Document:

Exhibit 4.3

 

AMENDED
AND RESTATED SECURITY AGREEMENT

 

THIS AMENDED AND RESTATED
SECURITY AGREEMENT entered into this 28th day of March, 2016, by and between P.A.M. TRANSPORT, INC., an Arkansas corporation,
whose address is 297 W. Henri de Tonti Boulevard, P.O. Box 188, Tontitown, Arkansas 72770 (“Grantor”), and FIRST
TENNESSEE BANK NATIONAL ASSOCIATION, a national banking association whose address is 165 Madison Avenue, Memphis, Tennessee
38103, Attention: First Tennessee Business Credit (“Bank”).

 

W I T N E S S E T H:

 

That for good and valuable
considerations, the receipt and sufficiency of which are hereby acknowledged, the Grantor hereby agrees with Bank as follows:

 

1.Definitions.
Reference is made to the Amended and Restated Loan Agreement, dated March 28, 2016, among the Grantor, the Bank, and any Guarantor
therein mentioned and described (as same may be amended or modified, the “Loan Agreement”), said Loan Agreement
being incorporated herein by reference. All terms used in this Security Agreement which are defined in the Loan Agreement or in
Article 9 of the Uniform Commercial Code (the “Code”) of Tennessee, as now or hereinafter in effect, and
which are not otherwise defined herein shall have the same meanings herein as set forth therein.

 

2.Grant of Security
Interest. As collateral security for all of the Obligations (as defined in Section 3 hereof), the Grantor hereby pledges
and assigns to Bank, and grants to Bank a continuing security interest in, the following (the “Collateral”):

 

(a)All of the Grantor's
accounts, accounts receivable, unbilled revenue, chattel paper, instruments, and other obligations of any kind, whether or not
earned by performance (collectively hereinafter called “Accounts Receivable” or “Receivables”)
whether now or hereafter existing, arising out of or in connection with the rendering of transportation services, and all rights
now or hereafter existing in and to all security agreements, leases and other contracts securing or otherwise relating to any such
Accounts Receivable;

 

(b)All of Grantor's
customer lists, original books and records, ledger and account cards, computer tapes, discs and printouts, whether now in existence
or hereafter created, relating to such Accounts Receivable;

 

(c)All proceeds
(“Proceeds”) of any and all of the foregoing Collateral. (Although proceeds are covered, Bank does not authorize
the sale or other transfer of any of the Collateral or the transfer of any interest in the Collateral, except for the sale of goods
in the ordinary course of Grantor's business);

 

in each case, whether now owned or hereafter acquired by the
Grantor and howsoever its interest therein may arise or appear (whether by ownership, lease, security interest, claim, or otherwise).

 

 

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3.Security for
Obligations. The security interest created hereby in the Collateral constitutes continuing collateral security for all of the
following obligations, whether now existing or hereafter incurred (the “Obligations”):

 

(a)the full and
prompt payment, when due, of the indebtedness (and interest thereon) evidenced and to be evidenced by that certain Fourth Amended
and Restated Consolidated Revolving Credit Note, bearing date of the 28th day of March, 2016, in the principal sum of Forty
Million Dollars ($40,000,000.00), executed by Grantor, and payable to the order of Bank, and any and all renewals, modifications,
and extensions of said note, in whole or in part;

 

(b)the due performance
and observance by the Grantor of all of its covenants, agreements, representations, liabilities, obligations, and undertakings
as set forth herein, or in the Loan Agreement (as the same may be modified, renewed or extended from time to time) or in any other
instrument or document which now or at any time hereafter evidences or secures, in whole or in part, all or any part of the Obligations
hereby secured;

 

(c)all
indebtedness, liabilities, obligations, covenants and duties of Grantor to the Bank, of every kind, nature and description arising
under of in respect of any Bank Product (including arising under or in respect of any guaranty thereof), whether direct or indirect,
absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, in each case now existing or hereafter
arising. “Bank Products” means any of the following that the Bank provides, to or enters into with the Grantor:
(i) any deposit, lockbox, Cash Management Services, or other cash management agreement, (ii) any Interest Rate Management Agreements,
(iii) any credit cards, purchase cards and/or debit cards, and (iv) any other product, service or agreement pursuant to which Grantor
is indebted to the Bank. “Interest Rate Management Agreements” means interest rate management contracts with
Bank on behalf of the Grantor, whether now existing or hereafter arising, which shall include, but are not limited to, interest
rate swap transactions, basis swaps, forward rate transactions, commodity swaps, commodity options, equity or equity index swaps,
equity or equity index options, bond options, interest rate options, foreign exchange transactions, cap transactions, floor transactions,
collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options or any other similar transaction
(including any option with respect to any of these transactions). “Cash Management Services” means any services
provided from time to time by the Bank to Grantor in connection with the operating, collections, payroll, trust or other depository
or disbursement accounts, including automated clearinghouse, e-payable, electronic funds transfer, wire transfer, controlled disbursement,
overdraft, depository, information reporting, lockbox and stop payment services.

 

(d)the prompt payment
and performance of any and all other present and future indebtednesses, liabilities and obligations of Grantor to Bank of every
kind, character, and description, whether now existing or hereafter created or arising, whether absolute or contingent, due or
to become due, joint or several, matured or unmatured, direct or indirect, primary or secondary, and including, without limitation,
all future advances to the Grantor and all obligations of the Grantor with respect to any letters of credit issued at any time
by Bank for the benefit of Grantor.

