Document:

Exhibit 4.1

 

AMENDED
AND RESTATED LOAN AGREEMENT

THIS AMENDED AND
RESTATED LOAN AGREEMENT (“Loan Agreement”) is made this 28th day of March, 2016, by and among P.A.M. TRANSPORT,
INC., a corporation organized and existing under the laws of Arkansas, whose chief executive office and principal place of
business is located at 297 W. Henri de Tonti Boulevard, P.O. Box 188, Tontitown, Arkansas 72770 (hereinafter called the “Borrower”),
FIRST TENNESSEE BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the statutes of the
United States of America, with its principal place of business at 165 Madison Avenue, Memphis, Tennessee 38103 (hereinafter called
the “Bank”), and P.A.M. TRANSPORTATION SERVICES, INC., a Delaware corporation whose chief executive office
and principal place of business is located at 297 W. Henri de Tonti Boulevard, P.O. Box 188, Tontitown, Arkansas 72770 (hereinafter
called the “Guarantor”).

Recitals of Fact

Pursuant to the terms and provisions
of that certain Loan Agreement dated as of July 26, 1994 (the “Original Loan Agreement”), as amended by Amendment
dated June 27, 1995, among the Borrower, the Bank, the Guarantor, and Choctaw (hereinafter defined), as amended by the Second Amendment
to Loan Agreement dated July 3, 1996, among the Borrower, the Bank, the Guarantor, Choctaw, and Allen (hereinafter defined), by
the Third Amendment to Loan Agreement dated April 26, 2001, among Borrower, the Bank, the Guarantor, Choctaw, Allen, Dedicated
(hereinafter after defined), and Decker (hereinafter defined), by the Fourth Amendment to Loan Agreement dated June 22, 2007, among
the Borrower, the Bank, the Guarantor, Choctaw, Allen, Dedicated, and Decker, by the Fifth Amendment to Loan Agreement dated June
1, 2009, by the Sixth Amendment to Loan Agreement dated May 31, 2010, by the Seventh Amendment to Loan Agreement dated May 24,
2011, by letter agreement dated March 21, 2012, by the Eighth Amendment to Loan Agreement dated May 30, 2012, by the Ninth Amendment
to Loan Agreement dated December 19, 2012, by the Tenth Amendment to Loan Agreement dated October 4, 2013, by the Eleventh Amendment
to Loan Agreement dated November 27, 2013, by the Twelfth Amendment to Loan Agreement dated February 5, 2014, by the Thirteenth
Amendment to Loan Agreement dated August 22, 2014, by the Fourteenth Amendment to Loan Agreement dated November 17, 2014, and by
the Fifteenth Amendment to Loan Agreement dated as of June 23, 2015 (the Original Loan Agreement as amended by the foregoing amendments,
the “Prior Loan Agreement”), Bank committed to lend to Borrower an amount not to exceed at any one time outstanding
the principal sum of Forty Million Dollars ($40,000,000.00) (the “Committed Amount”), subject to the Borrowing
Base.

Choctaw Express, Inc., an Oklahoma corporation
("Choctaw"), Allen Freight Services, Inc., a Missouri corporation ("Allen"), P.A.M. Dedicated
Services, Inc., an Ohio corporation ("Dedicated"), and Decker Transport Co., Inc., an Ohio corporation ("Decker"),
each previously executed Security Agreements, as amended, under which they have granted to the Bank a security interest in certain
of their assets to secure the obligations of the Borrower to the Bank.

    	 	1	 

     

    

Choctaw subsequently converted into Choctaw
Express, LLC, an Oklahoma limited liability company ("Choctaw LLC"). Choctaw LLC has since transferred all of
its assets to the Borrower on January 1, 2010, and Choctaw LLC no longer holds any assets. Dedicated subsequently converted into
P.A.M. Dedicated Services, LLC, an Ohio limited liability company ("Dedicated LLC"). Dedicated LLC has since transferred
all of its assets to the Borrower on January 1, 2010 and Dedicated LLC no longer holds any assets. Decker subsequently converted
into Decker Transport, LLC, an Ohio limited liability company ("Decker LLC"). Decker LLC has since transferred
all of its assets to the Borrower on January 1, 2010, and Decker LLC no longer holds any assets. Allen merged into East Coast Transport
& Logistics, LLC, an Arkansas limited liability company ("East Coast LLC"). East Coast has since transferred
all of its assets to the Borrower on January 1, 2010, and East Coast no longer holds any assets.

The Borrower has now requested, and the
Bank has agreed, subject to the terms set forth herein, to extend the Termination Date by one year, to July 1, 2018, and to modify
certain financial covenants. In connection therewith, the Borrower, Bank, and Guarantor are amending and restating the Prior Loan
Agreement in its entirety.

NOW, THEREFORE,
incorporating the Recitals of Fact set forth above and in consideration of the mutual agreements herein contained, the parties
agree as follows:

AGREEMENTS

		ARTICLE One:	DEFINITIONS
AND ACCOUNTING TERMS

In addition to the
definitions elsewhere set forth herein, for the purposes of this Loan Agreement, the following terms shall have the following meanings
(such meanings to be applicable equally to both the singular and plural forms of such terms) unless the context otherwise requires:

1.1             
“Acceptable Accounts” shall mean Accounts Receivable (a) in which Bank holds a valid, perfected first
security interest (or in the case of Accounts Receivable arising from Government Contracts, in which Bank holds a valid, perfected
security interest subject only to the lien of the United States thereon); (b) which arise from goods theretofore sold and delivered
or services theretofore rendered to the Account Debtor; (c) with respect to which no setoffs, counterclaims or defenses are claimed
by the Account Debtor; (d) which constitute the binding obligation of an Account Debtor which at the time a loan advance or extension
of credit is requested based upon such Account, and at all times thereafter while a loan advance or extension of credit remains
outstanding, is solvent, is financially able to pay its debts and obligations as they become due and is paying its debts and obligations
as they become due; (e) which do not remain unpaid more than ninety (90) days after the date of such invoice; (f) with respect
to which the Account Debtor is not a Related Person or any officer, director, agent or employee of a Related Person; (g) which
do not arise from a “sale on approval,” “sale or return,” “guaranteed sale” or “consignment”;
(h) which do not arise or do not appear to arise from a fraudulent transaction; and (i) the chief executive office of the Account
Debtor with respect to such Accounts Receivable is located in the United States. Further, unless the Bank shall otherwise agree
in writing (x) if the Accounts Receivable owed by any Account Debtor shall include invoices which have remained unpaid for more
than ninety (90) days following the respective invoice dates, and the aggregate amount owed upon such invoices exceeds twenty-five
percent (25%) of the total Accounts Receivable owed by such Account Debtor, the Accounts Receivable owed by such Account Debtor
shall not constitute Acceptable Accounts, or (y) if the total Accounts Receivable owed by any Account Debtor (other than those
Account Debtors, if any, specifically listed in Exhibit “1.1” attached hereto) shall exceed twenty-five percent
(25%) of the aggregate amount of all of the Borrower's Accounts Receivable, such excess amount shall not be deemed to constitute
Acceptable Accounts. For the purposes hereof, “Unbilled Revenues” shall also be deemed to constitute Acceptable Accounts
if not more than thirty (30) days beyond the Dispatch Date, and if they otherwise comply with clauses (a), (b), (c), (d), (f) and
(g) hereinabove; provided, however, that such “Unbilled Revenues” may not constitute more than twenty-five percent
(25%) of Acceptable Accounts (billed and unbilled). Notwithstanding clause (i) above, up to $1,000,000 of Account Receivables which
are receivables of which the Account Debtor is a Person located outside of the United States may be included as Acceptable Accounts
so long as these Accounts Receivables otherwise meet the criteria of the remaining provisions of this Section 1.1.

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1.2             
“Account Debtor” shall mean any Person which is now or hereafter obligated or indebted to Borrower on
any Account Receivable.

1.3             
“Accounts Receivable” or “Accounts” shall mean all amounts owed to the Borrower on
account of sales, leases or rentals of goods or services rendered in the ordinary course of the Borrower's trade or business; provided,
however, that “Accounts Receivable” or “Accounts” shall not include lease or rent payments to Borrower
from owner-operators of leased trucks owned by Borrower.

1.4             
“Applicable Rate” shall have the same meaning herein as in the Note.

1.5             
“Authorization” shall mean that certain Authorization Re: Verbal and Electronic Banking Instructions,
executed by the Borrower dated of even date, as same may be amended from time to time.

1.6             
“Authorized Agent” shall be those persons designated as Authorized Agents under the Authorization.

1.7             
“Bank Product Amount” means the Bank’s determination, in its reasonable discretion, as to the maximum
dollar amount of the obligations arising under any Bank Products that may be included in a reserve under the Borrowing Base.

1.8             
“Bank Product Reserve” means at any time, an amount equal to the sum of all Bank Product Amounts associated
with all of the then-outstanding Bank Products. With respect to any particular Bank Product, the Bank Product Reserve shall equal
the Bank Product Amount for such Bank Product or a lesser amount as may equal the actual obligation of the Borrower as determined
by the Bank with respect to such Bank Product.

1.9             
“Bank Products” means any of the following that the Bank provides to, or enters into with, the Borrower:
(a) any deposit, lockbox, Cash Management Services, or other cash management arrangement; (b) any Interest Rate Management Agreement;
(c) any credit cards, purchase cards and/or debit cards; and (d) any other product, service or agreement pursuant to which the
Borrower may be indebted to the Bank.

1.10         
“Base Rate” means the base commercial rate of interest established from time to time by the Bank.

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1.11         
“Borrowing Base” is the limitation on the aggregate Loan indebtedness and extensions of credit which
may be outstanding at any time during the term of this Agreement. The Borrowing Base is the sum of those items listed and described
in Exhibit “1.5” hereto attached.

1.12         
“Business Day” means a banking business day of the Bank.

1.13         
“Capital Expenditure” means any expenditure for the acquisition of any asset, tangible or intangible,
which under GAAP is deemed a capital asset, including, without limitation, real estate, buildings, fixtures, machinery, equipment,
and furniture, and including the acquisition by a lease which under GAAP must be treated as a capital asset.

1.14         
“Cash Management Services” means any services provided from time to time by the Bank to Borrower 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.

1.15         
“Closing Date” means the date set out in the first paragraph of this Loan Agreement.

1.16         
“Default” shall mean the occurrence of any event, circumstance, or condition which constitutes, or would,
with the giving of notice, lapse of time, or both, constitute an Event of Default.

1.17         
“Dispatch Date” shall mean the date upon which an order is physically loaded upon a trailer with an appropriate
power unit (tractor) attached thereto.

1.18         
“EBITDA” means for any period, for any referenced Person, determined in accordance with GAAP, the sum
of net income (or loss) after Taxes of such Person, plus the following, without duplication and to the extent deducted in computing
net income: (a) all Taxes paid or accrued; (b) Interest Expense; (c) depreciation; and (d) amortization of intangible assets and
other non-cash charges.

1.19         
“Event of Default” has the meaning assigned to that phrase in Article Eight.

1.20         
“GAAP” shall mean generally accepted accounting principles applied on a consistent basis, maintained
throughout the period involved.

1.21         
“Government Contract” means a contract for the manufacture and sale of goods to the United States.

1.22         
“Guaranty” shall mean the Fourth Amended and Restated Guaranty Agreement described in Section 4.1(e)
hereof.

1.23         
“Interest Expense” shall mean, for any period, the interest expense of a Person for such period (including
all imputed interest on capital leases).

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1.24         
“Interest Rate Management Agreements” shall mean any interest
rate management contracts with the Bank on behalf of the Borrower, now existing or hereafter entered into, 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), as any of the foregoing
may be amended or modified.

1.25         
“Inventory” shall mean goods held for sale or lease or furnished or to be furnished under contracts of
service, or raw materials, work in process, finished goods or materials used or consumed in business.

1.26         
“Lien” means any interest in Property securing an obligation owed to, or a claim by, a Person other than
the owner of the Property, whether such interest is based on the common law, statute or contract, and including but not limited
to the security interest or lien arising from a mortgage, encumbrance, pledge, conditional sale or trust receipt or a lease, consignment
or bailment for security purposes, and including, but not limited to reservations, exceptions, encroachments, easements, rights-of-way,
covenants, conditions, restrictions, leases, and other title exceptions and encumbrances affecting Property. For the purposes of
this Agreement, the Borrower shall be deemed to be the owner of any Property which it has acquired or holds subject to a conditional
sale agreement, lease, financing lease or other arrangement pursuant to which title to the Property has been retained by or is
vested in some other Person.

1.27         
“Loan” means the aggregate of (a) unpaid Loan advances from time to time outstanding pursuant to the
provisions of this Loan Agreement, and (b) the amount of any outstanding letters of credit issued by Bank for the account of Borrower.
Unless the context shall) otherwise require, the terms “extensions of credit” and “indebtedness,” when
used in connection with this Loan, shall also include any outstanding letters of credit issued by Bank for the account of the Borrower,
and drafts accepted pursuant thereto, as well as loan advances disbursed to the Borrower.

