Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-07

Peabody Energy (BTU)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$9,025,131
James Grech total, FY2025
60th
CEO pay percentile vs peers
CEO-to-median pay ratio
98.31%
Say-on-pay support, latest vote
Companies that benchmark against BTU
No companies currently name BTU as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
James Grech$1,075,000$718,750$5,080,125$0$1,835,853$0$315,403$9,025,131
President and Chief Executive Officer
Darren Yeates774,995305,0002,419,58201,025,428015,9754,540,979
Executive Vice President and Chief Operating Officer
Mark Spurbeck687,500258,3341,780,6000898,669064,9613,690,064
Executive Vice President and Chief Financial Officer
Scott Jarboe568,750183,3331,466,3970701,283040,5582,960,321
Chief Administrative Officer and Corporate Secretary
Patrick Forkin III463,500350,667890,2560552,759052,3262,309,508
Executive Vice President Global Strategy & Peabody Development

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
James Grech$9,025,131
Darren Yeates4,540,979
Mark Spurbeck3,690,064
Scott Jarboe2,960,321
Patrick Forkin III2,309,508

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Patrick Forkin IIIPSU2025-01-021,01920,37240,744$465,296
Patrick Forkin IIIPSU2025-01-0210,370
Patrick Forkin IIIPSU2025-01-0210210,18620,372212,480
James GrechPSU2025-01-0259,176
James GrechPSU2025-01-0258158,125116,2501,212,488
James GrechPSU2025-01-025,813116,250232,5002,655,150
Scott JarboePSU2025-01-0217,081
Scott JarboePSU2025-01-0216816,77833,556349,989
Scott JarboePSU2025-01-021,67833,55667,112766,419
Mark SpurbeckPSU2025-01-022,03740,74681,492930,639
Mark SpurbeckPSU2025-01-0220,741
Mark SpurbeckPSU2025-01-0220420,37340,746424,981
Darren YeatesPSU2025-01-022,76855,368110,7361,264,605
Darren YeatesPSU2025-01-0228,185
Darren YeatesPSU2025-01-0227727,68455,368577,488
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Patrick Forkin III$0$677,776$0100.0%
James Grech03,867,6380100.0%
Scott Jarboe01,116,4080100.0%
Mark Spurbeck01,355,6200100.0%
Darren Yeates01,842,0930100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
James GrechPSU177,528$5,272,589
James GrechPSU97,7692,903,750
Darren YeatesPSU84,5542,511,249
Mark SpurbeckPSU62,2241,848,060
James GrechRSU59,1761,757,530
Scott JarboePSU51,2441,521,953
James GrechPSU41,5241,233,265
Darren YeatesPSU40,3751,199,146
James GrechRSU32,590967,917
Patrick Forkin IIIPSU31,111923,984
Mark SpurbeckPSU29,595878,978
Darren YeatesRSU28,185837,083
Scott JarboePSU25,367753,409
Mark SpurbeckRSU20,741616,020
Darren YeatesPSU18,167539,553
Mark SpurbeckPSU17,648524,137
Scott JarboeRSU17,081507,318
Patrick Forkin IIIPSU16,912502,273
James GrechRSU13,841411,088
Darren YeatesRSU13,458399,705
Scott JarboePSU10,381308,316
Patrick Forkin IIIRSU10,370307,995
Mark SpurbeckRSU9,864292,972
Scott JarboeRSU8,456251,136
Patrick Forkin IIIPSU6,229184,990
Darren YeatesRSU6,056179,851
Mark SpurbeckRSU5,883174,712
Patrick Forkin IIIRSU5,636167,404
Scott JarboeRSU3,460102,772
Patrick Forkin IIIRSU2,07661,663
05

