Executives at PAM Transport Inc. of Tontitown got healthy pay bumps after a profitable 2014.
President and CEO Dan Cushman received total compensation of $1.38 million in 2014, according to a proxy statement filed with the SEC. Cushman made $720,034 in 2013.
The pay increase came after a year in which PAM posted net income of $13.5 million, an increase of 129 percent from 2013.
Cushman’s base salary went from $447,000 to $461,173 and he received a discretionary bonus of $224,500 in January 2014. Thirty percent of that bonus was paid immediately with the remainder in paid in installments during the next four years.
He received a bonus of $180,000 in 2013.
Cushman also received $213,250 in stock awards and $470,028 from incentive plan compensation. In 2013, Cushman had received just under $91,000 in stock awards but no incentive plan compensation.
CFO Allen West had his total compensation jump to $514,820 in 2014 compared to $201,199 in 2013. West’s base salary increased from $173,486 to $228,874, and he received a discretionary bonus of $75,000, $53,313 in stock awards and $150,010 in incentive plan compensation.
West received a $5,000 bonus in 2013 along with $22,713 in stock awards.
PAM will hold its annual shareholders meeting April 28 in the Detroit suburb of Warren, Michigan. Michigan is the home of CenTra Inc., a holding company controlled by PAM’s majority shareholders, the Moroun family.
PAM also disclosed in its proxy filing that subsidiaries of CenTra, or other companies controlled by the Morouns, paid $15.2 million in transportation, maintenance and other fees to PAM in 2014. PAM disclosed it had paid $15.3 million to CenTra subsidiaries or Moroun-controlled companies.
The majority of that was $10.4 million paid in insurance to a subsidiary of the Oakland Financial Corporation. Matthew Moroun is chairman of PAM’s board of directors and controls 58.23 percent of PAM’s stock, and Moroun is the principal shareholder and chairman of the board at Oakland Financial Corporation.
Four current or former executives with CenTra are on the PAM board, which is up for reelection at the shareholders meeting along with the confirmation of Grant Thornton LLP as the company’s independent accountant. PAM board member Manuel Moroun, Matthew’s father, is the CEO and principal shareholder of CenTra.