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<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">SECURITIES AND EXCHANGE COMMISSION</p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Washington, DC 20549</p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 12pt;"><b>FORM 8-K</b></p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 12pt;"><b>CURRENT REPORT </b></p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Date of Report (Date of earliest event reported<font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">) <u>March 7,</u><u> 2018</u></font></p>

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			<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 18pt;"><b>Air T, Inc.</b></p>
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<p style="margin: 0pt; text-align: center; font-size: 2pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(Exact Name of Registrant as Specified in its Charter)</p>

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			<td style="width: 30%; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;">Delaware</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 30%; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;">001-3547<font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">6</font></td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 30%; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">52-1206400</font></td>
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			<p style="margin: 0pt; text-align: center;">(State or Other Jurisdiction</p>

			<p style="margin: 0pt; text-align: center;">of Incorporation)</p>
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			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 30%; text-align: center; vertical-align: top;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(Commission File Number)</font></td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 30%; text-align: center;">
			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(I.R.S. Employer</font></p>

			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Identification No.)</font></p>
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<p style="margin: 0pt;">&nbsp;</p>

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			<td style="width: 20%;">&nbsp;</td>
			<td style="width: 11%;">&nbsp;</td>
			<td style="width: 38%; text-align: center; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;">
			<p style="margin: 0pt;">5930 Balsom Ridge Road</p>

			<p style="margin: 0pt;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Denver, North Carolina 28037</font></p>
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			<td style="width: 11%;">&nbsp;</td>
			<td style="width: 20%; text-align: center;">&nbsp;</td>
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			<td style="width: 20%;">&nbsp;</td>
			<td style="width: 11%;">&nbsp;</td>
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			<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(Address of Principal Executive Offices)</p>

			<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(Zip Code)</p>
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			<td style="width: 11%;">&nbsp;</td>
			<td style="width: 20%; text-align: center;">&nbsp;</td>
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<p style="margin: 0pt;">&nbsp;</p>

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			<td style="width: 14%;">&nbsp;</td>
			<td style="width: 12%;">&nbsp;</td>
			<td style="width: 48%; text-align: center; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(828) 464-8741</font></td>
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			<td style="width: 48%; text-align: center; vertical-align: top;">(Registrant<font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&rsquo;s Telephone Number, Including Area Code)</font></td>
			<td style="width: 12%;">&nbsp;</td>
			<td style="width: 14%; text-align: center;">&nbsp;</td>
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			<p style="margin: 0pt 108pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Not Applicable</p>
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			<td style="width: 29%; vertical-align: top;">&nbsp;&nbsp;&nbsp;</td>
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			<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(Former name or former address, if changed from last report)</p>
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			<td style="width: 29%; vertical-align: top;">&nbsp;</td>
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<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><i>see </i>General Instruction A.2. below):</font></p>

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			<p style="text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">&#9744;</p>
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			<p style="text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">&#9744;</p>
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			<p style="text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">&#9744;</p>
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			<p style="text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">&#9744;</p>
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			<p style="text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))</font></p>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in<font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</font></p>

<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Emerging growth company<font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </font><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#9744;</font></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the<font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#9744;</font></p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Item 1.01</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Entry into a Material Definitive Agreement</b></font></p>
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<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">On <font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">March 7, 2018, Contrail Aviation Support, LLC (&ldquo;CAS&rdquo;), a partially-owned subsidiary of Air T, Inc. (the &ldquo;Company&rdquo;), entered into a new Business Loan Agreement (the &ldquo;Loan Agreement&rdquo;) with Old National Bank (&ldquo;ONB&rdquo;). The Loan Agreement and related Promissory Note replace that certain Business Loan Agreement and Promissory Note with ONB dated May 5, 2017. The new Loan Agreement provides for revolving credit borrowings by CAS in an amount up to $20,000,000 with a maturity date of May 5, 2019. Borrowings under the Loan Agreement will bear interest at a variable rate equal to the 1-month LIBOR plus 300 basis points.</font></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The obligations of CAS under the Loan Agreement are secured by a first-priority security interest in all of the assets of CA<font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">S and are also guaranteed by the Company; provided, however, that the total dollar amount of borrowings guaranteed by the Company to ONB is limited to a maximum of $1,600,000, plus costs of collection. </font></p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Loan Agreement contains affirmative and negative covenants, including covenants that restrict <font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">CAS&rsquo; ability to make acquisitions or investments, make certain changes to its capital structure, and engage in any business substantially different than it presently conducts as well as financial covenants relating to, among other things, quarterly cash flow coverage, tangible net worth and a required pay down period.</font></p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Loan Agreement contains Events of Default, as defined therein, including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, bankruptcy and other insolvency events, <font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">false statements made in a warranty or representation, death or incompetency of any guarantor or material adverse changes in the borrower&rsquo;s financial condition. </font></p>