1.28         
“Loan Agreement” means this Amended and Restated Loan Agreement among the Borrower, the Guarantor and
the Bank.

1.29         
“Loan Documents” means this Loan Agreement, the Note, the Security Agreement, the Guaranty, the Authorization,
and any other document executed in connection with the Loan, as same may be amended, modified, or restated.

1.30         
“Maximum Rate” means the maximum effective variable contract rate of interest which the Bank may lawfully
charge under applicable statutes and laws from time to time in effect.

1.31         
“Note” means the note given to evidence the Loan, said note being the Fourth Amended and Restated Consolidated
Revolving Credit Note, dated March ____, 2016, and being in the principal sum of Forty Million Dollars ($40,000,000.00), as said
note may be modified, renewed, amended, restated or extended, in whole or in part, from time to time; and any other note or notes
executed at any time hereafter to evidence the Loan.

1.32         
“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control.

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1.33         
“PATRIOT ACT” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)),
as amended.

1.34         
“Permitted Encumbrances” shall mean and include:

		(a)	liens for taxes, assessments or similar governmental charges not in default or being contested
in good faith by appropriate proceedings;

		(b)	workmen's, vendors', mechanics' and materialmen's liens and other liens imposed by law incurred
in the ordinary course of business, and easements and encumbrances which are not substantial in character or amount and do not
materially detract from the value or interfere with the intended use of the properties subject thereto and affected thereby;

		(c)	liens in respect of pledges or deposits under social security laws, workmen's compensation laws,
unemployment insurance or similar legislation and in respect of pledges or deposits to secure bids, tenders, contracts (other than
contracts for the payment of money), leases or statutory obligations;

		(d)	any liens and security interests specifically listed and described in Exhibit “1.34”
hereto attached; and

		(e)	such other liens and encumbrances which secure indebtedness and obligations permitted to be created
pursuant to the provisions hereof, provided that such liens and encumbrances do not constitute liens upon, security interests in,
or encumbrances upon any collateral now or at any time hereafter pledged to secure the Loan.

1.35         
“Person” means an individual, partnership, corporation, limited liability company, trust, unincorporated
organization, association, joint venture or a government or agency or political subdivision thereof, joint stock company, or non-incorporated
organization, or any other entity of any kind whatsoever.

1.36         
“Property” means any interest in any kind of property or asset, whether real. personal or mixed, tangible
or intangible.

1.37         
“Reimbursement Agreement” means a letter of credit application and agreement entered into between the
Bank and the Borrower, pursuant to which the Bank has issued or will issue one or more letters of credit for the benefit of a creditor
of the Borrower, such Reimbursement Agreement to contain such terms and conditions as the Bank may require.

1.38         
“Related Person” shall mean Central Transport, Inc., a Michigan corporation (“Central”),
and any other Person (a) which now or hereafter directly or indirectly through one or more intermediaries controls, or is controlled
by, or is under common control with, Borrower, or (b) which now or hereafter beneficially owns or holds twenty percent (20%) or
more of the capital stock of Borrower, or (c) twenty percent (20%) or more of the capital stock of which is beneficially owned
or held by Borrower. For the purposes hereof, “control” shall mean possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting stock,
by contract or otherwise.

1.39         
“Sanctioned Country” means a country subject to a sanctions program identified on the list maintained
by OFAC and available at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx, or as otherwise published
from time to time.

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1.40         
“Sanctioned Person” means (a) a Person named on the list of “Specially Designated Nationals and
Blocked Persons” maintained by OFAC available at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx,
or as otherwise published from time to time, or (b) (i) an agency of the government of a Sanctioned Country, (ii) an organization
controlled by a Sanctioned Country, or (iii) a person resident in a Sanctioned Country, to the extent subject to a sanctions program
administered by OFAC.

1.41         
 “Security Agreement” shall mean the Amended and Restated Security Agreement described in Section 4.1(c)
hereof.

1.42         
“Senior Funded Debt” means, with respect to any Person, without duplication, all indebtedness for borrowed
money evidenced by notes, bonds, debentures, or similar evidences of indebtedness that by its terms matures more than one year
from, or is directly or indirectly renewable or extendible at such Person’s option under a revolving credit or similar agreement
obligating the lender or lenders to extend credit over a period of more than one year from the date of creation thereof, current
maturities of long-term debt, revolving credit and short-term debt extendible beyond one year at the option of the debtor, and
also including, in the case of Borrower, the Loan and, without duplication, guaranteed indebtedness consisting of guaranties of
Funded Debt of other Persons; provided, however, that Senior Funded Debt shall not include any indebtedness that would otherwise
constitute Senior Funded Debt hereunder if such indebtendess is subject to a subordination agreement or similar instrument in favor
of Bank acceptable to Bank in its discretion.

1.43         
“Taxes” shall mean any and all present and future taxes, duties, levies, imposts, deductions, assessments,
charges or withholdings imposed by any governmental authority, and any and all liabilities (including interest and penalties and
other additions to taxes) with respect to the foregoing.

1.44         
“Termination Date” shall mean July 1, 2018, unless such date is extended pursuant to the provisions of
Section 10.12 hereof, in which event such extended date shall be the Termination Date.

1.45         
“Unbilled Revenues” shall mean the payments owed or to be owed by a customer or Account Debtor of the
Borrower with respect to any load which has been properly dispatched, but which has not been delivered or the charge for such delivery
has not been invoiced.

1.46         
“United States” means the government of the United States of America or any department, agency, division
or instrumentality thereof.

		ARTICLE Two:	COMMITMENT
AND FUNDING

2.1             
The Commitment. Subject to the terms and conditions herein set out, the Bank agrees and commits, from time to time,
until the Termination Date, to make loan advances to the Borrower and to issue commercial and standby letters of credit, all in
an aggregate principal amount not to exceed, at any one time outstanding, the lesser of (a) Forty Million Dollars ($40,000,000.00);
or (b) the Borrower's Borrowing Base, as defined in Article One.

2.2             
Funding the Loan: Extending Credit. Each loan advance hereunder shall be made by depositing the same to the checking
account of the Borrower in Bank, or in such other manner as the Borrower and Bank may, from time to time, agree. Extensions of
credit upon the Loan may also be made by Bank’s issuance of a letter of credit in accordance with a Reimbursement Agreement
between the Bank and the Borrower. Any payments made by Bank with respect to a letter of credit issued for the benefit of the Borrower
shall be added to the unpaid principal balance of the Note, unless the Borrower, concurrently with or prior to the payment of such
letter of credit, pays to the Bank the amount of such letter of credit.

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In addition, if
any lockbox and lockbox account is established by the Borrower with the Bank, all proceeds from the lockbox account shall be automatically
and daily applied by the Bank to the payment of the Loan. In addition, if any deposit account is maintained by the Borrower with
the Bank, amounts in such deposit account may be automatically and daily applied by the Bank to the payment of the Loan. Borrower
hereby irrevocably authorizes Bank to charge any deposit account of the Borrower with the Bank for the purpose of paying any principal
or interest on the Loans, for purposes of paying any reimbursement obligations under Reimbursement Agreement in connection with
letters of credit and any related credit support for letters of credit, fees, premiums and other sums payable hereunder, including
reimbursing expenses pursuant to to this Agreement and agrees that all such amounts charged shall constitute loan advances and
that all such loan advances so made shall be deemed to have been requested by Borrower pursuant to Section 2.2 hereof.

2.3             
The Note and Interest.

(a)               
All advances with respect to the Loan shall be evidenced by the promissory note of the Borrower, payable to the order of
the Bank in the principal amount of Forty Million Dollars ($40,000,000.00) in form substantially the same as the copy of the Note
attached hereto as Exhibit “2.3” (the “Note”). The entire principal amount of the Loan shall
be due and payable (if not sooner declared to be due and payable by reason of Borrower's default) on the Termination Date. The
unpaid principal balances of the Loan shall bear interest prior to maturity from the Closing Date on disbursed and unpaid principal
balances (calculated on the basis of a year of 365 or 366 days, as is appropriate) at the Applicable Rate (as that term is defined
in the Note). Said interest shall be payable monthly on the first day of each month after the Closing Date, with the final installment
of interest being due and payable on the Termination Date, or on such earlier date as the Loan shall become due and payable.

(b)              
In the event that the Bank should at any time agree to increase the Committed Amount, the Borrower will either execute a
new note for the amount of such increase, or a new note for the aggregate increased Committed Amount; and in either event, the
term “Note”, as used herein, shall be deemed to mean and include such new note, as the circumstances shall require.

2.4             
Commitment Fee. This Section is intentionally omitted.

2.5             
Other Fees. As a condition to obtaining any letter of credit requested by the Borrower, the Borrower will pay to
the Bank, promptly upon receipt of each invoice therefor, a letter of credit fee equal to one percent (1%) per annum of the face
amount thereof, plus such other reasonable fees and charges as are normally imposed by the Bank with respect to similar letter
of credit transactions with its other customers.

2.6             
Prepayments. Subject to the satisfaction of all of the terms and conditions contained herein, between the date hereof
and the last Business Day immediately preceding the Termination Date, the Borrower shall be permitted from time to time to make
repayments and, in accordance with the terms and provisions hereof, to obtain further extensions of credit on the Loan in accordance
with its usual and credit needs; it being understood and agreed that the entire unpaid principal balance of the Loan, together
with all interest accrued thereon, shall be due and payable (if not sooner declared to be due and payable after an Event of Default)
on the Termination Date.

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		ARTICLE Three:	REQUIRED
PAYMENTS, PLACE OF PAYMENT, ETC.

3.1             
Required Repayments. In the event that the outstanding principal balance of the Loan shall at any time exceed the
Borrower's Borrowing Base, the Borrower will immediately upon discovery of the existence of such excess, make a principal payment
which will reduce the outstanding principal balance of the Loan to an amount which does not exceed the Borrowing Base.

3.2             
Place of Payments. All payments of principal and interest on the Loan and all payments of fees required hereunder
shall be made to the Bank, at its address listed at the beginning of this Agreement (Attention: Business Credit), in immediately
available funds.

3.3             
Payment on Nonbusiness Days. Whenever any payment of principal, interest or fees to be made on the indebtedness evidenced
by the Note shall fall due on a Saturday, Sunday or public holiday under the laws of the State of Tennessee, such payment shall
be made on the next succeeding Business Day.

		ARTICLE Four:	CONDITIONS
OF LENDING

4.1             
Conditions Precedent to Closing and Funding Initial Advance. The obligation of the Bank to fund the initial Loan
advance hereunder is subject to the condition precedent that the Bank shall have received, on or before the Closing Date, all of
the following in form and substance satisfactory to the Bank:

		(a)	This Loan Agreement.

		(b)	The Note from the Borrower payable to the order of the Bank in the principal amount of Forty Million
Dollars ($40,000,000.00).

		(c)	The Amended and Restated Security Agreement of the Borrower, pledging all of its Accounts Receivable
and other collateral (as described in said Security Agreement), as collateral security for the Loan.

		(d)	Such Uniform Commercial Code Financing Statements as the Bank may require in order to give record
notice of its security interest in the items listed as collateral in the Security Agreement, accompanied by Borrower's funds in
an amount sufficient to pay all recording fees and taxes for the recording of such Financing Statements.

		(e)	The Fourth Amended and Restated Guaranty Agreement of the Guarantor, on the Bank's standard form,
to be in the amount of the Loan.

		(f)	Certified corporate resolutions of Borrower and Guarantor, and certificate(s) of good standing
for Borrower and Guarantor from their respective states of incorporation and such other states as Bank shall require, together
with a copy of the charter and bylaws of the Borrower and Guarantor.

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		(g)	UCC lien searches from such recording offices as Bank shall specify, evidencing the priority of
the Bank's lien(s) under the Security Agreement over any other liens or encumbrances.

		(h)	If required by Bank, the opinion of Borrower's and Guarantor’s counsel that the transactions
herein contemplated have been duly authorized by all requisite corporate authority, that this Loan Agreement and the other instruments
and documents herein referred to have been duly authorized, validly executed and are in full force and effect, and pertaining to
such other matters as the Bank may require.

		(i)	A certificate from an insurance broker, satisfactory to Bank setting forth the information concerning
insurance which is required by Section 6.3 of this Loan Agreement.

		(j)	Appropriate assignments of any Government Contracts identified in Exhibit ”4.1.”

		(k)	The Authorization.

		(l)	The Borrower and the Guarantor shall have provided to the Bank the documentation and other information
requested by the Bank in order to comply with requirements of the PATRIOT Act.

		(m)	Such other information and documentation as Bank, in the exercise of its reasonable discretion,
shall deem to be necessary or desirable in connection with the funding of the Loan.

