AIR T INC — Director's Dealing 2016

Jul 5, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AIR T INC (AIRT)
CIK: 0000353184
Period of Report: 2016-07-01

Reporting Person: BIGLARI CAPITAL CORP. (10% Owner)
Reporting Person: BIGLARI, SARDAR (10% Owner)
Reporting Person: LION FUND II, L.P. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-07-01	Common Stock, par value $0.25	S	329738	$24.01	Disposed	0	Indirect

Footnotes

F1: This Form 4 is filed jointly by The Lion Fund II, L.P. ("Lion Fund II"), Biglari Capital Corp. ("BCC") and Sardar Biglari. Each of Lion Fund II, BCC and Mr. Biglari is a member of a Section 13(d) group that previously owned more than 10% of the Issuer's outstanding shares of Common Stock. Each of Lion Fund II, BCC and Mr. Biglari disclaimed beneficial ownership of the shares of Common Stock previously reported herein except to the extent of its or his pecuniary interest therein.

F2: Shares previously owned directly by Lion Fund II. BCC is the general partner of Lion Fund II. Mr. Biglari is the Chairman and Chief Executive Officer of BCC and has investment discretion over the securities owned by Lion Fund II. By virtue of these relationships, BCC and Mr. Biglari may have been deemed to beneficially own the shares of Common Stock of the Issuer previously owned directly by Lion Fund II.

F3: On July 1, 2016, Lion Fund II, BCC and Mr. Biglari entered into a securities purchase agreement with the Issuer pursuant to which the Issuer purchased the 329,738 shares of Common Stock of the Issuer owned directly by Lion Fund II.