Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 190

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1A
Chunk 190
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 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, the 2014 Amended and Restated Stock Option and Incentive Plan (the “Plan”) which amended and restated the Company’s 2006 Stock Option Plan. Under the Plan, 3,000,000 shares (as adjusted for the Company’s 2-for-1 forward split of its common stock paid in  August 2021 and the Company’s 2-for-1 forward split of its common stock paid in  March 2022) 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 was 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. This Plan expired on  March 13, 2024, and no further grants  may be made under the Plan. All outstanding unvested awards granted under the Plan, however, remain subject to the terms and conditions of the Plan.

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   During  May 2024, the Company issued 2,130 shares of common stock to non-employee directors. These shares had a grant date fair value of $17.60 per share, based on the closing price of the Company’s stock on the date of issuance. These shares are not registered under the Securities Act of 1933 and are subject restrictions on transfer under the requirements of such act and the rules and regulations thereunder.
    
   During  February 2023, the Company granted 28,313 shares of common stock to certain key employees. These stock awards had grant date fair values of $28.30 per share, based on the closing price of the Company’s stock on the date of grant, and vest in 25% increments over four years, beginning one year from the anniversary