Document:

Form of Air T, Inc. director Stock Option Agreement (2005 Equity Incentive
      Plan)

     

    Exhibit
      10.22

    THIS
      DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING
      SECURITIES

    REGISTERED
      UNDER THE SECURITIES ACT OF 1933.

    

    AIR
      T, INC.

    DIRECTOR
      STOCK OPTION AGREEMENT

    (2005
      EQUITY INCENTIVE PLAN)

    

    THIS
      AGREEMENT, made effective as of the ___ day of _______, 20__ (the “Grant Date”),
      by and between Air T, Inc. (the “Corporation”), and [name] (the
“Holder”).

    

    WHEREAS,
      the Corporation has adopted the Air T, Inc. 2005 Equity Incentive Plan (the
      “Plan”) in order to provide additional incentives to certain employees and
      directors and consultants of the Corporation and its Subsidiaries;
      and

    

    WHEREAS,
      Section 3.1 of the Plan provides for the award of options to purchase 2,500
      shares of Common Stock to each non-employee director of the Corporation elected
      at the 2005 annual meeting of stockholders of the Corporation and to each
      non-employee director upon his initial election to the Board of Directors
      thereafter; and 

    

    [WHEREAS,
      the Holder was initially elected a director of the Corporation at its 2005
      annual meeting of stockholders, and although this Agreement may be executed
      after September 28, 2005, it shall be deemed effective as of September 28,
      2005;] 

    

    NOW,
      THEREFORE, the parties hereto agree as follows: 

    

    
      	1.  	
              Grant of Option.
                Pursuant to Section 3.1 of the Plan, the Corporation hereby grants
                to the
                Holder an option (the “Option”) to purchase all or any part of an
                aggregate of 2,500 shares of Common Stock (the “Shares”), subject to, and
                in accordance with, the terms and conditions set forth in this Agreement
                and the Plan. The Option and this Agreement are subject to all of
                the
                terms and conditions of the Plan, which terms and conditions are
                hereby
                incorporated by reference, and, except as otherwise expressly set
                forth
                herein, the capitalized terms used in this Agreement shall have the
                same
                definitions as set forth in the
                Plan.

            

    

     

    
      	2.  	
              Exercise
                Price.
                The price at which the Holder shall be entitled to purchase Shares
                upon
                the exercise of the Option shall be $ __.__ per
                share.

            

    

     

    
      	3.  	
              Duration of Option.
                Subject to the terms of the Plan, the Option shall remain exercisable
                for
                the lesser of (10) ten years after the date of grant, (1) one year
                from
                the date the Participant shall cease, by reason of the Participant’s
                death, Disability or Retirement, to be a Nonemployee Director, or
                (3)
                three months from the date the Participant shall cease, for any reason
                other than such Participant’s death or Disability, to be a Nonemployee
                Director; provided, however, that if the Participant shall cease
                to be a
                Nonemployee Director and then die or become Disabled within three
                months
                thereafter, the Option shall remain exercisable for one year after
                the
                date of the Participant’s death.

            

    

     

    
      	4.  	
              Vesting
                and Exercisability of Option.
                The Option shall vest and be exercisable for all shares of Common
                Stock
                covered hereby one (1) year after the date hereof; provided that
                in the
                event the Service of the Holder terminates prior to the end of such
                one-year period for reason other than death, Disability or Retirement,
                the
                Option shall be forfeited and shall lapse
                immediately.

            

    

     

    
      	5.  	
              Exercise
                of Option.
                The Holder may exercise all or a portion of the Option by giving
                written
                notice to the Company of exercise, specifying the number of shares
                of
                Common Stock with respect to which the Option is being exercised.
                Such
                notice is to be delivered to the Secretary of the Company and is
                effective
                as of the later of the date of its receipt by the Secretary of the
                Company
                and the date of payment of the exercise price with respect
                thereto.

            

    

     

    
      	6.  	
              Non-Transferability
                of Option.
                The Option shall not be transferable by the Holder except to the
                limited
                extent permitted under the Plan.

