On April 27, 2020, Daniel H. Cushman, President and Chief Executive Officer of P.A.M. Transportation Services, Inc. notified the Company that he intends to retire as President and CEO of the Company effective May 1, 2020. In addition, Mr. Cushman retired as a director of the Company as of the Company's Annual Meeting of Stockholders on April 29, 2020. Mr. Cushman will remain in an advisory role with the Company until July 31, 2020.

The Company wishes to express its deep gratitude to Mr. Cushman for his dedicated leadership and vision during his eleven years as CEO of the Company and wish him well in his retirement. On April 29, 2020, the Board of Directors of the Company appointed Matthew T. Moroun, Chairman of the Company's Board of Directors, to serve as interim President and Chief Executive Officer of the Company effective May 1, 2020 until a permanent CEO is selected. Mr. Moroun will continue to serve as Chairman of the Board and will not receive any additional compensation for his service as interim CEO.

Matthew T. Moroun has served as a director of the Company since 1992 and as Chairman of the Board since 2007. He is currently Chairman of the Compensation and Stock Option Committee and the Executive Committee of the Board of Directors, and the Company's largest stockholder. During the past five years, Mr. Moroun's business experience has included serving as Chairman and President of CenTra, Inc., a diversified holding company based in Warren, Michigan.

During that period, he has also served as Chairman and President of DIBC Holdings, Inc., whose subsidiaries own and operate the Ambassador Bridge in Detroit, Michigan and Windsor, Ontario. Mr. Moroun is also Chairman of Oakland Financial Corporation, an insurance and real estate holding company based in Sterling Heights, Michigan, and its subsidiaries. He is a principal shareholder in other family owned businesses engaged in, among other things, transportation services and real estate acquisition, development and management.

Mr. Moroun has served as a director and as Chairman of the Board of Universal Logistics Holdings, Inc. since 2004. Matthew T. Moroun is the father of Matthew J. Moroun, a director of the Company.