Company: PAMT
Filing Date: 2025-05-12
Form Type: 8-K
Source: 0001683168-25-003438
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Company: PAMT CORP
Filing Date: 2025-05-12
Form: 8-K
Item: Item 5.02
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Item 5.02      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of  

Resignation of the Chief Executive Officer
and Appointment of Interim Chief Executive Officer

On May 8, 2025, Joseph A. Vitiritto, President
and Chief Executive Officer (“ CEO”) of PAMT CORP (the “ Company”), notified the Company that he intends to
resign his positions with the Company, effective June 27, 2025, for family reasons.

On May 8, 2025, the Board of Directors of the
Company appointed Matthew T. Moroun, Chairman of the Company’s Board of Directors, to serve as interim President and CEO of the
Company, effective June 27, 2025, until a permanent President and CEO is selected. Mr. Moroun will continue to serve as Chairman of the
Board and will not receive any additional compensation for his service as interim President and CEO. Mr. Vitiritto will remain in his
current role as President and CEO and a director of the Company until his resignation date.

Matthew T. Moroun, age 52, has served as a director
of the Company since 1992 and as Chairman of the Board of the Company since 2007. He currently serves as Chairman and President of a diversified
holding company based in Warren, Michigan. He is also Chairman of an insurance and real estate holding company based in Sterling Heights,
Michigan. Mr. Moroun owns or controls other privately-held businesses engaged in transportation services and real estate acquisition,
development, and management. He is currently Chairman of the Company’s Executive Committee and Chairman of the Company’s Compensation
Committee and served as the interim President and CEO of the Company from May 2020 to August 2020. Mr. Moroun has served as a director
and as Chairman of the Board of Universal Logistics Holdings, Inc. (NASDAQ: ULH) since 2004.

Information regarding certain transactions between
the Company and certain companies owned or controlled by Matthew T. Moroun is described on pages 32-33 of the Company’s definitive
proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 11, 2025, which description is incorporated
herein by reference.

Amended and Restated Indemnification Agreement

On May 8, 2025, the Board of Directors of the
Company approved an updated form of indemnification