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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 6/29/16 Air T Inc 10-K 3/31/16 104:8M RDG Filings/FA |
Document/Exhibit Description Pages Size
1: 10-K Annual Report HTML 1.23M
2: EX-10.3 Material Contract HTML 66K
3: EX-21.1 Subsidiaries List HTML 34K
4: EX-23.1 Consent of Experts or Counsel HTML 27K
5: EX-31.1 Certification -- §302 - SOA'02 HTML 37K
6: EX-31.2 Certification -- §302 - SOA'02 HTML 37K
7: EX-32.1 Certification -- §906 - SOA'02 HTML 29K
8: EX-32.2 Certification -- §906 - SOA'02 HTML 29K
15: R1 Document And Entity Information HTML 56K
16: R2 Consolidated Statements of Income HTML 107K
17: R3 Consolidated Statements of Comprehensive Income HTML 65K
18: R4 Consolidated Balance Sheets HTML 138K
19: R5 Consolidated Balance Sheets (Parentheticals) HTML 41K
20: R6 Consolidated Statements of Cash Flows HTML 141K
21: R7 Consolidated Statements of Equity HTML 70K
22: R8 Note 1 - Summary of Significant Accounting HTML 70K
Policies
23: R9 Note 2 - Earning Per Common Share HTML 43K
24: R10 Note 3 - Marketable Securities HTML 34K
25: R11 Note 4 - Inventories HTML 49K
26: R12 Note 5 - Property and Equipment HTML 40K
27: R13 Note 6 - Intangible Assets HTML 45K
28: R14 Note 7 - Accrued Expenses HTML 40K
29: R15 Note 8 - Acquisition of Interests in Delphax HTML 68K
30: R16 Note 9 - Variable Interest Entities HTML 76K
31: R17 Note 10 - Financing Arrangements HTML 39K
32: R18 Note 11 - Lease Arrangements HTML 44K
33: R19 Note 12 - Equipment Leased to Customers HTML 44K
34: R20 Note 13 - Fair Value of Financial Instruments HTML 39K
35: R21 Note 14 - Air T, Inc., Stockholders' Equity HTML 44K
36: R22 Note 15 - Employee and Non-employee Stock Options HTML 73K
37: R23 Note 16 - Major Customers HTML 32K
38: R24 Note 17 - Income Taxes HTML 111K
39: R25 Note 18 - Employee Benefits HTML 32K
40: R26 Note 19 - Quarterly Financial Information HTML 65K
(Unaudited)
41: R27 Note 20 - Geographical Information HTML 44K
42: R28 Note 21 - Segment Information HTML 94K
43: R29 Note 22 - Commitments and Contingencies HTML 32K
44: R30 Note 23 - Related Party Matters HTML 34K
45: R31 Note 24 - Subsequent Events HTML 32K
46: R32 Significant Accounting Policies (Policies) HTML 141K
47: R33 Note 1 - Summary of Significant Accounting HTML 41K
Policies (Tables)
48: R34 Note 2 - Earning Per Common Share (Tables) HTML 41K
49: R35 Note 4 - Inventories (Tables) HTML 48K
50: R36 Note 5 - Property and Equipment (Tables) HTML 38K
51: R37 Note 6 - Intangible Assets (Tables) HTML 43K
52: R38 Note 7 - Accrued Expenses (Tables) HTML 38K
53: R39 Note 8 - Acquisition of Interests in Delphax HTML 47K
(Tables)
54: R40 Note 9 - Variable Interest Entities (Tables) HTML 67K
55: R41 Note 11 - Lease Arrangements (Tables) HTML 36K
56: R42 Note 12 - Equipment Leased to Customers (Tables) HTML 40K
57: R43 Note 13 - Fair Value of Financial Instruments HTML 32K
(Tables)
58: R44 Note 15 - Employee and Non-employee Stock Options HTML 67K
(Tables)
59: R45 Note 17 - Income Taxes (Tables) HTML 104K
60: R46 Note 19 - Quarterly Financial Information HTML 63K
(Unaudited) (Tables)
61: R47 Note 20 - Geographical Information (Tables) HTML 45K
62: R48 Note 21 - Segment Information (Tables) HTML 85K
63: R49 Note 1 - Summary of Significant Accounting HTML 63K
Policies (Details Textual)
64: R50 Note 1 - Amortizable Lives of Intangible Assets HTML 29K
(Details)
65: R51 Note 1 - Product Warranty Reserve Activity HTML 35K
(Details)
66: R52 Note 2 - Earnings Per Common Share (Details) HTML 50K
