Sec Form 4 Filing - CLAYDON TIMOTHY @ JETBLUE AIRWAYS CORP - 2006-10-27

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person CLAYDON TIMOTHY 2. Issuer Name and Ticker or Trading Symbol JETBLUE AIRWAYS CORP [ JBLU] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Senior Vice President (Last) (First) (Middle) JETBLUE AIRWAYS CORPORATION, 118-29 QUEENS BOULEVARD 3. Date of Earliest Transaction (MM/DD/YY) 10/27/2006 (Street) FOREST HILLS, NY11375 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 10/27/2006 10/27/2006 M 4,050 A $ 1.05 10,005 ( 1 ) D Common Stock 10/27/2006 10/27/2006 S 200 D $ 12.3 9,805 D Common Stock 10/27/2006 10/27/2006 S 3,850 D $ 12.29 5,955 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Option (Right to Purchase) $ 1.05 10/27/2006 M 4,050 02/19/2006( 2 ) 02/28/2011 Common Stock 4,050 $ 0 16,200 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other CLAYDON TIMOTHY JETBLUE AIRWAYS CORPORATION 118-29 QUEENS BOULEVARD FOREST HILLS, NY11375 Senior Vice President Signatures Tim Claydon 10/27/2006 Signature of Reporting Person Date

Explanation of Responses:

( 1 )On December 27, 2005, the issuer effected a 3-for-2 stock split, resulting in the reporting person's acquisition of an additional 1,985 shares of common stock before acquisition of the 4,050 shares subject to this Form 4. ( 2 )The initial option grant of 101,250, as adjusted by issuer's 3-for-2 stock split on December 27, 2005, is fully vested as of February 19, 2006.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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