Raymond Cabillot
About Raymond Cabillot
Raymond Cabillot (age 62) has served on Air T’s Board since November 2016 and has been the Lead Independent Director since 2019. He is CEO and director of Farnam Street Capital, Inc. (general partner of Farnam Street Partners L.P.) since 1998, previously a Senior Research Analyst at Piper Jaffray (1989–1997) and an investment professional at Prudential Capital Corporation. He sits on the boards of Oxbridge Re Holdings Limited (since 2013) and Pro-Dex, Inc. (since 2013), and was Chairman of O.I. Corporation (2007–2010). He holds a BA (economics and chemistry) from St. Olaf, an MBA from the University of Minnesota, and is a CFA charterholder .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Farnam Street Capital, Inc. | CEO & Director (GP of Farnam Street Partners L.P.) | Since 1998 | Leads investment partnership; brings financial/investment expertise to AIRT board |
| Piper Jaffray, Inc. | Senior Research Analyst | 1989–1997 | Sell-side research experience |
| Prudential Capital Corporation | Associate Investment Manager; Investment Manager | Early career | Debt/equity investment background |
External Roles
| Company | Role | Tenure | Notes |
|---|---|---|---|
| Oxbridge Re Holdings Limited | Director | Since 2013 | Specialty P&C reinsurer |
| Pro-Dex, Inc. | Director | Since 2013 | Surgical/dental/scientific instruments manufacturer |
| O.I. Corporation | Chairman of the Board | 2007–2010 | Prior public company chair experience |
Board Governance
- Independence: The Board determined Cabillot is independent under NASDAQ rules; only the CEO (Nick Swenson) and Gary Kohler are not independent .
- Lead Independent Director: Serves as Lead Independent Director (since 2019), acting as liaison and leading executive sessions .
- Committee assignments (FY ended Mar 31, 2025):
- Audit Committee: Member; designated “audit committee financial expert” by the Board. Audit met 5 times .
- Compensation Committee: Member; committee met 3 times .
- Nominating Committee: Member; committee met 3 times .
- Attendance: Each director attended at least 75% of Board/committee meetings; Board met 4 times in FY2025 .
| Committee | Cabillot’s Role | Chair? | Financial Expert? | FY2025 Meetings |
|---|---|---|---|---|
| Audit | Member | No | Yes | 5 |
| Compensation | Member | No | N/A | 3 |
| Nominating | Member | No | N/A | 3 |
Hedging policy: In March 2025, Air T adopted a policy prohibiting directors/officers/employees from hedging or monetization transactions in Company securities .
Fixed Compensation (Director)
| Component | FY2025 Structure/Amount |
|---|---|
| Monthly director fee | $1,500 per month |
| Meeting fee | $750 per Board/committee meeting (except Audit members receive monthly fee instead) |
| Audit Committee member fee | $1,750 per month (in lieu of meeting fees) |
| Audit Committee Chair fee | $2,600 per month |
| Lead Independent Director stipend | $500 per month |
| Total Director Compensation – Raymond Cabillot (cash) | $51,000 (FY ended Mar 31, 2025) |
All director compensation in FY2025 was paid in cash .
Performance Compensation (Director)
| Item | Details |
|---|---|
| Non-employee directors’ options outstanding (group) | 8,750 options outstanding under the 2020 Plan as of June 30, 2025 |
| Vesting mechanics | Options vest only if stock trades at/above tranche exercise prices near June 30 testing dates; otherwise the corresponding options expire; none were vested as of June 30, 2025 |
Other Directorships & Interlocks
| Entity | Nature of Interlock / Potential Information Flow |
|---|---|
| Pro-Dex, Inc. | Cabillot is a director; AIRT CEO Nick Swenson is Chairman and a director at Pro-Dex, creating a cross-board interlock that may affect information flow/network ties . |
Expertise & Qualifications
- Financial markets and investment management expertise (CEO of investment GP since 1998) .
- Recognized “audit committee financial expert” by the Board .
- Education: BA economics/chemistry (St. Olaf), MBA (University of Minnesota), CFA .
Equity Ownership
| Category (as of June 30, 2025) | Shares | Notes |
|---|---|---|
| Total beneficial ownership | 493,675 | 18.27% of shares outstanding (2,702,639) |
| Held by Farnam Street Partners, L.P. | 394,090 | Cabillot is an officer of FSC, GP of Farnam funds; shares voting/dispositive power with Peter O. Haeg |
| Held by FS Special Opportunities Fund I, L.P. | 55,793 | Through Farnam Street Capital, Inc. (GP) |
| Held by Car of MN, LLC | 13,146 | Cabillot is managing member |
| Individually owned by Cabillot | 20,646 | Direct individual ownership |
Security ownership roll-up shows “Farnam Street Partners, L.P. et al.” as an 18.27% beneficial owner of AIRT as of the same date .
Insider Trades (references)
| Date | Filing | Note |
|---|---|---|
| Aug 2025 | SEC Form 4 | Reporting person marked as Director and 10% Owner; see official filing for transaction details: https://www.sec.gov/Archives/edgar/data/353184/000035318425000092/xslF345X05/wk-form4_1755200804.xml |
| Aug 2025 | SEC Form 4 | Additional Form 4 reference: https://www.sec.gov/Archives/edgar/data/353184/000035318425000087/xslF345X05/wk-form4_1755200762.xml |
| Section 16 index | Company IR | AIRT Section 16 filings index: https://air-t-inc.ir.rdgfilings.com/section-16-filings/ |
Governance Assessment
-
Positives
- Independent Lead Director with capital markets depth; designated audit committee financial expert; engaged across all three key committees (Audit, Compensation, Nominating), which supports board effectiveness .
- Strong ownership alignment: 18.27% beneficial interest across vehicles and personal holdings, indicating significant “skin in the game” .
- Improved risk controls: 2025 policy prohibiting hedging by directors/officers/employees enhances alignment and governance hygiene .
- Attendance ≥75% across Board/committees; Board met 4 times in FY2025 (demonstrates baseline engagement) .
-
Watch items / potential conflicts
- Large-block holder status (18.27%) via funds he leads could create perceived influence over governance despite formal independence; transparency on recusal protocols where applicable is prudent .
- Cross-board interlock at Pro-Dex with AIRT CEO (Swenson) may raise perceived independence questions on certain matters; boards should monitor for potential conflicts and ensure robust recusal practices .
- Director pay is entirely cash for FY2025 (though there are group-level options outstanding with strict stock-price hurdles and none vested as of 6/30/2025); some investors prefer a greater portion of director equity retainer to enhance alignment, but Cabillot’s sizable ownership may already address alignment concerns .
-
Related-party checks
- No related-party transactions disclosed involving Cabillot; the disclosed RPT relates to CEO Swenson and Cadillac Castings investment/ownership (monitoring at board level remains important) .
Overall, Cabillot’s extensive investment and governance experience, significant ownership, and leadership as Lead Independent Director support investor confidence, with primary monitoring areas around large-owner influence and interlocks to preserve perceived independence .