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Exhibit 10.27  

EGTRRA GOOD FAITH AMENDMENTS TO

JETBLUE AIRWAYS CORPORATION

401(k) RETIREMENT PLAN  

        THIS AMENDMENT adopted this 19 day of September, 2002, by JETBLUE AIRWAYS CORPORATION (herein referred to as the "Employer"). 

 
 

W I T N E S S E T H:    
  

        WHEREAS, the Employer has heretofore adopted a defined contribution pension benefit plan known as the jetBlue Airways Corporation 401(k) Retirement Plan (herein
referred to as the "Plan"); and 

        WHEREAS,
the-Employer, pursuant to Section 8.1 of the Plan relating to amendments thereto, hereby desires to amend the Plan for the purpose of implementing certain
changes required or permitted by the Economic Growth and Tax Relief Reconciliation Act of 2001, Pub.L. 107-16, by adopting the sample "good faith" amendments set forth in IRS Notice
2001-57. 

        NOW,
THEREFORE, effective as of January 1, 2002, except as otherwise provided herein, the Employer hereby amends the Plan as follows: 

PREAMBLE  

        1.    Adoption and effective date of amendment.    This amendment of the Plan is adopted to elect certain provisions
of the Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA"). This amendment is intended as good faith compliance with the requirements of EGTRRA and is to be
construed in accordance with EGTRRA and guidance issued thereunder. Except as otherwise provided, this amendment shall be effective as of the first day of the first plan year beginning after
December 31, 2001. 

        2.    Supersession of inconsistent provisions.    This amendment shall supersede the provisions of the Plan to the
extent those provisions are inconsistent with the provisions of this amendment. 

SECTION I. PLAN LOANS FOR OWNER-EMPLOYEES AND SHAREHOLDER EMPLOYEES  

        Effective for plan loans made after December 31, 2001, Plan provisions prohibiting loans to any owner-employee or shareholder-employee shall cease to
apply. 

SECTION II. LIMITATIONS ON CONTRIBUTIONS  

        1.    Effective date.    This section shall be effective for limitation years beginning after December 31,
2001. 

        2.    Maximum annual addition.    Except to the extent permitted under section XII of this amendment and
section 414(v) of the Code, the annual addition that may be contributed or allocated to a participant's account under the Plan for any limitation year shall not exceed the lesser of: 

	(a)
	$40,000,
as adjusted for increases in the cost-of-living under section 415(d) of the Code, or

	(b)
	100
percent of the participant's compensation, within the meaning of section 415(c)(3) of the Code, for the limitation year. 

        The
compensation limit referred to in (b) shall not apply to any contribution for medical benefits after separation from service (within the meaning of section 401(h) or
section 419A(f)(2) of the Code) which is otherwise treated as an annual addition. 

SECTION III. INCREASE IN COMPENSATION LIMIT  

        The annual compensation of each participant taken into account in determining allocations for any plan year. beginning after December 31, 2001, shall not
exceed $200,000, as adjusted for cost-of-living increases in accordance with section 401(a)(17)(B) of the Code. Annual compensation means compensation during the plan
year or such other consecutive 12-month period over which compensation is otherwise determined under the Plan (the determination period). The cost-of-living
adjustment in effect for a calendar year applies to annual compensation for the determination period that begins with or within such calendar year. 

SECTION IV. MODIFICATION OF TOP-HEAVY RULES  

        1.    Effective date.    This section shall apply for purposes of determining whether the Plan is a
top-heavy plan under section 416(g) of the Code for plan years beginning after December 31, 2001, and whether the Plan satisfies the minimum benefits requirements of section
416(c) of the Code for such years. This section amends Article IX of the Plan. 