            

    

     

    
      	7.  	
              No
                Rights as a Stockholder.
                The Holder shall not have any rights or privileges of a stockholder
                with
                respect to any Shares until the date of issuance by the Corporation
                of a
                certificate for such Shares pursuant to the exercise of the
                Option.

            

    

     

    
      	8.  	
              Holder
                Bound by the Plan.
                The Holder hereby acknowledges receipt of a copy of the Plan and
                agrees to
                be bound by all the terms and provisions thereof. A determination
                of the
                Committee as to any questions which may arise with respect to the
                interpretation of the provisions of this Agreement and of the Plan
                shall
                be final. The Committee may authorize and establish such rules,
                regulations and revisions thereof not inconsistent with the provisions
                of
                the Plan, as it may deem advisable.

            

    

     

    
      	9.  	
              Modification
                of Agreement.
                This Agreement may be modified, amended, suspended or terminated,
                and any
                terms or conditions may be waived, but only by a written instrument
                executed by the parties hereto.

            

    

     

    
      	10.  	
              Severability.
                Each provision of this Agreement is intended to be severable. Should
                any
                provision of this Agreement be held by a court of competent jurisdiction
                to be unenforceable or invalid for any reason, the remaining provisions
                of
                this Agreement shall not be affected by such holding and shall continue
                in
                full force in accordance with their
                terms.

            

    

     

    
      	11.  	
              Governing Law;
                Jurisdiction.
                This Agreement shall be governed and construed in accordance with
                the laws
                of the State of North Carolina, without regard to the principles
                of
                conflicts of law, except to the extent governed by federal law. Each
                party
                hereby irrevocably submits to the jurisdiction of the state and federal
                courts sitting in Catawba County, State of North Carolina, for the
                adjudication of any dispute
                hereunder.

            

    

     

    
      	12.  	
              Successors in Interest.
                This Agreement shall inure to the benefit of and be binding upon
                any
                successor to the Corporation. This Agreement shall inure to the benefit
                of
                the Holder’s legal representatives. All obligations imposed upon the
                Holder and all rights granted to the Corporation under this Agreement
                shall be final, binding and conclusive upon the Holder’s heirs, executors,
                administrators and successors.

            

    

     

    IN
      WITNESS WHEREOF, this Agreement has been executed by the Corporation and the
      Holder effective as of the date and year first written above.

     

    

    
      	
              AIR
                T, INC.

               

            
	 
	
              By:
                __________________________________

            
	
              Title:_________________________________

            
	 
	 
	
                    __________________________________

            
	
              [name]Form of Air T, Inc. Stock Appreciation right Agreement (2005 Equity Incentive
      Plan)

    Exhibit
      10.23

    
 

    THIS
      DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING
      SECURITIES

    REGISTERED
      UNDER THE SECURITIES ACT OF 1933.

    

    AIR
      T, INC.

    STOCK
      APPRECIATION RIGHT AGREEMENT

    (2005
      EQUITY INCENTIVE PLAN)

    

    

    THIS
      AGREEMENT,
      made
      effective as of the _____ day of ________, 20__ (the “Grant Date”), by and
      between Air T, Inc. (the “Company”), and ___________________ (the
“Holder”).

    

    WHEREAS,
      the Company has adopted the Air T, Inc. 2005 Equity Incentive Plan (the “Plan”)
      in order to provide additional incentives to certain employees and directors
      and
      consultants of the Company and its Subsidiaries; and

    

    WHEREAS,
      Section 5.1 of the Plan provides for the award of Stock Appreciation Rights
      to
      Employees of the Company and its Subsidiaries; and 

    

    WHEREAS,
      the Holder has been awarded Stock Appreciation Rights under the Plan to be
      evidenced by this Agreement; 

    

    NOW,
      THEREFORE, the parties hereto agree as follows: 

    

