Amendment to Credit Agreement and Notes

On September 1, 2026, Air T, Inc. and its subsidiaries (the "Borrowers") entered into Amendment No. 7 to their Credit Agreement with Alerus Financial, National Association. This amendment increases the revolving credit commitment from $20.0 million to $25.0 million, with a termination date of August 27, 2029. It also revises the borrowing base calculations and introduces an accordion option allowing for an additional revolving commitment of up to $3.5 million per year under specified conditions. The amendment also includes the execution of an Amended and Restated Revolving Credit Note for $25.0 million and a Consolidated Term Note for $11.46 million, which consolidates previous loan balances. Interest rates are variable, based on CME one-month term SOFR plus a leverage-based margin ranging from 2.25% to 2.75%. A 0.25% annual unused commitment fee applies to the revolving commitment. The leverage ratio is capped at 3.00 to 1.00. The Borrowers remain jointly and severally obligated, secured by existing collateral. The agreement also incorporates a Federal Assignment of Claims Agreement for specific U.S. Air Force contract receivables.