4.2             
Conditions Precedent to All Credit Extensions. The obligation of the Bank to extend credit or make loan advances
pursuant hereto (including the initial advance at the Closing Date) shall be subject to the following additional conditions precedent:

(a)               
The Borrower shall have furnished to the Bank each of the items referred to in Section 4.1 hereof, all of which shall remain
in full force and effect as of the date of such requested credit extension or loan advance (notwithstanding that the Bank may not
have required any such item to be furnished prior to the Closing Date).

(b)              
The Borrower shall not be in default of any of the terms and provisions hereof or of any instrument or document now or at
any time hereafter evidencing or securing all or any part of the Loan indebtedness and extensions of credit. Each of the warranties
and representations of the Borrower, as set out in Article Five hereof shall remain true and correct in all material respects as
of the date of such Loan advance.

(c)               
On the Closing Date and thereafter as frequently as required by Section hereof, Borrower shall furnish a Borrowing Base
Certificate executed by a duly authorized officer of Borrower in the form of Exhibit “6.6(a)” hereto attached.
Also, as frequently as required by Section 6.6 hereof, Borrower shall furnish to Bank a Compliance Certificate in the form of Exhibit
“6.6(b)” hereto attached.

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(d)              
At such time as the Borrower shall desire to obtain the issuance of a letter of credit pursuant to the provisions of Section
2.1 hereof, Borrower shall enter into a satisfactory Reimbursement Agreement with the Bank, containing such terms and provisions
as the Bank shall require, shall pay the letter of credit fee specified in Section 2.5 hereof, and shall pay all other reasonable
charges required by the Bank in connection with the issuance of such letter of credit.

		ARTICLE Five:	REPRESENTATIONS
AND WARRANTIES

Borrower represents
and warrants that:

5.1             
Incorporation.

(a)               
Borrower is a corporation duly organized, validly existing and in good standing under the laws of the State of Arkansas;
it has the power and authority to own its properties and assets and is duly qualified to carry on its business in every jurisdiction
wherein such qualification is necessary.

(b)              
Guarantor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware;
it has the power and authority to own its properties and assets and is duly qualified to carry on its business in every jurisdiction
wherein such qualification is necessary.

5.2             
Power and Authority.

(a)               
The execution, delivery and performance of this Loan Agreement and the Note and Security Agreement, executed pursuant thereto
by the Borrower, have been duly authorized by all requisite action and will not violate any provision of law, any order of any
court or other agency of government, the Certificate of Incorporation or Bylaws of the Borrower, any provision of any indenture,
agreement or other instrument to which Borrower is a party, or by which Borrower's properties or assets are bound, or be in conflict
with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any such indenture, agreement
or other instrument, or result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any
of the properties or assets of Borrower, except for liens and other encumbrances provided for and securing the indebtedness covered
by this Loan Agreement.

(b)              
The execution, delivery and performance of this Loan Agreement and the Guaranty, executed pursuant thereto by the Guarantor,
have been duly authorized by all requisite action and will not violate any provision of law, any order of any court or other agency
of government, the Certificate of Incorporation or Bylaws of the Guarantor, any provision of any indenture, agreement or other
instrument to which Guarantor is a party, or by which Guarantor's properties or assets are bound, or be in conflict with, result
in a breach of, or constitute (with due notice or lapse of time or both) a default under any such indenture, agreement or other
instrument, or result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any of the
properties or assets of Guarantor, except for liens and other encumbrances provided for and securing the indebtedness covered by
this Loan Agreement.

    	 	11	 

     

    

5.3             
Financial Condition.

(a)               
(i) The balance sheet of Guarantor for the fiscal year ended as of December 31, 2014, and the related statement of income,
retained earnings and changes in financial conditions for the year then ended, which has been certified, reviewed or compiled by
Guarantor's independent Certified Public Accountant, and (ii) the unaudited balance sheet of Guarantor dated as of December 31,
2015, a copy of each of which has been furnished to the Bank, together with any explanatory notes therein referred to and attached
thereto, are correct and complete in all material respects and fairly present the financial condition of Guarantor as at the respective
dates of said balance sheets and the results of its operations for said periods. All such financial statements have been prepared
in accordance with GAAP.

(b)              
There has been no material adverse change in the business, properties or condition, financial or otherwise, of Guarantor
since the 31st day of December, 2015.

5.4             
Title to Assets. Each of Borrower and Guarantor has good and marketable title to all its properties and assets reflected
on the balance sheet referred to in Section 5.3 hereof, except for such assets as have been disposed of since said date as no longer
used or useful in the conduct of business, (ii) Inventory sold in the ordinary course of business and thereafter accounted
for as Accounts Receivable or cash, (iii) Accounts Receivable collected and properly accounted for, and (iv) items which have
been amortized in accordance with GAAP, and all such properties and assets are free and clear of mortgages, pledges, liens, charges
and other encumbrances, except as otherwise expressly permitted by the provisions hereof.

5.5             
Litigation. There is no action, suit or proceeding at law or in equity or by or before any governmental instrumentality
or other agency now pending, or, to the knowledge of the Borrower or Guarantor threatened against or affecting Borrower or Guarantor,
or any properties or rights of Borrower or Guarantor, which, if adversely determined, would materially and adversely affect the
financial or any other condition of Borrower or Guarantor.

5.6             
Taxes. Borrower and Guarantor have each filed or caused to be filed all federal, state or local tax returns which
are required to be filed, and has paid all taxes as shown on said returns or on any assessment received by it, to the extent that
such taxes have become due, except as otherwise permitted by the provisions hereof.

5.7             
Contracts or Restrictions Affecting Borrower or Guarantor. Neither Borrower nor Guarantor is a party to any agreement
or instrument or subject to any charter or other corporate restrictions adversely affecting its business, properties or assets,
operations or condition (financial or otherwise).

5.8             
No Default. Neither Borrower nor Guarantor is in default in the performance, observance or fulfillment of any of
the obligations, covenants, or conditions contained in any agreement or instrument to which it is a party, which does or will in
the foreseeable future materially and adversely affect the business or operations of Borrower or Guarantor.

    	 	12	 

     

    

5.9             
Patents and Trademarks. Borrower and Guarantor each possesses all necessary patents, trademarks, trade names, copyrights,
and licenses necessary to the conduct of their respective businesses.

5.10         
ERISA. Borrower and Guarantor are both in compliance with all applicable provisions of the Employees Retirement Income
Security Act of 1974 (“ERISA”) and all other laws, state or federal, applicable to any employees' retirement plan maintained
or established by them respectively.

5.11         
No Subsidiaries. Borrower does not own all or a substantial part of the stock (or other ownership interest) in any
other corporation (or other form of business organization) other than Choctaw LLC, Dedicated LLC, Decker LLC and East Coast LLC.

5.12         
Government Contracts. The Government Contracts listed in Exhibit “4.1” constitute all of the Government
Contracts to which the Borrower is now a party.

5.13         
Compliance. To the knowledge of Borrower, Borrower is in compliance in all material respects with all applicable
laws and regulations, federal, state and local, material to the conduct of its business and operations. To the knowledge of Borrower,
Borrower possesses all the franchises, permits, licenses, certificates of compliance and approval and grants of authority materially
necessary or required in the conduct of its business and, to the knowledge of Borrower, the same are valid, binding, enforceable
and subsisting without any material defaults thereunder or materially enforceable adverse limitations thereon and are not subject
to any proceedings or claims opposing the issuance, development or use thereof or contesting the validity thereof; and no approvals,
waivers or consents, governmental (federal, state or local) or non-governmental, under the terms of contract or otherwise, are
required by reason of or in connection with Borrower's execution and performance of the Loan Documents.

5.14         
OFAC. Neither the Borrower nor any Subsidiary (a) is an “enemy” or an “ally of the enemy”
within the meaning of Section 2 of the Trading with the Enemy Act of the United States (50 U.S.C. App. §§ 1 et seq.),
as amended, (b) is in violation of (i) the Trading with the Enemy Act, as amended, (ii) any of the foreign assets control regulations
of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order
relating thereto or (iii) the PATRIOT Act or (c) is a Sanctioned Person. No part of the proceeds of any Loan hereunder will be
used directly or indirectly to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned
Person or a Sanctioned Country.

		ARTICLE Six:	AFFIRMATIVE
COVENANTS OF BORROWER

Borrower covenants
and agrees that from the date hereof and until payment in full of the principal of and interest on the Loan, unless the Bank shall
otherwise consent in writing, such consent to be at the discretion of the Bank, Borrower will:

6.1             
Business and Existence. Perform all things necessary to preserve and keep in full force and effect its existence,
rights and franchises, comply with all laws applicable to it and continue to conduct and operate its business substantially as
conducted and operated during the present and preceding calendar years.

    	 	13	 

     

    

6.2             
Maintain Property. Maintain, preserve, and protect all franchises, and trade names and preserve all the remainder
of its properties used or useful in the conduct of its business substantially as conducted and operated during the present and
preceding fiscal year; preserve all the remainder of its properties used or useful in the conduct of its business and keep the
same in good repair, working order and condition, and from time to time make, or cause to be made, all needed and proper repairs,
renewals, replacements, betterments and improvements thereto so that the business carried on in connection therewith may be properly
conducted at all times.

6.3             
Insurance.

(a)               
At all times maintain in some company or companies approved by Bank comprehensive public liability insurance covering claims
for bodily injury, death, and property damage, with minimum limits satisfactory to the Bank, but in any event not less than those
amounts customarily maintained by companies in the same or substantially similar businesses.

(b)              
All required insurance policies shall provide for not less than thirty (30) days' prior written notice to the Bank of any
cancellation, amendment, termination, or lapse. Each such policy shall, in addition, provide that there shall be no recourse against
the Bank for payment of premiums or other amounts with respect thereto. The Borrower will deliver to Bank original or duplicate
policies of such insurance, or satisfactory certificates of insurance, and, as often as Bank may reasonably request, a report of
a reputable insurance broker with respect to such insurance.

6.4             
Obligations. Taxes and Liens. Pay all of its indebtedness and obligations promptly in accordance with normal terms
and practices of its business and pay and discharge or cause to be paid and discharged promptly all taxes, assessments, and governmental
charges or levies imposed upon it or upon any of its income, profits, or properties, real, personal or mixed, or upon any part
thereof, before the same shall become in default, as well as all lawful claims for labor, materials, and supplies which otherwise,
if unpaid, might become a lien or charge upon such properties or any part thereof; provided, however, that the Borrower shall not
be required to pay and discharge or to cause to be paid and discharged any such tax, assessment, trade payable, charge, levy or
claim so long as the validity thereof shall be contested in good faith by appropriate proceedings satisfactory to Bank, and Bank
shall be furnished, if Bank shall so request, bond or other security protecting it against loss in the event that such contest
should be adversely determined.

6.5             
Financial Reports and Other Data. Furnish (or cause the Guarantor to furnish) to the Bank as soon as available, and
in any event within ninety (90) days after the end of each fiscal year of Guarantor, consolidated and consolidating balance sheets
and statements of income and surplus of Guarantor which have been audited and certified by an independent Certified Public Accountant
acceptable to the Bank, showing the financial condition of Guarantor and at the close of such year and the results of operations
during such year; and, within forty-five (45) days after the end of each quarter, financial statements similar to those mentioned
above, on a consolidated and consolidating basis, not audited but certified by the Treasurer or other appropriate financial officer
(“Certifying Officer”) of Guarantor, such balance sheets to be as of the end of each such quarter, and such
statements of income and surplus to be for the period from the beginning of the fiscal year to the end of such quarter, in each
case subject only to audit and year-end adjustment. The certificate of the Certifying Officer shall state that the attached financial
statement, together with any explanatory notes therein referred to and attached thereto, is correct and complete and fairly presents
the financial condition of the Guarantor as of the date of the financial statement, and the results of its operations for the period
ending on the date reflected in said financial statement; and that, with respect to year-end statements, such financial statements
have been prepared in accordance with GAAP and with respect to quarterly statements, such financial statements are in compliance
with applicable United States Securities and Exchange Commission regulations. Notwithstanding the foregoing, for so long as Guarantor
is a publicly-traded company and such financial statements and information or the equivalent thereof are readily available to Bank
for no charge via a publicly-accessible website, the timely posting by Guarantor of such financial statements and information shall
satisfy the requirements of this Section 6.5.

    	 	14	 

     

    

6.6             
Borrowing Base Certificates and Unbilled Revenues Report.

(a)               
Furnish to Bank monthly (or at such other frequency as Bank may require) a Borrowing Base Certificate substantially in the
form of Exhibit “6.6(a)” attached hereto, together with an aging report as to Unbilled Revenues, segregating
same into categories, according to whether they are zero (0) to fourteen (14) days old, fifteen (15) to thirty (30) days old, or
thirty-one (31) or more days old; and

(b)              
Furnish to the Bank quarterly concurrently with the financial statements referenced in Section 6.5, and annually with the
financial statements referenced in Section 6.5, a Compliance Certificate substantially in the form of Exhibit “6.6(b)”
attached hereto, executed by an Authorized Agent, together with a worksheet, in form acceptable to the Bank, showing how each financial
covenant reported on the Compliance Certificate was calculated.

