<SEC-DOCUMENT>0000897069-20-000178.txt : 20200401
<SEC-HEADER>0000897069-20-000178.hdr.sgml : 20200401
<ACCEPTANCE-DATETIME>20200401164440
ACCESSION NUMBER:		0000897069-20-000178
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200401
DATE AS OF CHANGE:		20200401

SUBJECT COMPANY:	

	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

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-33793
		FILM NUMBER:		20765939

	BUSINESS ADDRESS:	
		STREET 1:		5930 BALSOM RIDGE ROAD
		CITY:			DENVER
		STATE:			NC
		ZIP:			28037
		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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Swenson Nicholas John
		CENTRAL INDEX KEY:			0001478067

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	MAIL ADDRESS:	
		STREET 1:		5000 WEST 36TH STREET
		STREET 2:		SUITE 130
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55416
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>cmw201.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Foley & Lardner LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold;">Washington, D.C.&#160; 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">SCHEDULE 13D/A</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Under the Securities Exchange Act of 1934</div>
    <div style="text-align: center; font-weight: bold;">(Amendment No. 24)</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">AIR T, INC.</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">
        <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
    </div>
    <div style="text-align: center;">(Name of Issuer)</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center;">Common Stock, par value of $.25 per share</div>
      <div style="text-align: center;">
        <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
    </div>
    <div style="text-align: center;">(Title of Class of Securities)</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center;">009207101</div>
      <div style="text-align: center;">
        <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
    </div>
    <div style="text-align: center;">(CUSIP Number)</div>
    <div><br>
    </div>
    <div style="text-align: center;">AO Partners I, L.P.</div>
    <div style="text-align: center;">3033 Excelsior Blvd., Suite 560</div>
    <div style="text-align: center;">Minneapolis, MN 55416</div>
    <div>
      <div style="text-align: center;">Telephone: (612) 353-6380</div>
      <div style="text-align: center;">
        <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
    </div>
    <div style="text-align: center;">(Name, Address and Telephone Number of Persons Authorized to Receive Notices and Communications)</div>
    <div>
      <div><br>
      </div>
      <div style="text-align: center;">March 23, 2020</div>
      <div style="text-align: center;">
        <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
    </div>
    <div style="text-align: center;">(Date of Event which Requires Filing of this Statement)</div>
    <div><br>
    </div>
    <div>If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this
      schedule because of &#167;&#167;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. &#9744;</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z18f34168c2814349a4955d12a4f67a4b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">1</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">NAME OF REPORTING PERSON</div>
            <div>&#160;</div>
            <div>AO Partners I, L.P.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">2</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="font-size: 8pt;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="margin-left: 3.2pt; font-size: 8pt;">(a) &#9746;<br>
              (b) &#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">3</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">SEC USE ONLY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">4</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>WC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">5</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="font-size: 8pt;">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160;&#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">6</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div>&#160;</div>
            <div>Delaware</div>
          </td>
        </tr>
        <tr>
          <td style="width: 19.88%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="4" colspan="2">
            <div style="text-align: center; font-weight: bold;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td style="width: 6.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">7</div>
          </td>
          <td style="width: 73.13%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SOLE VOTING POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">8</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SHARED VOTING POWER</div>
            <div>&#160;</div>
            <div>883,557</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">9</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SOLE DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">10</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SHARED DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>883,557</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">11</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div>&#160;</div>
            <div>883,557</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">12</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div><font style="font-size: 8pt;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
                INSTRUCTIONS</font>)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;&#9746;
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">13</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            <div>&#160;</div>
            <div>30.3%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">14</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>PN</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z7b93494f35c4401789ab66b93d245499" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">1</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">NAME OF REPORTING PERSON</div>
            <div>&#160;</div>
            <div>AO Partners, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">2</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="font-size: 8pt;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="margin-left: 3.2pt; font-size: 8pt;">(a) &#9746;<br>
              (b) &#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">3</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">SEC USE ONLY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">4</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>WC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">5</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="font-size: 8pt;">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160;&#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">6</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div>&#160;</div>
            <div>Delaware</div>
          </td>
        </tr>
        <tr>
