Sec Form 4 Filing - Swenson Nicholas John @ AIR T INC - 2025-06-27

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Swenson Nicholas John 2. Issuer Name and Ticker or Trading Symbol AIR T INC [ AIRT] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director X __ 10% Owner X __ Officer (give title below) _____ Other (specify below) CEO (Last) (First) (Middle) 5000 WEST 36TH STREET, SUITE 130 3. Date of Earliest Transaction (MM/DD/YY) 06/27/2025 (Street) MINNEAPOLIS, MN55416 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 06/27/2025 J( 1 ) V 1,620 D $ 0 972,584 I By AO Partners I, LP ( 2 ) Common Stock 62,920 D Common Stock 94,938 I By Glenhurst Co. ( 3 ) Common Stock 52,690 I By Groveland Capital, LLC ( 4 ) Common Stock 169,806 I By Groveland DST, LLC ( 5 )

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Swenson Nicholas John 5000 WEST 36TH STREET SUITE 130 MINNEAPOLIS, MN55416 X X CEO Signatures s/ Nicholas J Swenson 07/01/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )On June 27, 2025, the General Partner of AO Partners I, L.P. (the "Fund") made an irrevocable delegation of sole voting and dispositive power over 1,620 shares to a third party. There was no consideration paid and there was no change in pecuniary interest. So, the total shares held by the Fund did not change. The sole impact was to reduce the beneficial ownership of the Fund pursuant to Rule 13d-3 of the Securities Exchange Act of 1934 (on an aggregate basis the reporting person is the beneficial owner of less than 50% of the common stock). ( 2 )The reported securities are owned directly by AO Partners I, L.P., and indirectly by AO Partners, LLC, as General Partner of AO Partners I, L.P., and Nicholas J. Swenson as Managing Member of AO Partners, LLC. Nicholas J. Swenson disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. ( 3 )The reported securities are owned directly by Glenhurst Co., a Minnesota corporation. Nick Swenson is the President and sole director of Glenhurst Co. Nick Swenson directs the voting of all shares owned by Glenhurst Co. Nicholas J. Swenson disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. ( 4 )The reported securities are owned directly by Groveland Capital, LLC and indirectly by Nicholas J. Swenson as the sole managing member and president of Groveland Capital, LLC. Nicholas J. Swenson disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. ( 5 )The reported securities are owned directly by Groveland DST, LLC and indirectly by Nicholas J. Swenson as the sole managing member and president of Groveland DST, LLC. Nicholas J. Swenson disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

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).

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