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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	2016-07-01	329,738	$24.01	0	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. ("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.
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.
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.