Document:

EX-10.8

 Exhibit 10.8 

ENGINE SALE AGREEMENT 

between 
 *                     

(Seller) 
 and 

Contrail Aviation Leasing, LLC 

(Buyer) 
 in relation to 

one CFM International Engine 

Model CFM56-5B4 ESN
*             

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 THIS ENGINE SALE AGREEMENT is dated as of January 25, 2018 and is made between *             *    , a company organized under the laws of
*                             
      having its principal place of business at
*                    
*                             
                                         
                 (“Seller”) and Contrail Aviation Leasing, LLC, a company organized under the
laws of the State of Wisconsin having its principal place of business at 435 Investment Court, Verona, WI 53593 (“Buyer”). 

WHEREAS, Buyer desires to purchase the Engine (as defined herein); and 

WHEREAS, Seller currently leases the Engine to Lessee (as defined herein) on terms outlined in the Lease; 

WHEREAS, Seller desires to sell the Engine (subject to lease) to Buyer, subject to and in accordance with the terms and conditions of this Agreement. 

NOW THEREFORE, in consideration of the mutual promises and covenants herein made, and for other good and valuable consideration the receipt and sufficiency of
which are hereby acknowledged, Buyer agrees to purchase and Seller agrees to sell the Engine on the terms and conditions set forth below: 
  

	1.	 Definitions 

 

	 	1.1	 “Acceptance Certificate” shall mean a certificate in the form of Schedule B attached hereto,
evidencing Buyer’s acceptance of the Engine at the Delivery Location. 

  

	 	1.2	 “Agreement” shall mean this Engine Sale Agreement, as the same may be amended or supplemented
from time to time. 

  

	 	1.3	 “Assignment, Assumption and Amendment Agreement” shall mean that certain Assignment,
Assumption and Amendment Agreement dated as of January     , 2018 entered into between
(i) *                     (ii) Contrail Aviation Leasing, LLC; and (iii) *                                 *                    
*            . 

  

	 	1.4	 “Bill of Sale” shall mean the form bill of sale at Schedule A attached hereto which shall
transfer title and risk of loss or damage to the Engine from Seller to Buyer. 

  

	 	1.5	 “Cape Town Convention” means the official English language texts of The Convention on
International Interests in Mobile Equipment and The Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment which were signed in Cape Town, South Africa on May 16, 2001.

  

	 	1.6	 “Closing Date” shall mean the date on which Delivery shall occur. 

 

	 	1.7	 “Delivery” shall mean the delivery of the Engine to Buyer at the Delivery Location on the
Closing Date, as evidenced by Seller’s delivery to Buyer of the Bill of Sale. 

  

	 	1.8	 “Delivery Location” shall mean
*          , U.S.A. or such other location as agreed between the Parties. 

 

	 	1.9	 “Deposit” means a deposit in an amount of
US$ *            . 

  

	 	1.10	 “Economic Closing Date” shall mean December 1, 2017. 

 

	 	1.11	 “Engine” shall mean one (1) used CFM International aircraft engine model CFM56-5B4 having
engine serial number *            , in its current QEC configuration but excluding nose cowl and thrust reverser, together with all data,
documents, reports and records belonging to or relating thereto current at the time of the Delivery. 

  
  

 
 Engine Sale Agreement 

Engine Model CFM56-5B4 ESN
*            . 

SELLER
*                     

	 BUYER Contrail Aviation Leasing, LLC 
	 Page 2 

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	 	1.12	 “Engine Stand” shall mean one (1) engine transportation stand bearing cradle part number
403 and base serial number *    . 

  

	 	1.13	 “Event of Loss” shall mean any of the following with respect to the Engine: (a) any
actual, constructive, or agreed total loss; or (b) requisition of title, confiscation or forfeiture depriving an owner of title or right of use. 

  

	 	1.14	 “FAA” shall mean the U.S. Federal Aviation Administration. 

 

	 	1.15	 “Final Delivery Date” shall mean February 15, 2018, or such other date as may be agreed
between Buyer and Seller in writing. 

  

	 	1.16	 “International Registry” shall have the meaning assigned to the term “International
registry” in the Cape Town Convention. 

  

	 	1.17	 “Lease” shall mean that certain Lease Agreement ESN
*         dated as of September 29, 2017 between
*                     (as lessor) and
*                                   
                                  
*        ) (as lessee) incorporating the terms of the Master Short-Term Engine Lease Agreement (2012 Revision), prepared by the International Air Transport
Association in conjunction with the Aviation Working Group. 

  

	 	1.18	 “Lessee” shall mean
*                                   
                                  
*         a *         company having its principal place of business at *                                    
 *        
*                                   
          *          
*         *               *                    
*                                   
                             
*            . 

  

	 	1.19	 “Liens” shall mean all liens, charges, encumbrances and security interests.

  

	 	1.20	 “Party” shall mean Buyer or Seller individually. 

 

	 	1.21	 “Parties” shall mean Buyer and Seller collectively. 

 

	 	1.22	 “Purchase Price” shall mean the price Buyer shall pay Seller for the Engine and shall be in
the amount of US$*               or
US$*               in the event that the Closing Date occurs anytime after January 1, 2018. 

 

	 	1.23	 “Scheduled Delivery Date” shall mean January 31, 2018, or such other date as may be
agreed between Buyer and Seller in writing, but in no event later than the Final Delivery Date. 

  

	 	1.24	 “Technical Acceptance” means acceptance based upon Buyer’s inspection of the Engine and
review of records provided by Seller prior to execution of this Agreement. 

  

	 	1.25	 “Transaction Documents” means this Agreement, the Bill of Sale and the Acceptance Certificate.

  

	 	1.26	 “Transfer Taxes” shall mean any and all present and future sales, use, personal property,
ad valorem, value-added, withholding, transfer, VAT, stamp, documentary or other similar taxes, levies, imposts, fees or withholdings, together with any penalties, fines, surcharges or interest thereon and “Taxation” shall be
construed accordingly. 

  
  

 
 Engine Sale Agreement 

Engine Model CFM56-5B4 ESN
*            . 

SELLER
*                     

	 BUYER Contrail Aviation Leasing, LLC 
	 Page 3 

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	 	1.27	 “US$” shall mean United States of America Dollars, and shall be the currency which all
payments under this Agreement are to be made. 

  

	2.	 Sale of Engine 

Subject to the terms and conditions of this Agreement, Seller agrees to sell, deliver, transfer and convey to Buyer the Engine on the Closing
Date, and Buyer agrees to purchase the Engine from Seller on the Closing Date, in an “as is, where is” condition at the Delivery Location for the Purchase Price. 
  

	3.	 Scheduled Delivery Date; Conditions Precedent; Final Delivery Date 

This Agreement becomes effective on the date that it is signed and delivered by both Parties hereto. Seller and Buyer intend, and shall use
good faith efforts to arrange, for Delivery to occur on the Scheduled Delivery Date, and shall prepare and coordinate accordingly, including as to preparation for timely delivery of all conditions precedent. Seller’s obligation to sell the
Engine is subject to fulfilment of the conditions precedent set out in Schedule C (Conditions Precedent) on or before Delivery. Seller may, however, waive or defer any of the conditions precedent in its absolute discretion. If any of
the conditions precedent are not satisfied (or waived or deferred by Seller in its absolute discretion) on or before the Final Delivery Date for reasons other than Seller’s default of its obligations hereunder. Seller may terminate this
Agreement by written notice to Buyer and retain the Deposit in accordance with Section 4.2, and the Parties shall have no further obligations to each other under this Agreement. Buyer’s obligation to buy the Engine is subject to fulfilment
of the conditions precedent set out in Schedule C-1 (Buyer’s Conditions Precedent) on or before Delivery. Buyer may, however, waive or defer any of the conditions precedent in its absolute discretion. If any of the conditions
precedent are not satisfied (or waived or deferred by Buyer in its absolute discretion) on or before the Final Delivery Date for reasons other than Buyer’s default of its obligations hereunder, Buyer may terminate this Agreement by written
notice to Seller, whereupon Seller shall promptly return the Deposit to Buyer and the Parties shall have no further obligations to each other under this Agreement. 
  

	4.	 Deposit, Purchase Price and Payment 

 

	 	4.1	 Deposit 

Buyer has paid to Seller the Deposit and Seller acknowledges receipt of such payment. 

 

	 	4.2	 Refund of Deposit 

4.2.1 The Deposit shall be non-refundable by Seller unless one of the following events or circumstances shall occur (each, a “Deposit
Refund Event”), in which case Seller shall, refund the Deposit in full to Buyer without interest within five (5) business days of Buyer’s written request: 
  

	 	(a)	 the Engine suffers a Total Loss prior to delivery; 

 

	 	(b)	 delivery does not occur by reason of action or inaction of Seller where such action or, as the case may be,
inaction is in breach of Seller’s obligations hereunder and Buyer has notified Seller of its intent not to proceed with the purchase of the Engine; or 

  
  

 
 Engine Sale Agreement 

Engine Model CFM56-5B4 ESN
*            . 

SELLER
*                     

	 BUYER Contrail Aviation Leasing, LLC 
	 Page 4 

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	 	(c)	 A condition precedent in Schedule C-1 is not satisfied or waived by Buyer, or if this transaction fails to
close due to any inaction by Seller and Buyer gives Seller five (5) business days notice of its intent to terminate this transaction. 

4.2.2 Intentionally omitted. 

4.2.3 Buyer acknowledges that Seller has incurred and will incur costs and expenses in connection with the sale of the Engine hereunder. If the
sale of the Engine to Buyer is not completed on or before the Final Delivery Date, the Deposit shall (unless a Deposit Refund Event shall have occurred) be forfeited to and retained by Seller as an agreed estimate of the losses incurred by Seller
constituting liquidated damages and not a penalty. 
 Upon any return of the Deposit from Seller to Buyer pursuant to Clause 4.2, neither
Seller nor Buyer shall have any further obligation or liability toward each other with respect to the transactions contemplated hereby. 
  

	 	4.3	 The Purchase Price, less any Seller accredited Deposit amount, shall be paid on or before the Closing Date by
Buyer to Seller. The Purchase Price shall be transmitted via wire transfer (or other mutually agreed upon means) in immediately available funds to Seller’s
*                 account number as follows: 

 

									
		 	Bank Name:	 	*	 	        	 	
		 	 Bank Address:
	 		 	
		 	  
 WIRE ABA:
	 		 	
		 	 Account Number:
	 		 	
		 	 Beneficiary:
	 		 	
		 	 Reference:
	 		 	
		 	 SWIFT:
	 		 	

 or to such other account as Seller may specify in advance in writing. 

 

	5.	 Acceptance; Inspection 

Buyer hereby issues Technical Acceptance of the Engine in accordance with the terms and conditions of this Agreement, and Buyer’s delivery
on the Closing Date of the Acceptance Certificate will evidence Buyer’s acceptance of Delivery of the Engine in accordance with the terms and conditions of such Acceptance Certificate and of this Agreement. 

 

	6.	 Delivery Location; Transfer of Title 

 

	 	6.1	 Seller shall deliver the Engine to Buyer at the Delivery Location. 

 

	 	6.2	 Subject to the terms of this Agreement, including but not limited to Schedule C-1, on the Closing Date Buyer
shall: 

  

	 	(i)	 pay Seller the Purchase Price; 

 

	 	(ii)	 deliver to Seller the insurance certificate in the form required by Section 9 herein; and

  

	 	(iii)	 deliver to Seller the Acceptance Certificate duly executed by Buyer. 

  
  

 
 Engine Sale Agreement 

Engine Model CFM56-5B4 ESN
*            . 

SELLER
*                     

	 BUYER Contrail Aviation Leasing, LLC 
	 Page 5 

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	 	6.3	 Immediately upon Seller’s receipt of all of Buyer’s deliverables set forth in Schedule C and the
Engine being located in the Delivery Location, Seller shall deliver to Buyer the Bill of Sale duly executed by Seller transferring to Buyer (i) title to the Engine free and clear of all Liens except for any arising by virtue of the Lease and (ii)
risk of loss or damage to the Engine. An electronic copy of the Bill of Sale shall be provided to Buyer on the Closing Date, with the original to follow promptly thereafter. 

