Companies Ramaco Resources
Ramaco Resources (METCB): executive pay, fiscal 2025
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CEO pay, last three years
- $7,508,800FY2023
- $7,755,393FY2024
- $9,206,767FY2025
CEO total pay was $9,206,767 in fiscal 2025, up from $7,755,393 in fiscal 2024.
FY2025: salary $1,000,000 · bonus $1,100,000 · stock awards $5,442,767 · option awards $0
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Randall Atkins | $1,000,000 | $1,100,000 | $5,442,767 | $0 | $1,650,000 | $0 | $14,000 | $9,206,767 |
| Chief Executive Officer, Director and Chairman of the Board | ||||||||
| Paul Horn Jr. | 661,500 | 500,000 | 1,639,390 | 0 | 750,000 | 0 | 14,000 | 3,564,890 |
| EVP for Mine Operations | ||||||||
| Jeremy Sussman | 661,500 | 500,000 | 1,639,390 | 0 | 750,000 | 0 | 14,000 | 3,564,890 |
| Chief Financial Officer and Assistant Secretary | ||||||||
| Jason Fannin | 661,500 | 440,000 | 1,639,390 | 0 | 660,000 | 0 | 14,000 | 3,414,890 |
| EVP and Chief Commercial Officer | ||||||||
| Christopher Blanchard | 661,500 | 440,000 | 1,639,390 | 0 | 660,000 | 0 | 14,000 | 3,414,890 |
| EVP for Mine Planning and 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 officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Randall Atkins | $9,206,767 | $7,755,393 | $7,508,800 | ↑ +1,451,374 |
| Paul Horn Jr. | 3,564,890 | — | — | — |
| Jeremy Sussman | 3,564,890 | 3,188,785 | 3,665,547 | ↑ +376,105 |
| Jason Fannin | 3,414,890 | 3,223,277 | 3,605,656 | ↑ +191,613 |
| Christopher Blanchard | 3,414,890 | 2,995,667 | 3,583,197 | ↑ +419,223 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
Compensation is determined by the Compensation Committee based on financial condition, need to attract and retain talent, and competitive market levels. The program aims to align executive interests with shareholders, reward critical performance, and incentivize management to meet long-range objectives.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Meridian |
| Clawback policy | — |
| Anti-hedging | true |
| Anti-pledging | — |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Jeremy Sussman | PSU | 2025-02-24 | 32,999 | 65,998 | 65,998 | 131,996 | $1,639,390 |
| Randall Atkins | PSU | 2025-02-24 | 109,557 | 219,113 | 219,113 | 438,226 | 5,442,767 |
| Paul Horn Jr. | PSU | 2025-02-24 | 32,999 | 65,998 | 65,998 | 131,996 | 1,639,390 |
| Jason Fannin | PSU | 2025-02-24 | 32,999 | 65,998 | 65,998 | 131,996 | 1,639,390 |
| Christopher Blanchard | PSU | 2025-02-24 | 32,999 | 65,998 | 65,998 | 131,996 | 1,639,390 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Jeremy Sussman | $0 | $1,639,390 | $0 | 100.0% |
| Randall Atkins | 0 | 5,442,767 | 0 | 100.0% |
| Paul Horn Jr. | 0 | 1,639,390 | 0 | 100.0% |
| Jason Fannin | 0 | 1,639,390 | 0 | 100.0% |
| Christopher Blanchard | 0 | 1,639,390 | 0 | 100.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Paul Horn Jr. | PSU | 1,598 | — | $18,777 |
| Jason Fannin | PSU | 4,306 | — | 50,596 |
| Jeremy Sussman | PSU | 4,376 | — | 51,418 |
| Christopher Blanchard | PSU | 4,376 | — | 51,418 |
| Paul Horn Jr. | PSU | 7,990 | — | 143,820 |
| Randall Atkins | PSU | 9,646 | — | 113,341 |
| Paul Horn Jr. | PSU | 10,196 | — | 183,528 |
| Christopher Blanchard | PSU | 19,465 | — | 350,370 |
| Jason Fannin | PSU | 21,531 | — | 387,558 |
| Jeremy Sussman | PSU | 21,877 | — | 393,786 |
| Christopher Blanchard | PSU | 21,877 | — | 393,786 |
| Jeremy Sussman | PSU | 22,246 | — | 400,428 |
| Jason Fannin | PSU | 22,598 | — | 406,764 |
| Paul Horn Jr. | PSU | 30,588 | — | 550,584 |
| Randall Atkins | PSU | 48,234 | — | 868,212 |
| Christopher Blanchard | PSU | 58,396 | — | 1,051,128 |
| Randall Atkins | PSU | 61,794 | — | 1,112,292 |
| Jeremy Sussman | PSU | 65,998 | — | 1,187,964 |
| Christopher Blanchard | PSU | 65,998 | — | 1,187,964 |
| Jason Fannin | PSU | 65,998 | — | 1,187,964 |
| Paul Horn Jr. | PSU | 65,998 | — | 1,187,964 |
| Jeremy Sussman | PSU | 66,738 | — | 1,201,284 |
| Jason Fannin | PSU | 67,796 | — | 1,220,328 |
| Jeremy Sussman | PSU | 131,996 | — | 2,375,928 |
| Christopher Blanchard | PSU | 131,996 | — | 2,375,928 |
| Jason Fannin | PSU | 131,996 | — | 2,375,928 |
| Paul Horn Jr. | PSU | 131,996 | — | 2,375,928 |
| Randall Atkins | PSU | 185,392 | — | 3,336,876 |
| Randall Atkins | PSU | 219,113 | — | 3,944,034 |
| Randall Atkins | PSU | 438,226 | — | 7,888,068 |
| Randall Atkins | RSU | 448,712 | — | 8,076,816 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Patrick C. Graney IIIIndependent · Departed during FY | $112,500 | $160,832 | $0 | — | $0 | $273,332 |
| C. Lynch Christian IIIIndependent · Environmental, Health and Safety Committee (Chair) · Nominating and Corporate Governance Committee · Technology Committee | 150,000 | 103,594 | 0 | — | 0 | 253,594 |