(c)               
On or before the fifteenth (15th) day of each calendar month, furnish to Bank an Accounts Receivable aging report which
shall report Borrower's total Accounts Receivable as of the close of business for the previous month and shall segregate such Accounts
Receivable into categories, according to whether such Accounts Receivable remain unpaid for more than thirty (30) days, or for
more than sixty (60) days, or for more than ninety (90) days from the date of invoice.

6.7             
Notice of Default. At the time of Borrower's first knowledge or notice, furnish the Bank with written notice of the
occurrence of any event or the existence of any event, circumstance, or condition which constitutes or upon notice, lapse of time,
or both, would constitute an Event of Default under the terms of this Loan Agreement.

6.8             
Additional Information. Furnish (and cause Guarantor to furnish) such other information regarding the operations,
business affairs and financial condition of the Borrower and Guarantor as Bank may reasonably request, including, but not limited,
to accounts payable aging reports, written confirmation of requests for loan advances and other extensions of credit, true and
exact copies of its books of account and tax returns, and all information furnished to shareholders, or any governmental authority,
including the results of any stock valuation performed, and permit the copying of the same.

6.9             
Right of Inspection. Permit (and cause Guarantor to permit) any person designated by a Bank, at such Bank's expense,
to visit and inspect any of the properties, corporate books and financial reports of the Borrower and/or Guarantor and to discuss
the affairs, finances and accounts with the principal officers of each such entity, at all such reasonable times and as often as
a Bank may reasonably request.

6.10         
Future Government Contracts. Execute appropriate instruments of assignment in favor of Bank of any Government Contracts
at any time hereafter entered into by Borrower.

6.11         
Books and Records. Borrower shall maintain proper books of record and account in conformity with GAAP, including,
without limitation, books and records regarding the collateral, in which true, correct and complete entries shall be made.

6.12         
Litigation. Borrower will promptly notify Bank of any litigation action instituted or, to Borrower's knowledge, threatened
against Borrower or Guarantor, that could have a material adverse effect on the Borrower or Guarantor.

    	 	15	 

     

    

6.13         
Compliance with Law.

(a)               
All Accounts Receivable shall comply in all material respects with all applicable federal, state and local laws, rules,
regulations, proclamations, statues, orders and interpretations at the time when the Bank obtains any interest therein pursuant
to the Security Agreement.

(b)              
Borrower shall comply in all material respects with all local, state and federal laws and regulations applicable to its
business, including, without limitation, all laws and regulations of local authorities, and the provisions and requirements of
all franchises, permits, certificates of compliance and approval issued by regulatory authorities and other like grants of authority
held by the Borrower; and notify Bank immediately (and in detail) of any actual or alleged failure to comply with or perform, breach,
violation or default under any such laws or regulations or under the terms of any such franchises or licenses, grants of authority
the result of which would constitute a materially adverse effect on the Borrower, or the occurrence or existence of any facts or
circumstances which with the passage of time, the giving of notice or otherwise could create such a breach, violation or default
or could occasion the termination of any such franchises or grants of authority.

6.14                 
Lockbox and Lockbox Account. Borrower shall maintain a lockbox (the “Lockbox”) and lockbox account
(the “Lockbox Account”) with the Bank and shall cause all Account Debtors to send all payments on Accounts Receivable
to the Lockbox. Borrower and all of its affiliates, subsidiaries, shareholders, directors, employees or agents shall, acting as
trustee for Bank, receive, any monies, checks, notes, drafts or any other payment relating to and/or proceeds of Account Receivable
or other collateral which come into their possession or under their control and immediately upon receipt thereof, shall deposit
or cause the same to be deposited in the Lockbox Account, or remit the same or cause the same to be remitted, in kind, to Bank.

		ARTICLE Seven:	NEGATIVE
COVENANTS OF BORROWER

Borrower covenants
and agrees that at all times from and after the Closing Date, unless the Bank shall otherwise consent in writing, which consent
shall not be unreasonably withheld, it will not, either directly or indirectly:

7.1             
Indebtedness. Incur, create, assume or permit to exist or permit the Guarantor to create) any indebtedness or liability
for borrowed money, or on account of deposit, advance or progress payments under contracts, or any other indebtedness or liability,
including, but not limited to, indebtedness evidenced by notes, bonds, debentures or similar obligations, except:

		(a)	indebtedness to the Bank arising under this Loan Agreement and evidenced by the Note;

		(b)	other indebtedness and obligations, the creating or incurring of which by either the Borrower or
the Guarantor will not directly or indirectly cause or result in a violation of any of the covenants or agreements of Borrower
or Guarantor as set forth herein.

7.2             
Mortgages. Liens. Etc. Create, assume or suffer to exist any mortgage, pledge, lien, charge or other encumbrance
of any nature whatsoever on any of its assets, now or hereafter owned, except for:

		(a)	liens securing payment of the Loan;

    	 	16	 

     

    
 

		(b)	liens securing indebtedness permitted under Section 7.1(b) above, provided that they do not encumber
any of the collateral now or at any time hereafter pledged to secure the Loan; and

		(c)	Permitted Encumbrances (as defined at Article One).

7.3             
Guaranties. Guarantee or otherwise in any way become or be responsible for the indebtedness or obligations of any
other Person, by any means whatsoever, whether by agreement to purchase the indebtedness of any other Person or agreement for the
furnishing of funds to any other Person through the purchase of goods, supplies or services (or by way of stock purchase, capital
contribution, advance or loan) for the purpose of paying or discharging the indebtedness of any other Person, or otherwise, except
for the endorsement of negotiable instruments by the Borrower in the ordinary course of business for collection.

7.4             
Sale of Assets. Sell, lease, transfer or dispose (other than in the normal course of business) of all or a substantial
part of its assets.

7.5             
Consolidation or Merger: Acquisition of Assets. Enter into any transaction of merger or consolidation, acquire any
other business or corporation, or acquire all or substantially all of the property or assets of any other Person.

7.6             
Loans and Investments. Make any loans to or investments in, or, purchase any stock, other securities or evidence
of indebtedness of any Person, except as follows: (i) direct obligations of the United States of America or obligations for which
the full faith and credit of the United States of America is pledged to provide for the payment of principal and interest, (ii) marketable
securities issued by an agency of the United States government, (iii) commercial paper rated A-1 by Standard and Poors Corporation,
or P-1 by Moody's Investors Service, Inc., (iv) certificates of deposit of or bankers' acceptances accepted by domestic commercial
banks in the United States of America having a combined capital and surplus of at least Ninety Million Dollars ($90,000,000.00),
(v) repurchase agreements with respect to any of the foregoing.

7.7             
Sale of Accounts Receivable. Sell, discount or otherwise dispose of any of its Accounts Receivable or any promissory
note or obligation held by it, with or without recourse.

7.8             
Dividends. Redemptions and Other Payments. This Section is intentionally omitted.

7.9             
Salaries. This Section is intentionally omitted.

7.10         
New Business. Acquire or enter into any business other than its present business, except for expansions of Borrower's
present business or any business directly related thereto, or enter into any management contract whereby the effective management
or control of Borrower is delegated to third parties.

7.11         
Accounts Receivable From Related Persons. This Section is intentionally omitted.

7.12         
Loans to Officers and Employees. This Section is intentionally omitted.

    	 	17	 

     

    

		ARTICLE Eight:	GUARANTOR
COVENANTS

Guarantor covenants
and agrees that from the date hereof and until payment in full of the principal of and interest on the Loan, unless the Bank shall
otherwise consent in writing, such consent to be at the discretion of the Bank, Guarantor will:

8.1             
Senior Funded Debt to EBITDA Ratio. Maintain as of the end of each calendar quarter a ratio of Senior Funded Debt
to EBITDA (as defined in Article One) of not more than 4.00 to 1.00, to be tested quarterly on a rolling four-quarter basis at
the end of each quarter.

8.2             
Dividends. Redemptions and Other Payments. Not (a) pay, or set aside any sum for the payment of, any dividends, or
make any other distribution upon any shares of its capital stock of any class, which exceeds, in the aggregate (as to all of them)
for any one fiscal year, fifty percent (50%) of its net after-tax income for such fiscal year, determined in accordance with GAAP,
nor (b) make any payment to a profit sharing plan or to any other retirement or pension plan to or for the benefit of management
shareholders which exceeds (based on a percentage of compensation) similar payments made for the benefit of all employees of the
Guarantor. The foregoing shall not, however, be deemed to prohibit share repurchases by the Guarantor so long as the Borrower and
Guarantor are otherwise in compliance with all provisions of this Agreement, including without limitation the Guarantor’s
compliance with the financial covenant set forth in Section 8.1, above.

		ARTICLE Nine:	EVENTS
OF DEFAULT

9.1             
Definition. An “Event of Default” shall exist if any of the following shall occur:

(a)               
Payment of Principal. Interest. The Borrower defaults in the prompt payment as and when due of the principal
of or interest on the Loan or any fees due under this Loan Agreement, or in the prompt payment when due of any other indebtedness,
liabilities, or obligations to the Bank, whether now existing or hereafter created or arising; direct or indirect, absolute or
contingent, which default shall continue unremedied for a period of five (5) days; or

(b)              
Payment of Other Obligations. The Borrower or Guarantor defaults under any agreement, document or instrument
relating to any indebtedness for borrowed money owing to any person other than Bank, or any capitalized lease obligations, contingent
indebtedness in connection with any guarantee, letter of credit, indemnity or similar type of instrument in favor of any person
other than Bank, in any case in an amount in excess of Seven Million Dollars ($7,000,000.00), which default continues for more
than the applicable cure period, if any, with respect thereto, or any material default by Borrower or any Guarantor under any material
contract, lease, license or other obligation to any person other than Bank, which default continues for more than the applicable
cure period, if any, with respect thereto; or

(c)               
Representation or Warranty. Any representation or warranty made by the Borrower or Guarantor herein, or in
any report, certificate, financial statement or other writing furnished in connection with or pursuant to this Loan Agreement shall
prove to be false, misleading or incomplete in any material respect on the date as of which made; or

(d)              
Covenants. The Borrower or Guarantor defaults in the performance or observance of any covenant, condition,
agreement or undertaking on its part to be performed or observed, as contained herein, in the Security Agreement or in any other
instrument or document which now or hereafter evidences, secures or relates to all or any part of the Loan or any extensions of
credit made pursuant hereto, and, as to the Guarantor covenant set forth in Section 8.1 hereof, such default is not cured within
forty-five (45) days following Guarantor's or Borrower's first knowledge or notice thereof; or

    	 	18	 

     

    

(e)               
Bankruptcy, Etc. The Borrower or Guarantor shall make an assignment for the benefit of creditors, file
a petition in bankruptcy, petition or apply to any tribunal for the appointment of a custodian, receiver or any trustee for it
or a substantial part of its assets, or shall commence any proceeding under any bankruptcy, reorganization, arrangement, readjustment
of debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or if there shall have
been filed any such petition or application, or any such proceeding shall have been commenced against Borrower, in which an order
for relief is entered or which remains undismissed for a period of thirty (30) days or more; or Borrower or Guarantor by any act
or omission shall indicate its consent to, approval of or acquiescence in any such petition, application or proceeding or order
for relief or the appointment of a custodian, receiver or any trustee for it or any substantial part of any of its properties,
or shall suffer any such custodianship, receivership or trusteeship to continue undischarged for a period of thirty (30) days or
more; or Borrower or Guarantor shall generally not pay its debts as such debts become due; or

(f)               
Concealment of Property, Etc. The Borrower or Guarantor shall have concealed, removed, or permitted
to be concealed or removed, any part of its property, with intent to hinder, delay or defraud its creditors or any of them, or
made or suffered a transfer of any of its property which may be fraudulent under any bankruptcy, fraudulent conveyance or similar
law; or shall have made any transfer of its, his or her property to or for the benefit of a creditor at a time when other creditors
similarly situated have not been paid; or shall have suffered or permitted, while insolvent, any creditor to obtain a lien upon
any of its property through legal proceedings or distraint which is not vacated within thirty (30) days from the date thereof;
or

(g)              
Management Change. This Section is intentionally omitted.

(h)              
Guarantor's Liability Terminated. The Guarantor shall notify the Bank that it no longer intends to be bound
by the provisions of its Guaranty as to future loan advances and extensions of credit, or the Guarantor otherwise revokes, terminates,
or fails to perform any of the terms, covenants, conditions, or provisions of any guarantee, endorsement, or other agreement of
such party in favor of Bank.

(i)                
Judgments. A final judgment rendered against the Borrower or Guarantor in excess of Six Million Dollars ($6,000,000),
which is not being appealed in a manner reasonably satisfactory to the Bank and which is not covered by the proceeds of insurance
where the applicable insurance company has not denied coverage or otherwise rejected Borrower’s or Guarantor’s claim
for such insurance.

