SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
MARTINEZ RANDY J

(Last) (First) (Middle)
HLH BUILDING
101 WORLD DRIVE

(Street)
PEACHTREE CITY GA 30269

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
WORLD AIR HOLDINGS, INC. [ WLDA ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Executive Officer
3. Date of Earliest Transaction (Month/Day/Year)
03/30/2007
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/30/2007 03/30/2007 M 12,000 A $1.25 77,752 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options (right to buy) $1.25 03/30/2006 03/30/2006 M 12,000 (1) 04/06/2007 Common Stock 12,000 $1.25 0 D
Stock Options (right to buy) $1.6875 (2) 06/21/2007 Common Stock 25,000 25,000 D
Stock Options (right to buy) $0.9688 (3) 03/28/2008 Common Stock 20,500 20,500 D
Stock Options (right to buy) $0.84 (4) 02/12/2011 Common Stock 22,500 22,500 D
Stock Options (right to buy) $3.31 (5) 11/18/2011 Common Stock 50,000 50,000 D
Stock Options (right to buy) $3.59 (6) 05/05/2012 Common Stock 150,000 150,000 D
Stock Options (right to buy) $7.44 (7) 08/15/2013 Common Stock 63,000 63,000 D
Explanation of Responses:
1. Mr. Martinez was granted 12,000 options on 4/7/1999. All options are fully vested and exercisable.
2. For informational purposes only; Mr. Martinez holds 25,000 options which were granted on 6/22/1999. All options are fully vested and exercisable.
3. For informational purposes only; Mr. Martinez was granted 38,000 options on 3/29/2000. 17,500 have been exercised and the remaining 20,500 are fully vested and exerciseable.
4. For informational purposes only; Mr. Martinez was granted 75,000 options on 2/13/2003. 52,500 have been exercised and the remaining 22,500 are fully vested and exerciseable.
5. For informational purposes only; Mr. Martinez was granted 50,000 options on 11/19/2003. All options are fully vested and exercisable.
6. For informational purposes only; Mr. Martinez holds 150,000 options which were granted on 5/6/2004. 105,000 options are vested and exercisable as of this date. The remaining 45,000 options will vest on 5/5/2007.
7. Mr.Martinez was granted 63,000 stock options on August 16, 2006. Option shares shall become exerciseable after the grant date in three installments: 21,000 on August 16, 2007, 21,000 on August 16, 2008 and 21,000 on August 16, 2009.
Remarks:
/s/ Mark M. McMillin, Attorney in Fact 04/05/2007
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.