DEF 14A of Pamt Corp, Mar 27, 2026

DEF 14A of Pamt Corp

Filed Mar 27, 2026 · FY20250001437749-26-010077

Open on EDGAR

  1. ELECTION OF DIRECTORS

    ELECTION OF DIRECTORS Our Board of Directors currently consists of nine directors. Members of our Board are elected annually to serve until the next annual meeting of shareholders or until their successors are elected and qualified. Our Board has nominated for re-election each of the nine current members of our Board. The biography of each of the nominees below contains information regarding the person’s service as director, business experience, director positions held currently or at any time during the last five years, and the experiences, qualifications, attributes or skills that caused the Board to determine that the person should serve as a director.

  2. ELECTION OF DIRECTORS

    | Michael D. Bishop | Director Since 2019 |

  3. ELECTION OF DIRECTORS

    Michael D. Bishop, age 59, has been a director and a member of the Audit Committee since 2019. Mr. Bishop is the President and Founder of American General Counsel PLC, a law firm providing general counsel services to businesses. From 2018 to 2020, Mr. Bishop was Co-President of iPSE-US, the Association of Independent Workers, an association dedicated to advancing the freedom and interests of America’s independent workers. Mr. Bishop served as a member of the United States Congress from 2014 to 2018. During his tenure in Congress, Mr. Bishop was appointed to and served on the House Ways and Means Committee, the Judiciary Committee and the Higher Education Committee. Preceding his service in the United States Congress, Mr. Bishop was the Chief Legal Officer and General Counsel of International Bancard Company, a nation-wide financial services technology company. Prior to his role at International Bancard, Mr. Bishop was a Senior Attorney with Clark Hill PLC, an international law firm, where he concentrated in the areas of Public Policy and Business Law. Before joining Clark Hill PLC, Mr. Bishop was elected to and served in the Michigan State legislature from 1998 to 2010. During his tenure in the Michigan State legislature, Mr. Bishop was chosen to serve as the Senate Majority Leader and also served on various committees including chairing the Senate Banking and Financial Institutions Committee and the Constitutional Law and Ethics Committee. Mr. Bishop is a licensed real estate broker and an attorney licensed to practice law in the state of Michigan, the District of Columbia, and before the U.S. Supreme Court. He also serves as an Adjunct Professor of Law at the Thomas M. Cooley Law School. His thorough understanding of legal matters, public policy, financial analytics, and budgeting qualify him for service on the Board of PAMT.

  4. ELECTION OF DIRECTORS

    | Frederick P. Calderone | Director Since 1998 |

  5. ELECTION OF DIRECTORS

    Frederick P. Calderone, age 75, has been a director since 1998. Mr. Calderone retired in 2016 after over 20 years of service as a Vice President of a diversified holding company headquartered in Warren, Michigan. During his career, Mr. Calderone was widely recognized for his expertise in corporate, partnership and individual income tax matters; estate planning; tax planning for multinational businesses; mergers, acquisitions and commercial transactions; tax controversies and litigation; and corporate accounting. Prior to this time, Mr. Calderone was a partner with Deloitte, Haskins, & Sells, a predecessor to Deloitte LLP. Mr. Calderone is a certified public accountant, attorney and tax specialist with a long history of advising and providing executive oversight to transportation companies. Mr. Calderone has served as a director of Universal Logistics Holdings, Inc. (NASDAQ: ULH) since 2009. With his thorough understanding of financial reporting, generally accepted accounting principles, financial analytics, taxation and budgeting, Mr. Calderone brings to the Board a unique combination of expertise in accounting, strategic planning and finance.

  6. ELECTION OF DIRECTORS

    | W. Scott Davis | Director Since 2007 |

  7. ELECTION OF DIRECTORS

    W. Scott Davis, age 63, is Director of Partner Relations of Circumference Group, LLC, an investment management partnership, where he is responsible for business development and client relations. Prior to that, he served as Vice Chairman and Chief Financial Officer of Clearview International, LLC, a data center business headquartered in Dallas, Texas, until the company was sold in April 2016. He had been an investor in Clearview since June 2009. Mr. Davis was a Partner and Senior Managing Director of Rock Financial Partners, LLC from April 2009 to December 2013. From August 2006 to April 2009, he served as the President and sole owner of WS Davis, Inc., the company through which he performed his consulting work. From 1987 to 2006, Mr. Davis worked for Stephens Inc., an investment banking firm, including serving as an Executive Vice President of Stephens Inc. from 2002 to 2006. Mr. Davis has served as a director of PAMT since August 2007. He has extensive experience in the investment banking industry. He currently serves as Chairman of our Audit Committee. His extensive experience in financial statement analysis and review qualifies him to serve on the Board and as Chairman of the Audit Committee of PAMT.

  8. ELECTION OF DIRECTORS

    | Edwin J. Lukas | Director Since 2018 |

  9. ELECTION OF DIRECTORS

    Edwin J. Lukas, age 58, is the founder of Vistula PLC, a business law firm located in Saint Clair Shores, Michigan. He is also a Strategic Partner with Aquila Equity Partners, a private investment firm located in Rochester Hills, Michigan. From 2016 to March 2020, Mr. Lukas served in an executive-level capacity with a diversified holding company based in Warren, Michigan, including as its Executive Vice President and General Counsel. Prior to this time, Mr. Lukas was a partner at Bodman PLC in Detroit, Michigan. Mr. Lukas is a graduate of the University of Pennsylvania and the University of Detroit School of Law, where he served as Editor-in-Chief of the University of Detroit Law Review. He has served as a director of PAMT since 2018. Mr. Lukas brings to our Board extensive experience in representing both public and private companies in corporate law, mergers and acquisitions, and capital markets transactions. His expertise in organizations, processes, strategies, and risk management supports our goal of strong Board and management accountability, transparency, and protection of stakeholder interests.

  10. ELECTION OF DIRECTORS

    | Franklin H. McLarty | Director Since 2014 |

  11. ELECTION OF DIRECTORS

    Franklin H. McLarty, age 51, is the Chairman and CEO of McLarty Diversified Holdings, a diversified holding company with investments in professional services, transportation, real estate, and media. Mr. McLarty founded McLarty Diversified Holdings in 2020. He also leads Coastal Automotive Group, an automotive retail operation that focuses on dealerships in Southern California and South Florida. He was previously the Executive Chairman and Director of MDH Acquisition Corp (NYSE: MDH.U) prior to its liquidation in 2022. Mr. McLarty was the co-founder of McLarty Capital Partners, now named Firmament, a private markets investment manager founded in June 2012; CapRocq, a real estate investment firm founded in September 2012 with significant experience as an owner-operator of high-quality office, mixed-use properties and automotive retail properties located in secondary and tertiary markets across the Southeast, Southcentral and Midwest regions otherwise known as the Heartland; and Southern United Auto Group, a growing automotive retail platform founded in June 2016 focused on the southeastern U.S. In addition, he was a founding executive of RML Automotive, where he served a tenure as CEO. Earlier in his career, Mr. McLarty worked in hotel-related private equity with McKibbon Hotel Group and The Seaway Group. Mr. McLarty has served on numerous advisory boards and boards of directors including Tire Group International, Palo Verde Holdings, The McLarty Companies and The Seaway Group. He also served on the board of, and was lead investor in, XTR, a premium documentary production company in Los Angeles. In 2007, he was appointed by then Governor Mike Beebe to the Arkansas Economic Development Commission and served as its Chairman in 2009. Mr. McLarty has served as a director and member of the Audit Committee of PAMT since 2014. Mr. McLarty’s extensive financial and transportation-related experience as an executive in the automotive industry and his insight into the Company’s customer base qualify him to serve on the Board of PAMT.

