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 OF SECURITIES
                                                                                  
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response... 0.5
                      
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

AO Partners I, LP 		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)

3033 EXCELSIOR BLVD, SUITE 560 		3. Date of Earliest Transaction (MM/DD/YYYY)

10/17/2014
(Street)

MINNEAPOLIS, MN 55416
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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   10/17/2014     P    650   A $13.0819   (3) 636548   D   (2)  
Common Stock   10/20/2014     P    7600   A $12.825   (4) 644148   D   (2)  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 7. Title and Amount of Securities Underlying Derivative Security
(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
Stock Option   $8.62                    8/30/2013   8/30/2022   Common Stock   2500     2500   D   (1)  

Explanation of Responses:
( 1)  The reported securities are owned directly by Nicholas J. Swenson, as a Director, Chairman and CEO of the issuer.
( 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, AO Partners, LLC and Nicholas J. Swenson disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein.
( 3)  The price in Column 4 is a weighted average price. The prices actually paid ranged from $13.06 to $13.08. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares purchased at each price within the range for all transactions reported in this Form 4 utilizing an average weighted price.
( 4)  The price in Column 4 is a weighted average price. The prices actually paid ranged from $12.78 to $13.04. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares purchased at each price within the range for all transactions reported in this Form 4 utilizing an average weighted price.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
AO Partners I, LP
3033 EXCELSIOR BLVD
SUITE 560
MINNEAPOLIS, MN 55416 		X X CEO
AO Partners LLC
3033 EXCELSIOR BOULEVARD, SUITE 560
MINNEAPOLIS, MN 55416
X

Swenson Nicholas John
3033 EXCELSIOR BOULEVARD
SUITE 560
MINNEAPOLIS, MN 55416
X


Signatures
'/s/ AO Partners I, LP, By AO Partners, LLC, General Partner, By Nicholas J. Swenson, Managing Member 10/21/2014
** Signature of Reporting Person Date

'/s/ AO Partners, LLC, By Nicholas J. Swenson, Managing Member 10/21/2014
** Signature of Reporting Person Date

'/s/ Nicholas J. Swenson 10/21/2014
** Signature of Reporting Person Date


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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
Air T (NASDAQ:AIRT)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Air T Charts.
Air T (NASDAQ:AIRT)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Air T Charts.