 

	 	6.4	 Upon receipt of the Purchase Price from Buyer, Seller shall cause to be discharged both the International
Registry international interest and from the FAA registry in Oklahoma City, Oklahoma the registered interest of
*                                   
                  arising under
*                         dated as of
*       *            , as supplemented from time to time, by and
between Seller and
*                                   
          and the other lender parties thereto. 

  

	 	6.5	 Seller shall deliver the Engine (except for the records to be delivered elsewhere pursuant to this Agreement)
at the Delivery Location. The Engine Stand will be delivered to Buyer upon redelivery of the Engine from the Lessee in accordance with the terms of the Lease. 

 

	 	6.6	 In the event that the Engine suffers an Event of Loss for any reason prior to Delivery, Seller shall notify
Buyer of such Event of Loss and return the Deposit to Buyer, whereupon this Agreement shall terminate, and the Parties shall have no further rights or obligations hereunder. 

 

	 	6.7	 The Parties hereby acknowledge that (i) all rent paid by Lessee to Lessor attributable to the period
commenceing on the Economic Closing Date and (ii) all maintenance reserves paid by Lessee to Lessor from the Economic Closing Date shall be for Buyer’s benefit, Seller shall transfer to Buyer within five (5) business days, any and all
such funds, without interest, received by Seller, in its capacity as lessor to an account specified by Buyer. This Section is conditional upon both Parties consummating the transactions contemplated by this Agreement by Buyer executing the
Acceptance Certificate and Seller executing the Bill of Sale on the Closing Date. 

  

	7.	 Covenants; Representations and Warranties 

 

	 	7.1	 Seller agrees to ship, following delivery of the Engine on the Closing Date, all existing Engine records,
including but not limited to those records provided to Buyer for review in connection with Technical Acceptance, to a location and party designated pursuant to written instructions provided by Buyer. 

 

	 	7.2	 Seller hereby agrees to cooperate with Buyer to effect, maintain and discharge any and all filings and
registrations as may be necessary to protect Buyer’s right, title or interest in and to the Engine which may be necessary or desirable to be filed or registered in relation to the Convention on International Interests. In Mobile Equipment, and
the Aircraft Protocol thereto and matters specific to aircraft equipment signed at Capetown on 16 November 2001. In this regard, Seller specifically acknowledges that it shall consent to the registration of the contract of sale of the Engine on
the International Registry requested by Buyer at Delivery of the Engine. 

  

	 	7.3	 Seller represents and warrants that as of the date hereof and as of the Closing Date, that:

  

	 	(a)	 Seller is a an entity duly formed, validly existing and in good standing under the laws of *             and has the power and authority to carry on its business as presently conducted and to enter into this Agreement and perform its
obligations hereunder; 

  
  

 
 Engine Sale Agreement 

Engine Model CFM56-5B4 ESN
*            . 

SELLER
*                     

	 BUYER Contrail Aviation Leasing, LLC 
	 Page 6 

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	 	(b)	 The signing and delivering of this Agreement and the performance of the obligations of Seller under this
Agreement are within the powers of Seller, have been duly authorized by all necessary action, and do not and will not (i) require the consent or approval or other action by, notice to, or filing with any person, body, or governmental authority,
(ii) contravene any provision of its organization documents or resolutions, (iii) violate any law, rule, regulation, order, writ, judgment, injunction, decree, determination, or award binding upon it or its property or applicable to this
Agreement or the Engine, (iv) violate, or constitute a default under, any indenture, agreement, document, or instrument to which it is a party or by which it or its property is bound, or (v) result in, or require the creation of, any
imposition, mortgage, deed of trust, pledge, lien, security interest, or other charge or encumbrance of any nature upon, or with respect to, any of its property; and 

 

	 	(c)	 This Agreement has been duly executed and delivered by it and, upon execution and delivery by Seller, will
constitute its legal, valid, and binding obligations, enforceable in accordance with their respective terms, except as may be limited by the effect of bankruptcy, insolvency and other similar laws of general application now or hereafter in effect
relating to the enforcement of the rights of creditors in general 

  

	 	7.4	 Buyer represents and warrants that as of the date hereof and as of the Closing Date, that:

  

	 	(a)	 Buyer is an entity validly existing and in good standing under the laws of Wisconsin and has the power and
authority to carry on its business as presently conducted and to enter into this Agreement and perform its obligations hereunder; 

  

	 	(b)	 The signing and delivering of this Agreement and the performance of the obligations of Buyer under this
Agreement are within the powers of Buyer, have been duly authorized by all necessary action, and do not and will not (i) require the consent or approval or other action by, notice to, or filing with any person, body, or governmental authority,
(ii) contravene any provision of its organization documents or resolutions, (iii) violate any law, rule, regulation, order, writ, judgment, injunction, decree, determination, or award binding upon it or its property or applicable to this
Agreement, the other Sale Documents or the Engine, (iv) violate, or constitute a default under, any indenture, agreement, document, or instrument to which it is a party or by which it or its property is bound, or (v) result in, or require
the creation of, any imposition, mortgage, deed of trust, pledge, lien, security interest, or other charge or encumbrance of any nature upon, or with respect to, any of its property; and 

 

	 	(c)	 This Agreement has been duly executed and delivered by it, and, upon execution and delivery by Buyer, will
constitute its legal, valid, and binding obligations, enforceable in accordance with their respective terms, except as may be limited by the effect of bankruptcy, insolvency and other similar laws of general application now or hereafter in effect
relating to the enforcement of the rights of creditors in general. 

  
  

 
 Engine Sale Agreement 

Engine Model CFM56-5B4 ESN
*            . 

SELLER
*                     

	 BUYER Contrail Aviation Leasing, LLC 
	 Page 7 

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	8.	 Limited Warranty and Disclaimer 

 

	 	8.1	 Seller warrants that, on or before Delivery, it will own the Engine, and that it will deliver good and
marketable title, free and clear of all Liens (except for any arising by, through or under Buyer) on the Closing Date. Seller agrees to defend, hold harmless, and indemnify Buyer with respect to any claims of ownership or Liens asserted by any third
party after the Closing Date relating to claims arising prior to the Closing Date, except for any arising by, through or under Buyer. 

  

	 	8.2	 Seller hereby assigns to Buyer all warranties, service policies and guarantees (to the extent that they are
assignable) it holds with regard to the Engine, with effect from, and simultaneously with, Delivery. To the extent that such rights are not assignable, Buyer is hereby subrogated to all such rights of Seller, and Seller agrees to use reasonable
efforts to give Buyer the benefit of any such warranties or other compensation by giving notice to, and using reasonable efforts to obtain the consent of, the applicable manufacturer for this purpose. Seller agrees to execute and deliver such
further documents and instruments as Buyer may reasonably request to evidence the assignments and transfers contemplated hereby. 

  

	 	8.3	 THE ENGINE, INCLUDING THE COMPONENT PARTS THEREOF AND THE RECORDS, ARE BEING SOLD ON AN “AS IS”
AND “WHERE IS” AND WITH “ALL FAULTS” BASIS. EXCEPT AS SPECIFICALLY PROVIDED IN THIS AGREEMENT SELLER MAKES NO WARRANTIES, GUARANTEES OR REPRESENTATIONS OF ANY KIND, EITHER EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE AND SELLER
HEREBY DISCLAIMS ALL EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS OF ANY KIND OR NATURE WHATSOEVER, INCLUDING MERCHANTABILITY, FITNESS FOR USE, CONDITION, DESIGN, OPERATION, WORKMANSHIP, AS TO ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT
DISCOVERABLE, AS TO THE ABSENCE OF ANY INFRINGEMENT, OF ANY PATENT, TRADEMARK OR COPYRIGHT AND, EXCEPT AS SPECIFICALLY PROVIDED IN THIS AGREEMENT, SELLER FURTHER DISCLAIMS ANY LIABILITY FOR OBLIGATIONS BASED IN TORT, INCLUDING STRICT LIABILITY OR
NEGLIGENCE, ACTUAL OR IMPUTED, OR ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USEAGE OF TRADE OR FOR ANY LOSS OF USE, REVENUE OR PROFIT, OR ANY OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES, AND BUYER HEREBY WAIVES ALL SUCH OTHER
WARRANTIES, REMEDIES OR LIABILITIES, EXPRESS OR IMPLIED, ARISING BY LAW OR OTHERWISE. 

  

	 	9.	 Indemnifications and Insurance 

 

	 	9.1	 Buyer shall indemnify, defend and hold harmless Seller. Seller’s affiliates, *        
*                    
*                             as Administrative Agent and
Lender under the Credit Agreement between itself and Seller and the other Lenders thereto, and each of their respective subsidiaries, shareholders, partners, officers, directors, and employees or agents together with their affiliates and each of its
and their respective successors, assigns, owners, officers, employees, and affiliates (individually each an “Indemnitee” and collectively “Indemnitees”) in full on demand in respect of all losses, liabilities,
claims, proceedings, penalties, judgments, damages, costs and expenses, including reasonable 

  
  

 
 Engine Sale Agreement 

Engine Model CFM56-5B4 ESN
*            . 

SELLER
*                     

	 BUYER Contrail Aviation Leasing, LLC 
	 Page 8 

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	 	
attorneys’ fees and expenses (collectively, “Losses”) suffered or incurred by any such party as a result of a third-party claim (regardless of when the same are suffered or
incurred) arising out of or connected in any way with (a) the purchase, manufacture, ownership, possession, registration, performance, transportation, management, sale, control, inspection, use or operation, design, condition, testing,
delivery, leasing, maintenance, repair, service, modification, overhaul, replacement or removal of the Engine, (b) any loss of or damage to the Engine, (c) any breach by Buyer of any of its representations, warranties or covenants in this
Agreement, or (d) otherwise in connection with the Engine or relating to loss or destruction of or damage to any property, or death or injury to any person caused by, relating to or arising from or out of (in each case whether directly or
indirectly) any of the foregoing matters; 

 Notwithstanding the foregoing, the indemnities contained in this sub section shall
not extend to Losses: 
  

	 	(i)	 to the extent that such Losses arise, or are based upon acts or omissions occurring, before
Delivery; 

  

	 	(ii)	 to the extent that such Losses are caused by the willful misconduct or gross negligence of Seller or any of its
employees, servants or agents; 

  

	 	(iii)	 to the extent that such Losses are the result of failure by Seller to comply with any of its express
obligations under this Agreement (unless such failure is caused by failure by Buyer to comply with any of its express obligations under this Agreement) or any representation or warranty given by Seller not being true and correct;

  

	 	(iv)	 to the extent such Losses arise from an act or omission of Seller or a Seller Indemnitee as a manufacturer,
repairer or servicer of aviation products; or 

  

	 	(v)	 which are required to be borne by Seller in accordance with any other express provision contained in this
Agreement. 

  

	 	9.2	 Seller shall indemnify, defend and hold harmless Buyer, Buyer’s affiliates, and Buyer’s lender and
each of their respective subsidiaries, shareholders, partners, officers, directors, employees or agents together with their affiliates and each of its and their respective successors and assigns, owners, officer’s employees, and affiliates
(individually each an “Buyer Indemnitee” and collectively “Buyer Indemnitees”) in full on demand in respect of all losses, liabilities, claims, proceedings, penalties, judgments, damages, costs and expenses,
including reasonable attorneys’ fees and expenses (collectively, “Seller Losses”) suffered or incurred by any such party (regardless of when the same are suffered or incurred) arising out of or connected in any way with
(a) the sale, manufacture, ownership, possession, registration, performance, transportation, management, sale, control, inspection, use or operation, design, condition, testing, delivery, leasing, maintenance, repair, service, modification,
overhaul, replacement or removal of the Engine, (b) any loss of or damage to the Engine, (c) any breach by Seller of any of its representations, warranties or covenants in this Agreement, or (c) otherwise in connection with the Engine
or relating to loss or destruction of or damage to any property, or death or injury to any person caused by, relating to or arising from or out of (in each case whether directly or indirectly) any of the foregoing matters; 

  
  

 
 Engine Sale Agreement 

Engine Model CFM56-5B4 ESN
*            . 

