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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/14/19 Air T Inc 10-Q 12/31/18 80:7.3M RDG Filings/FA |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 907K
2: EX-10.1 Material Contract HTML 57K
3: EX-31.1 Certification -- §302 - SOA'02 HTML 29K
4: EX-31.2 Certification -- §302 - SOA'02 HTML 29K
5: EX-32.1 Certification -- §906 - SOA'02 HTML 25K
12: R1 Document And Entity Information HTML 50K
13: R2 Condensed Consolidated Statements of Income (Loss) HTML 147K
(Unaudited)
14: R3 Condensed Consolidated Statements of Comprehensive HTML 59K
Income (Loss) (Unaudited)
15: R4 Condensed Consolidated Statements of Comprehensive HTML 30K
Income (Loss) (Unaudited) (Parentheticals)
16: R5 Condensed Consolidated Balance Sheets (Current HTML 157K
Period Unaudited)
17: R6 Condensed Consolidated Balance Sheets (Current HTML 74K
Period Unaudited) (Parentheticals)
18: R7 Condensed Consolidated Statements of Cash Flows HTML 169K
(Unaudited)
19: R8 Condensed Consolidated Statements of Equity HTML 99K
(Unaudited)
20: R9 Note 1 - Financial Statement Presentation HTML 70K
21: R10 Note 2 - Revenue Recognition HTML 96K
22: R11 Note 3 - Business Combinations HTML 107K
23: R12 Note 4 - Restricted Cash HTML 33K
24: R13 Note 5 - Cash Surrender Value of Life Insurance HTML 28K
25: R14 Note 6 - Income Taxes HTML 31K
26: R15 Note 7 - Net Earnings Per Share HTML 49K
27: R16 Note 8 - Investments in Securities HTML 31K
28: R17 Note 9 - Equity Method Investments HTML 54K
29: R18 Note 10 - Inventories HTML 41K
30: R19 Note 11 - Employee and Non-employee Stock Options HTML 32K
31: R20 Note 12 - Financing Arrangements HTML 78K
32: R21 Note 13 - Variable Interest Entities HTML 95K
33: R22 Note 14 - Share Repurchase HTML 28K
34: R23 Note 15 - Geographical Information HTML 53K
35: R24 Note 16 - Segment Information HTML 137K
36: R25 Note 17 - Commitments and Contingencies HTML 30K
37: R26 Note 18 - Subsequent Events HTML 27K
38: R27 Significant Accounting Policies (Policies) HTML 67K
39: R28 Note 2 - Revenue Recognition (Tables) HTML 80K
40: R29 Note 3 - Business Combinations (Tables) HTML 99K
41: R30 Note 4 - Restricted Cash (Tables) HTML 31K
42: R31 Note 7 - Net Earnings Per Share (Tables) HTML 48K
43: R32 Note 9 - Equity Method Investments (Tables) HTML 47K
44: R33 Note 10 - Inventories (Tables) HTML 42K
45: R34 Note 12 - Financing Arrangements (Tables) HTML 71K
46: R35 Note 13 - Variable Interest Entities (Tables) HTML 80K
47: R36 Note 15 - Geographical Information (Tables) HTML 52K
48: R37 Note 16 - Segment Information (Tables) HTML 137K
49: R38 Note 2 - Revenue Recognition - Disaggregation of HTML 61K
Revenues (Details)
50: R39 Note 3 - Business Combinations (Details Textual) HTML 53K
51: R40 Note 3 - Business Combinations - Assets Acquired HTML 49K
and Liabilities Assumed by AirCo (Details)
52: R41 Note 3 - Business Combinations - Summary of Total HTML 33K
Consideration (Details)
53: R42 Note 3 - Business Combinations - Assets Acquired HTML 67K
and Liabilities Assumed by Worthington (Details)
54: R43 Note 3 - Business Combinations - Revenue and HTML 36K
Expenses of Worthington (Details)
55: R44 Note 3 - Business Combinations - Pro Forma HTML 37K
Information (Details)
56: R45 Note 4 - Restricted Cash - Cash, Cash Equivalent HTML 33K
and Restricted Cash (Details)
57: R46 Note 5 - Cash Surrender Value of Life Insurance HTML 27K
(Details Textual)
58: R47 Note 6 - Income Taxes (Details Textual) HTML 32K
59: R48 Note 7 - Net Earnings Per Share (Details Textual) HTML 24K
