PAMT CORP — Director's Dealing 2014

Aug 5, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PAM TRANSPORTATION SERVICES INC (PTSI)
CIK: 0000798287
Period of Report: 2014-08-04

Reporting Person: CUSHMAN DANIEL H (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-08-04	Common Stock	M	400	$11.22	Acquired	7400	Direct
2014-08-04	Common Stock	M	9800	$10.90	Acquired	17200	Direct
2014-08-04	Common Stock	D	10200	$35.40	Disposed	7000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-08-04	Employee Stock Option (Right to Buy)	$11.22	M	400	Disposed	2020-11-30	Common Stock (400)	Direct
2014-08-04	Employee Stock Option (Right to Buy)	$10.90	M	9800	Disposed	2022-05-24	Common Stock (9800)	Direct

Footnotes

F1: The shares sold in this sale were purchased by the issuer pursuant to the issuer's previously disclosed stock repurchase program in accordance with Rule 10b-18.

F2: On November 30, 2010, the reporting person was granted an option for 25,600 shares to vest based on the satisfaction of certain quarterly and annual performance criteria by P.A.M. Transportation Services, Inc. (the "Company") for each quarter in 2011 and for the year ended 2011. Two Thousand (2,000) shares became exercisable in five equal annual installments beginning on the first anniversary of the date of the Company's earnings release in which the applicable performance criteria were met. The performance criteria for the second quarter of 2011 were met, resulting in the vesting of 2,000 shares in five equal annual installments beginning on July 27, 2012.

F3: On May 24, 2012, the reporting person was granted an option for 49,000 shares to vest in five equal annual installments beginning on May 24, 2013.