SELLER
*                     

	 BUYER Contrail Aviation Leasing, LLC 
	 Page 9 

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 Notwithstanding the foregoing, the indemnities contained in this sub section shall not
extend to Seller Losses: 
  

	 	(i)	 to the extent that such Seller Losses are based upon acts or omissions occurring, after Delivery;

  

	 	(ii)	 to the extent that such Seller Losses are caused by the willful misconduct or gross negligence of Buyer or any
of its employees, servants or agents; 

  

	 	(iii)	 to the extent that such Seller Losses are the result of failure by Buyer to comply with any of its express
obligations under this Agreement (unless such failure is caused by failure by Seller to comply with any of its express obligations under this Agreement) or any representation or warranty given by Buyer not being true and correct;

  

	 	(iv)	 to the extent such Seller Losses arise from an act or omission of Buyer or a Buyer Indemnitee as a
manufacturer, repairer or servicer of aviation products; or 

  

	 	(v)	 which are required to be borne by Buyer in accordance with any other express provision contained in this
Agreement. 

  

	 	9.3	 Buyer shall maintain, or cause any operator of the Engine to maintain, at its own expense aviation liability
insurance coverage in respect of the Engine for a period no less than two (2) years commencing on the Closing Date of the Engine with Seller and the Indemnities named on such policy(ies) as an additional insured(s). The insurance amount shall
be no less than Seven Hundred Fifty Million United States Dollars (US$750,000,000) combined single property and bodily injury limit for each occurrence (and non-passenger personal injury limited to Twenty-Five Million United States Dollars
(US$25,000,000) for each and every occurrence and in the aggregate). In the event that the Engine is permanently removed from service during such period, the sole insurance coverage required hereunder shall be aviation products liability insurance
for no less than Twenty Million United States Dollars (US$20,000,000). On the Closing Date, and upon each subsequent insurance renewal date during such two-year period, Buyer shall deliver to Seller a certificate of insurance in a form reasonably
acceptable to Seller issued by its insurance brokers to Seller, in respect of the required insurance over the required period. Such insurance certificate will constitute a satisfactory discharge of Buyer’s obligations under this
Section 9.3 while such coverage remains in effect. 

  

	 	9.3	 Buyer shall provide to Seller before the Scheduled Delivery Date, so as to allow adequate review, a certificate
of insurance in form and substance satisfactory to Seller that shall include provisions whereby: (i) the Indemnitees are named as additional insureds for their respective rights and interests; (ii) the insurers under any hull policy for
the Engine shall waive all rights of subrogation against the Indemnitees in respect of the interests of each Indemnitee in such policies; (iii) the insurance shall not be invalidated by any act or omission (including misrepresentation and
non-disclosure) of Buyer or any other person (other than, as to any Indemnitee, such Indemnitee) which results in a breach of any term, condition, warranty or other provision of such policies; (iv) none of the Indemnitees shall have
responsibility for the payment of premiums or any other amounts payable under such policies; (v) if such insurance is cancelled or allowed to lapse for any reason whatsoever, 

  
  

 
 Engine Sale Agreement 

Engine Model CFM56-5B4 ESN
*            . 

SELLER
*                     

	 BUYER Contrail Aviation Leasing, LLC 
	 Page 10 

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 
or if any material change is made in such insurance that adversely affects the interest of any Indemnitee, such cancellation, lapse or change shall not be effective as to any Indemnitee for 30
days (or 7 days or such other period as is then customarily obtainable in the industry in the case of any war and allied perils liability coverage) after giving notice from such insurers or Buyer’s appointed insurance broker to Seller. 

 

	10.	 Taxes 

Buyer shall be responsible for Transfer Taxes levied or imposed as a result of execution of this Agreement and the sale of the Engine.
Notwithstanding the previous sentence, Buyer shall not be responsible for taxes levied or imposed on the income of Seller. The Parties agree to fully cooperate in providing one another with any and all documents that may be used to obtain an
exemption on taxes and duties levied on the sale of the Engine. 
 Each of Seller and Buyer shall co-operate and use reasonable efforts to
avoid or minimize any and all Transfer Taxes or other taxes (such as taxes based on gross or net income, profits or revenue, or franchise or doing business) imposed on or arising out of the sale of the Engine to Buyer by Seller or otherwise imposed
on the transactions contemplated by this Agreement. Notwithstanding the foregoing, any and all Transfer Taxes arising out of the sale and/or delivery of the Engine or any Part thereof shall be the sole responsibility and liability of Buyer. 

Seller shall remain responsible for all taxes, duties and fees arising during Seller’s ownership of the Engine. 

 

	11.	 Tax Indemnity 

Buyer will indemnify and hold Seller harmless on demand from and against any and all Transfer Taxes levied or imposed against or upon Seller or
Buyer and relating to or attributable to Buyer, this Agreement or the sale and/or purchase of the Engine pursuant to this Agreement, and any taxes and expenses of any kind whatsoever assessed against Seller which are attributable to any payment made
by Buyer pursuant to this Agreement, except as provided in Section 10 above. 
  

	12.	 Notices 

Any notices required or permitted under this Agreement shall be in writing. Notices shall be provided to the Parties as follows, or at any
other address either Party subsequently designates in writing: 
  

							
	If to Buyer	 		  	Contrail Aviation Leasing, LLC	  	
		 		  	435 Investment Court	  	
		 		  	Verona, WI 53593	  	
		 		  	Attention: Mr. Joe Kuhn	  	
		 		  	 Email: joe@contrail.com
  
	  	
	  
 If to Seller:
	 	*	  	  
     

    
     

    
     
	  	

 Actual receipt of notice copies shall not determine or affect the effectiveness of the primary notice. 

  
  

 
 Engine Sale Agreement 

Engine Model CFM56-5B4 ESN
*             

SELLER
*                     

	 BUYER Contrail Aviation Leasing, LLC 
	 Page 11 

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	13.	 Further Assurances 

Each Party agrees to take further actions as are reasonably necessary, including furnishing documentation as requested, in order to carry out
the intent of the Parties as expressed in this Agreement. 
  

	14.	 Governing Law; Dispute Resolution 

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO PRINCIPLES OF
CONFLICTS OF LAW (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 Each Party to this Agreement
irrevocably agrees that any legal action or proceedings in connection with this Agreement against either Party or any of its assets shall be brought in the Southern District of New York, which shall have jurisdiction to settle any disputes arising
out of or in connection with this Agreement and each Party hereby irrevocably and unconditionally submits to the exclusive jurisdiction of the Federal court in the Southern District of New York. 

In the event of any dispute between the Parties under this Agreement, or the Assigment, Assumption and Amendment Agreement, the prevailing
party shall be entitled to recover attorney’s fees from the other Party. 
  

	15.	 Brokers 

 

	 	(a)	 Each of the Parties represents and warrants to the other that it has not paid or agreed to pay or cause to be
paid directly or indirectly in any form, any commission, percentage, contingency fee, brokerage or other similar payments of any kind in connection with the establishment or operation of this Agreement, to any person (other than fees payable to its
legal advisors). 

  

	 	(b)	 Each of the Parties agrees to indemnify the other Party against any and all claims, suits, damages, costs and
expenses (including reasonable legal fees) asserted by any agent, broker or other third party for any commission or compensation of any nature whatsoever based upon any Transaction Document to the Engine if such claim, suit, damage, cost or expense
arises out of breach by the indemnifying Party, its employees or agents of this Section 15. 

  

	16.	 Confidentiality 

 

	 	(a)	 Each Party undertakes that it will not at any time disclose to any person any confidential information
concerning the Transaction Documents and the transaction contemplated by the Transaction Documents except as permitted by Section 16 (b). 

  

	 	(b)	 Each Party may disclose the other Party’s confidential information to: 

 

	 	(i)	 to its employees, officers, representatives or advisors who need to know such information for the purposes of
carrying out the Party’s obligations under this Agreement. Each Party will ensure that its employees, officers, representatives or advisors to whom it discloses the other Party’s confidential information complying with this
Section 16; and 

  

	 	(ii)	 as may be required by law, court order or any governmental or regulatory authority. 

  
  

 
 Engine Sale Agreement 

Engine Model CFM56-5B4 ESN
*            . 

SELLER
*                     

	 BUYER Contrail Aviation Leasing, LLC 
	 Page 12 

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	17.	 Entire Agreement 

This Agreement, including referenced attachments and exhibits, contains the entire agreement of the Parties regarding the transaction described
herein. This Agreement supersedes any prior negotiations, understandings, and oral or written agreements concerning this transaction. This Agreement may not be modified or amended in any way except by a subsequent written agreement executed by
authorized representatives of both Parties. 
  

	18.	 Language 

All notices given under this Agreement will be in English. All documents, including the records for the Engine, delivered to Buyer pursuant to
this Agreement will be in English, or if not in English, will be accompanied by a duly certified English translation. 
  

	19.	 Expenses 

Each Party will bear its own costs in relation to the negotiation, preparation and execution of the Transaction Documents save for as outlined
in this Agreement. Buyer shall be responsible for the costs (including legal fees and the costs for legal opinions of external counsel, if any) of registering International Interests reflecting this sale and any subsequent interests on the
International Registry if, and when, such registrations can be completed in respect of the Engine, this Agreement and any other Transaction Document. 
  

	20.	 Miscellaneous 

 

	 	20.1	 Section headings are included for convenience and reference only and are not intended to define or limit the
scope of any provisions of this Agreement. 

  

	 	20.2	 This Agreement shall be binding on and inure to the benefit of the respective successors and assigns (if
permitted) of the Parties. 

  

	 	20.3	 Performance under this Agreement may not be assigned by Buyer, except with prior written consent of the other
Party; provided, however, Buyer may assign all of its rights and interests in and to this Agreement to Contrail Aviation Leasing LLC, a wholly-owned subsidiary of Buyer, without the written consent of Seller. 

 

	 	20.4	 Each Party warrants that it has performed all acts necessary for its performance under this Agreement, that it
has the necessary authority to enter into this Agreement, and that the individual executing this Agreement has the authority to bind such Party. 

  

	 	20.5	 Each Party warrants that when executed, this Agreement shall constitute a legal, valid, and binding obligation
of both Parties. 

  

	 	20.6	 This Agreement may be executed in counterparts and facsimile and/or PDF signatures transmitted by electronic
mail shall be accepted as originals. However, both Parties request that all such counterparts be followed up with hard copy originals. 

  

	 	20.7	 All warranties and representations made by any Party in this Agreement shall survive the closing of the
transaction and the delivery of the Engine. 

  
  

 
 Engine Sale Agreement 

Engine Model CFM56-5B4 ESN
*            . 

SELLER
*                     

	 BUYER Contrail Aviation Leasing, LLC 
	 Page 13 

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	 	20.8	 Any provision of this Agreement, which is deemed to be in violation of any law or is otherwise rendered
unenforceable, shall not invalidate the remaining provisions hereof. 

 [Signature page follows] 

  
  

 
 Engine Sale Agreement 

Engine Model CFM56-5B4 ESN
*            . 

SELLER
*                    .

	 BUYER Contrail Aviation Leasing, LLC 
	 Page 14 

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 This Agreement has been duly executed by the Parties as of the date first written above. 

FOR: 
  

					
	*	 	                            

	 	 	 	 	 
			
		 	By:	 	                                   
                     
		 	Name:	 	
		 	Title:	 	

 FOR: 
  

			
	CONTRAIL AVIATION LEASING, LLC.
		
	By:	 	  

	Name:	 	Joseph Kuhn
	Title:	 	CEO

 Signature Page to Engine Sale Agreement relating to ESN *             

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 This Agreement has been duly executed by the Parties as of the date first written above. 