        2.    Determination of top-heavy status.    

        2.1    Key employee.    Key employee means any employee or former employee (including any deceased employee) who at
any time during the plan year that includes the determination date was an officer of the employer having annual compensation greater than $130,000 (as adjusted under section 416(i)(1) of the Code for
plan years beginning after December 31, 2002), a 5-percent owner of the employer, or a 1-percent owner of the employer having annual compensation of more than $150,000.
For this purpose, annual compensation means compensation within the meaning of section 415(c)(3) of the Code. The determination of who is a key employee will be made in accordance with section
416(i)(1) of the Code and the applicable regulations and other guidance of general applicability issued thereunder. 

        2.2    Determination of present values and amounts.    This section 2.2 shall apply for purposes of determining
the present values of accrued benefits and the amounts of account balances of employees as of the determination date. 

        2.2.1    Distributions during year ending on the determination date.    The present values of accrued benefits and the
amounts of account balances of an employee as of the determination date shall be increased by the distributions made with respect to the employee under the Plan and any plan aggregated with the Plan
under section 416(g)(2) of the code during the 1-year period ending on the determination date. The preceding sentence shall also apply to distributions under a terminated plan
which, had it not been terminated, would have been aggregated with the Plan under section 416(g)(2)(A)(i) of the Code. In the case of a distribution made for a reason other than separation from
service, death, or disability, this provision shall be applied by substituting "5-year period" for "1-year' period." 

        2.2.2    Employees not performing services during year ending on the determination date.    The accrued benefits and
accounts of any individual who has not performed services for the employer during the 1-year period ending on the determination date shall not be taken into account. 

        3    Minimum benefits.    Employer matching contributions shall be taken into account for purposes of satisfying the
minimum contribution requirements of section 416(c)(2) of the Code and the Plan. The preceding sentence shall apply with respect to matching contributions under the Plan or, if the Plan
provides that the minimum contribution requirement shall be met in another plan, such other plan. Employer matching contributions that are used to satisfy the minimum contribution requirements 

shall be treated as matching contributions for purposes of the actual contribution percentage test and other requirements of section 401(m) of the Code. 

SECTION V. INTENTIONALLY OMITTED  

SECTION VI. DIRECT ROLLOVERS OF PLAN DISTRIBUTIONS  

        1.    Effective date.    This section shall apply.to distributions made after December 31, 2001. 

        2    Modification of definition of eligible retirement plan.    For purposes of the direct rollover provisions in
section 7.12 of the Plan, an eligible retirement plan shall also mean an annuity contract described in
section 403(b) of the code and an eligible plan under section 457(b) of the code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a
state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan. The definition of eligible retirement plan shall also apply in
the case of a distribution to a surviving spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in section 414(p) of
the Code. 

        3.    Modification of definition of eligible rollover distribution to exclude hardship distributions.    For purposes
of the direct rollover provisions in section 7.12 of the Plan, any amount that is distributed on account of hardship shall not be an eligible rollover distribution and the distributee may not
elect to have any portion of such a distribution paid directly to an eligible retirement plan 

        4.    Modification of definition of eligible rollover distribution to include after-tax employee
contributions.    For purposes of the direct rollover provisions in section 7.12 of the Plan, a portion of a distribution shall not fail to be an eligible
rollover distribution merely because the portion consists of after-tax employee contributions, which are not includible in gross income. However, such portion may be transferred only to an
individual retirement account or annuity described in section 408(a) or (b) of the Code, or to a qualified defined contribution plan described in section 401(a) or 403(a) of the Code
that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution which is includible in gross income and the portion of such
distribution which is not so includible. 

SECTION VII. ROLLOVERS FROM OTHER PLANS  

        1.    The Plan will accept participant rollover contributions and/or direct rollovers of distributions made after December 31, 2001, from the
types of plans specified below, beginning on January 1, 2002. 

        2.    Direct Rollovers.    The Plan will accept a direct rollover of an eligible rollover distribution from: 

        (a)    a
qualified plan described in section 401(a) or 403(a) of the Code, excluding after-tax employee contributions. 

