Air T, Inc. Files Definitive Proxy Statement
Ticker: AIRTP · Form: DEF 14A · Filed: Jul 10, 2024 · CIK: 353184
Sentiment: neutral
Topics: proxy-statement, corporate-governance, shareholder-meeting
TL;DR
AIRT proxy statement filed. Shareholders vote on exec pay & board.
AI Summary
Air T, Inc. filed its definitive proxy statement on July 10, 2024, for the fiscal year ending March 31, 2024. The filing, designated as DEF 14A, provides information to shareholders regarding company matters, likely including executive compensation, director elections, and other corporate governance issues. The company is based in Charlotte, NC, and operates in the air courier services industry.
Why It Matters
This filing is crucial for shareholders as it details important corporate governance information, including how executive compensation is determined and who will represent them on the board of directors.
Risk Assessment
Risk Level: low — This is a routine regulatory filing (DEF 14A) that provides information to shareholders and does not inherently signal new risks.
Key Players & Entities
- AIR T INC (company) — Registrant
- 0000353184-24-000080 (filing_id) — Accession Number
- 20240710 (date) — Filing Date
- 20240331 (date) — Fiscal Year End
- Charlotte, NC (location) — Company Headquarters
FAQ
What is the purpose of a DEF 14A filing?
A DEF 14A filing, or definitive proxy statement, is used by companies to solicit proxy votes from shareholders for an upcoming meeting. It contains detailed information about matters to be voted on, such as director elections, executive compensation, and other corporate actions.
When was this specific proxy statement filed?
This definitive proxy statement for Air T, Inc. was filed with the SEC on July 10, 2024.
What is the fiscal year end for Air T, Inc. that this filing pertains to?
This filing pertains to the fiscal year ending on March 31, 2024.
Where is Air T, Inc. headquartered?
Air T, Inc. is headquartered in Charlotte, NC, with its business and mailing addresses listed at 11020 David Taylor Drive, Suite 305.
What industry does Air T, Inc. operate in?
Air T, Inc. operates in the Air Courier Services industry, as indicated by its Standard Industrial Classification (SIC) code 4513.
Filing Stats: 4,820 words · 19 min read · ~16 pages · Grade level 10.9 · Accepted 2024-07-10 16:30:53
Key Financial Figures
- $1,500 — e director received a director's fee of $1,500 per month and an attendance fee of $750
- $750 — ,500 per month and an attendance fee of $750 for each meeting of the Board of Direct
Filing Documents
- a2024airtinc-proxystatemen.htm (DEF 14A) — 354KB
- image_0.jpg (GRAPHIC) — 102KB
- image_10.jpg (GRAPHIC) — 0KB
- image_14.jpg (GRAPHIC) — 0KB
- image_2.jpg (GRAPHIC) — 2KB
- image_3.jpg (GRAPHIC) — 2KB
- image_7.jpg (GRAPHIC) — 0KB
- 0000353184-24-000080.txt ( ) — 504KB
Security Ownership of Certain Beneficial Owners
Security Ownership of Certain Beneficial Owners Name and Address of Beneficial Owner Amount of Beneficial Ownership as of May 31, 2024 Percent of Class (1) AO Partners I, L.P. et al. (2) 5000 W. 36th Street, Suite 200 Minneapolis, Minnesota 55416 1,352,938 49.02% Farnam Street Partners, L.P. et al. (3) 3033 Excelsior Boulevard, Suite 320 Minneapolis, Minnesota 55416 492,029 17.83% (1) Based upon 2,760,047 shares outstanding on May 31, 2024. (2) Includes shares held by AO Partners I, L.P. ("AO Partners Fund") and indirectly by AO Partners, LLC ("AO Partners") as General Partner. AO Partners Fund and AO Partners have shared power to direct the voting and disposition of 972,584 shares. Nick Swenson as Manager of AO Partners disclaims beneficial ownership of such shares, except as to his pecuniary interest therein. Nick Swenson has sole power to direct the voting and disposition of 157,858 shares held directly and by Glenhurst Co. (which includes 3,750 shares purchasable upon the exercise of stock options granted to him by the Company for his service on the Company's Board of Directors and 94,938 shares held by Glenhurst Co.), and Groveland Capital, LLC and Groveland DST, LLC have the power to direct the voting and disposition of 52,690 shares and 169,806 shares respectively. (3) Includes 394,090 shares held by Farnam Street Partners, L.P., 55,793 shares held by FS Special Opportunities Fund I, LP, and 11,500 shares held by Car of MN, LLC. Mr. Cabillot is an officer of Farnam Street Capital, Inc., the general partner of Farnam Street Partners, L.P. and FS Special Opportunities Fund I, L.P. and the managing member of Car by MN, LLC. Messrs. Cabillot and Peter O. Haeg, as officers of FSC, the general partner of the Farnam Funds, share voting and dispositive power over all of the shares of Company common stock held by the Farnam Funds. Mr. Cabillot and Mr. Haeg individually own 20,646 shares and 10,000 shares of Company common stock, respectively. PROPOSAL 1 --