67: R53 Note 3 - Marketable Securities (Details Textual) HTML 48K
68: R54 Note 4 - Inventories (Details) HTML 45K
69: R55 Note 5 - Property and Equipment (Details) HTML 37K
70: R56 Note 6 - Intangible Assets (Details Textual) HTML 43K
71: R57 Note 6 - Summary of Intangible Assets (Details) HTML 35K
72: R58 Note 6 - Future Amortization of Intangible Assets HTML 41K
(Details)
73: R59 Note 7 - Accrued Expenses (Details) HTML 43K
74: R60 Note 8 - Acquisition of Interests in Delphax HTML 71K
(Details Textual)
75: R61 Note 8 - Assets Acquired and Liabilities Assumed HTML 73K
in Delphax Acquisition (Details)
76: R62 Note 9 - Variable Interest Entities (Details HTML 28K
Textual)
77: R63 Note 9 - Carrying Values of Assets and Liabilities HTML 89K
of Delphax Included on the Company's Consolidated
Balance Sheet (Details)
78: R64 Note 9 - Revenue and Expenses of Delphax Included HTML 67K
in the Company's Consolidated Statements of
Operations (Details)
79: R65 Note 10 - Financing Arrangements (Details Textual) HTML 56K
80: R66 Note 11 - Lease Arrangements (Details Textual) HTML 52K
81: R67 Note 11 - Future Minimum Annual Lease Payments HTML 44K
(Details)
82: R68 Note 12 - Equipment Leased to Customers (Details HTML 26K
Textual)
83: R69 Note 12 - Annual Lease Payments Receivable HTML 44K
(Details)
84: R70 Note 13 - Assets and Liabilities Measured at Fair HTML 30K
Value (Details)
85: R71 Note 14 - Air T, Inc., Stockholders' Equity HTML 63K
(Details Textual)
86: R72 Note 15 - Employee and Non-employee Stock Options HTML 54K
(Details Textual)
87: R73 Note 15 - Option Activity (Details) HTML 62K
88: R74 Note 16 - Major Customers (Details Textual) HTML 33K
89: R75 Note 17 - Income Taxes (Details Textual) HTML 54K
90: R76 Note 17 - Provision for Income Taxes (Details) HTML 54K
91: R77 Note 17 - Difference in Income Tax Provision HTML 73K
(Details)
92: R78 Note 17 - Deferred Tax Assets and Liabilities HTML 78K
(Details)
93: R79 Note 18 - Employee Benefits (Details Textual) HTML 52K
94: R80 Note 19 - Quarterly Financial Information HTML 44K
(Details)
95: R81 Note 20 - Long-lived Assets By Geographic Region HTML 30K
(Details)
96: R82 Note 20 - Revenue by Geographic Areas (Details) HTML 34K
97: R83 Note 21 - Segment Information (Details Textual) HTML 27K
98: R84 Note 21 - Segment Data (Details) HTML 89K
99: R85 Note 22 - Commitments and Contingencies (Details HTML 30K
Textual)
100: R86 Note 23 - Related Party Matters (Details Textual) HTML 48K
101: R87 Note 24 - Subsequent Events (Details Textual) HTML 40K
103: XML IDEA XML File -- Filing Summary XML 181K
102: EXCEL IDEA Workbook of Financial Reports XLSX 96K
9: EX-101.INS XBRL Instance -- airt-20160331 XML 1.78M
11: EX-101.CAL XBRL Calculations -- airt-20160331_cal XML 187K
12: EX-101.DEF XBRL Definitions -- airt-20160331_def XML 1.67M
13: EX-101.LAB XBRL Labels -- airt-20160331_lab XML 1.27M
14: EX-101.PRE XBRL Presentations -- airt-20160331_pre XML 1.70M
10: EX-101.SCH XBRL Schema -- airt-20160331 XSD 227K
104: ZIP XBRL Zipped Folder -- 0001437749-16-034573-xbrl Zip 186K
Exhibit 10.3
STATE OF NORTH CAROLINA
COUNTY OF LENOIR
SECOND AMENDMENT TO PREMISES AND FACILITIES LEASE
THIS SECOND AMENDMENT TO PREMISES AND FACILITIES LEASE (this “Amendment”) is made and entered into as of October 15, 2015, (the “Effective Date”), by and between GLOBAL TRANSPARK FOUNDATION, INC., a North Carolina nonprofit corporation (the “Foundation”) and MOUNTAIN AIR CARGO, INC., a North Carolina corporation (the “Company”).
