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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
353184	Air T Inc	AIRT	Air Courier Services (4513)	521206400

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1334429	Biglari Capital Corp.	17802 Ih 10 West, Suite 400 San Antonio TX 78257	No	No	Yes	No
1334430	Biglari, Sardar	17802 Ih 10 West, Suite 400 San Antonio TX 78257	No	No	Yes	No
1580602	Lion Fund Ii, L.p.	17802 Ih 10 West, Suite 400 San Antonio TX 78257	No	No	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock, Par Value $0.25	Disposition	2016-05-10	1,864	$25.43	330,538	No	4	S	Indirect	By The Lion Fund II, L.P.

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	By The Lion Fund II, L.P.

Footnotes

This Form 4 is filed jointly by The Lion Fund II, L.P. (the "Lion Fund II"), Biglari Capital Corp. ("BCC") and Sardar Biglari. Each of the Lion Fund II, BCC and Mr. Biglari is a member of a Section 13(d) group that owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Lion Fund II, BCC and Mr. Biglari disclaims beneficial ownership of the shares of Common Stock reported herein except to the extent of its or his pecuniary interest therein.
Shares owned directly by the Lion Fund II. BCC is the general partner of the Lion Fund II. Mr. Biglari is the Chairman and Chief Executive Officer of BCC and has investment discretion over the securities owned by the Lion Fund II. By virtue of these relationships, BCC and Mr. Biglari may be deemed to beneficially own the shares of Common Stock of the Issuer owned directly by the Lion Fund II.
The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $25.41 to $25.53. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote 3 to this Form 4.