Document:

AMENDMENT
		NUMBER ONE

	 TO
		THE

	 2005
		AMENDED AND RESTATED

	 JETBLUE
		AIRWAYS RETIREMENT PLAN

	 

	 JetBlue
		Airways Corporation (the “Employer”), having heretofore adopted the
		JetBlue Airways Retirement Plan, as amended and restated as of January 1, 2005
		(the “Plan”), hereby amends the Plan as of January 1, 2006, for the
		purpose of conforming the plan to the provisions of the Final Regulations under
		Code Sections 401(k) and 401(m).

	  

	 Pursuant
		to Section 8.1(a) of the Plan, relating to the adoption of amendments thereto,
		the 2005 Amended and Restated Plan and Trust is hereby amended as
		follows:

	  

	 ARTICLE
		I

	 PREAMBLE

	 

	 
			
				1.1

					
				Adoption. This
				  Amendment to the Plan is adopted to reflect certain provisions of the Final
				  Regulations under Code Sections 401(k) and 401(m) that were
				  published on December 29, 2004 (hereinafter referred to as the “Final
				  401(k) Regulations”). This Amendment is intended as good faith compliance
				  with the requirements of these provisions.
 

 

	 

	 
			
				1.2

					
				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.

				

 

	 

	 
			
				1.3

					
				Application
				  of provisions.
				  Certain provisions of this Amendment relate to elective deferrals of a 401(k)
				  plan; if the Plan to which this Amendment relates is not a 401(k) plan, then
				  those provisions of this Amendment do not apply. Certain provisions of this
				  Amendment relate to matching contributions and /or after-tax employee
				  contributions subject to Code Section 401(m); if the Plan to which this
				  Amendment relates is not subject to Code Section 401(m), then those provisions
				  of this Amendment do not apply.
 

 

	  

	 ARTICLE
		II

	 EFFECTIVE
		DATE

	 

	 
			
				2.1

					
				Effective
				  date. This
				  Amendment is effective, and the Plan shall implement the provisions of the
				  Final 401(k) Regulations, with respect to Plan Years beginning after December
				  31, 2005.
 

 

	  

	 ARTICLE
		III

	 GENERAL
		RULES

	 

	 
			
				3.1

					
				Deferral
				  elections. A cash
				  or deferred arrangement (“CODA”) is an arrangement under which
				  eligible Employees may make elective deferral elections. Such elections cannot
				  relate to compensation that is currently available prior to the adoption or
				  effective date of the CODA. In addition, except for occasional, bona fide
				  administrative considerations, contributions made pursuant to such an election
				  cannot precede the earlier of (1) the performance of services relating to the
				  contribution and (2) when the compensation that is subject to the election
				  would be currently available to the Employee in the absence of an election to
				  defer. 
 

 

	  

	 
		-1-

		 

		

		
		

		
		 
 

	 
			
				3.2

					
				Vesting
				  provisions.
				  Elective Contributions are always fully vested and nonforfeitable. The Plan
				  shall disregard Elective Contributions in applying the vesting provisions of
				  the Plan to other contributions or benefits under Code Section 411(a)(2).
				  However, the Plan shall otherwise take a participant’s Elective
				  Contributions into account in determining the Participant’s vested
				  benefits under the Plan. Thus, for example, the Plan shall take Elective
				  Contributions into account in determining whether a Participant has a
				  nonforfeitable right to contributions under the Plan for purposes of
				  forfeitures, and for applying provisions permitting the repayment of
				  distributions to have forfeited amounts restored, and the provisions of Code
				  Sections 410(a)(5)(D)(iii) and 411(a)(6)(D)(iii) permitting a plan to disregard
				  certain service completed prior to breaks-in-service (sometimes referred to as
				  “the rule of parity”).
 

 

	  

	 ARTICLE
		IV

	 HARDSHIP
		DISTRIBUTIONS

	 

	 
			
				4.1

					
				Applicability. The
				  provisions of this Article IV apply if the Plan provides for hardship
				  distributions upon satisfaction of the deemed immediate and heavy financial
				  need standards set forth in Regulation Section 1.401(k)-1(d)(2)(iv)(A) as in
				  effect prior to the issuance of the Final 401(k) Regulations. 

				

 

	 

	 
			
				4.2

					
				Hardship
				  events.  A
				  distribution under the Plan is hereby deemed to be on account of an immediate
				  and heavy financial need of an Employee if the distribution is for one of the
				  following or any other item permitted under Regulation Section
				  1.401(k)-1(d)(3)(iii)(B):
 

 

	 

	 
			 	
				(a)

					
				Expenses
				  for (or necessary to obtain) medical care that would be deductible under Code
				  Section 213(d) (determined without regard to whether the expenses exceed 7.5%
				  of adjusted gross income);
 

 

	 

	 
			 	
				(b)

					
				Costs
				  directly related to the purchase of a principal residence for the Employee
				  (excluding mortgage payments);
 

 

	 

	 
			 	
				(c)

					
				Payment
				  of tuition, related educational fees, and room and board expenses, for up to
				  the next twelve (12) months of post-secondary education for the Employee, the
				  Employee’s spouse, children, or dependents (as defined in Code Section
				  152, and, for taxable years beginning on or after January 1, 2005, without
				  regard to Code Section 152(b)(1), (b)(2), and (d)(1)(B)); 
 

 

	 

	 
			 	
				(d)

					
				Payments
				  necessary to prevent the eviction of the Employee from the Employee’s
				  principal residence or foreclosure on the mortgage on that
				  residence;
 

 

	 

	 
			 	
				(e)

					
				Payments
				  for burial or funeral expenses for the Employee’s deceased parent, spouse,
				  children or dependents (as defined in Code Section 152, and, for taxable years
				  beginning on or after January 1, 2005, without regard to Code Section
				  152(d)(1)(B)); or
 

 

	 

	 
			 	
				(f)

					
				Expenses
				  for the repair of damage to the Employee’s principal residence that would
				  qualify for the casualty deduction under Code Section 165 (determined without
				  regard to whether the loss exceeds 10% of adjusted gross income). 

