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Ramaco Resources, Inc.·4

Feb 2, 4:10 PM ET

Horn Paul Bryan Jr. 4

Research Summary

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Updated

Ramaco (METC) EVP Paul Horn Receives Awards, Surrenders Shares

What Happened

  • Paul Bryan Horn Jr., Executive VP of Mine Operations at Ramaco Resources (METC), had multiple restricted stock units (RSUs) and performance stock units (PSUs) vest on January 30, 2026. The filing shows he was credited with roughly 125,328 shares from vesting/conversion of derivative awards and related grants.
  • To satisfy tax-withholding obligations, Horn surrendered (disposed) 45,929 shares on the same date. The shares withheld were valued based on closing prices on Jan 29, 2026 (at $19.97 and $12.43), totaling about $867,777. Most reported entries are exercises/conversions of derivatives (code M) and tax withholding/share surrender (code F).

Key Details

  • Transaction date: January 30, 2026 (Form 4 filed Feb 2, 2026 — timely).
  • Vested/converted shares reported (aggregate from entries): ~125,328 shares (acquisitions via conversion/exercise of RSUs/PSUs and grant entries).
  • Shares surrendered for tax withholding: 45,929 shares, cash value reported ≈ $867,777 (surrenders priced at $19.97 and $12.43 per share based on 1/29/2026 close).
  • Footnotes of note:
    • F2/F9/F11: Performance targets certified at 200%, triggering vesting of 23,970 Class A PSUs and 4,794 Class B PSUs (performance payout above target).
    • F1/F17/F16: Several prior restricted grants/distributions reached final annual installments; shares were surrendered upon vesting to satisfy tax obligations.
    • F10–F13/F14: Explain that PSUs/R SUs are contingent rights to receive Class A or B shares and include dividend equivalents.
  • Shares owned after the transactions: not specified in the excerpts of the filing provided.
  • Transaction codes: M = exercise/conversion of derivative awards; F = shares surrendered to pay taxes (withholding).

Context

  • This is a common, routine outcome when equity awards vest: the insider receives shares (or the right to receive shares) and immediately surrenders a portion to cover required tax withholding (a cashless withholding). It is not an open-market sale reflecting discretionary selling by the insider.
  • The PSU vesting was tied to performance (committee-certified at 200%), which increased the payout above target. That detail explains the larger PSU-related issuance in this filing.
  • No 10b5-1 plan or late filing indication is noted in the provided information; the Form 4 appears to have been filed within the required window.