  12. ELECTION OF DIRECTORS

    | H. Pete Montaño | Director Since 2019 |

  13. ELECTION OF DIRECTORS

    H. Pete Montaño, age 66, retired in 2018 as Vice President of Sales of Contract Freighters, Inc. (“CFI”), a trucking and logistics company which formerly operated as a division of Con-way, Inc. and XPO Logistics, Inc. As Vice President of Sales and Revenue Management for CFI, he oversaw sales in the United States, Canada and Mexico and was responsible for the strategic sales planning, account growth and training for all sales in the United States, Mexico and Canada as well as the pricing and bid departments. Mr. Montaño served over 28 years in various capacities with CFI, starting as Director of Sales for Mexico. Mr. Montaño brings significant industry experience and cross-border expertise to our board. Prior to his time at CFI, Mr. Montaño worked for Roadway Express, where he was in charge of sales for regions of the United States and Mexico. He currently serves as an advisory director of The Hawthorne Group, parent company of Melton Truck Lines, Inc., a private flatbed and step-deck carrier serving the United States, Canada, and Mexico. Mr. Montaño has served as a director and a member of the Audit Committee of PAMT since 2019. He is a dual citizen of the United States and Mexico and brings extensive sales and operational experience to the board and particular knowledge and insight relating to the Company’s Mexico operations. Mr. Montaño’s comprehensive cross-border and transportation-related experience qualify him to serve on the Board of PAMT.

  14. ELECTION OF DIRECTORS

    | Matthew J. Moroun | Director Since 2020 |

  15. ELECTION OF DIRECTORS

    Matthew J. Moroun, age 25, has been a director since 2020. He is also employed in other Moroun family-owned businesses engaged in transportation and business services. Mr. Moroun obtained a Bachelor of Business Administration in Finance from the Mendoza College of Business at the University of Notre Dame in December 2021. Mr. Moroun has served as a director of Universal Logistics Holdings, Inc. (NASDAQ: ULH) since 2020. Matthew J. Moroun is the son of our Chairman, Matthew T. Moroun. Mr. Moroun possesses a growing in-depth knowledge of the transportation business and offers the Board a unique perspective on the Company’s strategic challenges and opportunities that we believe advances the long-term interests of our shareholders.

  16. ELECTION OF DIRECTORS

    | Matthew T. Moroun | Director Since 1992 |

  17. ELECTION OF DIRECTORS

    Matthew T. Moroun, age 52, is Chairman of our Board of Directors. He currently serves as Chairman and President of a diversified holding company based in Warren, Michigan. He is also Chairman of an insurance and real estate holding company based in Sterling Heights, Michigan. Mr. Moroun owns or controls other privately-held businesses engaged in transportation services and real estate acquisition, development, and management. Mr. Moroun has served as a director of the Company since 1992 and as our Chairman since 2007. He is currently Chairman of our Executive Committee and Chairman of our Compensation and Stock Option Committee and served as our interim President and Chief Executive Officer from May 2020 to August 2020. Mr. Moroun has served as a director and as Chairman of the Board of Universal Logistics Holdings, Inc. (NASDAQ: ULH) since 2004. Matthew T. Moroun is the father of Matthew J. Moroun, a member of our Board of Directors. Mr. Moroun’s long-term, substantive leadership experience allows him to provide operational, financial, business, capital markets, and strategic expertise to our Board. He possesses first-hand knowledge of the best practices and trends for our industry. His perspective and practical insight on transportation, automotive, real estate development, infrastructure, and government relations enhance the Board’s ability to oversee and direct our strategy, business planning, and execution.

  18. ELECTION OF DIRECTORS

    | Lance K. Stewart | Director Since 2025 |

  19. ELECTION OF DIRECTORS

    Lance K. Stewart, age 56, has served as President and Chief Executive Officer since August 2025. Prior to his appointment as President and Chief Executive Officer, he served as Vice President of Finance, Chief Financial Officer and Treasurer of the Company since April 2023. Mr. Stewart served as interim Chief Financial Officer and Treasurer in March 2023 and as Vice President of Operations of the Company’s primary operating subsidiary, P.A.M. Transport, Inc., from 2020 to April 2023. He served as Vice President of Accounting of P.A.M. Transport from 2016 until 2020. Mr. Stewart previously served as Vice President of Finance, Chief Financial Officer, Secretary and Treasurer of the Company from 2010 until 2013 and as Vice President of Accounting and Controller of P.A.M. Transport from 2002 until 2010. He began his career with P.A.M. Transport in 1989 and served in various capacities before becoming Vice President of Accounting in 2002.These experiences and his knowledge of the day-to-day operations and management of the Company qualify him to serve on the Board of PAMT. Unless otherwise instructed, the persons named as proxies intend to vote all proxies received for the election of the nine director nominees. All of the nominees have indicated their willingness to serve on the Board of Directors. If any nominee should become unwilling or unavailable to serve, our Board may select a substitute nominee, and in that event the proxies intend to vote all proxies for the person selected. If a substitute nominee is not selected, the proxies intend to vote for the election of the remaining nominees. Our Board has no reason to believe that any of the nominees will become unavailable to serve.

  20. Your Board of Directors Recommends that Shareholders Vote

    Your Board of Directors Recommends that Shareholders Vote

  21. FOR

    FOR

  22. Each of the Nominees Named Above

    Each of the Nominees Named Above

  23. Compensation Discussion and Analysis

    Compensation Discussion and Analysis Overview Our primary goal for the compensation of our executive officers is to create long-term value for our shareholders. Our compensation program is intended to attract, motivate, reward and retain the management talent required to achieve our corporate objectives and create long-term value for our shareholders, while at the same time making efficient use of our resources. The compensation of our executive officers is designed to reward financial and operating performance, to align their interests with those of our shareholders, and to encourage them to remain with us. Executive Officers of PAMT Our current executive officers are Lance K. Stewart and Daniel C. Kleine.

  24. Compensation Discussion and Analysis

    | Name | Age | Position | Years of Service | | Lance K. Stewart | 56 | President and Chief Executive Officer | 35 | | Daniel C. Kleine | 37 | Senior Vice President of Finance and Treasurer | 2 |