				

 

	  

	 
		-2-

		 

		

		
		

		
		 
 

	 
			
				4.3

					
				Reduction
				  of Code Section 402(g) limit following hardship distribution. If the
				  Plan provides for hardship distributions upon satisfaction of the safe harbor
				  standards set forth in Regulation Sections 1.401(k)-1(d)(3)(iii)(B) (deemed
				  immediate and heavy financial need) and 1.401(k)-1(d)(3)(iv)(E) (deemed
				  necessary to satisfy immediate need), then there shall be no reduction in the
				  maximum amount of elective deferrals that a Participant may make pursuant to
				  Code Section 402(g) solely because of a hardship distribution made by this Plan
				  or any other plan of the Employer.
 

 

	  

	 ARTICLE
		V

	 ACTUAL
		DEFERRAL PERCENTAGE (ADP) TEST

	  

	 
			
				5.1

					
				Targeted
				  contribution limit. Qualified
				  Nonelective Contributions (as defined in Regulation Section 1.401(k)-6) cannot
				  be taken into account in determining the Actual Deferral Ratio (ADR) for a Plan
				  Year for a Non-Highly Compensated Employee (NHCE) to the extent such
				  contributions exceed the product of that NHCE’s Code Section 414(s)
				  compensation and the greater of five percent (5%) or two (2) times the
				  Plan’s “representative contribution rate.” Any Qualified
				  Nonelective Contribution taken into account under an Actual Contribution
				  Percentage (ACP) test under Regulation Section 1.401(m)-2(a)(6) (including the
				  determination of the representative contribution rate for purposes of
				  Regulation Section 1.401(m)-2(a)(6)(v)(B)), is not permitted to be taken into
				  account for purposes of this Section (including the determination of the
				  “representative contribution rate” under this Section). For purposes
				  of this Section:
 

 

	 

	 
			 	
				(a)

					
				The
				  Plan’s “representative contribution rate” is the lowest
				  “applicable contribution rate” of any eligible NHCE among a group of
				  eligible NHCEs that consists of half of all eligible NHCEs for the Plan Year
				  (or, if greater, the lowest “applicable contribution rate” of any
				  eligible NHCE who is in the group of all eligible NHCEs for the Plan Year and
				  who is employed by the Employer on the last day of the Plan Year),
				  and
 

 

	 

	 
			 	
				(b)

					
				The
				  “applicable contribution rate” for an eligible NHCE is the sum of the
				  Qualified Matching Contributions (as defined in Regulation Section 1.401(k)-6)
				  taken into account in determining the ADR for the eligible NHCE for the Plan
				  Year and the Qualified Nonelective Contributions made for the eligible NHCE for
				  the Plan Year, divided by the eligible NHCE’s Code Section 414(s)
				  compensation for the same period.
 

 

	 

	 Notwithstanding
		the above, Qualified Nonelective Contributions that are made in connection with
		an Employer’s obligation to pay prevailing wages under the Davis-Bacon Act
		(46 Stat. 1494), Public Law 71-798, Service Contract Act of 1965 (79 Stat.
		1965), Public Law 89-286, or similar legislation can be taken into account for
		a Plan Year for an NHCE to the extent such contributions do not exceed 10
		percent (10%) of that NHCE’s Code Section 414(s)
		compensation.

	 

	 Qualified
		Matching Contributions may only be used to calculate an ADR to the extent that
		such Qualified Matching Contributions are matching contributions that are not
		precluded from being taken into account under the ACP test for the Plan Year
		under the rules of Regulation Section 1.401(m)-2(a)(5)(ii) and as set forth in
		Section 7.1. 

	 

	 
			
				5.2

					
				Limitation
				  on QNECs and QMACs.
				  Qualified Nonelective Contributions and Qualified Matching Contributions cannot
				  be taken into account to determine an ADR to the extent such contributions are
				  taken into account for purposes of satisfying any other ADP test, any ACP test,
				  or the requirements of Regulation Section 1.401(k)-3, 1.401(m)-3, or
				  1.401(k)-4. Thus, for example, matching contributions that are made pursuant to
				  Regulation Section 1.401(k)-3(c) cannot be
 

 

	 
		 

		
		  -3-

		   

		  

		  
		  

		  
		   
 
 

	 
			
				 
 	
				taken
				  into account under the ADP test. Similarly, if a plan switches from the current
				  year testing method to the prior year testing method pursuant to Regulation
				  Section 1.401(k)-2(c), Qualified Nonelective Contributions that are taken into
				  account under the current year testing method for a year may not be taken into
				  account under the prior year testing method for the next year.

