airt8k_090110.htm

0000353184-10-000023.txt : 20100902 0000353184-10-000023.hdr.sgml : 20100902 20100902084441 ACCESSION NUMBER: 0000353184-10-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100830 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Submission of Matters to a Vote of Security Holders FILED AS OF DATE: 20100902 DATE AS OF CHANGE: 20100902 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIR T INC CENTRAL INDEX KEY: 0000353184 STANDARD INDUSTRIAL CLASSIFICATION: AIR COURIER SERVICES [4513] IRS NUMBER: 521206400 STATE OF INCORPORATION: DE FISCAL YEAR END: 0309 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11720 FILM NUMBER: 101053619 BUSINESS ADDRESS: STREET 1: 3524 AIRPORT RD CITY: MAIDEN STATE: NC ZIP: 28650 BUSINESS PHONE: 7043772109 MAIL ADDRESS: STREET 1: P O BOX 488 CITY: DENVER STATE: NC ZIP: 28037 FORMER COMPANY: FORMER CONFORMED NAME: AIR TRANSPORTATION HOLDING CO INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ATLANTA EXPRESS AIRLINE CORP DATE OF NAME CHANGE: 19840321 8-K 1 airt8k_090110.htm AIR T, INC. 8K FOR STKHLDRVOTES 090110+BOFA AGMNT 083010 airt8k_090110.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) August 30, 2010

Air T, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware ; 0-11720 52-1206400

(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer

of Incorporation) ; Identification No.)

3524 Airport Road

Maiden, North Carolina 28650

(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))

Item 1.01 Entry into a Material Definitive Agreement

On August 30, 2010, Air T, Inc. (the “Company”) accepted a letter agreement from Bank of America, N.A. (the “Lender”) to extend, from August 31, 2011 to August 31, 2012, the availability period under the $7,000,000 revolving line of credit documented by the Loan Agreement dated September 18, 2007 between the Company and the Lender. Such letter agreement is filed as Exhibit 10.1 hereto and is incorporated by reference herein.

Item 5.07 Submission of Matters to a Vote of Security Holders

(a) The Company held its 2010 annual meeting of stockholders on September 1, 2010.

(b) At the meeting Sam Chesnutt, Allison T. Clark, Walter Clark, John J. Gioffre, John Parry, George C. Prill, William H. Simpson, Dennis A. Wicker and J. Bradley Wilson were elected as directors and the stockholders voted on a resolution to ratify the appointment of Dixon Hughes PLLC as the Company’s independent auditors for the fiscal year ending March 31, 2011. The tabulation of votes with respect to each of these matters is set forth below:

Election of Directors

Director Nominee	Votes For		Votes Withheld		Broker Non-votes

Sam Chesnutt		1,203,590		20,865		966,313
Allison T. Clark		983,633		240,822		966,313
Walter Clark		984,408		240,047		966,313
John J. Gioffre		928,870		295,585		966,313
John Parry		920,524		303,931		966,313
George C. Prill		1,054,724		169,731		966,313
William H. Simpson		979,354		245,101		966,313
Dennis A. Wicker		1,144,510		79,945		966,313
J. Bradley Wilson		675,916		548,539		966,313

Ratification of Independent Auditors

	Votes For		Votes Against		Votes Abstained

		2,169,431		14,652		6,685

There were no broker non-votes with respect to the ratification of independent auditors.

Item 9.01 Financial Statements and Exhibits

Exhibit 10.1

Letter agreement dated August 30, 2010 from Bank of America, N.A. to Air T, Inc.

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: September 2, 2010

AIR T, INC.

By: /s/ Walter Clark

Walter Clark, Chief Executive Officer

Exhibit Index

Exhibit	Description
Exhibit 10.1	Letter agreement dated August 30, 2010 from Bank of America, N.A. to Air T, Inc.

EX-10.1 2 bofa_agmt90110.htm AIR T, INC. BANK OF AMERICA AGREEMENT 08/30/10 bofa_agmt90110.htm & #160; Exhibit Exhibit 10.1

Bank of America

August 30, 2010

John Parry

Air T, Inc.

CSA Air, Inc.

Mountain Air Cargo, Inc.

MAC Aviation Services LLC

Global Ground Support, LLC

Global Aviation Services, LLC

3524 Airport Road

Maiden, NC 28650-9056

Re: 01-0000892017-215

Dear Mr. Parry,

Bank of America, N.A. (the “Bank”) is pleased to renew the availability period for your $7,000,000.00 revolving line of credit documented by the Loan Agreement dated September 18, 2007 (including any previous amendments, the “Agreement”).

Effective as of the current Expiration Date of August 31, 2011 the availability period shall be extended and shall expire on the new Expiration Date of August 31, 2012. All other terms and conditions of the Agreement shall remain in full force and effect.

I also want to take this opportunity to thank you for your business. I believe we can continue to provide your company with the same high level of customer service and expertise.

If you have any questions, please contact your Client Manager, Alan Stephens at (704) 386-1125

Bank of America, N.A.

By: /s/ Olga Rusimovic

Olga Rusimovic

Document Administrator