JETBLUE AIRWAYS CORP
For the period ended May 17, 2024. Filed Apr 1, 2024.
View on SEC.govAbout this filing
What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
May 17, 2024 · Filed Apr 1, 2024
Use the contents to explore the available documents and sections.
Contents
Cover page
Show cover page
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
(Rule 14a-101)
**INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
**Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
| Filed by the Registrant | Filed by a Party other than the Registrant |
Check the appropriate box:
Preliminary Proxy Statement
Confidential, for use of the Commission only (as permitted by Rule 14a-6(e)(2))
Definitive Proxy Statement
Definitive Additional Materials
Soliciting Material Pursuant to §240.14a-12
JETBLUE AIRWAYS CORPORATION
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
No fee required
Fee paid previously with preliminary materials
Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11
MESSAGE FROM OUR CHIEF EXECUTIVE OFFICER
**JETBLUE AIRWAYS CORPORATION
27-01 Queens Plaza North
Long Island City, New York 11101
April 1, 2024
To our Stockholders:
I am pleased to invite you to the 2024 JetBlue Airways Corporation annual meeting of stockholders, on Friday, May 17, 2024 at 9:00 a.m., Eastern Daylight Time. This year’s annual meeting will be conducted virtually, via live audio webcast. Stockholders of record as of March 22, 2024 will be able to attend virtually, submit questions during the meeting, and vote your shares electronically during the meeting by logging in atwww.virtualshareholdermeeting.com/jblu2024 using the 16-digit control number included in your Notice of Internet Availability of the proxy materials, on your proxy card or on the voting instructions form accompanying these proxy materials. We recommend that you log in a few minutes before the scheduled meeting time on May 17, 2024 to ensure you are logged in when the meeting starts.
We are holding a virtual only annual meeting. We value innovation and we welcome expanded access, improved communication and cost savings for our stockholders and JetBlue afforded by the virtual format. As we have learned over the many years we have hosted virtual annual meetings, they enable increased stockholder attendance and participation from locations around the world, which provides for a more meaningful forum for our stockholders. In addition, the virtual format allows us to communicate more effectively via a pre-meeting portal that stockholders can enter by visitingwww.proxyvote.com and logging in with your control number. We encourage you to log on in advance and ask any questions you may have, which we will try to address during the meeting.
The following notice of annual meeting of stockholders outlines the business to be conducted at our 2024 virtual annual meeting of stockholders. Only stockholders of record at the close of business on March 22, 2024 will be entitled to notice of and to vote at the virtual annual meeting. Further details about how to attend the meeting online and the business to be conducted at the annual meeting are included in the accompanying notice of annual meeting and proxy statement.
We are again providing access to our proxy materials online under the U.S. Securities and Exchange Commission’s “notice and access” rules. As a result, we are mailing to many of our stockholders a notice instead of a paper copy of the proxy statement and our 2023 Annual Report to Stockholders. The Notice of Internet Availability of the proxy materials contains instructions on how to access documents online. The notice also contains instructions on how stockholders can receive a paper copy of our proxy materials, including the proxy statement, our 2023 Annual Report to Stockholders, and a form of proxy card or voting instruction card. If you received the Notice of Internet Availability by mail and would like to receive a printed copy of our proxy materials, please follow the instructions for requesting such materials included in the Notice of Internet Availability.
Your vote is important to us. Regardless of whether you attend the 2024 virtual annual meeting, we hope you vote as soon as possible. You may vote online or by phone, or, if you received paper copies of the proxy materials by mail, you may also vote by mail by following the instructions on the proxy card or voting instruction card. Additionally, if you attend the 2024 virtual annual meeting, you may vote your shares at the meeting. Voting online, by phone, or by mail ensures your representation at the 2024 virtual annual meeting regardless of whether you attend the virtual meeting on May 17, 2024.