				

 

	  

	 
			
				5.3

					
				ADR
				  of HCE if multiple plans. The
				  Actual Deferral Ratio (ADR) of any Participant who is a Highly Compensated
				  Employee (HCE) for the Plan Year and who is eligible to have Elective
				  Contributions (as defined in Regulation Section 1.401(k)-6) (and Qualified
				  Nonelective Contributions and/or Qualified Matching Contributions, if treated
				  as Elective Contributions for purposes of the ADP test) allocated to such
				  Participant’s accounts under two (2) or more cash or deferred arrangements
				  described in Code Section 401(k), that are maintained by the same
				  Employer, shall be determined as if such Elective Contributions (and, if
				  applicable, such Qualified Nonelective Contributions and/or Qualified Matching
				  Contributions) were made under a single arrangement. If an HCE participates in
				  two or more cash or deferred arrangements of the Employer that have different
				  Plan Years, then all Elective Contributions made during the Plan Year being
				  tested under all such cash or deferred arrangements shall be aggregated,
				  without regard to the plan years of the other plans. However, for Plan Years
				  beginning before the effective date of this Amendment, if the plans have
				  different Plan Years, then all such cash or deferred arrangements ending with
				  or within the same calendar year shall be treated as a single cash or deferred
				  arrangement. Notwithstanding the foregoing, certain plans shall be treated as
				  separate if mandatorily disaggregated under the Regulations of Code Section
				  401(k).
 

 

	 

	 
			
				5.4

					
				Plans
				  using different testing methods for the ADP and ACP test. Except
				  as otherwise provided in this Section, the Plan may use the current year
				  testing method or prior year testing method for the ADP test for a Plan Year
				  without regard to whether the current year testing method or prior year testing
				  method is used for the ACP test for that Plan Year. However, if different
				  testing methods are used, then the Plan cannot use: 
 

 

	 

	 
			 	
				(a)
				  
 	
				The
				  recharacterization method of Regulation Section 1.401(k)-2(b)(3) to correct
				  excess contributions for a Plan Year; 
 

 

	 

	 
			 	
				(b)
				  
 	
				The
				  rules of Regulation Section 1.401(m)-2(a)(6)(ii) to take Elective Contributions
				  into account under the ACP test (rather than the ADP test); or 

				

 

	 

	 
			 	
				(c)

					
				The
				  rules of Regulation Section 1.401(k)-2(a)(6)(v) to take Qualified Matching
				  Contributions into account under the ADP test (rather than the ACP test).
				  
 

 

	  

	 ARTICLE
		VI

	 ADJUSTMENT
		TO ADP TEST

	 

	 
			
				6.1

					
				Distribution
				  of Income attributable to Excess Contributions.
				  Distributions of Excess Contributions must be adjusted for income (gain or
				  loss), including an adjustment for income for the period between the end of the
				  Plan Year and the date of the distribution (the “gap period”). The
				  Administrator has the discretion to determine and allocate income using any of
				  the methods set forth below: 
 

 

	 

	 
			 	
				(a)

					
				Reasonable
				  method of allocating income. The
				  Administrator may use any reasonable method for computing the income allocable
				  to Excess Contributions, provided that the method does not violate Code Section
				  401(a)(4), is used consistently for all Participants and for all corrective
				  distributions under the Plan for the Plan Year, and is used by the

				

 

	 
		 

		
		  -4-

		   

		  

		  
		  

		  
		   
 
 

	 
			 	
				 
 	
				Plan for
				  allocating income to Participant’s accounts. A Plan will not fail to use a
				  reasonable method for computing the income allocable to Excess Contributions
				  merely because the income allocable to Excess Contributions is determined on a
				  date that is no more than seven (7) days before the distribution.

				

 

	  

	 
			 	
				(b)

					
				Alternative
				  method of allocating income. The
				  Administrator may allocate income to Excess Contributions for the Plan Year by
				  multiplying the income for the Plan Year allocable to the Elective
				  Contributions and other amounts taken into account under the ADP test
				  (including contributions made for the Plan Year), by a fraction, the numerator
				  of which is the Excess Contributions for the Employee for the Plan Year, and
				  the denominator of which is the sum of the:
 

 

	 

	 
			 	
				(1)
				  
 	
				Account
				  balance attributable to Elective Contributions and other amounts taken into
				  account under the ADP test as of the beginning of the Plan Year,
				  and
 

 

	 

	 
			 	
				(2)
				  
 	
				Any
				  additional amount of such contributions made for the Plan Year.

				

 

	 

	 
			 	
				(c)

					
				Safe
				  harbor method of allocating gap period income.
				  The
				  Administrator may use the safe harbor method in this paragraph to determine
				  income on Excess Contributions for the gap period. Under this safe harbor
				  method, income on Excess Contributions for the gap period is equal to ten
				  percent (10%) of the income allocable to Excess Contributions for the Plan Year
				  that would be determined under paragraph (b) above, multiplied by the number of
				  calendar months that have elapsed since the end of the Plan Year. For purposes
				  of calculating the number of calendar months that have elapsed under the safe
				  harbor method, a corrective distribution that is made on or before the
				  fifteenth (15th) day of a month is treated as made on the last day of the
				  preceding month and a distribution made after the fifteenth day of a month is
				  treated as made on the last day of the month.
 

 

	 

	 
			 	
				(d)
				  
 	
				Alternative
				  method for allocating Plan Year and gap period income. The
				  Administrator may determine the income for the aggregate of the Plan Year and
				  the gap period, by applying the alternative method provided by paragraph (b)
				  above to this aggregate period. This is accomplished by (1) substituting the
				  income for the Plan Year and the gap period, for the income for the Plan Year,
				  and (2) substituting the amounts taken into account under the ADP test for the
				  Plan Year and the gap period, for the amounts taken into account under the ADP
				  test for the Plan Year in determining the fraction that is multiplied by that
				  income.
 

