<SEC-DOCUMENT>0001193125-22-163573.txt : 20220531
<SEC-HEADER>0001193125-22-163573.hdr.sgml : 20220531
<ACCEPTANCE-DATETIME>20220531131653
ACCESSION NUMBER:		0001193125-22-163573
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220531
DATE AS OF CHANGE:		20220531

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Spirit Airlines, Inc.
		CENTRAL INDEX KEY:			0001498710
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				381747023
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35186
		FILM NUMBER:		22981997

	BUSINESS ADDRESS:	
		STREET 1:		2800 EXECUTIVE WAY
		CITY:			MIRAMAR
		STATE:			FL
		ZIP:			33025
		BUSINESS PHONE:		954-447-7920

	MAIL ADDRESS:	
		STREET 1:		2800 EXECUTIVE WAY
		CITY:			MIRAMAR
		STATE:			FL
		ZIP:			33025

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JETBLUE AIRWAYS CORP
		CENTRAL INDEX KEY:			0001158463
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				870617894
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		27-01 QUEENS PLAZA NORTH
		CITY:			LONG ISLAND CITY
		STATE:			NY
		ZIP:			11101
		BUSINESS PHONE:		7182867900

	MAIL ADDRESS:	
		STREET 1:		27-01 QUEENS PLAZA NORTH
		CITY:			LONG ISLAND CITY
		STATE:			NY
		ZIP:			11101
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<Center><DIV STYLE="width:8.5in" align="left">
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<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
INFORMATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than the Registrant&nbsp;&nbsp;&#9746; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Preliminary Proxy Statement</TD></TR>
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<TD VALIGN="top"><B>Confidential, For Use of the Commission Only (as permitted by Rule <FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></B></TD></TR>
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<TD VALIGN="top">Definitive Proxy Statement</TD></TR>
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<TD VALIGN="top">Definitive Additional Materials</TD></TR>
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<TD VALIGN="top">Soliciting Material Pursuant to &#167; <FONT STYLE="white-space:nowrap">240.14a-12</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>Spirit Airlines, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>JetBlue Airways Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Sundown Acquisition Corp. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">Fee paid previously with preliminary materials.</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Fee computed on table in exhibit required by Item 25 (b) per Exchange Act Rules 14a-6 (i) (1) and 0-11</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Filed by JetBlue Airways Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Pursuant to Schedule 14A under the </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Securities Exchange Act of 1934, as amended </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Subject Company: Spirit Airlines, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Commission File No.: 001-35186 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Date:
May 31, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The following is a press release issued by JetBlue Airways Corporation (&#147;JetBlue&#148;) on May </I></B><B><I>31</I></B><B><I>,
2022.</I></B> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD VALIGN="middle"><B>PRESS RELEASE</B></TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Leading Independent Proxy Advisory Firm ISS Recommends Spirit Shareholders &#145;Vote No&#146; on Frontier
Transaction </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>ISS notes the JetBlue offer is superior from a financial standpoint and that JetBlue offer provides greater certainty
against regulatory risk inherent in both JetBlue and Frontier proposals </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>ISS describes the Spirit Board&#146;s sale process as a
&#145;cause for concern&#146; </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>JetBlue urges Spirit shareholders to follow ISS&#146;s recommendation and vote AGAINST the inferior
Frontier transaction </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NEW YORK (May 31, 2022)</B> &#150; JetBlue (NASDAQ: JBLU) today announced that Institutional Shareholder Services
(&#147;ISS&#148;), the leading independent proxy advisory firm, has issued a report recommending that Spirit (NYSE: SAVE) shareholders vote AGAINST the inferior, high-risk, and <FONT STYLE="white-space:nowrap">low-value</FONT> Frontier transaction
at Spirit&#146;s upcoming special meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We are pleased that ISS recognized that our proposal offers Spirit shareholders superior value and has a
clear path to completion,&#148; said Robin Hayes, chief executive officer, JetBlue. &#147;The ISS report highlights the flawed process that the conflicted Spirit Board followed, which only underscores the need for Spirit&#146;s Board to now come to
the table and negotiate &#150; this time in good faith &#150; with JetBlue. Spirit shareholders can send that strong message to their Board by voting against the Frontier transaction and against adjournment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;ISS highlighted that a deal with JetBlue will bring more value and cash certainty. We believe it is clear a combined JetBlue-Spirit will bring more
