PAMT CORP filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On May 22, 2025, PAMT CORP (the “Company”) and its President and Chief Executive Officer, Joseph A. Vitiritto, entered into a Consulting Agreement (the “Consulting Agreement”), dated May 19, 2025, under which Mr. Vitiritto will serve as a consultant to the Company for a one-year period following his resignation from his positions with the Company and its subsidiaries, which will be effective June 27, 2025. Under the terms of the Consulting Agreement, Mr. Vitiritto has 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. In consideration of these consulting services, Mr. Vitiritto will be paid a weekly fee of $8,000. The effectiveness of the Consulting Agreement is subject to Mr. Vitiritto executing and not revoking a customary release of claims following his resignation date (the “Release Agreement”). 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 will receive a one-time cash bonus in the amount of $10,000. Mr. Vitiritto remains subject to the non compete, non solicitation and confidentiality covenants contained in his employment agreement with the Company, dated August 4, 2020 (the “Employment Agreement”). In connection with the Consulting Agreement, the Company waived Mr. Vitiritto’s six-month notice obligation for his voluntary resignation as specified in the Employment Agreement.
The foregoing description of the terms and conditions of the Consulting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Consulting Agreement, including the accompanying Release Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| 10.1 | Consulting Agreement between the Company and Joseph A. Vitiritto, dated May 19, 2025. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PAMT CORP | ||
| (Registrant) | ||
| Date: May 23, 2025 | By: | /s/ Lance K. Stewart |
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Lance K. Stewart Vice President of Finance and Chief Financial Officer |
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