P.A.M. TRANSPORTATION SERVICES, INC. (NASDAQ:PTSI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 7, 2019, the Board of Directors of P.A.M. Transportation Services, Inc. (the “Company”) approved and the Company, through its principal operating subsidiary, P.A.M. Transport, Inc., entered into an employment agreement with its Chief Financial Officer, Allen W. West (the “Employment Agreement”). to the Employment Agreement, which is effective as of January 1, 2019, Mr. West will continue to serve as an executive officer of the Company and will be paid an annual salary of $335,140. Mr. West’s performance will be reviewed annually for changes in base compensation and bonus.
to the Employment Agreement, the Company may terminate Mr. West’s employment at any time with or without cause. If the employment of Mr. West is terminated by the Company without “just cause” (as defined in the Employment Agreement), then Mr. West will be entitled to receive his base salary for a period of six months following such termination provided that Mr. West signs a separation agreement with the Company. The Employment Agreement also provides Mr. West the right to terminate his employment with the Company upon three months prior written notice to the Company. However, the Company has the right to terminate Mr. West’s employment immediately upon receipt of such notice. In the event of such termination, Mr. West is entitled to receive his base salary only for the three-month period following the Company’s receipt of his notice of termination. Mr. West’s employment with the Company will be terminated upon Mr. West’s death and may be terminated by the Company upon Mr. West’s disability. If terminated due to disability, Mr. West’s compensation will continue for a period of three months after the date of disability, and any earned but unpaid bonus will be paid in the normal course of business.
Under the Employment Agreement, Mr. West 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 six months following the termination of Mr. West’s employment with the Company. If Mr. West is terminated by the Company without “just cause” (as defined in the Employment Agreement), this covenant not to compete may be extended by the Board to up to one year. If the Board extends the covenant not to compete to one year, the Board must extend Mr. West’s base salary payments for the same period. Mr. West is also subject to covenants with respect to the confidentiality of the Company’s proprietary information and non-solicitation of employees.
This description of the terms of the Company’s employment of Mr. West does not purport to be complete and is qualified in its entirety by the full text of the Employment Agreement, which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
PAM TRANSPORTATION SERVICES INC Exhibit
EX-10.1 2 pam_ex1001.htm EMPLOYMENT AGREEMENT Exhibit 10.1 EMPLOYMENT AGREEMENT This Agreement (“Agreement”) is entered into as of March 7,…
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About P.A.M. TRANSPORTATION SERVICES, INC. (NASDAQ:PTSI)
P.A.M. Transportation Services, Inc. is a holding company. The Company, through its subsidiaries, operates as a truckload transportation and logistics company. It operates in the motor carrier segment. It operates as a truckload dry van carrier transporting general commodities throughout the continental United States, as well as in certain Canadian provinces. It provides transportation services in Mexico under agreements with Mexican carriers. Its operations are classified into truckload services, or brokerage and logistics services. Truckload services include transportation services, in which it utilizes company owned trucks or independent operator owned trucks for the pickup and delivery of freight. The brokerage and logistics services consist of services, such as transportation scheduling, routing, mode selection, transloading and other services related to the transportation of freight, which may or may not involve the use of company owned or independent operator owned equipment.