Document:

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                                                                   EXHIBIT 10.5

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                                    AGREEMENT

                                     BETWEEN

                                 JETBLUE AIRWAYS

                                       AND

                          EADS AEROFRAME SERVICES, LLC

                            FOR AIRCRAFT MAINTENANCE
                            AND MODIFICATION SERVICES

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                NUMBER:         EAS/JETBLUE AIRWAYS-1001

                ISSUE DATE:     22 October 2001

                REVISION 1:     20 November 2001

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This Agreement has been made by and between:

JetBlue Airways, (a Delaware Limited Liability Company), whose
registered office is at:

80-02 Kew Gardens
Kew Gardens, NY 11415

                                  (hereinafter referred to as "JETBLUE AIRWAYS")

and

EADS AEROFRAME SERVICES, LLC (a Delaware Limited Liability Company) whose
registered office is at:

1945 Merganser St.
Lake Charles, LA 70615

                                              (hereinafter referred to as "EAS")

Either or both of which may be hereinafter referred to as the "Parties" or
individually as the "Party".

Whereas, JETBLUE AIRWAYS, in connection with the maintenance and operation of
Aircraft, requires EAS to perform Maintenance Checks and Modification support,
which will be agreed upon between EAS and JETBLUE AIRWAYS in future Orders
making reference to this Agreement.

Whereas, EAS has the means, ability and wishes to render all the above mentioned
Maintenance Services,

Now, therefore, it has been agreed as follows:

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EAS/JETBLUE AIRWAYS-100l
22 October 2001                                                                1
<PAGE>

                                    CONTENTS

ARTICLES

   I         -    Definitions
   II        -    Purpose of this Agreement
   III       -    Duration of this Agreement
   IV        -    Management of Maintenance Services
   V         -    Scope of Services
   VI        -    Quality Specifications
   VII       -    Scheduling
   VIII      -    Place of work and subcontracting
   IX        -    Documentation
   X         -    Material Supply
   XI        -    Financial conditions
   XII       -    Delays
   XIII      -    Warranty
   XIV       -    Liability
   XV        -    Insurance
   XVI       -    Waiver
   XVII      -    Intellectual property rights
   XVIII     -    Termination
   XIX       -    Governing Law
   XX        -    Miscellaneous

EXHIBITS

   A         -    Pricing

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EAS/JETBLUE AIRWAYS-100l
22 October 2001                                                                2
<PAGE>

ARTICLE I - DEFINITIONS

In this Agreement and future related Orders, save where the context
requires the contrary, the following words and expressions shall have the
following meanings:

"JETBLUE AIRWAYS": includes JETBLUE AIRWAYS approved third parties, if any,
contracted by JETBLUE AIRWAYS whom JETBLUE AIRWAYS shall cause to be bound, as
applicable, by the same obligations as JETBLUE AIRWAYS's obligations under the
present Agreement.

"Agreement": the present agreement between EAS and JETBLUE AIRWAYS.

"Aircraft" means the aircraft on which JETBLUE AIRWAYS requests EAS to perform
Maintenance Services which will be identified in the relevant Orders to this
Agreement.

"Airframe Check Support" means the parts, materials and labor necessary to carry
out the airframe Check Maintenance Services on the Aircraft.

"Component" or "Equipment" means any component or any equipment part of an
Aircraft.

"Components Overhaul and Repair" means the parts, materials and labor necessary
to overhaul, maintain and/or repair Component parts of an Aircraft.

"Consumable/Expendable" means a part or material, which is routinely used and/or
discarded during the course of removal, maintenance, repair, overhaul, and
inspection services (i.e. nuts, bolts, rivets, sealants, etc)

Customer Work Order" the document, which specifies additional work, requested by
the customer to be performed by EAS.

"Delivery Point": means EAS's selected maintenance site, which will be specified
in each Order where JETBLUE AIRWAYS shall deliver DDP and collect Ex-Works the
Aircraft, Equipment or Component.

"DDP": Delivered Duty Paid, refers to Incoterms ICC 2000.

"Entry into service of an Aircraft": means date of the Aircraft delivery from
Aircraft manufacturer to the first operator of the Aircraft.

"Ex-Works": Refers to Incoterms ICC 2000.

"Flying Hour" or "Flight Hour": hours per WATOG definition.

"Incidental Parts and Materials" means all parts, materials, Components,
assemblies and other items employed in the course of Maintenance Services or
installed on the Aircraft other than such parts, materials, Components,
assemblies and other items furnished or supplied by JETBLUE AIRWAYS to EAS for
the purpose of this Agreement.

"Landing-Gear ship set": means the set of legs fitted on the concerned Aircraft.
The term "Landing-Gear" may, should no further indication be given in the text,
apply to one of the legs, or to the complete set of legs (nose and both main
landing gear).

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EAS/JETBLUE AIRWAYS-100l
22 October 2001                                                                3

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"MAINTENANCE SERVICES" means all services provided by EAS to JETBLUE AIRWAYS
pursuant to this Agreement/Orders.

"MODIFICATION": Incorporation of Manufacturer Service Bulletins and other
workscope requested by JETBLUE AIRWAYS.

"ORDER" shall mean the document by which maintenance services have been
contracted for a specific aircraft by JETBLUE AIRWAYS. The order shall reference
a unique work order, repair order or purchase order issued by JETBLUE AIRWAYS.

"RE-DELIVERY OF THE AIRCRAFT": The Aircraft shall be deemed re-delivered by EAS
to JETBLUE AIRWAYS upon logbook and/or appropriate documentation signature by
EAS.

"REMOVAL" refers to a Component which is removed for test, repair, overhaul, "on
condition" mandatory modification, inspection, and/or calibration in accordance
with MPD or AMM requirements which has to be removed from Aircraft to be
maintained.

"REPRESENTATIVE": means the on site representative(s) sent by JETBLUE AIRWAYS.

"ROTABLE COMPONENT": Serialized Components.

"SERVICEABLE UNIT/ITEM/COMPONENT/PART" means unit/item/Component/part certified
as airworthy by an Airline or by an authorized repair agency.

"EAS" shall stand for all the premises and subsidiaries under the control of
EADS Aeroframe Services, LLC.

"STANDARD EXCHANGE ITEM": Any Serviceable Item/Unit/Component/part which is
available for exchange for an Unserviceable Item/Unit/Component/part and which
is fully interchangeable with such Unserviceable Item/Unit/Component/part.

"TURN AROUND TIME" (TAT) expressed in working days, starts the day Unserviceable
Component is received DDP at the Delivery Point and ends the day Serviceable
Component is put at the disposal of JETBLUE AIRWAYS, Ex-Works at the Delivery
Point. TAT measures the average time required to perform the necessary in-house
rework on a normal worn out unit having an up to date standard of modifications.

"UNSERVICEABLE ITEM/UNIT/COMPONENT/PART": Any Item/Unit/Component/part which
requires, overhaul and/or testing in order to conform with the requirements of
the Original Equipment Manufacturer's current Component Maintenance Manual.

"VENDOR" means Original Equipment Manufacturers (OEM).

"VENDOR'S CATALOG PRICE" applies to the vendor's catalog price valid at the time
when the Equipment involved is supplied.

"WORK PACKAGE" means the detailed statement of maintenance services to be
performed on an aircraft and at a minimum shall include the tally sheets
summarizing the work package, the specific job cards to be performed, applicable
AD's/SB's, engineering orders and other applicable documents defining the
services to be performed.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                                4
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<Table>
<Caption>
MISCELLANEOUS TERMS
<S>                  <C>
AD                   Airworthiness Directives
AMM                  Aircraft Maintenance Manual
AOG                  Aircraft On Ground
APU                  Auxiliary Power Unit
AWB                  Airway bill of lading
C.A.A.               Civilian Aviation Authorities of the country of
                     registration.
CBO                  Cycles Between Overhaul
CMM                  Component Maintenance Manual
CR0                  Cycles Remaining before Overhaul
CSN                  Cycles Since New
CSI                  Cycles Since Installation
CSO                  Cycles Since Overhaul
CWO                  Customer Work Order
EO                   Engineering Order
ETOPS                Extended Range Twin Engines Operations
FAA                  Federal Aviation Administration
FAR                  Federal Aviation Regulations
FH                   Flying Hour or Flight Hour
FOD                  Foreign Object Damage
IOD                  Internal Object Damage
JAA                  Joint Aviation Authorities
JAR                  Joint Airworthiness Requirements
LDGS                 Landings
LLP                  Life Limited Parts means a part, component or item which
                     has reached its period of usability and must be replaced.
LSN                  Landings Since New (same as CSN used for landing-gears)
(M)MEL               (Master) Minimum Equipment List.
MPD                  Maintenance Planning Document
MSN                  Manufacturer Serial Number
MTBUR                Mean Time Between Unscheduled Removals
NAA                  National Aviation Authorities
OEM                  Original Equipment Manufacturer (equal to Vendor)
PFR                  Post Flight Report
PN                   Part Number
SB                   Service Bulletin
SN                   Serial Number
SRM                  Structural Repair Manual
TAT                  Turn Around Time
TBO                  Time Between Overhauls
TRO                  Time Remaining before Overhaul
TSI                  Time Since Installation
TSN                  Time Since New
TSO                  Time Since Overhaul
WPIR                 Working Party Inspection Report.
</Table>

Any technical term not otherwise defined herein shall be given in the Orders or
where the context so admits, have the same meaning as defined in the latest
edition of the date hereof in the World Airlines Technical Operation
Glossary (WATOG) published by the International Airline Transport Association.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                                5
<Page>

ARTICLE II - PURPOSE OF THIS AGREEMENT

          During the term of this Agreement, EAS shall undertake at its
          facilities; Aircraft storage, maintenance, repair, modification and
          painting, services on JETBLUE AIRWAYS's Aircraft, upon and according
          to the terms, conditions and provisions provided hereafter, and all
          Maintenance Services that may be agreed upon with JETBLUE AIRWAYS in
          future Orders.

          During the term of this Agreement, JETBLUE AIRWAYS shall, upon an
          exclusive basis, undertake to contract all of its' required aircraft
          storage, maintenance, repair, modification and painting services to
          EAS, upon and according to the terms, conditions and provisions
          provided hereafter, and all Maintenance Services that may be agreed
          upon with JETBLUE AIRWAYS in future Orders.

