Company: AIRTP
Filing Date: 2025-07-03
Form Type: DEF 14A
Source: 0000353184-25-000055
Chunk: 30

Company: AIR T INC
Filing Date: 2025-07-03
Form: DEF 14A
Chunk 30
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(5) The amounts reported in this column represent the Company’s cumulative TSR, which is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end of the measurement period by the Company’s share price at the beginning of the measurement period.

(6) The amounts reported in this column represent net income (loss) reflected in the Company’s audited financial statements for the applicable year.

#### Employment Agreement and Retirement Savings Plan
Nick Swenson . On March 26, 2014, Nick Swenson and the Company entered into an Employment Agreement dated as of March 26, 2014 and effective as of April 1, 2014 providing for the terms of employment of Mr. Nick Swenson as Chief Executive Officer and President. The employment agreement provides that Mr. Nick Swenson’s employment can be terminated by the Company at any time, without advance notice, for any reason or for no reason. The agreement does not provide for any severance payment to Mr. Nick Swenson upon termination of his employment by the Company. The agreement provides for an annual salary of $50,000, commencing on April 1, 2014. The agreement provides that Mr. Nick Swenson will not participate in any bonus or equity compensation arrangement and that Mr. Nick Swenson has declined to participate in any employee benefit plan. The agreement also includes provisions regarding confidentiality, indemnification, and a covenant not to compete for one year following termination of employment.

Tracy Kennedy. On October 16, 2024, Tracy Kennedy and the Company entered into an Employment Agreement providing for the terms of employment of Ms. Kennedy as the Chief Financial Officer/Principal Accounting Officer and Treasurer. Under the terms of the Agreement, Ms. Kennedy received a starting base salary of $270,000 per year and is entitled to the Company’s standard package of employee benefits. Ms. Kennedy was also entitled to a one-time $1,875 signing bonus upon the execution of the Employment Agreement, which she received. Ms. Kennedy is further entitled to receive [(i)] incentive compensation in the amount $0 to $55,000+ based on a rating of Ms. Kennedy’s performance[