ACKNOWLEDGMENT AND AGREEMENT

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. 2 to Amended and Restated Credit Agreement dated to be effective
as of December 31, 2019 (the “Amendment”) amending the Original Agreement and
pursuant to which the Lender has agreed to provide Borrower with a separate
“Supplemental Revolving Credit Commitment” in the amount of up to $10,000,000.
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 equity, which such
undersigned ever had or now has against the Lender or its successors, assigns,
directors, officers, agents,

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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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Dated to be effective as of December 31, 2019.

AIRCO, LLC

By:                    
Name: _________________________
Title: _________________________

CSA AIR, INC.

By:                    
Name: _________________________
Title: _________________________

GLOBAL GROUND SUPPORT, INC.

By:                    
Name: _________________________
Title: _________________________

JET YARD, LLC

By: Stratus Aero Partners, LLC
Its: Sole Member

By:                    
Name: _________________________
Title: _________________________

[Guarantor Acknowledgment and Agreement Signature Page]

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MOUNTAIN AIR CARGO, INC.

By:                    
Name: _________________________
Title: _________________________

STRATUS AERO PARTNERS, LLC

By:                    
Name: _________________________
Title: _________________________

AIR T GLOBAL LEASING, LLC

By:                    
Name: _________________________
Title: _________________________

AIRCO SERVICES, LLC

By:                    
Name: _________________________
Title: _________________________

SPACE AGE INSURANCE COMPANY

By:                    
Name: _________________________
Title: _________________________

WORTHINGTON ACQUISITION, LLC, a North Carolina limited liability company

By:                    
Name:                     
Its:                     

[Guarantor Acknowledgment and Agreement Signature Page]

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WORTHINGTON AVIATION, LLC, a North Carolina limited liability company

By:                    
Name:                     
Its:                     

WORTHINGTON MRO, LLC, a North Carolina limited liability company

By:                    
Name:                     
Its:                     

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[Guarantor Acknowledgment and Agreement Signature Page]