60: R49 Note 7 - Net Earnings Per Share - Earnings Per HTML 44K
Common Share (Details)
61: R50 Note 8 - Investments in Securities (Details HTML 34K
Textual)
62: R51 Note 9 - Equity Method Investments (Details HTML 49K
Textual)
63: R52 Note 9 - Equity Method Investments - Summarized HTML 49K
Unaudited Financial Information (Details)
64: R53 Note 10 - Inventories - Inventories (Details) HTML 44K
65: R54 Note 11 - Employee and Non-employee Stock Options HTML 33K
(Details Textual)
66: R55 Note 12 - Financing Arrangements (Details Textual) HTML 42K
67: R56 Note 12 - Financing Arrangements - Long-term Debt HTML 59K
(Details)
68: R57 Note 12 - Financing Arrangements - Contractual HTML 50K
Financing Obligations (Details)
69: R58 Note 13 - Variable Interest Entities (Details HTML 46K
Textual)
70: R59 Note 13 - Variable Interest Entities - Carrying HTML 67K
Values of Assets and Liabilities of Delphax
Included on the Company's Consolidated Balance
Sheet (Details)
71: R60 Note 13 - Variable Interest Entities - Revenue and HTML 63K
Expenses of Delphax Included in the Company's
Consolidated Statements of Operations (Details)
72: R61 Note 14 - Share Repurchase (Details Textual) HTML 31K
73: R62 Note 15 - Geographical Information - Long-lived HTML 39K
Assets By Geographic Region (Details)
74: R63 Note 15 - Geographical Information - Revenue by HTML 29K
Geographic Areas (Details)
75: R64 Note 16 - Segment Information (Details Textual) HTML 24K
76: R65 Note 16 - Segment Information - Segment Data HTML 65K
(Details)
77: R66 Note 17 - Commitments and Contingencies (Details HTML 45K
Textual)
79: XML IDEA XML File -- Filing Summary XML 148K
78: EXCEL IDEA Workbook of Financial Reports XLSX 74K
6: EX-101.INS XBRL Instance -- airt-20181231 XML 2.35M
8: EX-101.CAL XBRL Calculations -- airt-20181231_cal XML 184K
9: EX-101.DEF XBRL Definitions -- airt-20181231_def XML 1.15M
10: EX-101.LAB XBRL Labels -- airt-20181231_lab XML 929K
11: EX-101.PRE XBRL Presentations -- airt-20181231_pre XML 1.20M
7: EX-101.SCH XBRL Schema -- airt-20181231 XSD 186K
80: ZIP XBRL Zipped Folder -- 0001437749-19-002635-xbrl Zip 164K
Exhibit 10.1
neither THIS warrant nor the Securities issuable upon exercise hereof have BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE DISTRIBUTED FOR VALUE UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR LAWS COVERING SUCH SECURITY OR THE COMPANY RECEIVES AN OPINION OF COUNSEL, WHICH IT WILL ENDEAVOR TO OBTAIN WITH COMMERCIALLY REASONABLE EFFORTs UPON REQUEST BY the HOLDER, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT, PLEDGE OR DISTRIBUTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE SECURITIES ACT OF 1933 AND ALL APPLICABLE STATE SECURITIES LAWS.
WARRANT TO PURCHASE COMMON STOCK
of
AIR T, INC.,
a Delaware corporation
This certifies that, for value received, Brett A. Reynolds (“Holder”), is entitled during the Exercise Period (as defined below), subject to the terms set forth below, to purchase from Air T, Inc., a Delaware corporation (the “Company”), up to Twenty-Five Thousand (25,000) shares of Common Stock, par value $.25 per share, of the Company (“Common Stock”) at $31.00 per share (the “Purchase Price”), upon surrender of this Warrant at the principal office of the Company referred to below, with the subscription form attached hereto (the “Subscription Form”) duly executed, and simultaneous payment therefor in the manner specified in Section 1. The Purchase Price and the number of shares of Common Stock purchasable hereunder are subject to adjustment as provided in Section 3.
