Company: PAMT
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001437749-25-011728
Chunk: 28

Company: PAMT CORP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 28
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 - |     |       |   478,810 |
| Vice President of Finance, Chief Financial Officer and Treasurer | 2023 |     |        | 344,840 |     |        |  80,000 |     |              |  68,486 |     |               | - |     |                                        |       - |     |                        | - |     |       |   493,326 |

| (1) | The amounts shown for 2024 and 2023 represent discretionary cash bonuses earned during the year reported and paid or payable at the rate of 50% during the February thereafter and 25% during each of the next two years. The amount shown for 2022 represents a discretionary cash bonus paid in February 2023. |

| (2) | Amounts shown do not reflect compensation actually received by the named executive officer. Instead, the amounts shown are the aggregate grant date fair value computed in accordance with the provisions of FASB ASC Topic 718. No shares were granted to executive officers in 2024. |

| (3) | The amount shown for 2022 represents a cash bonus earned under a short-term incentive plan that was paid in February 2023. |

<div align='center'>- 20 -</div>

Employment Agreements

Joseph A. Vitiritto. On August 4, 2020, we entered into an employment agreement with our President and CEO, Mr. Vitiritto. Pursuant to the agreement, the Company agreed to pay Mr. Vitiritto an initial annual salary of $530,036 and a cash bonus for fiscal year 2020 of $328,500, payable in December 2020 or January 2021. In addition, he received a grant of 160,000 (split-adjusted) restricted shares of common stock of the Company which vest in installments of 20,000 shares each in 2022, 2023, 2024 and 2027 and 40,000 shares each in 2025 and 2026, subject to his continued employment or retirement after reaching age 65. Under the terms of the agreement, Mr. Vitiritto’s performance will be reviewed annually for changes in base salary. Mr. Vitiritto currently earns an annual salary of $628,160. In addition, the agreement provides that Mr. Vitiritto is eligible to earn an annual cash bonus as determined by the Board. The terms of the agreement provide that such bonus