| Aurelia Skipwith GiacomettoIndependent · Nominating and Corporate Governance Committee (Chair) · Government Relations Committee · Technology Committee | 150,000 | 103,594 | 0 | — | 0 | 253,594 |
| Richard M. WhitingIndependent · Audit, Finance and Investment Committee (Chair) · Compensation Committee · Nominating and Corporate Governance Committee | 150,000 | 103,594 | 0 | — | 0 | 253,594 |
| David E. K. Frischkorn JrIndependent · Audit, Finance and Investment Committee · Compensation (Chair) · Environmental, Health and Safety Committee · Audit · Finance and Investment | 150,000 | 103,594 | 0 | — | 0 | 253,594 |
| Joseph Manchin IIIIndependent · Environmental, Health and Safety Committee · Government Relations Committee · Technology Committee (Chair) · Newly elected | 112,500 | 100,109 | 0 | — | 0 | 212,609 |
| E. Forrest Jones JrNot independent · Departed during FY | 50,000 | 103,594 | 0 | — | 0 | 153,594 |
| Michael R. GraneyNot independent · Audit, Finance and Investment Committee · Compensation Committee · Government Relations Committee (Chair) · Newly elected | 50,000 | 0 | 0 | — | 0 | 50,000 |
| Randall W. AtkinsEmployee director · Board Chair | — | — | — | — | — | 0 |
| Evan H. JenkinsEmployee director | — | — | — | — | — | 0 |
| Bryan H. LawrenceNot independent | 0 | 0 | 0 | — | 0 | 0 |
| Peter LeidelNot independent | 0 | 0 | 0 | — | 0 | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $150,000 |
|---|---|
| Annual equity retainer | $100,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | — |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $925,000 |
| Equity awards (grant-date value) | $778,911 |
| All other compensation | $0 |
| Total cost of the board | $1,703,911 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Ramaco Resources as a peer
Companies that benchmark against METCB
2 companies name METCB as a compensation peer
- COMPASS MINERALS INTERNATIONAL INCCMPFY2025
- Core Natural Resources, Inc.CNRFY2025
Each company listed discloses METCB in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named METCB in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
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.
Peer reciprocity
The companies Ramaco Resources names as compensation peers that name it back in their own disclosed peer groups.
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.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Berry Corporation | 2024 | Kevin Kwilinski | $1,029,808 | $14,071,727 | $2,879,994 | $1,535,625 | $20,017,718 |
| 2 | Core Natural Resources, Inc. | 2025 | James Brock | 1,000,000 | 15,922,176 | 0 | 2,128,750 | 19,445,313 |
| 3 | Ramaco Resources | 2025 | Randall Atkins | 1,000,000 | 5,442,767 | 0 | 1,650,000 | 9,206,767 |
| 4 | Compass Minerals International, Inc. | 2025 | Edward Dowling Jr. | 1,000,000 | 3,500,019 | 0 | 1,645,280 | 6,343,575 |
| 5 | Alpha Metallurgical Resources, Inc. | 2025 | C. Andrew Eidson | 943,846 | 2,660,357 | 0 | 520,956 | 4,167,842 |
| 6 | Hallador Energy Company | 2025 | Brent Bilsland | 675,000 | 0 | 0 | 659,230 | 1,442,407 |
| — | Coronado Global Resources 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.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Ramaco Resources | not disclosed | not disclosed | not disclosed | Meridian |
| Alpha Metallurgical Resources, Inc. | not disclosed | RSU 50 · PSU 50 | not disclosed | Meridian |
| Berry Corporation | 117% | PSU 60 · Options 40 | Yes — Relative TSR vs. Peer Group | Pearl Meyer |
| Compass Minerals International, Inc. | not disclosed | RSU 50 · PSU 50 | not disclosed | FW Cook |
| Core Natural Resources, Inc. | Aggregate payout scores ranged from 78.15% (Klein) to 85.15% (Brock) of target opportunity.% | PSUs 55 · RSUs 45 | Yes — Relative TSR - Compensation Peer Group | Mercer |
| Coronado Global Resources Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Hallador Energy Company | not disclosed | RSU 100 | not disclosed | F.W. Cook & Co. |
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.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-10 | 35,914,373 | 2,997,223 | 159,750 | 92.3% | Passed |
| 2025 | 2025-06-26 | 38,151,756 | 574,645 | 222,450 | 98.52% | Passed |
| 2024 | 2024-06-26 | 38,321,074 | 646,272 | 1,085,561 | 95.68% | Passed |
| 2023 | 2023-06-27 | 31,117,346 | 368,649 | 219,050 | 98.83% | 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 year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-06-10 | 92.3%a |
| 2025 | 2025-06-26 | 98.52%b |
| 2024 | 2024-06-26 | 95.68%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Approved under the standard stated in the filing — “Abstentions have the effect of a vote against this proposal.”.
