Air T Inc. Air T Funding Alpha Income Trust filed SEC Form 8-K: Entry into a Material Definitive Agreement, Leadership Update, Financial Statements and Exhibits
$AIRTP
Air Freight/Delivery Services
Consumer Discretionary
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 02, 2024
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Item 1.01 Entry into a Material Definitive Agreement.
On August 7, 2024, Air T, Inc. (the “Company”) announced that Brian Ochocki will resign as Chief Financial Officer of the Company effective as of September 3, 2024. Mr. Ochocki will assist the Company to help transition his job responsibilities prior to his resignation. The Employment Agreement among the Company and Mr. Ochocki will terminate effective upon his resignation. Mr. Ochocki agreed to a release of any and all claims against the Company and its affiliates and related parties which in any way relate to Mr. Ochocki’s employment and association with the Company or the termination of that employment and association.
Mr. Ochocki will be entitled to the following in exchange for his covenants and releases: (a) Mr. Ochocki’s salary through the effective date of resignation, less applicable payroll deductions, within 14 days following the effective date of the release; (b) any prorated incentive payment for the fiscal year ending March 31, 2025, in the amount, if any, recommended by the CEO and approved by the Compensation Committee of the Board of Directors of the Company; and (c) the forfeiture of any non-vested stock options or restricted stock previously awarded to Mr. Ochocki under the Company’s equity incentive plans.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As reported under Item 1.01 above, the Company announced on August 7, 2024 that Brian Ochocki will resign as Chief Financial Officer of the Company effective as of September 3, 2024. Mr. Ochocki is resigning for personal reasons and there were no disagreements between Mr. Ochocki and the Company. His departure is not related to the operations, policies or practices of the Company or any issues regarding accounting policies or practices.
The Board of Directors of the Company has commenced a search of potential internal and external candidates to replace Mr. Ochocki. In the interim, the Company will appoint Tracy Kennedy, the Company’s Chief Accounting Officer, to assume the duties of principal financial officer of the Company effective September 3, 2024.
A copy of the press release announcing Mr. Ochocki’s resignation is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits
| 99.1 | ||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 7, 2024
AIR T, INC.
By: /s/ Nick Swenson
Nick Swenson, Chief Executive Officer