  25. Compensation Discussion and Analysis

    Lance K. Stewart. Mr. Stewart, age 56, has served as President and Chief Executive Officer since August 2025. Prior to his appointment as President and Chief Executive Officer, he served as Vice President of Finance, Chief Financial Officer and Treasurer of the Company since April 2023. Mr. Stewart served as interim Chief Financial Officer and Treasurer in March 2023 and as Vice President of Operations of the Company’s primary operating subsidiary, P.A.M. Transport, Inc., from 2020 to April 2023. He served as Vice President of Accounting of P.A.M. Transport from 2016 until 2020. Mr. Stewart previously served as Vice President of Finance, Chief Financial Officer, Secretary and Treasurer of the Company from 2010 until 2013 and as Vice President of Accounting and Controller of P.A.M. Transport from 2002 until 2010. He began his career with P.A.M. Transport in 1989 and served in various capacities before becoming Vice President of Accounting in 2002. Daniel C. Kleine. Mr. Kleine, age 37, has served as Senior Vice President and Treasurer of the Company since August 2025 and Senior Vice President of Finance of P.A.M. Transport since June 2025. He served as Vice President of Tax of P.A.M. Transport from June 2023 to June 2025. Prior to joining the Company, Mr. Kleine served in various roles at George’s, Inc., a privately owned poultry producing company headquartered in Northwest Arkansas, including Tax Director from September 2022 to June 2023 and Tax Accounting Manager from October 2020 to September 2022. He served as Senior Tax Accountant at George’s from June 2017 to October 2020. Additionally, Mr. Kleine served as Senior Tax Accountant at Frost, PLLC in Little Rock, Arkansas from August 2013 to June 2017. Mr. Kleine is a Certified Public Accountant and earned bachelor’s degrees in accounting and finance, with a minor in economics, from the University of Arkansas, Fayetteville, and a master’s degree in accounting from the University of Arkansas, Little Rock. 2025 CEO Transition On May 8, 2025, our former President and Chief Executive Officer, Joseph A. Vitiritto, announced his intention to resign from the Company effective June 27, 2025. On May 8, 2025, our Board of Directors appointed our Chairman of the Board, Matthew T. Moroun, to serve as interim President and Chief Executive Officer of the Company effective June 27, 2025 until a permanent President and CEO was selected. Mr. Moroun continued to serve as Chairman of the Board during this period and did not receive any additional compensation for his service as interim CEO. On July 31, 2025, the Board of Directors appointed our Senior Vice President of Finance, Chief Financial Officer and Treasurer, Lance K. Stewart, to succeed Mr. Vitiritto and Mr. Moroun as our new President and Chief Executive Officer beginning August 4, 2025. Mr. Moroun continues to serves as Chairman of the Board of the Company. On July 31, 2025, the Board also appointed Daniel C. Kleine, Senior Vice President of Finance of P.A.M. Transport, to serve as Senior Vice President and Treasurer of the Company, effective August 4, 2025. Mr. Kleine serves as the Company’s principal financial and accounting officer. Named Executive Officers for 2025 Our “named executive officers” for 2025 consisted of our President and Chief Executive Officer, Lance K. Stewart, our interim President and Chief Executive Officer, Matthew T. Moroun, our former President and Chief Executive Officer, Joseph A. Vitiritto, and our Senior Vice President of Finance and Treasurer, Daniel C. Kleine. Elements of Compensation We have three key elements of compensation: annual base salary, cash incentive compensation, and long-term equity incentives. Annual base salary is intended to attract and retain talented executives, and reward them for annual achievement. Cash incentive compensation is intended to motivate our executive officers to achieve specified financial results or superior performance. Long-term equity incentives are intended to align the interests of our executive officers with those of our shareholders by linking compensation to stock price appreciation. In addition, when the criteria for vesting of equity awards includes achieving specified financial results, the equity awards also serve the purpose of motivating our executive officers to achieve those results. Determining Compensation The Board of Directors has appointed our Chairman, Mr. Matthew T. Moroun, and our CEO, Mr. Lance K. Stewart, to the Compensation Committee in accordance with the exemption from the compensation committee independence requirements for controlled companies under NASDAQ Rule 5615(a)(7). Currently, the Compensation Committee determines the compensation for our officers and key employees other than the CEO, while the Board of Directors makes all decisions regarding the CEO’s compensation and approves the equity awards to the named executive officers. In determining compensation for our executive officers, the Compensation Committee and the Board consider competitive market compensation paid by other companies, including truckload dry van carriers and other trucking companies, but do not attempt to maintain a specified target percentile within a peer group or otherwise rely on compensation paid by other companies to determine our executive compensation. The Compensation Committee and the Board review and evaluate many factors, including:

  26. Compensation Discussion and Analysis

    | ● | PAMT’s performance and growth; |

  27. Compensation Discussion and Analysis

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

  28. Compensation Discussion and Analysis

    | ● | leadership qualities; |

  29. Compensation Discussion and Analysis

    | ● | ability to achieve strategic objectives; |

  30. Compensation Discussion and Analysis

    | ● | scope and performance of business responsibilities; |

  31. Compensation Discussion and Analysis

    | ● | management experience and effectiveness; |

  32. Compensation Discussion and Analysis

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

  33. Compensation Discussion and Analysis

    | ● | current compensation arrangements; and |

  34. Compensation Discussion and Analysis

    | ● | long-term potential to maintain and enhance value for our shareholders. |

  35. Compensation Discussion and Analysis

    The Board members generally do not adhere to rigid formulas or react to short-term changes in business performance in determining the amount and mix of compensation elements but strive to achieve an appropriate mix between annual base salary, cash incentive compensation and long-term equity incentives to meet our objectives. The Board members receive regular updates on our business results from management and review the quarterly financial statements and projections to assess whether executive compensation continues to be properly balanced with and supportive of our business objectives. The Board members may also review information, such as reported revenue, profit levels, other operating performance data, asset or market capitalization information and disclosed governance practices, regarding comparably-sized companies in our industry to assess our comparative performance and organizational structure. The Board members use management updates and peer information as tools to evaluate the connection between executive compensation and our performance as a business. This information is reviewed in a subjective manner. There is no implied direct or formulaic linkage between peer information and our compensation decisions. The Board members take the view that a close connection between compensation and performance objectives encourages our executive officers to make decisions that will result in significant positive short-term and long-term returns for our business and our shareholders without providing an incentive either to take unnecessary risks or to avoid opportunities to achieve long-term benefits even though they may reduce short-term benefits for the executive officers, the business or our shareholders. Based on this information, the Board members regularly evaluate both the short-term and long-term performance compensation for the executive officers to ensure alignment with our business objectives. The committee also works closely with management regarding long-term equity incentives, which emphasize shareholder returns while providing enhanced retention value for key executives. Annual Cash Compensation Base Salary. Each of our named executive officers receives an annual base salary as compensation for services performed during the year. The base salary for each named executive is established based on the scope of responsibilities, level of experience and expertise, and the ability to lead and direct the Company and achieve various financial and operational objectives. Our general compensation philosophy is to pay executive base salaries that are competitive with the salaries of executives in similar positions, with similar responsibilities, at comparable companies. We have not benchmarked our named executive officer base salaries against the base salaries at any particular company or group of companies. The base salaries of Messrs. Stewart, Vitiritto and Kleine were established in accordance with their respective employment agreements subject to review and adjustment by the Compensation Committee or the Board, as applicable, on an annual basis after taking into account individual responsibilities, performance and expectations. The base salaries paid to our named executive officers in 2025 are set forth below in the “Summary Compensation Table” and the accompanying narrative disclosure. Cash Incentive Compensation. The Compensation Committee’s and the Board’s practice is to award an annual cash bonus to each of the named executive officers as part of his annual compensation. Bonuses are intended to provide executives with an opportunity to receive additional cash compensation, and are based on individual performance and the Company’s performance. The Committee and the Board believe this practice provides an incentive for strong financial and operating performance and aligns the interests of management with the interests of our shareholders. Bonuses may be awarded on a discretionary basis or according to pre-determined performance metrics, goals and payout formulas. Due to the challenging and uncertain operating environment that began in the latter half of 2022, the Board did not adopt or utilize an annual cash incentive plan for our executive officers based on predetermined performance metrics for 2025, 2024 or 2023. For 2025, our Board and Compensation Committee awarded discretionary cash bonuses to Mr. Stewart and Mr. Kleine of $150,000 and $75,000, respectively, based on their continued efforts and leadership through the ongoing industry-wide freight recession during fiscal year 2025. The terms of these bonuses provided that 50.0% of the bonus was to be paid immediately, while the remaining 50.0% of the bonus will be paid in equal annual installments during each of the next two succeeding years, subject to continued employment with the Company. The immediate portion of the bonus was paid in February 2026. For 2024, our Board awarded discretionary cash bonuses to Mr. Vitiritto and Mr. Stewart of $150,000 and $90,000, respectively, based on their efforts and leadership in continuing to navigate the Company through the ongoing industry-wide freight recession during fiscal year 2024 and position the Company for profitability and growth when the freight market improves. The terms of these bonuses provided that 50.0% of the bonus was to be paid immediately, while the remaining 50.0% of the bonus will be paid in equal annual installments during each of the next two succeeding years, subject to continued employment with the Company. The immediate portion of the bonus was paid in February 2025. For 2023, our Board awarded discretionary cash bonuses to Mr. Vitiritto and Mr. Stewart of $150,000 and $80,000, respectively, based on their efforts and leadership in achieving profitable operating results for fiscal year 2023 while navigating the extended freight recession and significant business disruptions from key customers due to the labor strikes at several automotive production facilities in the fourth quarter of 2023 and completing the integration of the former Metropolitan Trucking business acquired in 2022. The terms of these bonuses provided that 50.0% of the bonus was to be paid immediately, while the remaining 50.0% of the bonus would be paid in equal annual installments during each of the next two succeeding years, subject to continued employment with the Company. The immediate portion of the bonus was paid in February 2024. Other Compensation Long-Term Equity Incentives. Long-term equity incentives are awarded to our named executive officers as part of our overall compensation package. These awards have historically been granted under our Amended and Restated Stock Option and Incentive Plan (the “2014 Plan”), which was adopted by the Board of Directors in March 2014 and approved by our shareholders in May 2014. The 2014 Plan authorized grants to our employees, directors, and consultants of awards of stock options, restricted stock, restricted stock units, stock appreciation rights, phantom stock units, and unrestricted common stock. A total of 3,000,000 shares of our common stock (as adjusted for the Company’s August 2021 and March 2022 2-for-1 forward stock splits) were reserved for the issuance of stock awards under the 2014 Plan. The 2014 Plan expired on March 13, 2024, and no further grants may be made under this plan.