RECITALS
WHEREAS, the Foundation, as lessor, and the Company, as lessee, (collectively, the “Parties”) have previously executed a Premises and Facilities Lease dated November 16, 1995 (the “Original Lease”), wherein the Foundation subleased certain real property to the Company as more fully described in Section 3.1 of the Original Lease (the “Leased Property”); and,
WHEREAS, following their execution of the Original Lease, the Parties entered into an Addendum to Premises and Facilities Lease dated June 7, 2013 (the “Addendum”) to clarify and amend certain terms and conditions set forth in the Original Lease; and,
WHEREAS the Original Lease and the Addendum are collectively referred to herein as the “Lease;” and,
WHEREAS, the term of the Lease is presently set to expire on January 31, 2018 under the terms and provisions of the Lease; and,
WHEREAS, the Parties desire to modify and amend the Lease to, among other things, extend the Lease term for an additional five (5) years, and to provide that the Company shall have four (4) options to further extend the Lease term for periods of five (5) years each.
NOW, THEREFORE, in consideration of the respective representations and covenants contained herein, the Foundation and the Company hereby agree as follows:
1. Capitalized Terms. All capitalized terms not otherwise defined in this Amendment shall have the meanings specified in the Lease.
2. Amendments. The Lease is amended as follows:
a. Section 4.1 of the Lease is deleted in its entirety and replaced with the following:
“Section 4.1. Term of the Lease. This Lease commenced upon August 1, 1997, and shall continue until the earliest of:
(a) January 31, 2023, subject to the renewal options set forth in Section 4.7;
(b) at the Foundation’s option, upon the occurrence of an event of default under Section 11.1 hereof that is not waived in accordance with Section 11.6 hereof;
(c) at the Company’s option, upon ninety (90) days’ written notice to the Foundation, if the Aircraft Dry Lease and Services Agreement between the Company and Federal Express Corporation (the “Fed Ex Lease”) is terminated without the consent of the Company; or
(d) at the Company’s option, upon ninety (90) days’ written notice to the Foundation if there is a material adverse change to the terms of the Fed Ex Lease or the Company’s operations or revenues thereunder, which, in the sole discretion of the Company, renders the Company’s continued operation under the Fed Ex Lease economically impracticable, including, without limitation, reduction of (i) more than fifty percent (50%) of the number of ATR aircraft operated by the Company under the terms of the Fed Ex Lease as of the Effective Date, or (ii) more than fifty percent (50%) of the number of Cessna aircraft operated by the Company under the terms of the Fed Ex Lease as of the Effective Date.”
b. The following new Section 4.7 is added to the Lease:
“Section 4.7. Option Periods. The Company shall be entitled to exercise certain options to further extend the Lease term as follows:
(a) At the Company’s option, the Lease term may be extended for an additional five (5) year period beyond the expiration of the initial Lease term, through and including January 31, 2028 (the “First Option Period”). Written notice of the Company’s intent to exercise the First Option Period must be provided to the Foundation at least six (6) months prior to the expiration of the initial Lease term.