          <td style="width: 19.88%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="4" colspan="2">
            <div style="text-align: center; font-weight: bold;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td style="width: 6.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">7</div>
          </td>
          <td style="width: 73.13%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SOLE VOTING POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">8</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SHARED VOTING POWER</div>
            <div>&#160;</div>
            <div>883,557</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">9</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SOLE DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">10</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SHARED DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>883,557</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">11</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div>&#160;</div>
            <div>883,557</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">12</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div><font style="font-size: 8pt;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
                INSTRUCTIONS</font>)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;&#9746;
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">13</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            <div>&#160;</div>
            <div>30.3%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">14</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>OO</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zded3f6bf69e643bd938ae6737b521bdb" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">1</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">NAME OF REPORTING PERSON</div>
            <div>&#160;</div>
            <div>Nicholas J. Swenson</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">2</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="font-size: 8pt;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="margin-left: 3.2pt; font-size: 8pt;">(a) &#9746;<br>
              (b) &#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">3</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">SEC USE ONLY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">4</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>PF</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">5</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="font-size: 8pt;">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160;&#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">6</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div>&#160;</div>
            <div>United States</div>
          </td>
        </tr>
        <tr>
          <td style="width: 19.88%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="4" colspan="2">
            <div style="text-align: center; font-weight: bold;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td style="width: 6.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">7</div>
          </td>
          <td style="width: 73.13%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SOLE VOTING POWER</div>
            <div>&#160;</div>
            <div>157,899<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">8</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SHARED VOTING POWER</div>
            <div>&#160;</div>
            <div>1,106,664</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">9</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SOLE DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>157,899<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">10</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SHARED DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>1,106,664</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">11</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div>&#160;</div>
            <div>1,264,563</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">12</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div><font style="font-size: 8pt;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
                INSTRUCTIONS</font>)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;&#9744;</td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">13</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            <div>&#160;</div>
            <div>43.4%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">14</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>IN</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)&#160; </sup>Includes 2,500 shares underlying stock options, which options are currently exercisable.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd2b8cca408c04ab2b2938cfae22bb5c5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">1</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">NAME OF REPORTING PERSON</div>
            <div>&#160;</div>
            <div>Groveland Capital, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">2</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="font-size: 8pt;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="margin-left: 3.2pt; font-size: 8pt;">(a) &#9746;<br>
              (b) &#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">3</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">SEC USE ONLY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">4</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>WC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">5</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="font-size: 8pt;">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;&#9744;
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">6</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div>&#160;</div>
            <div>Delaware</div>
          </td>
        </tr>
        <tr>
          <td style="width: 19.88%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="4" colspan="2">
            <div style="text-align: center; font-weight: bold;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td style="width: 6.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">7</div>
          </td>
          <td style="width: 73.13%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SOLE VOTING POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">8</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SHARED VOTING POWER</div>
            <div>&#160;</div>
            <div>53,301</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">9</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SOLE DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">10</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SHARED DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>53,301</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">11</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div>&#160;</div>
            <div>53,301</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">12</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div><font style="font-size: 8pt;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
                INSTRUCTIONS</font>)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;&#9746;
