P.A.M. TRANSPORTATION SERVICES, INC.
INCENTIVE COMPENSATION PLAN
CALENDAR YEAR 2010
THIS IS THE
INCENTIVE COMPENSATION PLAN of P.A.M. Transportation Services,
Inc., a Delaware Corporation (the “Company”), under
which a bonus may be granted to Daniel H. Cushman subject to the
limitations, provisions and requirements hereinafter
stated. The Plan is as follows:
1.
ADMINISTRATION OF PLAN . This Plan shall
be administered by the Compensation Committee of the
Company’s Board of Directors (the
“Committee”).
2.
MECHANICS OF THE PLAN . The Plan will
award Mr. Cushman for profitability as measured by the
Company’s operating ratio. This Plan is an
“annual plan” and incentive award shall be based on
audited results of operations for January 1, 2010 through December
31, 2010.
“Annual
Base Salary” multiplied by the “Bonus Percentage”
per the attached Exhibit A. However, no bonus shall be
payable if the Company’s Consolidated Operating Ratio exceeds
99%.
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Payment of
Awards . Upon
review and approval of the bonus calculation by the Committee,
payments for the bonus that is awarded for the 2010 calendar year
shall be made as follows:
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fifty percent
(50%) of the bonus shall be paid on or before March 3
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