(j)                
Collateral. The Bank’s interest in the collateral shall for any reason cease or otherwise fail to be
a valid and subsisting first priority lien in favor of the Bank.

9.2             
Remedy. Upon the occurrence of any event, circumstance or condition which constitutes or would with the giving of
notice, lapse of time, or both constitute an Event of Default, as specified herein, the Bank shall, at its option, be relieved
of any obligation to make further loan advances or extensions of credit under this Agreement; and if such event, circumstance,
or condition constitutes or becomes an Event of Default, the Bank may, at its option, thereupon declare the entire Loan indebtedness
and all other extensions of credit to be immediately due and payable for all purposes, and may exercise all rights and remedies
available to it under the Security Agreement, Guaranties, or any other instrument or document which secures the Loan indebtedness,
or available at law or in equity; provided that upon the occurrence of an Event of Default specified in Section 9.1(e),
the commitment of the Bank and any right of Borrower to request borrowings hereunder shall be automatically terminated and all
obligations under the Loan Documents shall automatically become due and payable without presentment, demand, protest or other notice
of any kind, all of which are expressly waived by the Borrower, anything in this Agreement or in any other Loan Document to the
contrary. Further, the Bank shall have the right to the appointment of a receiver to take possession of Borrower's premises, properties,
assets, books and records, without consideration of the value of the collateral pledged as security for the Loan and extensions
of credit or the solvency of any person liable for the payment of the amounts then owing, and all amounts collected by the receiver
shall, after expenses of the receivership, be applied to the payment of the Loan indebtedness, extensions of credit, and interest
thereon; and the Bank, at its option, shall have the right to do the same, without the appointment of a receiver. All such rights
and remedies are cumulative and nonexclusive, and may be exercised by the Bank concurrently or sequentially, in such order as the
Bank may choose.

    	 	19	 

     

    

		ARTICLE Ten:	MISCELLANEOUS

10.1         
Amendments. The provisions of this Loan Agreement, the Note or any instrument or document executed pursuant hereto
or securing the Loan indebtedness may be amended or modified only by an instrument in writing signed by the parties hereto.

10.2         
Notices. All notices and other communications provided for hereunder (except for routine informational communications)
shall be in writing and shall be mailed, sent by recognized national overnight courier service, telecopied by facsimile machine,
or delivered, if to the Borrower or Guarantor, to Borrower at its address specified in the first paragraph of this Agreement (Telecopy
No. 479/361-5335); and if to the Bank, to it, Attention: Business Credit at its address specified in the first paragraph of this
Agreement (Telecopy No.: 901/523-4633); 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 L. Aronov
(Telecopy No.: 901/577-0715). All such notices and other communications shall be effective (a) if mailed, when received or three
(3) business days after mailing, whichever is earlier, (b) if sent by recognized national overnight courier service, on the first
business day following the sending thereof, (c) if telecopied, upon confirmation of sending, and (d) if delivered, upon delivery.

10.3         
No Waiver. Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Bank, any right,
power or privilege hereunder, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. Waiver
of any right, power, or privilege hereunder or under any instrument or document now or hereafter securing the indebtedness evidenced
hereby or under any guaranty at any time given with respect thereto is a waiver only as to the specified item. The rights and remedies
herein provided are cumulative and not exclusive of any rights or remedies provided by law.

10.4         
Survival of Agreements. All agreements, representations and warranties made herein shall survive the delivery of
the Note. This Loan Agreement shall be binding upon, and inure to the benefit of the parties hereto and their respective heirs,
successors, and assigns, except that the Borrower shall not have the right to assign its rights hereunder or any interest therein.
Bank may assign its rights and delegate its obligations under this Agreement and the other Loan Documents and further may assign,
or sell participations in, all or any part of the Loan or any other interest herein to another financial institution or other person,
in which event, the assignee or participant shall have, to the extent of such assignment or participation, the same rights and
benefits as it would have if it were the Bank hereunder, except as otherwise provided by the terms of such assignment or participation.

10.5         
Liens: Setoff by Bank. Borrower hereby grants to the Bank a continuing lien, as security for the Note and all other
indebtedness, liabilities, and obligations of the Borrower to the Bank, upon any and all of its moneys, securities and other property
and the proceeds thereof, now or hereafter held or received by or in transit to, the Bank from or for Borrower, and also upon any
and all deposits (general or special, matured or unmatured) and credits of the Borrower against the Bank, at any time existing.
Upon the occurrence of any Event of Default as specified above, the Bank is hereby authorized at any time and from time to time,
without notice to Borrower to set off, appropriate, and apply any and all items hereinabove referred to against any or all indebtedness
of the Borrower to the Bank.

    	 	20	 

     

    

10.6         
Governing Law. This Loan Agreement shall be governed and construed in accordance with the laws of the State of Tennessee;
except that the provisions hereof which relate to the payment of interest shall be governed by (i) the laws of the United States,
or (ii) the laws of the State of Tennessee, whichever permits the Bank to charge the higher rate, as more particularly set out
in the Note.

10.7         
Execution in Counterparts. This Loan Agreement may be executed in any number of counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument.

10.8         
Terminology; Section Headings. All personal pronouns used in this Loan Agreement whether used in the masculine, feminine,
or neuter gender, shall include all other genders; the singular shall include the plural, and vice versa. Section headings are
for convenience only and neither limit nor amplify the provisions of this Loan Agreement.

10.9         
Enforceability of Agreement. Should any one or more of the provisions of this Loan Agreement be determined to be
illegal or unenforceable, all other provisions, nevertheless, shall remain effective and binding on the parties hereto.

10.10     
Interest Limitations. It is the intention of the parties hereto to comply strictly with all applicable usury and
similar laws; and, accordingly, in no event and upon no contingency shall the Bank ever be entitled to receive, collect, or apply
as interest any interest, fees, charges or other payments equivalent to interest, in excess of the Maximum Rate. Any provision
hereof, or of any other agreement executed by the Borrower that would otherwise operate to bind, obligate or compel the Borrower
to pay interest in excess of such Maximum Rate or fees in excess of the maximum lawful amount shall be construed to require the
payment of the maximum rate or amount only. The provisions of this paragraph shall be given precedence over any other provisions
contained herein or in any other agreement applicable to the extensions of credit that is in conflict with the provisions of this
paragraph.

10.11     
Non-Control. In no event shall the Bank's rights hereunder be deemed to indicate that, the Bank is in control of
the business, management or properties of the Borrower or has power over the daily management functions and operating decisions
made by the Borrower, all such rights and powers being hereby expressly reserved to the Borrower.

10.12     
Extensions of Termination Date: Continuing Security.

(a)               
The specific Termination Date mentioned in Article One may, in the sole and unrestricted discretion of the Bank, by written
notice to the Borrower, be extended one or more times to a subsequent date or dates unless, not later than thirty (30) days prior
to the specific Termination Date mentioned in Article One, or, in the event of the extension of such Termination Date, not later
than thirty (30) days prior to any such then effective extended Termination Date, the Borrower shall notify the Bank in writing
that this Agreement shall not be further extended. The Bank shall be under no obligation whatsoever to extend the initial Termination
Date, or to further extend any subsequent Termination Date to which the Bank has previously agreed in writing, any extensions of
the initial or any subsequent Termination Date being in the sole and unrestricted judgment and discretion of the Bank.

    	 	21	 

     

    

(b)              
Upon the specific Termination Date so fixed in Article One, or in the event of the extension of this Agreement to a subsequent
Termination Date (when no effective extension is in force), the Loan and all other extensions of credit (unless sooner declared
to be due and payable by the Bank pursuant to the provisions hereof) shall become due and payable for all purposes. Until all such
indebtedness, liabilities and obligations secured by the Security Agreement are satisfied in full, such termination shall not affect
the security interest granted to Bank pursuant to the Security Agreement, nor the duties. covenants, and obligations of the Borrower
or Guarantor therein and in this Agreement; and all of such duties, covenants and obligations shall remain in full force and effect
until the Loan and all other indebtedness, liabilities and obligations of the Borrower to the Bank shall have been fully paid and
satisfied in all respects.

10.13     
Statute of Limitations. Any payment of principal or interest shall automatically toll the running of any statute
of limitations otherwise applicable to obligations of Borrower and Guarantor under the Note, this Loan Agreement, the Security
Agreement, or any other loan document.

10.14     
Fees and Expenses. The Borrower agrees to pay, or reimburse the Bank for, the actual out-of-pocket expenses, including
reasonable counsel fees and reasonable fees of any accountants, inspectors or other similar experts, as deemed necessary by the
Bank, incurred by the Bank in connection with the preparation, execution, amendment, recording, administration (excluding the salary
of Bank's employees and Bank's normal and usual overhead expenses) or enforcement of, or the preservation of any rights under this
Loan Agreement, the Note, the Security Agreement, and any other instrument or document which now or hereafter secures the Loan.

10.15     
Time of Essence. Time is of the essence of the obligations of Borrower and Guarantor under this Loan Agreement, the
Note, and the other instruments and documents executed and delivered in connection herewith.

10.16     
Conflict. In the event of any conflict between the provisions hereof and the provisions of the Note, the Security
Agreement, the Proposal Letter (hereinafter defined) or any other loan document, during the continuance of this Agreement the provisions
of this Agreement shall control.

10.17     
As to the Bank's Base Rate. Borrower acknowledges that the Bank's Base Rate is one of several interest rate indices
employed by the Bank; and that the Bank has made and may hereafter make loans bearing interest at rates which are higher or lower
than the Bank's Base Rate.

10.18     
Intentionally Omitted.

10.19     
Reports. Except as otherwise expressly set forth herein, all certificates and reports to be furnished by the Borrower
or Guarantor to the Bank shall be furnished by an officer of the Borrower or the Guarantor, as applicable.

10.20     
Compromises. Releases. Etc. The Guarantor agrees that:

(a)               
The Bank is hereby authorized from time to time, without notice to anyone, to make any sales, pledges, surrenders, compromises,
settlements, releases, indulgences, alterations, substitutions, exchanges, changes in, modifications or other disposition, including,
without limitation, cancellations, of all or any part of the Loan indebtedness, or of any contract or instrument 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 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 to give any notice of dishonor or default,
or to realize upon or protect any of said indebtedness or any collateral or security therefor.

    	 	22	 

     

    

(b)              
The Bank shall have the exclusive right to determine how, when and what application of payments and credits, if any, shall
be made on the Loan and extensions of credit 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 Borrower, or its property or estate, or to resort
to or exhaust its remedies against any collateral, security, property, liens or other rights whatsoever.

(c)               
The Bank may, at any time, make demand for payment on, or bring suit against, the Guarantor, or any other guarantors, less
than all, and may compound with any one or more of any guarantors for such sums or on such terms as it may see fit, and without
notice or consent, the same being hereby expressly waived, release any guarantor from all further liability to the Bank hereunder,
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.

(d)              
Notwithstanding any provision contained herein or in the guaranty agreement

executed by the Guarantor in favor of the Bank, if at any time the Guarantor is or becomes an “insider” (as defined
from time to time in Section 101 of the Federal Bankruptcy Code) with respect to the Borrower, the Guarantor waives any and all
rights of subrogation against the Borrower with respect to its said Guaranty of the obligations of the Borrower, whether such rights
arise under an express or implied contract or by operation of law, it being the intention of the parties that, if the Guarantor
is an “insider” with respect to the Borrower, the Guarantor shall not be deemed to be a “creditor” (as
defined in Section 101 of the Federal Bankruptcy Code) of the Borrower, by reason of the existence of such Guaranty in the event
that the Borrower becomes a debtor in any proceeding under the Federal Bankruptcy Code.

(e)               
The Guarantor does further absolutely and unconditionally guarantee the payment and performance of each and every obligation
and undertaking of the Borrower hereunder.

10.21     
Venue of Actions. As an integral part of the consideration for the making of the Loan, it is expressly understood
and agreed that no suit or action shall be commenced by the Borrower, by either Guarantor, or by any heir, successor, personal
representative or assignee of any of them, with respect to the Loan contemplated hereby, or with respect to any of the Loan Documents,
other than in a state court of competent jurisdiction in and for the County of the State in which the principal place of business
of the Bank is situated, or in the United States District Court for the District in which the principal place of business of the
Bank is situated, and not elsewhere. Nothing in this paragraph contained shall prohibit Bank instituting suit in any court of competent
jurisdiction for the enforcement of its rights hereunder, in the Note, in the Security Agreement or in any other loan document.