  36. Compensation Discussion and Analysis

    On February 15, 2024, our Board of Directors adopted and on October 31, 2024, our shareholders approved our 2024 Equity Incentive Plan (the “2024 Plan”). The 2024 Plan authorizes us to grant awards of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, performance shares and unrestricted shares of common stock to our employees, officers and directors, as well as consultants and advisors. A total of 1,600,000 shares of our common stock, subject to adjustments, are reserved for the issuance of stock awards under the 2024 Plan. The 2024 Plan is administered by our Board, which, at its discretion or as legally required, may delegate such administration to our Compensation Committee or one or more additional committees. The 2024 Plan will expire on February 15, 2034. The Compensation Committee and the Board believe that long-term equity incentives are consistent with the Company’s philosophy and represent an additional vehicle for aligning management’s interests with the interests of our shareholders. The Compensation Committee and the Board currently believe that restricted stock and restricted stock units are more effective than stock options in achieving the Company’s compensation objectives, as these grants are subject to less market volatility and are less dilutive to shareholders. The Company does not have a formal policy with respect to the granting of long-term equity incentive compensation. When determining the amount of long-term incentive grants to be awarded to our named executive officers, the Board members consider, among other factors, the business performance of the Company, the responsibilities and performance of the executive, and the performance of our stock price. The Board has historically granted long-term equity incentives to our named executive officers on a discretionary basis or in connection with an executive’s hiring or promotion. In determining the timing and terms of a long-term incentive award, the Board may consider material nonpublic information to ensure that such grants are made in compliance with applicable laws and regulations and, if appropriate, may delay the grant of equity awards until the public disclosure of such material nonpublic information. In certain past years, the Board has utilized a cash and equity incentive plan under which our then named executive officers and certain other key employees are eligible to receive cash bonuses and restricted shares representing a percentage of the executive’s base salary based on the attainment of consolidated operating income performance targets, assuming a minimum operating income level was attained. The Board did not adopt or utilize any such cash and equity incentive plan for 2025, 2024 or 2023; however, the Board did grant restricted shares to our named executive officers in February 2023 based on our fiscal year 2022 performance. In 2025, the Board granted and award of restricted stock units representing 100,000 shares of our common stock to Mr. Stewart on August 4, 2025 in connection with his appointment as our President and CEO. These restricted stock units vest in equal annual installments of 25,000 shares each in 2026, 2027, 2028 and 2029. In addition, on January 27, 2025, pursuant to the 2024 Plan, the Company granted awards of restricted stock units representing 32,500 and 20,000 shares of our common stock to Mr. Vitiritto and Mr. Stewart, respectively, which vest in their entirety on the fourth anniversary of the grant date. The purpose of these awards was to recognize and incentivize the executives’ continued leadership and guidance during a challenging operating environment and further align their long-term interests with the Company’s shareholders. All of Mr. Vitiritto’s unvested equity awards were forfeited upon his resignation from the Company effective June 27, 2025. We did not grant any stock options to our executive officers in 2025, 2024 or 2023. Retirement and Health Benefits. We sponsor a retirement savings plan for all of our eligible employees, including our executive officers. The plan qualifies under section 401(k) of the Internal Revenue Code of 1986, as amended. This plan allows eligible employees to make tax deductible contributions to the plan. We make employer matching contributions to the plan for each eligible employee. The matching contributions are 50% of each participating employee’s voluntary contribution up to 3% of the participant’s compensation. These matching contributions vest at the rate of 20% each year until fully vested after five years. We offer health, vision and dental insurance to our executive officers. Perquisites. Our policy is to provide minimal, if any, perquisites to our executive officers. This helps set an example for all employees that personal expenses are not payable from company funds and helps to control expenses. We did not provide any perquisites to our executive officers in 2025. Post-Employment Compensation. We do not provide a defined benefit pension plan or post-retirement health insurance coverage for our executive officers or any of our other employees. We do not offer deferred compensation plans, and do not have agreements that provide compensation to our executive officers based upon the occurrence of a change in control of PAMT. However, our executive officers would be entitled to receive certain compensation if we terminate employment based on a determination that such termination would be in our best interest. See “Potential Payments Upon Termination or Change in Control – Payments Upon Termination Based on Our Best Interest” for more information regarding such payments. Tax Deductibility of Compensation Section 162(m) of the Internal Revenue Code of 1986, as amended, imposes a $1 million limit on the amount that a public company may deduct for compensation paid to the company’s chief executive officer, chief financial officer or certain of the company’s other most highly compensated executive officers. While the Compensation Committee and the Board may consider tax deductibility as a factor in determining the compensation for our executive officers, we do not have a specific policy to structure executive compensation so that it will not be subject to the deduction limitation of Section 162(m). Share Ownership Guidelines We do not have stock ownership requirements for our executive officers. Role of Executive Officers in the Compensation Process The elements of executive compensation are discussed at meetings of the Compensation Committee and the Board, with significant input from our Chairman of the Board and our CEO. Annual base salary is generally determined annually but may be determined for a multi-year period at the time that employment agreements are negotiated with our executive officers, if applicable. Cash incentive compensation and other bonuses and forms of stock-based compensation are discussed from time to time, but there is no set schedule for making determinations regarding these types of compensation. The committee and the Board retain considerable flexibility in deciding when to address these matters. In making its compensation decisions, the Board members will usually seek input from the executive officers. However, the Board makes the final decisions on compensation of our CEO and on equity awards to our executive officers, and the committee makes the final decisions on other compensation to our executive officers. The committee is authorized to utilize compensation consultants. Neither the committee nor the Board utilized a compensation consultant regarding 2025 executive compensation. Shareholder Approval of the Company’s Compensation Programs

  37. Summary Compensation Table

    Summary Compensation Table The following table provides information regarding the compensation earned by the Company’s named executive officers for the three years ended December 31, 2025.

  38. Summary Compensation Table

    | SUMMARY COMPENSATION TABLE | | | | | | | | | | Name and Principal Position (1) | Year | Salary | Bonus | Stock Awards | Option Awards | Non-Equity Incentive Plan Compensation | All Other Compensation | Total | | | | ($) | ($) (2) | ($) (3) | ($) (3) | ($) | ($) (4) | ($) | | Lance K. Stewart | 2025 | 440,590 | 150,000 | 1,537,000 | - | - | - | 2,127,590 | | President and Chief Executive Officer, | 2024 | 388,810 | 90,000 | - | - | - | - | 478,810 | | Former Vice President of Finance, | 2023 | 344,840 | 80,000 | 68,486 | - | - | - | 493,326 | | Chief Financial Officer and Treasurer | | | | | | | | | | Matthew T. Moroun | 2025 | - | - | - | - | - | 105,000 | 105,000 | | Chairman of the Board of Directors, | | | | | | | | | | Interim President and Chief Executive Officer | | | | | | | | | | Joesph A. Vitiritto | 2025 | 338,240 | 10,000 | 523,250 | - | - | 160,000 | 1,031,490 | | Former President and | 2024 | 628,160 | 150,000 | - | - | - | - | 778,160 | | Chief Executive Officer | 2023 | 616,085 | 150,000 | 366,145 | - | - | - | 1,132,230 | | Daniel C. Kleine | 2025 | 221,510 | 75,000 | - | - | - | - | 296,510 | | Senior Vice President of Finance and Treasurer | | | | | | | | |

  39. Summary Compensation Table

    | (1) Mr. Stewart was appointed as our President and CEO effective August 4, 2025 following Mr. Vitiritto’s resignation as President and CEO effective June 27, 2025. Mr. Moroun was appointed as our interim CEO effective as of June 27, 2025 following Mr. Vitiritto’s resignation as President and CEO. Mr. Moroun served as interim CEO until Mr. Stewart’s appointment as President and CEO. Mr. Moroun continued to serve as Chairman of our Board of Directors during this period and did not receive any additional compensation for his service as interim CEO. Mr. Kleine was appointed Senior Vice President and Treasurer effective August 4, 2025. |

  40. Summary Compensation Table

    | (2) Except for the amount paid to Mr. Vitiritto in 2025, the amounts shown for 2025, 2024 and 2023 represent discretionary cash bonuses earned during the year reported and paid or payable at the rate of 50% during the February thereafter and annual installments of 25% during each of the next two years. The amount paid to Mr. Vitiritto in 2025 represents a discretionary cash bonus paid upon his resignation from the Company in recognition of his contributions to Company and in consideration of the covenants contained in a consulting agreement between Mr. Vitiritto and the Company, dated May 19, 2025, and an accompanying release agreement. All unpaid discretionary bonus amounts for Mr. Vitiritto were forfeited upon his resignation from the Company effective June 27, 2025. |

  41. Summary Compensation Table

    | (3) Amounts shown do not reflect compensation actually received by the named executive officer. Instead, the amounts shown are the aggregate grant date fair value computed in accordance with the provisions of FASB ASC Topic 718. The stock award granted to Mr. Vitiritto during 2025 and all unvested portions of prior stock awards granted to Mr. Vitiritto were forfeited upon his resignation from the Company effective June 27, 2025. |

  42. Summary Compensation Table

    | (4) The amount shown for Mr. Moroun represents his annual cash retainer for his service as our Chairman of the Board and as Chairman of the Compensation Committee of our Board of Directors during 2025. The amount shown for Mr. Vitiritto for 2025 includes $160,000 in consulting fees paid following his resignation from the Company. |

  43. Summary Compensation Table

    Employment Agreements Lance K. Stewart. On September 10, 2025, we entered into an amended and restated employment agreement with our President and Chief Executive Officer, Mr. Stewart, effective as of August 4, 2025 which amends and restates Mr. Stewart’s Employment Agreement dated July 7, 2023. Under the terms of the amended employment agreement, Mr. Stewart’s annual base salary increased to its current amount of $505,440. Mr. Stewart’s performance will be reviewed annually for any changes in base salary and eligibility for a performance bonus. The employment agreement includes provisions regarding termination of employment and his non-compete, non-solicitation and confidentiality obligations to the Company. Joseph A. Vitiritto. On August 4, 2020, we entered into an employment agreement with our former President and CEO, Mr. Vitiritto. Pursuant to the agreement, the Company agreed to pay Mr. Vitiritto an initial annual salary of $530,036 and a cash bonus for fiscal year 2020 of $328,500, payable in December 2020 or January 2021. In addition, he received a grant of 160,000 (split-adjusted) restricted shares of common stock of the Company to vest in installments of 20,000 shares each in 2022, 2023, 2024 and 2027 and 40,000 shares each in 2025 and 2026, subject to his continued employment or retirement after reaching age 65. Under the terms of the agreement, Mr. Vitiritto’s performance was reviewed annually for changes in base salary, and he was eligible to earn an annual cash bonus as determined by the Board. Mr. Vitiritto's annual salary during 2025 prior to his resignation was $628,160. The employment agreement includes provisions regarding termination of employment and his non-compete, non-solicitation and confidentiality obligations to the Company. In connection with his resignation as President and CEO, the Company and Mr. Vitiritto entered into a consulting agreement, dated May 19, 2025, under which Mr. Vitiritto would serve as a consultant to the Company for a one-year period following his resignation from his positions with the Company and its subsidiaries, effective June 27, 2025. Under the terms of the consulting agreement, Mr. Vitiritto agreed to make himself available to advise senior management and consult with the Company as reasonably requested by the Company from time to time for the period beginning June 30, 2025 through June 30, 2026, for a weekly consulting fee of $8,000. The agreement became effective upon Mr. Vitiritto’s execution and non-revocation of a customary release of claims following his resignation date. In recognition of his contributions to the Company and in consideration of the covenants contained in the consulting agreement and the accompanying release agreement, Mr. Vitiritto also received a one-time cash bonus in the amount of $10,000. In connection with the consulting agreement, the Company waived Mr. Vitiritto’s six-month notice obligation for his voluntary resignation as specified in his employment agreement. The Company subsequently terminated Mr. Vitiritto’s consulting services and consulting fee payments effective November 15, 2025, pursuant to the terms of the consulting agreement, and waived certain non-compete obligations under his employment agreement in connection with Mr. Vitiritto’s acceptance of employment with another employer in the transportation industry. Daniel C. Kleine. On September 10, 2025, P.A.M. Transport, Inc., the primary operating subsidiary of the Company, entered into an employment agreement with our Senior Vice President of Finance and Treasurer, Mr. Kleine, effective as of August 11, 2025. Pursuant to the agreement, P.A.M. Transport agreed to pay Mr. Kleine an initial annual salary of $240,240. Under the terms of the agreement, Mr. Kleine’s performance will be reviewed annually for changes in base compensation and bonus. The employment agreement includes provisions regarding termination of employment and his non-compete, non-solicitation and confidentiality obligations to P.A.M. Transport. Our executive officers may participate in bonus and other incentive plans that are approved from time to time by our Board of Directors or Compensation Committee. The executive officers are also entitled to any fringe benefits that we may provide for our employees in the normal course of our business. Additional information regarding the non-compete, non-solicitation and confidentiality obligations of our named executive officers is discussed below under the heading “Payments Upon Termination or Change in Control.”

  44. Grants of Plan-Based Awards

    Grants of Plan-Based Awards The following table shows all plan-based awards granted to the named executive officers during fiscal year 2025. As of March 11, 2026, 1,432,500 shares of our common stock remain available for future awards under the 2024 Amended and Restated Stock Option and Incentive Plan.

