Company: PAMT
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001437749-25-011728
Chunk: 20

Company: PAMT CORP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 20
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.M. Transport from 2002 until 2010. He began his career with P.A.M. Transport in 1989 and served in various capacities before becoming Vice President of Accounting in 2002.

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Named Executive Officers for 2024

Our “named executive officers” for 2024 consisted of our President and Chief Executive Officer, Joseph A. Vitiritto and our Vice President of Finance, Chief Financial Officer and Treasurer, Lance K. Stewart.

Elements of Compensation

We have three key elements of compensation: annual base salary, cash incentive compensation, and long-term equity incentives. Annual base salary is intended to attract and retain talented executives, and reward them for annual achievement. Cash incentive compensation is intended to motivate our executive officers to achieve specified financial results or superior performance. Long-term equity incentives are intended to align the interests of our executive officers with those of our shareholders by linking compensation to stock price appreciation. In addition, when the criteria for vesting of equity awards includes achieving specified financial results, the equity awards also serve the purpose of motivating our executive officers to achieve those results.

Determining Compensation

The Board of Directors has appointed our Chairman, Mr. Matthew T. Moroun, and our CEO, Mr. Joseph A. Vitiritto, to the Compensation Committee in accordance with the exemption from the compensation committee independence requirements for controlled companies under NASDAQ Rule 5615(a)(7). Currently, the Compensation Committee determines the compensation for our officers and key employees other than the CEO, while the Board of Directors makes all decisions regarding the CEO’s compensation and approves the equity awards to the named executive officers.

In determining compensation for our executive officers, the Compensation Committee and the Board consider competitive market compensation paid by other companies, including truckload dry van carriers and other trucking companies, but do not attempt to maintain a specified target percentile within a peer group or otherwise rely on compensation paid by other companies to determine our executive compensation. The Compensation Committee and the Board review and evaluate many factors, including:

| ● | PAMT’s performance and growth; |

| ● | financial measurements such as revenue, revenue growth, net operating income and operating ratio, and trends in those measurements; |

| ● | leadership qualities; |

| ● | ability to achieve strategic objectives; |

| ● | scope and performance of business responsibilities; |

| ● | management experience and effectiveness; |

| ● | individual performance and performance as a management team; |

| ● | current compensation arrangements; and |