10.22     
Assignments and Participations. Subject to the last two sentences of this Section 10.22, Bank may sell or offer to
sell the Loan or interests therein to one or more assignees or participants. Borrower shall execute, acknowledge and deliver any
and all instruments reasonably requested by Bank in connection therewith, and to the extent, if any, specified in any such assignment
or participation, such assignee(s) or participant(s) shall have the same rights and benefits with respect to the Loan Documents
as such Person(s) would have if such Person(s) were Bank hereunder. Bank may disseminate any information it now has or hereafter
obtains pertaining to the Loan, including any security for the Loan, or Borrower, to any actual or prospective assignee or participant
with Borrower’s consent as descrbed below, to any regulatory body having jurisdiction over Bank, to any actual or prospective
counterparty (or its advisors) to any swap or derivative transaction relating to Bank and the Loan, as necessary or appropriate
in Bank's reasonable judgment. However, subject to applicable law, Bank shall use reasonable efforts to protect the confidentiality
of the terms and conditions of the Loan in all other respects. Notwithstanding the foregoing, so long as no Event of Default has
occurred and is continuing, and except in case of an assignment in connection with a merger or sale of all or substantially all
of the assets of the Bank, before entering into an assignment or participation with respect to all or a portion of the Loan, Bank
shall give Borrower prior written notice of its intent to assign or participate all or a portion of the Loan. In such case, Borrower
shall have five (5) Business Days from receipt of such notice to either consent to such assignment or participation or refuse to
consent. Borrower's failure to respond within such time frame shall be deemed to be Borrower's consent.

    	 	23	 

     

    

10.23     
Electronic Transmission of Data. Bank and Borrower agree that certain data related to the Loan (including confidential
information, documents, applications and reports) may be transmitted electronically, including transmission over the Internet to
the parties, the parties affiliates, agents and representatives, and other Persons involved with the subject matter of this Agreement.
Borrower acknowledges and agrees that (a) there are risks associated with the use of electronic transmission and that Bank does
not control the method of transmittal or service providers, (b) Bank has no obligation or responsibility whatsoever and assumes
no duty or obligation for the security, receipt or third party interception of any such transmission, and (c) Borrower will
release, hold harmless and indemnify Bank from any claim, damage or loss, including that arising in whole or part from Bank's strict
liability or sole, comparative or contributory negligence, but not its sole gross negligence or willful misconduct, as determined
by a final judgment of a court of competent jurisdiction, which is related to the electronic transmission of data.

10.24     
Waiver of Right to Trial by Jury. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED
IN CONNECTION HEREWITH, OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALING OF THE PARTIES HERETO OR ANY OF
THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH,
OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING; AND EACH PARTY HEREBY AGREES
AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY
PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR COPY OF THIS SECTION WITH ANY COURT AS EVIDENCE OF SUCH AGREEMENT.

10.25     
Amendment and Restatement. This Amended and Restated Loan Agreement is an amendment and restatement of the parties'
Prior Loan Agreement, and shall not be construed as a novation thereof. From and after the date hereof, the terms and provisions
of this Amended and Restated Loan Agreement shall control.

[SIGNATURE PAGE STARTS ON
NEXT PAGE]

 

    	 	24	 

     

    

 

IN WITNESS WHEREOF,
the Borrower, the Guarantor and the Bank have caused this Agreement to be executed by their respective officers, duly authorized
so to do, all as of the day and year first above written.

P.A.M. TRANSPORT, INC.

By: /s/ Daniel H. Cushman

      President

BORROWER

P.A.M. TRANSPORTATION

SERVICES, INC.

By: /s/ Daniel H. Cushman

       President

GUARANTOR

FIRST TENNESSEE BANK NATIONAL
ASSOCIATION

By: /s/ Gavin Turner

      Vice-President

BANK

 

 

    	 	25	 

     

    

 

LIST
OF EXHIBITS TO LOAN AGREEMENT

Exhibit
“1.1” – Exceptions to Concentration Limit

Exhibit
“1.5” – Borrowing Base

Exhibit
“1.19” – Additional Permitted Encumbrances

Exhibit
“2.3” – Form of Promissory Note

Exhibit
“4.1” – List of Government Contracts

Exhibit
“6.6” – Form of Periodic Report

 

 

 

 

 

 

 

 

    	 	26	 

     

    

 

EXHIBIT
“1.1”

TO LOAN AGREEMENT

Exceptions to Concentration Limit

 

Accounts Receivable
owed by any of the following Account Debtors, if otherwise constituting Acceptable Accounts, may be included in the Borrowing Base,
even if the Accounts Receivable owed by any such Account Debtor exceed twenty-five percent (25%) of the Borrower's Acceptable Accounts
Receivable:

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	27	 

     

    

 

EXHIBIT
“1.5”

TO LOAN AGREEMENT

 

The Borrowing Base
is an amount equal to eighty-five percent (85%) of the amount due on the Acceptable Accounts of Borrower, plus eighty-five percent
(85%) of Unbilled Revenues, meeting the conditions set forth in Section 1.1 of the Loan Agreement minus the Bank Product Reserve.

 

		(Note:	Although the Borrowing Base is limited as set forth above, Bank's security interest covers and
includes all of the Accounts Receivable and Unbilled Revenue of Borrower and the other collateral, both now owned and hereafter
acquired, as more particularly described in the respective Security Agreements, as amended from time to time).

 

 

 

 

 

 

 

 

 

 

 

    	 	28	 

     

    

 

EXHIBIT
“1.34”

TO LOAN AGREEMENT

Additional Permitted Encumbrances

 

 

None

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	29	 

     

    

 

EXHIBIT
“2.3”

TO LOAN AGREEMENT

(See attached “Form” of Promissory Note)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	30	 

     

    

 

FOURTH AMENDED
AND RESTATED CONSOLIDATED REVOLVING CREDIT NOTE

 

$40,000,000.00

Memphis, Tennessee

____________,
2016

 

ON OR BEFORE July
1, 2018 (the “Termination Date”), the undersigned, P.A.M. TRANSPORT, INC. (“Maker”),
promises to pay to the order of FIRST TENNESSEE BANK NATIONAL ASSOCIATION, a national banking association having its principal
place of business in Memphis, Tennessee (“Bank”), the principal sum of Forty Million Dollars ($40,000,000.00),
value received, together with interest from date until paid, upon disbursed and unpaid principal balances, at the Contract Rate
hereinafter specified, said interest being payable monthly on the first (1st) day of each month hereafter, commencing
on the 1st day of April, 2016, with the final installment of interest being due and payable concurrently on the same
date that the principal balance is due hereunder.

 

The Termination
Date may be extended one or more times pursuant to the provisions of that certain Amended and Restated Loan Agreement dated _____________
____, 2016, among Maker, Bank and a certain guarantor therein mentioned and described (as same may hereafter be amended, the “Loan
Agreement”), and if so extended, such extended date shall thereupon constitute the Termination Date.

 

The interest rate
on this Note is subject to change from time to time based on changes in an independent index (the “Index”) which
is the LIBOR Rate (as hereinafter defined) adjusted and determined, without notice to Maker, as of the first day of the month in
which this Note is executed and as of the first (1st) day of each calendar month hereafter (the “Interest Rate Change
Date”). The “LIBOR Rate” shall mean the London Interbank Offered Rate of interest for an interest
period of one (1) month, which appears on Bloomberg page BBAM under the column heading “USD” (the “Index”)
on the day that is two (2) London Business Days preceding each Interest Rate Change Date (the “Reset Date”).
If the LIBOR Rate as defined above is not available or is not published for any Reset Date, then Bank shall, at its sole discretion,
choose a substitute source for the LIBOR Rate, which LIBOR Rate plus the Margin (hereinafter defined) shall become effective on
the next Interest Rate Change Date. “London Business Day” shall mean any day on which commercial banks in London, England
are open for general business. The Index is not necessarily the lowest rate charged by Bank on its loans. If the Index becomes
unavailable during the term of this loan, Bank may designate a substitute index after notice to Maker. Bank will tell Maker the
current Index rate upon Maker's request. The interest rate change will not occur more often than each month. Maker understands
that Bank may make loans based on other rates as well. The Index is currently 1.4385% per annum. The Index plus a margin of one
and one-half percent (1.5%) (the “Margin”) results in an initial interest rate of 1.9385%. NOTICE: Under no
circumstances will the interest rate on the Note be more than the maximum rate allowed by applicable law.

 

The annual interest
rate for this Note is computed on a 365/360 basis; that is, by applying the ratio of the annual interest rate over a year of 360
days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding.

 

    	 	31	 

     

    

 

Notwithstanding
the foregoing, upon the occurrence of an Event of Default (as defined in the Loan Agreement), the Bank, at its option, may charge,
and the Maker agrees to pay, interest on disbursed and unpaid principal balances at the default rate (the “Default Rate”)
equal to a rate per annum equal to the lesser of (a) the Maximum Rate or (b) (i) the base commercial rate of interest
(the “Base Rate”) established from time to time by the Bank plus (ii) three percent (3%).

 

Notwithstanding
any other provisions herein, if any Change in Law (as hereinafter defined) shall make it unlawful for the Bank to make or maintain
a LIBOR Rate loan as contemplated by this Note, the principal outstanding hereunder shall, if required by law and if the Bank so
requests, be converted on the date required to make the loan evidenced by this Note legal to a loan accruing interest at the lesser
of the Maximum Rate or the base commercial rate of interest (“Base Rate”) established from time to time by the
Bank. Each change in the Base Rate shall become effective, without notice to the undersigned, on the same date that the Base Rate
changes. The undersigned hereby agrees promptly to pay the Bank, upon demand, any costs incurred by the Bank in making any conversion
in accordance with this paragraph, including any interest or fees payable by the Bank to lenders of funds obtained by it in order
to maintain its LIBOR Rate loans.

 

Any amounts not
paid when due hereunder (whether by reason of acceleration, maturity, or otherwise) shall bear interest after maturity at the Default
Rate.

 

For purposes hereof,
the following terms shall have the following meanings unless the context otherwise requires:

 

“Change
in Law” shall mean the adoption of any law, rule, regulation, policy, guideline or directive (whether or not having the
force of law) or any change therein or in the interpretation or application thereof, in all cases by any Governmental Authority
having jurisdiction over the Bank, in each case after the date hereof.

 

“Governmental
Authority” shall mean any nation or government, any state or other political subdivision thereof and any entity exercising
regulatory functions of or pertaining to government.

 

In the event that
the foregoing provisions should be construed by a court of competent jurisdiction not to constitute a valid, enforceable designation
of a rate of interest or method of determining same, the indebtedness hereby evidenced shall bear interest at the maximum effective
contract rate which may be charged by the Bank under applicable statutes and laws from time to time in effect.

 

For any payment
which is not made within ten (10) days of the due date for such payment, the Maker shall pay a late fee. The late fee shall equal
five percent (5%) of the unpaid portion of the past-due payment.

 

This Note is secured
by an Amended and Restated Security Agreement (the “Security Agreement”) dated of even date herewith, as same
may be modified, amended, renewed, or extended, covering Maker's Accounts Receivable, and other collateral, as is more particularly
described in said Security Agreement, and may now or hereafter be secured by other mortgages, trust deeds, assignments, security
agreements, or other instruments of pledge or hypothecation.

 

    	 	32	 

     

    

 

This Note is payable
at the offices of Bank, 165 Madison Avenue, Memphis, Tennessee 38103, or at such other place as the holder may designate in
writing, in lawful money of the United States of America, which shall be legal tender in payment of all debts and dues, public
and private, at the time of payment.

 

On the Termination
Date, or, at the option of the Bank (a) if the undersigned shall fail to make payment of any installment of interest, as above
provided, or (b) upon any default in the terms and provisions of the Security Agreement or any trust deed, mortgage, or other
instrument of pledge or hypothecation which now or hereafter secures the payment of the indebtedness evidenced hereby, or (c) upon
the occurrence of any Event of Default as that term is defined in the Loan Agreement, or (d) upon the death or dissolution
of the Maker or any endorser or guarantor or (if the Maker, or any endorser or guarantor is a partnership) the death or dissolution
of any general partner thereof, or (e) upon default in the payment when due of any other indebtednesses, liabilities, or obligations
of the Maker to the Bank, whether now existing or hereafter created or arising, the entire unpaid balance of the indebtedness hereby
evidenced, together with all interest then accrued, shall at once become due and payable for all purposes.

 

If this Note is
placed in the hands of an attorney for collection, by suit or otherwise, or to protect the security for its payment, or to enforce
its collection, or to represent the rights of the Bank in connection with any loan documentation executed in connection herewith,
or to defend successfully against any claim, cause of action or suit brought by the Maker against the Bank, the Maker shall pay
on demand all costs of collection and litigation (including court costs), together with a reasonable attorney's fee. These include,
but are not limited to, the Bank's reasonable attorney's fees and legal expenses, whether or not there is a lawsuit, including
attorney's fees for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction) and appeals.

 

The Bank and
the Maker hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Bank or Maker against
the other.