Incentive-plan design — the Compensation Discussion & Analysis

Peabody's executive compensation program is grounded in a pay-for-performance approach, balancing performance orientation and retention. It emphasizes equity, with 75% of the long-term incentive mix tied to share price, and includes safety and sustainability metrics to align with strategic objectives.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantF.W. Cook
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-0785,941,1731,477,363352,43798.31%Passed
20252025-05-0872,392,5876,260,142244,82892.04%Passed
20242024-05-0979,561,3481,486,282399,48598.17%Passed
20232023-05-0476,478,3285,094,235974,93493.75%Passed
20222022-05-0574,299,7053,460,206253,34995.55%Passed
20212021-05-0663,506,8881,710,829134,31997.38%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-0798.31%a
20252025-05-0892.04%b
20242024-05-0998.17%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Robert A. MaloneIndependent · Board Chair$317,000$124,995$0$5,000$446,995
Nicholas J. ChirekosIndependent · Audit (Chair)182,000124,99504,000310,995
Joe W. LaymonIndependent · Compensation (Chair)172,000124,99505,000301,995
Stephen E. GormanIndependent · Compensation172,000124,99500296,995
Andrea E. BertoneIndependent · Audit164,500124,99500289,495
William H. ChampionIndependent · Compensation150,500124,99505,000280,495
M. Katherine BanksIndependent · Audit150,500124,99500275,495
Clayton D. WalkerIndependent · Compensation · Newly elected23,33362,47905,00090,812
Georganne M. HodgesIndependent · Audit · Newly elected22,08366,2420088,325
James C. GrechEmployee director · Executive0
09

Board fee structure and ownership guideline

Annual cash retainer$140,000
Annual equity retainer$125,000
Per board meeting fee$1,500
Committee chair fees (audit / comp / nom-gov)30,000 / 20,000 / 20,000
Stock ownership guideline$500,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,353,916
Equity awards (grant-date value)$1,003,686
All other compensation$24,000
Total cost of the board$2,381,602

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

BTG B2Gold Corp.ATI ATI Inc.CMC Commercial Metals CompanyAPA APA CorporationSM SM Energy CompanyHCC Warrior Met Coal, Inc.AMR Alpha Metallurgical Resources, Inc.SWN Southwestern Energy CompanyAEM Agnico Eagle Mines LimitedCRS Carpenter TechnologyCMP Compass Minerals International, Inc.CVI CVR Energy, Inc.TECK Teck Resources LimitedACH Arch Resources, Inc.CEIX CONSOL Energy Inc.AR Antero Resources Corporation
10a

Peer reciprocity

Of the companies Peabody Energy names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

B2Gold Corp. (BTG) ATI Inc. (ATI) Commercial Metals Company (CMC) APA Corporation (APA)43 SM Energy Company (SM)44 Warrior Met Coal, Inc. (HCC) Alpha Metallurgical Resources, Inc. (AMR) Southwestern Energy Company (SWN) Agnico Eagle Mines Limited (AEM) Carpenter Technology (CRS) Compass Minerals International, Inc. (CMP) CVR Energy, Inc. (CVI)45 Teck Resources Limited (TECK) Arch Resources, Inc. (ACH)46 CONSOL Energy Inc. (CEIX) Antero Resources Corporation (AR)47