ARTICLE III - DURATION OF THIS AGREEMENT

          This Agreement shall become effective at it's signature date by both
          Parties and shall remain in effect thereafter the later of, a period
          of five (5) years or the completion of any work performed by EAS under
          the terms and conditions of this Agreement or subsequent Orders.

ARTICLE IV - MANAGEMENT OF MAINTENANCE SERVICES

IV.1      MAINTENANCE SERVICES

IV.1.1    Maintenance Services shall consist of all Aircraft Maintenance
          Services such as: aircraft painting, maintenance checks and
          modifications, including engineering, aircraft storage, component and
          equipment repair and overhaul or other services which may be requested
          by JETBLUE AIRWAYS

IV.2      MANAGEMENT OF MAINTENANCE SERVICES ON AIRCRAFT

IV.2.1    JETBLUE AIRWAYS'S ON SITE REPRESENTATIVE

          JETBLUE AIRWAYS shall designate one or more fully empowered
          Representative(s), to be present at EAS's facility during the
          performance of the Maintenance Services to be performed under this
          Agreement or subsequent Orders.

          In the event the designated Representative(s) are not available during
          performance of the Maintenance Services, JETBLUE AIRWAYS will specify
          the name, address, and telephone/fax of an alternate person who is
          fully empowered and, authorized to perform the duties of a
          representative on JETBLUE AIRWAYS's behalf.

          EAS will provide an office, which shall be mutually agreed upon as
          acceptable to JETBLUE AIRWAYS, with telephone, fax machine and T1 data
          line in the office of no additional charge to JETBLUE.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                                6
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          During the performance of Maintenance Services, EAS will ensure that a
          designated customer support representative will be available and
          facilities will be open to inspection by the JETBLUE AIRWAYS
          Representative. The representative shall comply with all safety
          regulations at the EAS Facility.

          EAS shall hold meetings daily, to review the status of the Maintenance
          Services being performed. EAS shall provide the Representative a
          schedule detailing progress towards redelivery, parts and material
          shortages lists and daily critical action lists. JETBLUE shall also
          have access to EAS's internet site for the purpose of monitoring daily
          progress as defined within the detailed project schedule.

          The representative shall approve all non-standard repairs to the
          Aircraft such as but not limited to; structural repairs out of the
          limits of the Structural Repair Manual (SRM) or any repair out of the
          limits of the Aircraft Maintenance Manual (AMM).

          All costs related to its Representative, such as transportation and
          living expenses shall be borne by JETBLUE AIRWAYS.

          EAS reserves the right to remove from and/or refuse entry and
          re-admission to the site, any person who is not in the opinion of EAS
          complying with any and all applicable security, safety and work
          regulations and instructions or who in the opinion of EAS is not a fit
          person to be allowed on such premises.

IV.2.2    EAS PROJECT MANAGER

          Within one week of the date of the Agreement signature, EAS shall
          appoint a dedicated Project Manager. The Project Manager shall be
          responsible to coordinate all aspects of the preparation, execution
          and closure of all projects associated with JETBLUE Aircraft under
          this Agreement. As required, the Project Manager will be responsible
          to travel to JETBLUE facilities for the coordination of all services.

IV.2.3    MANAGEMENT OF ADDITIONAL WORK

          The performance of additional work on an Aircraft and component
          repair/overhaul, not covered by a fixed price and proposed by EAS
          after inspection of the Aircraft, shall be subject to the prior
          approval of JETBLUE AIRWAYS or its Representative. The Representative
          shall be the only one entitled by JETBLUE AIRWAYS to authorize EAS to
          perform additional work.

          The Representative shall approve additional work proposed by EAS, by
          signing a "Customer Work Order" within twenty-four (24) hours after
          receipt of EAS's fixed price quotation or price estimate. Delay in the
          approval may prohibit EAS from achieving its' time-estimates and/or
          obtaining spare parts necessary to perform the task.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                                7
<Page>

IV.2.4    MANAGEMENT OF CUSTOMER WORK ORDERS

          The performance of additional customer work ordered on an Aircraft or
          component, not covered by the fixed price order, shall be subject to
          tie prior written agreement between EAS and JETBLUE AIRWAYS.

          The customer representative shall submit to EAS a "Customer Work
          Order" specifying additional work to be performed by EAS. EAS shall
          then submit a quotation or price estimate and a schedule impact if
          any, for the additional work ordered and an estimate of the price and
          schedule impacts, if any, to the fixed price order or other additional
          work orders.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                                8
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ARTICLE V - SCOPE OF SERVICES

      All Maintenance Services to be performed by EAS under this Agreement will
      be based on a statement of work or work package, which will describe the
      exact nature of the Maintenance Services to be performed and will be
      included in any request for proposal, proposal offer, and purchase/work
      order. The work package will contain at a minimum; the tally sheets
      summarizing the work package, the individual maintenance job/task cards
      and any applicable E.O's, AD's and/or SB's.

      The Maintenance Services to be performed by EAS may include all or part of
      the following Services as defined by JETBLUE AIRWAYS in the statement of
      work or work package.

            o     Maintenance Planning
            o     Engineering Services
            o     Aircraft Maintenance Services & Modifications which may
                  include the following

                  o     Aircraft reception in maintenance site.
                  o     Aircraft flight-log book analysis.
                  o     Aircraft servicing.
                  o     Cabin loose equipment inventory.
                  o     Aircraft technical cleaning as required for inspection
                        tasks.
                  o     Aircraft Inspection as per the maintenance and
                        modification program specified in the Work package.
                  o     Repair of defects found during inspections and tests.
                  o     Aircraft tests as required by the Work package.
                  o     Engine run.
                  o     Preparation for ferry flight including daily and weekly
                        checks.
                  o     Required Inspection Item (RII) specifying personnel
                        training, and reporting procedures.
                  o     Fuel leaks mapping and repair.
                  o     Engine and/or APU boroscope inspection.
                  o     Engine. APU, or Landing Gear removal and installation.
                  o     Compass swing
                  o     Weighing
                  o     Aircraft modifications

            o     Cabin Refurbishment and Modification
            o     Landing Gear, APU, Engine, Component Repair, Overhaul, or
                  Standard Exchange
            o     Aircraft Painting and Stripping
            o     Long Term Storage which includes

                        o     Supply of parking space.
                        o     Access to the Aircraft for JETBLUE AIRWAYS upon
                              request.
                        o     Storage, and destorage of aircraft.
                        o     Release and Re-delivery of Aircraft for operation
                              or, at JETBLUE AIRWAYS's option, performance
                              maintenance tasks specified in an Order
                        o     Aircraft storage Services may be performed by EAS
                              as part of or in addition to the Work Package
                              specified in an Order.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                                9
<Page>

ARTICLE VI - QUALITY SPECIFICATIONS

      Maintenance Services covered by this Agreement/Orders shall be performed,
      inspected and certified by EAS in accordance with the Title 14 of the Code
      of Federal Regulations of the United States and other FAA applicable
      requirements.

      EAS shall keep full and complete records of all Maintenance Services
      carried out hereunder in accordance with Title 14 of the Code of Federal
      Regulations of the United States. All records shall be available for
      examination and inspection by JETBLUE AIRWAYS and its authorized
      Representative(s) during normal business hours and EAS shall furnish such
      current information with respect to such records as JETBLUE AIRWAYS may
      reasonably require, together with copies, within 5 business days to:

      JETBLUE Airways

      80-02 Kew Gardens Rd 4th Floor
      Kew Gardens NY 11415

      ATTN: Aircraft Records; Barbara Sacher

      EAS shall provide JETBLUE AIRWAYS or the Representative with the
      corresponding documentation as defined in Article IX of this agreement.

      JETBLUE AIRWAYS shall be responsible towards the FAA, forte airworthiness
      of Aircraft, Equipment, and Components including CN's and AD's compliance.
      After completion of the Maintenance Services, EAS shall deliver to JETBLUE
      AIRWAYS documents attesting to the performance of the Maintenance Services
      in accordance with applicable specific standards and requirements
      prescribed to EAS.

      EAS will issue a Certificate for Release For Service (CRS) for an Aircraft
      and an authorized release certificate (FAA Form 8130-3 or equivalent) for
      Components.

            - Under Title 14 CFR Part 145 approval reference, E4ZR914Y.

      Maintenance Services performed by an approved third party contracted by
      JETBLUE AIRWAYS will be signed-off by such third party.

      JETBLUE AIRWAYS shall remain at all times responsible for Aircraft log
      books.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               10
<Page>

ARTICLE VII - SCHEDULING

VII.1 JETBLUE AIRWAYS MAINTENANCE PROGRAM SCHEDULE

      (a)   JETBLUE AIRWAYS will provide to EAS an annual written list of
            planned delivery dates and redelivery dates, which specifies the
            aircraft make and model, registration number, manufacturers serial
            number and check level or other services to be performed on each
            aircraft pursuant to the terms at this agreement. JETBLUE AIRWAYS
            will update these dates semi-annually, on or before the following
            dates of each year: January 1st and July 1st of each year.

      (b)   By mutual agreement JETBLUE AIRWAYS and EAS may amend the delivery
            dates, redelivery dates, forecasts and other schedules from time to
            time as required during the term of this agreement.

VII.2 WORKING PARTY SCHEDULE

      The work schedule and grounding period/TAT for the maintenance service or
      modification work performed by EAS under the terms and conditions of this
      Agreement shall be agreed upon by the Parties, and will be specified in
      each Order.

      The Order will specify the following information:

      -     Date of delivery to EAS of Aircraft history documentation, if
            required.
      -     Date of delivery to EAS of Aircraft customized Maintenance
            documentation.
      -     Date of delivery of Modification kits and customer initial
            provisioning.
      -     Date/schedule for the Maintenance Services to be performed by
            approved third parties contracted by JETBLUE AIRWAYS.
      -     Date of delivery of Aircraft to EAS.
      -     Date of Re-delivery of Aircraft to JETBLUE AIRWAYS.
      -     Operational Constraints of JETBLUE AIRWAYS

      If any specific additional work is agreed to between the Parties and then
      added to the Work package defined in the Agreement/Order the price shall
      be adjusted, if required, and the grounding period/TAT shall be amended,
      and may be extended, if necessary, by the shortest period necessary,
      taking into account the production capabilities of EAS.

      EAS shall continuously inform and keep JETBLUE AIRWAYS updated regarding
      the progress and deviation from the agreed Work package and/or scheduled
      Re-delivery time.

