Company: AIRTP
Filing Date: 2025-08-12
Form Type: 10-K/A
Source: 0000353184-25-000069
Chunk: 133

Company: AIR T INC
Filing Date: 2025-08-12
Form: 10-K/A
Chunk 133
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, the exercise price will be fair market value if Air T pays in cash at closing or 112.5% of fair market value if Air T opts to pay in three ( 3) equal annual installments after exercise. With respect to the secondary put and call option, as it is priced at fair value, the Company determined that there is no potential loss or gain upon exercise that would need to be recognized.

22. GUARANTEES

Nonfinancial Guarantees

From time to time, we may issue guarantees or indemnifications to third parties assuring performance of lease agreements pertaining to aircraft assets owned by certain CJVII Series ("nonfinancial guarantees"). Air T's performance under these guarantees would be triggered by failure of the series to perform in accordance with the terms stated in the lease agreements.

Nonfinancial guarantees and indemnifications are recorded at fair value at their inception. We regularly review our performance risk under these arrangements, and in the event it becomes probable that we will be required to perform under a guarantee or indemnity, the amount of probable payment will be recorded.

The maximum potential payments for nonfinancial guarantees may vary over time given changing circumstances related to the underlying asset. The maximum potential payments for nonfinancial guarantees were $ 4.4million and $ 10.1million at March 31, 2025 and March 31, 2024, respectively. There were no recorded liabilities related to nonfinancial guarantees at March 31, 2025 and March 31, 2024.

23. SHARES REPURCHASE

On May 14, 2014, the Company announced that its Board of Directors had authorized a program to repurchase up to 750,000(retrospectively adjusted to 1,125,000after the stock split on June 10, 2019) shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions, in compliance with SEC Rule 10b-18, over an indefinite period. During the years ended March 31, 2025 and 2024, the Company repurchased 70,756shares at an aggregate cost of $ 1.4million, and 48,729shares at an aggregate cost of $ 0.9million, respectively, in which all were recorded as treasury shares. The Company has a total of 327,606and 256,850treasury shares as of March 31, 2025 and 2024, respectively.

24. SUBSEQUENT EVENTS