METC Ramaco Resources



Washington, D.C. 20549






Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): April 27, 2020



(Exact name of Registrant as specified in its Charter)







(State or other jurisdiction of


(Commission File No.)


(IRS Employer Identification No.)








250 West Main Street, Suite 1800

Lexington, Kentucky 40507



(Address of principal executive offices)



(859) 244-7455

(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:


Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value


NASDAQ Global Select Market


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


        Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

        Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

        Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company   


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.              



Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 27, 2020, the Compensation Committee (the “Committee”) of the Board of Directors of Ramaco Resources, Inc., a Delaware corporation (the “Company”) adopted the Ramaco Resources, Inc. Change in Control and Severance Plan (the “Severance Plan”).  The Severance Plan provides for severance benefits to the Company’s named executive officers and other selected officers who enter into participation agreements under the Severance Plan, and who are not parties to any separate individual agreement providing for severance benefits upon a termination of employment or change in control benefits (other than as provided in an equity award agreement).

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 Severance Plan, if a participant is terminated without cause by the Company at a time other than within the protected period, the participant will be entitled to receive:


a lump sum cash payment equal to (i) the sum of (A) the participant’s base salary plus (B) the greater of (x) such participant’s target bonus under the Company’s annual bonus plan for the year of termination and (y) the average annual bonus paid to such participant for the past three calendar years preceding the year of termination, multiplied by (ii) 2.0 in the case of a tier 1 or tier 2 participant, or multiplied by 1.0 in the case of a tier 3 participant (the “Severance Multiple”);


a lump sum cash payment equal to a prorated portion of the participant’s target bonus for the year in which the termination occurs;


accelerated vesting of time-based equity or equity-based awards;


subject to the participant’s election, continued medical, dental and vision coverage under COBRA at a monthly premium cost to the participant that is no greater than the cost paid by the participant immediately prior to his or her termination, for a period of up to 18 months; and


a lump sum cash payment equal to the employer matching contribution that would be made by the Company under the terms of the Company’s 401(k) plan as if the participant had elected to contribute the maximum amount allowable into the Company’s 401(k) plan over a period of 24 months.

In addition, if a participant is terminated involuntarily by the Company without cause during the protected period, or the participant resigns his or her employment with the Company for good reason during the protected period, then the participant will be entitled to receive the same severance benefits summarized above, except that the Severance Multiple increases to 2.5 in the case of tier 1 and tier 2 participants, and to 1.5 in the case of tier 3 participants.

Benefits under the Severance Plan are subject to the participant’s execution of an effective release of claims and compliance with certain restrictive covenants, including non-competition and non-solicitation restrictions that apply for 12 months after termination.

The terms “cause,” “change in control” and “good reason” all have the meanings provided in the Severance Plan.

Each of the Company’s executive officers listed below has entered into a participation agreement under the Severance Plan and has been designated as a participant in the Severance Plan in the tier indicated below:



Randall W. Atkins


Michael D. Bauersachs


Christopher L. Blanchard


Jeremy R. Sussman



The description of the Severance Plan contained in this Item 5.02 does not purport to be complete and is qualified in its entirety by reference to the form of Severance Plan included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.





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.











/s/ Randall W. Atkins



Randall W. Atkins
Executive Chairman




Date:    April 28, 2020