 

	 

	 
			
				6.2

					
				Corrective
				  contributions. If a
				  failed ADP test is to be corrected by making an Employer contribution, then the
				  provisions of the Plan for the corrective contributions shall be applied by
				  limiting the contribution made on behalf of any NHCE pursuant to such
				  provisions to an amount that does not exceed the targeted contribution limits
				  of Section 5.1 of this Amendment, or in the case of a corrective contribution
				  that is a Qualified Matching Contribution, the targeted contribution limit of
				  Section 7.1 of this Amendment.
 

 

	  

	 ARTICLE
		VII

	 ACTUAL
		CONTRIBUTION PERCENTAGE (ACP) TEST

	  

	 
			
				7.1

					
				Targeted
				  matching contribution limit. A
				  matching contribution with respect to an Elective Contribution for a Plan Year
				  is not taken into account under the Actual Contribution Percentage (ACP) test
				  for an NHCE to the extent it exceeds the greatest of:
 

 

	  

	 
		
		  -5-

		   

		  

		  
		  

		  
		   
 
 

	 
			 	
				(a)
				  
 	
				five
				  percent (5%) of the NHCE’s Code Section 414(s) compensation for the Plan
				  Year;
 

 

	 

	 
			 	
				(b)
				  
 	
				the
				  NHCE’s Elective Contributions for the Plan Year; and
 

 

	 

	 
			 	
				(c)
				  
 	
				the
				  product of two (2) times the Plan’s “representative matching
				  rate” and the NHCE’s Elective Contributions for the Plan
				  Year.
 

 

	 

	 For
		purposes of this Section, the Plan’s “representative matching
		rate” is the lowest “matching rate” for any eligible NHCE among
		a group of NHCEs that consists of half of all eligible NHCEs in the Plan for
		the Plan Year who make Elective Contributions for the Plan Year (or, if
		greater, the lowest “matching rate” for all eligible NHCEs in the
		Plan who are employed by the Employer on the last day of the Plan Year and who
		make Elective Contributions for the Plan Year).

	 

	 For
		purposes of this Section, the “matching rate” for an Employee
		generally is the matching contributions made for such Employee divided by the
		Employee’s Elective Contributions for the Plan Year. If the matching rate
		is not the same for all levels of Elective Contributions for an Employee, then
		the Employee’s “matching rate” is determined assuming that an
		Employee’s Elective Contributions are equal to six percent (6%) of Code
		Section 414(s) compensation.

	 

	 If the
		Plan provides a match with respect to the sum of the Employee’s after-tax
		Employee contributions and Elective Contributions, then for purposes of this
		Section, that sum is substituted for the amount of the Employee’s Elective
		Contributions in subsections (b) & (c) above and in determining the
		“matching rate,” and Employees who make either after-tax Employee
		contributions or Elective Contributions are taken into account in determining
		the Plan’s “representative matching rate.” Similarly, if the
		Plan provides a match with respect to the Employee’s after-tax Employee
		contributions, but not Elective Contributions, then for purposes of this
		subsection, the Employee’s after-tax Employee contributions are
		substituted for the amount of the Employee’s Elective Contributions in
		subsections (b) & (c) above and in determining the “matching
		rate,” and Employees who make after-tax Employee contributions are taken
		into account in determining the Plan’s “representative matching
		rate.”

	 

	 
			
				7.2

					
				Targeted
				  QNEC limit.
				  Qualified Nonelective Contributions (as defined in Regulation Section
				  1.401(k)-6) cannot be taken into account under the Actual Contribution
				  Percentage (ACP) test for a Plan Year for an NHCE to the extent such
				  contributions exceed the product of that NHCE’s Code Section 414(s)
				  compensation and the greater of five percent (5%) or two (2) times the
				  Plan’s “representative contribution rate.” Any Qualified
				  Nonelective Contribution taken into account under an Actual Deferral Percentage
				  (ADP) test under Regulation Section 1.401(k)-2(a)(6) (including the
				  determination of the “representative contribution rate” for purposes
				  of Regulation Section 1.401(k)-2(a)(6)(iv)(B)) is not permitted to be taken
				  into account for purposes of this Section (including the determination of the
				  “representative contribution rate” for purposes of subsection (a)
				  below). For purposes of this Section:
 

 

	 

	 
			 	
				(a)

					
				The
				  Plan’s “representative contribution rate” is the lowest
				  “applicable contribution rate” of any eligible NHCE among a group of
				  eligible NHCEs that consists of half of all eligible NHCEs for the Plan Year
				  (or, if greater, the lowest “applicable contribution rate” of any
				  eligible NHCE who is in the group of all eligible NHCEs for the Plan Year and
				  who is employed by the Employer on the last day of the Plan Year),
				  and
 

 

	 

	 
			 	
				(b)

					
				The
				  “applicable contribution rate” for an eligible NHCE is the sum of the
				  matching contributions (as defined in Regulation Section 1.401(m)-1(a)(2))
				  taken into account in
 

 

	 
		 

		
		  
			 -6-

			  

			 

			 
			 

			 
			  
 
 
 

	 
			 	
				 
 	
				determining
				  the ACR for the eligible NHCE for the Plan Year and the Qualified Nonelective
				  Contributions made for that NHCE for the Plan Year, divided by that NHCE’s
				  Code Section 414(s) compensation for the Plan Year.
 

