Company: AIRTP
Filing Date: 2025-06-23
Form Type: PRE 14A
Source: 0000353184-25-000035
Chunk: 30

Company: AIR T INC
Filing Date: 2025-06-23
Form: PRE 14A
Chunk 30
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 (ii) base salary increases and annual performance bonus payments, as established by the Company’s Compensation Committee and Chief Executive Officer, with a target discretionary annual performance bonus of 30% of her base salary]. If the Company terminates the Employment Agreement for any reason other than Cause, Ms. Kennedy is entitled to a severance payment equal to six (6) months of base salary, which amount will increase by an additional month on the second anniversary of Ms. Kennedy’s employment with the Company, and will continue to increase an additional month for every year of employment thereafter; provided however, that the severance amount shall not exceed twelve (12) months.

401(k) Plan . The Company sponsors the Air T, Inc. 401(k) Plan (the “401(k) Plan”), a tax-qualified Internal Revenue Code Section 401(k) retirement savings plan, for the benefit of substantially all of its employees, including its executive officers. The 401(k) Plan encourages saving for retirement by enabling participants to make contributions on a pre-tax basis and to defer taxation on earnings on funds contributed to the 401(k) Plan. Employees are eligible to participate in the 401(k) Plan upon commencement of employment. The Company makes matching contributions to the Plan. Mr. Nick Swenson has declined participation in the 401(k) Plan.

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#### Options and Equity Awards Generally
2020 Omnibus Stock and Incentive Plan

Our Compensation Committee, as the administrator of the 2020 Omnibus Stock and Incentive Plan, has the discretion, among a number of other alternatives, to accelerate the vesting of any awards, including outstanding options, held by the employees, consultants and directors in the event of an acquisition of us by a merger or asset sale or a “change in control.” Under the 2020 Omnibus Stock and Incentive Plan, a “change in control” generally means the first to occur of: (a) conditions under which a person or group becomes a beneficial owner of 50% or more of the voting power of our outstanding stock, or (b) during any two consecutive years, a majority change in the composition of our Board, or (c) a complete liquidation or dissolution of the Company or consummation of a sale or disposition by the Company of all or substantially all of the Company’s assets, in one transaction or a series of related transactions.

### CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS
Nick Swenson, President,