 

 

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4.Representations
and Warranties. The Grantor represents and warrants as follows:

 

(a)The Grantor's
chief place of business and chief executive office, the place where the Grantor keeps its records concerning Accounts Receivable
and all originals of all chattel paper which constitute Accounts Receivable are located at the address specified for the Grantor
in the initial paragraph hereof. None of the Accounts Receivable is evidenced by a promissory note or other instrument.

 

(b)     (i)  Except
as otherwise specifically mentioned in Exhibit ”A,” hereto attached, the Grantor owns the Collateral free
and clear of any lien, security interest or other charge or encumbrance except for the security interest created by this Agreement.

 

(ii)Except for
the financing statements filed in favor of Bank relating to this Agreement, and except for any financing statements filed with
respect to the security interests mentioned in Exhibit ”A,” hereto attached, no other financing statement
or other instrument similar in effect covering all or any part of the Collateral is on file in any recording office.

 

(c)The exercise
by Bank of its rights and remedies hereunder will not contravene any law or governmental regulation or any contractual restriction
binding on or affecting the Grantor or any of its properties and will not result in or require the creation of any lien, security
interest or other charge or encumbrance upon or with respect to any of its properties.

 

(d)No authorization
or approval or other action by, and no notice to or filing with, any governmental authority or other regulatory body is required
either for the grant by the Grantor of the security interest created hereby in the Collateral or for the exercise by Bank of its
rights and remedies hereunder.

 

(e)This Agreement
creates a valid security interest in favor of the Bank in the Collateral. The taking possession by the Bank of all instruments
and chattel paper constituting Collateral from time to time, and the filing of financing statements with the Arkansas Secretary
of State will perfect and establish the priority of the Bank's security interest hereunder in the Collateral, subject to no other
liens and encumbrances, except as otherwise specifically disclosed in Exhibit ”A.” Except as set forth
in this Section 4(e), no action is necessary or desirable to perfect or otherwise protect such security interest.

 

5.Covenants
as to the Collateral. So long as any of the Obligations shall remain outstanding, unless Bank shall otherwise consent in writing:

 

(a)Further
Assurances. The Grantor will at its expense, at any time and from time to time, promptly execute and deliver all further
instruments and documents and take all further action that Bank deems necessary or desirable or that Bank may request in order
(i) to perfect and protect the security interest created or purported to be created hereby; (ii) to enable Bank to exercise
and enforce its rights and remedies hereunder in respect of the Collateral; or (iii) to otherwise effect the purposes of this
Agreement, including, without limitation: (A) executing and filing such financing or continuation statements, or amendments
thereto, as Bank deems necessary or desirable or that Bank may request in order to perfect and preserve the security interest created
or purported to be created hereby; (B) furnishing to Bank from time to time statements and schedules further identifying and
describing the Collateral and such other reports in connection with the Collateral as Bank may reasonably request, all in reasonable
detail; (C) marking conspicuously each chattel paper included in the Accounts Receivable and, at the request of the Bank,
each of its records pertaining to the Account Receivable with a legend, in form and substance satisfactory to the Bank, indicating
that such chattel paper is subject to the security interest created hereby; and (D) if any Account Receivable shall be evidenced
by a promissory note or other instrument or chattel paper, delivering and pledging to the Bank hereunder such note, instrument
or chattel paper duly endorsed and accompanied by executed instruments of transfer or assignment, all in form and substance satisfactory
to the Bank.

 

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(b)Taxes.
The Grantor will pay promptly before delinquent all property and other taxes, assessments, and governmental charges or levies imposed
upon, and all claims (including claims for labor, materials, and supplies) against, the Collateral, except to the extent the
validity thereof is being contested diligently and in good faith by proper proceedings satisfactory to the Bank.

 

(c)Insurance.
This Section is intentionally omitted.

 

(d)As to
Receivables.

 

(i)The Grantor
will (A) keep its chief place of business and chief executive office and all originals of all chattel paper which constitute Accounts
Receivable, at the location(s) specified in paragraph 4(a) hereof, and (B) maintain and preserve complete and accurate
records concerning the Receivables and such chattel paper and the proceeds thereof.

 

(ii)As of the time
any Receivable becomes subject to the security interest granted by this Security Agreement, including, without limitation, as of
each time any specific assignment or transfer or identification is made to Bank of any Receivable, Grantor shall be deemed to have
warranted as to each and all of such Receivables that each Receivable and all papers and documents relating thereto are genuine
and in all respects what they purport to be; that each Receivable is valid and subsisting and arises out of a bona fide sale of
goods sold and delivered, or in the process of being delivered, or out of and for services theretofore actually rendered, to the
account debtor named in the Receivable; that the amount of the Receivable represented as owing is the correct amount actually and
unconditionally owing except for normal cash discounts and is not disputed, and except for such normal cash discount is not subject
to any setoffs, credits, deductions or counter-charges; that the Grantor is the owner thereof free and clear of all prior liens,
except for the security interest in favor of Bank and any security interest specifically mentioned in Exhibit ”A”
hereto attached; and that no surety bond was required or given in connection with said Receivable or the contracts or purchase
orders out of which the same arose; and that Grantor has no notice of or reason to believe that the account debtor is subject to
any pending bankruptcy proceeding, insolvency proceeding or operations of any creditors committee.