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">13</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            <div>&#160;</div>
            <div>1.8%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">14</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>OO</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z327b38b647b44f96ab179ada68e4d084" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">1</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">NAME OF REPORTING PERSON</div>
            <div>&#160;</div>
            <div>Groveland DST, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">2</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="font-size: 8pt;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="margin-left: 3.2pt; font-size: 8pt;">(a) &#9746;<br>
              (b) &#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">3</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">SEC USE ONLY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">4</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>WC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">5</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="font-size: 8pt;">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160;&#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">6</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div>&#160;</div>
            <div>South Dakota</div>
          </td>
        </tr>
        <tr>
          <td style="width: 19.88%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="4" colspan="2">
            <div style="text-align: center; font-weight: bold;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td style="width: 6.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">7</div>
          </td>
          <td style="width: 73.13%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SOLE VOTING POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">8</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SHARED VOTING POWER</div>
            <div>&#160;</div>
            <div>169,806</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">9</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SOLE DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">10</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SHARED DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>169,806</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">11</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div>&#160;</div>
            <div>169,806</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">12</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div><font style="font-size: 8pt;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
                INSTRUCTIONS</font>)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;&#9746;
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">13</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            <div>&#160;</div>
            <div>5.8%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">14</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>OO</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z965d00757d654ab4bac8d3b966c29f33" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">1</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">NAME OF REPORTING PERSON</div>
            <div>&#160;</div>
            <div>Glenhurst Co.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">2</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="font-size: 8pt;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="margin-left: 3.2pt; font-size: 8pt;">(a) &#9746;<br>
              (b) &#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">3</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">SEC USE ONLY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">4</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>WC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">5</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="font-size: 8pt;">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160;&#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: 7.5pt; font-size: 14pt; font-weight: bold;">6</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div>&#160;</div>
            <div>Minnesota</div>
          </td>
        </tr>
        <tr>
          <td style="width: 19.88%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="4" colspan="2">
            <div style="text-align: center; font-weight: bold;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td style="width: 6.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">7</div>
          </td>
          <td style="width: 73.13%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SOLE VOTING POWER</div>
            <div>&#160;</div>
            <div>94,938</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">8</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SHARED VOTING POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">9</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SOLE DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>94,938</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.86%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 14pt; font-weight: bold;">10</div>
          </td>
          <td style="width: 64.09%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-size: 8pt;">SHARED DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">11</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div>94,938</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">12</div>
          </td>
          <td style="width: 76.95%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div><font style="font-size: 8pt;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
                INSTRUCTIONS</font>)</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 16.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Wingdings 2', serif; font-weight: bold;"><br>
            </div>
            <div>&#160;&#9746; </div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">13</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            <div>&#160;</div>
            <div>3.3%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 14pt; font-weight: bold;">14</div>
          </td>
          <td style="width: 92.98%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
            <div style="font-size: 8pt;">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
            <div>OO</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div>Item 1.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt">&#160;</font><u>Security and Issuer</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">This Amended Schedule 13D relates to shares of the Common Stock, $.25 par value (the &#8220;<u>Common Stock</u>&#8221;), of Air T, Inc., a Delaware corporation (the &#8220;<u>Issuer</u>&#8221; or &#8220;<u>Air T</u>&#8221;).&#160; The address of the principal executive offices of the Issuer is 5930 Balsom Ridge Road, Denver, North Carolina 28037.</div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z74a7a18f081c485b986a3335cb1ee018" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">Item 2.</td>
              <td style="width: auto; vertical-align: top;">