      Without prejudice to the other provisions of this Article, if for any
      reason EAS foresees any possible delay in the Re-delivery to JETBLUE
      AIRWAYS EAS shall immediately advise JETBLUE AIRWAYS thereof and use its
      best efforts to meet the Re-delivery date.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               11
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ARTICLE VIII - PLACE OF WORK AND SUBCONTRACTING

          The Maintenance Services under this Agreement shall be performed at
          EAS's facilities in Lake Charles, LA. JETBLUE AIRWAYS shall, pursuant
          to this Agreement, deliver the Aircraft "DDP EAS Lake Charles, LA.",
          and will accept the Aircraft after performance of the Maintenance
          Services "Ex-Works EAS Lake Charles, LA.",

          EAS may subcontract to third parties whole or part of the Maintenance
          Services with prior approval of JETBLUE AIRWAYS, which will not be
          unreasonably withheld.

ARTICLE IX - DOCUMENTATION

IX.1      DOCUMENTS SUPPLIED BY JETBLUE AIRWAYS

          As required by the order the latest issue of the following documents
          may be required to be supplied by JETBLUE AIRWAYS on arrival of the
          Aircraft with the exception of those documents marked with an asterisk
          (*), which must be supplied to EAS at the latest six (6) weeks before
          Aircraft arrival:

          JETBLUE shall at its earliest convenience allow EAS access to its
          online document library.

IX.1.1    FOR THE APPLICATION OF THE WORK DOCKAGE (AIRCRAFT CUSTOMIZED
          MAINTENANCE DOCUMENTATION)

            -     Approved Maintenance Work Package.
            -     Loose and Emergency Equipment list.
            -     Composition of Fly Away Kit (FAK).
            -     Aircraft Maintenance Manual (AMM) (*).
            -     Wiring Diagram Manual (WDM) (*)
            -     Aircraft Schematic Manual (ASM)(*).
            -     Aircraft Wiring List (AWL)(*).
            -     Illustrated Parts Catalog (IPC) (*)
            -     Aircraft Modification Status List (*).
            -     Aircraft and Material Manifest.
            -     MEL.
            -     Flight manual
            -     Flight Crew Operating Manual (FCOM).
            -     Flight test program if required.
            -     List of Components/parts/kits delivered with the Aircraft.
            -     All Log Books.
            -     List of all Carried Forward defects (1 week before Aircraft
                  delivery).
            -     Components/Galleys CMM specific to the operator.
            -     Weight and Balance Manual (WBM).
            -     JETBLUE AIRWAYS's letter approving EAS in JETBLUE AIRWAYS's
                  quality system and authorizing EAS to stamp JETBLUE AIRWAYS's
                  Aircraft logbook.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               12
<Page>

      EAS shall be entitled to treat the information supplied in the above
      documents as a definitive statement of the actual airworthiness and
      maintenance status of the Aircraft and, except as otherwise specifically
      agreed in writing, EAS shall have no liability for the accuracy of those
      documents.

IX.2  DOCUMENTS SUPPLIED BY EAS

      The WPIR on Aircraft Re-delivery shall be in English and include the
      following as required;

            -     Certificate of compliance for the Maintenance Services
                  performed under EAS's responsibility.
            -     List of Service Bulletins and Modifications incorporated
                  during the Check / Modifications / Maintenance Services.
            -     Performed Customer Work Orders.
            -     List of Airworthiness Directives applied during the Check /
                  Modifications / Maintenance Services.
            -     Scheduled Items List.
            -     Carried Forward Defects.
            -     Test/Analysis reports if applicable.
            -     Weight and balance report, if applicable.
            -     List of approved deviations/concessions and remarks, if
                  applicable.
            -     Status of scheduled/unscheduled Components removed/installed
                  during the Check / Modifications/ Maintenance Services.
            -     Copy of the Defect Reports, including in/out SRM repair.
            -     List of Life Limited Parts installed during Maintenance
                  performance.
            -     Repair mapping
            -     CPCP Reports

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               13
<Page>

ARTICLE X - MATERIAL SUPPLY

      MATERIAL SUPPLY

X.1.1 SPARE PARTS / MATERIALS SUPPLIED BY JETBLUE AIRWAYS

            -     If JETBLUE AIRWAYS is to directly supply any spare parts,
                  materials, components or modification kits then JETBLUE
                  AIRWAYS shall give a list, with the corresponding delivery
                  date of the items to be supplied, no later than one (1) month
                  before Aircraft arrival and will deliver such material not
                  later than one (1) week prior to Maintenance Services
                  starting.

            -     JETBLUE AIRWAYS shall supply all materials, components,
                  modifications kits, and other parts corresponding to specific
                  Maintenance Services (cabin interior, modifications, SBs/ADs)
                  and the counterpart of all removed Rotable Components,
                  according to EAS's needs and/or requests, in a time frame
                  consistent with the grounding period.

            -     The responsibility for the supply of paint materials including
                  type of paint process to be utilized shall be specified in
                  each applicable Order.

            -     All materials and equipment supplied by JETBLUE AIRWAYS shall
                  be delivered DDP EAS Lake Charles, LA. with all documents
                  (authorized release certificate FAA Form or equivalent or
                  JETBLUE AIRWAYS serviceable tag) permitting their fitting on
                  the Aircraft.

            -     EAS shall provide a bonded area for JETBLUE parts and
                  materials. JETBLUE shall have access as required during the
                  term of the Agreement.

            -     Any surplus kit, kit item, hazardous material or equipment not
                  installed on the Aircraft will be scrapped within forty-eight
                  (48) hours from Aircraft re-delivery unless the Representative
                  has given prior shipping instructions in writing to EAS.

X.1.2 SPARE PARTS / MATERIALS SUPPLIED BY EAS

      All other spare parts and consumables material not supplied by JETBLUE
      AIRWAYS but necessary for the execution of the Work Package shall be
      supplied by EAS.

      EAS shall receive prior approval from JETBLUE for the installation of any
      FAA-PMA part, locally manufactured part or material installed per
      Equivalent Substitute List from the OEM.

X.1.3 PROVISIONS FOR EQUIPMENT REMOVED BY EAS

      Upon JETBLUE AIRWAYS's request, parts removed during the performance of
      Maintenance Services shall be either:

      o     Sent to EAS's workshops or,
      o     Sent to workshops designated by JETBLUE AIRWAYS.
      o     Sent to JFK stores,
      o     Returned with the Aircraft.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               14
<Page>

      Parts not sent to workshops and any surplus items removed from the
      Aircraft and not meant to be reinstalled will be kept available in "as is"
      condition for collection by JETBLUE AIRWAYS Ex-Works EAS within two (2)
      weeks after their removal from the Aircraft.

      The Representative shall specify in writing to EAS the
      removal/installation configuration of major equipment such as APU, landing
      gear, engine, to be sent to workshops designated by JETBLUE AIRWAYS.

X.2   SHIPPING PROCEDURE - PACKING - TRANSPORTATION AND DELIVERY

X.2.1 GENERAL

      Each Party undertakes that any part, Component, material or Equipment sent
      to one Party for the purposes of this Agreement shall be packed in
      accordance with the manufacturer's and all applicable recommendations and
      regulations, including ATA 300 specifications. The Parties undertake to
      maintain the packing containers or frames in good and reusable condition.

      The Party in charge of transportation shall be responsible for the proper
      packing and shall comply with all applicable laws related to hazardous
      material.

X.2.2 TRANSPORTATION AND DELIVERY

      (i)   Except when specifically agreed to the contrary, all Aircraft,
            Components and other parts, materials or Equipment on which
            Maintenance Services are to be performed, as well as any such items
            to be supplied by JETBLUE AIRWAYS or to be returned to EAS covered
            by this Agreement shall be delivered DDP to the Delivery Point.

      (ii)  After completion of Maintenance Services, Aircraft, Components and
            other parts, materials or Equipment will be put at the disposal of
            JETBLUE AIRWAYS for collection Ex-Works Delivery Point.

X.2.3 SHIPPING ADDRESSES

      Material shall be shipped to EAS maintenance site as specified in the
      Purchase Order. Shipping addresses shall be as follows:

      EADS Aeroframe Services
      1945 Merganser St.
      Lake Charles, LA. 70615

      Attention: Material Management
      Phone: 337-421-2964

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               15
<Page>

X.3   TRANSFER OF LIABILITY AND TITLE

X.3.1 TRANSFER OF RISK

      For each piece of equipment, component, or part the liability shall be
      transferred from the delivering Party to the receiving Party upon receipt
      and acceptance by the receiving Party or its nominated freight agent,
      under the conditions specified in Article X.2.2.

X.3.2 TRANSFER OF TITLE

      The Aircraft shall remain at all time the exclusive property of JETBLUE
      AIR WAYS.

      Components sent to EAS for repair or overhaul shall remain JETBLUE
      AIRWAYS's property unless a Standard Exchange item is supplied by EAS.
      Then the title of the component shall be transferred to EAS and the title
      of the Standard Exchange item shall be transferred to JETBLUE AIRWAYS.

      Transfer of title shall occur only in case of Standard Exchange or in the
      course of repair.

      Transfer of title shall occur as follows:

      i)    FROM EAS TO JETBLUE AIRWAYS

            Upon installation of the requested component on JETBLUE AIRWAYS's
            Aircraft and subject to conditions of EAS's acceptance as set forth
            in Article X.3.2. ii) hereafter and full payment by JETBLUE AIRWAYS
            of all EAS's relevant invoices.

      ii)   FROM JETBLUE AIRWAYS TO EAS:

            Upon removal of the Unserviceable Component from JETBLUE AIRWAYS's
            Aircraft, subject to EAS's acceptance of the said removed Component,
            after technical investigation, as the Component must necessarily be
            capable of overhaul or repair following wear resulting from use in
            normal operating conditions.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               16
<Page>

ARTICLE XI - FINANCIAL CONDITIONS

XI.1      PRICING

          Prices for Maintenance Service to be performed under the terms and
          conditions of this Agreement will be subject to the schedules
          specified in Exhibit A of this agreement and in any case be specified
          within each order.

XI.1.1    MAINTENANCE SERVICES INCLUDED WITHIN THE FIXED PRICE

          Routine work as specified within the statement of work or work
          package, as per Article V and subject to EAS's Proposal and JETBLUE
          AIRWAYS's Order.

