Ramaco Resources Inc
For the period ended Jun 26, 2025. Filed Apr 30, 2025.
View on SEC.govAbout 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
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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 VOTING | 1 |
| 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 DIRECTORS | 5 |
| Nominees for Directors | 5 |
| CORPORATE GOVERNANCE | 10 |
| Criteria for Director Nominations | 10 |
| Director Independence | 11 |
| Code of Conduct and Financial Code of Ethics | 11 |
| Conflicts of Interest and Related-Party Transactions | 11 |
| Insider Trading Policy and Policy with Respect to Hedging Transactions | 12 |
| Board Leadership | 12 |
| The Board’s Role in Risk Oversight | 12 |
| Director Attendance | 13 |
| Board Organization and Committees | 13 |
| Executive Sessions of the Board | 15 |
| Determining Executive and Director Compensation | 16 |
| Compensation Committee Interlocks and Insider Participation | 16 |
| Shareholder Communications with Directors | 16 |
i
| Website Availability of Documents | 16 |
|---|---|
| RELATED PARTY TRANSACTIONS | 16 |
| Historical Transactions with Affiliates | 16 |
| Ramaco Coal, LLC | 16 |
| Ramaco Coal Acquisition | 17 |
| Ramaco Foundation | 17 |
| Other Transactions | 17 |
| Review, Approval or Ratification of Transactions with Related Persons | 18 |
| DIRECTOR COMPENSATION | 20 |
| Director Compensation Table | 20 |
| STOCK OWNERSHIP | 21 |
| NAMED EXECUTIVE OFFICERS | 24 |
| EXECUTIVE COMPENSATION | 25 |
| Compensation Discussion and Analysis | 25 |
| Compensation Philosophy and Objectives | 25 |
| Compensation Committee Procedures and Role of Compensation Consultant | 26 |
| Elements of Compensation | 26 |
| Pay Mix | 27 |
| Base Salary | 28 |
| Annual Cash Incentive Bonus | 28 |
| Long Term Equity-Based Compensation | 30 |
| Other Executive Benefits and Perquisites | 31 |
| Severance and Change in Control Benefits | 31 |
| Recoupment (Clawback) Policy | 31 |
| Granting of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information | 32 |
| Section 162(m) Compliance | 32 |
| Section 409A Considerations | 32 |
| Accounting for Stock-Based Compensation | 32 |
| Shareholder Say-on-Frequency and Say-on-Pay Advisory Vote | 32 |
| Risk Assessment | 33 |
| Compensation Committee Report | 33 |
| Summary Compensation Table for 2024 | 34 |
| 2024 Grants of Plan-Based Awards | 35 |
| Outstanding Equity Awards at 2024 Fiscal Year-End | 35 |
ii
| Options Exercised and Stock Vested in the 2024 Fiscal Year | 37 |
|---|---|
| Potential Payments Upon Termination or a Change in Control | 38 |
| 2024 RSU and PSU Awards | 39 |
| EQUITY COMPENSATION PLAN INFORMATION | 40 |
| PAY VERSUS PERFORMANCE | 41 |
| SCT Compared to CAP | 41 |
| Comparative Disclosure | 44 |
| Financial Performance Measures | 47 |
| PAY RATIO | 48 |
| REPORT OF THE AUDIT COMMITTEE | 49 |
| ITEM 2: RATIFICATION OF APPOINTMENT OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 50 |
| Changes in Independent Public Accountants | 50 |
| Principal Accounting Firm Fees | 54 |
| Audit Committee Policies and Procedures for Preapproval of Audit and Non-Audit Services | 54 |
| ITEM 3: ADVISORY VOTE ON EXECUTIVE COMPENSATION | 55 |
| STOCK PERFORMANCE GRAPH | 56 |
| GENERAL INFORMATION | 57 |
| Shareholder Proposals for 2026 Annual Meeting | 57 |
| Delinquent Section 16(a) Reports | 58 |
| Householding of Annual Meeting Materials | 58 |
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
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.