Company: AIRTP
Filing Date: 2025-08-12
Form Type: 10-K/A
Source: 0000353184-25-000069
Chunk: 135

Company: AIR T INC
Filing Date: 2025-08-12
Form: 10-K/A
Chunk 135
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 $ 40.0million. Provided no default or event of default of the Issuer exists, and subject to satisfaction of all requirements for any closing as set forth in the Third Note Purchase Agreement, the Investors are obligated to advance to the Issuer an additional aggregate $ 60.0million in $ 10.0million increments, each on or within fifteen daysof the following dates:

| September 30, 2025 |     | $ | 10,000,000 |
| January 30, 2026   |     | $ | 10,000,000 |
| May 30, 2026       |     | $ | 10,000,000 |
| September 30, 2026 |     | $ | 10,000,000 |
| January 30, 2027   |     | $ | 10,000,000 |
| May 30, 2027       |     | $ | 10,000,000 |

The Multiple Advance Note bears annual interest at a rate of 8.5% which is computed on the basis of a 30/360-day year and actual days elapsed and is payable semi-annually in arrears, pursuant to the terms of the Multiple Advance Note. The maturity date of the Multiple Advance Note is May 31, 2035. The Multiple Advance Note contains standard and customary events of default including, but not limited to, failure to make payments when due under the Multiple Advance Note, failure to comply with certain covenants contained in the Multiple Advance Note, or bankruptcy or insolvency of, or certain monetary judgments against the Issuer or the Company. The prior notes were cancelled and replaced by the Multiple Advance Note. Funds advanced under the Multiple Advance Note may be reinvested for a period of six yearsfrom the date of closing.

The Issuer may prepay all or a portion of the outstanding principal and accrued but unpaid interest at any time, provided that (i) if the Issuer prepays all or any portion of the Multiple Advance Note within one yearfrom the Issue Date, the Issuer is required to pay the Investors a prepayment premium equal to two percent ( 2.0%) of the amount being prepaid, and (ii) if the Issuer prepays all or any portion of the Multiple Advance Note after the first anniversary of the Issue Date but on or prior to the second anniversary of the Issue Date, the Issuer is required to pay the Investors a prepayment premium equal