XI.1.2    WORK PERFORMED ON TIME-AND-MATERIAL BASIS

          All Maintenance Services not covered by above Article XI.1.1 shall be
          presented for written approval to JETBLUE AIRWAYS's Representative, in
          accordance with Article IV, and shall be invoiced to JETBLUE AIRWAYS
          on a time-and-material basis.

XI.2      INVOICING

          Invoicing will be made according to the following schedule.

XI.2.1    FIXED PRICE SERVICES

          Maintenance Services, which are subject to a fixed price as per
          Article XI.1.1, shall be invoiced with the following schedule;

          i)    [****] of the fixed price shall be invoiced upon
                signature of the Order by both parties. In the event that the
                aircraft downtime is less than five (5) days, the [****] of
                the fixed price amount shall be invoiced upon signature of the
                Order by both parties.

          ii)   Remaining balance of the fixed price shall be invoiced five (5)
                days before the completion date of the Maintenance Services as
                specified in the order, or five (5) days before the actual
                Aircraft re-delivery, whichever is earlier.

XI.2.2    MONTHLY SERVICES

          Any Maintenance Service subject to a monthly fee shall be invoiced
          [****].

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               17

[****] Represents material which has been redacted and filed separately with
the Commission pursuant to a request for confidential treatment pursuant to
Rule 406 under the Securities Act of 1933, as amended.

<Page>

XI.2.3    TIME AND MATERIAL SERVICES

          All Maintenance Services performed on a time-and-material basis under
          this Agreement will be invoiced upon completion of said Maintenance
          Services according to the following conditions;

          -     Additional work quoted on a fixed price will be invoiced
                according to price specified on CWO.
          -     Additional work quoted on a budgetary basis will be invoiced
                according to the actual cost;
                >     Material and subcontracted work will be invoiced based
                      on the supplier's or subcontractor's invoice plus
                      handling charge as specified in the order.
                >     Maintenance Services performed by EAS, will be invoiced
                      according to the man-hours spent, including engineering,
                      planning, procurement and quality control.

XI.2.4    ADDRESSES TO BE USED FOR INVOICING

          Invoices issued shall be sent to the following address; JETBLUE
          AIRWAYS

          JFK International Airport, Terminal 6
          Jamaica, NY 11430

          Attention of: Hitesh Patel
          Phone:        718-632-4402
          Fax:          718-632-4439

XI.3      CURRENCY OF PAYMENTS

          All expenses related to the Maintenance Services rendered by EAS will
          be invoiced and paid in US Dollars.

XI.4      PAYMENTS

XI.4.1    PAYMENT TERMS

          Except as otherwise agreed upon payment terms shall be as follows.

          Invoices specified in Article XI.2.1 shall be paid by JETBLUE AIRWAYS
          as follows:

          i)    [****] of the fixed price shall be paid within five
                (5) days from the date of receipt of the invoice and in any case
                before Aircraft arrival. In the event that the aircraft down
                time is less than five (5) days the [****] of the fixed
                price shall be paid within five (5) days from the date of
                receipt of the invoice and in any case before Aircraft arrival.

          ii)   Remaining balance of the fixed price shall be paid within
                five (5) days from the date of receipt of the invoice and in
                any case before Aircraft departure.

          Invoices specified in Article XI.2.2 and XI.2.3 shall be paid by
          JETBLUE AIRWAYS within thirty (30) days from the date of receipt of
          the invoice.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               18

[****] Represents material which has been redacted and filed separately with
the Commission pursuant to a request for confidential treatment pursuant to
Rule 406 under the Securities Act of 1933, as amended.

<Page>

XI.4.2    INTEREST FOR DELAYS IN PAYMENT

          If any payment due to EAS is not received on due date, a demand to pay
          shall, ipso facto, be deemed given as of that date and interest shall
          accrue at the rate of [****] percent [****] per month calculated from
          the due date until the day when full payment is received. If any
          applicable statutory limit on interest is less than this rate, then
          the maximum statutory rate shall apply.

          Interest charged under this article shall in no case prejudice EAS's
          rights at law or in equity. EAS may, at its sole discretion, suspend
          performance of its' obligations under this Agreement and related
          Orders until all invoices due are paid in full.

          EAS reserves its ownership rights on all items delivered, work,
          product and other services provided under this Agreement and related
          Orders until full payment of all due invoices, including interest, if
          any, is made.

          JETBLUE AIRWAYS shall inform EAS of any disputed amount within
          twenty-one (21) calendar days from receipt of the relevant invoice. No
          dispute shall be considered if presented to EAS after this period.

          In case JETBLUE AIRWAYS fails to fulfill its obligations of payment
          according to Article XI.4, both Parties agree that EAS has, by virtue
          of its Maintenance Services performed, a right of retention as well as
          a contractual lien of the Aircraft/Component being in custody of EAS.

          JETBLUE AIRWAYS shall not withhold payment of an entire invoice
          because of dispute against any part of the invoice nor shall JETBLUE
          AIRWAYS set off any amounts in dispute against other invoices.
          Disputes will be settled within sixty (60) days from the original date
          of the invoice, after which time the full invoiced amount shall become
          due and payable. After settlement of the dispute, the eventual
          adjustment of the invoice will be made.

XI.6      DUTIES AND TAXES

          The prices for Maintenance Services under this Agreement include, and
          EAS shall be responsible for, the payment of imposts, duties, fees,
          taxes, dues or any other charges whatsoever imposed or levied in
          connection with Maintenance Services before such Services are made
          available for collection by JETBLUE AIRWAYS or are ready for shipment.

          Thereafter, JETBLUE AIRWAYS shall be responsible for the payment of
          all other imposts, duties, taxes, dues or any other charges whatsoever
          imposed or levied in connection with such Maintenance Services.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               19

[****] Represents material which has been redacted and filed separately with
the Commission pursuant to a request for confidential treatment pursuant to
Rule 406 under the Securities Act of 1933, as amended.

<Page>

ARTICLE XII -DELAYS

XII.1 EXCUSABLE DELAYS

      EAS shall not be held responsible nor deemed to be in default under this
      Agreement/Orders for any delay in delivery of Aircraft, Component or other
      performance hereunder due to or arising out of causes beyond its
      reasonable control such as but not limited to: Force Majeure, Acts of God
      or public enemy, war or civil war, insurrection, riot, fire, flood,
      explosion, natural disaster, accident, epidemic, quarantine, restrictions,
      labor dispute in particular external strike, lockout or serious accidents
      (resulting in the cessation, slowdown or stoppage of work), embargoes,
      acts of civil or military Authorities.

      Under no circumstances shall EAS be liable nor deemed to be in default
      under this Agreement/Orders for delays caused by:

        i)    Failure of JETBLUE AIRWAYS to deliver as agreed the Aircraft to
              the place of work, or the required supplies or data, in due time
              and/or serviceable condition and/or sufficient quantity,
        ii)   Inability after due and timely diligence to procure materials
              or parts,
        iii)  Unforeseen or unscheduled major repairs, modifications or
              extensive additional work, as mutually agreed upon by both parties
        iv)   Delays of JETBLUE AIRWAYS in execution of the payment terms,
        v)    Delays of JETBLUE AIRWAYS in making decisions, reference IV
              2.3
        vi)   Delays in Aircraft/Component/Equipment Delivery by JETBLUE
              AIRWAYS to the place of work,
        vii)  Delays of the required Aviation Authorities in approving the
              modification Engineering Order.

      Each Party shall advise the other Party of the existence of any of the
      above-mentioned causes of delay and shall further advise of the cessation
      of such cause or causes. The date of delivery shall be extended for a
      period at least equal to the time lost by reason of the delay.

XII.2 NON EXCUSABLE DELAYS

      If EAS does not redeliver an aircraft on or before the re-delivery date as
      specified in the applicable Order, due to a cause not specified in Article
      XII.1, EAS agrees to pay to JETBLUE AIRWAYS as agreed liquidated damages,
      and not by way of penalty, the amount of [****] dollars
      ($[****]) per day commencing after the second day of the scheduled
      re-delivery date specified in the applicable Order. The total liquidated
      damages paid will be limited, under all circumstances, to [****] percent
      ([****]%) of the fixed price specified in the Order.

      Should the Parties have to pay liquidated damages, such liquidated damages
      shall cancel any right of claim that each Party may avail itself as a
      result of such delay.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               20

[****] Represents material which has been redacted and filed separately with
the Commission pursuant to a request for confidential treatment pursuant to
Rule 406 under the Securities Act of 1933, as amended.

<Page>

ARTICLE XIII - WARRANTY

          The following warranty shall apply for Maintenance Services performed
          by EAS within the scope of the Agreement/Orders.

XIII.1    MANUFACTURER WARRANTY

          EAS will administer warranties. JETBLUE AIRWAYS shall provide EAS no
          later than at the date of signature of the present Agreement with a
          letter authorizing EAS to act on JETBLUE AIRWAYS's behalf towards
          O.E.M. Aircraft manufacturers or Repair Stations.

XIII.2    PROPER PERFORMANCE WARRANTY

          EAS warrants, at the time of Aircraft/Component Re-delivery, the
          Maintenance Services performed by it.

          The proper performance warranty is limited to the correction of
          defects resulting from EAS's intervention, at no extra cost,
          excluding, but not limited to, any claim for compensation for
          commercial losses or loss of profit or use.

          EAS accepts to correct in its workshops any proven faulty workmanship
          occurring within the warranty period shown here below following
          Re-delivery to JETBLUE AIRWAYS unless specified otherwise hereunder:

          -     Nine (9) months for Maintenance Check routine and non-routine
                tasks/on Airframe Structural Maintenance Services,
          -     Six (6) months for Components/Equipment (excluding APU,
                Landing Gear),
          -     Six (6) months for painting excluding deterioration due to fuel
                or hydraulic fluid spillage, whichever occurs first.

          If the Maintenance Services performed on the Aircraft by EAS prove to
          be defective during the warranty period stipulated in Article XIII.2
          of the Agreement, then JETBLUE AIRWAYS will have one of the following
          options:

            -     In case of AOG, then JETBLUE AIRWAYS may request EAS to send
                  one or more specialists in order to proceed to the correction
                  of the defect.
            -     Bring the Aircraft into EAS's facility in Lake Charles, LA.,
                  where the defect will be corrected. EAS shall reimburse
                  JETBLUE the fuel cost associated with repositioning the
                  Aircraft to the EAS Lake Charles facility.
            -     Request to EAS the authorization to proceed to the repair with
                  its own staff. In this case, the cost of rectification shall
                  be agreed upon by both parties prior to the commencement of
                  the repair and in any case shall not exceed the cost of the
                  defective Maintenance Services performed by EAS on the
                  Aircraft.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               21
<Page>

XIII.3    WARRANTY GENERAL CONDITIONS

          Proper performance warranty is subject to written notification by
          JETBLUE AIRWAYS to EAS of its claim within eight (8) business days
          maximum after the discovery of the defect.