As used herein, “Exercise Date” means the particular date (or dates) on which this Warrant is exercised. “Exercise Period” means the period during which this Warrant is exercisable as provided in Section 1 and shall terminate at 6:00 p.m., Central Daylight Time, on the ten year anniversary date of issuance. “Issue Date” is November 30, 2018. “Warrant” includes this Warrant and any warrant delivered in substitution or exchange therefor as provided herein. “Warrant Shares” means any shares of Common Stock acquired by Holder upon exercise of this Warrant.
This Warrant is being issued pursuant to that certain Employment Agreement dated as of May 7, 2018 (the “Employment Agreement”) between and among the Company and Brett A. Reynolds. Capitalized terms used herein but not otherwise defined shall have the meaning set forth in the Employment Agreement.
1. Term and Exercise of Warrant.
(a) The term of this Warrant shall commence on the Issue Date set forth above and shall continue until the end of the Exercise Period set forth above, unless earlier terminated as provided herein.
(b) This Warrant shall be exercisable only in the event that and to the extent that such Warrant has become vested and exercisable pursuant to the terms of this Section 1.b. Subject to the earlier termination of this Warrant, this Warrant shall vest and become exercisable as follows, but only if the Recipient is then an employee of or is then providing services to the Company or an Affiliate at the specified time:
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Up to twenty percent (20%) of such Warrant Shares may be purchased at any time after June 30, 2019 and prior to the termination of this Warrant; |
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(ii) |
Up to forty percent (40%) of such Warrant Shares (less any shares previously purchased pursuant to this Warrant that vest pursuant to this Section 1.b) may be purchased at any time after June 30, 2020 and prior to the termination of this Warrant; |
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Up to sixty percent (60%) of such Warrant Shares (less any shares previously purchased pursuant to this Warrant that vest pursuant to this Section 1.b) may be purchased at any time after June 30, 2021 and prior to the termination of this Warrant; |
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Up to eighty percent (80%) of such Warrant Shares (less any shares previously purchased pursuant to this Warrant that vest pursuant to this Section 1.b) may be purchased at any time after June 30, 2022 and prior to the termination of this Warrant; |
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Up to 100% of such Warrant Shares (less any shares previously purchased pursuant to this Warrant that vest pursuant to this Section 1.b) may be purchased at any time after June 30, 2023 and prior to the termination of this Warrant. |
(c) This Warrant may be exercised, in whole or in part, at any time or from time to time in accordance with the vesting schedule set forth in Section 1.b, on any business day during the Exercise Period, by surrendering it at the principal office of the Company together with an executed Subscription Form and a check in an amount equal to (i) the number of Warrant Shares being purchased, multiplied by (ii) the Purchase Price.
(d) This Warrant may be exercised for less than the full number of vested Warrant Shares as of the Exercise Date. Upon such partial exercise, this Warrant shall be surrendered, and a new Warrant of the same tenor and for the purchase of the Warrant Shares not purchased upon such exercise shall be issued to Holder by the Company.
(e) A Warrant shall be deemed to have been exercised immediately prior to the close of business on the date of its surrender for exercise as provided above, and the person entitled to receive the Warrant Shares issuable upon such exercise shall be treated for all purposes as the holder of such shares of record as of the close of business on such date. As soon as practicable on or after such date, and in any event within ten business days thereafter, the Company shall issue and deliver to the person or persons entitled to receive the same a certificate or certificates for the number of shares of Common Stock issuable upon such exercise.
(f) Notwithstanding the foregoing, the Company shall not be required to deliver any certificate for Warrant Shares upon exercise of this Warrant except in accordance with exemptions from the applicable securities registration requirements or registrations under applicable securities laws. Nothing herein shall obligate the Company to effect registrations under federal or state securities laws. If registrations are not in effect and if exemptions are not available when the Holder seeks to exercise the Warrant, the Warrant Exercise Period will be extended, if need be, to prevent the Warrant from expiring, until such time as either registrations become effective or exemptions are available, and the Warrant shall then remain exercisable for a period of at least 30 calendar days from the date the Company delivers to the Holder written notice of the availability of such registrations or exemptions. The Holder agrees to execute such documents and make such representations, warranties, and agreements as may be required solely to comply with the exemptions relied upon by the Company, or the registrations made, for the issuance of the Warrant Shares.
(g) Vested Warrants shall remain vested and exercisable in accordance with the terms of this Warrant following a termination of Holder’s employment with Company for any reason. Upon termination of Holder’s employment with the Company for any reason, Unvested Warrants will vest pro-rata for the days of employment in that year.
