AIR T INC — Director's Dealing 2006

Aug 17, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AIR T INC (AIRT)
CIK: 0000353184
Period of Report: 2006-08-15

Reporting Person: Clark Walter (Director, CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-08-15	Stock Option	$8.29	A	50000	Acquired	2016-08-15	Common Stock (50000)	Direct

Footnotes

F1: The options become exercisable with respect to one-third of the shares on 08/15/2007, with respect to another one-third of the shares on 08/15/2008 and with respect to the final one-third of the shares on 08/15/2009.

F2: Not Applicable