XIII.4    WARRANTY PERFORMANCE

          JETBLUE AIRWAYS shall make its warranty claim enclosing a detailed
          written report of the defects observed, giving the reasons, the
          conditions and circumstances of the defects.

          The above details shall be forwarded to EAS, immediately and within a
          maximum of three (3) weeks of discovering the defects.

          For Equipment/Components under warranty, the defective item will be
          delivered by JETBLUE AIRWAYS, for repair or Standard Exchange
          hereafter. With prior EAS approval, freight costs shall be the
          responsibility of EAS. EAS shall proceed in its workshops to the
          corrective actions at its own costs. For Aircraft under warranty, in
          case of AOG, EAS will send one or more specialist(s) to proceed to the
          repair work.

          Should the warranty claim be rejected, the repair Maintenance Services
          including shipping costs and specialists assignment (if applicable)
          will be invoiced to JETBLUE AIRWAYS on a time-and-material basis in
          accordance with terms and conditions of Article XI "Financial
          Conditions".

XIII.5    WARRANTY EXCLUSION

XIII.5.1  Warranties shall not apply if the Aircraft, Equipment or Components
          are not used, stored or handled by JETBLUE AIRWAYS or any other third
          party in accordance with all the manufacturers instructions and
          recommendations. EAS shall not warrant parts or Equipment which have
          been tested and/or installed by EAS and were declared Serviceable but
          not repaired or overhauled by EAS. The warranty set forth in Article
          XIII.1 and Article XIII.2 shall not apply to defects, non conformity,
          failure or abnormal wear and tear, which are attributable in whole or
          in part to misuse, negligence, accident resulting from non-conformance
          or non-compliance by JETBLUE AIRWAYS in storage, installation,
          maintenance, repair or modification, with EAS's or Aircraft/Components
          Manufacturer's, operation, maintenance, overhaul manuals or other
          approved related instructions and/or FOD, DOD, IOD or damage by the
          elements.

XIII.5.2  The warranty shall cease to apply if JETBLUE AIRWAYS or any third
          party undertakes any action on an area, Equipment or Component
          normally covered by EAS's or OEM warranty.

XIII.5.3  EAS does not warrant materials or parts supplied by JETBLUE AIRWAYS.
          The warranties associated with these materials and parts will pass
          directly from the manufacturer to JETBLUE AIRWAYS, subject to Article
          XIII.1.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               22
<Page>

ARTICLE XIV - LIABILITY

XIV.1     CLAIMS

          Subject to the terms of Sections XIII.2 above and XIV.2 below, each
          Party and its insurers (as the "Indemnifying Parties") agree to hold
          harmless the other Party and its members, employees, sub-contractors
          and insurers from all claims, costs and damages (including without
          limitation, damages to either Party's equipment, personnel, properties
          and/or Aircraft, arising from bodily injury or damages to properties
          or any loss in accordance with or in consequence of the performance of
          Maintenance Services under this Agreement and its Annexes or
          Appendices or Attachments or Amendments or Orders and arising directly
          or indirectly, totally or partially from the execution of the
          Agreement), to the extent caused by the willful or gross negligent
          acts or omissions of such Indemnifying Parties.

XIV.2     DAMAGES

          Each Party hereto shall be fully liable for any loss, cost, damage and
          injury to its personnel and undertakes on its own behalf and that of
          its insurers to hold harmless the other Party from any such claims and
          damages save and except if such loss, cost, damage or injury results
          from the wilful misconduct or gross negligence of the other Party.

XIV.3     TRANSPORT LIABILITY

          JETBLUE AIRWAYS shall be responsible of all claims against transport's
          agent for transport of its properties to and from Delivery Point. EAS
          will supply to JETBLUE AIRWAYS any document, which shall allow JETBLUE
          AIRWAYS the proper filing and administration of such a claim.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               23
<Page>

ARTICLE XV - INSURANCE

XV.1  JETBLUE AIRWAYS'S INSURANCE

      JETBLUE AIRWAYS shall at all times during the term of this agreement, at
      its own cost and expense, carry and maintain aviation liability and hull
      insurance on the aircraft with such insurers in the following amounts and
      types:

      1)    Aircraft Liability and Ground Insurance (Including comprehensive
            passenger and public liability):
            a.    Bodily Injury and Personal Injury -- [****]
                  [****] U.S. Dollars ($[****]) combined single
                  limit per occurrence
            b.    Bodily Injury and Personal Injury -- Third Person: [****]
                  [****] U.S. Dollars ($[****]) combined
                  single limit per occurrence
            c.    Property Damage Broad Form: [****]
                  U.S. Dollars ($[****]) combined single limit per
                  occurrence
      2)    Worker's compensation Insurance and Employer's Liability Insurance
            with limits of not less than [****] U.S. Dollars ($[****])
            per occurrence, unless otherwise required by law.
      3)    All Risk Hull Insurance on the Aircraft for the full insurable
            replacement value thereof.
      4)    All such insurance shall include EAS as an additional insured
            thereunder (but without imposing upon the additional insured any
            obligation imposed upon insured including, without limitation, the
            liability to pay premiums) and shall be endorsed to provide that the
            insurance afforded to, or with respect to the interest of, EAS shall
            not be invalidated by any breach of the insuring conditions by
            JETBLUE.

XV.2  EAS'S INSURANCE

      EAS shall at all times during the term of this agreement maintain in force
      the following insurance in the amount specified:

      1)    General Liability Insurance with a combined single limit of
            liability of not less than [****] U.S.
            Dollars ($[****]) for comprehensive bodily injury, property
            damage, premised, products and completed operations coverage.
      2)    Hangar Keepers Liability Insurance with limits of not less than
            [****] U.S. Dollars ($[****]) per occurrence.
      3)    Worker's compensation Insurance and Employer's Liability Insurance
            with limits of not less than [****] U.S. Dollars ($[****])
            per occurrence, unless otherwise required by law.
      4)    All such insurance shall include JETBLUE as an additional insured
            thereunder (but without imposing upon the additional insured any
            obligation imposed upon insured, including, without limitation, the
            liability to pay premiums) and shall be endorsed to provide that the
            insurance afforded to, or with respect to the interest of, JETBLUE
            shall not be invalidated by any breach of the insuring conditions by
            EAS.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               24

[****] Represents material which has been redacted and filed separately with
the Commission pursuant to a request for confidential treatment pursuant to
Rule 406 under the Securities Act of 1933, as amended.

<Page>

XV.3  INSURANCE CERTIFICATES

      Both parties agree to furnish to the other party hereto, as soon as
      reasonably available following the execution of this Agreement, but in no
      event later than commencement of the Services to be provided by EAS
      hereunder, underwriters' certificates (or brokers' certificates on their
      behalf) certifying that all of the required insurance is in full force and
      effect, and describing such insurance and the limits in reasonable detail,
      that the same host been properly endorsed with respect to this contractual
      undertaking and waiver of subrogation as provided above, and that such
      other party shall be given thirty (30) days prior written notice by the
      insurers in the event the insurers desire to cancel or make any material
      changes to such insurance or any part thereof or any such insurance is
      scheduled to expire without being renewed.

ARTICLE XVI - WAIVER

      The warranties and liabilities of EAS set forth in Articles XIII, XIV are
      expressly in lieu of, and JETBLUE AIRWAYS hereby waives and releases EAS
      from any and all other warranties, agreement guarantees conditions,
      duties, obligations, remedies, any direct, indirect or incidental or
      consequential damages whether in contract or in tort, loss such as but not
      limited to loss of operation, of profit or of use, or liabilities, whether
      express or implied, arising by law, custom or otherwise as to the title,
      airworthiness, value, quality, durability, description, condition, design,
      operation or merchantability, or the absence of any infringement of any
      patent, copyright, design, or other proprietary right, or fitness for use
      for a particular purpose, or as to the quality of the material or
      workmanship of Maintenance Services, the absence there from of latent
      discoverable, or as to any other representation or warranty whatsoever,
      express or implied (including any implied warranty arising from a course
      of performance or dealing or usage of trade) with respect to the
      Maintenance Services. JETBLUE AIRWAYS hereby waives, releases, renounces
      and, disclaims expectation of or reliance upon any such representation or
      warranties, it being understood that all conditions, warranties and
      representations (or obligations or liabilities in contract or in tort) in
      relation to any of those matters, express or implied, statutory or
      otherwise are expressly excluded. No agreement or understanding altering
      or extending EAS liability will be binding on EAS except if in writing and
      signed by duly authorized EAS Representatives.

      The Parties agree that this Article has been the subject of discussion and
      negotiation and is fully understood by the Parties and that the terms and
      conditions of this Agreement were arrived at in consideration of the
      provisions of this Article specifically including the limitations set
      forth in Article XVI.

ARTICLE XVII - INTELLECTUAL PROPERTY RIGHTS

      The performance by EAS of Maintenance Services shall not constitute in any
      way for JETBLUE AIRWAYS a transfer or any right of use, of all or part of
      the intellectual property rights owned by EAS or licensed to EAS by any
      third party. EAS shall remain the exclusive owner of any intellectual
      property rights related to the Maintenance Services such as, but not
      limited to: job cards, task cards or industrial process.

      JETBLUE shall remain the exclusive owner of any intellectual property
      rights related to the Maintenance Services such as, but not limited to:
      E.O.'s, job cards, task cards or industrial process.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               25
<Page>

ARTICLE XVIII - TERMINATION

      Either party may terminate this Agreement/Orders at any time, upon ninety
      (90) days notice in writing to the other party.

      Notwithstanding termination or assignment as per terms and conditions
      stipulated in Article XX.7 herein, each Party agrees to fulfill all
      obligations which accrued under this Agreement and related Orders prior to
      the time that termination or assignment becomes effective.

ARTICLE XIX - GOVERNING LAW

XIX.1 CHOICE OF LAW - VENUE

      This agreement and any dispute arising under or in connection with it
      shall be governed by and interpreted in accordance with the substantive
      laws of the State of New York. United States of America (USA), that are
      applicable to contracts made and to be performed in that state, regardless
      of the laws that otherwise govern under applicable principles of conflicts
      of laws. Any litigation arising under or relating to this Agreement or
      related documents shall be brought and jurisdiction and venue shall be
      proper only in a state or federal district court in the state of New York,
      U.S.A.

