Evan H. Jenkins
Ramaco ResourcesAbout Evan H. Jenkins
Evan H. Jenkins (age 64) is Vice-Chairman and a non‑independent director of Ramaco Resources (METC) since March 2025, and serves as Corporate Secretary. He previously served as General Counsel (Feb 2024–Apr 2025) and is President of The Ramaco Foundation (since May 2022). Jenkins holds a B.S.B.A. from the University of Florida and a J.D. from Samford University’s Cumberland School of Law. His compensation is tied to METC’s structured pay program: annual cash incentives (Adjusted EBITDA, cost per ton, safety TRIR, environmental) and long-term equity awards (RSUs and PSUs with relative TSR vs. a defined extraction-industry peer set). In FY2024 he received $500,000 base salary, a $650,000 bonus, and grants of 39,599 RSUs and 39,599 PSUs; his ongoing base salary is $600,000.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Ramaco Resources | Vice-Chairman, Director (non‑independent) | Mar 2025–present | Board leadership; policy/advocacy; no committee assignments; supports governance during rare earths/coal growth initiatives |
| Ramaco Resources | Corporate Secretary | Feb 2024–present | Corporate governance and disclosure oversight |
| Ramaco Resources | General Counsel | Feb 2024–Apr 2025 | Built legal function; oversight of legal/regulatory matters as METC diversified into rare earths |
| The Ramaco Foundation | President; Director | May 2022–present | Oversees philanthropic initiatives aligned with company footprint |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| U.S. Chamber of Commerce | SVP, Government Affairs | Sep 2022–Feb 2024 | Federal advocacy, business policy leadership |
| West Virginia Supreme Court of Appeals | Justice; Chief Justice | Oct 2018–Feb 2022; Chief Justice in 2021 | Judicial leadership and administration |
| U.S. House of Representatives (WV-3) | Member of Congress (two terms) | Not specified | Legislative experience; federal policy network |
| WV House/Senate | State Legislator | Not specified | State policy, coal-region economic development |
| Evan Jenkins PLLC | Principal | Feb 2022–Sep 2022 | Private practice; labor/employment |
Fixed Compensation
| