Management Change/Compensation (Form 8-K)

Amended and Restated Employment Agreement with Lance K. Stewart

On September 10, 2025, PAMT CORP (the "Company") entered into an amended and restated employment agreement with the Company's President and Chief Executive Officer, Lance K. Stewart (the "Amended Stewart Employment Agreement"), which amends and restates Mr. Stewart's Employment Agreement dated July 7, 2023. Under the terms of the Amended Stewart Employment Agreement, which is effective as of August 4, 2025, Mr. Stewart will receive an annual base salary of $505,440 for his service as Chief Executive Officer. Mr. Stewart's performance will be reviewed annually for any changes in base salary and eligibility for a performance bonus.

Pursuant to the Amended Stewart Employment Agreement, the Company may terminate Mr. Stewart's employment at any time with or without cause. If his employment is terminated by the Company without "just cause" (as defined in the Amended Stewart Employment Agreement), Mr. Stewart will be entitled to receive his base salary and COBRA for a period of six months following such termination, provided that Mr. Stewart signs a separation agreement with the Company. The Amended Stewart Employment Agreement also provides Mr. Stewart the right to terminate his employment with the Company upon six months' prior written notice to the Company. However, the Company has the right to terminate Mr. Stewart's employment immediately upon receipt of such notice. In the event of such termination, Mr. Stewart is entitled to receive his base salary only for the six-month period following the Company's receipt of his notice of termination. Mr. Stewart's employment with the Company will be terminated upon his death and may be terminated by the Company upon his disability. Upon termination due to disability, Mr. Stewart will continue to receive his compensation for a period of three months after the date of disability, along with any residual bonus earned but not yet paid.

Under the Amended Stewart Employment Agreement, Mr. Stewart is subject to a covenant not to compete with the Company and certain affiliated companies under common ownership with the Company for a period of one year following the termination of Mr. Stewart's employment with the Company. If Mr. Stewart is terminated by the Company without just cause, the covenant not to compete will be for a period of six months following his termination of employment but may be extended by the Company to up to one year. If the Company extends the covenant not to compete to one year, the Company must extend Mr. Stewart's base salary payments for the same one-year period. Mr. Stewart is also subject to covenants with respect to the confidentiality of the Company's proprietary information and non-solicitation of employees.

The foregoing description of the terms and conditions of the Amended Stewart Employment Agreement does not purport to be complete and is qualified in its entirety by the full text of the Amended Stewart Employment Agreement, which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.

Employment Agreement with Daniel C. Kleine

On September 10, 2025, P.A.M. Transport, Inc. ("Transport"), the primary operating subsidiary of the Company, entered into a new employment agreement (the "Kleine Employment Agreement") with the Company's Senior Vice President of Finance and Treasurer, Daniel C. Kleine. Under the terms of the Kleine Employment Agreement, which is effective as of August 11, 2025, Mr. Kleine will receive an annual base salary of $240,240 for his service as Senior Vice President of Finance and Treasurer. Mr. Kleine's performance will be reviewed annually for any changes in base salary and eligibility for a performance bonus.