 

	  

	 Notwithstanding
		the above, Qualified Nonelective Contributions that are made in connection with
		an Employer’s obligation to pay prevailing wages under the Davis-Bacon Act
		(46 Stat. 1494), Public Law 71-798, Service Contract Act of 1965 (79 Stat.
		1965), Public Law 89-286, or similar legislation can be taken into account for
		a Plan Year for an NHCE to the extent such contributions do not exceed 10
		percent (10%) of that NHCE’s Code Section 414(s)
		compensation.

	 

	 
			
				7.3
				  
 	
				ACR
				  of HCE if multiple plans. The
				  Actual Contribution Ratio (ACR) for any Participant who is a Highly Compensated
				  Employee (HCE) and who is eligible to have matching contributions or after-tax
				  Employee contributions allocated to his or her account under two (2) or more
				  plans described in Code Section 401(a), or arrangements described in Code
				  Section 401(k) that are maintained by the same Employer, shall be determined as
				  if the total of such contributions was made under each plan and arrangement. If
				  an HCE participates in two (2) or more such plans or arrangements that have
				  different plan years, then all matching contributions and after-tax Employee
				  contributions made during the Plan Year being tested under all such plans and
				  arrangements shall be aggregated, without regard to the plan years of the other
				  plans. For plan years beginning before the effective date of this Amendment,
				  all such plans and arrangements ending with or within the same calendar year
				  shall be treated as a single plan or arrangement. Notwithstanding the
				  foregoing, certain plans shall be treated as separate if mandatorily
				  disaggregated under the Regulations of Code Section 401(m). 
 

 

	 

	 
			
				7.4

					
				Plans
				  using different testing methods for the ACP and ADP test. Except
				  as otherwise provided in this Section, the Plan may use the current year
				  testing method or prior year testing method for the ACP test for a Plan Year
				  without regard to whether the current year testing method or prior year testing
				  method is used for the ADP test for that Plan Year. However, if different
				  testing methods are used, then the Plan cannot use: 
 

 

	 

	 
			 	
				(a)
				  
 	
				The
				  recharacterization method of Regulation Section 1.401(k)-2(b)(3) to correct
				  excess contributions for a Plan Year; 
 

 

	 

	 
			 	
				(b)
				  
 	
				The
				  rules of Regulation Section 1.401(m)-2(a)(6)(ii) to take Elective Contributions
				  into account under the ACP test (rather than the ADP test); or 

				

 

	 

	 
			 	
				(c)
				  
 	
				The
				  rules of Regulation Section 1.401(k)-2(a)(6) to take Qualified Matching
				  Contributions into account under the ADP test (rather than the ACP test).
				  
 

 

	  

	 ARTICLE
		VIII

	 ADJUSTMENT
		TO ACP TEST

	 

	 
			
				8.1

					
				Distribution
				  of Income attributable to Excess Aggregate Contributions.
				  Distributions of Excess Aggregate Contributions must be adjusted for income
				  (gain or loss), including an adjustment for income for the period between the
				  end of the Plan Year and the date of the distribution (the “gap
				  period”). For the purpose of this Section, “income” shall be
				  determined and allocated in accordance with the provisions of Section 6.1 of
				  this Amendment, except that such Section shall be applied by substituting
				  “Excess Contributions” with “Excess Aggregate
				  Contributions” and by substituting amounts taken into account under the
				  ACP test for amounts taken into account under the ADP test. 
 

 

	 
		 

		
		  
			 -7-

			  

			 

			 
			 

			 
			  
 
 
 

	 
			
				8.2

					
				Corrective
				  contributions. If a
				  failed ACP test is to be corrected by making an Employer contribution, then the
				  provisions of the Plan for the corrective contributions shall be applied by
				  limiting the contribution made on behalf of any NHCE pursuant to such
				  provisions to an amount that does not exceed the targeted contribution limits
				  of Sections 7.1 and 7.2 of this Amendment. 
 

 

	  

	 ARTICLE
		IX

	 SAFE
		HARBOR PLAN PROVISIONS

	 

	 
			
				9.1

					
				Applicability. The
				  provisions of this Article IX apply if the Plan uses the alternative method of
				  satisfying the Actual Deferral Percentage (ADP) test set forth in Code Section
				  401(k)(12) (ADP Test Safe Harbor) and/or the Actual Contribution Percentage
				  (ACP) test set forth in Code Section 401(m)(11) (ACP Test Safe
				  Harbor).
 

 

	 

	 
			
				9.2

					
				Elimination
				  of conditions on matching contributions. If,
				  prior to the date this Amendment has been executed, an ADP Test Safe Harbor
				  notice has been given for a Plan Year for which this Amendment is effective
				  (see Amendment Section 1.1) and such notice provides that there are no
				  allocation conditions imposed on any matching contributions under the Plan,
				  then (1) the Plan will be an ACP Test Safe Harbor plan, provided the ACP Test
				  Safe Harbor requirements are met and (2) the Plan will not impose any
				  allocation conditions on matching contributions. However, if, prior to the date
				  this Amendment has been executed, an ADP Test Safe Harbor notice has been given
				  for a Plan Year for which this Amendment is effective and such notice provides
				  that there are allocation conditions imposed on any matching contributions
				  under the Plan, then the provisions of this Amendment do not modify any such
				  allocation conditions or provisions for that Plan Year and the Plan must
				  satisfy the ACP Test for such Plan Year using the current year testing method.
				  With respect to any Plan Year beginning after the date this Amendment has been
				  executed, if the Plan uses the ADP Test Safe Harbor and provides for matching
				  contributions, then (1) the Plan will be an ACP Test Safe Harbor plan, provided
				  the ACP Test Safe Harbor requirements are met and (2) the Plan will not impose
				  any allocation conditions on matching contributions.  