ARTICLE XX - MISCELLANEOUS

XX.1  NOTICES

      All notices between the Parties shall be given in writing by mail or fax
      to the following addresses:

        a) JETBLUE AIRWAYS
           80-02 Kew Gardens
           Kew Gardens, NY 11415

           Attention: Hitesh Patel
           Fax:       718-632-4439

        b) EADS AEROFRAME SERVICES, LLC
           1945 Merganser St.
           Lake Charles. LA 70615
           Attention: Contracts Manager

           Fax: (337) 421-2922

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               26
<Page>

XX.2  APPLICABLE LANGUAGE

      All correspondence, documents and other written matters (including
      technical documents) in connection with this Agreement/Orders shall be in
      English.

      This Agreement has been agreed and prepared in the English language. In
      the event of any translation of this Agreement or any part thereof into
      other language, the same shall continue to be construed and interpreted
      according to the English language version, which shall therefore prevail
      in the event of any conflict.

XX.3  SEVERABILITY

      Should any of the provisions and conditions herein prove void, being
      contrary to public policy, the remainder of this agreement shall be valid
      unless the concerned provision constitutes a main part of the Agreement.

      If any provision of this Agreement is declared unlawful or unenforceable
      as a result of final administrative, legislative or judicial action, the
      Parties agree that this Agreement shall be deemed to be amended to conform
      with the requirements of such action, but in such a manner as to achieve
      the intent of the Parties under this Agreement to the fullest extent
      possible, and that all other provisions of this Agreement shall remain in
      full force and effect.

XX.4  PREVIOUS AGREEMENTS

      This Agreement supersedes any agreement(s) and/or previous provision(s),
      whether written or oral, which may have occurred between both Parties on
      the matter subject of the Agreement, prior to the execution of the
      agreement.

XX.5  PRECEDENCE

      In case of conflict between this Agreement and the Orders making reference
      to this Agreement, the Orders shall prevail over the Agreement.

XX.6  ASSIGNMENT

      This Agreement and its rights and obligations shall not be assigned or
      transferred or otherwise delegated, in whole or in part, in any manner
      either voluntarily or by operation of law, by either Party without the
      prior written consent of the other Party.

      In case one Party enters into agreements with other entities in connection
      with the subject matters of this Agreement, the assigning Party will
      preserve the rights of the other Party and shall take all necessary
      actions to ensure that the assignee will act as a substitute for any
      rights and obligations which accrued from date of signature of this
      Agreement.

      Should the assignee fail to fulfill such rights preservation, the
      assigning Party shall remain the only responsible Party towards the other
      Party.

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EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               27
<Page>

XX.7  CONFIDENTIALITY

      Unless otherwise agreed, this Agreement and all related Orders and all
      information including proprietary information becoming available or coming
      into the possession or knowledge of either Party by virtue of this
      Agreement and all related Orders or their performance shall at all times
      be treated by the Parties hereto as confidential and shall not be
      published, disclosed or circulated except (and only insofar as is
      necessary) in connection with the performance by the Parties hereto of
      their obligations under this Agreement and all related Orders or for the
      purpose of legal proceedings relating thereto.

      Both Parties shall ensure that the undertaking contained in this Article
      shall be brought to the notice of all employees, servants and agents
      engaged upon Maintenance Services in connection with the Agreement.

      The obligations of the Parties under this Article shall survive and
      continue for a five (5) year period after the discontinuance, termination
      or cancellation of this Agreement or any part thereof and shall be binding
      on authorized assignees and successors in title of the Parties hereto.

XX.8  NON WAIVER

      The failure of EAS or JETBLUE AIRWAYS to enforce at any time any of the
      provisions of this Agreement, or to exercise any option herein provided,
      or to require at any time performance by either party any of the
      provisions herein, shall in no way be construed to be a present or future
      waiver of such provisions nor in any way to affect the validity of this
      Agreement or any part thereof, or the right of EAS or JETBLUE AIRWAYS to
      enforce each and every such provision.

XX.9  HEADINGS

      The headings of any clauses, sub-articles or Articles are given only for
      convenience and shall not in any case be interpreted so as to extend or
      limit the interpretation of such clauses, sub-articles or Articles.

--------------------------------------------------------------------------------
EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                               28
<Page>

      In witness thereof this Agreement has been executed in duplicate by a duly
      authorized representative of each one of the Parties hereto.

Each Party acknowledges receipt of its own original copy in English.

Duly authorized for and on behalf of    Duly authorized for and on behalf of
EADS AEROFRAME SERVICES, LLC            JETBLUE AIRWAYS

Signature: /s/ [Illegible]              Signature:  /s/ [Illegible]
           /s/ [Illegible]

Title: President & CEO                  Title: DIRECTOR OF MAINTENANCE

Name:  Eric Schulz                      Name:  HITESH H. PATEL

Date:  11/20/01                         Date: 11/20/01

--------------------------------------------------------------------------------
EAS/J3K-1001
22 October 2001                                                               28
<Page>
                                   EXHIBIT "A"

                                     to the
          Agreement for Aircraft Maintenance and Modification Services
                                 By and Between
                          EADS Aeroframe Services, LLC
                                       and
                                     jetBlue

                                     PRICING

SCHEDULE 1: FIXED PRICE MAINTENANCE SERVICES

Fixed prices services are offered to JETBLUE AIRWAYS as follows, subject to the
conditions specified below.

PRICES ARE VALID FROM 01 JANUARY 2002 THROUGH [****].

<Table>
<Caption>
--------------------------------------------------------------------------------
      AIRCRAFT TYPE          CHECK                        PRICE
      -------------          -----                        -----
--------------------------------------------------------------------------------
<S>                          <C>                       <C>
           A320                 C1                      [****] USD
--------------------------------------------------------------------------------
           A320                 C2                      [****] USD
--------------------------------------------------------------------------------
           A320                 C3                      [****] USD
--------------------------------------------------------------------------------
           A320                 C4                      [****] USD
--------------------------------------------------------------------------------
</Table>

CONDITIONS

      o     Prices herein are based an a standard A320 C check from the A320 MPD
            Rev 23.
      o     Final pricing subject to review of the jetBlue work package.
      o     Pricing assumes aircraft average 4200 FH and 2000 FC per year.

INCLUDING:

      o     Manpower and consumable materials necessary to perform maintenance
            services
      o     C1, C2, and C3 checks: Includes labor far rectification of all
            defects discovered during the performance of routine inspection
            tasks per the work package.
      o     C4 check: Includes up to 20 man-hours of labor per task card for
            rectification of defects discovered during the performance of
            routine inspection tasks per the work package. Customer will be
            charged for each hour incurred over the 20 man-hour threshold (i.e.
            21 man hours incurred will result in 1 hour billed to the customer)
      o     Includes material up to $[****] per line item (number of parts x
            unit price = line item) for rectification of defects discovered
            during the performance of routine inspection tasks per the work
            package. Customer will be charged total value for each non-routine
            line item that exceeds the $[****] threshold (i.e. $[****] line item
            value will result in the customer being billed $[****])
      o     Daily or weekly check as required.

BUT EXCLUDING ANY COST RELATED TO:

      o     Fuel tank rectification (leaks, decontamination)
      o     Rectification resulting from Customer Work Orders
      o     Rectification of defects listed in hold items list or aircraft log
            books
      o     Rectification of existing repairs if not in-line with manufacturer's
            specification or certified drawings
      o     Component repair/overhaul, shop inspection, tests, or modifications
      o     Fuel supply
            Flight test

      IMMEDIATELY ABOVE LISTED ITEMS WILL BE CHARGED ON TIME AND MATERIAL BASIS

--------------------------------------------------------------------------------
Exhibit A to EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                                1

[****] Represents material which has been redacted and filed separately with
the Commission pursuant to a request for confidential treatment pursuant to
Rule 406 under the Securities Act of 1933, as amended.

<Page>

SCHEDULE 2: ADDITIONAL SERVICES

The additional services listed below are offered to JETBLUE AIRWAYS on a fixed
price basis, subject to the conditions specified herein.

PRICES ARE VALID FROM 01 JANUARY 2002 THROUGH [****].

<Table>
<Caption>
----------------------------------------------------------------------------------------
DESCRIPTION OF SERVICE        A/C CONFIGURATION             INCLUDES            PRICE
----------------------        -----------------             --------            -----
<S>                          <C>                       <C>                    <C>
A Check                                                                       [****] USD
----------------------------------------------------------------------------------------
APU Borescope (full)         APU installed on A/C      Inspection & Report    [****] USD
----------------------------------------------------------------------------------------
Engine Borescope (full)      Engine Installed on       Inspection & Report    [****] USD
                                       A/C
----------------------------------------------------------------------------------------
Ground Static Check (run     AIB Ground Check          A/C Towing, Test &     [****] USD
up)                                                         Report
----------------------------------------------------------------------------------------
Engine removal and           A/C in Maintenance                               [****] USD
reinstallation Per Engine      Configuration-
                                Cowling on Pylon
----------------------------------------------------------------------------------------
APU removal and              A/C in Maintenance        Remove/Reinstall &     [****] USD
reinstallation                 Configuration             Consumables
----------------------------------------------------------------------------------------
MLG removal and                 A/C on Jacks           Remove/Reinstall &     [****] USD
reinstallation Per Gear                                  Consumables
----------------------------------------------------------------------------------------
NLG removal and                 A/C on Jacks                                  [****] USD
reinstallation
----------------------------------------------------------------------------------------
MLG/NLG Wheel                                                                 [****] USD
----------------------------------------------------------------------------------------
Daily Check                                                                   [****] USD
----------------------------------------------------------------------------------------
Weekly Check                                                                  [****] USD
----------------------------------------------------------------------------------------
Cabin Commercial Clean                                                        [****] USD
----------------------------------------------------------------------------------------
External Wash                                                                 [****] USD
----------------------------------------------------------------------------------------
Sand & Paint                                           Paint & Consumables    [****] USD
----------------------------------------------------------------------------------------
</Table>

SCHEDULE 3: HOURLY LABOR RATES

The following man-hours rates shall be utilized for all time and material
related services.

RATES ARE VALID FROM 01 JANUARY 2002 THROUGH [****].