 

 

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(iii)Bank shall
have the privilege at any time upon its request, of inspection during reasonable business hours of any of the business properties
or premises of the Grantor and the books and records of the Grantor relating to said Receivables and inventory or the processing
or collection thereof as well as those relating to its general business affairs and financial condition. Bank shall have the right
at any time after the occurrence of a Default, to notify any and all account debtors to make payment thereof directly to Bank;
but prior to a Default, and after a Default to the extent Bank does not so elect, Grantor shall continue to collect the Receivables.
Except as the Bank shall otherwise expressly agree in writing, all proceeds of collection of Receivables received by the Grantor
shall be forthwith accounted for and transmitted to Bank in the form as received by the Grantor and shall not be commingled with
any funds of the Grantor. In the event the account debtor of any Receivable included in this Security Agreement shall also be indebted
to the Grantor in any other respect and such account debtor shall make payment without designating the particular indebtedness
against which it is to apply, such payment shall be conclusively presumed to be payment on the Receivable of such account debtor
included in this Security Agreement. Any proceeds of Receivables so transmitted to Bank shall be handled and administered by Bank
in and through a Remittance or similar account, but the Grantor acknowledges that the maintenance of such an account by Bank is
solely for its convenience in facilitating its own operations pursuant hereto and that Grantor has not and shall not have any right,
title or interest in said Receivable or in the amounts at any time to the credit thereof. Except to the extent Bank may from time
to time in its discretion release proceeds to the Grantor for use in its business, all proceeds received by Bank shall be applied
on the Obligations secured hereby, whether or not such Obligations shall have by their terms matured, such application to be made
at such intervals as Bank may determine, except that Bank need not apply or give credit for any item included in such proceeds
until two (2) business days after receipt by Bank of such item at its main office in Memphis, Tennessee. Items received after
2:00 o'clock p.m. on any business day shall be deemed to have been received the following business day. In administering the collection
of proceeds as herein provided for, Bank may accept checks or drafts in any amount and bearing any notation without incurring liability
to Grantor for so doing.

 

(iv)Until
the Bank exercises its right of collection under paragraph 5(e)(iii) or its right to require Grantor to transmit the proceeds of
the Accounts Receivable directly to the Bank under paragraph 5(e)(iii), except as hereafter provided, Grantor may collect these
proceeds, deposit them in the Grantor's operating accounts and otherwise commingle them with other funds of the Grantor. Notwithstanding
the foregoing, Grantor shall establish and maintain, at its expense, lockboxes and/or accounts ("Blocked Account") as
Bank may specify, with financial institutions reasonably acceptable to Bank, and shall enter into and shall cause the applicable
financial institutions to enter into lockbox/and or blocked account agreements, in form and substance reasonably acceptable to
the Bank pertaining to the cash in the Blocked Account, including provisions that provide, among other items, that the financial
institutions shall follow the instructions of the Bank as to the cash held in the Blocked Account, providing that all items received
or deposited in the Blocked Account are held for the benefit of Bank, that the depository bank has no lien upon, or right to setoff
against, the Blocked Accounts, the items received for deposit therein, or the funds from time to time on deposit therein and that
the Bank shall initiate a transfer through an ACH transfer, in immediately available funds, on a daily basis, all funds received
or deposited into the Blocked Accounts to such bank account of Bank as Bank may from time to time designate for such purpose. If
the Bank requires that the Grantor establish the lockbox and/or Blocked Account, Grantor shall promptly deposit, and, if required
by Bank, shall direct its account debtors to directly remit, all cash payments received by Grantor (or, in the case of account
debtors, payable to Grantor), including, without limitation, all payments in respect of Accounts Receivable and all proceeds of
the Collateral into the Blocked Account.

 

 

 

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(v)After any occurrence
of a Default, Bank shall have the right, but shall incur no liability for failing to do so, in its own name, or in the name of
the Grantor to demand, collect, receive, receipt for, sue for, compound and give acquittance for, any and all amounts due or to
become due on the Receivables, to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same
extent as Grantor might have done, and to endorse the name of the Grantor on all commercial paper given in payment or part payment
thereof, and in its discretion to file any claim or take any action or proceedings which Bank may deem necessary or appropriate
to protect and preserve and realize upon the security interest of Bank in the Receivables and the proceeds thereof.

 

(vi)Grantor will
from time to time execute such further instruments and do such further acts and things as Bank may reasonably require by way of
further assurance to Bank of the matters and things herein provided for or intended so to be. Without limiting the foregoing, Grantor
agrees to execute and deliver to Bank an assignment or other form of identification in the form required by Bank of all Receivables
at any time included under this Security Agreement, together with such other evidence of the existence and identity of such Receivables
as Bank may reasonably require; and Grantor will mark its books and records to reflect this Security Agreement. Grantor will accompany
each transmission of proceeds of Receivables to Bank with a report in such form as Bank may require in order to identify the Receivables
to which such proceeds apply.