				

 

	 

	 
			
				9.3
				  
 	
				Matching
				  Catch-up contributions. If the
				  Plan provides for ADP Test Safe Harbor matching contributions or ACP Test Safe
				  Harbor matching contributions, then catch-up contributions (as defined in Code
				  Section 414(v)) will be taken into account in applying such matching
				  contributions under the Plan.
 

 

	 

	 
			
				9.4
				  
 	
				Plan
				  Year requirement. Except
				  as provided in Regulation Sections 1.401(k)-3(e) and 1.401(k)-3(f), and below,
				  the Plan will fail to satisfy the requirements of Code Section 401(k)(12) and
				  this Section for a Plan Year unless such provisions remain in effect for an
				  entire twelve (12) month Plan Year. 
 

 

	 

	 
			
				9.5

					
				Change
				  of Plan Year. If a
				  Plan has a
				  short Plan Year as a result of changing its Plan Year, then the Plan will not
				  fail to satisfy the requirements of Section 9.4 of this Amendment merely
				  because the Plan Year has less than twelve (12) months, provided
				  that:
 

 

	 

	 
			 	
				(a)

					
				The Plan
				  satisfied the ADP Test Safe Harbor and/or ACP Test Safe Harbor requirements for
				  the immediately preceding Plan Year; and 
 

 

	 

	 
			 	
				(b)

					
				The Plan
				  satisfies the ADP Test Safe Harbor and/or ACP Test Safe Harbor requirements
				  (determined without regard to Regulation Section 1.401(k)-3(g)) for the
				  immediately
 

 

	 
		 

		
		  
			 -8-

			  

			 

			 
			 

			 
			  
 
 
 

	 
			 	
				 
 	
				following
				  Plan Year (or for the immediately following twelve (12) months if the
				  immediately following Plan Year is less than twelve (12) months).

				

	 
			
				9.6

					
				Timing
				  of matching contributions.
				  If the
				  ADP Test Safe Harbor contribution being made to the Plan is a matching
				  contribution (or any ACP Test Safe Harbor matching contribution) that is made
				  separately with respect to each payroll period (or with respect to all payroll
				  periods ending with or within each month or quarter of a Plan Year) taken into
				  account under the Plan for the Plan Year, then safe harbor matching
				  contributions with respect to any elective deferrals and/or after-tax employee
				  contributions so made during a Plan Year quarter shall be contributed to the
				  Plan by the last day of the immediately following Plan Year quarter.
				  
 

 

	 

	 
			
				9.7

					
				Exiting
				  safe harbor matching. The
				  Employer may amend the Plan during a Plan Year to reduce or eliminate
				  prospectively any or all matching contributions under the Plan (including any
				  ADP Test Safe Harbor matching contributions) provided: (a) the Plan
				  Administrator provides a supplemental notice to the Participants which explains
				  the consequences of the amendment, specifies the amendment’s effective
				  date, and informs Participants that they will have a reasonable opportunity to
				  modify their cash or deferred elections and, if applicable, after-tax Employee
				  contribution elections; (b) Participants have a reasonable opportunity
				  (including a reasonable period after receipt of the supplemental notice) prior
				  to the effective date of the amendment to modify their cash or deferred
				  elections and, if applicable, after-tax Employee contribution elections; and
				  (c) the amendment is not effective earlier than the later of: (i) thirty (30)
				  days after the Plan Administrator gives supplemental notice; or (ii) the date
				  the Employer adopts the amendment. An Employer that amends its Plan to
				  eliminate or reduce any matching contribution under this Section, effective
				  during the Plan Year, must continue to apply all of the applicable ADP Test
				  Safe Harbor and ACP Test Safe Harbor requirements until the amendment becomes
				  effective and also must apply for the entire Plan Year, using the current year
				  testing method, the ADP test and the ACP test. 
 

 

	  

	 
			
				9.8

					
				Plan
				  termination. The
				  Employer may terminate the Plan during a Plan Year in accordance with Plan
				  termination provisions of the Plan and this Section. 
 

 

	 

	 
			 	
				(a)

					
				Acquisition/disposition
				  or substantial business hardship. If the
				  Employer terminates the Plan resulting in a short Plan Year, and the
				  termination is on account of an acquisition or disposition transaction
				  described in Code Section 410(b)(6)(C), or if the termination is on account of
				  the Employer’s substantial business hardship within the meaning of Code
				  Section 412(d), then the Plan remains an ADP Test Safe Harbor and/or ACP Test
				  Safe Harbor Plan provided that the Employer satisfies the ADP Test Safe Harbor
				  and/or ACP Test Safe Harbor provisions through the effective date of the Plan
				  termination.
 

 

	 

	 
			 	
				(b)

					
				Other
				  termination. If the
				  Employer terminates the Plan for any reason other than as described in Section
				  9.8(a) above, and the termination results in a short Plan Year, the Employer
				  must conduct the termination under the provisions of Section 9.7 above, except
				  that the Employer need not provide Participants
				  with the opportunity to change their cash or deferred elections or employee
				  contribution elections. 
 