FOR: 
  

					
	*	 	                            

	 	 	 	 	 
			
		 	By:	 	                                   
                     
		 	Name:	 	
		 	Title:	 	

 FOR: 
  

			
	CONTRAIL AVIATION LEASING, LLC.
		
	By:	 	 /s/ Joseph Kuhn

	Name:	 	Joseph Kuhn
	Title:	 	CEO

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 ENGINE WARRANTY BILL OF SALE 

KNOW ALL MEN BY THESE PRESENTS: 
 *                     (“Seller”), for good and valuable consideration the sufficiency and receipt of which are hereby acknowledged, does hereby sell, grant, convey, transfer, bargain, deliver and set over unto
Contrail Aviation Support, LLC. (“Buyer”) and unto its successors and assigns forever, all of Seller’s right, title and interest in and to: 

One (1) used CFM International aircraft engine model CFM56-5B4 having engine serial number *                 in full QEC configuration, less nose cowl
and thrust reversers including one (1) engine transportation stand bearing cradle number 403, and base serial number
*         and together with all records belonging to or relating to such engine
current at the time of the delivery (collectively, the “Engine”). 
 Seller represents and warrants that Seller does hereby sell,
grant, convey, transfer, bargain, deliver and set over to Buyer, and its successors and assigns, good and marketable title to the Engine free and clear of all liens, charges. encumbrances and security interests of any kind (except for any arising
by, through or under Buyer), and that Seller will defend such title against all such claims forever. 
 THE ENGINE, INCLUDING THE COMPONENT PARTS THEREOF
AND THE RECORDS, ARE BEING SOLD ON AN “AS IS” AND “WHERE IS” AND WITH “ALL FAULTS” BASIS. EXCEPT AS SPECIFICALLY PROVIDED IN THIS AGREEMENT SELLER MAKES NO WARRANTIES, GUARANTEES OR REPRESENTATIONS OF ANY KIND, EITHER
EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE AND SELLER HEREBY DISCLAIMS ALL EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS OF ANY KIND OR NATURE WHATSOEVER, INCLUDING MERCHANTABILITY, FITNESS FOR USE, CONDITION, DESIGN, OPERATION, WORKMANSHIP, AS
TO ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, AS TO THE ABSENCE OF ANY INFRINGEMENT, OF ANY PATENT, TRADEMARK OR COPYRIGHT AND, EXCEPT AS SPECIFICALLY PROVIDED IN THIS AGREEMENT, SELLER FURTHER DISCLAIMS ANY LIABILITY FOR
OBLIGATIONS BASED IN TORT, INCLUDING STRICT LIABILITY OR NEGLIGENCE, ACTUAL OR IMPUTED, OR ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE OR FOR ANY LOSS OF USE, REVENUE OR PROFIT, OR ANY OTHER INCIDENTAL OR CONSEQUENTIAL
DAMAGES, AND BUYER HEREBY WAIVES ALL SUCH OTHER WARRANTIES, REMEDIES OR LIABILITIES, EXPRESS OR IMPLIED, ARISING BY LAW OR OTHERWISE. 
 THIS BILL OF
SALE SHALL IN ALL RESPECTS, INCLUDING MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS AND IN THE FEDERAL COURTS SITUATED IN THE SOUTHERN DISTRICT OF THE STATE OF NEW YORK,
U.S.A. WITHOUT REGARD TO ITS CONFLICT OF LAWS PRINCIPLES WHICH MAY APPLY THE LAWS OF ANY OTHER JURISDICTION. 
 IN WITNESS WHEREOF, Seller
has caused this instrument to be executed in its name as of February 23, 2018 
  

					
	*	 	                    
	 	 	 	 	 
			
		 	By:	 	                                   
                     
		 	Name:	 	
		 	Title:	 	

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 ACCEPTANCE CERTIFICATE 

Reference is made to that certain Engine Sale Agreement, dated as of January 25, 2018 (the “Agreement”), between *                 (“Seller”)
and Contrail Aviation Leasing, LLC (“Buyer”) with respect to that certain CFM International aircraft engine model CFM56-5B4 having engine serial number *             and related records (the “Engine”).

 Buyer hereby acknowledges that the Engine (i) has been inspected by Buyer and (ii) has been accepted in its “AS IS, WHERE
IS” and “WITH ALL FAULTS” condition on the date set forth above and is irrevocably accepted by Buyer for all purposes of the Agreement. 

This Acceptance Certificate shall be interpreted in accordance with, and governed by, the laws of the State of New York, U.S.A, without regard to its conflict
of laws principles which may apply the laws of any other jurisdiction. 
  

			
	CONTRAIL AVIATION LEASING, LLC
		
	By:	 	 /s/ Joseph G. Kuhn

	Name:	 	Joseph G. Kuhn
	Title:	 	President and CEO
	Date:	 	January 23, 2018

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 SCHEDULE C 

CONDITIONS PRECEDENT 
  

	 	1.	 Seller must have received each of the following documents and evidence, and the following conditions shall be
satisfied: 

  

	 	(a)	 A certificate of an authorized signatory of Buyer, dated on or before the Delivery Date: 

 

	 	(i)	 Certifying and identifying the persons authorized on behalf of Buyer to execute the Transaction Documents to
which it is a party or to sign or send any document or notice in connection with any Transaction Document and to accept delivery of the Engine on its behalf; and 

 

	 	(ii)	 Attaching and certifying the resolutions of the board of directors of Buyer approving the terms of, the
transactions contemplated by, and the execution, delivery and performance of the Transaction Documents to which it is a party and confirming that the representations and warranties to be made by it are correct at the Delivery Date.

  

	 	(b)	 The Acceptance Certificate duly executed by Buyer 

 

	 	(c)	 The insurance certificate specified in Section 9.3 and 9.4. 

 

	 	2.	 Seller must have received the Purchase Price. 

 

	 	3.	 Seller must have received a signed and dated PDF copy of that certain Assignment, Assumption and Amendment
Agreement by each of Lessee and Buyer (or Contrail Aviation Leasing, LLC, a wholly-owned subsidiary of Buyer) with four (4) originals to follow in form and substance satisfactory to Seller. 

 

	 	4.	 Buyer’s representations and warranties set forth in Section 7.4 are true and correct as of Closing.

  

	 	5.	 No Event of Loss has occurred with respect to the Engine. 

 SCHEDULE C-1 

BUYER’S CONDITIONS PRECEDENT 
 Buyer
must have received each of the following documents and evidence and the following conditions shall be satisfied: 
  

	 	1.	 a copy of this Agreement duly executed by Seller; 

 

	 	2.	 The Engine shall be free and clear of all Liens other than the Lease or those agreed to in writing by the
Parties. In the event of such agreement, Buyer shall receive an undertaking(s) or other document(s) reasonably satisfactory to Buyer’s counsel, which commits Seller’s lender(s) to discharge all security interests promptly in connection
with Closing. 

  

	 	3.	 Buyer must have received a signed and dated PDF copy of that certain Assignment, Assumption and Amendment
Agreement by each of Lessee and Seller with one (1) original copy to follow in form and substance satisfactory to Buyer. 

  

	 	4.	 the Engine is at the Delivery Location; 

 

	 	5.	 Seller’s representations and warranties set forth in Section 7.3 are true and correct as of Closing;
and 

  

	 	6.	 No Event of Loss has occurred with respect to the Engine. 

 

	 	7.	 No change in the condition of the Engine, except as to ordinary wear and tear, shall have occurred between the
time of Technical Acceptance and Delivery. 

  

	 	8.	 A certificate of an authorized signatory of Seller, dated on or before the Delivery Date;

  

	 	(i)	 Certifying and identifying the persons authorized on behalf of Seller to execute the Transaction Documents to
which it is a party or to sign or send any document or notice in connection with any Transaction Document and to accept delivery of the Engine on its behalf; and 

 

	 	(ii)	 Confirming that Seller has taken all necessary corporate actions required to approve the entry into, and
performance of the transaction contemplated by this Agreement and that such actions have not been amended or rescinded in any way and that the representations and warranties made by it are correct at the Delivery Date.EX-10.9

 Exhibit 10.9 

AIRCRAFT SALE & PURCHASE AGREEMENT 

Dated      FEBRUARY 2018 

*            
     *                
                 *    
*                
 as Seller 

Contrail Aviation Support, LLC 

as Purchaser 
  

 
 relating to one B737-700 Aircraft 
 manufacturer’s serial number *            

 
  

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 CONTENTS 
  

							
		
	Clause	  	 	Page	 
			
	1. 	  	Interpretation	  	 	1	 
			
	2.	  	Representations And Warranties	  	 	1	 
			
	3.	  	Agreement To Sell And Purchase	  	 	1	 
			
	4.	  	Conditions Precedent	  	 	2	 
			
	5.	  	Purchase Price	  	 	2	 
			
	6.	  	Inspection And Delivery	  	 	5	 
			
	7.	  	Aircraft Condition & Warranties	  	 	6	 
			
	8.	  	Registration Fees	  	 	7	 
			
	9.	  	Indemnities & Liability Insurance	  	 	7	 
			
	10.	  	Further Provisions	  	 	8	 
			
	11.	  	Law And Jurisdiction	  	 	9	 
			
	12.	  	Brokers And Other Third Parties	  	 	10	 
		
	 Schedule 1    12
	  			
	            Part A    	  	12	 
	            Part B    12	  	 	 
	            Delivery Condition Requirements	  	12	 
		
	 Schedule 2    13
	  			
		
	 Schedule 3    CONDITIONS
PRECEDENT
	  	 	16	 
	            Part A    Seller Conditions Precedent	  	16	 
	            Part B    Purchaser Conditions Precedent	  	16	 
		
	 Schedule 4    REPRESENTATIONS
AND WARRANTIES
	  	 	17	 
	            Part A    Seller’s Representations And Warranties	  	17	 
	            Part B    Purchaser’s Representations And Warranties	  	17	 
		
	 Schedule 5    BILL OF
SALE
	  	 	19	 
		
	
Schedule 6    TECHNICAL/ACCEPTANCE
CERTIFICATE
	  	 	20	 
		
	 Schedule 7    FINAL
ACCEPTANCE CERTIFICATE
	  	 	21	 

					
	7.	 	AIRCRAFT CONDITION & WARRANTIES	 	1
			
	8.	 	REGISTRATION FEES	 	1
			
	9.	 	INDEMNITIES & LIABILITY INSURANCE	 	1
			
	10.	 	FURTHER PROVISIONS	 	1
			
	11.	 	LAW AND JURISDICTION	 	1
			
	12	 	BROKERS AND OTHER THIRD PARTIES	 	1

					
			
	Schedule 1	 	DESCRIPTION OF AIRCRAFT & DELIVERY CONDITION-REQUIREMENTS	 	1
			
	Schedule 2	 	DEFINITIONS	 	1
			
	Schedule 3	 	CONDITIONS PRECEDENT	 	1
			
	Schedule 4	 	REPRESENTATIONS AND WARRANTIES	 	1
			
	Schedule 5	 	BILL OF SALE	 	1
			
	Schedule 6	 	FORM OF TECHNICAL/ACCEPTANCE CERTIFICATE	 	1

 THIS AGREEMENT is made on      February 2018 

BETWEEN: 
 *                *                               
   *    *                a company incorporated in *               with its address at *      *    
        *             
   *               

*               
                 *    
                          *                               
         (“Seller”); and 
 Contrail
Aviation Support, LLC, a company incorporated in State of North Carolina with its address at 435 Investment Court, Verona. Wisconsin 53593, United States of America (“Purchaser”). 

IT IS AGREED as follows. 
  

	I.	 INTERPRETATION 

 

	1.1	 Definitions: Capitalised words and expressions are defined in Schedule 2. 

 

	1.2	 Construction: Headings are to be ignored in construing this Agreement and unless the contrary intention
is stated, a reference to: 

  

	 	(a)	 each of “Seller”, “Purchaser” or any other Person includes any permitted successors and
assignees; 

  

	 	(b)	 words importing the plural shall include the singular and vice versa; 

 

	 	(c)	 any document shall include that document as amended, novated, assigned or supplemented; 

 

	 	(d)	 a Clause or a Schedule is to a clause of or a schedule to this Agreement; 

 

	 	(e)	 any Law, or to any specified provision of any Law, is a reference to such Law or provision as amended,
substituted or re-enacted. 