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.
CEO pay ratio
| Ratio (CEO : median employee) | 65 : 1 |
|---|---|
| CEO total compensation | $7,755,393 |
| Median employee compensation | $119,227 |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (37 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Randall Atkins. DEF 14A, filed 2026-04-27. Section “Summary Compensation Table for 2025” · page 36. As printed: 9,206,767. View filing ↗
- Section 01, Paul Horn Jr.. DEF 14A, filed 2026-04-27. Section “Summary Compensation Table for 2025” · page 36. As printed: 3,564,890. View filing ↗
- Section 01, Jeremy Sussman. DEF 14A, filed 2026-04-27. Section “Summary Compensation Table for 2025” · page 36. As printed: 3,564,890. View filing ↗
- Section 01, Jason Fannin. DEF 14A, filed 2026-04-27. Section “Summary Compensation Table for 2025” · page 36. As printed: 3,414,890. View filing ↗
- Section 01, Christopher Blanchard. DEF 14A, filed 2026-04-27. Section “Summary Compensation Table for 2025” · page 36. As printed: 3,414,890. View filing ↗
- Section 03, Jeremy Sussman PSU. DEF 14A, filed 2026-04-27. Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Randall Atkins PSU. DEF 14A, filed 2026-04-27. Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Paul Horn Jr. PSU. DEF 14A, filed 2026-04-27. Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Jason Fannin PSU. DEF 14A, filed 2026-04-27. Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Christopher Blanchard PSU. DEF 14A, filed 2026-04-27. Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2025-04-30. Section “CEO Pay Ratio”. As printed: 65 : 1. View filing ↗
- Section 08, Patrick C. Graney III. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 273,332. View filing ↗
- Section 08, C. Lynch Christian III. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 253,594. View filing ↗
- Section 08, Aurelia Skipwith Giacometto. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 253,594. View filing ↗
- Section 08, Richard M. Whiting. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 253,594. View filing ↗
- Section 08, David E. K. Frischkorn Jr. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 253,594. View filing ↗
- Section 08, Joseph Manchin III. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 212,609. View filing ↗
- Section 08, E. Forrest Jones Jr. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 153,594. View filing ↗
- Section 08, Michael R. Graney. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 50,000. View filing ↗
- Section 08, Randall W. Atkins. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Evan H. Jenkins. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Bryan H. Lawrence. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Peter Leidel. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-06-10. Item 5.07 · say-on-pay result. As reported: 92.3% (votes for as printed: 35,914,373). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-06-27. Item 5.07 · say-on-pay result. As reported: 98.52% (votes for as printed: 38,151,756). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-06-28. Item 5.07 · say-on-pay result. As reported: 95.68% (votes for as printed: 38,321,074). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 925,000 + equity 778,911 + all other 0 = 1,703,911, summed across the director compensation table rows.
- Berry Corporation, Section 10b CEO total. DEF 14A, filed 2025-01-07. CEO total compensation as printed in Berry Corporation's own proxy. As printed: 20,017,718. View filing ↗
- Core Natural Resources, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-16. CEO total compensation as printed in Core Natural Resources, Inc.'s own proxy. As printed: 19,445,313. View filing ↗
- Ramaco Resources (subject), Section 10b CEO total. DEF 14A, filed 2026-04-27. CEO total compensation as printed in Ramaco Resources's own proxy. As printed: 9,206,767. View filing ↗
- Compass Minerals International, Inc., Section 10b CEO total. DEF 14A, filed 2026-01-23. CEO total compensation as printed in Compass Minerals International, Inc.'s own proxy. As printed: 6,343,575. View filing ↗
- Alpha Metallurgical Resources, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Alpha Metallurgical Resources, Inc.'s own proxy. As printed: 4,167,842. View filing ↗
- Hallador Energy Company, Section 10b CEO total. DEF 14A, filed 2026-04-15. CEO total compensation as printed in Hallador Energy Company's own proxy. As printed: 1,442,407. View filing ↗
- Section 10a, Compass Minerals International, Inc. reciprocity. DEF 14A. Compass Minerals International, Inc. names Ramaco Resources in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Core Natural Resources, Inc. reciprocity. DEF 14A. Core Natural Resources, Inc. names Ramaco Resources in its own disclosed peer group (read from its most recent proxy). View filing ↗