Cassandra Pan - Director | Core Natural Resources (CNR) Executive Profile & Compensation

About Cassandra Pan

Cassandra Pan, age 66, has served on Core Natural Resources, Inc.’s Board since March 22, 2023 and is an independent director under NYSE standards; she currently chairs the Health, Safety and Environmental (HSE) Committee and serves on the Compensation Committee . Her background spans nearly two decades leading engineered conveyor solutions businesses across North and South America and Greater China, with deep operational, safety, and materials-handling expertise relevant to mining and industrial operations .

Past Roles

Organization	Role	Tenure	Committees/Impact
Fenner Dunlop Americas (formerly part of Fenner plc; now Michelin group)	President, Engineered Conveyor Solutions (Americas)	2009–2015	Led North/South America conveyor businesses serving underground coal, construction, automotive and industrial markets; operational and safety leadership
Fenner plc (Greater China)	Managing Director, Greater China	1998–2009	Oversaw wholly-owned and JV investments in conveyor belting and specialty polymer manufacturing; mining industry material handling expertise
Self-employed	Business consultant and strategic advisor	Current	Entrepreneurial advisory across operations, finance, engineering challenges, HSE risks, sales/marketing, HR for mining businesses

External Roles

Organization	Role	Tenure	Notes
AlphaLab Gear (Innovation Works)	Mentor	Since 2016	Hardware accelerator mentorship
Washington University in St. Louis (InCEES)	Advisory Committee Member	2010–2016	Energy, environment & sustainability advisory
Public company boards	—	—	No current or recent public company directorships disclosed

Board Governance

Independence: The Board determined in Jan–Feb 2025 that all directors other than the Executive Chair (James Brock) and CEO (Paul Lang) are independent; Pan is independent .
Committee assignments (current, post-merger reconstitution Feb 2025): HSE Committee Chair; Compensation Committee member .
2024 committee service (pre-merger): HSE Committee Chair; Audit Committee member (effective Mar 27, 2024); Nominating & Corporate Governance Committee member .
Attendance: All legacy CONSOL directors who were incumbent directors attended 100% of Board and committee meetings during 2024; Board met 21 times; Audit 5; Compensation 5; NCGC 6; HSE 6 .
HSE Committee scope: Oversees health, safety, environmental compliance; sustainability policies; reviews significant HSE issues and public policy; assists with strike/terrorism risk policies and asset protection .
Governance practices: Clawback policy; anti-hedging; stock ownership/retention guidelines; independent directors meet in executive session; majority-independent Board (75%) .

Fixed Compensation

Component	Amount	Notes
Annual cash fees paid (2024)	$153,333	Includes Board retainer ($140,000) and applicable committee chair/member retainers; no separate meeting fees disclosed
Program structure	Board Retainer $140,000; Lead Independent Director Retainer $175,000 (includes $35,000 premium); Audit Chair $30,000; Compensation Chair $20,000; Other Committee Chair $15,000; Audit Member $10,000	Compensation mix reviewed by Compensation Committee and independent consultant; considered appropriate for Board size and peers

Performance Compensation

Equity Type	Grant Date	Award Value / Units	Vesting	Notes
Annual RSU grant (directors)	May 7, 2024	$150,000; 1,733 RSUs	Vests on first anniversary; all unvested director awards vested in full at merger effective date	Pan elected to defer receipt of 1,733 RSUs until termination of Board service

Directors receive time-based equity; no performance metrics apply to director RSUs .

Other Directorships & Interlocks

Company	Current Board Role	Committee Roles	Interlocks/Conflicts
None	—	—	No current public company directorships; no compensation committee interlocks disclosed

Expertise & Qualifications

Operations and HSE: Significant experience addressing operational, engineering, and HSE risks in mining and industrial material handling; fits HSE chair role .
International leadership: Led Greater China operations and Americas businesses, bringing global perspective on supply chains and governance .
Entrepreneurial and advisory background: Strategic advisory experience across finance, sales, marketing, HR in mining sectors .

Equity Ownership

Holder	Shares Beneficially Owned	% of Class	Notes
Cassandra Pan	4,992	<1%	Includes 4,359 vested RSUs elected for deferred delivery; as of March 6, 2025

Stock ownership guidelines: Non-employee directors must hold five times annual cash retainer (via market price or fixed $20/share approach); all directors compliant or within five-year transition as of Dec 31, 2024 .
Pledging/hedging: Company maintains an anti-hedging policy; no pledging disclosed for Pan .

Governance Assessment

Board effectiveness: Pan’s HSE and operations expertise aligns with Core’s risk profile; as HSE Chair, she provides targeted oversight of safety, environmental compliance, and sustainability initiatives, a material area for a coal producer .
Independence and engagement: Independent status, 100% 2024 meeting attendance among legacy directors, and active committee service (HSE Chair; pre-merger Audit/NCGC; current Compensation) support strong engagement and oversight .
Alignment: Balanced director pay (cash + annual RSUs) with deferral election indicates long-term alignment; stock ownership guidelines and compliance further reinforce skin-in-the-game .
Conflicts/related-party exposure: No related person transactions reported in 2024; no current public company interlocks; committee interlocks not present, mitigating conflict risk .
Shareholder signals: Strong say-on-pay support (94.8% approval in 2024) reflects general investor confidence in compensation governance, indirectly supportive of Board oversight quality .

Red flags:

None disclosed specific to Pan; monitoring focus should remain on HSE performance outcomes and any future related-party transactions; current disclosures show no reportable conflicts in 2024 .