ACKNOWLEDGMENT AND AGREEMENT

Dated: February 25, 2020

        Each of the undersigned has (a) guaranteed the payment and performance
of all obligations of AIR T, INC., a Delaware corporation (the “Borrower”), to
MINNESOTA BANK & TRUST, a Minnesota state banking corporation (the “Lender”),
pursuant to the terms of an Amended and Restated Guaranty dated as of March 28,
2019 (the “Guaranty”) jointly and severally made by the undersigned in favor of
the Lender, which obligations include, without limitation, all “Obligations” (as
defined in the Original Agreement described below) of the Borrower to the Lender
pursuant to that certain Amended and Restated Credit Agreement dated as of March
28, 2019 (such Credit Agreement, as amended to date, being the “Original
Agreement”), between the Borrower and the Lender, and (b) granted a first
priority security interest in its assets to the Lender as collateral for such
Obligations pursuant to the terms of that certain Amended and Restated Security
Agreement dated as of March 28, 2019 (the “Security Agreement”)

        Each of the undersigned acknowledges that it has received a copy of the
proposed Amendment No. 3 to Amended and Restated Credit Agreement dated to be
effective as of February 25, 2020 (the “Amendment”) amending the Original
Agreement. Each of the undersigned (a) confirms that each of the Guaranty and
the Security Agreement remains in full force and effect, (b) agrees and
acknowledges that the Amendment shall not in any way impair or limit the rights
of the Lender under the Guaranty or under the Security Agreement, and (c) hereby
acknowledges and agrees that (i) pursuant to the Guaranty, the Guarantors
jointly and severally guaranty the payment and performance of all Obligations of
the Borrower to the Lender, including, without limitation, all Loans (including,
without limitation, the Supplemental Revolving Credit Loans) now or hereafter
made by the Lender under the Original Agreement as amended by the Credit
Agreement, and (ii) pursuant to the Security Agreement each of the undersigned
continues to grant a security interest to the Lender in the “Collateral” covered
thereby to secure all Obligations of the Borrower to the Lender, including,
without limitation, all Loans now or hereafter made by the Lender under the
Original Agreement as amended by the Credit Agreement..

        Each of the undersigned agrees that each reference to the “Credit
Agreement”, the “Loan Agreement”, “therein”, “thereof”, “thereby” or words of
similar effect referring to the Credit Agreement in any Loan Document to which
such undersigned is a party shall mean and be a reference to the Original
Agreement, as amended by the Amendment.

        Each of the undersigned: (a) represents and warrants to the Lender that
no events have taken place and no circumstances exist at the date hereof which
would give such undersigned the right to assert a defense, offset or
counterclaim to any claim by the Lender for payment of the obligations
guaranteed by such undersigned or for the enforcement of the Guaranty; and (b)
hereby releases and forever discharges the Lender and its successors, assigns,
directors, officers, agents, employees and participants from any and all
actions, causes of action, suits, proceedings, debts, sums of money, covenants,
contracts, controversies, claims and demands, at law or in

5471574_1.docx 

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equity, which such undersigned ever had or now has against the Lender or its
successors, assigns, directors, officers, agents, employees or participants by
virtue of their relationship to Borrower or any of the undersigned in connection
with the Loan Documents and the transactions related thereto.

        Nothing in this Acknowledgment and Agreement requires the Lender to
obtain the consent of any of the undersigned to any future amendment,
modification or waiver to the Original Agreement, as amended by the Amendment,
or any other Loan Document to which such undersigned is a party except as
expressly required by the terms of the Loan Documents to which such undersigned
is a party.

        This Acknowledgment and Agreement may be executed in counterparts and by
separate parties in separate counterparts, each of which shall be an original
and all of which taken together shall constitute one and the same document. The
delivery of a facsimile, pdf or other digital copy of an executed counterpart of
this Amendment and Agreement shall be deemed to be valid execution and delivery
of this Amendment and Agreement.

[SIGNATURE PAGES FOLLOW]

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Each of the undersigned has executed this Acknowledgment and Agreement to be
effective as of the first date set forth above.

AIRCO, LLC

By:_________________________________
Name: Nicholas J. Swenson
Title:  Director

CSA AIR, INC.

By:_________________________________
Name: Nicholas J. Swenson
Title:  Director

GLOBAL GROUND SUPPORT, INC.

By:_________________________________
Name: Nicholas J. Swenson
Title:  Director

JET YARD, LLC

By: Stratus Aero Partners, LLC
Its: Sole Member

By:_________________________________
Name: Nicholas J. Swenson
Title:  Director

[Guarantor Acknowledgment and Agreement Signature Page]

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MOUNTAIN AIR CARGO, INC.

By:_________________________________
Name: Nicholas J. Swenson
Title:  Director

STRATUS AERO PARTNERS, LLC

By:_________________________________
Name: Nicholas J. Swenson
Title:  Director

AIR T GLOBAL LEASING, LLC

By:_________________________________
Name: Nicholas J. Swenson
Title:  Director

AIRCO SERVICES, LLC

By:_________________________________
Name: Nicholas J. Swenson
Title:  Director

SPACE AGE INSURANCE COMPANY

By:_________________________________
Name: Nicholas J. Swenson
Title:  Director

[Guarantor Acknowledgment and Agreement Signature Page]

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Worthington acquisition, LLC, a North Carolina limited liability company

By:_________________________________
Name: Nicholas J. Swenson
Title:  Director

Worthington aviation, LLC, a North Carolina limited liability company

By:_________________________________
Name: Nicholas J. Swenson
Title:  Director

Worthington MRO, LLC, a North Carolina limited liability company

By_________________________________
Name: Nicholas J. Swenson
Title:  Director

[Guarantor Acknowledgment and Agreement Signature Page]