competition with the Big Four airlines driven by the power of the JetBlue Effect, supporting our conviction that we can achieve regulatory approval for our transaction,&#148; Hayes said. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>JetBlue Offers Superior Value to Spirit Shareholders </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ISS recognized that JetBlue&#146;s current proposal, backed by years of financial and regulatory analysis in consultation with external advisors, offers full
and certain value to Spirit shareholders at a substantial premium to the Frontier transaction &#150; the value of which has only decreased since it was first announced. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The ISS report highlighted: <I>&#147;The offer from JetBlue is superior from a financial standpoint, with a cash consideration at a meaningfully higher
premium than the mostly stock deal from Frontier </I><I>&#133;</I><I> On balance, a potential agreement with JetBlue would appear to offer shareholders superior optionality, allowing those concerned with the turbulence ahead to exit at a significant
premium, while allowing those with a more optimistic outlook to reinvest the premium consideration.&#148;</I> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Spirit&#146;s Conflicted Board Is Not
Serving the Best Interests of Its Shareholders </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ISS&#146;s conclusions on the sales process run by the Spirit Board also aligned with
JetBlue&#146;s contention that Spirit&#146;s directors appear to be more aligned with the interests of Frontier and Bill Franke&#146;s Indigo Partners than those of Spirit shareholders &#150; as demonstrated by their misrepresentations regarding
their engagement with JetBlue, and their desire to defend the inferior Frontier transaction at any cost. Spirit&#146;s CEO has even admitted that if the Frontier transaction is voted down by its own shareholders, it will continue as a standalone
company rather than pursuing a value-maximizing opportunity with JetBlue. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The ISS report noted: &#147;The board&#146;s decision to forgo an auction
process is a cause for concern, since investors lack market-based evidence that the deal presented in fact represents the best available alternative, as evidenced by the competing offer from JetBlue &#133; In addition to the lack of a competitive
process, shareholders may question the board&#146;s failure to negotiate a reverse termination fee with Frontier in light of the potential regulatory risk and JetBlue&#146;s offer of a $200&nbsp;million termination fee (in a negotiated
transaction).&#148; </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Confidence in Potential for Regulatory Approval and Recognition of Stronger Contractual Commitments </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ISS noted that while its analysis did not determine regulators&#146; preference between the JetBlue-Spirit or Frontier-Spirit combinations, it concluded that
&#147;there appears to be no conclusive evidence that JetBlue&#146;s proposal has zero chance of approval,&#148; as the conflicted Spirit Board has falsely asserted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The ISS report noted: <I>&#147;the [Spirit] board&#146;s view that a Frontier merger has a safer path to regulatory approval is not supported by any guarantee
of value for shareholders in the event of regulatory rejection. Spirit&#146;s view that the Frontier proposal may have a smoother glide path towards achieving regulatory approval appears reasonable, but its assertion that the JetBlue proposal has
zero chance of approval appears far less so.</I>&#148;<I> </I> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>JetBlue Urges Spirit Shareholders to Vote AGAINST the Frontier Transaction
</U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Spirit shareholders are encouraged to read more about JetBlue&#146;s proposal, and the Spirit Board&#146;s attempt to defend the inferior Frontier
transaction, at <U>JetBlueOffersMore.com</U>. JetBlue urges Spirit shareholders to vote AGAINST the Frontier transaction on the BLUE proxy card, vote AGAINST adjournment of the special meeting, and tender their shares into JetBlue&#146;s cash tender
offer. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About JetBlue </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JetBlue is New York&#146;s
Hometown Airline<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, and a leading carrier in Boston, Fort Lauderdale-Hollywood, Los Angeles, Orlando, and San Juan. JetBlue carries customers across the United States, Caribbean and Latin
America and London. For more information, visit <U>jetblue.com</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Statements in this press release contain various forward-looking statements within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended,
or the Securities Act, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which represent our management&#146;s beliefs and assumptions concerning future events. These statements are intended to qualify for
the &#147;safe harbor&#148; from liability established by the Private Securities Litigation Reform Act of 1995. When used in this press release, the words &#147;expects,&#148; &#147;plans,&#148; &#147;anticipates,&#148; &#147;indicates,&#148;
&#147;believes,&#148; &#147;forecast,&#148; &#147;guidance,&#148; &#147;outlook,&#148; &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;seeks,&#148; &#147;targets&#148; and similar expressions are intended to identify forward-looking
statements. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many