  

	2.	 REPRESENTATIONS AND WARRANTIES 

Seller represents and warrants to Purchaser in accordance with Part A of Schedule 4 and Purchaser represents and warrants to Seller in
accordance with Part B of Schedule 4. 
  

	3.	 AGREEMENT TO SELL AND PURCHASE 

 

	3.1	 On and subject to the terms of this Agreement: 

 

	 	(a)	 the Aircraft will be sold by the Seller and purchased by the Purchaser on the Delivery Date in an “as is,
where is” condition; and 

  

	 	(b)	 Seller shall pass to Purchaser upon Delivery good and marketable title to the Aircraft clear of all liens and
encumbrances other than any liens created by Purchaser which by their express terms become effective upon passage of title to Purchaser. 

3.2 Delivery Documents: Upon Delivery , Seller shall deliver to Purchaser the Bill of Sale duly executed by Seller 

3.3 Security Interests: The Aircraft shall upon Delivery be free and clear of any Security Interests other than Permitted Liens. 

3.4 Passage of Title & Risk: Title to the Aircraft shall pass to Purchaser when the Delivery Documents are delivered to Purchaser. Risk of loss,
destruction of, or damage to the Aircraft shall pass to Purchaser simultaneously with transfer of title 

  
 - 1 - 

 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	3.5	 Material Damage or Event of Loss before Delivery: 

If before Delivery any Event of Loss of the Aircraft, or Material Damage to the Aircraft for which the likely cost of repair would exceed
US$1,000,000 (One Million Dollars), Seller and Purchaser shall each have the right to terminate this agreement upon written notice to the other party. In event of such termination, the rights and obligations of the parties hereunder shall be
discharged so that neither party shall be liable to the other, save that Seller shall refund the Purchaser Deposit to Purchaser within five (5) Business Days of such termination. 

 

	4.	 CONDITIONS PRECEDENT 

 

	4.1	 Seller Conditions: 

Seller’s obligation to sell the Aircraft to Purchaser shall be subject to fulfilment of the Seller Conditions Precedent on or before the
Delivery Date (except to the extent that Seller agrees in writing in its absolute discretion to waive or defer any such condition). 
 The
Seller Conditions Precedent have been inserted for Seller’s benefit and may be waived in writing, in whole or in part and with or without conditions, by Seller without prejudicing its right to receive fulfilment of such conditions, in whole or
in part, at any later time. 
 If any of the Seller Conditions Precedent remain outstanding on the Final Delivery Date and are not waived or
deferred in writing by Seller, Seller may at any time after close of business in New York on the Final Delivery Date terminate its obligation to sell the Aircraft by notice to Purchaser. Whereupon the rights and obligations of the parties hereunder
shall cease and be discharged without further liability on the part of either Seller or Purchaser, save that where the failure to provide the Seller Conditions Precedent occurs through no fault of the Purchaser Seller shall refund the Purchaser
Deposit to Purchaser within five (5) Business Days of such notice. 
  

	4.2	 Purchaser Conditions: 

Purchaser’s obligation to purchase the Aircraft shall be subject to fulfilment of each of the Purchaser Conditions Precedent on or before
the Delivery Date (except to the extent that Purchaser agrees in writing in its absolute discretion to waive or defer any such condition). 

The Purchaser Conditions Precedent have been inserted for Purchaser’s benefit and may be waived in writing, in whole or in part and with
or without conditions, by Purchaser without prejudicing its right to receive fulfilment of such conditions, in whole or in part at any later time. 

If any of the Purchaser Conditions Precedent remain outstanding on the Final Delivery Date and are not waived or deferred in writing by
Purchaser, Purchaser may at any time after close of business in New York on the Final Delivery Date terminate its obligation to purchase the Aircraft by notice to Seller, whereupon the rights and obligations of the parties hereunder shall cease and
be discharged without further liability on the part of either Seller or Purchaser, save that Seller shall refund the Purchaser Deposit to Purchaser within five (5) Business Days of such notice. 

 

	5.	 PURCHASE PRICE 

5.1 Amount: The purchase price for the Aircraft shall be US$
*                    *         * 
             *        
*                *                  *               
*  the “Purchase Price”). 

5.2 Purchaser Deposit: Upon execution of this Agreement and receipt by Purchaser of an invoice from Seller, Purchaser shall pay to
Seller a deposit in the amount of US$ *                    (the “Purchaser Deposit”). 

  
 - 2 - 

 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 5.3 Refundability of Purchaser Deposit: The Purchaser Deposit shall be irrevocable
and non-refundable, except in the following circumstances: 
  

	 	•	 	 Seller’s material breach of the terms of this Agreement; or 

 

	 	•	 	 Lessee’s failure to perform its obligations under the Lease Termination Agreement or to meet the
requirements of Clause 5.4 below; or 

  

	 	•	 	 Lessee’s material breach or failure to fulfil a condition precedent (prior to the Ferry Flight) of the terms
of the Side Agreement; or 

  

	 	•	 	 Purchaser notifies Seller within eight (8) Business Days after completing the Inspection that it has
rejected the Aircraft due to the Aircraft’s failure to pass the inspection under the Side Agreement and wishes not to proceed with the sale contemplated herein; or 

 

	 	•	 	 An Event of Loss or Material Damage to the Aircraft prior to Delivery and Purchaser exercises its right to
terminate this Agreement pursuant to Clause 3.5; or 

  

	 	•	 	 Seller’s inability to satisfy a Purchaser Condition Precedent save where such failure is the result of
Purchaser’s breach of the terms of this Agreement; or 

  

	 	•	 	 Delivery fails to occur on or prior to the Final Delivery Date save where such failure is a result of
Purchaser’s breach of this Agreement or the Side Agreement. 

 Notwithstanding any other provision of this Agreement
or the Transaction Documents, Purchaser’s Deposit shall, unless otherwise agreed by Purchaser in writing, be refunded to Purchaser by Seller within five (5) Business Days following the occurrence of any of the events set forth above. 

5.4 Lessee Contribution to Aircraft Condition: Lessee shall pay to Seller the amount of US$ *                     (the
“Lessee Contribution to Aircraft Condition”) within three (3) Business Days after the Technical Acceptance Date (but in any case prior to commencement of the Ferry Flight) which amount shall, together with the balance to be
paid by the Purchaser, constitute a pro tanto portion of the Purchase Price. 
 5.5
Non-Refundability of Lessee Contribution to Aircraft Condition. The payments of the Lessee Contribution to Aircraft Condition pursuant to Clause 5.4 shall, except as set forth in Clause 2.4 of the Lease
Termination Agreement, be irrevocable and non-refundable. If for any reason the sale of the Aircraft does not occur on or before the Final Delivery Date, Seller shall retain such amounts and set them off
against any amounts payable by Lessee to Seller in its capacity as Lessor of the Aircraft under the Lease Agreement (as amended by the Aircraft Lease Termination Agreement). For the avoidance of doubt, Seller’s acceptance of the Lessee
Contribution to Aircraft Condition shall not constitute a waiver or diminution of any of Seller’s rights or Lessee’s obligations under the Lease Agreement as amended by the Aircraft Lease Termination Agreement until such time as the sale
has occurred hereunder and legal title to the Aircraft has been conveyed to Purchaser in accordance with the terms hereof. 
 5.6 Time for
Payment: Subject to the terms of this Agreement, promptly upon Purchaser’s receipt of email confirmation that Seller has received from Lessee the Lessee Contribution to Aircraft Condition and the Redelivery Maintenance Payment
Amounts, and on or prior to the commencement of the Ferry Flight (but in any event for value in New York City prior to commencement of the Ferry Flight), Purchaser shall pay to Seller an amount (the “Net Purchase Amount”)
equal to the Purchase Price less (i) the amount of the Purchaser Deposit paid pursuant to Clause 5.2, (ii) the amount of the Lessee Contribution to Aircraft Condition, and (iii) the amount of the Lessee Contribution to Aircraft Condition
Deposit (if any). For the avoidance of doubt, Seller shall not be obliged to convey legal title 

  
 - 3 - 

 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 
to the Aircraft to Purchaser until it shall have received the total Purchase Price and the other amounts expressly stated to be paid by Lessee under the Lease Termination Agreement. The breakdown
of amounts comprising the Purchase Price is set forth below: 
  

											
	 MSN
	  	 Purchase

Price
	  	 Purchaser to Pay
	  	 Lessee

Contribution
 to Aircraft

Condition
	  	 Purchaser

Deposit
	  	 Lessee

Contribution
 to Aircraft

Condition
 Deposit

	*            	  	*                        )	  	*                      )	  	*                      )	  	*   *                   
	  	*     

 After Seller has paid the Net Purchase Amount as aforesaid, if Seller for any reason fails to authorize the dating and release
of the Bill of Sale to the Purchaser or otherwise fails to consummate the sale of the Aircraft contemplated herein immediately upon the Aircraft reaching the Expected Delivery Location, the Seller shall within five (5) Business days refund to
Purchaser the Purchaser Deposit and the Net Purchase Amount in full. If within five (5) Business Days of Seller’s receipt of the Net Purchase Amount from Purchaser the sale of the Aircraft contemplated herein has not been consummated for
any reason other than a breach of this Agreement by Purchaser, the Seller will refund to Purchaser the Deposit and Net Purchase Amount within two (2) Business Days thereafter. 

5.7 Seller’s Account: The Net Purchase Amount shall be paid in Dollars to Seller’s account as set forth below: 

*               
                                         
                                         
                                         
         
                                  
                                         
                                         
                                 

               
                                         
                                         
                                         
           
                                  
                                         
                                         
                                 

               
                                         
                                         
                                         
           
                                  
                                         
                                         
                                 

               
                                         
                                         
                                         
           
                                  
                                         
                                         
                                 

               
                                         
                                         
                                         
           
                                  
                                         
                                         
                                 

               
                                         
                                         
                                         
           
                                  
                                         
                                         
                                 

               
                                         
                                         
                                         
           
                                  
                                         
                                         
                                 

               
                                         
                                         
                                         
           
 5.8 Payment of Taxes, Tax
Indemnities: 
  

	(a)	 Purchaser will indemnify and hold Seller harmless from any and all Taxes and expenses assessed against Seller
or the Aircraft or any part thereof by any Government Entity resulting from or arising in connection with the sale of the Aircraft hereunder, and any Taxes and expenses assessed against Seller which are attributable to any payment made by Purchaser
under this Agreement, other than: 

  

	 	(i)	 any Taxes (including without limitation capital gains Taxes, minimum Taxes and doing business or franchise
Taxes) imposed on the overall income, profits or gains of Seller; 

  

	 	(ii)	 any Taxes imposed as a result of Seller’s failure to comply with this Agreement or non-performance in
relation to any applicable laws governing Seller’s obligations hereunder; and 

  
 - 4 - 

 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	 	(iii)	 any Taxes arising as a result of the gross negligence or wilful misconduct of Seller. 

 

	(c)	 All payments to be made by Purchaser under this Agreement shall be made in full without set off or counterclaim
whatsoever and shall be made in full without any deduction or withholding whatsoever. If however a deduction or withholding for Taxes is required by law, Purchaser shall: 

 

	 	(i)	 ensure that the deduction or withholding does not exceed the minimum amount legally required;

  

	 	(ii)	 immediately pay to Seller such additional amount so that the net amount received by Seller will equal the full
amount which would have been received by it had no such deduction or withholding been made; 

  

	 	(iii)	 pay to the relevant taxation authority or other authorities within the time allowed by law the full amount of
the deduction or withholding (including, but without prejudice to the generality of the foregoing, the full amount of any deduction or withholding from any additional amount paid pursuant to this sub-clause);
and 

  

	 	(iv)	 provide Seller within the period for payment permitted by the relevant law with an official receipt of the
relevant taxation authorities for all amounts so deducted or withheld or if such receipts are not issued by the taxation authorities concerned, a certificate of deduction or equivalent evidence of the relevant deduction or withholding.

