On January 15, 2021, JetBlue Airways Corporation (JetBlue) entered into a Payroll Support Program Extension Agreement with the United States Department of the Treasury governing its participation in the federal Payroll Support Program for passenger air carriers under the United States Consolidated Appropriations Act, 2021. In April 2020 and September 2020, JetBlue previously received funding under the Payroll Support Program pursuant to a separate Payroll Support Program Agreement, warrant agreement and promissory note, as amended and supplemented, under the United States Coronavirus Aid, Relief, and Economic Security Act. Pursuant to the Payroll Support Program 2, on January 15, 2021, Treasury provided to JetBlue a payment of approximately $252 million under the PSP Extension Agreement. The Payroll Support Payment includes a grant of approximately $206 million and a loan of approximately $46 million, evidenced by a promissory note issued by JetBlue to Treasury. In consideration for the Payroll Support Payment, on January 15, 2021, JetBlue also issued to Treasury warrants to purchase 316,583 shares of JetBlue’s common stock, $0.01 par value per share, at an exercise price of $14.43 per share, pursuant to a warrant agreement, dated January 15, 2021, with Treasury. The Promissory Note will mature 10 years after issuance and the Warrants will expire five years after issuance. The Promissory Note bears interest on the principal amount outstanding from time to time at an annual rate of 1.00% until January 15, 2026, and the Applicable SOFR Rate plus 2.00% thereafter until January 15, 2031. Interest is payable in arrears on the last business day of March and September of each year, beginning on March 31, 2021.