    
      	1.  	
              Grant of Stock
                Appreciation Right.
                Pursuant to Section 5.1 of the Plan, the Company hereby grants to
                the
                Holder a Stock Appreciation Right that entitles the Holder to receive,
                in
                Common Stock or, to the extent that a cash payment would be in compliance
                with Section 409A of the Code, cash, value equal to (or otherwise
                based on) the excess of: (i) the Fair Market Value of __________
                shares of
                Common Stock on the date of exercise; over (ii) the exercise price
                of $
                __.__ per share. The value per share of Common Stock to be delivered
                to
                the Holder upon exercise of the Stock Appreciation Right shall be
                the Fair
                Market Value of a share of Common Stock on the date of exercise or
                the
                next preceding date if such date is not a trading
                date.

            

    

     

    
      	2.  	
              Duration of Stock
                Appreciation Right.
                Subject to the terms of the Plan, the Stock Appreciation Right shall
                remain exercisable for [select
                one]:

            

    

    

    ten
      years
      after the Grant Date;

     

    other
      (specify; may be no later than ten years after the Grant Date):

    ________________________________________________________________________

    ________________________________________________________________________

    

    
      	3.  	
              Vesting
                and Exercisability of Stock Appreciation Right.
                Subject to the terms of the Plan, the Stock Appreciation Right shall
                vest
                and be exercisable [select one] 

            

    

     

    with
      respect to 

     

    
      	 	
              (i)

            	
              one-third
                (1/3) of the shares of Common Stock covered by the Stock Appreciation
                Right beginning on the first anniversary of the Grant
                Date,

            

    

     

    
      	 	
              (ii)

            	
              an
                additional one-third (1/3) of the shares of Common Stock covered
                by the
                Stock Appreciation Right beginning on the second anniversary of the
                date
                of the Grant Date, and 

            

    

     

    
      	 	
              (iii)

            	
              the
                remaining one-third (1/3) of the shares of Common Stock covered by
                the
                Stock Appreciation Right beginning on the third anniversary of the
                Grant
                Date.

            

    

     

    other
      (specify):

    ________________________________________________________________________

    ________________________________________________________________________

    ________________________________________________________________________

    

    
      	4.  	
              Acceleration
                of Vesting upon Change of Control.
                (select one)

            

    

     

    In
      the
      event of a Change of Control, the Stock Appreciation Right shall become fully
      exercisable and vested to the full extent of the original grant.

    

    A
      Change
      of Control shall not affect the exercisability or vesting of the Stock
      Appreciation Right.

    

    
      	5.  	
              Termination
                of Service.
                In the event of the termination of the Holder’s Service, the Stock
                Appreciation Right shall terminate in full (whether or not previously
                exercisable) prior to the expiration of its term [select
                one]:

            

    

     

    
      	 	 	
              on
                the date thirty (30) days after the date of the termination of the
                Holder’s Service, unless the Holder’s Service is terminated due to the
                Holder’s:

            

    

     

    
      	 	
              (i)

            	
              death,
                in which case the Holder’s legatee(s) under the Holder’s last will or the
                Holder's personal representative or representatives may exercise
                all or
                part of the previously unexercised portion of the Stock Appreciation
                Right
                at any time within one year, but not beyond the expiration of its
                term,
                after the Holder's death to the extent the Holder could have exercised
                the
                Stock Appreciation Right immediately prior to the Holder’s death;
                

            

    

     

    
      	 	
              (ii)

            	
              Disability,
                in which case the Holder or the Holder’s personal representative may
                exercise the previously unexercised portion of the Stock Appreciation
                Right at any time within one year, but not beyond the expiration
                of its
                term, after the termination of the Holder’s Service to the extent the
                Holder could have exercised the Stock Appreciation Right prior to
                such
                termination; or 

            

    

     

    
      	 	
              (iii)

            	
              Retirement,
                in which case the Holder may exercise the previously unexercised
                portion
                of the Stock Appreciation Right at any time within one year, but
                not
                beyond the expiration of its term, after the Holder's Retirement
                to the
                extent the Holder could have exercised the Stock Appreciation Right
                immediately prior to Retirement.

