Company: PAMT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033356
Chunk: 12

Company: PAMT CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 12
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100% of the fair market value of the Company’s common stock on the date the award is granted. The fair market value is determined by the closing price of the Company’s common stock, on its primary exchange, on the same date that the option or other award is granted.
    
   In  August 2025, the Company granted awards of restricted stock units representing 100,000 shares of common stock to its Chief Executive Officer under the 2024 Plan. The stock award had a grant date fair value of $12.15 per share, based on the closing price of the Company’s stock on the date of grant. The awarded share units will vest in four equal installments beginning on  February 9, 2026.
    
   Prior to the 2024 Plan, the Company maintained the 2014 Amended and Restated Stock Option and Incentive Plan (the “2014 Plan”), which was adopted by the Company’s Board of Directors in  March 2014 and approved by the Company’s shareholders in  May 2014. Under the 2014 Plan, 3,000,000 shares (as adjusted for the Company’s 2-for-1 forward splits of its common stock paid in  August 2021 and  March 2022, respectively) were reserved for the issuance of stock awards to directors, officers, key employees, and others. The stock option exercise price and the restricted stock purchase price under the 2014 Plan were not to be less than 85% of the fair market value of the Company’s common stock on the date the award is granted. The fair market value was determined by the closing price of the Company’s common stock, on its primary exchange, on the same date that the option or award was granted. The 2014 Plan expired on  March 13, 2024, and no further grants  may be made under this plan. All outstanding unvested awards granted under the 2014 Plan, however, remain subject to the terms and conditions of the 2014 Plan.
    
   The total grant date fair value of stock vested during the first nine months of 2025 was approximately $437,000. The total pre-tax stock-based compensation expense, recognized in salaries, wages and benefits during the first nine months of 2025, was approximately $325,000 and includes approximately $45,000 recognized as a result of the issuance of shares to certain non-employee directors. The recognition of stock-based compensation expense decreased