 

	 

	 * *
		*

	  

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

	 
		 

		
		  
			 -9-

			  

			 

			 
			 

			  
 
 

	  

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

	  

	 
			 	 	 
	 	EMPLOYER:
	 	 
	 	JETBLUE AIRWAYS
				CORPORATION
	 
 	 
 	 
 
	 	By:  	/s/ Vincent
				Stabile
	 	
				
Name: Vincent
				Stabile
	 	Title: Senior Vice
				President—People
	 	 
	 	[Date:] 11/21/06

 

	 
		 

		
		  
			 -10-CONFIDENTIAL

Exhibit
10.21(c)

AMENDMENT NO. 3 TO PURCHASE
AGREEMENT DCT-025/2003

This
Amendment No. 3 to Purchase Agreement DCT-025/2003, dated as of
December 4, 2006 (‘‘Amendment 3’’) relates to
the Purchase Agreement DCT-025/2003 (‘‘Purchase
Agreement’’) between Embraer - Empresa Brasileira de
Aeronáutica S.A. (‘‘Embraer’’) and
JetBlue Airways Corporation (‘‘Buyer’’) dated
June 9, 2003 as amended from time to time (collectively referred to
herein as ‘‘Agreement’’). This Amendment 3 is
between Embraer and Buyer, collectively referred to herein as the
‘‘Parties’’.

This Amendment 3 sets forth
the further agreement between Embraer and Buyer relative to, among
other things, delivery schedule modifications of Firm Aircraft and
Option Aircraft. All terms defined in the Purchase Agreement shall have
the same meaning when used herein and in case of any conflict between
this Amendment 3 and the Purchase Agreement, this Amendment 3 shall
control.

Now, therefore, for good and valuable consideration,
which is hereby acknowledged, Embraer and Buyer hereby agree as
follows:

		
	1. 	DELIVERY

The
Aircraft schedule delivery table in Article 5.1 of the Purchase
Agreement shall be deleted and replaced as
follows:

																						
	Firm

Aircraft #			Delivery
Month			Firm
 Aircraft
#			Delivery
Month			Firm
 Aircraft
#			Delivery
Month			Firm
 Aircraft
#			Delivery
Month
	1			[***]-05			26			[***]-07			51			[***]-09			76			[***]-12
	2			[***]-05			27			[***]-07			52			[***]-09			77			[***]-12
	3			[***]-05			28			[***]-07			53			[***]-09			78			[***]-12
	4			[***]-05			29			[***]-07			54			[***]-10			79			[***]-12
	5			[***]-05			30			[***]-07			55			[***]-10			80			[***]-12
	6			[***]-05			31			[***]-07			56			[***]-10			81			[***]-12
	7			[***]-05			32			[***]-07			57			[***]-10			82			[***]-12
	8			[***]-05			33			[***]-07			58			[***]-10			83			[***]-12
	9			[***]-06			34			[***]-08			59			[***]-10			84			[***]-12
	10			[***]-06			35			[***]-08			60			[***]-10			85			[***]-13
	11			[***]-06			36			[***]-08			61			[***]-10			86			[***]-13
	12			[***]-06			37			[***]-08			62			[***]-10			87			[***]-13
	13			[***]-06			38			[***]-08			63			[***]-10			88			[***]-13
	14			[***]-06			39			[***]-08			64			[***]-11			89			[***]-13
	15			[***]-06			40			[***]-08			65			[***]-11			90			[***]-13
	16			[***]-06			41			[***]-08			66			[***]-11			91			[***]-13
	17			[***]-06			42			[***]-08			67			[***]-11			92			[***]-13
	18			[***]-06			43			[***]-08			68			[***]-11			93			[***]-13
	19			[***]-06			44			[***]-09			69			[***]-11			94			[***]-13
	20			[***]-06			45			[***]-09			70			[***]-11			95			[***]-13
	21			[***]-06			46			[***]-09			71			[***]-11			96			[***]-14
	22			[***]-06			47			[***]-09			72			[***]-11			97			[***]-14
	23			[***]-06*			48			[***]-09			73			[***]-11			98			[***]-14
	24			[***]-07			49			[***]-09			74			[***]-12			99			[***]-14
	25			[***]-07**			50			[***]-09			75			[***]-12			100			[***]-14
	 			 			 			 			 			 			101			[***]-14
	

	
		
	

		
	* 	In
the event that Aircraft 23 is not delivered until [***] 2006,
and notwithstanding Article 9.2 of the Purchase Agreement,
[***] 2006.

		
	** 	Embraer shall
[***] this aircraft available to JetBlue to start the
delivery inspection on or before
[***].

	
		
	

		
	[***]	Represents
material which has been redacted and filed separately with the
Commission pursuant to a request for confidential treatment pursuant to
Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

		
	2. 	OPTION FOR THE
PURCHASE OF ADDITIONAL AIRCRAFT

The Option Aircraft schedule
delivery table in Article 21 of the Purchase Agreement shall be deleted
and replaced as
follows:

