CABILLOT RAYMOND E - 11 Aug 2025 Form 4 Insider Report for AIR T INC (AIRT)

Role: Director
Signature: /s/ Raymond E. Cabillot
Issuer symbol: AIRT
Transactions as of: 11 Aug 2025
Net transactions value: $0
Form type: 4
Filing time: 14 Aug 2025, 15:46:06 UTC
Previous filing: 01 Apr 2025
Next filing: 21 Nov 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
CABILLOT RAYMOND E	Director	14031 GREENWAY AVE NE, PRIOR LAKE	/s/ Raymond E. Cabillot	14 Aug 2025	0001361476

Transactions Table

Type	Sym	Class	Shares After	Date	Ownership
holding	AIRT	Common Stock	7,500	11 Aug 2025	Direct
holding	AIRT	Common Stock	55,793	11 Aug 2025	By FS Special Opportunities I, LP
holding	AIRT	Common Stock	394,090	11 Aug 2025	By Farnam Street Partners, L.P.
holding	AIRT	Common Stock	13,146	11 Aug 2025	by Car of MN LLC

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AIRT	Stock options	Award	$0	+500		$0.000000	500	11 Aug 2025	Common Stock	500	$30.00	Direct	F1
transaction	AIRT	Stock options	Award	$0	+500		$0.000000	500	11 Aug 2025	Common Stock	500	$50.00	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Cumulative amount does not include presently unexerciseable options granted in December 2020. Whether any of the unexerciseable options vest, and the amount that does vest, is tied to various price tranches (six per year) corresponding to future testing dates (June 30 of each year) and the achievement of our Common Stock trading at or above the exercise price for each applicable price tranche. In the event that the market price of our common stock does not reach or exceed the exercise price during the 60 days immediately preceding the applicable price tranche, 100% of the applicable options associated with that price tranche expire immediately. After expirations due to failures to reach the prior stated exercise prices, total amount currently outstanding is 1,500. For further details, see the Company's proxy statement filed July 3, 2025.

Content

Cumulative amount does not include presently unexerciseable options granted in December 2020. Whether any of the unexerciseable options vest, and the amount that does vest, is tied to various price tranches (six per year) corresponding to future testing dates (June 30 of each year) and the achievement of our Common Stock trading at or above the exercise price for each applicable price tranche. In the event that the market price of our common stock does not reach or exceed the exercise price during the 60 days immediately preceding the applicable price tranche, 100% of the applicable options associated with that price tranche expire immediately. After expirations due to failures to reach the prior stated exercise prices, total amount currently outstanding is 1,500. For further details, see the Company's proxy statement filed July 3, 2025.