Ramaco Resources Announces Board and Executive Changes
Ticker: METCZ · Form: 8-K · Filed: Jul 15, 2024 · CIK: 1687187
| Field | Detail |
|---|---|
| Company | Ramaco Resources, INC. (METCZ) |
| Form Type | 8-K |
| Filed Date | Jul 15, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, board-election, executive-compensation
TL;DR
Ramaco Resources shakes up board and execs, bringing in new leadership.
AI Summary
Ramaco Resources, Inc. announced on July 9, 2024, a series of executive and board changes. This includes the appointment of Christopher L. Cline as Chairman of the Board, and the election of new directors, including Mr. Cline, Stephen E. Hanson, and Mark L. Smith. The company also announced changes to its executive compensation arrangements.
Why It Matters
Changes in board composition and executive leadership can signal shifts in company strategy, governance, and future performance.
Risk Assessment
Risk Level: medium — Changes in leadership and board structure can introduce uncertainty regarding future strategy and operational direction.
Key Players & Entities
- Ramaco Resources, Inc. (company) — Registrant
- Christopher L. Cline (person) — Appointed Chairman of the Board and elected as a director
- Stephen E. Hanson (person) — Elected as a director
- Mark L. Smith (person) — Elected as a director
- July 9, 2024 (date) — Date of earliest event reported
FAQ
Who has been appointed as the new Chairman of the Board for Ramaco Resources, Inc.?
Christopher L. Cline has been appointed as the new Chairman of the Board for Ramaco Resources, Inc.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on July 9, 2024.
Which individuals were elected as new directors to the Board?
Christopher L. Cline, Stephen E. Hanson, and Mark L. Smith were elected as new directors to the Board.
What type of changes are reported in this 8-K filing?
This 8-K filing reports changes related to the departure of directors, election of directors, appointment of certain officers, and compensatory arrangements of certain officers.
What is the state of incorporation for Ramaco Resources, Inc.?
Ramaco Resources, Inc. is incorporated in Delaware.
Filing Stats: 1,112 words · 4 min read · ~4 pages · Grade level 13.4 · Accepted 2024-07-15 16:16:01
Key Financial Figures
- $0.01 — ch registered Class A Common Stock, $0.01 par value METC NASDAQ Global Select M
Filing Documents
- tm2419442d1_8k.htm (8-K) — 41KB
- tm2419442d1_ex10-1.htm (EX-10.1) — 130KB
- 0001104659-24-079863.txt ( ) — 420KB
- metc-20240709.xsd (EX-101.SCH) — 3KB
- metc-20240709_def.xml (EX-101.DEF) — 27KB
- metc-20240709_lab.xml (EX-101.LAB) — 36KB
- metc-20240709_pre.xml (EX-101.PRE) — 25KB
- tm2419442d1_8k_htm.xml (XML) — 6KB
02 Departure of Directors or Certain
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 9, 2024, subsequent to the recommendation and approval of the Compensation Committee of the Board of Directors (the "Board") of Ramaco Resources, Inc. (the "Company"), the Board approved and adopted an amended and restated Ramaco Resources, Inc. Change in Control and Severance Plan, which is now titled the Ramaco Resources, Inc. Change in Control Severance Plan (the "Amended Severance Plan"). As previously disclosed in the Current Report on Form 8-K filed by the Company on April 28, 2020, the original Ramaco Resources, Inc. Change in Control and Severance Plan (the "Original Severance Plan") was effective as of April 27, 2020. The Amended Severance Plan is effective July 9, 2024. The Amended Severance Plan provides for severance benefits to the Company's named executive officers and other selected officers who enter into participation agreements under the Amended Severance Plan, and who are not parties to any separate individual agreement providing for change in control benefits (other than as provided in an equity award agreement). The Amended Severance Plan amends the Original Severance Plan to, among other things, (i) not render ineligible those officers who have a separate agreement with the Company at any time providing for benefits upon termination of employment in the absence of a change in control, and (ii) remove provisions providing for severance benefits in the absence of a change in control. Description of the Amended Severance Plan. Severance benefits are determined based on a participant's "tier" and whether the qualifying termination of employment occurs during the period beginning 90 days before and ending 24 months after the date of a change in control of the Company (the "protected period"). Under the terms of the Amended Severance Plan, in the event of a change in control event
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Exhibit Description 10.1 Ramaco Resources, Inc. Change in Control Severance Plan, effective as of July 9, 2024. 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. RAMACO RESOURCES, INC. Date:July 15, 2024 By: /s/ Randall W. Atkins Randall W. Atkins Chairman, Chief Executive Officer