[Form 4] Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities Insider Trading Activity

Rhea-AI Filing Summary

Raymond E. Cabillot, a director of Air T Inc. (ticker shown as AIRT in the filing), reported changes in his beneficial ownership on a Form 4 dated 08/14/2025 for transactions dated 08/11/2025. The filing shows a disposition of 7,500 shares of common stock and newly reported acquisitions of two tranches of stock options: 500 options with $30 exercise price and 500 options with $50 exercise price, each exercisable 08/06/2026 and expiring 08/06/2045. Following the reported transactions, Mr. Cabillot directly owned 55,793 shares and held 500 shares underlying the newly acquired options. He also reports significant indirect holdings: 394,090 shares via FS Special Opportunities I, LP, 13,146 shares via Car of MN LLC, and ownership via Farnam Street Partners, L.P.

An explanatory note clarifies that certain unexercisable options granted in December 2020 remain subject to price- and time-based vesting and that after prior expirations total outstanding options are 1,500.

Positive

• Substantial indirect ownership maintained (394,090 shares via FS Special Opportunities I, LP), indicating continued alignment with shareholders
• Timely, detailed disclosure including transaction codes, option terms, and an explanatory note on outstanding unexercisable options

Negative

• Disposition of 7,500 common shares reported on 08/11/2025, which reduces the reporting person's direct stake
• Some options remain unexercisable and are subject to price-tranche expirations, which could lead to future expirations if price targets are not met

Insights

Securities Analyst

TL;DR: Routine insider option grants and a small open-market disposal; significant indirect holdings remain intact.

The filing documents a disclosed sale of 7,500 common shares and the grant/acquisition of 1,000 stock options (500 at $30 and 500 at $50 exercise prices) exercisable in 2026 with 2045 expirations. These option awards appear structured with long-dated expirations typical for retention or incentive purposes. The reporting person retains substantial indirect ownership positions, notably 394,090 shares via an LP vehicle, which preserves alignment with shareholders. No convertible, derivative dispositions beyond the listed options are reported. Overall, the transactions are informational and do not indicate a material change in control or a major liquidity event.

Corporate Governance Expert

TL;DR: Disclosure is timely and detailed; the mix of direct and indirect holdings and option mechanics are clearly reported.

The Form 4 includes required specificity: transaction codes, amounts, ownership form, and an explanatory note on unexercisable December 2020 options tied to price tranches. The filing shows compliance with Section 16 reporting and clarifies vesting/expiration mechanisms that could affect future share availability. The presence of large indirect positions through funds and entities suggests governance influence remains concentrated. No departures, pledging, or unusual arrangements are disclosed.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CABILLOT RAYMOND E

(Last) (First) (Middle)

14031 GREENWAY AVE NE

(Street)

PRIOR LAKE MN 55372

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AIR T INC [ AIRT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

4. If Amendment, Date of 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

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
Common Stock								7,500	D
Common Stock								55,793	I	By FS Special Opportunities I, LP
Common Stock								394,090	I	By Farnam Street Partners, L.P.
Common Stock								13,146	I	by Car of MN LLC

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 Securities Underlying Derivative Security (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: 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
Stock options	$30	08/11/2025		A		500		08/06/2026	08/06/2045	Common Stock	500	$0	500(1)	D
Stock options	$50	08/11/2025		A		500		08/06/2026	08/06/2045	Common Stock	500	$0	500(1)	D

Explanation of Responses:

1. 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.

Remarks:

	/s/ Raymond E. Cabillot	08/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Raymond E. Cabillot report on Form 4 for AIRTP/AIRT?

The Form 4 reports a disposition of 7,500 common shares and acquisitions of 1,000 stock options (500 at $30 and 500 at $50 exercise prices) dated 08/11/2025.

How many shares does Cabillot beneficially own after the reported transactions?

Following the reported transactions he directly beneficially owned 55,793 shares and held additional indirect positions: 394,090 shares via FS Special Opportunities I, LP and 13,146 shares via Car of MN LLC.

When are the newly reported options exercisable and when do they expire?

Each reported option tranche of 500 shares is exercisable on 08/06/2026 and expires on 08/06/2045.

What does the explanatory note say about other outstanding options?

It states that certain December 2020 options are unexercisable and vest only if share-price tranches are met; after prior expirations, 1,500 options remain outstanding.

Does the Form 4 indicate a change in control or other material corporate event?

No. The filing shows routine insider transactions and option terms; it does not disclose a change in control or similar material corporate event.