Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 453

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 6
Chunk 453
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 it is more likely than not that the position will be sustained on examination by taxing authorities, based on the technical merits of the position. As of  December 31, 2024, an adjustment to the Company’s consolidated financial statements for uncertain tax positions has not been required as management believes that the Company’s tax positions taken in income tax returns filed or to be filed are supported by clear and unambiguous income tax laws. The Company recognizes interest and penalties related to uncertain income tax positions, if any, in income tax expense. During 2024 and 2023, the Company has not recognized or accrued any interest or penalties related to uncertain income tax positions.
    
   The Company and its subsidiaries are subject to U.S. and Canadian federal income tax laws as well as the income tax laws of multiple state jurisdictions. The major tax jurisdictions in which the Company operates generally provide for a deficiency assessment statute of limitation period of three years, and as a result, the Company’s tax years 2021 and forward remain open to examination in those jurisdictions.

    13.  STOCK-BASED COMPENSATION 

   The Company maintains a stock incentive plan under which incentive and nonqualified stock options and other stock awards  may be granted. On  February 15, 2024, the Company’s Board of Directors adopted, and on  October 31, 2024, our shareholders approved, the 2024 Equity Incentive Plan (the “2024 Plan”). Under the 2024 Plan, 1,600,000 shares are reserved for the issuance of stock awards to employees, officers, directors, consultants and advisors of the Company. The stock option exercise price and the restricted stock purchase price under the 2024 Plan shall not be less than 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 award is granted.  As of  December 31, 2024, the company did not grant any shares of its common stock under the 2024 Plan.
    Prior to the 2024 Plan, the Company maintained a stock incentive plan (the “Plan”) under which incentive and nonqualified stock options and other stock awards could be granted. On  March 13, 2014, the Company’s Board of Directors adopted, and on  May 29, 2014, our shareholders approved,