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Peabody Energy.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1APA Corporation2025John Christmann IV$1,300,000$6,018,436$1,897,996$3,454,360$13,202,517
2Arch Resources, Inc.2025Edward Pesicka1,150,0009,560,1400345,00011,157,809
3Peabody Energy2025James Grech1,075,0005,080,12501,835,8539,025,131
4CVR Energy, Inc.2025David Lamp1,200,0001,678,68302,034,0008,602,449
5Warrior Met Coal, Inc.2025Walter Scheller III900,0004,121,83102,011,7257,336,513
6Antero Resources Corporation2025Michael Kennedy655,4704,325,73401,678,3076,687,656
7SM Energy Company2025Elizabeth McDonald576,3692,299,9950536,0244,475,172
B2Gold Corp.not in coverage universe
ATI Inc.not in coverage universe
Commercial Metals Companynot in coverage universe
Alpha Metallurgical Resources, Inc.not in coverage universe
Southwestern Energy Companynot in coverage universe
Agnico Eagle Mines Limitednot in coverage universe
Carpenter Technologynot in coverage universe
Compass Minerals International, Inc.not in coverage universe
Teck Resources Limitednot in coverage universe
CONSOL Energy Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Peabody Energynot disclosedPSU 50 · RSU 50not disclosedF.W. Cook
Agnico Eagle Mines Limitednot disclosednot disclosednot disclosednot disclosed
Alpha Metallurgical Resources, Inc.not disclosednot disclosednot disclosednot disclosed
Antero Resources Corporation157.2%PSU 50 · RSU 50Yes — Absolute TSRCBIZ Compensation Consulting
APA Corporation189.8%PSU 60 · Options 20 · RSU 20Yes — Relative TSRPearl Meyer & Partners, LLC
Arch Resources, Inc.20%RSU 50 · PSU 50Yes — relative TSR measured against the S&P 1500 Healthcare Equipment and Services indexFrederic W. Cook & Co., Inc. (FW Cook)
ATI Inc.not disclosednot disclosednot disclosednot disclosed
B2Gold Corp.not disclosednot disclosednot disclosednot disclosed
Carpenter Technologynot disclosednot disclosednot disclosednot disclosed
Commercial Metals Companynot disclosednot disclosednot disclosednot disclosed
Compass Minerals International, Inc.not disclosednot disclosednot disclosednot disclosed
CONSOL Energy Inc.not disclosednot disclosednot disclosednot disclosed
CVR Energy, Inc.113%RSU 100not disclosedNone (not engaged in 2025)
SM Energy Company93%PSU 60 · RSU 40Yes — Absolute TSRFrederic W. Cook & Co., Inc.
Southwestern Energy Companynot disclosednot disclosednot disclosednot disclosed
Teck Resources Limitednot disclosednot disclosednot disclosednot disclosed
Warrior Met Coal, Inc.not disclosednot disclosednot disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, James GrechDEF 14A2026-03-260001064728-26-000012Section “EXECUTIVE COMPENSATION TABLES” · page 48. As printed: 9,025,131. Filing ↗machine: r2 · c24 · span 542367–542376
2Section 01, Darren YeatesDEF 14A2026-03-260001064728-26-000012Section “EXECUTIVE COMPENSATION TABLES” · page 48. As printed: 4,540,979. Filing ↗machine: r8 · c24 · span 553346–553355
3Section 01, Mark SpurbeckDEF 14A2026-03-260001064728-26-000012Section “EXECUTIVE COMPENSATION TABLES” · page 48. As printed: 3,690,064. Filing ↗machine: r5 · c24 · span 547661–547670
4Section 01, Scott JarboeDEF 14A2026-03-260001064728-26-000012Section “EXECUTIVE COMPENSATION TABLES” · page 48. As printed: 2,960,321. Filing ↗machine: r11 · c24 · span 558646–558655
5Section 01, Patrick Forkin IIIDEF 14A2026-03-260001064728-26-000012Section “EXECUTIVE COMPENSATION TABLES” · page 48. As printed: 2,309,508. Filing ↗machine: r14 · c24 · span 564146–564155
6Section 03, Patrick Forkin III PSUDEF 14A2026-03-260001064728-26-000012Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
7Section 03, Patrick Forkin III PSUDEF 14A2026-03-260001064728-26-000012Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
8Section 03, Patrick Forkin III PSUDEF 14A2026-03-260001064728-26-000012Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
9Section 03, James Grech PSUDEF 14A2026-03-260001064728-26-000012Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
10Section 03, James Grech PSUDEF 14A2026-03-260001064728-26-000012Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
11Section 03, James Grech PSUDEF 14A2026-03-260001064728-26-000012Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
12Section 03, Scott Jarboe PSUDEF 14A2026-03-260001064728-26-000012Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
13Section 03, Scott Jarboe PSUDEF 14A2026-03-260001064728-26-000012Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
14Section 03, Scott Jarboe PSUDEF 14A2026-03-260001064728-26-000012Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
15Section 03, Mark Spurbeck PSUDEF 14A2026-03-260001064728-26-000012Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
16Section 03, Mark Spurbeck PSUDEF 14A2026-03-260001064728-26-000012Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
17Section 03, Mark Spurbeck PSUDEF 14A2026-03-260001064728-26-000012Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
18Section 03, Darren Yeates PSUDEF 14A2026-03-260001064728-26-000012Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