        (b)    an
annuity contract described in section 403(b) of the Code, excluding after-tax employee contributions, 

        (c)    an
eligible plan under section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or
political subdivision of a state, except to the extent that such distribution consists of amounts attributable to after-tax employee contributions. 

        3.    Participant Rollover Contributions from Other Plans.    The Plan will accept a participant contribution of an
eligible rollover distribution from: 

        (a)    a
qualified plan described in section 401(a) or 403(a) of the Code, excluding after-tax employee contributions. 

        (b)    an
annuity contract described in section 403(b) of the Code, excluding after-tax employee contributions. 

        (c)    an
eligible plan under section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or
political subdivision of a state, except to the extent that such distribution consists of amounts attributable to after-tax employee contributions. 

        4.    Participant Rollover Contributions from IRAs.    The Plan will accept a participant rollover contribution of the
portion of a distribution from an individual retirement account or annuity described in section 408(a) or 408(b) of the Code that is eligible to be rolled over and would otherwise be includible
in gross income. 

        5.    Rollover Contributions of After-Tax Employee Contributions Not Accepted.    Notwithstanding anything
to the contrary hereinabove, the Plan will not accept a rollover contribution or any portion of a rollover contribution that consists of amounts attributable to after-tax employee
contribution that would otherwise (but for the making of such rollover contribution) be excludible from the gross income of the distributee. 

SECTION VIII. ROLLOVERS DISREGARDED IN INVOLUNTARY CASHOUTS  

        1.    This
section shall apply with respect to distributions made after January 1, 2002, with respect to participants who incurred a severance from employment after
January 1, 2002. This section supersedes section 4.11(d) of the Plan. 

        2.    Rollovers disregarded in determining value of account balance for involuntary distributions.    For purposes of
sections 6.4(a) and 6.5(b) of the Plan, the value of a participant's nonforfeitable account balance shall be determined without regard to that portion of the account balance that is attributable to
rollover contributions (and earnings allocable thereto) within the meaning of sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16) of the Code. If the value of the
participant's nonforfeitable account balance as so determined is $5,000 or less, the Plan shall immediately distribute the participant's entire nonforfeitable account balance. 

SECTION IX. REPEAL OF MULTIPLE USE TEST  

        The multiple use test described in Treasury Regulation section 1.401(m)-2 and section 4.7(a)(2) of the Plan shall not apply for plan years
beginning after December 31, 2001. 

SECTION X. ELECTIVE DEFERRALS—CONTRIBUTION LIMITATION  

        No participant shall be permitted to have elective deferrals made under this Plan, or any other qualified plan maintained by the employer during any taxable year,
in excess of the dollar limitation contained in section 402(g) of the Code in effect for such taxable year, except to the extent permitted under section XII of this amendment and
section 414(v) of the Code. 

SECTION XI. MODIFICATION OF TOP-HEAVY RULES  

        The top-heavy requirements of section 416 of the Code and section 9.1 of the Plan shall not apply in any year beginning after
December 31, 2001, in which the Plan consists solely of a cash or deferred arrangement which meets the requirements of section 401(k)(12) of the Code and matching contributions with respect to
which the requirements of section 401(m)(11) of the Code are met. 

SECTION XII. CATCH-UP CONTRIBUTIONS  

        1.    All
employees who are eligible to make elective deferrals under this Plan and who have attained age 50 before the close of the plan year shall be eligible to make
catch-up contributions in accordance with, and subject to the limitations of, section 414(v) of the Code. Such catch-up 

contributions shall not be taken into account for purposes of the provisions of the Plan implementing the required limitations of sections 402(g) and 415 of the Code. The Plan shall not be treated as
failing to satisfy the provisions of the Plan implementing the requirements of section 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416 of the Code, as applicable, by reason of the making of
such catch-up contributions. 