 

To the extent permitted
by applicable law, the Bank reserves a right of setoff in all the Maker's accounts with the Bank (whether checking, savings, or
some other account). This includes all accounts the Maker may open in the future. However, this does not include any IRA or Keogh
accounts, or any trust accounts for which setoff would be prohibited by law. The Maker authorizes the Bank, to the extent permitted
by applicable law, to charge or setoff all sums owing on the indebtedness against any and all such accounts, and, at the Bank's
option, to administratively freeze all such accounts to allow the Bank to protect the Bank's charge and setoff rights provided
in this paragraph.

 

To help the government
fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify,
and record information that identifies each business entity that opens an account. What this means to Maker: When Maker opens an
account, the Bank will ask for Federal Tax Identification Number, physical street address, full legal name of the Maker and other
information that will allow the Bank to identify Maker. The Bank may also ask Maker to provide copies of certain documents that
will aid in confirming this information.

 

The Maker and any
endorsers or guarantors hereof waive protest, demand, presentment and notice of dishonor, and agree that this Note may be extended,
in whole or in part, without limit as to the number of such extensions, or the period or periods thereof, and without notice to
them and without affecting their liability thereon.

 

    	 	33	 

     

    

 

It is the intention
of the Bank and the Maker to comply strictly with all applicable usury laws; and, accordingly, in no event and upon no contingency
shall the holder hereof ever be entitled to receive, collect, or apply as interest any interest, fees, charges, or other payments
equivalent to interest, in excess of the maximum rate which the Bank may lawfully charge under applicable statutes and laws from
time to time in effect; and, in the event that the holder hereof ever receives, collects, or applies as interest, any such excess,
such amount which, but for this provision, would be excessive interest, shall be applied to the reduction of the principal amount
of the indebtedness evidenced hereby; and, if the principal amount of the indebtedness evidenced hereby, and all lawful interest
thereon, is paid in full, any remaining excess shall forthwith be paid to the Maker, or other party lawfully entitled thereto.
All interest paid or agreed to be paid by the Maker shall, to the maximum extent permitted by applicable law, be amortized, prorated,
allocated and spread throughout the full period until payment in full of the principal, so that the interest hereon for such full
period shall not exceed the maximum amount permitted by applicable law. Any provision hereof, or of any other agreement between
the Bank and the Maker, that operates to bind, obligate, or compel the Maker to pay interest in excess of such maximum lawful contract
rate shall be construed to require the payment of the maximum rate only. The provisions of this paragraph shall be given precedence
over any other provision contained herein or in any other agreement between the Bank and the Maker that is in conflict with the
provisions of this paragraph.

 

This Note shall
be governed and construed according to the statutes and laws of the State of Tennessee from time to time in effect, except to the
extent that Section 85 of Title 12 of the United States Code (or other applicable federal statute) may permit the charging
of a higher rate of interest than applicable state law, in which event such applicable federal statute, as amended and supplemented
from time to time, shall govern and control the maximum rate of interest permitted to be charged hereunder; it being intended that,
as to the maximum rate of interest which may be charged, received, and collected hereunder, those applicable statutes and laws,
whether state or federal, from time to time in effect, which permit the charging of a higher rate of interest, shall govern and
control; provided, always, however, that in no event and under no circumstances shall the Maker be liable for the payment of interest
in excess of the maximum effective rate permitted by such applicable law, from time to time in effect.

 

This Note constitutes
an increase, renewal and extension of that certain Third Amended and Restated Consolidated Revolving Credit Note dated November
17, 2014, in the principal sum of Forty Million Dollars ($40,000,000.00), as same has been amended, which amended that certain
Second Amended and Restated Consolidated Revolving Credit Note dated May 30, 2012, in the principal sum of Thirty-Five Million
Dollars ($35,000,000.00), as same has been amended, which amended that certain Consolidated Amended and Restated Promissory Note
of the Maker dated June 22, 2007, in the principal sum of Thirty Million Dollars ($30,000,000.00), as same was previously amended
by First Amendment to Consolidated, Amended and Restated Revolving Credit Note dated June 1, 2009, which constituted an increase,
consolidation, renewal and extension of that certain promissory note dated June 27, 1995, in the principal amount of Two Million
Five Hundred Thousand Dollars ($2,500,000.00), that certain promissory note dated July 3, 1996, in the principal amount of
Five Million Dollars ($5,000,000.00), that certain consolidated, amended and restated promissory note dated April 26, 2001,
in the principal amount of Seven Million Five Hundred Thousand Dollars ($7,500,000.00), that certain promissory note dated April 26,
2001, in the principal amount of Five Million Dollars ($5,000,000.00), and that amended and restated revolving credit note dated
April 26, 2001, in the principal amount of Seven Million Five Hundred Thousand Dollars ($7,500,000.00) (the “Prior
Notes”), being payable to the order of the Bank, and being executed by the Maker. The indebtedness heretofore evidenced
by such Prior Notes is not discharged or cancelled by the execution hereof. From and after the date hereof, said indebtedness evidenced
by the Prior Notes shall be evidenced by, and shall be payable in accordance with, the provisions of this Note; and the collateral
security which secured the indebtedness heretofore evidenced by said Prior Notes shall continue to secure the indebtedness evidenced
hereby.

 

	ATTEST:	P.A.M. TRANSPORT, INC.
	 	 
	_____________________________	By: ___________________________
	Secretary	Title:__________________________
	 	 

 

    	 	34	 

     

    

 

EXHIBIT
“4.1”

TO LOAN AGREEMENT

List of Government Contracts

 

 

None

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	35	 

     

    

 

EXHIBIT
“6.6(a)”

TO LOAN AGREEMENT

“Form” of Borrowing Base Certificate

 

	PERIODIC REPORT NUMBER :	 	 	 	 	REPORT DATE :	 
	 	 	 	 	 	 	 	 
	 I.  ACCOUNTS RECEIVABLE AS OF:	 	Date:	 	Date:	 	Date:	 
	 	 	 	A/R 	 	A/R	 	A/R
	 	 	 	CATEGORY #1	 	CATEGORY #2	 	CATEGORY #3
	COLLATERAL TYPE	 	 	(Billed)	 	(Unbilled)	 	 
	PREVIOUS (BEGINNING) BALANCE	 	 	 	 	 	 	 
	ASSIGNED ACCOUNTS (attach back-up) 	 	 	 	 	 	 	 
	COLLECTIONS (attach back-up)	 	 	 	 	 	 	 
	ADJUSTMENTS TO A/R (list by type)	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	ENDING A/R BALANCE	 	 	                      -   	 	 	 	 
	LESS INELIGIBLE ACCTS RECEIVABLE	 	 	 	 	 	 	 
	NET COLLATERAL VALUE	 	 	                      -   	 	                     -   	 	 
	RATE OF ADVANCE	 	 	85%	 	85%	 	 
	COLLATERAL LOAN VALUE	 	 	                      -   	 	                     -   	 	 
	A/R DEBT CAPS	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 II. INVENTORY AS OF:	 	Date:	 	Date:	 	Date:	 
	 	 	 	INVENTORY	 	INVENTORY	 	INVENTORY
	 	 	 	CATEGORY #1	 	CATEGORY #2	 	CATEGORY #3
	COLLATERAL TYPE	 	 	 	 	 	 	 
	PREVIOUS (BEGINNING) BALANCE	 	 	 	 	 	 	 
	INVENTORY PURCHASES (RECEIPTS)	 	 	 	 	 	 	 
	INVENTORY RELEASES (COST OF SALES)	 	 	 	 	 	 	 
	ADJUSTMENTS	 	 	 	 	 	 	 
	ENDING INVENTORY BALANCE	 	 	 	 	 	 	 
	LESS INELIGIBLE INVENTORY 	 	 	 	 	 	 	 
	NET COLLATERAL VALUE	 	 	 	 	 	 	 
	RATE OF ADVANCE	 	 	 	 	 	 	 
	COLLATERAL LOAN VALUE	 	 	 	 	 	 	 
	INVENTORY DEBT CAP 	 	 	 	 	 	 	 
	 (Lesser of Calculation or Inventory Cap)	 	 	 	 	 	 	 
	 III. PREVIOUS LOAN BALANCE	 	IV.	TOTAL COLLATERAL LOAN VALUE	 	                      -   
	ADVANCES MADE	 	 	LESS ENDING LOAN BALANCE	 	 
	COLLECTIONS APPLIED	 	 	LESS LETTERS OF CREDIT	 	 
	ADJUSTMENTS (CORRECTIONS) TO LOAN	 	 	LESS BANKERS ACCEPTANCES	 	 
	ENDING LOAN BALANCE	0.00	 	LESS RESERVES	 	 	 
	 	 	 	OTHER	 	 	 	 
	*ADJUSTMENT TYPES:  WO=Write offs;  CM=Credit Memos;	 	AVAILABILITY ON COLLATERAL	 	                      -   
	UNRL=Unrelated Funds; DSC=Cash Discounts;	 	 	 	 	 	 	 
	DM=Debt Memos; AG=Aging Adjustments; JE=Journal Entries;	 	LINE OF CREDIT	 	 	     40,000,000 
	RTN CHK=Return Checks; OTH=Other	 	 	LESS ENDING LOAN BALANCE	 	 
	 	 	 	LESS LC's AND B/A's 	 	 	                      -   
	 	 	 	LESS ACH RESERVE	 	 	 
	 	 	 	LESS CREDIT CARD RESERVE	 	 
	 	 	 	LESS ACH RESERVE	 	 	 
	 	 	 	AVAILABILITY ON LINE	 	 	     40,000,000 
	 	 	 	(Cash Available to borrow is lesser of Availability on Collateral
	 	 	 	or Availability on Line.)	 	 	 
	CERTIFICATE AND AGREEMENT	 	 	 	 	 	 	 
	The undersigned ("Borrower") do(es) hereby certify, represent, and warrants to FIRST TENNESSEE BANK, ("FTB, "), that:	 
	(1) The information set herein and in  the attachments ("Attachments") hereto is true, accurate, and complete in all respects, without any material 
	      deviations or omissions.	 	 	 	 	 	 	 
	(2) All of the Collateral described above ("Collateral") is subject to the security interest of FTB, , pursuant to one or more previously executed Security
	      Agreements; and to further assure FTB, , of such security interest, the Borrower
does hereby assign, transfer, and convey to FTB, ,, and grant to
	      FTB, , a security interest in said Collateral for the purpose of securing the payment of all indebtedness', liabilities, and obligations of the Borrower to
	      FTB, , of every kind, character or description, now existing or hereafter created or arising, absolute or contingent, due or to become due, whether
	      several, joint, or joint and several, and howsoever owned, held or acquired.	 	 	 	 
	(3)
    None of the Collateral is subject to any lien, security interest, or claim of any party other than FTB, , except:	 	 
	 	 	 	 	 	 	 	 
	(4)
    All representations and warranties made by Borrower in any Loan Agreement(s) or Security Agreement(s) executed in favor of
    FTB, ,(collectively
	      called "Loan Documents") remain true, accurate, and complete in all respects, the same as if made on the date hereof.  Further, the  
	      Borrower has no knowledge of any default by Borrower in any of the covenants and conditions contained in the  Loan Documents, nor of any
	      event, circumstance or condition which, with the giving of notice, lapse of time, or both, would become a default or event of default in any of
	      of the Loan Documents.	 	 	 	 	 	 	 
	(5)
    The Attachments (which are made a part of the Certificate by reference) are identified specifically as follows: 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	#REF!	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	By:                                                   Controller/AVP of Acct	 	(Title)	 	 	 	 
	 	 	 	 	 	 	 	 

 

    	 	36	 

     

    

 

EXHIBIT
“6.6(B)”

TO LOAN AGREEMENT

 

“Form”
of Compliance Certificate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	37	 

     

    

 

Compliance Certificate

 

 

 

 

[DATE]

 

First Tennessee Bank

Business Credit

165 Madison Ave, Suite 700

Memphis, TN  38103

 

Re: Compliance Certificate

 

I, __________________________, ________________,
of PAM Transport, Inc, “Borrower”, certify to First Tennessee Bank that the financial statements for the YTD
period ending ___________ ____, 20 , present fairly the financial position and results of operations of PAM Transportation
Services, Inc., “Guarantor.”

  

This certification is provided solely to First
Tennessee Bank under the provision of Section 6.6 (b) of the Amended and Restated Loan Agreement by and between First Tennessee
Bank and Borrower.

 

	Covenant 	Threshold	Actual	In Compliance
	 	 	 	Yes	No
	 	 	 	 	 
	Maximum Senior Funded Debt/EBITDA	4.00 to 1.0	______________	_____	_____
	 	 	 	 	 
	Maximum Annual Distributions/Dividends	50%
of NI	______________	_____	_____

 

By signing below I acknowledge that I have completed
the above covenant compliance check, and to the best of my knowledge, except where indicated, Guarantor and Borrower are in compliance
with all of the above covenants and all other affirmative and negative covenants, events of default, and all other terms of the
agreements encompassing the Amended and Restated Loan Agreement between First Tennessee Bank and Borrower dated _______ __, 20__
and amended thereafter.

