<SEC-DOCUMENT>0000921895-16-004392.txt : 20160509
<SEC-HEADER>0000921895-16-004392.hdr.sgml : 20160509
<ACCEPTANCE-DATETIME>20160509203300
ACCESSION NUMBER:		0000921895-16-004392
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20160505
FILED AS OF DATE:		20160509
DATE AS OF CHANGE:		20160509

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIR T INC
		CENTRAL INDEX KEY:			0000353184
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR COURIER SERVICES [4513]
		IRS NUMBER:				521206400
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		3524 AIRPORT RD
		CITY:			MAIDEN
		STATE:			NC
		ZIP:			28650
		BUSINESS PHONE:		7043772109

	MAIL ADDRESS:	
		STREET 1:		P O BOX 488
		CITY:			DENVER
		STATE:			NC
		ZIP:			28037

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AIR TRANSPORTATION HOLDING CO INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ATLANTA EXPRESS AIRLINE CORP
		DATE OF NAME CHANGE:	19840321

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LION FUND II, L.P.
		CENTRAL INDEX KEY:			0001580602
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35476
		FILM NUMBER:		161633410

	BUSINESS ADDRESS:	
		STREET 1:		17802 IH 10 WEST, SUITE 400
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78257
		BUSINESS PHONE:		210-344-3400

	MAIL ADDRESS:	
		STREET 1:		17802 IH 10 WEST, SUITE 400
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78257

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BIGLARI, SARDAR
		CENTRAL INDEX KEY:			0001334430

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35476
		FILM NUMBER:		161633411

	MAIL ADDRESS:	
		STREET 1:		C/O BIGLARI HOLDINGS INC.
		STREET 2:		17802 IH 10 WEST, SUITE 400
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78257

	FORMER NAME:	
		FORMER CONFORMED NAME:	Biglari Sardar
		DATE OF NAME CHANGE:	20050727

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BIGLARI CAPITAL CORP.
		CENTRAL INDEX KEY:			0001334429
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35476
		FILM NUMBER:		161633412

	BUSINESS ADDRESS:	
		STREET 1:		17802 IH 10 WEST, SUITE 400
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78257
		BUSINESS PHONE:		(210) 344-3400

	MAIL ADDRESS:	
		STREET 1:		17802 IH 10 WEST, SUITE 400
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78257
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form407428037_05052016.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2016-05-05</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000353184</issuerCik>
        <issuerName>AIR T INC</issuerName>
        <issuerTradingSymbol>AIRT</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001334429</rptOwnerCik>
            <rptOwnerName>BIGLARI CAPITAL CORP.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>17802 IH 10 WEST, SUITE 400</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN ANTONIO</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78257</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001334430</rptOwnerCik>
            <rptOwnerName>BIGLARI, SARDAR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>17802 IH 10 WEST, SUITE 400</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN ANTONIO</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78257</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001580602</rptOwnerCik>
            <rptOwnerName>LION FUND II, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>17802 IH 10 WEST, SUITE 400</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN ANTONIO</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78257</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.25</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2016-05-05</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>360</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>26.04</value>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>332952</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By The Lion Fund II, L.P.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.25</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2016-05-09</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>550</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>25.87</value>
                    <footnoteId id="F4"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>332402</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By The Lion Fund II, L.P.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">This Form 4 is filed jointly by The Lion Fund II, L.P. (the &quot;Lion Fund II&quot;), Biglari Capital Corp. (&quot;BCC&quot;) and Sardar Biglari. Each of the Lion Fund II, BCC and Mr. Biglari is a member of a Section 13(d) group that owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Lion Fund II, BCC and Mr. Biglari disclaims beneficial ownership of the shares of Common Stock reported herein except to the extent of its or his pecuniary interest therein.</footnote>
        <footnote id="F2">Shares owned directly by the Lion Fund II. BCC is the general partner of the Lion Fund II. Mr. Biglari is the Chairman and Chief Executive Officer of BCC and has investment discretion over the securities owned by the Lion Fund II. By virtue of these relationships, BCC and Mr. Biglari may be deemed to beneficially own the shares of Common Stock of the Issuer owned directly by the Lion Fund II.</footnote>
        <footnote id="F3">The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $26.00 to $26.25. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, uponrequest, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnotes 3 and 4 to this Form 4.</footnote>
        <footnote id="F4">The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $25.50 to $26.25.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>By: Biglari Capital Corp.; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer</signatureName>
        <signatureDate>2016-05-09</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>By: /s/ Biglari, Sardar</signatureName>
        <signatureDate>2016-05-09</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>By: The Lion Fund II, L.P.; By: Biglari Capital Corp., its general partner; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer</signatureName>
        <signatureDate>2016-05-09</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