  

	6.	 INSPECTION AND DELIVERY 

 

	6.1	 Inspection: Seller grants permission to Purchaser to conduct the inspection of the Aircraft and the
inspection of all documents and records relating to the Aircraft that are the property of Seller and in the possession of Lessee, arranged between the Purchaser and the Lessee pursuant to the Side Agreement, and Seller shall not interfere or delay
such inspection in any manner. 

  

	6.2	 Delivery: Subject to satisfaction (or waiver or deferral with the agreement in writing of Seller) of the
Seller Conditions Precedent, Seller shall transfer title to the Aircraft and the Aircraft Documents to Purchaser on the Delivery Date and duly execute and deliver the Bill of Sale to Purchaser on the Delivery Date. 

 

	6.3	 Delivery Date: The parties currently anticipate that Delivery will take place on the Expected Delivery
Date and shall each use reasonable efforts so that Delivery does then take place but in any event Delivery shall occur no later than close of business in New York on the Final Delivery Date. 

 

	6.4	 Delivery Location: The Bill of Sale shall be delivered to Purchaser and the Acceptance Certificate shall
be delivered to Seller while the Aircraft is located in international airspace during the Ferry Flight (the “Delivery Location”). Such documents, together with the Certificate of Acceptance under and as defined in the Lease
Agreement, will be tabled (signed and undated) at the offices of legal counsel for the Seller in Oklahoma City so that after Purchaser has confirmed receipt of the full Purchase Price and immediately upon the Aircraft reaching the Expected Delivery
Location on the Ferry Flight such documents will be dated, released and exchanged. 

  

	6.5	 Flight Schedule: Seller and Purchaser shall confer regarding the intended flight schedule for the
Aircraft during the period prior to the Delivery Date and with respect to the Ferry Flight. 

  

	6.6	 Final Acceptance: Provided the Aircraft meets the Delivery Conditions Requirements, all of the Purchaser
Conditions Precedent have been satisfied, Seller has not breached this Agreement and the Purchaser has not otherwise terminated this Agreement in accordance with the terms hereof, Purchaser will accept the Aircraft by dating and delivering the
Acceptance Certificate to Seller. Any delivery conditions separately agreed by the Purchaser and Lessee in the Side Agreement shall 

  
 - 5 - 

	 	
be strictly between such parties and Seller shall not be liable for the performance or satisfaction of such conditions, provided that Seller hereby acknowledges Purchaser’s right to
terminate this Agreement and receive a return of the Purchaser Deposit in the circumstances described in clause 5.3. 

  

	7.	 AIRCRAFT CONDITION & WARRANTIES 

 

	7.1	 Acceptance Certificate: Delivery of the Technical Acceptance Certificate by Purchaser to Seller
following Purchaser’s inspection shall be conclusive proof that Purchaser has examined and investigated the Aircraft and that it is in every way satisfactory to Purchaser at such time. Delivery of the Acceptance Certificate by Purchaser to
Seller shall be conclusive proof that Purchase has made final acceptance of the Aircraft in connection with Delivery. 

  

	7.2	 Assignment of Warranties; Further Assurance: Seller hereby assigns to Purchaser, effective upon
Delivery, all Seller’s rights, title and interest (to the extent that any such warranties continue to exist) in all agreements with the Manufacturer relating to the Aircraft. Seller agrees on request by Purchaser to give notice of such
assignment to any relevant manufacturer and to use reasonable efforts to obtain their consent to such assignment and take such other action as Purchaser may reasonably request in that regard. 

 

	7.4	 Disclaimers: THE AIRCRAFT (AS DEFINED) IS BEING SOLD AND DELIVERED TO PURCHASER “AS IS” AND
“WHERE IS”, AND WITHOUT ANY REPRESENTATION, GUARANTEE OR WARRANTY OF SELLER EXPRESS OR IMPLIED, OF ANY KIND, ARISING BY LAW OR OTHERWISE. 

WITHOUT LIMITING THE GENERALITY OF THE ABOVE, PURCHASER UNCONDITIONALLY AGREES THAT THE AIRCRAFT (AS DEFINED) IS TO BE SOLD AND PURCHASED IN AN
AS IS WHERE IS CONDITION AS AT THE DELIVERY DATE, AND NO TERM, CONDITION, WARRANTY, REPRESENTATION OR COVENANT OF ANY KIND HAS BEEN ACCEPTED, MADE OR IS GIVEN OR SHALL BE DEEMED AS HAVING BEEN GIVEN BY SELLER OR ITS SERVANTS OR AGENTS IN
RESPECT OF THE AIRWORTHINESS, VALUE, QUALITY, DURABILITY, DATE PROCESSING, CONDITION, DESIGN, OPERATION, DESCRIPTION (EXCEPT AS TO SERIAL NUMBERS), MERCHANTABILITY OR FITNESS FOR USE OR PURPOSE OF THE AIRCRAFT OR ANY PART THEREOF, AS TO THE ABSENCE
OF LATENT, INHERENT OR OTHER DEFECTS (WHETHER OR NOT DISCOVERABLE), AS TO THE COMPLETENESS OR CONDITION OF THE AIRCRAFT DOCUMENTS, AND/OR AS TO THE ABSENCE OF ANY INFRINGEMENT OF ANY PATENT, COPYRIGHT, DESIGN, OR OTHER PROPRIETARY RIGHTS. ALL TERMS,
CONDITIONS, WARRANTIES AND REPRESENTATIONS (OR OBLIGATION OR LIABILITY, IN CONTRACT OR IN TORT) IN RELATION TO ANY ONE OR MORE OF THOSE MATTERS, EXPRESSED OR IMPLIED, STATUTORY OR OTHERWISE, ARE EXPRESSLY EXCLUDED. 

For the avoidance of doubt, Seller shall not be responsible for any losses suffered or incurred resulting from any delay or non-delivery of the Aircraft. Provided the Aircraft is duly tendered by Seller on or prior to the Final Delivery Date, Purchaser shall not be entitled to reject the Aircraft because of delay. 

The parties have considered and negotiated the terms of this Agreement and agreed the Purchase Price based on the responsibilities and
obligations of Seller expressly undertaken and those which are excluded or limited. Purchaser acknowledges that (a) Seller is not in the business of operating or maintaining aircraft and (b) if Seller were to be required to accept any
greater responsibility or obligation other than those expressly set out in this Agreement, Seller would either have declined to enter into this Agreement or would have charged a higher price. The parties consider the terms of this Agreement to be
fair and reasonable in all the circumstances. 

  
 - 6 - 

	8.	 REGISTRATION FEES 

Purchaser shall bear any duties or fees payable to the Air Authority in connection with the transfer of title to the Aircraft from Seller to
Purchaser. Seller confirms that the Purchaser shall not be responsible for any costs, duties or fees payable to the Air Authority or any other governmental authority in connection with termination of the Lease. 

 

	9.	 INDEMNITIES & LIABILITY INSURANCE 

 

	9.1	 Purchaser’s Indemnity: Purchaser shall indemnify Seller in full on demand in respect of all Losses
suffered or incurred by Seller or any of its officers, employees or agents (regardless of when the same are suffered or incurred) arising out of or connected in any way with: 

 

	 	(a)	 the purchase, manufacture, ownership, possession, registration, performance, transportation, management, sale,
control, inspection, use or operation, design, condition, testing, delivery, leasing, maintenance, repair, service, modification, overhaul, replacement, removal or redelivery of the Aircraft, or any loss of or damage to the Aircraft, or otherwise in
connection with the Aircraft or relating to loss or destruction of or damage to any property, or death or injury to any person caused by, relating to or arising from or out of (in each case whether directly or indirectly) any of the foregoing
matters and regardless of when the same arises or occurs, or whether it arises out of or is attributable to any act or omission, negligent or otherwise of Seller; or 

 

	 	(b)	 any design, article or material in the Aircraft or the operation or use thereof constituting an infringement of
patent, copyright, trademark, design or other proprietary right or a breach of any obligation of confidentiality owed to any person; 

Provided that the indemnities contained in this sub clause shall not extend to Losses: 

 

	 	(i)	 to the extent that such Losses arise out of any act, omission, event or circumstance occurring before Delivery;

  

	 	(ii)	 to the extent that such Losses are caused by the wilful misconduct or gross negligence of Seller or any of its
employees, servants or agents; 

  

	 	(iii)	 to the extent that such Losses are the result of failure by Seller to comply with any of its express
obligations under this Agreement (unless such failure is caused by failure by Purchaser to comply with any of its express obligations under this Agreement) or any representation or warranty given by Seller not being true and correct;

  

	 	(iv)	 to the extent that such Losses represent a Tax or loss of tax benefits; 

 

	 	(v)	 which are ordinary or usual operating or overhead expenses of Seller, except to the extent that the same arise
on the occurrence of any breach by Purchaser of its obligations under this Agreement; or 

  

	 	(vi)	 which are required to be borne by Seller in accordance with any other express provision contained in this
Agreement; or 

  

	 	(vii)	 to the extent that such Losses arise out of any act or omission of Seller as a manufacturer, repairer, or
technical servicer of aviation products. 

  
 - 7 - 

	9.2	 Liability Insurance: Purchaser shall maintain or procure that Aircraft Third Party, Property Damage,
Passenger, Baggage, Cargo and Mail and Airline General Third Party (including Products) Legal Liability for a combined single limit (bodily injury/property damage) of an amount not less than US$ 600,000,000.00 (Six Hundred Million Dollars) for any
one occurrence (but in respect of products and personal injury liability, this limit may be an aggregate limit for any and all losses occurring during the currency of the policy) is maintained in respect of the Aircraft with the Additional Insureds
each named as an additional insured for two years after the Delivery Date. On or before Delivery, and upon each renewal Purchaser shall deliver to Seller a certificate in a form reasonably acceptable to Seller issued by the insurance brokers to
Purchaser, in respect of this liability insurance over such two-year period, subject to the following provisions regarding replacement coverage. Should any airframe or engine be removed from service during the
two-year period referenced above, the Purchaser will cause to be maintained US$l0,000,000 in Aviation Products Liability coverage in place of the insurance requirements above. Such policies shall include a
waiver of subrogation clause, breach of warranty clause and severability of interest clause in favour of the Additional Insureds. 

  

	10.	 FURTHER PROVISIONS 

 

	10.1	 Side Agreement. Seller acknowledges that Purchaser and Lessee have entered into the Side Agreement. The
Purchaser acknowledges that Seller is not a party to the Side Agreement and, accordingly, has not reviewed the terms of such agreement, has no rights or obligations thereunder and is not bound by the terms thereof. Purchaser agrees that it shall
give Seller prompt notice of any breach or failure of Lessee to perform its obligations under the terms of the Side Agreement that may give rise to Purchaser’s right to terminate the sale hereunder and request a return of the Purchaser Deposits
pursuant to Clause 5.3. It is understood that the Side Agreement shall not impose upon the Lessee and/or the Aircraft any greater technical conditions than those reflected at the time of Purchaser’s execution of the Technical Acceptance
Certificate (subject, however, to Clause 3.5 above) and that Lessee’s principal responsibilities after the Technical Acceptance Date shall be executing the Ferry Flight and providing certain post-title-transfer paperwork after the Ferry
Flight is completed. Lessee’s failure to provide such documentation shall give rise to a cause of action by Purchaser against Lessee under the Side Agreement, but shall not give rise to a refund or return of the Deposits. The Lessee
Contribution to Aircraft Condition payments shall not, except to the extent otherwise agreed between Lessor and Lessee in writing, be refundable in any circumstances and shall, should the sale of the Aircraft contemplated herein not be consummated,
be applied to amounts owing by Lessee to Seller in connection with termination of the Lease as set forth in the Aircraft Lease Termination Agreement. 

