Company: AIRTP
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0000353184-25-000099
Chunk: 17

Company: AIR T INC
Filing Date: 2025-08-15
Form: 424B5
Chunk 17
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 to the provisions of the Guarantee Agreement and the Indenture.

#### The covenants in the Indenture are limited.
The covenants in the Indenture are limited, and there are no covenants relating to Air T in the Trust Agreement. As a result, neither the Indenture nor the Trust Agreement protects holders of Junior Subordinated Debentures, or Capital Securities, respectively, in the event of a material adverse change in Air T’s financial condition or results of operations or limits the ability of Air T or any subsidiary to incur additional indebtedness. Therefore, the provisions of these governing instruments should not be considered a significant factor in evaluating whether Air T will be able to comply with its obligations under the Junior Subordinated Debentures or the Guarantee.

Holders of the Capital Securities will generally have limited voting rights.

Holders of the Capital Securities will generally have limited voting rights relating only to the modification of the Capital Securities and certain other matters. In the event that (i) there is a Debenture Event of Default (as defined herein) with respect to the Junior Subordinated Debentures, (ii) the Property Trustee fails to pay any distribution on the Capital Securities for 30 days (subject to deferral of distributions), (iii) the Property Trustee fails to pay the redemption price on the Capital Securities when due upon redemption, (iv) the Property Trustee fails to observe a covenant in the Trust Agreement for the Capital Securities for 60 days after receiving a Notice of Default, or (v) the Property Trustee is declared bankrupt or insolvent and not replaced by the Company within 60 days, the holders of a majority of the outstanding Capital Securities will be able to remove the Property Trustee and the Indenture Trustee (but not the Administrative Trustees who may only be removed by Air T as holder of the Common Securities).

The public market for the Capital Securities is limited; Market prices for the Capital Securities may fluctuate based on numerous factors and there is no assurance of an active and liquid trading market.

The Capital Securities are currently listed on the NASDAQ and trade under the symbol “AIRTP.” There can be no assurance that an active and liquid trading market for the Capital Securities will continue or that a continued listing of the Capital Securities will be available on NASDAQ. Future trading prices of the Capital Securities will depend on many factors including, among other things, prevailing interest rates, the operating results and financial condition of Air T, and the market for similar securities. There can be