factors, including, without limitation, those listed in our U.S. Securities and Exchange Commission (&#147;SEC&#148;) filings, matters of which we may not be aware, the coronavirus pandemic including new and existing variants, the outbreak of any
other disease or similar public health threat that affects travel demand or behavior, the outcome of any discussions between JetBlue Airways Corporation (&#147;JetBlue&#148;) and Spirit Airlines, Inc. (&#147;Spirit&#148;) with respect to a possible
transaction, including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any such transaction will be materially different from those described herein, the conditions to the completion
of the possible transaction, including the receipt of any required stockholder and regulatory approvals and, in particular, our expectation as to the likelihood of receipt of antitrust approvals, JetBlue&#146;s ability to finance the possible
transaction and the indebtedness JetBlue expects to incur in connection with the possible transaction, the possibility that JetBlue may be unable to achieve expected synergies and operating efficiencies within the expected timeframes or at all and
to successfully integrate Spirit&#146;s operations with those of JetBlue, and the possibility that such integration may be more difficult, time-consuming or costly than expected or that operating costs and business disruption (including, without
limitation, disruptions in relationships with employees, customers or suppliers) may be greater than expected in connection with the possible transaction. Given the risks and uncertainties surrounding forward-looking statements, you should not place
undue reliance on these statements. Further information concerning these and other factors is contained in JetBlue&#146;s SEC filings, including but not limited to, JetBlue&#146;s 2021 Annual Report on Form
<FONT STYLE="white-space:nowrap">10-K</FONT> and its Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q.</FONT> In light of these risks and uncertainties, the forward-looking events discussed in this press release might not occur. Our
forward-looking statements included in this press release speak only as of the date the statements were written or recorded. We undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future
events, or otherwise. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Important Information and Where to Find It </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release is provided for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any shares of the
common stock of Spirit or any other securities. JetBlue and its wholly-owned subsidiary, Sundown Acquisition Corp., have commenced a tender offer for all outstanding shares of common stock of Spirit and have filed with the SEC a tender offer
statement on Schedule TO (including an Offer to Purchase, a Letter of Transmittal and related documents), as may be amended. These documents contain important information, including the terms and conditions of the tender offer, and stockholders of
Spirit are advised to carefully read these documents before making any decision with respect to the tender offer. Investors and security holders may obtain free copies of these statements and other documents filed with respect to the tender offer at
the SEC&#146;s website at <U>https://www.sec.gov</U>. In addition, copies of the tender offer statement and related materials may be obtained for free by directing such requests to the information agent for the tender offer, Innisfree M&amp;A
Incorporated, at (877) <FONT STYLE="white-space:nowrap">800-5190</FONT> (toll free for stockholders) or (212) <FONT STYLE="white-space:nowrap">750-5833</FONT> (collect for banks and brokers). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JetBlue has filed a definitive proxy statement on Schedule 14A with the SEC (&#147;Definitive Proxy Statement&#148;) and the accompanying BLUE proxy card on
May&nbsp;26, 2022, to be used to solicit proxies in opposition to the proposed business combination between Spirit and Frontier Group Holdings, Inc. (&#147;Frontier&#148;) and the other proposals to be voted on by Spirit stockholders at the special
meeting of the stockholders of Spirit to be held on June&nbsp;10, 2022. This press release is not a substitute for the Definitive Proxy Statement or any other document JetBlue, Spirit or Frontier may file with the SEC in connection with the proposed
transaction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STOCKHOLDERS OF SPIRIT ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ALL OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING
ALL PROXY MATERIALS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investors and security holders may obtain a free copy of the Definitive Proxy
Statement and other documents filed by JetBlue at the SEC&#146;s web site at <U>https://www.sec.gov</U> or by contacting the information agent for the proxy solicitation, Innisfree M&amp;A Incorporated, at (877)
<FONT STYLE="white-space:nowrap">800-5190</FONT> (toll free for stockholders) or (212) <FONT STYLE="white-space:nowrap">750-5833</FONT> (collect for banks and brokers). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants in the Solicitation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JetBlue and its
directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of Spirit common stock. Additional information regarding the participants in the proxy solicitation is contained in the Definitive
Proxy Statement. </P>
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