Very truly yours,
Joanna Geraghty
Chief Executive Officer and Director
On behalf of the Board of Directors of JetBlue Airways Corporation
TABLE OF CONTENTS
| PROXY STATEMENT SUMMARY | 5 |
|---|---|
| BUSINESS OVERVIEW | 8 |
| JETBLUE’S APPROACH TO ENVIRONMENTAL, SOCIAL AND GOVERNANCE MATTERS | 10 |
| CORPORATE GOVERNANCE AT JETBLUE | 16 |
| THE BOARD OF DIRECTORS | 28 |
| MANAGEMENT PROPOSAL 1 TO ELECT DIRECTORS | 31 |
| MANAGEMENT PROPOSAL 2 TO APPROVE, ON AN ADVISORY BASIS, THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS | 40 |
| NAMED EXECUTIVE OFFICER COMPENSATION DISCUSSION AND ANALYSIS | 41 |
| COMPENSATION COMMITTEE REPORT | 58 |
| SUMMARY COMPENSATION TABLE | 59 |
| GRANTS OF PLAN-BASED AWARDS | 60 |
| OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END | 63 |
| OPTION EXERCISES AND STOCK VESTED | 65 |
| POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL | 66 |
| PAY RATIO OF CHIEF EXECUTIVE OFFICER COMPENSATION TO MEDIAN EMPLOYEE COMPENSATION | 72 |
| PAY VERSUS PERFORMANCE | 73 |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | 75 |
| MANAGEMENT PROPOSAL 3 TO APPROVE AN AMENDMENT TO THE JETBLUE AIRWAYS CORPORATION AMENDED AND RESTATED CERTIFICATE OF INCORPORATION | 77 |
| MANAGEMENT PROPOSAL 4 TO APPROVE AN AMENDMENT TO THE JETBLUE AIRWAYS CORPORATION 2020 CREWMEMBER STOCK PURCHASE PLAN | 79 |
| MANAGEMENT PROPOSAL 5 TO APPROVE AN AMENDMENT TO THE JETBLUE AIRWAYS CORPORATION 2020 OMNIBUS EQUITY INCENTIVE PLAN | 85 |
| EQUITY COMPENSATION PLAN INFORMATION | 95 |
| MANAGEMENT PROPOSAL 6 TO RATIFY THE SELECTION OF ERNST & YOUNG LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER 31, 2024 | 96 |
| AUDIT COMMITTEE REPORT | 99 |
| QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING AND VOTING | 101 |
| OTHER MATTERS | 107 |
| ADDITIONAL INFORMATION | 107 |
| APPENDIX A NON-GAAP FINANCIAL MEASURES | A-1 |
| APPENDIX B PROPOSED AMENDMENT TO THE AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF JETBLUE AIRWAYS CORPORATION | B-1 |
| APPENDIX C PROPOSED AMENDMENT TO THE JETBLUE AIRWAYS CORPORATION 2020 CREWMEMBER STOCK PURCHASE PLAN | C-1 |
| APPENDIX D PROPOSED AMENDMENT TO THE JETBLUE AIRWAYS CORPORATION 2020 OMNIBUS EQUITY INCENTIVE PLAN | D-1 |
www.jetblue.com
| JETBLUE AIRWAYS CORPORATION | 2024 PROXY STATEMENT | 2 |
|---|
Back to Contents
| TO BE HELD ON MAY 17, 2024 9:00 a.m. (Eastern Daylight Time) via the Internet at www.virtualshareholdermeeting.com/jblu2024 JETBLUE AIRWAYS CORPORATION 27-01 Queens Plaza North Long Island City, New York 11101 | NOTICE of Annual Meeting of Stockholders |
|---|
This notice of annual meeting, proxy statement and form of proxy for JetBlue Airways Corporation (“JetBlue” or the “Company”) are being distributed and made available on or about April 1, 2024.
