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

Rhea-AI Filing Summary

Air T Inc. (AIRT) reporting person Trang Kennedy, identified as the company's Chief Financial Officer, reported derivative security transactions dated 08/11/2025. Two option awards were acquired the same day: 2,000 options at a $30 exercise price and 2,000 options at a $50 exercise price. Both option grants become exercisable on 08/06/2026 and expire on 08/06/2045. The Form 4 shows 2,000 shares beneficially owned following each reported transaction and indicates a cumulative outstanding option balance of 15,000 after prior expirations tied to price-based vesting tranches. The filing is signed on 08/14/2025.

Positive

• Officer disclosure provided with full transaction details including strike prices, exercisable and expiration dates
• 4,000 stock options granted in two tranches (2,000 at $30 and 2,000 at $50) with clear vesting/exercise timeline
• Filing references prior expirations and cumulative outstanding option figure (15,000), linking to the proxy for additional context

Negative

• None.

Insights

Financial Analyst

TL;DR: CFO received two option grants totaling 4,000 options with multi-year exercise windows; modest insider compensation event.

The reported grants are derivative awards, with 2,000 options at a $30 strike and 2,000 at a $50 strike, exercisable in August 2026 and expiring in 2045. The filing confirms the post-transaction beneficial ownership reported for each option lot and references a cumulative outstanding option pool of 15,000 after prior tranche expirations. For investors, this is a routine executive compensation disclosure rather than an operational or financial results development.

Corporate Governance Expert

TL;DR: The Form 4 documents standard time- and price-conditioned equity awards to a named officer; governance disclosure appears complete.

The report identifies the reporting person as an officer (CFO) and provides transaction dates, strike prices, exercisable and expiration dates, and post-transaction beneficial ownership. It also explains prior tranche expirations and links to further detail in the company proxy. The filing is properly signed and dated, meeting Section 16 reporting requirements for insider option grants.

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^*

Kennedy Tracy

(Last) (First) (Middle)

5000 WEST 36TH STREET

SUITE 200

(Street)

MINNEAPOLIS MN 55416

(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)

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

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

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		2,000		08/06/2026	08/06/2045	Common Stock	2,000	$0	2,000(1)	D
Stock options	$50	08/11/2025		A		2,000		08/06/2026	08/06/2045	Common Stock	2,000	$0	2,000(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 15,000. For further details, see the Company's proxy statement filed July 3, 2025.

Remarks:

	/s/ Trang Kennedy	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 the Air T Inc. (AIRT) Form 4 report?

The Form 4 reports acquisition of two option grants on 08/11/2025: 2,000 options at a $30 strike and 2,000 options at a $50 strike.

Who filed the Form 4 for Air T Inc. and what is their role?

The reporting person is Trang Kennedy, identified as an officer with the title CFO.

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

Both option awards are exercisable on 08/06/2026 and expire on 08/06/2045.

How many shares are reported as beneficially owned after the transaction?

The Form 4 shows 2,000 shares beneficially owned following each reported option transaction.

Does the filing explain prior option expirations or outstanding option totals?

Yes. The filing states that after expirations tied to prior price tranches, the total amount currently outstanding is 15,000 and refers to the company proxy for more details.