Air T Inc. Files 8-K: Material Agreement & Officer Changes
Ticker: AIRTP · Form: 8-K · Filed: Aug 7, 2024 · CIK: 353184
Sentiment: neutral
Topics: material-agreement, officer-changes, director-changes
Related Tickers: AIRT
TL;DR
AIRT filed an 8-K for a new material agreement and board/officer changes. Details pending.
AI Summary
Air T Inc. announced on August 7, 2024, the entry into a material definitive agreement and changes in its board of directors and officer appointments. The filing also includes financial statements and exhibits related to these events. Specific details regarding the agreement and the individuals involved were not provided in this excerpt.
Why It Matters
This 8-K filing indicates significant corporate actions, including a new material agreement and changes in leadership, which could impact the company's strategic direction and operational performance.
Risk Assessment
Risk Level: medium — Material definitive agreements and changes in directors/officers can signal significant shifts in company strategy or financial health, warranting closer scrutiny.
Key Players & Entities
- AIR T INC (company) — Filer
- 0000353184-24-000090 (filing_id) — Accession Number
- 20240807 (date) — Report Date
FAQ
What is the nature of the material definitive agreement entered into by Air T Inc.?
The filing indicates the entry into a material definitive agreement, but the specific details of this agreement are not provided in the excerpt.
What specific changes occurred regarding Air T Inc.'s directors or officers?
The filing notes the departure of directors or certain officers, election of directors, and appointment of certain officers, along with compensatory arrangements, but specific names and roles are not detailed in this excerpt.
When was this 8-K filing submitted?
The filing was submitted on August 7, 2024.
What is the SIC code for Air T Inc.?
The Standard Industrial Classification (SIC) code for Air T Inc. is 4513, which corresponds to Air Courier Services.
What were Air T Inc.'s former company names?
Air T Inc.'s former company names include AIR TRANSPORTATION HOLDING CO INC (name change on 19920703) and ATLANTA EXPRESS AIRLINE CORP (name change on 19840321).
Filing Stats: 815 words · 3 min read · ~3 pages · Grade level 11.4 · Accepted 2024-08-07 17:07:16
Filing Documents
- airt-20240807.htm (8-K) — 32KB
- a202408pr-cforesignation.htm (EX-99.1) — 7KB
- a202408pr-cforesignation001.jpg (GRAPHIC) — 220KB
- a202408pr-cforesignation002.jpg (GRAPHIC) — 185KB
- a202408pr-cforesignation003.jpg (GRAPHIC) — 105KB
- 0000353184-24-000090.txt ( ) — 910KB
- airt-20240807.xsd (EX-101.SCH) — 3KB
- airt-20240807_def.xml (EX-101.DEF) — 15KB
- airt-20240807_lab.xml (EX-101.LAB) — 27KB
- airt-20240807_pre.xml (EX-101.PRE) — 16KB
- airt-20240807_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On August 7, 2024, Air T, Inc. (the "Company") announced that Brian Ochocki will resign as Chief Financial Officer of the Company effective as of September 3, 2024. Mr. Ochocki will assist the Company to help transition his job responsibilities prior to his resignation. The Employment Agreement among the Company and Mr. Ochocki will terminate effective upon his resignation. Mr. Ochocki agreed to a release of any and all claims against the Company and its affiliates and related parties which in any way relate to Mr. Ochocki's employment and association with the Company or the termination of that employment and association. Mr. Ochocki will be entitled to the following in exchange for his covenants and releases: (a) Mr. Ochocki's salary through the effective date of resignation, less applicable payroll deductions, within 14 days following the effective date of the release; (b) any prorated incentive payment for the fiscal year ending March 31, 2025, in the amount, if any, recommended by the CEO and approved by the Compensation Committee of the Board of Directors of the Company; and (c) the forfeiture of any non-vested stock options or restricted stock previously awarded to Mr. Ochocki under the Company's equity incentive plans. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As reported under Item 1.01 above, the Company announced on August 7, 2024 that Brian Ochocki will resign as Chief Financial Officer of the Company effective as of September 3, 2024. Mr. Ochocki is resigning for personal reasons and there were no disagreements between Mr. Ochocki and the Company. His departure is not related to the operations, policies or practices of the Company or any issues regarding accounting policies or practices. The Board of Directors of the Company has commenced a search of potential internal and exter
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (a) Not applicable (b) Not applicable (c) Not applicable (d) Exhibits 99.1 Press Release issued by Air T, Inc. on August 7, 2024 announcing the resignation of Brian Ochocki
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: August 7, 2024 AIR T, INC. By: /s/ Nick Swenson Nick Swenson, Chief Executive Officer