(b) At the Company’s option, the Lease term may be extended for an additional five (5) year period beyond the expiration of the First Option Period, through and including January 31, 2033 (the “Second Option Period”). Written notice of the Company’s intent to exercise the Second Option Period must be provided to the Foundation at least six (6) months prior to the expiration of the First Option Period.
(c) At the Company’s option, the Lease term may be extended for an additional five (5) year period beyond the expiration of the Second Option Period, through and including January 31, 2038 (the “Third Option Period”). Written notice of the Company’s intent to exercise the Third Option Period must be provided to the Foundation at least six (6) months prior to the expiration of the Second Option Period.
(d) At the Company’s option, the Lease term may be extended for an additional five (5) year period beyond the expiration of the Third Option Period, through and including January 31, 2043 (the “Fourth Option Period”). Written notice of the Company’s intent to exercise the Fourth Option Period must be provided to the Foundation at least six (6) months prior to the expiration of the Third Option Period.
All references herein to the “Lease term” or the “term of this Lease” shall be deemed to include each properly exercised renewal term, unless the context clearly indicates the contrary.”
c. The following new subsections (vi) through (x) are added to Section 6.1(a) of the Lease:
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“Period |
Rate | |
| (vi) |
Beginning February 1, 2018 and continuing for the duration of the initial Lease term |
$6.15 per square foot, per year |
| (vii) |
Beginning February 1, 2023 and continuing for the duration of the First Option Period |
$6.77 per square foot, per year |
| (viii) |
Beginning February 1, 2028 and continuing for the duration of the Second Option Period |
$7.45 per square foot, per year |
| (ix) |
Beginning February 1, 2033 and continuing for the duration of the Third Option Period |
$8.20 per square foot, per year |
| (x) |
Beginning February 1, 2038 and continuing for the duration of the Fourth Option Period |
$9.02 per square foot, per year” |
d. Section 12.1 of the Lease is deleted in its entirety and replaced with the following:
“Section 12.1 Notice. All notices, certificates, or other communications hereunder shall be sufficiently given and shall be deemed given to the parties required hereunder to receive such notice, certificate or communication when mailed by registered or certified mail, postage prepaid, and addressed as follows:
If to the Foundation: Global TransPark Foundation, Inc.
Post Office Box 1635
Attention: President
with a copy to: David L. Ward, Jr., Esq.
Ward and Smith, P.A.
Post Office Box 867
New Bern, North Carolina 28563-0867
If to the Company: Mountain Air Cargo, Inc.
Post Office Box 488
Attention: Vice President and Treasurer
with a copy to: Jane S. Ratteree, Esq.
Robinson, Bradshaw & Hinson, P.A.
101 North Tryon Street, Suite 1900
Charlotte, North Carolina 28246-1900
The Foundation and the Company, by notice given hereunder, may designate any further or different addresses to which subsequent notices, certificates, or other communications shall be sent. No notice need be given to any party listed in this section if such party is no longer a party to the transactions contemplated by this Lease.”
3. Permitted Use. The Parties agree that the Company shall have the right to use the Leased Property only for the purposes described in Section 8.1 of the Original Lease and/or in other manners consistent with Transportation Security Administration (“TSA”) updates.
4. Non-Applicability of Financing Provisions. The Notes, Loan Agreement and Security Agreement referred to in the Original Lease and entered into by and between Branch Banking and Trust Company (“BB&T”) and the Foundation have been satisfied in full. Those provisions of the Original Lease are no longer applicable to the Lease.
5. Right of First Refusal. The right of first refusal provisions contained in Section 3.5 of the Original Lease shall continue in full force and effect during the initial Lease term, as extended by this Amendment, and each of the four (4) option periods, to the extent such option periods are properly exercised by the Company. The language “on or prior to September 1, 2005,” appearing in the first sentence of Section 3.5 of the Original Lease is deleted in its entirety.
