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: Atkins Randall Whittaker (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-01-31	Class A common stock	M	79132	—	Acquired	570031	Direct
2025-01-31	Class A common stock	F	31138	$9.64	Disposed	538893	Direct
2025-01-31	Class B common stock	M	9647	—	Acquired	118186	Direct
2025-01-31	Class B common stock	F	3796	$8.95	Disposed	114390	Direct
2025-01-31	Class B common stock	M	1320	—	Acquired	115710	Direct
2025-01-31	Class B common stock	F	520	$8.81	Disposed	115190	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-01-31	Restricted Stock Units	$0	M	48235	Disposed		Class A common stock (48235)	Direct
2025-01-31	Restricted Stock Units	$0	M	30897	Disposed		Class A common stock (30897)	Direct
2025-01-31	Restricted Stock Units	$0	M	9647	Disposed		Class B common stock (9647)	Direct
2025-01-31	Dividend Equivalent Units	$0	M	1320	Disposed		Class B common stock (1320)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A common stock	2178702	Indirect
Class B common stock	476159	Indirect
Class A common stock	5000	Indirect
Class B common stock	1092	Indirect

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 1,320 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 1,320 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 520 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: This holding is held by the reporting person's daughter, who shares reporting person's household. The reporting person disclaims beneficial ownership of the shares held by his daughter, and this report should not be deemed an admission that the reporting person is the beneficial owner of his daughter's shares for purposes of Section 16 or for any other purpose.

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

F9: Each restricted stock unit represents a contingent right to receive one share of Class B common stock.

F10: 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.