Skip to main content

Ramaco Resources Inc

For the period ended Jun 26, 2025. Filed Apr 30, 2025.

View on SEC.gov

About this filing

What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.

Jun 26, 2025 · Filed Apr 30, 2025

METC$6.24+0.6%Stored close · as of Nov 6, 2026
See the whole filing, with its images and exhibits
Contents

Cover page

Show cover page

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934 (Amendment No. ___)

Filed by the Registrant☒

Filed by a Party other than the Registrant☐

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☒ Definitive Proxy Statement

☐ Definitive Additional Materials

☐ Soliciting Material under Exchange Act Rule 14a-12

Ramaco Resources, Inc.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

☒No fee required.
☐Fee paid previously with preliminary materials.
☐Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

**Ramaco Resources, Inc.

Notice of Annual Meeting of Shareholders

to be held on June 26, 2025

and Proxy Statement

April 30, 2025

Dear Fellow Shareholders:

We are pleased to invite you to attend our annual shareholder meeting, which is scheduled to be held on June 26, 2025, at 1:30 p.m. Eastern Time. The annual shareholder meeting will be completely virtual this year. You may attend the meeting, submit questions and vote your shares electronically during the meeting via live webcast by visiting www.virtualshareholdermeeting.com/METC2025. You will need the 16-digit control number that is printed in the box marked by the arrow on your proxy card to enter the meeting. We recommend that you log in at least 15 minutes before the meeting to ensure you are logged in when the meeting starts.

As explained in the enclosed Proxy Statement, at this year’s meeting you will be asked to voteFOR the election of four directors,FOR theratification of the selection of Grant Thornton LLP as our independent registered public accounting firm for 2025, and to participate in advisory votes to approve our executive compensation.

Your vote is very important to us – participate in the future of Ramaco Resources and exercise your shareholder right by voting your shares right away.

Only shareholders of record of our Class A common stock and Class B common stock (together, the “Common Stock”) at the close of business on April 29, 2025, or their proxy holders, may vote at the meeting. Attendance at the meeting is limited to shareholders of our Common Stock or their proxy holders and Ramaco Resources’ guests. Only shareholders of our Common Stock or their valid proxy holders may address the meeting.

Please review the proxy card for the instructions on how you can vote your shares over the internet, by telephone or by mail. It is important that all Ramaco Resources’ shareholders, regardless of the number of shares of Common Stock owned, participate in the affairs of the Company.

Thank you for your continued interest in Ramaco Resources.

Sincerely,

Randall W. Atkins Chief Executive Officer and Chairman of the Board of Directors

2025 Proxy Statement

Table of Contents

Page
FREQUENTLY ASKED QUESTIONS ABOUT VOTING1
Where is the Annual Meeting?1
Why is the Annual Meeting a virtual meeting?1
On what am I voting?1
Who may vote?1
How many votes do I have?1
How do I vote?1
What are the Board of Directors’ recommendations?2
What if I change my mind after I have voted?2
Will my shares be voted if I do not provide my proxy and don’t attend the Annual Meeting?2
How do I attend the virtual meeting?3
What constitutes a quorum?3
What vote is required to approve the proposals?3
Who conducts the proxy solicitation and how much will it cost?4
ITEM 1: ELECTION OF DIRECTORS5
Nominees for Directors5
CORPORATE GOVERNANCE10
Criteria for Director Nominations10
Director Independence11
Code of Conduct and Financial Code of Ethics11
Conflicts of Interest and Related-Party Transactions11
Insider Trading Policy and Policy with Respect to Hedging Transactions12
Board Leadership12
The Board’s Role in Risk Oversight12
Director Attendance13
Board Organization and Committees13
Executive Sessions of the Board15
Determining Executive and Director Compensation16
Compensation Committee Interlocks and Insider Participation16
Shareholder Communications with Directors16

i

Website Availability of Documents16
RELATED PARTY TRANSACTIONS16
Historical Transactions with Affiliates16
Ramaco Coal, LLC16
Ramaco Coal Acquisition17
Ramaco Foundation17
Other Transactions17
Review, Approval or Ratification of Transactions with Related Persons18
DIRECTOR COMPENSATION20
Director Compensation Table20
STOCK OWNERSHIP21
NAMED EXECUTIVE OFFICERS24
EXECUTIVE COMPENSATION25
Compensation Discussion and Analysis25
Compensation Philosophy and Objectives25
Compensation Committee Procedures and Role of Compensation Consultant26
Elements of Compensation26
Pay Mix27
Base Salary28
Annual Cash Incentive Bonus28
Long Term Equity-Based Compensation30
Other Executive Benefits and Perquisites31
Severance and Change in Control Benefits31
Recoupment (Clawback) Policy31
Granting of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information32
Section 162(m) Compliance32
Section 409A Considerations32
Accounting for Stock-Based Compensation32
Shareholder Say-on-Frequency and Say-on-Pay Advisory Vote32
Risk Assessment33
Compensation Committee Report33
Summary Compensation Table for 202434
2024 Grants of Plan-Based Awards35
Outstanding Equity Awards at 2024 Fiscal Year-End35