  

	10.2	 Benefit of Agreement: Purchaser shall not assign or transfer all or any of its rights and/or obligations
under this Agreement without the prior written consent of Seller, except that Purchaser may assign its rights and obligations under this Agreement to its wholly-owned subsidiary, Contrail Aviation Leasing, LLC, provided that Purchaser and such
assignee shall be jointly and severally Iiable for Purchaser’s obligations hereunder the event of such assignment. 

  

	10.3	 Counterparts: This Agreement may be executed in any number of separate counterparts and each counterpart
shall when executed and delivered be an original document but all counterparts shall together constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by fax or email will be deemed as effective as delivery of an
originally executed version. Accordingly, a PDF copy and facsimile signatures shall be treated as original signatures for all purposes with respect to all Transaction Documents. Any party delivering an executed version of this Agreement by fax or
email shall, upon the request of the other party, also deliver an originally executed counterpart but the failure to do so will not affect the validity or effectiveness of this Agreement. 

  
 - 8 - 

	10.4	 Waivers and Variation: Rights of a party, arising under this Agreement or the general law, shall not be
waived or varied unless done so expressly in writing and only then in that specific case, on that specific occasion and on any terms specified. 

  

	10.5	 Notices: Any notice in connection with this Agreement shall be given in writing and may be conveyed by
digital means (fax/email). The address for notices of each party follows: 

 to Seller at: 

*            
                                         
                                         
                           

            
                                         
                                         
                             

            
                                         
                                         
                             

            
                                         
                                         
                             

            
                                         
                                         
                             

            
                                         
                                         
                             

            
                                         
                                         
                             

            
                                         
                                         
                             

            
                                         
                                         
                             

to Purchaser at: 

Contrail Aviation Support LLC  

435 Investment Court 
 Verona,
Wisconsin 53593 
 United States of America 

Attention: Mr. Steve Williamson 

Fax/Email: steve@contraiI.com 
  

	10.6	 Invalidity of any Provision: If any part of this Agreement becomes invalid, illegal or unenforceable
under any applicable law, the validity, legality and enforceability of the remaining provisions shall not in any way be affected. 

  

	10.7	 Entire Agreement: This Agreement constitutes the entire agreement between the parties hereto in relation
to the sale and purchase of the Aircraft and supersedes all previous proposals, representations, agreements and other written and oral communications in relation thereto. 

 

	10.8	 Costs and Expenses: Except where this Agreement states differently, each party shall bear its own fees,
costs and expenses arising out of or connected with this Agreement. For the avoidance of doubt, Seller shall not be responsible for any broker’s fees, commissions or expenses relating to the sale of the Aircraft. 

 

	10.9	 Cape Town Convention: Once legal title to the Aircraft has duly passed to Purchaser pursuant to this
Agreement and the Bill of Sale, Seller will provide its consent to the registration of the Purchaser’s ownership at the international Registry. Until legal title to the Aircraft has so passed, Purchaser shall not seek, nor be entitled, to
register any interest in the Aircraft or this Agreement at the International Registry or elsewhere. 

  

	11.	 LAW AND JURISDICTION 

 

	11.1	 Governing Law: This Agreement in all respects and any
non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, the laws of the State of New York. The U.N. Convention on Contracts for the
International Sales of Goods is not applicable to this Agreement. 

  

	11.2	 Dispute Resolution: The US Federal Circuit Court for the Southern District of New York, sitting in the
Borough of Manhattan, shall have jurisdiction to settle any disputes arising out of or relating 

  
 - 9 - 

 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	 	
to this Agreement and the parties submit themselves and their assets to the non-exclusive jurisdiction of that court in relation to such disputes. A
judgment or order of such court in connection with this Agreement is conclusive and binding and may be enforced in the courts of any other jurisdiction. Neither party will seek nor be entitled to, contest and/or delay and/or obstruct registration or
enforcement of such judgment and/or order. The parties agree that the prevailing party shall be entitled to an award of reasonable attorney fees in the event of any court action arising under or in connection with this Agreement. 

 

	11.3	 Process: Without prejudice to any other mode of service each party consents to the service of process
relating to any proceedings under Clause 11.2 at its address set forth in Clause 10.5 provided a copy of the process is also sent by email to such party. 

  

	11.4	 Waivers: Each party waives to the fullest extent permitted by law any objection which it may now or
hereafter have to (i) the courts referred to in Clause 11.2 on grounds of inconvenient forum or otherwise as regards proceedings in connection with this Agreement and/or (ii) the laying of venue of any suit, action or proceeding arising
out of or relating to this Agreement brought in those courts. 

  

	12.	 BROKERS AND OTHER THIRD PARTIES 

 

	12.1	 No Brokers: Each party represents and warrants to the other that it has not paid, agreed to pay or
caused to be paid directly or indirectly in any form, any commission, percentage, contingent fee, brokerage or other similar payments of any kind, in connection with the establishment or operation of this Agreement, to any Person (other than fees
payable by each party to its legal advisers and, as to Purchaser, fees payable to
*         *                  
        ). 

  

	12.2	 Indemnity: Each party agrees to indemnify and hold the other harmless from and against any and all
claims, suits, damages, costs and expenses (including, but not limited to reasonable attorneys’ fees) asserted by any agent, broker or other third party for any commission or compensation of any nature whatsoever based upon this Agreement or
the Transaction Documents or the Aircraft, if such claim, suit, damage, cost or expense arises out of any breach by the indemnifying party, its employees or agents of Clause 12.1. 

IN WITNESS whereof this Agreement has been signed on the day and year first above written. 

  
 - 10 - 

 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 EXECUTION PAGE 

 

					
	Seller
		
	*	 	                           
                                        
             
	 	 	 	 	 
			
		 	By:	 	                                   
                     
			
		 	Name:	 	
			
		 	Title:	 	
			
		 	Signed in	 	

 Purchaser 
  

Contrail Aviation Support, LLC 
  

			
		
	By:	 	 
		
	Title:	 	 

  
 - 11 - 

 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 EXECUTION PAGE 

Seller 
  

					
	*	 	                              
                                      
	 	 	 	 	 
			
		 	By:	 	                                   
                     
		 	 Title:
	 	
		 	 Signed in
	 	

 Purchaser 
 Contrail
Aviation Support, LLC 
  

			
		
	By:	 	/s/ Joseph G. Kuhn
	  
  

Title:
	 	 Joseph G. Kuhn
  

CEO

  
 - 11 - 

 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 SCHEDULE 1 

Part A 
  

			
	 MSN
	  	*              
		
	 Aircraft Type
	  	737-700
		
	 Engine Type
	  	CFM56-7B22
		
	 MTOW
	  	*                 *      
   
		
	 MLW
	  	*                 *      
   
		
	 MZFW
	  	*                 *      
   
		
	 Engine Serial Numbers
	  	*              *         
        

 PART B 

Delivery Condition Requirements 

“As is, where is” 
 Any
conditions separately agreed by the Purchaser and Lessee in the Side Agreement shall be strictly between such parties and Seller shall not be liable for the performance or satisfaction of any such conditions, provided that Seller acknowledges
Purchaser’s right to terminate the transactions contemplated herein and receive the return of the Purchaser Deposit in the circumstances described in Clause 5.3. 

  
 - 12 - 

 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 SCHEDULE 2 

DEFINITIONS 
 “Acceptance
Certificate” means the certificate to be executed by the Purchaser acknowledging final acceptance of the Aircraft in substantially the form of Schedule 6 (including sub-clause (d)); 

 

	
	“Additional Insureds” mean Seller, *                    
                       *          
*          *              *                                    
  *              *          
    *              *        
      
	  

*     *       
       *              *     
         *          *       
       *              *     
                          *        
                                        *          *       *   
                *        

 

	*                        ;
	

 “Air Authority” means the civil aviation authority of the State of Registration; 

“Aircraft” means the aircraft described in Schedule 1 (which term includes, where the context admits, a separate reference to all Engines,
Parts and Aircraft Documents); 
 “Aircraft Documents” means all technical records and documents provided to Purchaser by Seller and/or
Lessee within Lessee’s or Seller’s possession (at a minimum such records and documents as Purchaser has received for review) on or prior to the Technical Acceptance Date and any and all additions, renewals and replacements made thereto
prior to Delivery; 
 “Aircraft Lease Termination Agreement” means the Aircraft Lease Termination Agreement dated on or about the date
hereof between Seller and Lessee in respect of the Lease Agreement. 
 “Bill of Sale” means a bill of sale executed by Seller in respect of
the Aircraft substantially in the form of Schedule 5; 
 “Business Day” means a day (other than a Saturday or Sunday) on which banks are
open for business in New York and *London; 

“Cape Town Convention” means the Convention on International Interests in Mobile Equipment and its Protocol on Matters Specific to Aircraft
Equipment, concluded in Cape Town on 16 November 2001. 
 “Delivery” means the transfer of title of the Aircraft by Seller to
Purchaser hereunder as evidenced by the duly completed Bill of Sale which has been delivered to Purchaser; 
 “Delivery Condition
Requirements” means the requirements set out in Part B of Schedule 1; 
 “Delivery Date” means the date on which Delivery occurs;

 “Delivery Documents” is defined in Clause 3.2; 

“Delivery Location” is defined in Clause 7.3(a); 

“Engines” means the engines specified in Schedule 1 together with all equipment and accessories belonging to, Installed in, or appurtenant
to, such engines; 
 “Event of Loss” means with respect to the Aircraft (including for the purposes of this definition the Airframe); 

 

	(a)	 the actual or constructive total loss of the Aircraft (including any damage to the Aircraft which results in an
insurance settlement on the basis of a total loss, for requisition for use or hire which results in an insurance settlement on the basis of a total loss); or 

  

	(b)	 the Aircraft being destroyed, damaged beyond economic repair or permanently rendered unfit for normal use for
any reason whatsoever; or 

  
 - 13 - 

 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	(c)	 the requisition of title or other compulsory acquisition of title for any reason of the Aircraft by the
government of the State of Registration or any other authority (whether de jure or dc facto); or 

  

	(d)	 the hijacking, theft, disappearance, condemnation, confiscation, seizure, grounding, restriction, detention or
requisition for use or hire of the Aircraft which deprives Seller or any Person permitted by Seller to have possession and/or use of the Aircraft of its possession and/or use (including for the Ferry Flight) for (i) more than 15 days (or 30
days, in the ease of detention, grounding or restriction or requisition for use or hire by any governmental entity) or (ii) if earlier, a period ending on or after the Final Delivery Date; 

“Expected Delivery Date” means 15 February 2018; 

“Expected Delivery Location” means a location in International Airspace through which the Aircraft will travel during the Ferry Flight; 

“Ferry Flight” means the ferry flight of the Aircraft to be undertaken by
*                              
   *              *              
*     *               from the Technical Acceptance Location to Marana,
Arizona, USA; 
 “Final Delivery Date” means 30 April 2018; 

“Government Entity” means: 
  

	(a)	 any national government, political subdivision thereof, or local jurisdiction therein; 

 

	(b)	 any instrumentality, board, commission, court, or agency of any of the above, however constituted; and

  

	(c)	 any association, organisation, or institution of which any of the above is a member or to whose jurisdiction
any thereof is subject or in whose activities any of the above is a participant; 

 “International Registry” means the
registry established pursuant to the Cape Town Convention. 
 “Law” includes (a) any statute, decree, constitution, regulation, order,
judgment of other directive of any Government Entity; (b) any treaty, pact, compact or other agreement to which any Government Entity is a signatory or party; (c) any judicial or administrative interpretation or application of any Law
described in (a) or (b) above; and (d) any amendment or revision of any Law described in (a), (b) or (c) above; 
 “Lease
Agreement” means that Aircraft Specific Lease Agreement in respect of the Aircraft dated 8 December 2001 between
*                              
   *              *              , as
lessor, and Lessee, as amended, acceded to, novated and supplemented from time to time. 
 “Lease Termination Agreement” means that
Aircraft Lease Termination Agreement dated on or about the date hereof between
*                              
   *              *              , as
lessor, and Lessee in respect of the Aircraft. 
 “Lease” means
*              *              *               and *              *              *              *              , in their capacity as joint and several
“Lessee” under the Lease Agreement. 
 “Lessee Contribution to Aircraft Condition” is defined in Clause 5.4. 