 

 

 

PAM Transport, Inc.

 

By: ____________________

 

Title: ____________________ 

 

 

    	 	38Exhibit 4.2

 

FOURTH AMENDED AND RESTATED CONSOLIDATED
REVOLVING CREDIT NOTE

 

	$40,000,000.00	Memphis, Tennessee
	 	March 28, 2016

 

ON OR BEFORE July 1,
2018 (the “Termination Date”), the undersigned, P.A.M. TRANSPORT, INC. (“Maker”),
promises to pay to the order of FIRST TENNESSEE BANK NATIONAL ASSOCIATION, a national banking association having its principal
place of business in Memphis, Tennessee (“Bank”), the principal sum of Forty Million Dollars ($40,000,000.00),
value received, together with interest from date until paid, upon disbursed and unpaid principal balances, at the Contract Rate
hereinafter specified, said interest being payable monthly on the first (1st) day of each month hereafter, commencing
on the 1st day of April, 2016, with the final installment of interest being due and payable concurrently on the same
date that the principal balance is due hereunder.

 

The Termination Date
may be extended one or more times pursuant to the provisions of that certain Amended and Restated Loan Agreement dated March 28,
2016, among Maker, Bank and a certain guarantor therein mentioned and described (as same may hereafter be amended, the “Loan
Agreement”), and if so extended, such extended date shall thereupon constitute the Termination Date.

 

The interest rate on
this Note is subject to change from time to time based on changes in an independent index (the “Index”) which
is the LIBOR Rate (as hereinafter defined) adjusted and determined, without notice to Maker, as of the first day of the month in
which this Note is executed and as of the first (1st) day of each calendar month hereafter (the “Interest Rate Change
Date”). The “LIBOR Rate” shall mean the London Interbank Offered Rate of interest for an interest
period of one (1) month, which appears on Bloomberg page BBAM under the column heading “USD” (the “Index”)
on the day that is two (2) London Business Days preceding each Interest Rate Change Date (the “Reset Date”).
If the LIBOR Rate as defined above is not available or is not published for any Reset Date, then Bank shall, at its sole discretion,
choose a substitute source for the LIBOR Rate, which LIBOR Rate plus the Margin (hereinafter defined) shall become effective on
the next Interest Rate Change Date. “London Business Day” shall mean any day on which commercial banks in London, England
are open for general business. The Index is not necessarily the lowest rate charged by Bank on its loans. If the Index becomes
unavailable during the term of this loan, Bank may designate a substitute index after notice to Maker. Bank will tell Maker the
current Index rate upon Maker's request. The interest rate change will not occur more often than each month. Maker understands
that Bank may make loans based on other rates as well. The Index is currently 1.4385% per annum. The Index plus a margin of one
and one-half percent (1.5%) (the “Margin”) results in an initial interest rate of 1.9385%. NOTICE: Under no
circumstances will the interest rate on the Note be more than the maximum rate allowed by applicable law.

 

The annual interest
rate for this Note is computed on a 365/360 basis; that is, by applying the ratio of the annual interest rate over a year of 360
days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding.

 

 

    	 	1	 

     

    

 

Notwithstanding the
foregoing, upon the occurrence of an Event of Default (as defined in the Loan Agreement), the Bank, at its option, may charge,
and the Maker agrees to pay, interest on disbursed and unpaid principal balances at the default rate (the “Default Rate”)
equal to a rate per annum equal to the lesser of (a) the Maximum Rate or (b) (i) the base commercial rate of interest
(the “Base Rate”) established from time to time by the Bank plus (ii) three percent (3%).

 

Notwithstanding any
other provisions herein, if any Change in Law (as hereinafter defined) shall make it unlawful for the Bank to make or maintain
a LIBOR Rate loan as contemplated by this Note, the principal outstanding hereunder shall, if required by law and if the Bank so
requests, be converted on the date required to make the loan evidenced by this Note legal to a loan accruing interest at the lesser
of the Maximum Rate or the base commercial rate of interest (“Base Rate”) established from time to time by the
Bank. Each change in the Base Rate shall become effective, without notice to the undersigned, on the same date that the Base Rate
changes. The undersigned hereby agrees promptly to pay the Bank, upon demand, any costs incurred by the Bank in making any conversion
in accordance with this paragraph, including any interest or fees payable by the Bank to lenders of funds obtained by it in order
to maintain its LIBOR Rate loans.

 

Any amounts not paid
when due hereunder (whether by reason of acceleration, maturity, or otherwise) shall bear interest after maturity at the Default
Rate.

 

For purposes hereof,
the following terms shall have the following meanings unless the context otherwise requires:

 

“Change in Law” shall
mean the adoption of any law, rule, regulation, policy, guideline or directive (whether or not having the force of law) or any
change therein or in the interpretation or application thereof, in all cases by any Governmental Authority having jurisdiction
over the Bank, in each case after the date hereof.

 

“Governmental Authority”
shall mean any nation or government, any state or other political subdivision thereof and any entity exercising regulatory functions
of or pertaining to government.

 

In the event that the
foregoing provisions should be construed by a court of competent jurisdiction not to constitute a valid, enforceable designation
of a rate of interest or method of determining same, the indebtedness hereby evidenced shall bear interest at the maximum effective
contract rate which may be charged by the Bank under applicable statutes and laws from time to time in effect.

 

For any payment which
is not made within ten (10) days of the due date for such payment, the Maker shall pay a late fee. The late fee shall equal five
percent (5%) of the unpaid portion of the past-due payment.

 

This Note is secured
by an Amended and Restated Security Agreement (the “Security Agreement”) dated of even date herewith, as same
may be modified, amended, renewed, or extended, covering Maker's Accounts Receivable, and other collateral, as is more particularly
described in said Security Agreement, and may now or hereafter be secured by other mortgages, trust deeds, assignments, security
agreements, or other instruments of pledge or hypothecation.

 

 

    	 	2	 

     

    

 

This Note is payable
at the offices of Bank, 165 Madison Avenue, Memphis, Tennessee 38103, or at such other place as the holder may designate in
writing, in lawful money of the United States of America, which shall be legal tender in payment of all debts and dues, public
and private, at the time of payment.

 

On the Termination
Date, or, at the option of the Bank (a) if the undersigned shall fail to make payment of any installment of interest, as above
provided, or (b) upon any default in the terms and provisions of the Security Agreement or any trust deed, mortgage, or other
instrument of pledge or hypothecation which now or hereafter secures the payment of the indebtedness evidenced hereby, or (c) upon
the occurrence of any Event of Default as that term is defined in the Loan Agreement, or (d) upon the death or dissolution
of the Maker or any endorser or guarantor or (if the Maker, or any endorser or guarantor is a partnership) the death or dissolution
of any general partner thereof, or (e) upon default in the payment when due of any other indebtednesses, liabilities, or obligations
of the Maker to the Bank, whether now existing or hereafter created or arising, the entire unpaid balance of the indebtedness hereby
evidenced, together with all interest then accrued, shall at once become due and payable for all purposes.

 

If this Note is placed
in the hands of an attorney for collection, by suit or otherwise, or to protect the security for its payment, or to enforce its
collection, or to represent the rights of the Bank in connection with any loan documentation executed in connection herewith, or
to defend successfully against any claim, cause of action or suit brought by the Maker against the Bank, the Maker shall pay on
demand all costs of collection and litigation (including court costs), together with a reasonable attorney's fee. These include,
but are not limited to, the Bank's reasonable attorney's fees and legal expenses, whether or not there is a lawsuit, including
attorney's fees for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction) and appeals.

 

The Bank and the
Maker hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Bank or Maker against
the other.

 

To the extent permitted
by applicable law, the Bank reserves a right of setoff in all the Maker's accounts with the Bank (whether checking, savings, or
some other account). This includes all accounts the Maker may open in the future. However, this does not include any IRA or Keogh
accounts, or any trust accounts for which setoff would be prohibited by law. The Maker authorizes the Bank, to the extent permitted
by applicable law, to charge or setoff all sums owing on the indebtedness against any and all such accounts, and, at the Bank's
option, to administratively freeze all such accounts to allow the Bank to protect the Bank's charge and setoff rights provided
in this paragraph.

 

To help the government
fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify,
and record information that identifies each business entity that opens an account. What this means to Maker: When Maker opens an
account, the Bank will ask for Federal Tax Identification Number, physical street address, full legal name of the Maker and other
information that will allow the Bank to identify Maker. The Bank may also ask Maker to provide copies of certain documents that
will aid in confirming this information.

 

 

    	 	3	 

     

    

 

The Maker and any endorsers
or guarantors hereof waive protest, demand, presentment and notice of dishonor, and agree that this Note may be extended, in whole
or in part, without limit as to the number of such extensions, or the period or periods thereof, and without notice to them and
without affecting their liability thereon.

 

It is the intention
of the Bank and the Maker to comply strictly with all applicable usury laws; and, accordingly, in no event and upon no contingency
shall the holder hereof ever be entitled to receive, collect, or apply as interest any interest, fees, charges, or other payments
equivalent to interest, in excess of the maximum rate which the Bank may lawfully charge under applicable statutes and laws from
time to time in effect; and, in the event that the holder hereof ever receives, collects, or applies as interest, any such excess,
such amount which, but for this provision, would be excessive interest, shall be applied to the reduction of the principal amount
of the indebtedness evidenced hereby; and, if the principal amount of the indebtedness evidenced hereby, and all lawful interest
thereon, is paid in full, any remaining excess shall forthwith be paid to the Maker, or other party lawfully entitled thereto.
All interest paid or agreed to be paid by the Maker shall, to the maximum extent permitted by applicable law, be amortized, prorated,
allocated and spread throughout the full period until payment in full of the principal, so that the interest hereon for such full
period shall not exceed the maximum amount permitted by applicable law. Any provision hereof, or of any other agreement between
the Bank and the Maker, that operates to bind, obligate, or compel the Maker to pay interest in excess of such maximum lawful contract
rate shall be construed to require the payment of the maximum rate only. The provisions of this paragraph shall be given precedence
over any other provision contained herein or in any other agreement between the Bank and the Maker that is in conflict with the
provisions of this paragraph.

 

This Note shall be
governed and construed according to the statutes and laws of the State of Tennessee from time to time in effect, except to the
extent that Section 85 of Title 12 of the United States Code (or other applicable federal statute) may permit the charging
of a higher rate of interest than applicable state law, in which event such applicable federal statute, as amended and supplemented
from time to time, shall govern and control the maximum rate of interest permitted to be charged hereunder; it being intended that,
as to the maximum rate of interest which may be charged, received, and collected hereunder, those applicable statutes and laws,
whether state or federal, from time to time in effect, which permit the charging of a higher rate of interest, shall govern and
control; provided, always, however, that in no event and under no circumstances shall the Maker be liable for the payment of interest
in excess of the maximum effective rate permitted by such applicable law, from time to time in effect.

 

 

    	 	4	 

     

    

 

This Note constitutes
an increase, renewal and extension of that certain Third Amended and Restated Consolidated Revolving Credit Note dated November
17, 2014, in the principal sum of Forty Million Dollars ($40,000,000.00), as same has been amended, which amended that certain
Second Amended and Restated Consolidated Revolving Credit Note dated May 30, 2012, in the principal sum of Thirty-Five Million
Dollars ($35,000,000.00), as same has been amended, which amended that certain Consolidated Amended and Restated Promissory Note
of the Maker dated June 22, 2007, in the principal sum of Thirty Million Dollars ($30,000,000.00), as same was previously amended
by First Amendment to Consolidated, Amended and Restated Revolving Credit Note dated June 1, 2009, which constituted an increase,
consolidation, renewal and extension of that certain promissory note dated June 27, 1995, in the principal amount of Two Million
Five Hundred Thousand Dollars ($2,500,000.00), that certain promissory note dated July 3, 1996, in the principal amount of
Five Million Dollars ($5,000,000.00), that certain consolidated, amended and restated promissory note dated April 26, 2001,
in the principal amount of Seven Million Five Hundred Thousand Dollars ($7,500,000.00), that certain promissory note dated April 26,
2001, in the principal amount of Five Million Dollars ($5,000,000.00), and that amended and restated revolving credit note dated
April 26, 2001, in the principal amount of Seven Million Five Hundred Thousand Dollars ($7,500,000.00) (the “Prior
Notes”), being payable to the order of the Bank, and being executed by the Maker. The indebtedness heretofore evidenced
by such Prior Notes is not discharged or cancelled by the execution hereof. From and after the date hereof, said indebtedness evidenced
by the Prior Notes shall be evidenced by, and shall be payable in accordance with, the provisions of this Note; and the collateral
security which secured the indebtedness heretofore evidenced by said Prior Notes shall continue to secure the indebtedness evidenced
hereby.

 

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

 

 

 

 

 

 

 

    	 	5

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