  45. Grants of Plan-Based Awards

    | | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards | | | Estimated Future Payouts Under Equity Incentive Plan Awards | | | | | | | | Name | Grant Date | Threshold | Target | Maximum | Threshold | Target | Maximum | All Other Stock Awards: Number of Shares of Stock or Units | All Other Option Awards: Number of Securities Under- lying Options | Exercise or Base Price of Option Awards | Grant Date Fair Value of Stock and Option Awards | | | | ($) | ($) | ($) | (#) | (#) | (#) | (#) | (#) | ($/Sh) | ($) (1) | | Lance K. Stewart | 1/27/2025 | - | - | - | - | - | - | 20,000 | - | - | 322,000 | | | 8/4/2025 | - | - | - | - | - | - | 100,000 | - | - | 1,215,000 | | Matthew T. Moroun | - | - | - | - | - | - | - | - | - | - | - | | Joseph A. Vitiritto | 1/27/2025 | - | - | - | - | - | - | 32,500 (2) | - | - | 523,250 | | Daniel C. Kleine | - | - | - | - | - | - | - | - | - | - | - |

  46. Grants of Plan-Based Awards

    | (1) Amounts shown do not reflect compensation actually received by the named executive officer. Instead, the amounts shown are the aggregate grant date fair value computed in accordance with the provisions of FASB ASC Topic 718. |

  47. Grants of Plan-Based Awards

    | (2) These restricted stock units were forfeited by Mr. Vitiritto upon his resignation from the Company in June 2025. |

  48. Grants of Plan-Based Awards

    The 20,000 restricted stock units granted to Mr. Stewart in January 2025 vest in their entirety on the fourth anniversary of the grant date. The 100,000 restricted stock units granted to Mr. Stewart in August 2025 vest in equal installments of 25,000 shares each on February 9, 2026, 2027, 2028 and 2029.

  49. Outstanding Equity Awards at Fiscal Year-End

    Outstanding Equity Awards at Fiscal Year-End The following table provides information as of December 31, 2025, regarding equity awards for each of the named executive officers.

  50. Outstanding Equity Awards at Fiscal Year-End

    | | Option Awards | | | | | | Stock Awards | | | | Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) (1) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | | Lance K. Stewart | - | - | - | - | - | 648(2) | 7,828 | - | - | | | - | - | - | - | - | 1,210(3) | 14,617 | - | - | | | - | - | - | - | - | 20,000(4) | 241,600 | - | - | | | - | - | - | - | - | 100,000(5) | 1,208,000 | - | - | | Matthew T. Moroun | - | - | - | - | - | - | - | - | - | | Joseph A. Vitiritto | - | - | - | - | - | - | - | - | - | | Daniel C. Kleine | - | - | - | - | - | - | - | - | - |

  51. Outstanding Equity Awards at Fiscal Year-End

    | (1) Based on the closing market price of $12.08 per share of PAMT’s common stock as reported on the NASDAQ Global Market on December 31, 2025. | | (2) 648 shares vested on February 9, 2026. | | (3) 605 shares vested on February 9, 2026. The remaining 605 shares will vest on February 9, 2027. | | (4) These shares will vest in their entirety on January 27, 2029. | | (5) 25,000 shares vested on February 9, 2026. The remaining shares will vest in equal installments of 25,000 each on February 9, 2027, 2028 and 2029. |

  52. Options Exercised and Stock Vested

    Options Exercised and Stock Vested The following table contains information about stock options exercised and restricted stock awards vested by each of our named executive officers during 2025.

  53. Options Exercised and Stock Vested

    | | Option Awards | | Stock Awards | | | Name | Number of shares acquired on exercise | Value realized on exercise ($) | Number of shares acquired on vesting | Value realized on vesting ($) | | Lance K. Stewart | - | - | 1,255 | 19,640 | | Matthew T. Moroun | - | - | - | - | | Joseph A. Vitiritto | - | - | 5,407 | 84,620 | | Daniel C. Kleine | - | - | - | - |

  54. Payments Upon Termination or Change in Control

    Payments Upon Termination or Change in Control Generally, employment agreements that we enter into with any of our executive officers provide for payments that may be made to the executive officers following termination of their employment. The potential payments under our employment agreements with our executive officers and other payments to which our executive officers are entitled upon termination are discussed below and quantified in the tables that follow. We do not have any agreements or plans that provide for payments to any of our executive officers based on the occurrence of a change in control of the Company. No Payments If There Is a Termination for Just Cause In the event that one of our executive officers is terminated for just cause, including conviction of a crime, moral turpitude, gross negligence in the performance of duties, intentional failure to perform duties, insubordination, or dishonesty, we would have no obligation to pay base salary or benefits beyond the last day worked. Payments Upon Death In the event of the death of one of our executive officers, we would pay the executive officer his base salary through the date of death. Upon death, Mr. Stewart and Mr. Kleine would be entitled to receive any bonus earned but not yet paid. Payments Upon Disability In the event that an executive officer becomes disabled and is unable to perform his duties, we may terminate his employment. If the executive officer’s employment is terminated due to disability, the employment agreements provide that he would be entitled to receive his base salary and benefits for three months following the date of disability and any deferred bonus earned but not yet paid. Payments Upon Termination Based on Our Best Interest In the event that Mr. Stewart is terminated by our Board of Directors based upon a determination that such action would serve the Company’s best interest, Mr. Stewart would be entitled to receive base salary and COBRA benefits for a period of six months following the termination of his employment. In the event that Mr. Kleine is terminated based upon a determination that such action would serve P.A.M. Transport’s best interest, Mr. Kleine would be entitled to receive base salary for a period of four months following the termination of his employment. If the Company (in the case of Mr. Stewart) or P.A.M. Transport (in the case of Mr. Kleine) elects to extend Mr. Stewart’s or Mr. Kleine’s covenant not to compete for one year, Mr. Stewart and Mr. Kleine would be entitled to receive base salary for a period of 12 months. Payments Upon Resignation, Including Retirement Our executive officers have the right to resign by providing written notice of the intent to resign. Mr. Stewart must provide six months’ written notice, and Mr. Kleine must provide four months’ written notice. Following such notice, we may terminate the executive’s employment before the end of the notice period. In the event an officer resigns with the required notice or is terminated following such notice, the executive officer is entitled to receive base salary through the end of the notice period. Obligations of Executive Officers Under our existing employment agreements and certain restricted stock award agreements, our executive officers have agreed not to compete with, or solicit or retain business that is competitive with, our business, or that of specified affiliates under common ownership with us for a specified period after employment with us terminates. The duration of the non-compete period is one year for Mr. Stewart and two years for Mr. Kleine. In the event that Mr. Stewart were terminated because such termination is in the best interest of the Company, his employment agreement provides that the duration of his covenant not to compete or solicit or accept competitive business will be for a period of six months and can be extended for one year, in which case Mr. Stewart will be entitled to receive base salary for a period of 12 months. In the event that Mr. Kleine were terminated because such termination is in the best interest of P.A.M. Transport, his employment agreement provides that the duration of his covenant not to solicit or accept competitive business will be for a period of four months and can be extended for one year, in which case Mr. Kleine will be entitled to receive base salary for a period of 12 months. Mr. Stewart and Mr. Kleine have also agreed that they will not, for a period of 24 months after termination, encourage, solicit or otherwise attempt to persuade any of our employees or independent contractors or any employees or independent contractors of the specified affiliates to leave our employment or employment with the specified affiliates. If an executive officer were to hire an employee or independent contractor from us or a specified affiliate during the restricted period, the executive officer has agreed to pay us or our affiliate 30% of the employee’s or independent contractor’s first year’s gross compensation. Under the employment agreements, our executive officers have also agreed to maintain the confidentiality of our proprietary information. Stock Awards The terms of the award agreements for the restricted shares and restricted stock units granted to Mr. Stewart provide that all unvested shares or units will be forfeited at the time of termination. However, upon termination of the executive’s continuous service due to the executive’s voluntary retirement after reaching age 65, the Compensation Committee or the Board may, in its discretion, accelerate the vesting of any unvested shares of restricted stock or restricted stock units. The terms of the awards to Mr. Stewart also provide that the Company will be entitled to recover an amount equal to 60% of the value realized under the award if the executive violates the non-compete and non-solicitation covenants in his employment agreement. Consulting Agreement with Mr. Vitiritto Under the terms of the consulting agreement we entered into with Mr. Vitiritto in May 2025, Mr. Vitiritto agreed to make himself available to advise senior management and consult with us as we may reasonably request from time to time for a one-year period effective June 30, 2025, for a weekly consulting fee of $8,000. In recognition of his contributions to the Company and in consideration of the covenants contained in the agreement and the accompanying release, we agreed to pay Mr. Vitiritto a one-time cash bonus in the amount of $10,000. The agreement became effective upon Mr. Vitiritto’s execution and non-revocation of a customary release of claims following his resignation date. In connection with the consulting agreement, the Company waived Mr. Vitiritto’s six-month notice obligation for his voluntary resignation as specified in his employment agreement. The Company subsequently terminated Mr. Vitiritto’s consulting services and consulting fee payments effective November 15, 2025, pursuant to the terms of the consulting agreement, and waived certain non-compete obligations under his employment agreement in connection with Mr. Vitiritto’s acceptance of employment with another employer in the transportation industry. Mr. Vitiritto remains subject to certain obligations under his employment agreement with respect to the confidentiality of our proprietary information and non-solicitation of our and our affiliates’ employees and independent contractors. Tables of Payments Upon Termination of Employment

