Company: PAMT
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001437749-25-011728
Chunk: 24

Company: PAMT CORP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 24
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 the minimum performance level. For purposes of this incentive plan, the applicable base salary was the named executive officer’s base salary in effect as of December 31, 2022 of $610,220 for Mr. Vitiritto.

For 2022, the Company achieved consolidated operating income of $123.8 million, a 23.5% increase over 2021 consolidated operating income of $100.2 million. Excluding cash bonus and stock compensation expense, the Company’s consolidated operating income, as adjusted, for 2022 was $127.5 million. As a result of the Company exceeding the target operating income performance level under the plan, Mr. Vitiritto earned a cash bonus of $549,198 for 2022 under the incentive plan for 2022. In addition, based on his leadership in achieving the target operating income performance level despite challenging operating conditions during 2022, Mr. Vitiritto was awarded a discretionary kicker bonus of $140,625. This bonus was paid in February 2023.

Other Compensation

Long-Term Equity Incentives. Long-term equity incentives are awarded to our named executive officers as part of our overall compensation package. These awards have historically been granted under our Amended and Restated Stock Option and Incentive Plan (the “2014 Plan”), which was adopted by the Board of Directors in March 2014 and approved by our shareholders in May 2014. The 2014 Plan authorized grants to our employees, directors, and consultants of awards of stock options, restricted stock, restricted stock units, stock appreciation rights, phantom stock units, and unrestricted common stock. A total of 3,000,000 shares of our common stock (as adjusted for the Company’s August 2021 and March 2022 2-for-1 forward stock splits) were reserved for the issuance of stock awards under the 2014 Plan. The 2014 Plan expired on March 13, 2024, and no further grants may be made under this plan.

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On February 15, 2024, our Board of Directors adopted and on October 31, 2024, our shareholders approved our 2024 Equity Incentive Plan (the “2024 Plan”). The 2024 Plan authorizes us to grant awards of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, performance shares and unrestricted shares of common stock