Form 4: Ramaco CEO Atkins Reports Significant Stock Vesting & Tax Dispositions

Ramaco Resources CEO Randall Whittaker Atkins reported the vesting of performance and restricted stock units, alongside tax-related share dispositions, on January 30, 2026.

Summary

• CEO Randall Whittaker Atkins reported multiple transactions on January 30, 2026, primarily related to the vesting of equity awards.
• Performance Stock Units (PSUs) for Class A and Class B common stock vested, with the Compensation Committee certifying 200% achievement of pre-established performance targets for the period January 1, 2023, to December 31, 2025.
• This resulted in the vesting of an additional 144,704 Class A PSUs and 28,941 Class B PSUs.
• Multiple tranches of Restricted Stock Units (RSUs) for Class A and Class B common stock also vested, including the third and final installment from a February 20, 2023 grant, the second installment from a February 29, 2024 grant, and the first installment from a February 24, 2025 grant.
• Dividend Equivalent Units (DEUs) related to both Class A and Class B restricted and performance stock units also vested.
• Shares were surrendered to satisfy tax obligations upon vesting: 113,882 Class A shares at $19.97 and 59,878 Class A shares at $19.97, along with 22,777 Class B shares at $12.43, 3,796 Class B shares at $12.43, and 5,003 Class B shares at $12.43.
• Atkins also received a total of 16,755 direct Class B common stock shares, 68,029 indirect Class B shares (via trust), and 154 indirect Class B shares (via daughter) from four common stock dividends paid in Class B common stock during 2025.
• Following these transactions, Atkins directly beneficially owns 806,710 Class A common shares and 180,613 Class B common shares.
• Indirectly, Atkins holds 2,178,702 Class A shares and 544,188 Class B shares through a revocable trust, and his daughter holds 5,000 Class A shares and 1,246 Class B shares, for which he disclaims beneficial ownership.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this filing positively, primarily due to the 200% achievement of performance targets for executive compensation, indicating strong company performance over the past three years. The vesting of significant equity awards also reflects executive confidence and alignment.

Positives

• The Compensation Committee certified 200% achievement of pre-established performance targets for Performance Stock Units, indicating strong company performance over the 2023-2025 period.
• Significant vesting of performance and restricted stock units demonstrates long-term incentive plan effectiveness and executive alignment with shareholder interests.
• Receipt of Class B common stock dividends indicates a return to shareholders.

Negatives

• A substantial number of shares were surrendered to cover tax obligations upon vesting (173,760 Class A shares and 31,576 Class B shares), which represents a reduction in direct beneficial ownership.

Future Outlook

One annual installment of restricted stock remains from the February 29, 2024 grant, and two annual installments remain from the February 24, 2025 grant, indicating future vesting events.

Management Comments

• The Compensation Committee of the Board of Directors certified the achievement of pre-established performance targets at 200% for the performance period beginning on January 1, 2023 and ending on December 31, 2025.

Industry Context

StockSavvy.ai notes that the vesting of executive equity awards, particularly those tied to performance targets, is a standard practice in the mining and resources industry, aligning executive incentives with long-term company performance and shareholder value creation. The 200% achievement of performance targets suggests strong operational or financial results for Ramaco Resources during the specified period, potentially outperforming some industry peers.

Comparison to Industry Standards

• The 200% achievement of performance targets for the PSUs is a strong indicator of outperformance against internal benchmarks.
• While direct comparisons to specific competitor performance targets are not available in this filing, achieving double the target suggests robust operational execution or favorable market conditions relative to initial expectations.
• This level of performance is generally considered excellent within any industry, including the highly cyclical coal and resources sector, where companies like Arch Resources or Peabody Energy also utilize performance-based compensation.

Related Party Transactions

• Shares held by the reporting person's daughter (5,000 Class A, 1,246 Class B) who shares the household, though beneficial ownership is disclaimed by the reporting person.

Stakeholder Impact

• Shareholders: The high achievement of performance targets for executive compensation suggests strong company performance, which is generally positive for shareholders. The receipt of dividends also directly benefits shareholders.
• Management/Executives: Significant equity awards vesting and dividend receipts enhance the personal wealth and alignment of the CEO with company performance.

Next Steps

• One annual installment of restricted stock units from the February 29, 2024 grant remains to vest.
• Two annual installments of restricted stock units from the February 24, 2025 grant remain to vest.

Key Dates

Recommendation

This Form 4 primarily details routine executive compensation vesting and tax-related share dispositions, which are expected events. While the 200% achievement of performance targets is a positive indicator of past company performance, this filing alone does not provide new fundamental information to warrant a change in investment thesis. Therefore, a 'hold' recommendation is appropriate, maintaining current positions while awaiting more comprehensive financial reports.

Keywords

Ramaco Resources, METC, Randall Whittaker Atkins, SEC Form 4, Insider Trading, Stock Vesting, Performance Stock Units, Restricted Stock Units, Equity Compensation, Beneficial Ownership, Class A Common Stock, Class B Common Stock, Dividend Equivalent Units, Executive Compensation