  55. Payments Upon Termination or Change in Control

    The following tables provide information regarding amounts paid or payable to each of our named executive officers in connection with a termination of employment. The amounts shown for Mr. Stewart and Mr. Kleine assume that termination of employment was effective as of December 31, 2025, the last business day of our 2025 fiscal year, and include estimates of the amounts that would be paid. The actual amounts would only be determined upon an officer’s termination of employment. The amounts shown for Mr. Vitiritto reflect the actual amounts paid in connection with his resignation. Mr. Moroun did not receive any compensation in connection with the termination of his service as interim President and CEO.

  56. Payments Upon Termination or Change in Control

    | | Lance K. Stewart | | | | | | | Benefits and Payments Upon Termination | Just Cause ($) | Death ($) | Disability ($) | Best Interest of the Company ($)(1) | Resignation ($)(2) | Retirement ($) | | Base Salary (3) | - | - | 126,360 | 505,440 | 252,720 | - | | Annual Bonus (4) | - | 172,500 | 172,500 | | - | - | | All Other Compensation | - | - | - | - | - | - | | Total: | - | 172,500 | 298,860 | 505,440 | 252,720 | - |

  57. Payments Upon Termination or Change in Control

    | (1) Mr. Stewart is entitled to receive his base salary and COBRA benefits for a period of six months following termination in the best interest of the Company, unless the Board of Directors elects to extend his covenants not to compete or solicit competitive business up to one year from his termination date, in which case he will be entitled to receive his base salary for the extended non-competition period. This calculation assumes that the Board of Directors would elect to extend Mr. Stewart's covenants not to compete or solicit competitive business for the full extension period, and thus he would be entitled to receive his base salary for 12 months following termination. If this option is not exercised, the amount owed to Mr. Stewart for termination in the best interest of the Company would be $252,720. |

  58. Payments Upon Termination or Change in Control

    | (2) Assumes Mr. Stewart’s employment was terminated by the Company immediately following receipt of notice of his intent to resign. |

  59. Payments Upon Termination or Change in Control

    | (3) These amounts would be paid in equal installments in accordance with the Company’s regularly scheduled payroll periods. |

  60. Payments Upon Termination or Change in Control

    | (4) Upon death or disability, Mr. Stewart would be entitled to receive any bonus amounts earned but not yet paid. |

  61. Payments Upon Termination or Change in Control

    | | Joseph A. Vitiritto | | | | | | | Benefits and Payments Upon Termination | Just Cause ($) | Death ($) | Disability ($) | Best Interest of the Company ($) | Resignation ($) | Retirement ($) | | Base Salary | - | - | - | - | - | - | | Annual Bonus | - | - | - | | - | - | | All Other Compensation (1) | - | - | - | - | 170,000 | - | | Total: | - | - | - | - | 170,000 | - |

  62. Payments Upon Termination or Change in Control

    | (1) This amount reflects the aggregate amounts paid to Mr. Vitiritto under his consulting agreement, including consulting fees of $160,000 and a one-time cash bonus in the amount of $10,000. All unpaid bonus amounts and all unvested equity awards previously granted to Mr. Vitiritto were forfeited upon his resignation effective June 27, 2025. |

  63. Payments Upon Termination or Change in Control

    | | Daniel C. Kleine | | | | | | | Benefits and Payments Upon Termination | Just Cause ($) | Death ($) | Disability ($) | Best Interest of the Company ($)(1) | Resignation ($)(2) | Retirement ($) | | Base Salary (3) | - | - | 60,060 | 240,240 | 80,080 | - | | Annual Bonus (4) | - | 81,250 | 81,250 | - | - | - | | All Other Compensation | - | - | - | - | - | - | | Total: | - | 81,250 | 141,310 | 240,240 | 80,080 | - |

  64. Payments Upon Termination or Change in Control

    | (1) Mr. Kleine is entitled to receive his base salary for a period of four months following termination in the best interest of the Company, unless the Board of Directors elects to extend his covenant not to solicit competitive business up to one year from his termination date, in which case he will be entitled to receive his base salary for the extended non-competition period. This calculation assumes that the Board of Directors would elect to extend Mr. Kleine's covenant not to solicit competitive business for the full extension period, and thus he would be entitled to receive his base salary for 12 months following termination. If this option is not exercised, the amount owed to Mr. Kleine for termination in the best interest of the Company would be $80,080. |

  65. Payments Upon Termination or Change in Control

    | (2) Assumes Mr. Kleine’s employment is terminated by the Company immediately following receipt of notice of his intent to resign. |

  66. Payments Upon Termination or Change in Control

    | (3) These amounts would be paid in equal installments in accordance with the Company’s regularly scheduled payroll periods. |

  67. Payments Upon Termination or Change in Control

    | (4) Upon death or disability, Mr. Kleine would be entitled to receive any bonus amounts earned but not yet paid. |

  68. Pay Versus Performance

    Pay Versus Performance The following table sets forth information regarding the compensation of our named executive officers (“NEOs”) for the fiscal years ended December 31, 2023, 2024 and 2025, and our financial performance for each such fiscal year: Pay Versus Performance Table

  69. Pay Versus Performance

    | Year | Summary Compensation Table Total For Former PEO ($)(1) | Compensation Actually Paid to Former PEO ($)(4) | Summary Compensation Table Total For Interim PEO ($)(2) | Compensation Actually Paid to Interim PEO ($)(4) | Summary Compensation Table Total For Current PEO ($)(3) | Compensation Actually Paid to Current PEO ($)(4) | Average Summary Compensation Table Total for Non-PEO NEOs ($)(5) | Average Compensation Actually Paid to Non-PEO NEOs ($)(6) | Value of Initial Fixed $100 Investment Based on Total Shareholder Return ($)(7) | Net (Loss) Income (In thousands) ($)(8) | | 2025 | 1,031,490 | (1,414,997) | 105,000 | 105,000 | 2,127,590 | 2,031,284 | 1,212,050 | 1,163,897 | 51 | (52,607) | | 2024 | 778,160 | 190,276 | - | - | - | - | 478,810 | 417,988 | 63 | (31,795) | | 2023 | 1,132,230 | 252,742 | - | - | - | - | 542,218 | (11,013) | 80 | 18,416 |

  70. Pay Versus Performance

    | (1) Represents the total compensation of our former principal executive officer (PEO), Joseph A. Vitiritto, as reported in the Summary Compensation Table for each year indicated. |