19Section 03, Darren Yeates PSUDEF 14A2026-03-260001064728-26-000012Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
20Section 03, Darren Yeates PSUDEF 14A2026-03-260001064728-26-000012Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
21Section 08, Robert A. MaloneDEF 14A2026-03-260001064728-26-000012Section “Director Compensation”. As printed: 446,995. Filing ↗machine: span 331773–331780
22Section 08, Nicholas J. ChirekosDEF 14A2026-03-260001064728-26-000012Section “Director Compensation”. As printed: 310,995. Filing ↗machine: span 327157–327164
23Section 08, Joe W. LaymonDEF 14A2026-03-260001064728-26-000012Section “Director Compensation”. As printed: 301,995. Filing ↗machine: span 330723–330730
24Section 08, Stephen E. GormanDEF 14A2026-03-260001064728-26-000012Section “Director Compensation”. As printed: 296,995. Filing ↗machine: span 328330–328337
25Section 08, Andrea E. BertoneDEF 14A2026-03-260001064728-26-000012Section “Director Compensation”. As printed: 289,495. Filing ↗machine: span 324936–324943
26Section 08, William H. ChampionDEF 14A2026-03-260001064728-26-000012Section “Director Compensation”. As printed: 280,495. Filing ↗machine: span 326108–326115
27Section 08, M. Katherine BanksDEF 14A2026-03-260001064728-26-000012Section “Director Compensation”. As printed: 275,495. Filing ↗machine: span 323888–323895
28Section 08, Clayton D. WalkerDEF 14A2026-03-260001064728-26-000012Section “Director Compensation”. As printed: 90,812. Filing ↗machine: span 333121–333127
29Section 08, Georganne M. HodgesDEF 14A2026-03-260001064728-26-000012Section “Director Compensation”. As printed: 88,325. Filing ↗machine: span 329557–329563
30Section 08, James C. GrechDEF 14A2026-03-260001064728-26-000012Section “Director Compensation”. As printed: 0. Filing ↗
31Section 06, 2026 voteForm 8-K2026-05-070001064728-26-000027Item 5.07 · say-on-pay result. As reported: 98.31% (votes for as printed: 85,941,173). Filing ↗
32Section 06, 2025 voteForm 8-K2025-05-120001064728-25-000066Item 5.07 · say-on-pay result. As reported: 92.04% (votes for as printed: 72,392,587). Filing ↗
33Section 06, 2024 voteForm 8-K2024-05-090001064728-24-000079Item 5.07 · say-on-pay result. As reported: 98.17% (votes for as printed: 79,561,348). Filing ↗
34Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
35Section 09b board cost (computed)ComputedcomputedCash 1,353,916 + equity 1,003,686 + all other 24,000 = 2,381,602, summed across the director compensation table rows.machine: formula: Σ = 2,381,602
36APA Corporation, Section 10b CEO totalDEF 14A2026-04-090001193125-26-149453CEO total compensation as printed in APA Corporation's own proxy. As printed: 13,202,517. Filing ↗machine: t67 · r2 · c24 · span 1213765–1213775
37Arch Resources, Inc., Section 10b CEO totalDEF 14A2026-04-020001104659-26-038823CEO total compensation as printed in Arch Resources, Inc.'s own proxy. As printed: 11,157,809. Filing ↗machine: t245 · r6 · c21 · span 1182038–1182048
38Peabody Energy (subject), Section 10b CEO totalDEF 14A2026-03-260001064728-26-000012CEO total compensation as printed in Peabody Energy's own proxy. As printed: 9,025,131. Filing ↗machine: r2 · c24 · span 542367–542376
39CVR Energy, Inc., Section 10b CEO totalDEF 14A2026-04-210001376139-26-000022CEO total compensation as printed in CVR Energy, Inc.'s own proxy. As printed: 8,602,449. Filing ↗machine: span 526205–526214
40Warrior Met Coal, Inc., Section 10b CEO totalDEF 14A2026-03-100001691303-26-000007CEO total compensation as printed in Warrior Met Coal, Inc.'s own proxy. As printed: 7,336,513. Filing ↗machine: r4 · c17 · span 2277284–2277293
41Antero Resources Corporation, Section 10b CEO totalDEF 14A2026-04-230001308179-26-000330CEO total compensation as printed in Antero Resources Corporation's own proxy. As printed: 6,687,656. Filing ↗machine: t260 · r1 · c27 · span 557200–557209
42SM Energy Company, Section 10b CEO totalDEF 14A2026-04-080000893538-26-000048CEO total compensation as printed in SM Energy Company's own proxy. As printed: 4,475,172. Filing ↗machine: span 673171–673180
43Section 10a, APA Corporation reciprocityDEF 14A0001193125-26-149453APA Corporation's most recent proxy was read; its disclosed peer group does not include Peabody Energy. Filing ↗
44Section 10a, SM Energy Company reciprocityDEF 14A0000893538-26-000048SM Energy Company's most recent proxy was read; its disclosed peer group does not include Peabody Energy. Filing ↗
45Section 10a, CVR Energy, Inc. reciprocityDEF 14A0001376139-26-000022CVR Energy, Inc.'s most recent proxy was read; its disclosed peer group does not include Peabody Energy. Filing ↗
46Section 10a, Arch Resources, Inc. reciprocityDEF 14A0001104659-26-038823Arch Resources, Inc.'s most recent proxy was read; its disclosed peer group does not include Peabody Energy. Filing ↗
47Section 10a, Antero Resources Corporation reciprocityDEF 14A0001308179-26-000330Antero Resources Corporation's most recent proxy was read; its disclosed peer group does not include Peabody Energy. Filing ↗