<Table>
<Caption>
                                           -------------------------------------

LABOR RATES                                          HOURLY LABOR RATE
--------------------------------------------------------------------------------
<S>                                                  <C>
Maintenance Services-- Routine & Non-
Routine                                                 [****] USD
--------------------------------------------------------------------------------
Engineering Services                                    [****] USD
--------------------------------------------------------------------------------
DER/DAR                                                 [****] USD
--------------------------------------------------------------------------------
</Table>

--------------------------------------------------------------------------------
Exhibit A to EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                                2
<Page>

SCHEDULE 4: FIELD REPAIR RATES

The following rates shall be utilized for all services requested by JETBLUE
AIRWAYS that shall be performed at a location other than EAS's facility in Lake
Charles, LA.

RATES ARE VALID FROM 01 JANUARY 2002 THROUGH [****].

<Table>
<Caption>
--------------------------------------------------------------------------------
                                    PER DIEM
FIELD REPAIR TEAM    LABOR RATE      DOMESTIC          PER DIEM (INTERNATIONAL)
--------------------------------------------------------------------------------
<S>                  <C>           <C>                 <C>
Team Leader          [****] USD     US GOV. JTR               US GOV. JTR
--------------------------------------------------------------------------------
Engineer             [****] USD     US GOV. JTR               US GOV. JTR
--------------------------------------------------------------------------------
Supervisor           [****] USD     US GOV. JTR               US GOV. JTR
--------------------------------------------------------------------------------
Mechanic             [****] USD     US GOV. JTR               US GOV. JTR
--------------------------------------------------------------------------------
</Table>

SCHEDULE 5: MATERIAL HANDLING CHARGES

The following charges shall be applied to all material procurement,
subcontracted services and component exchanges or loans.

RATES ARE VALID FROM 01 JANUARY 2002 THROUGH [****].

<Table>
<Caption>
--------------------------------------------------------------------------------
                                                                 MARKUP BASIS
MATERIALS                        MARKUP      CAP PER ITEM      (CATALOG OR COST)
--------------------------------------------------------------------------------
<S>                              <C>         <C>               <C>
jetBlue Supplied Materials       [****]          [****]            Not Applicable
--------------------------------------------------------------------------------
Sales from Inventory             [****]          [****] USD            CATALOG
--------------------------------------------------------------------------------
Direct Purchases/Sub-
Contracted Services for
jetBlue                          [****]          [****] USD            CATALOG
--------------------------------------------------------------------------------
Component Exchanges              [****]          [****] USD             COST
--------------------------------------------------------------------------------
Component Loans                  [****]          [****] USD             COST
--------------------------------------------------------------------------------
</Table>

--------------------------------------------------------------------------------
Exhibit A to EAS/JETBLUE AIRWAYS-1001
22 October 2001                                                                3

[****] Represents material which has been redacted and filed separately with
the Commission pursuant to a request for confidential treatment pursuant to
Rule 406 under the Securities Act of 1933, as amended.<Page>

                                                             EXHIBIT 10.6

                              EMPLOYMENT AGREEMENT

            THIS EMPLOYMENT AGREEMENT (the "Employment Agreement"), dated as of
this 23rd day of November, 1998, is entered into by and among New Air
Corporation (the "Company" or "Employer") and David Neeleman ("Executive"). In
consideration of the mutual covenants and agreements hereinafter set forth, the
parties agree as follows:

            1. EMPLOYMENT.

            1.1. POSITION. During the Employment Term (as hereinafter defined)
and subject to the terms and conditions set forth herein, the Company agrees to
employ Executive as its Chief Executive Officer reporting to the Board of
Directors of the Company.

            1.2. DUTIES. Executive shall diligently, and to the best of his
ability, perform all such duties incident to his positions and use his best
efforts to promote the best interests of the Company.

            1.3. TIME TO BE DEVOTED TO EMPLOYMENT. During the Employment Term,
Executive shall devote his full time and energy to the business of the Company
and shall not be engaged in any competitive business activity without the
express written consent of the Company. Executive hereby represents that he is
not a party to any agreement which would be an impediment to entering into this
Employment Agreement and that he is permitted to enter into this Employment
Agreement and perform his obligations hereunder.

            2. COMPENSATION AND BENEFITS.

            2.1. ANNUAL SALARY. In consideration of and as compensation for the
services agreed to be performed by Executive hereunder, the Company agrees to
pay Executive commencing on the Effective Date a starting annual base salary of
Two Hundred Thousand dollars ($200,000), payable in accordance with the
Company's regular payroll schedule ("Base Salary"), less applicable withholdings
and deductions. The Base Salary will be subject to increase at the sole
discretion of the Board of Directors of the Company.

            2.2. PERFORMANCE BONUS. Executive shall be entitled to bonuses in
accordance with the Company bonus plan for Company officers to be established
and implemented by the Board of Directors of the Company payable in accordance
with the Company's standard policy, provided that Executive shall be entitled to
a guaranteed minimum annual bonus of $75,000 (the "Guaranteed Bonus") during the
Employment Term. The Company will deduct and withhold from any bonus payable to
Executive hereunder any and all applicable Federal, state and local income and
employment withholding taxes and any other amounts required to be deducted or
withheld by the Company under applicable statute or regulation.

            2.3. PARTICIPATION IN BENEFIT PLANS. During the Employment Term,
Executive shall be entitled to participate in any pension, group insurance,
Section 401(k), vision, dental, medical hospitalization, annual physical,
disability or other similar benefit plan, to the extent permitted by law, that
may from time to time be adopted by the Board of Directors of the Company, that
is generally available to the other executive officers of the Company. The
Company reserves the right to amend, modify or terminate any employee benefits
at any time for
<Page>

any reason. Until such time as the Company's medical plans are in place, the
Company shall reimburse Executive's cost in continuing his existing medical
insurance coverage under COBRA.

            2.4. REIMBURSEMENT OF EXPENSES; MOVING EXPENSES. The Company shall
reimburse Executive for all reasonable business expenses incurred by Executive
on behalf of the Company during the Employment Term, provided that: (i) such
reasonable expenses are ordinary and necessary business expenses incurred on
behalf of the Company, and (ii) Executive provides the Company with itemized
accounts, receipts and other documentation for such expenses as are reasonably
required by the Company. The Company shall also reimburse Executive for
relocation expenses incurred within six months of the date hereof in connection
with Executive's relocation to the New York City area (including the real estate
commission on the sale of Executive's current home).

            2.5. VACATION. During the Employment Term, Executive will be
entitled to five (5) weeks of paid vacation per annum.

            3. EMPLOYMENT TERM.

            3.1. EMPLOYMENT TERM. The "Employment Term" means the period
commencing on the closing of the Company's first equity financing which yields
proceeds to the Company in excess of $5 million (the "Effective Date") and
terminating on the earlier of five (5) years from the Effective Date or as set
forth in Section 4.1.

            3.2. NOTICE OF RENEWAL. At least sixty (60) days prior to the
natural expiration of the initial Employment Term of this Employment Agreement
and sixty (60) days prior to each one-year anniversary thereafter, if
applicable, the Company shall give Executive written notice of whether the
Company will be seeking a one-year extension of Executive's services beyond the
initial Employment Term or subsequent one-year period, if applicable. Unless
such notice indicates that there will be no extension, the term of this
Employment Agreement shall be automatically renewed for successive one-year
periods. However, Executive's employment with Employer will continue unless
terminated by Executive or the Company as set forth in Section 4.1.

            4. TERMINATION OF EMPLOYMENT.

            4.1. METHOD OF TERMINATION. Executive's employment pursuant to this
Employment Agreement and the Employment Term provided for herein shall terminate
upon the first of the following to occur (either with the Company, or the
Company or its successors):

                  A. Executive's death; or

                  B. Date that written notice is deemed given or made by the
Company to Executive that as a result of any physical or mental injury or
disability, he is unable to perform the essential functions of his job, with or
without reasonable accommodation. Such notice may be issued when the Board of
Directors of the Company has reasonably determined that Executive has become
unable to perform substantially his services and duties hereunder with or
without reasonable accommodation because of any physical or mental injury or
disability, and that it is

                                       2
<Page>

reasonably likely that he will not be able to resume substantially performing
his services and duties on substantially the terms and conditions as set forth
in this Employment Agreement; or

                  C. Date that written notice is deemed given or made by the
Company to Executive of termination for "Cause" (for purposes of this Employment
Agreement, "Cause" shall have the meaning set forth in that certain Restricted
Stock Purchase Agreement dated as of September 18, 1998 (the "Restricted Stock
Purchase Agreement") between the Company and Executive); or

                  D. Date that written notice is deemed given or made by
Executive of his voluntary departure or resignation as an employee of the
Company; or

                  E. Date that written notice is deemed given or made by the
Company to Executive of Executive's termination without "Cause."

Nothing herein alters Executive's and the Company's separate right to terminate
the employment relationship at any time, for any reason, with or without Cause.

            4.2. NOTICE OF TERMINATION. Any termination of Executive's
employment either by the Company or by Executive shall be communicated by
written Notice of Termination to the other party hereto in accordance with
Section 7.1 hereof.

            4.3. DATE OF TERMINATION. "Date of Termination" shall mean the date
specified in the Notice of Termination.

            4.4. EFFECT OF TERMINATION WITHOUT CAUSE. In the event the Company
terminates Executive's employment with the Company without Cause, Executive
shall be entitled to his then existing Base Salary and the Guaranteed Bonus for
the entire period remaining of the Employment Term, payable in accordance with
standard Company policy. Executive will receive an immediate lump sum payment of
all unpaid and accrued vacation up to the Date of Termination.

            4.5. EFFECT OF TERMINATION FOR OTHER EVENTS. Upon the termination of
Executive for any reason other than as set forth in Section 4.4 hereof,
Executive will not be entitled to any additional compensation or other rights or
benefits from the Company, and, as a result, the Company shall be obligated to
pay Executive only that portion of his then existing Base Salary that Executive
has earned prior to the Date of Termination of Executive's employment with the
Company. Executive will also receive an immediate lump payment for all unpaid
and accrued vacation up to the Date of Termination.

            4.6. RESIGNATION AS AN OFFICER AND DIRECTOR. In the event
Executive's employment with the Company terminates for any reason, Executive
agrees to immediately resign as an officer and/or director of the Company.