        2.    This
provision is effective with respect to contributions after December 31, 2001. 

SECTION XIII. SUSPENSION PERIOD FOLLOWING HARDSHIP DISTRIBUTION  

        1.    A
participant who receives a distribution of elective deferrals after December 31, 2001, on account of hardship shall be prohibited from making elective deferrals
and employee contributions under this and all other plans of the employer for 6 months after receipt of the distribution. A participant who receives a distribution of elective deferrals in
calendar year 2001 on account of hardship shall be prohibited from making elective deferrals and employee contributions under this and all other plans of the employer for the period specified in
section 2 below 

        2.    Suspension Period for Hardship Distributions.    A participant who receives a distribution of elective deferrals
in calendar year 2001 on account of hardship shall be prohibited from making elective deferrals and employee contributions under this and all other plans of the employer for 6 months after
receipt of the distribution or until January 1, 2002, if later. 

SECTION XIV. DISTRIBUTION UPON SEVERANCE FROM EMPLOYMENT  

        1.    Effective date.    This section shall apply for distributions occurring after December 31, 2001, regardless of
when the severance from employment occurred. 

        2.    New distributable event.    A participant's elective deferrals, qualified nonelective contributions, qualified
matching contributions, and earnings attributable to these contributions shall be distributed on account
of the participant's severance from employment. However, such a distribution shall be subject to the other provisions of the Plan regarding distributions, other than provisions that require a
separation from service before such amounts may be distributed. 

        The
Plan, as herein amended, is hereby ratified, approved and confirmed as being in full force and effect as of the date hereof. 

        IN
WITNESS WHEREOF, the undersigned Employer has executed this Amendment as of the day and year first above written. 

	 	 	EMPLOYER:
	

 	
 	

JETBLUE AIRWAYS CORPORATION
	

 	
 	

By:	
 	

/s/  VINCENT STABILE      
 Name: Vincent Stabile

Title: Vice President, People

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Exhibit 10.28  

 
 

2002 AMENDMENT TO THE
  JETBLUE AIRWAYS CORPORATION
  401(k) RETIREMENT PLAN    
  

        THIS
AMENDMENT adopted this 18th day of December, 2002, by JETBLUE AIRWAYS CORPORATION (herein referred to as the "Employer"). 

W
I T N E S S E T H: 

        WHEREAS,
the Employer has heretofore adopted a defined contribution pension benefit plan, effective as of October 1, 1999, known as the JetBlue Airways Corporation 401(k)
Retirement Plan (herein referred to as the "Plan"); and 

        WHEREAS,
the Plan was amended and restated in its entirety pursuant to a plan document adopted on December 31, 2001; and said amended and restated Plan was further amended by the
"EGTRRA Good Faith Amendments" adopted on September 19, 2002; 

        WHEREAS,
the Employer, pursuant to Section 8.1 of the Plan relating to amendments thereto, hereby desires to further amend the Plan. 

        NOW,
THEREFORE, effective as of January 1, 2002, except as otherwise provided herein, the Employer hereby amends the Plan as follows: 

        I.    The
first sentence of Section 1.8 of the Plan is amended by deleting said sentence in its entirety and by replacing it with the following: 

        "Compensation"
with respect to any Participant means such Participant's wages as defined in Code Section 3401(a) and all other payments of compensation by the Employer (in the
course of the Employer's trade or business) for the taxable year of the Participant ending with or within the Plan Year for which the Employer is required to furnish the Participant a written
statement annually under Code Sections 6041(d), 6051(a)(3) and 6052. 

        II.    Section 1.15
of the Plan is amended by adding, at the end thereof, the following additional paragraph: 

        Employees
who are Leased Employees within the meaning of Code Sections 414(n)(2) and 414(o)(2) shall not be eligible to participate in this Plan. 

        III.    Effective
September 27, 2002, Section 1.16 of the Plan is amended by adding the following additional sentence: 

Effective
September 27, 2002, any person who is employed by LiveTV, LLC shall be deemed to be an Employee of the Employer. 

