, S.A., INC.By:ItsAttachment  Table 1-11
 P.A.
2191
    
    SA-20Option Aircraft
    
    11/09
  4




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CONFIDENTIAL TREATMENT
  
 Subject:
    
    **Material Redacted**Reference:
    
    **Material Redacted**
  Recitals
  Agreement:
 1.
    
    **Material Redacted**2.
    
    **Material Redacted**3.
    
    **Material Redacted**4.
    
    **Material Redacted**5.
    
    **Material Redacted**
    By:Its Attorney-In-Fact




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CONFIDENTIAL TREATMENT
 ACCEPTED AND AGREED TO thisDate:
, 2009COPA HOLDINGS, S.A., INC.By:Its
 P.A. No. 2191
    
    SA-18Fixing_Escalation_Factors07/09
 Boeing Proprietary




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CONFIDENTIAL TREATMENT
   P.A. No. 2191
    
    SA-18Fixing_Escalation_Factors
    
    07/09
 Boeing Proprietary




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CONFIDENTIAL TREATMENT
 
 Reference:
    
    Purchase Agreement No. 2191 dated as of November 25, 1998,
between The Boeing Company (Boeing) and COPA HOLDINGS, S.A.,
INC. (the Purchase Agreement)Attention:
    
    Vice President  Contracts

Mail Code 21-34
   By:Its Attorney-in-FactDated
 P.A. No. 2191
    
    SA-18Fixing_Escalation_Factors
    
    07/09
 Boeing Proprietary