Ramaco Resources, Inc. — Director's Dealing 2025

Jan 27, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Ramaco Resources, Inc. (METC)
CIK: 0001687187
Period of Report: 2025-01-23

Reporting Person: Marcum John Cecil (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-01-23	Class A common stock	M	12094	—	Acquired	129451	Direct
2025-01-23	Class A common stock	F	5883	$9.71	Disposed	123568	Direct
2025-01-23	Class B common stock	M	2419	—	Acquired	28180	Direct
2025-01-23	Class B common stock	F	1177	$9.15	Disposed	27003	Direct
2025-01-23	Class B common stock	M	224	—	Acquired	27227	Direct
2025-01-23	Class B common stock	F	108	$9.21	Disposed	27119	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-01-23	Performance Stock Units	$0	M	12094	Disposed		Class A common stock (12094)	Direct
2025-01-23	Performance Stock Units	$0	M	2419	Disposed		Class B common stock (2419)	Direct
2025-01-23	Dividend Equivalent Units	$0	M	224	Disposed		Class B common stock (224)	Direct

Footnotes

F1: The performance stock units granted on February 16, 2022 under the Ramaco Resources, Inc.'s (the "Company") Long Term Incentive Plan vested on January 23, 2025 upon certification of performance by the Company's Compensation Committee of the Board of Directors (the "Committee"). The Committee certified the achievement of pre-established performance targets at 93.3% for the performance period beginning on January 1, 2022 and ending on December 31, 2024.

F2: Shares surrendered upon vesting to satisfy tax obligations. The number of shares surrendered was based on the closing price of the Issuer's Class A common stock on January 22, 2025.

F3: Shares surrendered upon vesting to satisfy tax obligations. The number of shares surrendered was based on the closing price of the Issuer's Class B common stock on January 22, 2025.

F4: 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 224 dividend equivalent units of Company's Class B common stock which vest at the same time as the underlying performance stock units.

F5: As a result of the December Dividend, the reporting person received 224 shares of Company's Class B common stock as of January 23, 2025 in respect of the stock dividends following settlement of the performance stock units, of which 108 were used to satisfy tax withholding obligations. The number of shares withheld was calculated based on the closing price of the Issuer's Class B common stock on the date of delivery of the shares (January 23, 2025).

F6: Each performance stock unit represents a contingent right to receive one share of Class A common stock.

F7: Amount excludes 869 Performance Stock Units that did not vest and were cancelled because less than 100% of the pre-established performance targets were achieved during the performance period. No consideration was received for the Performance Stock Units that were cancelled. See Footnote 1.

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

F9: Amount excludes 174 Performance Stock Units that did not vest and were cancelled because less than 100% of the pre-established performance targets were achieved during the performance period. No consideration was received for the Performance Stock Units that were cancelled. Please see Footnote 1.

F10: Dividend equivalent units underlying the performance stock units listed above with respect to Class A common stock and with respect to Class B common stock. See Footnote 4 for further detail.