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<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The foregoing summary of the terms of the Loan Agreement and Promissory Note does not purport to be complete and is qualified in its entirety by reference to the Loan Agreement and Promissory Note, which are filed as Exhibit 10.1 hereto and is incorporated by reference herein.</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Item 2.03</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Creation of a Direct Financial Obli</font></b><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>g</b><b>ation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</b></font></p>
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<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">To the extent responsive, <font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the information included under Item 1.01 is incorporated herein by reference.</font></p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Item 9.01</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Financial Statements and Exhibits</font></b></p>
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			<p style="margin: 0pt; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><u><b>Exhibit</b></u></p>
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			<p style="margin: 0pt; text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><u><b>Description</b></u></p>
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			<td style="width: 45pt; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;">&nbsp;</td>
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			<p style="margin: 0pt; text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;">10.1</p>
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			<p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><a href="ex_107233.htm" style="-sec-extract:exhibit;">Promissory Note and Business Loan Agreement executed as of March 7, 2018 between Contrail Aviation Support, LLC as Borrower, and Old National Bank as the Lender</a></p>
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<p style="margin: 0pt; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">SIGNATURES</p>

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<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the <font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

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<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Date: <font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">March 8, 2018</font></p>

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			<p style="margin-top: 0px; margin-bottom: 0px;">AIR T, INC.</p>
			</td>
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			<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">By: </font></p>
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			<p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">/s/&nbsp;Candice L. Otey</font></p>
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			<p style="margin-top: 0px; margin-bottom: 0px;">Candice L. Otey,</p>

			<p style="margin-top: 0px; margin-bottom: 0px;">Vice President-</p>

			<p style="margin-top: 0px; margin-bottom: 0px;">Finance, Chief Financial Officer,</p>

			<p style="margin-top: 0px; margin-bottom: 0px;">Secretary and Treasurer</p>
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airt20180307_8k.htm
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported
)
March 7,
2018
Air T, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware
001-3547
6
52-1206400
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(I.R.S. Employer
Identification No.)
5930 Balsom Ridge Road
Denver, North Carolina 28037
(Address of Principal Executive Offices)
(Zip Code)
(828) 464-8741
(Registrant
's Telephone Number, Including Area Code)
Not Applicable
(Former name or former address, if changed from last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
☐
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in
Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the
extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 1.01
Entry into a Material Definitive Agreement
On
March 7, 2018, Contrail Aviation Support, LLC ("CAS"), a partially-owned subsidiary of Air T, Inc. (the "Company"), entered into a new Business Loan Agreement (the "Loan Agreement") with Old National Bank ("ONB"). The Loan Agreement and related Promissory Note replace that certain Business Loan Agreement and Promissory Note with ONB dated May 5, 2017. The new Loan Agreement provides for revolving credit borrowings by CAS in an amount up to $20,000,000 with a maturity date of May 5, 2019. Borrowings under the Loan Agreement will bear interest at a variable rate equal to the 1-month LIBOR plus 300 basis points.
The obligations of CAS under the Loan Agreement are secured by a first-priority security interest in all of the assets of CA
S and are also guaranteed by the Company; provided, however, that the total dollar amount of borrowings guaranteed by the Company to ONB is limited to a maximum of $1,600,000, plus costs of collection.
The Loan Agreement contains affirmative and negative covenants, including covenants that restrict
CAS' ability to make acquisitions or investments, make certain changes to its capital structure, and engage in any business substantially different than it presently conducts as well as financial covenants relating to, among other things, quarterly cash flow coverage, tangible net worth and a required pay down period.
The Loan Agreement contains Events of Default, as defined therein, including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, bankruptcy and other insolvency events,
false statements made in a warranty or representation, death or incompetency of any guarantor or material adverse changes in the borrower's financial condition.
The foregoing summary of the terms of the Loan Agreement and Promissory Note does not purport to be complete and is qualified in its entirety by reference to the Loan Agreement and Promissory Note, which are filed as Exhibit 10.1 hereto and is incorporated by reference herein.
Item 2.03
Creation of a Direct Financial Obli
g
ation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
To the extent responsive,
the information included under Item 1.01 is incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits
Exhibit
Description
10.1
Promissory Note and Business Loan Agreement executed as of March 7, 2018 between Contrail Aviation Support, LLC as Borrower, and Old National Bank as the Lender
2
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:
March 8, 2018
AIR T, INC.
By:
/s/ Candice L. Otey
Candice L. Otey,
Vice President-
Finance, Chief Financial Officer,
Secretary and Treasurer
3