        IV.    Section 1.63
of the Plan is amended by deleting the same in its entirety and replacing it with the following: 

        1.63    "Year
of Service" means the 12-month computation period set forth below during which an Employee is credited with at least 1,000 Hours of Service. 

        For
vesting purposes, the computation period is the fiscal period based upon which a Participant's Compensation for the Plan Year is determined for purposes of Section 1.8. 

        Notwithstanding
the foregoing, for any short Plan Year, the determination of whether an Employee has completed a Year of Service shall be made in accordance with Department of Labor
regulation 2530.203-2(c). 

1

 

        Years
of Service with any Affiliated Employer shall be recognized. 

        Years
of Service with LiveTV, LLC and its predecessors shall be recognized. 

        V.    Section 3.2
of the Plan is amended by deleting the first grammatical paragraph thereof in its entirety and by replacing it with the following: 

        With
respect to salary reduction elections pursuant to Section 4.2 and Employer matching contributions pursuant to Section 4.1(b), an Eligible Employee shall become a
Participant in the Plan effective as of the later of (a) his date of employment with the Employer and (b) the first day of the payroll period in which his deferral election becomes
effective in accordance with the rules established pursuant to Section 4.2(j). 

        VI.    Section 4.1(b)
of the Plan is amended deleting the second grammatical paragraph thereof in its entirety and by replacing it with the following; 

        On
behalf of a Participant who elects to defer Compensation in accordance with Section 4.2 (a) hereof, a matching contribution equal to 100% of such Participant's Deferred
Compensation not in excess of 3% of his Compensation for the Plan Year, which amount shall be deemed an Employer Non-Elective Contribution. For purposes of the foregoing, the Employer
shall accrue an incremental portion of the matching contribution separately each pay period during the Year, and shall contribute with respect to each pay period only the amount not in excess of 3% of
the Participant's Compensation for the period. After the end of the Plan Year, the Employer shall make a "true-up" contribution on behalf of each Participant, equal to the excess of the
matching contribution payable for the entire Plan Year, as determined under the first sentence hereof, over the aggregate amount of the periodic contributions previously made for the Year. 

        VII.    The
first sentence of Section 4.2 (a) of the Plan is amended by deleting said sentence in its entirety and by replacing it with the following: 

        Each
Participant may elect to defer, from the Compensation otherwise payable to him during the Plan Year, but for such election, an amount not exceeding the limits set forth in this
Plan. 

        VIII.    Section 4.2(j)
of the Plan is amended by deleting the same in its entirety and replacing it with the following: 

        (j)    The
Employer and the Administrator shall implement the salary reduction elections provided for herein in accordance with the following: 

        (1)    An
Eligible Employee may make an initial salary deferral election within a reasonable time, not to exceed thirty (30) days, after first becoming eligible to
participate in the Plan pursuant to Section 3.2. If the Eligible Employee fails to make an initial salary deferral election within such time, then such Eligible Employee may thereafter make an
election in accordance with the rules governing modifications. Such election shall constitute a biding salary reduction agreement between such Employee and the Employer and shall be filed with the
Administrator. Such election shall initially be effective beginning with the pay period during which or next following the acceptance of the salary reduction agreement by the Administrator, or as
otherwise specified in rules established by the Administrator hereunder. The election shall not have retroactive effect, and shall remain in force until modified or revoked. 

        (2)    A
Participant may modify a prior election at any time during the Plan Year and concurrently make a new election by filing such new election with the Administrator. A
modification shall not have retroactive effect, and shall remain in force until further modified or revoked. 

2

 

        (3)    A
Participant may elect to prospectively revoke his salary reduction agreement in its entirety at any time during the Plan Year by providing the Administrator with such
advance notice as may be acceptable to the Administrator. Such revocation shall become effective in accordance with the rules established by the Administrator hereunder. Furthermore, the termination
of the Participant's employment or the cessation of his participation for any other reason shall be deemed to revoke any
salary reduction agreement then in effect, effective immediately following the close of the pay period within which such termination or cessation occurs. 