(h) Notwithstanding any provisions herein to the contrary and commencing in accordance with the vesting and exercise dates identified in Section 1(b) herein, if the Per Share Market Value of one share of Common Stock is greater than the Purchase Price (as defined and calculated herein) in lieu of exercising this Warrant by payment of cash, the Holder may exercise this Warrant by a cashless exercise and shall receive the number of shares of Common Stock equal to an amount (as determined below) by surrender of this Warrant at the principal office of the Issuer together with a properly endorsed Notice of Exercise in which event the Issuer shall issue to the Holder a number of shares of Common Stock computed using the following formula:
Where:
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X = the number of shares of Common Stock to be issued to the Holder in a cashless exercise |
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Y = the number of shares of Common Stock purchasable upon exercise of the portion of the Warrant being exercised |
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A = the Purchase Price, as defined herein |
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B = the per share market value of one share of Common Stock as of market close on the business day prior to the Exercise Date |
2. Payment of Taxes. All Warrant Shares issued upon the exercise of this Warrant shall be validly issued, fully paid and non-assessable and the Company shall pay all taxes and other governmental charges that may be imposed in respect of the issue or delivery thereof.
3. Certain Adjustments.
(a) Adjustment for Reorganization, Consolidation, Merger. In case of any reclassification or change of outstanding Company securities, or of any reorganization of the Company (or any other entity, the stock or securities of which are at the time receivable upon the exercise of this Warrant) or any similar corporate reorganization on or after the date hereof, then and in each such case Holder, upon the exercise hereof at any time after the consummation of such reclassification, change, reorganization, merger or conveyance, shall be entitled to receive, in lieu of the stock or other securities and property receivable upon the exercise hereof prior to such consummation, the stock or other securities or property to which Holder would have been entitled upon such consummation if Holder had exercised this Warrant immediately prior thereto, the terms of this Section 3 shall be applicable to the Company securities properly receivable upon the exercise of this Warrant after such consummation.
(b) Adjustments for Dividends in Common Stock. If the Company at any time or from time to time after the Issue Date declares any dividend on the Common Stock which is payable in shares of Common Stock, the number of Warrant Shares issuable upon exercise of this Warrant shall be proportionately increased and the Purchase Price shall be proportionately decreased.
(c) Stock Split and Reverse Stock Split. If the Company at any time or from time to time after the Issue Date effects a subdivision of the Common Stock, the Purchase Price shall be proportionately decreased and the number of Warrant Shares issuable upon exercise of this Warrant shall be proportionately increased. If the Company at any time or from time to time after the Issue Date combines the outstanding shares of Common Stock into a smaller number of shares, the Purchase Price shall be proportionately increased and the number of Warrant Shares issuable upon exercise of this Warrant shall be proportionately decreased. Each adjustment under this Section 3(c) shall become effective at the close of business on the date the subdivision or combination becomes effective.
(d) Certificate as to Adjustment. In each case of an adjustment in the shares of Common Stock receivable on the exercise of this Warrant, if Holder so requests in writing, the Company, at its expense, shall compute such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment and showing the facts upon which such adjustment is based. The Company will mail a copy of each such certificate to each holder of a Warrant at the time outstanding.
(e) Rights Under Warrant Agreement. The Company will not, by amendment of its Articles of Incorporation, or through reorganization, consolidation, merger, dissolution, issue or sale of securities, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the holders of the Warrants under this Warrant Agreement.
4. Notices of Record Date. If either (a) the Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive any dividend or other distribution, or any right to subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right; or (b) the Company undertakes a voluntary dissolution, liquidation or winding-up of the Company, then, and in each such case, the Company shall mail or cause to be mailed to each holder of a Warrant at the time outstanding a notice specifying, as the case may be, (1) the date on which a record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, or (2) the date on which such reorganization, reclassification, consolidation, merger, conveyance, dissolution, liquidation or winding-up is to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock shall be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, conveyance, dissolution, liquidation or winding-up.
5. No Rights as Stockholder. Prior to the exercise of this Warrant, Holder shall not be entitled to any rights of a shareholder with respect to the Warrant Shares, including without limitation the right to vote such Warrant Shares, receive dividends or other distributions thereon or be notified of stockholder meetings, and Holder shall not be entitled to any notice or other communication concerning the business or affairs of the Company. However, nothing in this Section 5 shall limit the right of Holder to be provided the notices required under this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.
