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

Rhea-AI Filing Summary

Travis Jacob Swenson, a director of Air T Inc. (ticker shown as AIRT), reported transactions on Form 4 dated 08/11/2025 with a filing signature on 08/14/2025. The filing shows a disposition of 982 shares of Common Stock and two derivative transactions: two grants of stock options for 500 shares each (exercise prices listed as $30 and $50) dated 08/11/2025 that become exercisable on 08/06/2026 and expire on 08/06/2045. Following the reported option grants, the filing shows 500 underlying shares for each option grant held directly. The explanatory note states that unvested options from December 2020 remain subject to price-tranche vesting and expirations and that 1,500 options are currently outstanding after prior expirations.

Positive

• Director received two long-dated stock option grants (500 shares each) which align executive incentives with long-term stock performance
• Filing includes an explanatory note clarifying vesting mechanics and current outstanding option totals (1,500), improving transparency

Negative

• Disposition of 982 common shares by the director on 08/11/2025 could be perceived as insider selling
• Earlier option grants have complex price-tranche vesting and automatic expirations, which may reduce future upside for insiders if price hurdles are not met

Insights

Financial Analyst

TL;DR: Director sold 982 shares and received two 500-share option grants, creating a mixed signal on insider activity.

The disposal of 982 shares on the same date as two option grants is noteworthy but not conclusive. The grants are long-dated (expiring 2045) with exercisable dates in 2026 and strike prices of $30 and $50, which suggests a long-term incentive structure. The explanatory note confirming 1,500 outstanding options clarifies dilution potential from legacy awards. For valuation impact, the transactions are routine director compensation and do not by themselves change company fundamentals.

Corporate Governance Expert

TL;DR: Standard director awards and a share disposition were reported; vesting conditions include price-based tranches tied to market testing dates.

The Form 4 discloses two option awards to a director and a contemporaneous sale of shares. The filing explicitly describes complex vesting for earlier awards tied to achievement of trading-price thresholds with automatic expirations if thresholds are not met. This disclosure is administratively important for transparency around insider compensation and outstanding dilutive instruments but does not allege any governance irregularity.

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
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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^*

Swenson Travis Jacob

(Last) (First) (Middle)

13800 CROWNE HILL LANE

(Street)

MINNETONKA MN 55305

(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								982	D

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(1)	$0	500	D
Stock options	$50	08/11/2025		A		500		08/06/2026	08/06/2045	Common Stock	500(1)	$0	500	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/ Travis Swenson	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.
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FAQ

Who filed this Form 4 and what is their role?

The Form 4 was filed by Travis Jacob Swenson, who is identified in the filing as a Director of Air T Inc. (ticker shown as AIRT).

What transactions were reported for AIR T Inc. on 08/11/2025?

The filing reports a disposition of 982 shares of Common Stock and two option awards each for 500 shares with exercise prices of $30 and $50 dated 08/11/2025.

When do the reported stock options become exercisable and when do they expire?

Each reported option has an exercisable date of 08/06/2026 and an expiration date of 08/06/2045.

How many options are currently outstanding according to the filing?

The explanatory note states that, after prior expirations, 1,500 options are currently outstanding.

Does the filing explain vesting conditions for earlier awards?

Yes. The filing explains December 2020 awards vest only if stock trading meets price-tranche thresholds on future testing dates and that failure to meet thresholds causes expirations.