AIR INDUSTRIES GROUP — Director's Dealing 2023

May 25, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AIR INDUSTRIES GROUP (AIRI)
CIK: 0001009891
Period of Report: 2023-05-23

Reporting Person: TAGLICH ROBERT (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-05-23	Common Stock	J	4467	$3.54	Acquired	247051	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-05-23	Stock Options	$3.43	A	2120	Acquired	2028-06-30	Common Stock (2120)	Direct
2023-05-23	Stock Options	$8.4	D	1000	Disposed	2027-04-30	Common Stock (1000)	Direct
2023-05-23	Stock Options	$13.2	D	1000	Disposed	2027-12-31	Common Stock (1000)	Direct
2023-05-23	Stock Options	$23.8	D	1000	Disposed	2026-12-31	Common Stock (1000)	Direct
2023-05-23	Stock Options	$12.8	D	1000	Disposed	2025-12-31	Common Stock (1000)	Direct
2023-05-23	Stock Options	$15.9	D	1300	Disposed	2023-05-31	Common Stock (1300)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	23995	Indirect
Common Stock	4476	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Convertible Notes	$15	2023-07-01	Common Stock (50772)		Direct
Convertible Notes	$9.3	2023-07-01	Common Stock (110323)		Direct
Convertible Notes	$15	2023-07-01	Common Stock (14217)		Indirect
Convertible Notes	$15	2023-07-01	Common Stock (7812)		Direct
Convertible Notes	$9.3	2023-07-01	Common Stock (3011)		Indirect
Warrants	$14	2023-09-30	Common Stock (1750)	1750	Indirect

Footnotes

F1: Shares received in lieu of cash payment of director's fees.

F2: The reporting person and the issuer agreed to a stock option exchange whereby the reporting person exchanged all of his outstanding vested and unvested stock options for an immediately vested stock option to purchase a lesser number of shares than the aggregate number of shares subject to his outstanding stock options, with a modified exercise price and exercise period.

F3: Represent shares owned by Taglich Brothers, Inc., of which the Reporting Person is Managing Director.

F4: Represents shares acquired for which Mr. Taglich is the custodian for his children under NY UGMA.

F5: Represents Issuer's 6% convertible notes received pursuant to amendment to Issuer's 8% convertible notes and includes accrued interest through December 31, 2020.

F6: Includes accrued interest on the Notes through December 31, 2020 and the shares that would be issued upon conversion for the interest accrued through December 31, 2020. Does not include shares to be issued upon conversion for interest accrued after December 31, 2020.

F7: Represents 6% convertible notes issued to Taglich Brothers, Inc., of which the Reporting Person is Managing Director, pursuant to amendment to Issuer's 8% convertible notes originally issued in lieu of cash payment of commissions earned for acting as placement agent for the sale of Issuer's 8% convertible notes.

F8: Represents 7% convertible notes issued to Taglich Brothers, Inc., of which the Reporting Person is Managing Director, issued in lieu of cash payment of commissions earned for acting as placement agent for the sale of Issuer's 7% convertible notes in January 2019.

F9: Represents warrants issued to Taglich Brothers, Inc., of which the Reporting Person is Managing Director, for acting as placement agent for the sale of Issuer's shares of common stock in October 2018.