6. Restrictions on Transfer. The Holder hereof shall not transfer this Warrant, with the exception of transfers to a Trust beneficially owned by Holder, to a Limited Liability Company or similar corporate vehicle wholly-owned by Holder or via transfer as part of the Estate upon the death of the Holder.
7. Accredited Investor. Holder, by acceptance hereof, agrees that it is, as of the Issue Date, an “accredited investor,” as such term is defined under Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended. Upon exercise of this Warrant, Holder shall confirm in writing, in the form of Exhibit A, that he is an accredited investor at the time of such exercise.
8. Investment Intent. Holder, by acceptance hereof, agrees that this Warrant is being acquired for investment and not with a view towards resale and that it will not offer, sell or otherwise dispose of this Warrant except under circumstances which will not result in a violation of the Securities Act. Upon exercise of this Warrant, Holder shall confirm in writing, in the form of Exhibit A, that the Warrant Shares so purchased are being acquired for investment and not with a view toward distribution or resale. This Warrant and all shares of Warrant Shares issued upon exercise of this Warrant (unless registered under the Securities Act) shall be stamped or imprinted with a similar legend indicated on the first page of this Warrant.
9. Loss or Mutilation. Upon receipt by the Company of evidence satisfactory to it (in the exercise of reasonable discretion) of the ownership of and the loss, theft, destruction or mutilation of any Warrant and, in the case of loss, theft or destruction, of indemnity satisfactory to it (in the exercise of reasonable discretion), and in the case of mutilation, upon surrender and cancellation thereof, the Company will execute and deliver in lieu thereof a new Warrant of like tenor.
10. Notices. All notices, requests, consents and other communications given hereunder to any party shall be deemed to be sufficient if contained in a written instrument: (a) delivered in person, (b) sent by confirmed facsimile transmission to the number provided by the receiving party, or (c) duly sent by first class registered or certified mail, return receipt requested, postage prepaid, or overnight delivery service (e.g., Federal Express), addressed to such party at the address designated in writing by receiving party, as may be revised by the receiving party. All such notices and communications shall be deemed to have been received (i) in the case of personal delivery, on the date of such delivery, (ii) in the case of facsimile transmission, on the date of transmission, and (iii) in the case of mailing or delivery by service, on the date of delivery as shown on the return receipt or delivery service statement.
11. Change; Waiver. Neither this Warrant nor any term hereof may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the Company and the Holder.
12. Headings. The headings in this Warrant are for purposes of convenience in reference only, and shall not be deemed to constitute a part hereof.
13. Governing Law. This Warrant shall be construed and enforced in accordance with and governed by the internal laws of the state of Delaware.
IN WITNESS WHEREOF, the Company has caused its duly authorized officer to execute this Warrant as of the date first above written.
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COMPANY: |
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| AIR T, INC. | |||
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By: |
/s/ Nicholas Swenson |
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Chief Executive Officer |
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Acknowledged and agreed to this 30th day of November, 2018.
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HOLDER: |
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EXHIBIT A
SUBSCRIPTION FORM
(To be executed only upon exercise of Warrant)
The undersigned registered owner of this Warrant irrevocably exercises this Warrant and purchases ____________ (___) of the number of shares of Common Stock of AIR T, INC., a Delaware corporation, purchasable with this Warrant, and makes payment therefore in the amount of [__________________ and ___/100 DOLLARS ($____).
The undersigned hereby represents and warrants that the undersigned is an “accredited investor,” as such term is defined under Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended, and is acquiring such shares of Common Stock for the undersigned’s own account for investment purposes only, and not for resale or with a view to distribution of such shares or any part thereof.
Dated:_________________ ___, 20___
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| (Signature of Registered Owner) | |||
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| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 6/30/23 | ||||
| 6/30/22 | ||||
| 6/30/21 | ||||
| 6/30/20 | 10-Q | |||
| 6/30/19 | 10-Q | |||
| Filed on: | 2/14/19 | 4 | ||
| For Period end: | 12/31/18 | SD | ||
| 11/30/18 | 4 | |||
| 5/7/18 | 3, 8-K | |||
| List all Filings | ||||