Company: PAMT
Filing Date: 2025-05-23
Form Type: 8-K
Source: 0001683168-25-003996
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Company: PAMT CORP
Filing Date: 2025-05-23
Form: 8-K
Item: Item 5.02
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Item 5.02      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of  

On May 22, 2025, PAMT CORP (the “ Company”)
and its President and Chief Executive Officer, Joseph A. Vitiritto, entered into a Consulting Agreement (the “ Consulting Agreement”),
dated May 19, 2025, under which Mr. Vitiritto will serve as a consultant to the Company for a one-year period following his resignation
from his positions with the Company and its subsidiaries, which will be effective June 27, 2025. Under the terms of the Consulting Agreement,
Mr. Vitiritto has agreed to make himself available to advise senior management and consult with the Company as reasonably requested by
the Company from time to time for the period beginning June 30, 2025 through June 30, 2026. In consideration of these consulting services,
Mr. Vitiritto will be paid a weekly fee of $8,000. The effectiveness of the Consulting Agreement is subject to Mr. Vitiritto executing
and not revoking a customary release of claims following his resignation date (the “ Release Agreement”). In recognition of
his contributions to the Company, and in consideration of the covenants contained in the Consulting Agreement and the accompanying Release
Agreement, Mr. Vitiritto will receive a one-time cash bonus in the amount of $10,000. Mr. Vitiritto remains subject to the non compete,
non solicitation and confidentiality covenants contained in his employment agreement with the Company, dated August 4, 2020 (the “ Employment
Agreement”). In connection with the Consulting Agreement, the Company waived Mr. Vitiritto’s six-month notice obligation for
his voluntary resignation as specified in the Employment Agreement.

The foregoing description of the terms and conditions
of the Consulting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Consulting
Agreement, including the accompanying Release Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference
herein.