Daniel Horn
About Daniel Horn
Daniel E. Horn (age 64) is Executive Vice President and Chief Commercial Officer of Alpha Metallurgical Resources (AMR) since January 2022; he was EVP of Sales from December 2020 and previously led metallurgical coal sales for Predecessor Alpha for over a decade. Earlier, he led coal and coke procurement at Bethlehem Steel after engineering and underground mining roles; he holds a B.S. in Mining Engineering (University of Pittsburgh) and an MBA (St. Francis University) and is a registered professional engineer and licensed underground mine foreman . Company performance metrics informing his compensation include strong LTIP results (2022–2024 PSUs paid at 133.35% of target on rTSR, safety, and production metrics; company TSR of 328.72% ranked 2nd in peer group) and 2024 AIB outcomes (AIB EBITDA $435.27M; cost/ton, safety, and environmental metrics paid to an aggregate 103.58% of target) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Contura Coal Sales, LLC | President | Nov 2019–Dec 2020 | Led commercial sales prior to AMR EVP role |
| Alpha (Predecessor Alpha) | SVP, Metallurgical Coal Sales | ~2000s–2010s (over a decade) | Led domestic and seaborne metallurgical sales |
| Bethlehem Steel Corporation | Coal & Coke Procurement Lead; prior engineering/operating roles | Not disclosed | Secured critical raw materials; underground mine operations expertise |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bethlehem Steel Corporation | Various engineering and operating roles; later led coal & coke procurement | Not disclosed | Operational and procurement leadership in steel supply chain |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $488,462 | $500,000 | $500,000 |
- 2025 employment agreement set new annual base salary at $515,000 with automatic 5% annual increases effective each January 1 during the term .
Performance Compensation
2024 Annual Incentive Bonus (AIB) – Metrics, Targets, Actuals, Payout
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout (% of Target) |
|---|---|---|---|---|---|---|
| AIB EBITDA | 35% | $400.9M | $572.7M | $744.5M | $435.27M | 60.0% |
| Cost of Coal Sales per Ton – Met | 35% | $117.41 | $109.73 | $102.05 | $109.53 | 102.60% |
| Safety – NFDL | 20% | 1.44 | 1.29 | 1.05 | 1.21 | 133.4% |
| Environmental Compliance (water exceedances) | 10% | 107 | 93 | 81 | 41 | 200% |
| Aggregate Payout | 100% | — | — | — | — | 103.58% |
| AIB Outcome | 2024 |
|---|---|
| Target Bonus (% of Salary) | 100% |
| Target Bonus ($) | $500,000 |
| Actual Payout ($) | $517,900 |
2024 LTIP Grants and Vesting
| Award Type | Grant Date | Target Shares (#) | Grant Date Fair Value/Share ($) | Vesting | Metrics/Weighting |
|---|---|---|---|---|---|
| RSUs | Jan 24, 2024 | 1,351 | $400.93 | Ratable on Jan 24, 2025/2026/2027 | Time-based |
| PSUs – Safety & Production components | Jan 24, 2024 | 1,082 target (271 threshold; 2,164 max) | $400.93 | Cliff on Jan 24, 2027 (for 2024–2026) | Safety 30%, FPS 22.5%, YPD 7.5% |
| PSUs – rTSR component | Jan 24, 2024 | 1,620 target (405 threshold; 3,240 max) | $531.08 | Cliff on Jan 24, 2027 | rTSR 40%; capped at 100% if negative TSR |
LTIP track record for performance awards:
- 2022–2024 PSUs earned 133.35% of target (rTSR 186.23% → 74.49% weighted; Safety avg 156.94% → 47.08%; FPS 20.75% → 4.67%; YPD 94.81% → 7.11%) .
- 2021–2023 PSUs earned 148.78% of target (rTSR 200% capped; Safety 179.17%; FPS 17.93%; YPD 146.63%) .
