Company: AIRTP
Filing Date: 2025-06-23
Form Type: PRE 14A
Source: 0000353184-25-000035
Chunk: 22

Company: AIR T INC
Filing Date: 2025-06-23
Form: PRE 14A
Chunk 22
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 and are intended to provide the executive officers a relatively secure baseline level of compensation. The Compensation Committee periodically reviews base salary levels and adjusts base salaries as deemed necessary, but not necessarily annually. During the review and adjustment process, the Compensation Committee considers:

• individual performance;

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• recommendations of the Chief Executive Officer with respect to the base salaries of other executive officers;

• the duties and responsibilities of each executive officer position;

• their current compensation level;

• the relationship of executive officer pay to the base salaries of senior officers and other employees of the Company; and

• whether the base salary levels are competitive.

At Mr. Nick Swenson’s request, the Compensation Committee set his annual salary rate, which commenced on April 1, 2014, at a below-market rate of $50,000. Mrs. Kennedy’s annual salary rate is $270,000. Mr. Ochocki’s annual salary rate was $260,000.

#### Incentive and Bonus Compensation
The named executive officers are eligible to receive annual incentive compensation based on the Company’s overall financial performance and a subjective evaluation of individual performance. At Mr. Nick Swenson’s request, he does not receive any annual incentive compensation. In addition, named executive officers other than Mr. Nick Swenson, are eligible to receive discretionary bonuses from time to time based on individual performance in achieving important Company milestones. Because of the subjective evaluation used in determining this compensation, it is all reported as bonus in the accompanying Summary Compensation Table.

#### Equity Compensation
The following table shows equity grants to the Company’s non-employee directors, executive officers and non-executive officers as of June 30, 2025:

| Name of Individual or Identity of Group and Position                       |     | Number of Shares of Underlying Options(1) |     |         |
| Named Executive Officers                                                   |     |                                           |     |         |
| Nick Swenson, President, Chief Executive Officer and Chairman of the Board |     |                                           |     | 140,000 |
| Tracy Kennedy, Chief Financial Officer                                     |     |                                           |     |  17,500 |
| Named Executive Officers as a group (2 persons)                            |     |                                           |     | 157,500 |
| Non-employee Directors and Non-Executive Officers                          |     |                                           |     |         |
| All non-employee directors, as a group                                     |     |                                           |     |   8,750 |
| All non-executive officer employees as a