 

(e)Transfers
and Other Liens. Without the prior consent of Bank or as permitted by the Loan Agreement, the Grantor will not (i) sell,
assign (by operation of law or otherwise), exchange, or otherwise dispose of any of the Collateral; or (ii) create or suffer
to exist any lien, security interest or other charge or encumbrance upon or with respect to any of the Collateral except for the
security interest created by this Agreement, and except for any security interest specifically disclosed in Exhibit ”A,”
attached hereto.

 

 

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6.Additional
Provisions Concerning the Collateral.

 

(a)The Grantor
hereby authorizes Bank to file, without the signature of the Grantor where permitted by law, one or more financing or continuation
statements, and amendments thereto, relating to the Collateral.

 

(b)The Grantor
hereby irrevocably appoints Bank the Grantor's attorney-in-fact and proxy, with full authority in the place and stead of the Grantor
and in the name of the Grantor or otherwise, from time to time in the Bank's discretion, to take any action and to execute any
instrument which Bank may deem necessary or advisable to accomplish the purposes of this Agreement, including, without limitation:
(i) to ask, demand, collect, sue for, recover, compound, receive, and give acquittance and receipts for moneys due and to
become due under or in respect of any of the Collateral; (ii) to receive, endorse, and collect any checks, drafts or other
instruments, documents, and chattel paper in connection with clause (i) above; (iii) to sign its name on any invoice
or bill of lading relating to any Receivable, on drafts against customers, on schedules and assignments of Receivables, on notices
of assignment, financing statements and other public records, on verification of accounts and on notices to customers (including
notices directing customers to make payment direct to Bank); (iv) to notify the post office authorities to change the address
for delivery of its mail to an address designated by Bank, to receive, open and process all mail addressed to Grantor, to send
requests for verification of Receivables to customers; and (v) to file any claims or take any action or institute any proceedings
which Bank may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of Bank
with respect to any of the Collateral. Grantor hereby ratifies and approves all acts of said attorney; and so long as the attorney
acts in good faith it shall have no liability to Grantor for any act or omission as such attorney.

 

(c)If the Grantor
fails to perform any agreement contained herein, Bank may itself perform, or cause performance of, such agreement or obligation,
and the costs and expenses of Bank incurred in connection therewith shall be payable by the Grantor under Section 9 hereof,
and shall be fully secured hereby.

 

(d)The powers conferred
on Bank hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such
powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder,
Bank shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties
or any other rights pertaining to any Collateral.

 

(e)Anything herein
to the contrary notwithstanding, (i) the Grantor shall remain liable under any contracts and agreements relating to the Collateral
to the extent set forth therein to perform all of its obligations thereunder to the same extent as if this Agreement had not been
executed; (ii) the exercise by Bank of any of its rights hereunder shall not release the Grantor from any of its obligations
under the contracts and agreements relating to the Collateral; and (iii) Bank shall not have any obligation or liability by
reason of this Agreement under any contracts and agreements relating to the Collateral, nor shall Bank be obligated to perform
any of the obligations or duties of the Grantor thereunder or to take any action to collect or enforce any claim for payment assigned
hereunder.

 

 

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7.Remedies Upon
Default. If an Event of Default shall have occurred:

 

(a)Bank may exercise
in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the
rights and remedies of a secured party on default under the Code (whether or not the Code applies to the affected Collateral),
and also may (i) require the Grantor to, and the Grantor hereby agrees that it will at its expense and upon request of Bank
forthwith, assemble all or part of the Collateral as directed by Bank and make it available to Bank at a place to be designated
by Bank which is reasonably convenient to Bank; and (ii) without notice except as specified below, sell the Collateral or
any part thereof in one or more parcels at public or private sale, at any of Bank's offices or elsewhere, for cash, on credit or
for future delivery, and at such price or prices and upon such other terms as Bank may deem commercially reasonable. The Grantor
agrees that, to the extent notice of sale shall be required by law, at least ten (10) days' notice to the Grantor of the time
and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. Bank
shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. Bank may adjourn any public
or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice,
be made at the time and place to which it was so adjourned.

 

(b)Any cash held
by Bank as Collateral and all cash proceeds received by Bank in respect of any sale of, collection from, or other realization upon,
all or any part of the Collateral shall be applied as follows:

 

(i)First, to the
repayment of the reasonable costs and expenses, including reasonable attorneys' fees and legal expenses, incurred by Bank in connection
with (A) the administration of this Agreement, (B) the retaking, custody, preservation, use, or operation of, or the
sale of, collection from, or other realization upon, any Collateral, (C) the exercise or enforcement of any of the rights
of Bank hereunder, or (D) the failure of the Grantor to perform or observe any of the provisions hereof or of the Loan Agreement;

 

(ii)Second, to
the reimbursement of Bank for the amount of any obligations of the Grantor paid or discharged by Bank pursuant to the provisions
of this Agreement, and of any expenses of Bank payable by the Grantor hereunder;

 

(iii)Third, to
the satisfaction of the Obligations, in such order as Bank shall elect;

 

(iv)Fourth, to
the payment of any other amounts required by applicable law; and

 

(v)Fifth, the surplus
proceeds, if any, to the Grantor or to whomsoever shall be lawfully entitled to receive the same or as a court of competent jurisdiction
shall direct.

 

(c)In the event
that the proceeds of any such sale, collection or realization are insufficient to pay all amounts to which Bank is legally entitled,
the Grantor shall be liable for the deficiency, together with interest thereon at such rate(s) as shall be fixed by instrument(s)
evidencing the Obligation(s) with respect to which such deficiency exists, together with the costs of collection and the reasonable
fees of any attorneys employed by Bank to collect such deficiency.