Equity Ownership & Alignment
| Ownership Item | Value |
|---|---|
| Beneficial Shares Owned (as of Mar 10, 2025) | 8,560; <1% of outstanding |
| Shares Outstanding (for reference) | 13,052,684 |
| Right to Acquire within 60 days | None |
| 2024 Stock Vested – Shares/Value | 51,032 shares vested; $20,120,971 value realized |
| Unvested RSUs at 12/31/2024 | 2,596 (2022 grant; $540,604 MV) ; 2,180 (2023; $440,941 MV) ; 1,351 (2024; $270,362 MV) |
| Unvested PSUs at 12/31/2024 | 10,389 (2022; $2,163,450 MV) ; 3,270 (2023; $660,736 MV) ; 1,351 (2024; $270,362 MV) |
| Stock Ownership Guidelines | Execs must hold 3x base salary; CEO 5x; NEOs in compliance or on track |
| Hedging/Pledging | Prohibited (no margin or pledging; no derivatives) |
| Clawback Policy | Applies to incentive-based comp upon accounting restatement, regardless of misconduct |
Employment Terms
| Provision | Key Employee Separation Plan (KESP) – in effect as of 12/31/2024 | Other NEO Employment Agreement – effective 1/31/2025 |
|---|---|---|
| Term | Plan-based; applicable to NEOs (ex-CEO) | Fixed term through Jan 31, 2028; auto-renews annually unless notice given |
| Base Salary | $500,000 in 2024 | $515,000; automatic 5% annual increases each Jan 1 |
| Annual Bonus Opportunity | Target 100% of salary; max 200% | Target 100%; max 200% of base salary |
| LTIP Target | Typically split RSUs/PSUs; 2024 LTIP target value $1,000,000 for Horn | Target LTIP 200% of base salary |
| Severance – Qualifying Termination | 1.5x (base + target bonus) lump sum; pro-rated accelerated vesting; pro-rated target bonus; $15,000 outplacement; COBRA/life premiums until earliest of age 65, new employer coverage, or 18 months | Similar severance benefits (agreement terminated KESP participation) |
| Severance – Change in Control (double-trigger) | 2.0x (base + target bonus) lump sum; same vesting/bonus; $15,000 outplacement; COBRA/life benefits as above | Similar enhanced benefits upon CoC (double-trigger) |
| Restrictive Covenants | Confidentiality (perpetual); non-compete 1 year; non-solicit 1 year; non-disparagement (perpetual) | Customary terms (not specifically enumerated; similar structure referenced) |
| Tax Gross-ups | None; “best net” excise-tax cutback approach |
Potential severance economics (12/31/2024 illustrative):
- Qualifying termination (no CoC): Cash severance $1,500,000; equity/cash award acceleration $3,135,862; pro-rata bonus $500,000; outplacement $15,000; COBRA/life benefits $36,466 .
- Change in control termination: Cash severance $2,000,000; equity/cash award acceleration $3,135,862; pro-rata bonus $500,000; outplacement $15,000; COBRA/life benefits $36,466 .
Compensation History (Horn)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $488,462 | $500,000 | $500,000 |
| Bonus ($) | $265,933 | $15,933 | — |
| Stock Awards ($) | $1,055,731 | $1,244,510 | $1,153,723 |
| Non-Equity Incentive Plan ($) | $650,000 | $781,968 | $517,900 |
| Change in Pension/Deferred Comp ($) | $33,372 | $43,112 | — |
| All Other Compensation ($) | $41,976 | $36,917 | $35,579 |
| Total ($) | $2,535,474 | $2,622,440 | $2,207,202 |
Selected 2024 perquisites and benefits for Horn include 401(k) match ($11,764), imputed life insurance income ($15,444), vehicle allowance ($7,800), and limited non-business aircraft usage ($571) .
Say-on-Pay & Peer Benchmarking
- 2023 NEO compensation received ~96% “Say-on-Pay” support at the 2024 Annual Meeting; the committee made no significant changes for 2024 given strong support .
- 2024 compensation peer group for benchmarking included Alliance Resource Partners, Arch Resources, ATI, CONSOL Energy, Kaiser Aluminum, Metallus, Peabody Energy, Radius Recycling, Ryerson, SunCoke Energy, Tronox, Warrior Met Coal, Worthington Steel; AMR typically benchmarks near or above median .
Equity Ownership & Pledging Governance
- Executive Stock Ownership Guidelines require 3× base salary (CEO 5×); NEOs are either compliant or on track; assessed annually .
- AMR prohibits hedging, margining, or pledging of company stock, reducing alignment and collateral risks .
- Executive Clawback Policy requires recoupment of incentive comp upon any required accounting restatement, irrespective of misconduct .
Investment Implications
- High at-risk pay mix and multi-metric AIB/LTIP design (EBITDA, costs, safety, environmental, and rTSR) align incentives with operational efficiency and shareholder returns; recent payouts reflect strong TSR and safety performance but mixed underground productivity metrics .
- Significant unvested RSUs/PSUs and ongoing scheduled vesting (2025–2027) create predictable equity delivery; AMR’s no-hedging/pledging policy mitigates leverage-driven selling risks, while 2024 realized vesting value indicates material equity-based compensation monetization .
- Severance/change-in-control terms (1.5×/2.0× cash, vesting acceleration at target) and new 2025 employment agreement provide retention and leadership stability; absence of excise tax gross-ups and double-trigger structure are shareholder-favorable compared to legacy market practices .
- Beneficial ownership in common shares is modest (<1%), but substantial unvested PSU/RSU exposure plus ownership guidelines support ongoing alignment with performance and stock outcomes .