Company: PAMT
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001437749-25-011728
Chunk: 22

Company: PAMT CORP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 22
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, performance and expectations. The base salaries paid to our named executive officers in 2024 are set forth below in the “Summary Compensation Table” and the accompanying narrative disclosure.

Cash Incentive Compensation.The Compensation Committee’s and the Board’s practice is to award an annual cash bonus to each of the named executive officers as part of his annual compensation. Bonuses are intended to provide executives with an opportunity to receive additional cash compensation, and are based on individual performance and the Company’s performance. The Committee and the Board believe this practice provides an incentive for strong financial and operating performance and aligns the interests of management with the interests of our shareholders. Bonuses may be awarded on a discretionary basis or according to pre-determined performance metrics, goals and payout formulas.

Due to the challenging and uncertain operating environment that began in the latter half of 2022, the Board did not adopt or utilize an annual cash incentive plan for our executive officers based on predetermined performance metrics for 2024 or 2023. For 2024, our Board awarded discretionary cash bonuses to Mr. Vitiritto and Mr. Stewart of $150,000 and $90,000, respectively, based on their efforts and leadership in continuing to navigate the Company through the ongoing industry-wide freight recession during fiscal year 2024 and position the Company for profitability and growth when the freight market improves. The terms of these bonuses provided that 50.0% of the bonus was to be paid immediately, while the remaining 50.0% of the bonus will be paid in equal installments during each of the next two succeeding years, subject to continued employment with the Company. The immediate portion of the bonus was paid in February 2025.

For 2023, our Board awarded discretionary cash bonuses to Mr. Vitiritto and Mr. Stewart of $150,000 and $80,000, respectively, based on their efforts and leadership in achieving profitable operating results for fiscal year 2023 while navigating the extended freight recession and significant business disruptions from key customers due to the labor strikes at several automotive production facilities in the fourth quarter of 2023 and completing the integration of the former Metropolitan Trucking business acquired in 2022. The terms of these bonuses provided that 50.0% of the bonus was to be paid immediately, while the remaining 50.0% of the bonus would be paid in equal installments during each of the next two succeeding years, subject to continued employment with the Company. The immediate portion of the bonus was paid in February 2024