 

 

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8.Rights and
Duties of Bank, Etc. Bank undertakes, as to this Agreement, to exercise only such duties as are specifically set forth in this
Agreement and to exercise such of the rights, powers and remedies as are vested in it by this Agreement or by law.

 

9.Indemnity
and Expenses.

 

(a)The Grantor
agrees to indemnify Bank from and against any and all claims, losses, and liabilities growing out of or resulting from this Agreement
(including, without limitation, enforcement of this Agreement), except claims, losses, or liabilities resulting solely and directly
from Bank's gross negligence or willful misconduct.

 

(b)The Grantor
will upon demand pay to Bank the amount of any and all costs and expenses, including the fees and disbursements of the Bank's counsel
and of any experts and agents, which Bank may incur in connection with (i) the administration of this Agreement (excluding
the salary of Bank's employees and Bank's normal and usual overhead expenses); (ii) the custody, preservation, use, or operation
of, or the sale of, collection from, or other realization upon, any Collateral; (iii) the exercise or enforcement of any of
the rights of Bank hereunder; or (iv) the failure by the Grantor to perform or observe any of the provisions hereof, except
expenses resulting solely and directly from Bank's gross negligence or willful misconduct.

 

10.Notices,
Etc. All notices and other communications provided for hereunder (except for routine informational communications) shall be
in writing and shall be mailed, by registered or certified mail, return receipt requested, sent by recognized national overnight
courier service or delivered, if to the Grantor, to it at its address specified in the first paragraph of this Agreement; and if
to the Bank, to it Attention: First Tennessee Business Credit, at its address specified in the first paragraph of this Agreement,
with a copy (if other than a routine informational communication) to Baker, Donelson, Bearman, Caldwell & Berkowitz, PC,
2000 First Tennessee Building, 165 Madison Avenue, Memphis, Tennessee 38103, Attention: Mary Aronov. All such notices and
other communications shall be effective (i) if mailed, when received or three (3) days after mailing, whichever is earlier;
(ii) if sent by recognized national overnight courier service, one (1) business day after sending; and (iii) if delivered,
upon delivery.

 

11.Security
Interest Absolute. All rights of Bank, all security interests and all obligations of the Grantor hereunder shall be absolute
and unconditional irrespective of: (i) any lack of validity or enforceability of the Loan Agreement, any guaranty, or any
other agreement or instrument relating thereto; (ii) any change in the time, manner, or place of payment of, or in any other
term in respect of, all or any of the Obligations, or any other amendment or waiver of or consent to any departure from this Agreement,
any guaranty, or any other agreement or instrument relating thereto; (iii) any increase in, addition to, or exchange, release,
or non-perfection of, any other collateral, or any release or amendment or waiver of or consent to departure from any guaranty,
for all or any of the Obligations; (iv) any other circumstance which might otherwise constitute a defense available to, or
a discharge of, the Grantor in respect of the Obligations or this Agreement; or (v) the absence of any action on the part
of Bank to obtain payment or performance of the Obligations from the Grantor or any other party.

 

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12.Miscellaneous.

 

(a)No amendment
of any provision of this Security Agreement shall be effective unless it is in writing and signed by the Grantor and Bank, and
no waiver of any provision of this Agreement, and no consent to any departure by the Grantor therefrom, shall be effective unless
it is in writing and signed by Bank, and then such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.

 

(b)No failure on
the part of Bank to exercise, and no delay in exercising, any right hereunder or under any other instrument or document shall operate
as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof
or the exercise of any other right. The rights and remedies of Bank provided herein and in the other instruments and documents
are cumulative and are in addition to, and not exclusive of, any rights or remedies provided by law. The rights of Bank under any
Loan Agreement between the parties, any guaranty, any other instrument which now or hereafter evidences or secures all or part
of the Obligations, or any related document against any party thereto are not conditional or contingent on any attempt by Bank
to exercise any of its rights under any other such instrument or document against such party or against any other party.

 

(c)Any provision
of this Security Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or invalidity without invalidating the remaining portions hereof or thereof or affecting the
validity or enforceability of such provision in any other jurisdiction.

 

(d)This Agreement
shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect until the payment
in full of all of the Obligations, (ii) be binding on the Grantor and its successors and permitted assigns and shall inure,
together with all rights and remedies of Bank hereunder, to the benefit of Bank and its successors, transferees, and assigns. None
of the rights or obligations of the Grantor hereunder may be assigned or otherwise transferred without the prior written consent
of Bank.

 

(e)Upon the satisfaction
in full of all of the Obligations, Bank will, upon the Grantor's request and at the Grantor's expense, (i) return to the Grantor
such of the Collateral as shall not have been sold or otherwise disposed of or applied pursuant to the terms hereof; and (ii) execute
and deliver to the Grantor such documents as the Grantor shall reasonably request to evidence termination of the security interest
herein granted.

 

(f)This Agreement
shall be governed by and construed in accordance with the statutes and laws of the state of Tennessee, except as required by mandatory
provisions of law and except to the extent that the validity or perfection of the security interest created hereby, or remedies
hereunder, in respect of any particular Collateral are governed by the laws of a jurisdiction other than the State of Tennessee.
If any provision hereof is in conflict with the provisions of the Loan Agreement, the provisions of the Loan Agreement shall control.