                <div><u>Identity and Background</u>.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">This Amended Schedule 13D is being filed jointly by the parties identified below.&#160; The parties identified in the list below constitute
      the &#8220;<u>AO Partners Group</u>&#8221;:</div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z20e12442bab5462e8cb33cfb263cd082" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>AO Partners I, L.P., a Delaware limited partnership (&#8220;<u>AO Partners Fund</u>&#8221;).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z50f281aa4e6041b2813074b8090c43ec" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>AO Partners, LLC, a Delaware limited liability company and General Partner of AO Partners (&#8220;<u>AO Partners</u>&#8221;).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6f4d940b63c24533adb2a8f812fb5048" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Groveland Capital LLC, a Delaware limited liability company and registered investment adviser (&#8220;<u>Groveland Capital</u>&#8221;).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z7b94ad2b567e45b181ab16f5c836080f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Groveland DST, LLC, a South Dakota limited liability company (&#8220;<u>Groveland DST</u>&#8221;).&#160;
                  Nicholas J. Swenson is the sole Managing Member and President of Groveland DST, LLC.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zacc285b173254b0ea2d09227b65afc31" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Glenhurst Co., a Minnesota corporation (&#8220;Glenhurst&#8221;).&#160; Glenhurst is wholly owned by Nicholas J. Swenson.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z64928372f9504ea8abe350ef9517d18a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Nicholas J. Swenson as the Managing Member of AO Partners, Groveland Capital and Groveland DST; as the sole owner of Glenhurst; and as an individual beneficially
                  owning shares of Common Stock in his own name.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">Each member of the AO Partners Group, is referred to herein as a &#8220;<u>Reporting Party</u>&#8221; and, collectively, as the &#8220;<u>Reporting Parties</u>.&#8221;&#160; Each of the Reporting Parties is a party to that certain Joint Filing
      Agreement attached as <u>Exhibit 99.1</u> hereto.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(a) &#8211; (c)&#160; This statement is filed by Mr. Swenson, with respect to the shares of Common Stock beneficially owned by him, as follows:&#160;
      (i) shares of Common Stock held in the name of AO Partners Fund in Mr. Swenson&#8217;s capacity as Managing Member of AO Partners; (ii) shares of Common Stock held in the name of Groveland Capital in Mr. Swenson&#8217;s capacity as the Managing Member of
      Groveland Capital; (iii) shares of Common Stock held in the name of Groveland DST in Mr. Swenson&#8217;s capacity as Managing Member and President of Groveland DST; (iv) shares of Common Stock held in the name of Glenhurst in Mr. Swenson&#8217;s capacity as the
      sole owner of Glenhurst; and (v) in Mr. Swenson&#8217;s capacity as an individual beneficially owning shares of Common Stock in his own name.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">The principal business address of each of AO Partners Fund, AO Partners, Groveland Capital, Groveland DST, Glenhurst and Mr.&#160;Swenson is
      3033 Excelsior Blvd., Suite 560, Minneapolis, MN 55416.&#160; Each of AO Partners Fund, AO Partners, Groveland Capital, Groveland DST and Glenhurst are engaged in various interests, including investments.&#160; The principal employment of Mr. Swenson is (1)
      private investor and (2) serving as the sole Managing Member of AO Partners, Groveland Capital and Groveland DST.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(d)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>None of the Reporting Parties described herein has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(e)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>None of the Reporting Parties described herein has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction
        and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to
        such laws.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(f)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Mr. Swenson is a citizen of the United States of America.</div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zfbb8786ccff344a5984716f7941abd7c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">Item 3.</td>
              <td style="width: auto; vertical-align: top;">
                <div><u>Source and Amount of Funds or Other Consideration.</u></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">The Common Stock of the AO Partners Group was acquired in open market purchases with working capital of AO&#160;Partners Fund, Groveland
      Capital, Groveland DST and Glenhurst, and the personal investment capital of Mr.&#160;Swenson.&#160; The amount of funds expended to acquire these shares is $10,558,919.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">The Issuer granted Mr. Swenson the stock options reported in this Amended Schedule 13D for his service on the Issuer&#8217;s board of
      directors.</div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zd878209917d9466b9d962c38d563d2d9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">Item 4.</td>
              <td style="width: auto; vertical-align: top;">
                <div><u>Purpose of Transaction</u>.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">The AO Partners Group acquired shares of Common Stock because it believes that the Common Stock is undervalued.&#160; The AO Partners Group&#8217;s
      intent is to influence the policies of the Issuer and assert shareholder rights, with a goal of maximizing the value of the Common Stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">The Reporting Parties may make further purchases of shares of Common Stock.&#160; The Reporting Parties may dispose of any or all the shares
      of Common Stock held by them.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">To the extent the actions described herein may be deemed to constitute a &#8220;control purpose&#8221; with respect to the Securities Exchange Act
      of 1934, as amended, and the regulations thereunder, the Reporting Parties have such a purpose.&#160; Except as noted in this Amended Schedule 13D, none of the Reporting Parties currently has any plans or proposals, which relate to, or would result in,
      any of the matters referred to in paragraphs (b) through (j), inclusive of Item (4) of Schedule 13D.&#160; Such individuals may, at any time and from time to time, review or reconsider their positions and formulate plans or proposals with respect thereto.</div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zed53d9c9182442b59170e67778d77700" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">Item 5.</td>
              <td style="width: auto; vertical-align: top;">
