CUMULATIVE CAPITAL SECURITIES PURCHASE WARRANTCumulative Capital Securities Purchase Warrant • June 13th, 2019 • Air T Inc • Air courier services • New York
THIS CUMULATIVE CAPITAL SECURITIES PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on the one year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from Air T Funding, a Delaware statutory trust (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”) of cumulative capital securities of Air T Funding (also referred to as the Alpha Income Trust Preferred Securities), liquidation value $2.50 per share (the “Cumulative Capital Securities”). The purchase price of one share of Cumulative Capital Securities under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).