6. Tenant’s Right to Delay Required Maintenance. As described in the Addendum dated June 7, 2013 and subject to the contingencies set forth therein, the Company’s obligation to maintain, repair and correct the flaking paint problem described in the Addendum shall continue to be delayed until the Company has vacated the Leased Property. Nothing herein shall be construed to otherwise modify or affect the rights or obligations of the Parties arising under the Addendum and/or Section 8.10 of the Original Lease.
7. Memorandum of Lease. A memorandum of the Original Lease is recorded in Book 1037, Page 757 of the Lenoir County Public Registry. The parties agree to execute an amendment or supplement to that Memorandum to include the terms and provisions of this Amendment. Either party may record the amendment or supplement to the memorandum in the public records.
8. Incorporation of Original Lease, Addendum and Continuing Effect of Terms. Except as expressly modified herein, all terms, conditions and exhibits of the Original Lease, the Addendum, and the respective obligations of the Foundation and the Company thereunder: (i) are incorporated herein by reference as if fully set forth; and (ii) shall continue in full force and effect through the duration of the Lease term, including, to the extent exercised by the Company, the First Option Period, the Second Option Period, the Third Option Period and the Fourth Option Period. In the event of any inconsistency between the provisions of this Amendment and the provisions of the Lease, the provisions of this Amendment shall govern and control.
9. Governing Law. This Amendment is entered into under the laws of the State of North Carolina, and those laws shall govern the construction and enforcement hereof.
10. Authority. The persons executing this Amendment on behalf of the Foundation and the Company are duly authorized to execute this Amendment, and no consent of any other person to execution of this Amendment is required.
11. Entire Agreement; Modification. This Amendment embodies the entire agreement and understanding among the parties hereto relating to the subject matter hereof, and supersedes all prior agreements and understandings relating to such subject matter. This Amendment may not be amended orally, but only by an agreement in writing signed by each of the parties hereto.
12. Captions. The captions set forth at the beginning of the various paragraphs of this Amendment are for convenience only and shall not be used to interpret or construe the provisions of this Amendment.
13. Counterparts. This Amendment may be executed in one or more counterparts, all of which shall constitute one and the same Amendment.
14. Email or Facsimile. Email or facsimile transmission signatures of this Amendment by the parties shall be deemed to be original signatures binding on the parties.
IN WITNESS WHEREOF, the Foundation and the Company have caused this Amendment to be executed in their respective corporate names, in the case of the Foundation, by its President, and in the case of the Company, by its President, and attested by their respective Secretaries, and their respective corporate seals to be affixed hereunto, all by order of their respective Boards of Directors first duly given, and with the intent to be legally bound thereby, all done as of the day and year first above written.
[Signatures on Following Page]
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MOUNTAIN AIR CARGO, INC. |
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By: |
/s/ Robert G. Norton |
(SEAL) |
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President |
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ATTEST:
_____________________ (SEAL)
_____________
Secretary
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GLOBAL TRANSPARK FOUNDATION, INC. |
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By: |
/s/ William H. Bryan |
(SEAL) |
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President |
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ATTEST:
/s/ David L. Ward, Jr. (SEAL)
Assistant Secretary
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| This ‘10-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 2/1/33 | ||||
| 1/31/33 | ||||
| 2/1/28 | ||||
| 1/31/28 | ||||
| 2/1/23 | ||||
| 1/31/23 | ||||
| 2/1/18 | ||||
| 1/31/18 | 8-K | |||
| Filed on: | 6/29/16 | |||
| For Period end: | 3/31/16 | 10-K/A, 4 | ||
| 10/15/15 | ||||
| 6/7/13 | ||||
| 9/1/05 | ||||
| 8/1/97 | ||||
| 11/16/95 | ||||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 6/28/23 Air T Inc. 10-K/A 3/31/23 125:11M 6/27/23 Air T Inc. 10-K 3/31/23 131:21M 6/28/22 Air T Inc. 10-K 3/31/22 124:13M 6/25/21 Air T Inc. 10-K 3/31/21 118:28M |