 

 

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13.This Amended
and Restated Security Agreement constitutes an amendment and restatement of that certain prior Security Agreement from the Grantor
to the Bank dated July 26, 1994, as previously amended by First Amendment to Security Agreement dated June 27, 1995, Second Amendment
to Security Agreement dated July 3, 1996, Third Amendment to Security Agreement dated April 26, 2001, Fourth Amendment to Security
Agreement dated June 22, 2007, Fifth Amendment to Security Agreement dated May 30, 2012, and Sixth Amendment to Security Agreement
dated November 17, 2014 (collectively, the “Prior Security Agreement”), and shall not be deemed to be a novation
thereof. From and after the date hereof, all matters previously governed by the Prior Security Agreement shall be governed by the
terms and conditions hereof.

 

IN WITNESS WHEREOF,
the Grantor has caused this Agreement to be executed and delivered by its duly authorized officers on this the day and year first
above written.

 

	 	ATTEST:

                                                                      
	P.A.M. TRANSPORT, INC.
	 	/s/ Allen West	 	By:	/s/ Daniel H. Cushman
	Title:	Secretary	 	Title:	President
	 	 	 	 	GRANTOR
	 	 	 	 	 	 

 

 

(Corporate Seal)

 

 

 

 

 

 

 

 

 

 

 

    	 	11	 

     

    

EXHIBIT “A”

TO

SECURITY AGREEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	12Exhibit 4.4

 

FOURTH AMENDED AND RESTATED GUARANTY
AGREEMENT

 

FOR VALUE RECEIVED,
and in consideration of credit given or to be given, advances made or to be made, or other financial accommodation from time to
time afforded or to be afforded to P.A.M. TRANSPORT, INC., an Arkansas corporation (hereinafter called the "Debtor"),
by FIRST TENNESSEE BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the
United States, and having a place of business in Memphis, Tennessee (hereinafter called the "Bank"), the undersigned
P.A.M. TRANSPORTATION SERVICES, INC. (hereinafter called the "Guarantor") hereby jointly and severally (if
more than one), for themselves, their heirs, executors, administrators and successors absolutely and unconditionally guarantee(s)
the full and prompt payment to the Bank, at maturity (whether by acceleration or otherwise) and at all times thereafter, of any
and all indebtedness, obligations and liabilities of every kind and nature, however created, arising or evidenced, of the Debtor
to the Bank (including all liabilities of any partnership created or arising while the Debtor may have been or may be a member
thereof), whether now existing or hereafter created or arising, whether direct or indirect, absolute or contingent, joint or several,
and howsoever owned, held or acquired, whether through discount, overdraft, purchase, direct loan or as collateral, or otherwise,
together with all expenses, legal and/or otherwise (including court costs and attorney's fees) incurred by the Bank in collecting
or endeavoring to collect such indebtedness or any part thereof, in protecting any collateral, and in enforcing this Guaranty (all
of which is collectively referred to as the "Indebtedness"). The right of recovery, however, against the Guarantor (or
each of them, if more than one) is limited to Forty Million Dollars ($40,000,000.00) plus interest on all loans and/or advances
hereunder and all expenses hereinbefore mentioned.

 

THIS GUARANTY SHALL
BE A CONTINUING, ABSOLUTE AND UNCONDITIONAL GUARANTY, and shall remain in full force and effect until the Indebtedness (and interest
thereon and expenses in connection therewith), and all renewals, modifications, or extensions thereof, in whole or in part, shall
have been fully paid and satisfied and shall remain in full force and effect until written notice of its discontinuance, addressed
to the President of the Bank, shall be actually received by the Bank (the burden of proof of receipt by the Bank of such notice
being in all cases upon the Guarantor), and also until any and all said indebtedness, or any extensions or renewals thereof, existing
before receipt of such notice, and expenses in connection therewith, shall be fully paid. Regardless of when a renewal or extension
of pre-termination debt occurs (with or without adjustment of interest rate or other terms), the debt is deemed to have been incurred
prior to termination to the extent of the renewal or extension, and to be fully covered by this Guaranty. The death, dissolution
or withdrawal of the Guarantor (or any of them, if more than one) shall not terminate this Guaranty until notice of any such death,
dissolution or withdrawal, given as above provided, shall have actually been received by the Bank, and until all of said indebtedness,
or any extensions or renewals thereof, existing before receipt of such notice shall be fully paid. And in the event of any such
death, dissolution or withdrawal and notice thereof to the Bank, this Guaranty shall, notwithstanding, continue and remain in force
against any surviving Guarantor until discontinued as hereinabove provided.