“Lessee Contribution to Aircraft Condition Deposit” is defined in Clause 5.5. 

“Losses” means losses, liabilities, claims, proceedings, penalties, judgments, damages, costs and expenses; 

“Manufacturer” means
*              ; 

“Material Damage” means damage to the Aircraft for which the likely cost of repair would exceed US$1,000,000 (one Million United States
Dollars). 

  
 - 14 - 

 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 “Net Purchase Amount” is defined in Clause 5.4; 

“Part” means, whether or not installed on the Aircraft, any component, furnishing or equipment (other than a complete Engine) furnished with
the Aircraft on the Delivery Date; 
 “Permitted Liens” means any Security Interest created by or resulting from debts or liabilities or
actions of Purchaser; 
 “Person” means any individual person, corporation, partnership, firm, joint stock company, joint venture, trust,
estate, unincorporated organisation, association, Government Entity, or organisation or association of which any of the above is a member or a participant; 

“Purchase Price” is defined in Clause 5.1; 

“Purchaser Conditions Precedent” means the conditions set out in Part B of Schedule 3; 

“Purchaser Deposit” is defined in Clause 5.2; 

“Purchaser Inspection” or “Inspection” means the inspection of the Aircraft carried out by Purchaser pursuant to Clause 6.1;

 “Security Interest” means any mortgage, charge, pledge, lien, encumbrance, assignment, hypothecation, right of set-off or any other agreement or arrangement having the effect of conferring security; 
 “Seller Conditions
Precedent” means the conditions specified in Part A of Schedule 3; 
 “Side Agreement” means the separate agreement dated on or
about the date hereof between Purchase and Lessee relating to the Aircraft, the Ferry Flight and other matters. 
 “State of Registration”
means the
*                              
   *          
; 
 “Taxes” means any and all present and future taxes, duties, withholdings,
levies, assessments, imposts, fees and other governmental charges of all kinds (including without limitation any value added or similar tax and any stamp, documentary, registration or similar tax), together with any penalties, fines, surcharges and
interest thereon and any additions thereto; 
 “Technical Acceptance Certificate” means the acceptance certificate executed by Purchaser in
substantially the form of Schedule 6. 
 “Technical Acceptance Dale” means the date reflected in the Technical Acceptance Certificate as
the date on which Purchaser made technical acceptance of the Aircraft; 
 “Technical Acceptance Location” means *                               
            *     *          ; 

“Transaction Documents” means this Agreement, the Bill of Sale, the Technical Acceptance Certificate, the Acceptance Certificate and any
agreement amending or supplementing any of the foregoing documents; 
 “US$” and “Dollars” means the lawful currency of the
United States of America, and (in relation to all payments in dollars to be made under this Agreement) same day funds. 

  
 - 15 - 

 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 SCHEDULE 3 

CONDITIONS PRECEDENT 

Part A 
 Seller
Conditions Precedent 
  

	1.	 Seller shall have received each of the following: 

 

	 	•	 	 The Technical Acceptance Certificate duly executed by Purchaser; 

 

	 	•	 	 The Acceptance Certificate duly executed by Purchaser; 

 

	 	•	 	 The insurance certificate required under Clause 10.3 

 

	 	•	 	 The Net Purchase Amount 

 

	 	•	 	 The Redelivery Maintenance Payment Amount set forth in Schedule 2 of the Lease Termination Agreement.

  

	2.	 The Purchaser shall not. be in material default of its obligations under this Agreement. 

Part B 
 Purchaser
Conditions Precedent 
  

	1.	 Purchaser shall have received the Bill of Sale duly executed by Seller; 

 

	3.	 The Aircraft shall not have suffered an Event of Loss or Material Damage on or prior to the Delivery Date;

  

	4.	 The representations given by Seller in Part A of Schedule 4 being true and accurate on the Delivery Date;

  

	5.	 The Seller shall not be in in material default of its obligations under this Agreement. 

 

	6.	 The Purchaser shall have completed, or shall have waived its right in writing to conduct, a walk-around
inspection of the interior and exterior of the Aircraft within 48 hours prior to the departure of the Ferry Flight to confirm that the Aircraft shall not have suffered Material Damage or an Event of Loss since the time of Technical Acceptance and
shall confirmed the same in writing to Seller. 

  

	7.	 The Purchaser shall have received written confirmation from Seller that Seller has received the Lessee
Contribution to Purchase Price and the Redelivery Maintenance Payments required to be paid by Lessee under the Lease Termination Agreement and the Lease Agreement, respectively. 

 

	8.	 Purchaser shall have received evidence from searches undertaken by their PRC legal counsel, and based on
information available, as to the absence or liens or other encumbrances on the Aircraft. 

  

	9.	 Purchaser shall have received the executed agreement relating to the Ferry Flight between Purchaser and Lessee
in form and substance satisfactory to Purchaser. 

  
 - 16 - 

 SCHEDULE 4 

REPRESENTATIONS AND WARRANTIES 

Part A 
 Seller’s
Representations and Warranties 
  

	1.	 General Representations and Warranties: Seller represents and warrants to Purchaser as follows

  

	 	•	 	 Seller duly exists under the laws of *Ireland and has the power to
enter into and implement the transactions contemplated by the Transaction Documents to which it is a party; 

  

	 	•	 	 the execution, delivery and performance of the Transaction Documents to which it is a party have been duly
authorised by all necessary corporate action on the part of Seller; 

  

	 	•	 	 the Transaction Documents to which it is a party constitute legal, valid and binding obligations of Seller;

  

	 	•	 	 each consent required by Seller to authorise, or required by it in connection with the execution, delivery,
performance, legality, validity or enforceability of the Transaction Documents to which it is a party has been obtained and is in full force and effect, and there is no default in the observance or performance of any of the conditions and
restrictions (if any) imposed on or in connection therewith; and 

  

	 	•	 	 the execution, delivery and performance by Seller of the Transaction Documents to which it is a party will not
(i) conflict with, or result in any material breach of, any of the terms of, or constitute a default under, any agreement or document to which it is a party or by which it or any of its property or assets may be bound or (ii) contravene or
conflict with the provisions of its constitutive documents. 

 Part B 

Purchaser’s Representations and Warranties 

Purchaser represents and warrants to Seller that the following statements are true and accurate: 

 

	 	•	 	 Purchaser duly exists under the laws of the State of Wisconsin, USA and has the power to enter into and implement
the transactions contemplated by the Transaction Documents to which it is a party; 

  

	 	•	 	 the execution, delivery and performance of the Transaction Documents to which it is a party have been duly
authorised by all necessary corporate action on the part of Purchaser: 

  

	 	•	 	 the Transaction Documents to which it is a party constitute legal, valid and binding obligations of Purchaser;

  

	 	•	 	 each consent required by Purchaser to authorise, or required by it in connection with the execution, delivery,
performance, legality, validity or enforceability of the Transaction Documents to which it is a party has been obtained and is in full force and effect (or will be obtained and in full force and effect prior to Delivery), and there is no default in
the observance or performance of any of the conditions and restrictions (if any) imposed on or in connection therewith; and 

  
 - 17 - 

 

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

	 	•	 	 the execution, delivery and performance by Purchaser of the Transaction Documents to which it is a party will not
(i) conflict with, or result in any material breach of, any of the terms of, or constitute a default under any agreement or document to which it is a party or by which it or any of its property or assets may be bound or (ii) contravene or
conflict with the provisions of its constitutive documents. 

  
 - 18 - 

 BILL OF SALE 

This Bill of Sale confirms that for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Contrail Aviation Support, LLC
(“Seller”), owner of the airframe and documents described below (hereinafter referred to as the (“Airframe”): 
  

	 	•	 	 B737-700 airframe bearing manufacturer’s serial number *             and 

  

	 	•	 	 the Airframe Documents, 

does hereby, by way of delivery at 11:00 a.m p.m. sell, grant, transfer and deliver all its right, title and interest in and to the Airframe, subject to
Permitted Liens, to *                     (“Purchaser”) under an Airframe Sale and Purchase Agreement dated February 20, 2018 between Seller and Purchaser (the “Agreement”), to have and to hold the Airframe forever.
Seller hereby warrants to Purchaser, and its successors and assigns, that there is hereby conveyed to Purchaser good and marketable title to the Airframe, free and clear of any Security Interests other than Permitted Liens. 

The terms “Security Interests”, “Permitted Liens” and “Airframe Documents” are defined in the Agreement. 

The Airframe is sold in AS IS and WHERE IS condition. 

This Bill of Sale is and all rights and obligations (contractual or otherwise) arising in connection with it, are in all respects governed by the laws of the
State of New York. Seller gives no warranty as to the effect or impact of any other law, including the lex situs at time of transfer. Any disputes arising out of or in connection with this Bill of Sale shall be resolved in accordance with the
dispute resolution provisions of the Agreement. 
 IN WITNESS whereof, Seller has caused this Bill of Sale to be duly executed as of this 22nd day of February, 2018. 
  

			
	CONTRAIL AVIATION SUPPORT, LLC
		
	By:	 	 /s/ Joseph G. Kuhn

	Its:	 	 CEO

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 TECHNICAL ACCEPTANCE CERTIFICATE 

relating to that B737-700 Aircraft, 

manufacturer’s serial number
*        (the “Aircraft”) 

Contrail Aviation Support, LLC (the “Purchaser”) hereby certifies that pursuant to, and subject to, the Aircraft Sale
and Purchase Agreement dated 9th February 2018 between
*                                        
(the “Seller”) and Purchaser (the “Agreement”): 
  

	(a)	 Purchaser has inspected the Aircraft, and the Aircraft conforms with the description and is in the condition
and equipped as required by the Purchase Agreement as of the date here, subject to Purchaser’s rights pursuant to Clause 3.5 of the Agreement; and, 

  

	(b)	 Purchaser has received and inspected all of the Aircraft Documents and found them to be complete and
satisfactory. 

 Date: 16th day of February, 2018 

Duly executed for the Purchaser by: 
  

			
	CONTRAIL AVIATION SUPPORT, LLC
		
	By:	 	 /s/ Joseph G. Kuhn

	Title:	 	 CEO

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission. 

 SCHEDULE 7 

FINAL ACCEPTANCE CERTIFICATE 

relating to that B737-700 Aircraft, 

manufacturer’s serial number
*        (the “Aircraft”) 

Contrail Aviation Support, LLC (the “Purchaser”) hereby certifies that pursuant to, and subject to, the Aircraft Sale
and Purchase Agreement dated 9th February 2018 between
*                  
                      (the “Seller”) and Purchaser (the
“Agreement”): 
  

	(a)	 Purchaser has inspected the Aircraft, and the Aircraft conforms with the description and is in the condition
and equipped as required by the Purchase Agreement as of the date here, subject to Purchaser’s rights pursuant to Clause 3.5 of the Agreement; 

  

	(b)	 Purchaser has received and inspected all of the Aircraft Documents and found them to be complete and
satisfactory; 

  

	(c)	 Purchaser acknowledges that it has no rights or claims whatsoever against Seller in respect of the condition of
the Aircraft or the Aircraft Documents or any of the other matters referred to in Clause 3.5 or Clause 7.4 of the Agreement; and, 

  

	(d)	 Purchaser has irrevocably accepted delivery of the Aircraft. 

Date: 18 day of February, 2018 
 Duly executed for the Purchaser
by: 
  

			
	CONTRAIL AVIATION SUPPORT, LLC
		
	By:	 	 /s/ Joseph G. Kuhn

	Title:	 	 CEO

  

	*	 The confidential portion has been omitted pursuant to a request for confidential treatment filed by Air T, Inc.
with the Securities Exchange Commission and filed separately with the Commission.

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