                <div><u>Interests in Securities of the Issuer</u>.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(a)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The following list sets forth the aggregate number and percentage (based on 2,912,599 shares of Common Stock outstanding as of January 31, 2020, as reported in the Issuer&#8217;s Form
        10-Q, for the period ended December 31, 2019) of outstanding shares of Common Stock owned beneficially by each reporting party named in Item 2:</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z99b134c684e0485f9998561b3651fae1" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Name</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Shares of Common Stock Beneficially Owned</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">Percentage of Shares of Common Stock Beneficially Owned</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>AO Partners Fund</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>883,557</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div>30.3%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>AO Partners <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>883,557</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div>30.3%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Groveland Capital <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>53,301</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div>1.8%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Groveland DST <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>169,806</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div>5.8%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Glenhurst Co. <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>94,938</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div>3.3%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Nicholas J. Swenson <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>1,264,563</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div>43.4%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z0e4dc7b0498040d0987a0bee26834519" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>AO Partners is the General Partner of AO Partners Fund and, as General Partner, has voting and dispositive power with regard to the shares of Common Stock held by
                  AO Partners Fund.&#160; Because Mr. Swenson is the Managing Member of AO Partners, he has the power to direct the affairs of AO Partners.&#160; Therefore, AO&#160;Partners may be deemed to share with Mr. Swenson voting and dispositive power with regard
                  to the shares of Common Stock held by AO Partners Fund.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z74f0e3ed6e9d49a59db150656c6c8750" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Because Mr. Swenson is the Managing Member of Groveland Capital, he has the power to direct the affairs of Groveland Capital, including the voting and disposition
                  of shares of Common Stock held in the name of Groveland Capital.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z6b088ceb8c964c70bff56d11a0a719d9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Because Mr. Swenson is the Managing Member and President of Groveland DST, he has the power to direct the affairs of Groveland DST, including the voting and
                  disposition of shares of Common Stock held in the name of Groveland DST.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z843abb0776924cd78244bae1fe5af4d3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Because Mr. Swenson is the sole owner of Glenhurst, he has the power to direct the affairs of Glenhurst, including the voting and disposition of shares of Common
                  Stock held in the name of Glenhurst.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb76d43e63032492884293a2da13c0d33" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">(5)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Because Mr. Swenson is the Managing Member of AO Partners, the General Partner of AO Partners Fund, he has the power to direct the affairs of AO Partners Fund,
                  including the voting and disposition of shares of Common Stock held in the name of AO Partners Fund.&#160; Because Mr. Swenson is the Managing Member of Groveland Capital, he has the power to direct the affairs of Groveland Capital, including
                  the voting and disposition of shares of Common Stock held in the name of Groveland Capital.&#160; Because Mr. Swenson is the Managing Member and President of Groveland DST, he has the power to direct the affairs of Groveland DST, including the
                  voting and disposition of shares of Common Stock held in the name of Groveland DST.&#160; Because Mr. Swenson is the sole owner of Glenhurst, he has the power to direct the affairs of Glenhurst, including the voting and disposition of shares
                  of Common Stock held in the name of Glenhurst.&#160; Therefore, Mr. Swenson is deemed to share voting and dispositive power with AO Partners Fund Groveland Capital, Groveland DST and Glenhurst with regard to those shares of Common Stock.&#160; The
                  Issuer granted Mr.&#160;Swenson stock options for 2,500 shares for his service on the Issuer&#8217;s board of directors.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(b)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Mr. Swenson has shared voting and dispositive power of the Common Stock beneficially owned by AO Partners and AO Partners Fund and the Common Stock beneficially owned by
        Groveland Capital, Groveland DST and Glenhurst by virtue of each such entity&#8217;s and person&#8217;s relationship to the other as described in Item 5(a).</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;">(c)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The following purchases have occurred in the past sixty days:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z1b88a8c96b824171a9607e5d59889326" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 19.92%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Name</div>
          </td>
          <td style="width: 15.04%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Trade Date</div>
          </td>
          <td style="width: 19.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Number of Shares Purchased</div>
          </td>
          <td style="width: 17.86%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Price Per Share</div>
          </td>
          <td style="width: 27.44%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">Where and How Transaction was Effected</div>
          </td>
        </tr>
        <tr>
          <td style="width: 19.92%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Glenhurst Co.</div>
          </td>
          <td style="width: 15.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">3/19/2020</div>
          </td>
          <td style="width: 19.74%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 30.6pt;">7,498</div>
          </td>
          <td style="width: 17.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$10.50</div>
          </td>
          <td style="width: 27.44%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Open Market Purchase</div>
          </td>
        </tr>