TIME AND DATE
9:00 a.m., Eastern Daylight Time, on Friday, May 17, 2024
PLACE
Online atwww.virtualshareholdermeeting.com/jblu2024
ITEMS OF BUSINESS
| 1. | To elect the eleven directors named in this proxy statement; |
| 2. | To approve, on an advisory basis, the compensation of our named executive officers (“say-on-pay” vote); |
| 3. | To approve an amendment to the JetBlue Airways Corporation Amended and Restated Certificate of Incorporation in order to provide for exculpation of officers from breaches of fiduciary duty to the fullest extent permitted by the General Corporation Law of the State of Delaware; |
| 4. | To approve an amendment to the JetBlue Airways Corporation 2020 Crewmember Stock Purchase Plan to increase the number of shares of common stock authorized for issuance; |
| 5. | To approve an amendment to the JetBlue Airways Corporation 2020 Omnibus Equity Incentive Plan to increase the number of shares of common stock authorized for issuance; |
| 6. | To ratify the selection of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2024; and |
| 7. | Such other business as may properly come before the annual meeting and any postponement(s) or adjournment(s) thereof. |
ADJOURNMENTS AND POSTPONEMENTS
Any action on the items of business described above may be considered at the annual meeting at the time and on the date specified above or at any time and date to which the annual meeting may be properly adjourned or postponed.
RECORD DATE
You are entitled to vote only if you were a JetBlue stockholder as of the close of business on March 22, 2024.
By order of the Board of Directors
Brandon Nelson
General Counsel and Corporate Secretary
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON MAY 17, 2024
The notice of annual meeting, the proxy statement and our 2023 Annual Report to Stockholders are available on our website athttp://investor.jetblue.com.Additionally, in accordance with the Securities and Exchange Commission rules, you may access our proxy materials atwww.proxyvote.com.
| VOTE IN ADVANCE OF THE MEETING: | |||
|---|---|---|---|
| If your shares are held in the name of a broker, bank or other holder of record, follow the voting instructions you receive from the holder of record to vote your shares. | BY INTERNET Vote your shares at www.proxyvote.com Have your Notice of Internet Availability or proxy card in hand for the 16-digit control number needed to vote. | BY TELEPHONE Call 1-800-690-6903 (toll-free) Have your Notice of Internet Availability or proxy card in hand for the 16-digit control number needed to vote. | BY MAIL Sign, date and return the enclosed proxy card or voting instruction form If your shares are held in the name of a broker, bank or other holder of record, follow the voting instructions you receive from the holder of record to vote your shares. |
| JETBLUE AIRWAYS CORPORATION | 2024 PROXY STATEMENT | 3 |
|---|
Back to Contents
VOTING
**Your vote is very important.**Regardless of whether you plan to attend the virtual annual meeting, we hope you will vote as soon as possible. You may vote your shares over the Internet or via a toll-free telephone number. If you received a paper copy of a proxy or voting instruction card by mail, you may submit your proxy or voting instruction card for the annual meeting by completing, signing, dating and returning your proxy or voting instruction card in the pre-addressed envelope provided. In addition, stockholders of record and beneficial owners will be able to vote their shares electronically during the annual meeting. For specific instructions on how to vote your shares, please refer to the section entitledQuestions and Answers About the Annual Meeting and Voting beginning on page 100 of the Proxy Statement.
VIRTUAL MEETING ADMISSION
Stockholders of record as of March 22, 2024 will be able to participate in the virtual annual meeting by visiting our annual meeting websitewww.virtualshareholdermeeting.com/jblu2024.
To participate in the 2024 virtual annual meeting, you will need the 16-digit control number included on your Notice of Internet Availability of the proxy materials, on your proxy card or on the instructions that accompanied your proxy materials.
The 2024 virtual annual meeting will begin promptly at 9:00 a.m., Eastern Daylight Time, on May 17, 2024. Online check-in will begin at 8:50 a.m., Eastern Daylight Time. Please allow ample time for the online check-in procedures.
ANNUAL MEETING WEBSITE AND PRE-MEETING PORTAL
We believe the online format for the 2024 annual meeting allows us to communicate more effectively with you. Stockholders can access our pre-meeting portal, where you can submit questions in advance of the annual meeting, by visiting our annual meeting website atwww.proxyvote.com and logging in with your 16-digit control number. Stockholders can also access copies of our Proxy Statement and 2023 Annual Report to Stockholders at the annual meeting website.
| JETBLUE AIRWAYS CORPORATION | 2024 PROXY STATEMENT | 4 |
|---|
Back to Contents
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.