        (4)    The
Administrator shall have authority to establish reasonable procedures governing the making of elections hereunder. These procedures shall determine the payroll
period with respect to which elections shall become effective, with the aim of giving effect to elections promptly and without undue delay after being made and accepted while at the same time taking
into account the reasonable requirements of the Employer's payroll, plan recordkeeping and other information systems. 

        IX.    Section
4.4(b)(3) of the Plan is amended by adding, at the end of the second grammatical paragraph thereof, the following additional sentence: 

        Notwithstanding
the preceding sentence, however, (1) a Participant who is no longer actively employed on the last day of the Plan Year on account of death or Total and Permanent
Disability during the Year shall be entitled to share in such contribution for the Year and (2) a Participant who is no longer actively employed on the last day of the Plan Year on account of his
retirement during the Year at or after Normal Retirement Age shall be entitled to share in such contribution provided that a period of at least 12 consecutive months shall have elapsed between his
initial date of hire and his retirement date. 

        X.    A
new Section 6.13 is added, as follows: 

        6.13    LATEST
TIME FOR MAKING DISTRIBUTION TO A TERMINATED PARTICIPANT 

        Notwithstanding
anything to the contrary in Sections 6.5, 6.6 and 6.7, in the event that a terminated Participant's account remains undistributed to him or his Beneficiary, in whole or
in part, when the Participant attains (or would have attained, if still living) age 65, the Administrator shall immediately distribute such Participant's entire nonfeitable account balance. 

        XI.    Section 4.10
(a) of the Plan is amended by deleting the same in its entirety and replacing it with the following: 

        (a)    If,
as a result of a reasonable error in estimating a Participant's Compensation, a reasonable error in determining the amount of elective deferrals (within the meaning
of Code Section 402(g)(3)) that may be made with respect to any Participant under the limits of Section 4.9 or other facts and circumstances to which
Regulation 1.415-6(b)(6) shall be applicable, the "annual additions" under this Plan would cause the maximum "annual additions" to be exceeded for any Participant, the "excess
amount" will be disposed of in the following manner: 

        (1)    The
Participant's share of the Employer's discretionary contributions pursuant to Section 4.1(c) will be reduced to the extent necessary to reduce the "excess
amount." The amount so reduced shall be held unallocated in a "Section 415 suspense account" and will thereafter be applied to reduce future Employer contributions in the succeeding "limitation
years" as provided in Regulation 1.415-6(b)(6)(i). 

        (2)    If,
after the application of subparagraph (1) above, an "excess amount" still exists, any unmatched Deferred Compensation of the Participant will be reduced to
the extent necessary to reduce the "excess amount." The Deferred Compensation so reduced (and any gains attributable to such Deferred Compensation) will be distributed to the Participant. 

3

 

        (3)    If,
after the application of subparagraph (2) above, an "excess amount" still exists, any Deferred Compensation which is matched and the matching contributions
which relate to such Deferred Compensation will be reduced proportionately to the extent necessary to reduce the "excess amount." The Deferred Compensation so reduced (and any gains attributable to
such Deferred Compensation) will be distributed to the Participant, and the Employer matching contributions so reduced (and any gains attributable to such matching contributions) will be used to
reduce the Employer contribution in the next "limitation year." 

*
* * 

        The
Plan, as herein amended, is hereby ratified, approved and confirmed as being in full force and effect as of the date hereof. 

*
* * 

IN
WITNESS WHEREOF, the undersigned Employer has executed this Amendment as of the day and year first above written, to become effective January 1, 2002. 

	 	 	EMPLOYER:
	

 	
 	

JETBLUE AIRWAYS CORPORATION
	

 	
 	

By:	

/s/  VINCENT STABILE      
 Name: Vincent Stabile

Title: V.P.-People

4

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2002 AMENDMENT TO THE JETBLUE AIRWAYS CORPORATION 401(k) RETIREMENT PLAN

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