        <tr>
          <td style="width: 19.92%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">A.O. Partners</div>
          </td>
          <td style="width: 15.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">3/23/2020</div>
          </td>
          <td style="width: 19.74%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 30.6pt;">2,862</div>
          </td>
          <td style="width: 17.86%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$11.95</div>
          </td>
          <td style="width: 27.44%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Open Market Purchase</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 72pt;">(d)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 28.8pt">&#160;</font>No person other than the Reporting Parties is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Common
        Stock beneficially owned by any Reporting Party.</div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;">(e)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 28.8pt">&#160;</font>Not applicable.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Item 6.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 64.8pt">&#160;</font><u>Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">With respect to AO Partners Fund, AO Partners is entitled to (1) an allocation of a portion of profits, if any, and
      (2) a management fee based upon a percentage of total capital.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">Mr. Swenson is indemnified by AO Partners Fund, AO Partners, Groveland Capital, Groveland DST and Glenhurst for
      liabilities he may incur in connection with his duties for the AO Partners Group.&#160; Mr.&#160;Swenson is not and will not become a party to any agreement, arrangement or understanding with, and has not given any commitment or assurance to, AO Partners Fund,
      AO Partners, Groveland Capital, Groveland DST or Glenhurst (or any other person) as to how Mr. Swenson will, as a director or shareholder of the Issuer, act or vote on any issue or question.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">Other than the foregoing agreements and arrangements, and the Joint Filing Agreement filed as <u>Exhibit 1</u> hereto, there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 hereof and between such persons and any
      person with respect to any securities of the Issuer.</div>
    <div>Item 7.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt">&#160;</font><u>Material to be Filed as Exhibits</u>.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zcca152450a5a4afd96cadf936ab02229" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 23.26%; vertical-align: top;">
            <div style="text-align: center;"><u>Exhibit No.</u></div>
          </td>
          <td style="width: 76.74%; vertical-align: top;">
            <div><u>Description</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.26%; vertical-align: top;">&#160;</td>
          <td style="width: 76.74%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 23.26%; vertical-align: top;">
            <div style="text-align: center;">1</div>
          </td>
          <td style="width: 76.74%; vertical-align: top;">
            <div style="text-align: justify;">Joint Filing Agreement.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.26%; vertical-align: top;">
            <div style="text-align: center;">2</div>
          </td>
          <td style="width: 76.74%; vertical-align: top;">
            <div>March 30, 2012 Letter from Nick Swenson to the Chairman and Chief Executive Officer of the Issuer.*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.26%; vertical-align: top;">
            <div style="text-align: center;">3</div>
          </td>
          <td style="width: 76.74%; vertical-align: top;">
            <div>April 4, 2013 Email from Nick Swenson to the Lead Director of the Issuer.*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.26%; vertical-align: top;">
            <div style="text-align: center;">4</div>
          </td>
          <td style="width: 76.74%; vertical-align: top;">
            <div>April 25, 2013 Letter from Nick Swenson to the Lead Independent Director of the Issuer.*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.26%; vertical-align: top;">
            <div style="text-align: center;">5</div>
          </td>
          <td style="width: 76.74%; vertical-align: top;">
            <div>May 6, 2013 Letter from Nick Swenson to the Lead Independent Director of the Issuer.*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.26%; vertical-align: top;">
            <div style="text-align: center;">6</div>
          </td>
          <td style="width: 76.74%; vertical-align: top;">
            <div>Nomination Letter dated as of May 2, 2013 (submitted May 7, 2013).*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.26%; vertical-align: top;">
            <div style="text-align: center;">7</div>
          </td>
          <td style="width: 76.74%; vertical-align: top;">
            <div>May 22, 2013 Letter from Nick Swenson to the Lead Independent Director of the Issuer.*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.26%; vertical-align: top;">
            <div style="text-align: center;">8</div>
          </td>
          <td style="width: 76.74%; vertical-align: top;">
            <div>Supplemented Nomination Letter dated as of May 28, 2013.*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.26%; vertical-align: top;">
            <div style="text-align: center;">9</div>
          </td>
          <td style="width: 76.74%; vertical-align: top;">
            <div>Settlement Agreement, dated June 12, 2013, among the Reporting Parties and the Issuer.*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.26%; vertical-align: top;">
            <div style="text-align: center;">* Previously filed</div>
          </td>
          <td style="width: 76.74%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in
      this statement is true, complete and correct.</div>
    <div style="margin-bottom: 6pt;">Date:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt"> </font>April 1, 2020</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z73e54da8c2e84618b0b0172c2a6e9e34" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 75.24%; vertical-align: top;">
            <div>&#160;</div>
            <div>AO PARTNERS I, L.P.</div>
            <div>&#160;</div>
            <div>By:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>AO PARTNERS, LLC</div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160;&#160;&#160; General Partner</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>By:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 30.6pt">&#160;</font><u>/s/ Nicholas J. Swenson</u></div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Nicholas J. Swenson</div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Managing Member</div>
            <div>&#160;</div>
          </td>
          <td style="width: 24.76%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.24%; vertical-align: top;">
            <div>&#160;</div>