  71. Pay Versus Performance

    | (2) Represents the total compensation of our interim principal executive officer, Matthew T. Moroun, as reported in the Summary Compensation Table for the year 2025. Mr. Moroun, our Chairman of the Board of Directors, served as interim President and CEO of the Company effective June 27, 2025 until Mr. Lance K. Stewart was appointed as President and CEO effective August 4, 2025. |

  72. Pay Versus Performance

    | (3) Represents the total compensation of our current principal executive officer (PEO), Lance K. Stewart, as reported in the Summary Compensation Table for the year 2025. On July 31, 2025, the Board of Directors appointed Lance K. Stewart, to succeed Mr. Vitiritto and Mr. Moroun as our new President and Chief Executive Officer beginning August 4, 2025. Mr. Moroun continues to serve as Chairman of the Board of the Company. |

  73. Pay Versus Performance

    | (4) The amount reported in this column for each year indicated is calculated as follows: |

  74. Pay Versus Performance

    | Reconciliation of PEOs SCT Total | | Former PEO | | | Interim PEO | Current PEO | | and Compensation Actually Paid. | | 2025 | 2024 | 2023 | 2025 | 2025 | | | Total Compensation as reported SCT | $1,031,490 | $778,160 | $1,132,230 | $105,000 | $2,127,590 | | Subtract | Pension values reported in SCT for covered fiscal year | — | — | — | — | — | | Subtract | Fair value of equity awards granted during covered fiscal year | (523,250) | — | (366,145) | — | (1,537,000) | | Add | Pension value attributable to covered fiscal year’s service and any change in pension value attributable to plan amendments made in the covered year | — | — | — | — | — | | Add | Fair value of equity awards granted in covered fiscal year and that are unvested at end of such covered fiscal year - valued at year-end | 392,600 | — | 268,852 | — | 1,449,600 | | Add | Fair value of equity awards granted in covered fiscal year that vested during such covered fiscal year - valued on date of vesting | — | — | — | — | — | | Add | Dividends or other earnings paid on stock or option awards in the covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year | — | — | — | — | — | | Add/Subtract | Change in fair value from end of prior fiscal year to end of covered fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year | — | (501,811) | (714,010) | — | (7,989) | | Add/Subtract | Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during covered fiscal year | (3,947) | (86,073) | (68,185) | — | (916) | | Subtract | Fair value of awards forfeited in current fiscal year determined at end of prior fiscal year | (2,311,890) | — | — | — | — | | Equals | Compensation Actually Paid to PEO | $(1,414,997) | $190,276 | $252,742 | $105,000 | $2,031,284 |

  75. Pay Versus Performance

    | (5) Represents the total compensation of each of our non-PEO NEOs during 2023, Lance K. Stewart and Allen W. West, our only non-PEO NEO in 2024, Lance K. Stewart, and the average of the total compensation of each of our non-PEO NEOs during 2025, Lance K. Stewart and Daniel C. Kleine, as reported in the Summary Compensation Table for each year indicated. |

  76. Pay Versus Performance

    | (6) The amount reported in this column for each year indicated is calculated as follows: |

  77. Pay Versus Performance

    | Reconciliation of Non-PEO NEOs | | Non-PEO NEOs | | | | SCT Total and Compensation Actually Paid. | | 2025 | 2024 | 2023 | | | Total Compensation as reported SCT | $1,212,050 | $478,810 | $542,218 | | Subtract | Pension values reported in SCT for covered fiscal year | — | — | — | | Subtract | Fair value of equity awards granted during covered fiscal year | (768,500) | — | (117,190) | | Add | Pension value attributable to covered fiscal year’s service and any change in pension value attributable to plan amendments made in the covered year | — | — | — | | Add | Fair value of equity awards granted in covered fiscal year and that are unvested at end of such covered fiscal year - valued at year-end | — | — | 86,050 | | Add | Fair value of equity awards granted in covered fiscal year that vested during such covered fiscal year - valued on date of vesting | — | — | — | | Add | Dividends or other earnings paid on stock or option awards in the covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year | — | — | — | | Add/Subtract | Change in fair value from end of prior fiscal year to end of covered fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year | (3,995) | (13,697) | (109,670) | | Add/Subtract | Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during covered fiscal year | (458) | (47,125) | 1,901 | | Subtract | Fair value of awards forfeited in current fiscal year determined at end of prior fiscal year | — | — | (414,322) | | Equals | Compensation Actually Paid to Non-PEO NEOs | $1,163,897 | $417,988 | $(11,013) |

  78. Pay Versus Performance

    | (7) Represents the cumulative three-year total return to shareholders of our common stock and assumes that the value of the investment was $100 on December 31, 2022. The Company did not issue any dividends during 2023, 2024 or 2025. The stock price performance included in this column is not necessarily indicative of future stock price performance. |

  79. Pay Versus Performance

    | (8) Represents our reported net (loss) income for each year indicated. |

  80. Pay Versus Performance

    Relationship Between Compensation Actually Paid to our NEOs and Company Performance The following graphs show the relationship between the compensation actually paid to our PEO and our other NEOs to our total shareholder return and net (loss) income over the three fiscal years ending December 31, 2025 as reported in the table above: [The graphs follow on the next page.]

  81. Director Compensation for 2025

    Director Compensation for 2025 The following table provides information about the compensation of our directors for the year ended December 31, 2025.

  82. Director Compensation for 2025

    | Name | Fees Earned or Paid in Cash | Stock Awards | Option Awards | Non-Equity Incentive Plan Compensation | Change in Pension Value and Nonqualified Deferred Compensation Earnings | All Other Compensation | Total | | (1) | ($) (2) | ($) (2) | ($) | ($) | ($) | ($) | ($) (2) | | Michael D. Bishop | 40,013 | 14,987 | - | - | - | - | 55,000 | | Frederick P. Calderone | 50,000 | - | - | - | - | - | 50,000 | | W. Scott Davis | 65,000 | - | - | - | - | - | 65,000 | | Edwin J. Lukas | 35,013 | 14,987 | - | - | - | - | 50,000 | | Franklin McLarty | 55,000 | - | - | - | - | - | 55,000 | | H. Pete Montaño | 55,000 | - | - | - | - | - | 55,000 | | Matthew J. Moroun | 35,013 | 14,987 | - | - | - | - | 50,000 |

  83. Director Compensation for 2025

    | (1) Our Chairman of the Board, Matthew T. Moroun, our former CEO and President, Mr. Vitiritto, and our current CEO and President, Mr. Stewart, each of whom was a director during 2025, have been omitted from this table because each served as a named executive officer of the Company during 2025. Each of their individual compensation is included in the Summary Compensation Table on page 20 of this proxy statement. Neither Mr. Vitiritto nor Mr. Stewart received any additional compensation for serving on our Board of Directors during 2025. | | (2) The amounts shown represent the compensation expense that we recognized in 2025, determined in accordance with FASB ASC Topic 718 for shares of our common stock issued to our non-employee directors, who have the option to elect stock in lieu of cash for a portion of their compensation. The grant date fair value of $15.71 for these shares was determined based on the closing price on May 9, 2025. |

  84. Director Compensation for 2025

    Compensation Arrangements for Non-employee Directors Director compensation is determined by our Board of Directors. For 2025, we paid our non-employee directors an annual retainer of $50,000, paid in two equal semiannual installments, with the option to elect to receive up to $15,000 of the first annual retainer installment in shares of common stock in lieu of cash, valued based on the closing price of our common stock on May 9, 2025, the date of issuance. The Chairman of the Board, which is a non-officer position, was paid an annual retainer of $100,000, and the chairmen of our Audit Committee and Compensation Committee were paid additional annual retainers of $15,000 and $5,000, respectively. Members of our Audit Committee, other than the chairman, were paid an additional annual retainer of $5,000. We reimburse our directors for expenses that they incur in attending Board and committee meetings, including expenses for food, lodging and transportation.