 

    	 	1	 

     

    

The Bank is hereby
expressly authorized to make from time to time, without notice to anyone: any renewals, modifications or extensions, whether such
renewals, modifications or extensions be in whole or in part and without limit as to the number of such extensions or of the renewal
periods thereof, and without notice to or further assent from the undersigned, sales, pledges, surrenders, compromises, settlements,
releases, indulgences, alterations, substitutions, exchanges, changes in, modifications, or other dispositions including, without
limitation, cancellations, of all or any part of the collateral pledged to secure the Indebtedness or any part of said Indebtedness,
either express or implied, or of any contracts or instruments evidencing any thereof, or of any security or collateral therefor,
and/or to take any security for or other guaranties upon any of said Indebtedness; and the liability of the Guarantor (or any of
them, if more than one) shall not be in any manner affected, diminished or impaired thereby, or by any lack of diligence, failure,
neglect or omission on the part of the Bank to make any demand or protest, or give any notice of dishonor or default, or to realize
upon or protect any of said Indebtedness, or any collateral or security therefor, or to exercise any lien upon or right of appropriation
or setoff of any moneys, accounts, credits, or property of said Debtor, possessed by the Bank, towards the liquidation of said
Indebtedness, or by any application of payments or credits thereon. The Bank shall have the exclusive right to determine how, when
and what application of payments and credits, if any, shall be made on said Indebtedness, or any part thereof, and shall be under
no obligation, at any time, to first resort to, make demand on, file a claim against, or exhaust its remedies against the Debtor,
or any one or more of the Guarantors, or other persons or corporations, their properties or estates, or to resort to or exhaust
its remedies against, any collateral, security, property, liens or other rights whatsoever. It is expressly agreed that the Bank
may at any time make demand for payment on, or bring suit against the Guarantor (or any of them, if more than one), or any other
guarantors, may compound with the Guarantor or any other guarantor for such sums or on such terms as Bank may see fit and release
the Guarantor (or any of them, if more than one) or any other guarantor from all further liability to the Bank, without thereby
impairing the rights of the Bank in any respect to demand, sue for and collect the balance of the Indebtedness from any guarantor
not so released; and that any claims against Debtor, against any other guarantor, or against any collateral, accruing to the Guarantor
(or any of them, if more than one) by reason of payments made hereunder shall be in all respects junior and subordinate to any
obligation then or subsequently owed by the Debtor or by such other guarantor to the Bank.

 

In addition, the liability
of the Guarantors (or each of them, if more than one) shall not be affected by any lack of validity or enforceability of the guaranteed
debt. As security for the undertakings and obligations of the Guarantor hereunder, the Guarantor (or each of them, if more than
one) expressly grants and gives to the Bank a right of immediate setoff, without demand or notice, of the balance of every deposit
account, now or at any time hereafter existing, of the Guarantor (or each of them, if more than one) with the Bank, and a general
lien upon, and security interest in all money, negotiable instruments, commercial paper, notes, bonds, stocks, credits and/or choses
in action, or any interest therein, and any other property, rights, and interests of the Guarantor (or each of them, if more than
one) or any evidence thereof, which have or any time shall come into the possession, custody, or control of the Bank, and, in the
event of default hereunder, the Bank may sell or cause to be sold at public or private sale in any manner which may be lawful,
for cash or credit and upon such terms as the Bank may see fit, and (except as may be otherwise expressly provided by the Uniform
Commercial Code, or other applicable law) without demand or notice to the Guarantor (or each of them, if more than one), all or
any of such security, and the Bank (unless prohibited by the Uniform Commercial Code from so doing) or any other person may purchase
such property, rights or interests so sold and thereafter hold the same free of any claim or right of whatsoever kind, including
any right or equity or redemption, of the Guarantor (or each of them, if more than one), such demand, notice, right or equity of
redemption being hereby expressly waived and released.

 

    	 	2	 

     

    

In the event of the
death, incompetency, dissolution, liquidation, insolvency (however evidenced) of the Debtor, or institution of bankruptcy or receivership
proceedings by the Debtor, or in the event that any involuntary bankruptcy or receivership proceedings filed against the Debtor
shall not be dismissed within thirty (30) days following the institution of such proceedings, then and in any such event all of
the Indebtedness shall, for the purposes of this Guaranty, and at the option of the Bank, immediately become due and payable from
the Guarantor; and, in such event, any and all sums or payments of any nature which may be or become due and payable by the Debtor
to the undersigned are hereby assigned to the Bank, and shall be collectible by the Bank, without necessity for other authority
than this instrument, until the Indebtedness shall be fully paid and discharged, but such collection by the Bank shall not in any
respect affect, impair or diminish any other rights of the Bank hereunder.

 

The granting of credit
from time to time by the Bank to the Debtor, in excess of the amount to which right of recovery under this Guaranty is limited
and without notice to the Guarantor (or any of them, if more than one), is hereby expressly authorized and shall in no way affect
or impair this Guaranty; and, in the event that the Indebtedness of the Debtor to the Bank shall so exceed the amount to which
this Guaranty is limited, any payment by the Debtor or any collections or recovery by the Bank from any sources other than this
Guaranty may first be applied by the Bank to any portion of the Indebtedness which exceeds the limits of this Guaranty.

 

The Guarantor (or each
of them, if more than one) will not exercise any rights that Guarantor (or any of them, if more than one) may acquire by way of
subrogation under this Guaranty, by any payment made hereunder or otherwise, until all of the Indebtedness shall have been paid
in full. If any amount shall be paid to the Guarantor (or any of them, if more than one) on account of such subrogation rights
at any time when all the Indebtedness shall not have been paid in full, such amount shall be held in trust for the benefit of the
Bank and shall forthwith be paid to the Bank to be credited and applied upon the Indebtedness.

