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 OF SECURITIES 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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(Print or Type Responses)

1. Name and Address of Reporting Person * CHECKETTS DAVID W   2. Issuer Name and Ticker or Trading Symbol JETBLUE AIRWAYS CORP [JBLU] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) JETBLUE AIRWAYS CORPORATION, 118-29 QUEENS BLVD. 3. Date of Earliest Transaction (Month/Day/Year) 05/18/2006 (Street) FOREST HILLS, NY 11375 4. If Amendment, Date Original Filed(Month/Day/Year) 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 (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 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

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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 (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

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 (Month/Day/Year)

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

Put equivalent position (obligation to sell)

(1) (2)

05/18/2006

J(1)(2)

147,000

(1)(2)

05/18/2007

Common Stock

147,000

(1) (2)

147,000

D

Put equivalent position (obligation to sell)

(3) (4)

05/18/2006

J(3)(4)

147,000

(3)(4)

05/18/2007

Common Stock

147,000

(3) (4)

147,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
CHECKETTS DAVID W JETBLUE AIRWAYS CORPORATION 118-29 QUEENS BLVD. FOREST HILLS, NY 11375	X

Signatures

David Checketts		05/18/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	Mr. Checketts entered into a one-year prepaid forward contract with an unaffiliated third party ("Buyer"). Under the contract, Mr. Checketts will deliver to the Buyer at maturity on May 18, 2007 a number of shares of Common Stock to be determined based on the closing price of the Common Stock on that date ("Settlement Price"), as follows: (i) if the Settlement Price is less than or equal to $9.10 per share ("Floor Price"), 147,000 shares would be delivered, (ii) if the Settlement Price is between the Floor Price and $11.22 per share ("Cap Price"), a number of shares determined by multiplying 147,000 by the quotient of the Floor Price divided by the Settlement Price would be delivered, and (iii) if the Settlement Price is greater than the Cap Price, a number of shares less than 147,000 as determined by a formula specified in the contract would be delivered.
(2)	(continuation of prior footnote) At Mr. Checketts's option, he may pay cash in an amount equivalent to the value of the shares he is required to deliver at maturity. Mr. Checketts received a prepayment amount of $1,254.030 in connection with this transaction.
(3)	Mr. Checketts entered into a one-year uncapped prepaid forward contract with the Buyer. Under the uncapped contract, Mr. Checketts will deliver to the Buyer at maturity a number of shares of Common Stock determined based on the closing sale price of the Common Stock on that date ("Settlement Price"), as follows: (i) if the Settlement Price is less than or equal to $9.10 per share ("Floor Price"), 147,000 shares would be delivered, and (ii) if the Settlement Price is greater than the Floor Price, a number of shares determined by multiplying 147,000 by the quotient of the Floor Price divided by the Settlement Price would be delivered.
(4)	(continuation of prior footnote) At Mr. Checketts's option, he may pay cash in an amount equivalent to the value of the shares he is required to deliver at maturity. Mr. Checketts received a prepayment of $1,021.650 in connection with this transaction.

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