																
	Group
#			Option
 Aircraft #			Delivery

Month			Group #			Option
 Aircraft
#			Delivery

Month
	 			[***]			[***]-08			 			[***]			[***]-13
	
[***]			[***]			[***]-08			[***]			[***]			[***]-13
	 			[***]			[***]-08			 			[***]			[***]-13
	 			[***]			[***]-08			 			[***]			[***]-13
	[***]			[***]			[***]-08			[***]			[***]			[***]-13
	 			[***]			[***]-09			 			[***]			[***]-13
	 			[***]			[***]-09			 			[***]			[***]-13
	[***]			[***]			[***]-09			[***]			[***]			[***]-13
	 			[***]			[***]-09			 			[***]			[***]-14
	 			[***]			[***]-09			 			[***]			[***]-14
	[***]			[***]			[***]-09			[***]			[***]			[***]-14
	 			[***]			[***]-09			 			[***]			[***]-14
	 			[***]			[***]-09			 			[***]			[***]-14
	[***]			[***]			[***]-10			[***]			[***]			[***]-14
	 			[***]			[***]-10			 			[***]			[***]-14
	 			[***]			[***]-10			 			[***]			[***]-14
	[***]			[***]			[***]-10			[***]			[***]			[***]-14
	 			[***]			[***]-10			 			[***]			[***]-14
	 			[***]			[***]-10			 			[***]			[***]-14
	[***]			[***]			[***]-10			[***]			[***]			[***]-14
	 			[***]			[***]-10			 			[***]			[***]-14
	 			[***]			[***]-10			 			[***]			[***]-14
	[***]			[***]			[***]-11			[***]			[***]			[***]-14
	 			[***]			[***]-11			 			[***]			[***]-14
	 			[***]			[***]-11			 			[***]			[***]-14
	[***]			[***]			[***]-11			[***]			[***]			[***]-14
	 			[***]			[***]-11			 			[***]			[***]-14
	 			[***]			[***]-11			 			[***]			[***]-14
	[***]			[***]			[***]-11			[***]			[***]			[***]-14
	 			[***]			[***]-11			 			[***]			[***]-15
	 			[***]			[***]-11			 			[***]			[***]-15
	[***]			[***]			[***]-11			[***]			[***]			[***]-15
	 			[***]			[***]-11			 			[***]			[***]-15
	 			[***]			[***]-12			 			[***]			[***]-15
	[***]			[***]			[***]-12			[***]			[***]			[***]-15
	 			[***]			[***]-12			 			[***]			[***]-15
	 			[***]			[***]-12			 			[***]			[***]-15
	[***]			[***]			[***]-12			[***]			[***]			[***]-15
	 			[***]			[***]-12			 			[***]			[***]-15
	 			[***]			[***]-12			 			[***]			[***]-15
	[***]			[***]			[***]-12			[***]			[***]			[***]-15
	 			[***]			[***]-12			 			[***]			[***]-15
	 			[***]			[***]-12			 			[***]			[***]-15
	[***]			[***]			[***]-12			[***]			[***]			[***]-15
	 			[***]			[***]-12			 			[***]			[***]-15
	 			[***]			[***]-13			 			[***]			[***]-15
	[***]			[***]			[***]-13			[***]			[***]			[***]-15
	 			[***]			[***]-13			 			[***]			[***]-15
	 			[***]			[***]-13			 			[***]			[***]-15
	[***]			[***]			[***]-13			 			 			 
	 			[***]			[***]-13			 			 			 
	

	

		
	[***]	Represents
material which has been redacted and filed separately with the
Commission pursuant to a request for confidential treatment pursuant to
Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

2

		
	2.1 	OPTION AIRCRAFT EXERCISE

Article 21.4 of the Purchase Agreement shall be deleted and replaced
as follows:

Option Aircraft Exercise: The option to purchase the
Option Aircraft shall be exercised in [***] groups of

[***] group of [***] (the ‘‘Option
Groups’’) as indicated in the above Option Aircraft
delivery table, no later than [***] prior to the Contractual
Delivery Month of the first Option Aircraft in each Option Group (the
‘‘Exercise Date’’). The [***]
aircraft [***] Option Aircraft is [***]. Buyer
shall have the right to [***] the Option Groups.

Exercise of the option to purchase the Option Aircraft shall be
accomplished by means of a written notice from Buyer delivered to
Embraer by mail, express delivery or facsimile, return receipt
requested.

In the event an Option Group is not [***]
exercised by its Exercise Date as specified in the preceding paragraph,
Buyer shall [***] in such Option Group.

In the event
[***] Option Groups [***], Buyer shall also
[***] Option Groups.

Buyer shall confirm its option by
means of a written notice to Embraer, return receipt requested, on or
before [***] prior to the first Option Aircraft of each
Option Group as specified above.

All other terms and conditions
of the Purchase Agreement, which are not specifically amended by this
Amendment 3, shall remain in full force and effect without any
change.

[Signature page follows]

	

		
	[***]	Represents
material which has been redacted and filed separately with the
Commission pursuant to a request for confidential treatment pursuant to
Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

3

IN WITNESS WHEREOF, Embraer and Buyer, by
their duly authorized officers, have entered into and executed this
Amendment 3 to the Purchase Agreement to be effective as of the date
first written above.

										
	Embraer
- Empresa Brasileira			JetBlue Airways
Corporation
	de Aeronáutica
S.A.			 			 
	By:			/s/
Antonio Luiz Pizzaro Manso			By:			/s/
Thomas E. Anderson
	Name:			Antonio Luiz
Pizzaro Manso			Name:			Thomas E. Anderson
	Title:			Executive Vice President			Title:			Senior Vice President
	 			Corporate & CFO			 			 
	By:			/s/ Jose Luis D.
Molina			 			 
	Name:			Jose Luis D. Molina			 			 
	Title:			Director of Contracts			 			 
	 			Airline Market			 			 
	Date:			December 6,
2006			Date:			December 5, 2006
	Place:			Sao Jose Dos Campos,
SP			Place:			New York, New
York
	Witness:			/s/
Erika Lulai Natali			Witness:			/s/ Cindy R.
England
	Name:			Erika Lulai
Natali			Name:			Cindy R.
England
	

4

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