ii

Options Exercised and Stock Vested in the 2024 Fiscal Year37
Potential Payments Upon Termination or a Change in Control38
2024 RSU and PSU Awards39
EQUITY COMPENSATION PLAN INFORMATION40
PAY VERSUS PERFORMANCE41
SCT Compared to CAP41
Comparative Disclosure44
Financial Performance Measures47
PAY RATIO48
REPORT OF THE AUDIT COMMITTEE49
ITEM 2: RATIFICATION OF APPOINTMENT OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM50
Changes in Independent Public Accountants50
Principal Accounting Firm Fees54
Audit Committee Policies and Procedures for Preapproval of Audit and Non-Audit Services54
ITEM 3: ADVISORY VOTE ON EXECUTIVE COMPENSATION55
STOCK PERFORMANCE GRAPH56
GENERAL INFORMATION57
Shareholder Proposals for 2026 Annual Meeting57
Delinquent Section 16(a) Reports58
Householding of Annual Meeting Materials58

iii

250 West Main Street, Suite 1900

Lexington, Kentucky 40507

Notice of Annual Meeting of Shareholders

Dear Shareholders:

You are cordially invited to attend the 2025 Annual Meeting of Shareholders of Ramaco Resources, Inc. (herein referred to as the “Company,” “Ramaco Resources,” “us,” “our,” and “we”). This is your notice for the meeting. The 2025 Annual Meeting of Shareholders will be conducted solely virtually, on the below date and time, via live audio webcast. You or your proxyholder may participate and vote at the Annual Meeting by visiting www.virtualshareholdermeeting.com/METC2025 and using your 16-digit control number.

TIME AND DATE

1:30 p.m. Eastern Time on June 26, 2025 (the “Annual Meeting”).

LOCATION

www.virtualshareholdermeeting.com/METC2025

ITEMS OF BUSINESS

●To elect the four nominees named in the Proxy Statement as directors to hold office until the 2028 Annual Meeting of Shareholders;
●To ratify the appointment of Grant Thornton LLP as the Company's independent registered public accounting firm for the year ending December 31, 2025;
●To vote to approve, on an advisory basis, the Company’s executive compensation as reported in this Proxy Statement; and
●To consider and act upon such other matters as may properly come before the meeting or any adjournment or postponement thereof.

RECORD DATE

Shareholders of record of our Class A common stock and Class B common stock (together, the “Common Stock”) at the close of business on April 29, 2025, are entitled to vote on the matters presented at the Annual Meeting.

PROXY VOTING

Our Board of Directors is soliciting proxies from holders of our Common Stock to be voted at the Annual Meeting of Shareholders. Each share of Common Stock entitles the holder to one vote. You may vote either by attending the virtual meeting online or by proxy. For specific voting information, please see “Frequently Asked Questions About Voting” beginning on page 1 of the Proxy Statement that follows. Whether or not you plan to attend the virtual meeting, we hope you will vote as soon as possible. You may vote by proxy over the Internet at http://www.proxyvote.com or by telephone at 1-800-690-6903, or, if you requested paper copies of the proxy materials, you can also vote by mail by following the instructions on the proxy card or voting instruction card. Voting over the Internet, by telephone or by written proxy or voting instruction card will ensure your representation at the meeting regardless of whether you attend the virtual meeting.

In accordance with the Securities and Exchange Commission’s “notice and access” model, we are providing our Notice of Annual Meeting of Shareholders, Proxy Statement and Annual Report on Form 10-K for the year ended December 31, 2024, to you online with paper copies available, free of charge, upon request.

On or about April 30, 2025, we will begin mailing a Notice of Internet Availability of Proxy Materials detailing how to access the proxy materials electronically and how to submit your proxy via the Internet. The Notice of Internet Availability of Proxy Materials also provides instructions on how to request and obtain paper copies of the proxy materials and proxy card or voting instruction form, as applicable. We believe this process provides our shareholders with a convenient way to access the proxy materials and submit their proxies online, while allowing us to reduce our environmental impact as well as the costs of printing and distribution.

Sincerely, Randall W. Atkins Chief Executive Officer and Chairman of the Board of Directors

April 30, 2025

**Important Notice Regarding the Availability of Proxy Materials

for the Annual Shareholder Meeting to be Held on June 26, 2025:

**The Notice of Annual Meeting of Shareholders, Proxy Statement and 2024 Annual Report to

Shareholders are available electronically at www.proxyvote.com

2025 Proxy Statement

**RAMACO RESOURCES, INC.

250 West Main Street, Suite 1900

Lexington, Kentucky 40507

(859) 244-7455

Proxy Statement

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.