AIR INDUSTRIES GROUP — Director's Dealing 2020

Mar 25, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AIR INDUSTRIES GROUP (AIRI)
CIK: 0001009891
Period of Report: 2020-03-24

Reporting Person: Richmond David S. (10% Owner, See Footnote 1)
Reporting Person: RBI Private Investment II, LLC (See Footnote 1)
Reporting Person: RBI Private Investment III, LLC (See Footnote 1)
Reporting Person: RBI PI Manager, LLC (See Footnote 1)
Reporting Person: Richmond Brothers 401(k) Profit Sharing Plan (See Footnote 1)
Reporting Person: Richmond Brothers, Inc. (10% Owner, See Footnotes 1 and 2)
Reporting Person: Curfman Matthew J. (10% Owner, See Footnote 1)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-03-24	Common Stock	P	1800	$0.7499	Acquired	72785	Indirect
2020-03-24	Common Stock	P	4504	$0.76	Acquired	77289	Indirect
2020-03-24	Common Stock	P	66	$0.75	Acquired	77355	Indirect
2020-03-24	Common Stock	P	100	$0.7316	Acquired	77455	Indirect
2020-03-24	Common Stock	P	100	$0.7332	Acquired	77555	Indirect
2020-03-24	Common Stock	P	5680	$0.76	Acquired	83235	Indirect
2020-03-24	Common Stock	P	8600	$0.73	Acquired	9125	Indirect
2020-03-24	Common Stock	P	30	$0.7301	Acquired	9155	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	800000	Indirect
Common Stock	15333	Indirect

Footnotes

F1: This Form 4 is filed jointly by RBI Private Investment II, LLC ("RBI PII"), RBI Private Investment III, LLC ("RBI PIII"), RBI PI Manager, LLC ("RBI Manager"), Richmond Brothers 401(k) Profit Sharing Plan ("RBI Plan"), Richmond Brothers, Inc. ("Richmond Brothers"), David S. Richmond and Matthew J. Curfman (collectively, the "Reporting Persons"). Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group that may be deemed to collectively beneficially own more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein. The filing of this Form 4 shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own.

F2: Not reported herein are securities of the Issuer held in certain accounts managed by Richmond Brothers (the "Separately Managed Accounts"). Richmond Brothers is entitled to a management fee from the Separately Managed Accounts based solely on the value of assets under management. Accordingly, neither Richmond Brothers nor any other Reporting Person has a pecuniary interest in any of the securities held in the Separately Managed Accounts for purposes of Section 16.

F3: Represents securities directly owned by RBI PIII. RBI Manager, as the manager of RBI PIII, may be deemed to beneficially own the securities owned directly by RBI PIII. Mr. Richmond, as the manager of RBI Manager, may be deemed to beneficially own the securities owned directly by RBI PIII.

F4: Represents securities directly owned by RBI Plan. Messrs. Richmond and Curfman, as trustees of RBI Plan, may be deemed to beneficially own the securities owned directly by RBI Plan.

F5: Represents securities directly owned by RBI PII. RBI Manager, as the manager of RBI PII, may be deemed to beneficially own the securities owned directly by RBI PII. Mr. Richmond, as the manager of RBI Manager, may be deemed to beneficially own the securities owned directly by RBI PII.

F6: Not reported herein are transactions by RBI Plan in which no Reporting Person (including Messrs. Richmond and Curfman) has a pecuniary interest.