Ramaco Resources, Inc. — Director's Dealing 2025

Feb 3, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Ramaco Resources, Inc. (METC)
CIK: 0001687187
Period of Report: 2025-01-31

Reporting Person: Fannin Jason Todd (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-01-31	Class A common stock	M	32831	—	Acquired	175175	Direct
2025-01-31	Class A common stock	F	12919	$9.64	Disposed	162256	Direct
2025-01-31	Class B common stock	M	4306	—	Acquired	35565	Direct
2025-01-31	Class B common stock	F	1694	$8.95	Disposed	33871	Direct
2025-01-31	Class B common stock	M	554	—	Acquired	34425	Direct
2025-01-31	Class B common stock	F	218	$8.81	Disposed	34207	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-01-31	Restricted Stock Units	$0	M	21531	Disposed		Class A common stock (21531)	Direct
2025-01-31	Restricted Stock Units	$0	M	11300	Disposed		Class A common stock (11300)	Direct
2025-01-31	Restricted Stock Units	$0	M	4306	Disposed		Class B common stock (4306)	Direct
2025-01-31	Dividend Equivalent Units	$0	M	554	Disposed		Class B common stock (554)	Direct

Footnotes

F1: The second installment of restricted stock units granted on February 20, 2023 under the Ramaco Resources, Inc.'s (the "Company") Long Term Incentive Plan vested on January 31, 2025.

F2: The first installment of restricted stock units granted on February 29, 2024 under the Company's Long Term Incentive Plan vested on January 31, 2025.

F3: Shares surrendered upon vesting to satisfy tax obligations. The number of shares surrendered was based on the closing price of the Company's Class A common stock on January 30, 2025.

F4: Shares surrendered upon vesting to satisfy tax obligations. The number of shares surrendered was based on the closing price of the Company's Class B common stock on January 30, 2025.

F5: On November 20, 2024, the Issuer declared stock dividends of $0.1375 per share of Class A common stock and $0.2364 per share of Class B common stock, both payable in shares of the Issuer's Class B common stock on December 16, 2024 (the "December Dividend"), to shareholders of record as of the close of Nasdaq on December 2, 2024, with the amount of Class B shares to be issued per share for each respective class of stock determined by dividing the dividend amount by the closing transaction price of the Class B common stock at the close of the market on the record date ($9.96). As a result, the reporting person received 554 dividend equivalent units of Company's Class B common stock which vest at the same time as the underlying restricted stock units.

F6: As a result of the December Dividend, the reporting person received 554 shares of Company's Class B common stock as of January 31, 2025 in respect of the stock dividends following settlement of the restricted stock units, of which 218 were used to satisfy tax withholding obligations. The number of shares withheld was calculated based on the closing price of the Company's Class B common stock on the date of delivery of the shares (January 31, 2025).

F7: Each restricted stock unit represents a contingent right to receive one share of Class A common stock.

F8: Each restricted stock unit represents a contingent right to receive one share of Class B common stock.

F9: Dividend equivalent units underlying the restricted stock units listed above with respect to Class A and with respect to Class B common stock. See Footnote 5 for further detail.