Air T, Inc. – SEPARATION AGREEMENT AND RELEASE This SEVERANCE AGREEMENT AND RELEASE ("The Agreement") Is Dated as of the 5th Day of November 2013, by and Between Walter Clark ("Executive"), a Resident of North Carolina, and Air T, Inc. (The "Company"), a Delaware Corporation Headquartered in Maiden, North Carolina. Background Agreement 1. Date of Termination. Executive Confirms His Resignation as of October 30, 2013 as President and Chief Executive Officer of the Company and His Continuation of Employment by the Company Since October 30, 2013, in a Lesser Capacity, but at the Same Salary, Incentive Pay and (November 5th, 2013)
In the event of a Change of Control, the Option shall become fully exercisable and vested to the full extent of the original grant.