Air T Inc. Chief Executive Officer Nicholas Swenson received $50,000 in compensation for the third year in a row, according to a proxy statement released Tuesday morning.
Per Swenson’s own request, he has received a below-market rate compensation of $50,000 beginning in 2014.
Additionally, beginning in 2014 Swenson entered into an agreement that he will not participate in any bonus or equity compensation arrangement and declined to participate in any employee benefit plan.
The chief executive officer exercised stock options Monday morning however, purchasing 1,988 shares of stock at the price of $21.05 per share for a total transaction valued at $41,848.40, according to a filing with the Securities and Exchange Commission.
Following the purchase, Swenson now owns 40,307 shares in the company, valued at nearly $849,000.
The holding company’s Chief Financial Officer Candice Otey received a 9 percent increase in total compensation for the year, from $238,000 to $261,000.
The company will hold its annual shareholders meeting Monday, Dec. 11, at 10 a.m.
Air T provides overnight air freight services to the delivery industry, manufactures and sells special purpose industrial equipment and provides facilities maintenance to airlines.
Stock of Air T closed Tuesday afternoon at $21.90, up 2 percent.