                                       3
<Page>

            5. CONFIDENTIAL INFORMATION AND COVENANT NOT TO COMPETE.

            5.1. Executive understands that the Company and its affiliates
possess Proprietary Information (as defined below) which is important to its
business and that this Employment Agreement creates a relationship of confidence
and trust between Executive and the Company and its affiliates with regard to
Proprietary Information. Nothing in this Section 5 shall be deemed modified or
terminated in the event of the termination or expiration of this Employment
Agreement.

            5.2. For purposes of this Employment Agreement, "Proprietary
Information" is information that was or will be developed, created, or
discovered by or on behalf of the Company and its affiliates and predecessors,
or is developed, created or discovered by Executive while performing services
under this Employment Agreement, or which became or will become known by, or was
or is conveyed to the Company and its affiliates which has commercial value in
the Company's and its affiliates' business. "Proprietary Information" includes,
but is not limited to, trade secrets, ideas, techniques, business, product, or
development plans, customer information, and any other information concerning
the Company's and its affiliates' actual or anticipated business, development,
personnel information, or which is received in confidence by or for the Company
and its affiliates from any other person.

            5.3. At all times, both during the term of this Employment Agreement
and after its termination, Executive will keep in confidence and trust, and will
not use or disclose, any Proprietary Information without the prior written
consent of the Company's Board of Directors.

            5.4. Executive understands that the Company and its affiliates
possess or will possess "Company Documents" which are important to its business.
For purposes of this Employment Agreement, "Company Documents" are documents or
other media that contain or embody Proprietary Information or any other
information concerning the business, operations or plans of the Company and its
affiliates, whether such documents have been prepared by Executive or by others.
"Company Documents" include, but are not limited to, blueprints, drawings,
photographs, charts, graphs, notebooks, customer lists, computer disks,
personnel files, tapes or printouts and other printed, typewritten or
handwritten documents. All Company Documents are and shall remain the sole
property of the Company. Executive agrees not to remove any Company Documents
from the business premises of the Company or deliver any Company Documents to
any person or entity outside the Company, except as required to do in connection
with performance of the services under this Employment Agreement. Executive
further agrees that, immediately upon the Company's request and in any event
upon completion of Executive's services, Executive shall deliver to the Company
all Company Documents, apparatus, equipment and other physical property or any
reproduction of such property.

            5.5. NON-SOLICITATION. For so long as shares of Class A-1 Common
Stock held by Neeleman Holdings, LC continue to vest in accordance with the
terms of the Restricted Stock Purchase Agreement and for one-year thereafter if
the vesting of all such shares is accelerated pursuant to Section D.5 thereof
(the "Compliance Period"), Executive will not encourage or solicit any employee
of the Company or any affiliate to leave the Company's or any affiliate's

                                       4
<Page>

employ for any reason or interfere in any material manner with employment
relationships at the time existing between the Company and its current
employees, except as may be required in any bona fide termination decision
regarding any Company employee

            5.6. NON-COMPETITION. During the Compliance Period, Executive shall
not directly or indirectly own, manage, operate, join, control or participate in
the ownership, management, operation or control of, or be employed by or
connected in any manner with, any enterprise which is engaged in any business
competitive with that which the Company is at the time conducting or proposing
to conduct; PROVIDED, however, that such restriction shall not apply to any
passive investment representing an interest of less than two percent (2%) of an
outstanding class of publicly traded securities of any corporation or other
enterprise which is not, at the time of such investment, engaged in a business
geographically competitive with the Company's business.

            5.7. Executive acknowledges that the specialized nature of his
knowledge of the Company's Proprietary Information, trade secrets and other
intellectual property are such that a breach of his covenant not to compete or
confidentiality obligations contained in this Section 5 of this Employment
Agreement would necessarily and inevitably result in a disclosure,
misappropriation and misuse of such Proprietary Information, trade secrets and
other intellectual property. Accordingly, Executive acknowledges and agrees that
such a breach would inflict unique and irreparable harm upon the Company and
that the Company shall be entitled, in addition to its other rights and
available remedies, to enforce, by injunction or decree of specific performance,
Executive's obligations set forth herein.

            6. RESTRICTIVE COVENANT.

            During the Employment Term:

            6.1. Executive shall devote substantially all of his time and energy
to the performance of Executive's duties described herein, except during periods
of illness or vacation periods.

            6.2. Executive shall not directly or indirectly provide services to
or through any person, firm or other entity except the Company, unless otherwise
authorized by the Company in writing; provided however that nothing contained
here shall prevent Executive from serving as a member of the board of directors
of other corporations.

            6.3. Executive shall not render any services of any kind or
character for Executive's own account or for any other person, firm or entity
without first obtaining the Company's written consent.

            6.4. Notwithstanding the foregoing, Executive shall have the right
to perform such incidental services as are necessary in connection with (i) his
private passive investments, but only if Executive is not obligated or required
to (and shall not in fact) devote any managerial efforts which interfere with
the services required to be performed by him hereunder, (ii) his charitable or
community activities or (iii) participation in trade or professional
organizations, but only if such incidental services do not significantly
interfere with the performance of Executive's services hereunder.

                                       5
<Page>

            7. MISCELLANEOUS.

            7.1. NOTICES. All notices, demands and requests required by this
Employment Agreement shall be in writing and shall be deemed to have been given
or made for all purposes (i) upon personal delivery, (ii) one day after being
sent, when sent by professional overnight courier service, (iii) five days after
posting when sent by registered or certified mail, or (iv) on the date of
transmission when sent by telegraph, telegram, telex, or other form of "hard
copy" transmission, to either party hereto at the address set forth below or at
such other address as either party may designate by notice pursuant to this
Section 7.

             If to the Company, to:

             New Air Corporation
             6322 South 3000 East, Suite L-201
             Salt Lake City, Utah 84121

             If to Executive, to:

             David Neeleman
             6322 South 3000 East, Suite L-201
             Salt Lake City, Utah 84121

            7.2. ASSIGNMENT. This Employment Agreement shall be binding on, and
shall inure to the benefit of, the parties hereto and their respective heirs,
legal representatives, successors and assigns; provided, however, that Executive
may not assign, transfer or delegate his rights or obligations hereunder and any
attempt to do so shall be void.

            7.3. DEDUCTIONS. All amounts paid to Executive hereunder are subject
to all withholdings and deductions required by law, as authorized under this
Employment Agreement, and as authorized from time to time.

            7.4. ENTIRE AGREEMENT. This Employment Agreement contains the entire
agreement of the parties with respect to the subject matter hereof, and all
prior agreements, written or oral, are merged herein and are of no further force
or effect. Executive has had an opportunity to review this Employment Agreement
with counsel of his own choice.

            7.5. AMENDMENT. This Employment Agreement may be modified or amended
only by a written agreement signed by the Company and Executive.

            7.6. WAIVERS. No waiver of any term or provision of this Employment
Agreement will be valid unless such waiver is in writing signed by the party
against whom enforcement of the waiver is sought. The waiver of any term or
provision of this Employment Agreement shall not apply to any subsequent breach
of this Employment Agreement.

            7.7. COUNTERPARTS. This Employment Agreement may be executed in
several counterparts, each of which shall be deemed an original, but together
they shall constitute one and the same instrument.

                                 6
<Page>

            7.8. SEVERABILITY. The provisions of this Employment Agreement shall
be deemed severable, and if any part of any provision is held illegal, void or
invalid under applicable law, such provision may be changed to the extent
reasonably necessary to make the provision, as so changed, legal, valid and
binding. If any provision of this Employment Agreement is held illegal, void or
invalid in its entirety, the remaining provisions of this Employment Agreement
shall not in any way be affected or impaired but shall remain binding in
accordance with their terms.

            7.9. GOVERNING LAW. THIS EMPLOYMENT AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE COMPANY AND EXECUTIVE HEREUNDER SHALL BE DETERMINED UNDER,
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE
AS APPLIED TO AGREEMENTS AMONG DELAWARE RESIDENTS ENTERED INTO AND TO BE
PERFORMED ENTIRELY WITHIN DELAWARE.

            7.10. ARBITRATION. The Executive understands and agrees that, as a
condition of his employment with the Company, any and all disputes that the
Executive may have with the Company, or any of its employees, officers,
directors, agents or assigns, which arise out of the Executive's employment or
investment or compensation shall be resolved through final and binding
arbitration, as specified in this Employment Agreement. This shall include,
without limitation, any controversy, claim or dispute of any kind, including
disputes relating to any employment by the Company or the termination thereof,
claims for breach of contract or breach of the covenant of good faith and fair
dealing, infliction of emotional distress, defamation and any claims of
discrimination, harassment or other claims under Title VII of the Civil Rights
Act of 1964, the Age Discrimination in Employment Act, the Americans With
Disabilities Act, the Employee Retirement Income Securities Act, or any other
federal, state or local law or regulation now in existence or hereinafter
enacted and as amended from time to time concerning in any way the subject of
the Executive's employment with the Company or its termination. The only claims
NOT covered by this Employment Agreement are claims for benefits under the
unemployment insurance or workers' compensation laws, and any claims pursuant to
paragraph 5 of this Employment Agreement which will be resolved pursuant to
those laws. Any disputes and/or claims covered by this Employment Agreement
shall be submitted to final and binding arbitration to be conducted in New York
City, New York, in accordance with the rules and regulations of the American
Arbitration Association. The Executive and the Company will split the cost of
the arbitration filing and hearing fees and the cost of the arbitrator. Each
side will bear its own attorneys' fees, and the arbitrator will not have
authority to award attorneys' fees UNLESS a statutory section at issue in the
dispute authorizes the award of attorneys' fees to the prevailing party, in
which case the arbitrator has authority to make such award as permitted by the
statute in question. The arbitration shall be instead of any civil litigation;
this means that the Executive is WAIVING ANY RIGHT TO A JURY TRIAL, and that the
arbitrator's decision shall be final and binding to the fullest extent permitted
by law and enforceable by any court having jurisdiction thereof.

                                       7
<Page>

            IN WITNESS WHEREOF, the parties hereto have executed this Employment
Agreement as of the date first above written.

                                   "COMPANY"

                                   NEW AIR CORPORATION
                                   ---------------------------------------------

                                   By: /s/ Thomas E. Kelly
                                      ------------------------------------------
                                   Name: Thomas E. Kelly
                                        ----------------------------------------
                                   Title: Executive Vice President
                                         ---------------------------------------

                                   "EXECUTIVE"

                                   /s/ David Neeleman
                                   ---------------------------------------------

                                       8

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