            

    

    

    other
      (specify):

    ________________________________________________________________________

    ________________________________________________________________________

    ________________________________________________________________________

    

    
      	6.  	
              Exercise
                of Stock Appreciation Right.
                The Holder may exercise all or a portion of the Stock Appreciation
                Right
                by giving written notice to the Company of exercise, specifying the
                number
                of shares of Common Stock with respect to which the Stock Appreciation
                Right is being exercised. Such notice is to be delivered to the Secretary
                of the Company and is effective as of the date of receipt by the
                Secretary
                of the Company. 

            

    

     

    
      	7.  	
              Purchase
                of Stock Appreciation Right.
                The Company, upon approval by the Committee, may elect to purchase
                the
                Stock Appreciation Right by paying the Holder an amount, in cash
                or Common
                Stock, equal to the product of (i) the excess of the Fair Market
                Value per
                share of the Common Stock subject to the Stock Appreciation Right
                over the
                exercise price per share, and (ii) the number of shares of Common
                Stock
                subject to the Stock Appreciation
                Right.

            

    

     

    
      	8.  	
              Non-Transferability
                of Stock Appreciation Right.
                The Stock Appreciation Right shall not be transferable by the Holder
                except to the extent permitted under the
                Plan.

            

    

     

    

    
      	9.  	
              No
                Rights as a Stockholder.
                The Holder shall not have any rights or privileges of a stockholder
                with
                respect to any shares of Common Stock by virtue of the Stock Appreciation
                Right until the date of issuance by the Company of a certificate
                for such
                shares pursuant to the exercise of the Stock Appreciation
                Right.

            

    

     

    
      	10.  	
              Holder
                Bound by the Plan.
                The Holder hereby acknowledges receipt of a copy of the Plan and
                agrees to
                be bound by all the terms and provisions thereof. A determination
                of the
                Committee as to any questions which may arise with respect to the
                interpretation of the provisions of this Agreement and of the Plan
                shall
                be final. The Committee may authorize and establish such rules,
                regulations and revisions thereof not inconsistent with the provisions
                of
                the Plan, as it may deem advisable.

            

    

     

    
      	11.  	
              Modification
                of Agreement.
                This Agreement may be modified, amended, suspended or terminated,
                and any
                terms or conditions may be waived, but only by a written instrument
                executed by the parties hereto.

            

    

     

    
      	12.  	
              Severability.
                Each provision of this Agreement is intended to be severable. Should
                any
                provision of this Agreement be held by a court of competent jurisdiction
                to be unenforceable or invalid for any reason, the remaining provisions
                of
                this Agreement shall not be affected by such holding and shall continue
                in
                full force in accordance with their
                terms.

            

    

     

    
      	13.  	
              Governing Law;
                Jurisdiction.
                This Agreement shall be governed and construed in accordance with
                the laws
                of the State of North Carolina, without regard to the principles
                of
                conflicts of law, except to the extent governed by federal law. Each
                party
                hereby irrevocably submits to the jurisdiction of the state and federal
                courts sitting in Catawba County, State of North Carolina, for the
                adjudication of any dispute
                hereunder.

            

    

     

    
      	14.  	
              Successors in Interest.
                This Agreement shall inure to the benefit of and be binding upon
                any
                successor to the Company. This Agreement shall inure to the benefit
                of the
                Holder’s legal representatives. All obligations imposed upon the Holder
                and all rights granted to the Company under this Agreement shall
                be final,
                binding and conclusive upon the Holder’s heirs, executors, administrators
                and successors.

            

    

     

    IN
      WITNESS WHEREOF,
      this
      Agreement has been executed by the Company and the Holder effective as of the
      date and year first written above.

    

    

    
      	
              AIR
                T, INC.

               

            
	 
	
              By:
                __________________________________

            
	
              Title:_________________________________

            
	 
	 
	
              __________________________________

            
	
              [Holder]

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