            <div>AO PARTNERS, LLC</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>By:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 30.6pt">&#160;</font><u>/s/ Nicholas J. Swenson</u></div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Nicholas J. Swenson</div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Managing Member</div>
            <div>&#160;</div>
          </td>
          <td style="width: 24.76%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.24%; vertical-align: top;">
            <div>&#160;</div>
            <div>GROVELAND CAPITAL LLC</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>By:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 30.6pt">&#160;</font><u>/s/ Nicholas J. Swenson</u></div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Nicholas J. Swenson</div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Managing Member</div>
            <div>&#160;</div>
          </td>
          <td style="width: 24.76%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.24%; vertical-align: top;">
            <div>&#160;</div>
            <div>GROVELAND DST, LLC</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>By:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 30.6pt">&#160;</font><u>/s/ Nicholas J. Swenson</u></div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Nicholas J. Swenson</div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Managing Member</div>
            <div>&#160;</div>
          </td>
          <td style="width: 24.76%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zeb930d2e5b024f4c815a20187170bc24" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 75.24%; vertical-align: top;">
            <div>&#160;</div>
            <div>GLENHURST CO.</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>By:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 30.6pt">&#160;</font><u>/s/ Nicholas J. Swenson</u></div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Nicholas J. Swenson</div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Sole Owner</div>
            <div>&#160;</div>
          </td>
          <td style="width: 24.76%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.24%; vertical-align: top;">
            <div>&#160;</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div><u>/s/ Nicholas J. Swenson</u></div>
            <div>Nicholas J. Swenson</div>
            <div>&#160;</div>
          </td>
          <td style="width: 24.76%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: right;">EXHIBIT 99.1</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;">JOINT FILING AGREEMENT</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to
      the joint filing on behalf of each of them of a Statement on Schedule 13D (including any and all amendments thereto) with respect to the Common Stock, par value of $.25 per share, of Air T, Inc., and further agree that this Joint Filing Agreement
      shall be included as an exhibit to such joint filing.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">The undersigned further agree that each party hereto is responsible for the timely filing of such Statement on
      Schedule 13D and any amendments thereto, and for the accuracy and completeness of the information concerning such party contained therein; provided, however, that no party is responsible for the accuracy or completeness of the information concerning
      any other party, unless such party knows or has reason to believe that such information is inaccurate.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">This Joint Filing Agreement may be signed in counterparts with the same effect as if the signature on each
      counterpart were upon the same instrument.</div>
    <div style="margin-bottom: 6pt;">Date:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt"> </font>April 1, 2020</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z99b94cfe5a4542a89c1f7a37c57e93e9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 75.24%; vertical-align: top;">
            <div>&#160;</div>
            <div>AO PARTNERS I, L.P.</div>
            <div>&#160;</div>
            <div>By:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>AO PARTNERS, LLC</div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160;&#160;&#160; General Partner</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>By:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 30.6pt">&#160;</font><u>/s/ Nicholas J. Swenson</u></div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Nicholas J. Swenson</div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Managing Member</div>
            <div>&#160;</div>
          </td>
          <td style="width: 24.76%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.24%; vertical-align: top;">
            <div>&#160;</div>
            <div>AO PARTNERS, LLC</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>By:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 30.6pt">&#160;</font><u>/s/ Nicholas J. Swenson</u></div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Nicholas J. Swenson</div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Managing Member</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 24.76%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zff77b6fb85774374aa1e6d942498b6e2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 75.24%; vertical-align: top;">
            <div>&#160;</div>
            <div>GROVELAND CAPITAL LLC</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>By:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 30.6pt">&#160;</font><u>/s/ Nicholas J. Swenson</u></div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Nicholas J. Swenson</div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Managing Member</div>
            <div>&#160;</div>
          </td>
          <td style="width: 24.76%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.24%; vertical-align: top;">
            <div>&#160;</div>
            <div>GROVELAND DST, LLC</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>By:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 30.6pt">&#160;</font><u>/s/ Nicholas J. Swenson</u></div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Nicholas J. Swenson</div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Managing Member</div>
            <div>&#160;</div>
          </td>
          <td style="width: 24.76%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.24%; vertical-align: top;">
            <div>&#160;</div>
            <div>GLENHURST CO.</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>By:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 30.6pt">&#160;</font><u>/s/ Nicholas J. Swenson</u></div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Nicholas J. Swenson</div>
            <div style="text-indent: 36pt;">&#160;&#160;&#160; Sole Owner</div>
            <div>&#160;</div>
          </td>
          <td style="width: 24.76%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75.24%; vertical-align: top;">
            <div>&#160;</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div><u>/s/ Nicholas J. Swenson</u></div>
            <div>Nicholas J. Swenson</div>
            <div>&#160;</div>
          </td>
          <td style="width: 24.76%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