 

Notwithstanding any
other provision of this Guaranty to the contrary, if the obligations of the Guarantor hereunder would otherwise be held or determined
by a court of competent jurisdiction in any action or proceeding involving any state corporate law or any state or Federal bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or other law affecting the rights of creditors generally, to be void,
invalid or unenforceable to any extent on account of the amount of the Guarantor's (or each of them, if more than one) liability
under this Guaranty, then notwithstanding any other provision of this Guaranty to the contrary, the amount of such liability shall,
without any further action by the Guarantor (or each of them, if more than one) or any other person, be automatically limited and
reduced to the highest amount which is valid and enforceable as determined in such action or proceeding.

 

The Bank may without
any notice whatsoever to anyone, sell, assign or transfer all or any part of said Indebtedness; and in that event each and every
immediate and successive assignee, transferee or holder of all or any part of said Indebtedness shall have the right to enforce
this Guaranty, by suit or otherwise, for the benefit of such assignee, transferee or holder, as fully as though such assignee,
transferee or holder were herein by name given such rights, powers and benefits; but the Bank shall have an unimpaired right, prior
and superior to that of any said assignee, transferee or holder, to enforce this Guaranty for the benefit of the Bank, as to so
much of said Indebtedness that has not been sold, assigned or transferred.

 

    	 	3	 

     

    

No act of commission
or omission of any kind, or at any time, on the part of the Bank in respect of any matter whatsoever shall in any way affect or
impair this Guaranty. This Guaranty is in addition to and not in substitution for or discharge of any other Guaranty held by the
Bank. The Guarantor (or each of them, if more than one) waives any rights of action Guarantor (or any of them, if more than one)
might have against the Bank because of the exercise by the Bank in any manner howsoever of any rights granted to the Bank herein.

 

This Guaranty contains
the entire agreement between the parties and every part thereof shall be binding upon the Guarantor (or each of them, if more than
one), Guarantor's successors and assigns, as fully as though everywhere specifically mentioned, and shall inure to the benefit
of the Bank, and its successors and assigns, and shall be construed according to the laws of the State of Tennessee, in which state
it is accepted by the Bank.

 

If any provision hereof
is invalid or unenforceable, the remaining provisions hereof shall not be affected by such invalidity or unenforceability. Each
term and provision contained herein shall, however, be valid and enforceable to the fullest extent permitted by applicable law.

 

The Guarantor agrees
to furnish a current financial statement upon the request of the Bank from time to time. Further, Guarantor shall supply or cause
to be supplied to Bank such other information relating to the financial condition and business affairs of the Guarantor (including
updated financial statement of the Guarantor) as may from time to time be requested by the Bank.

 

The Guarantor (or each
of them, if more than one) acknowledges that this Guaranty Agreement is and shall be effective against such Guarantor upon execution
by such Guarantor (regardless of whether any other person named herein as Guarantor shall sign), and delivery hereof to the Bank,
or its agent; and that it shall not be necessary for the Bank to execute any acceptance hereof or otherwise to signify or express
its acceptance hereof.

 

ALL OF THE PARTIES
HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OF THE PARTIES AGAINST THE OTHER ON ANY MATTER
WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT
DELIVERED (OR WHICH MAY BE DELIVERED IN THE FUTURE) IN CONNECTION HEREWITH OR ARISING FROM ANY BANKING RELATIONSHIP BETWEEN THE
PARTIES TO THIS AGREEMENT.

 

This Agreement amends
and restates that certain Third Amended and Restated Guaranty Agreement dated November 17, 2014, which amended and restated that
certain Second Amended and Restated Guaranty Agreement dated May 30, 2012, which amended and restated that certain Amended
and Restated Guaranty Agreement, dated June 22, 2007, which amended and restated that certain Guaranty Agreement dated April 26,
2001, and as amended is hereby ratified and confirmed in all respects.

 

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IN WITNESS WHEREOF,
the Guarantor (or each of them, if more than one) has caused this Guaranty Agreement to be executed by its duly authorized officers
on this the 28th day of March, 2016.

 

	 	 	P.A.M. TRANSPORTATION SERVICES, INC.
	 	 	 
	/s/ Lance K. Stewart	 	By:	/s/ Daniel H. Cushman
	WITNESS	 	Title:	President
	 	 	 	 
	 	 	 	ATTEST:
	 	 	 	 
	/s/ Bobby Caldwell	 	By:	/s/ Allen West
	WITNESS	 	Title:	Secretary

 

 

STATE OF Arkansas

COUNTY OF WASHINGTON

 

Before me, Heather M. Henley, a Notary Public
in and for the State and County aforesaid, personally appeared Daniel Cushman and Allen West, with whom I am personally acquainted
(or proved to me on the basis of satisfactory evidence), and who, upon oath, acknowledged themselves to be the President and Secretary,
respectively, of P.A.M, TRANSPORTATION SERVICES, INC., the within-named bargainor, a corporation, and that they as such
President and Secretary, being duly authorized so to do, executed the foregoing instrument for the purposes therein contained,
by the said Daniel Cushman signing the name of the corporation by himself as such President and by the said Allen West attesting
the same as such Secretary.

 

WITNESS my hand and seal at office, on this
the 28th day of March, 2016.

 

	 	/s/ Heather M. Henley
	 	Notary Public
	My Commission Expires:	 
	2-12-2020	 
	 	 	 

 

 

 

    	 	5

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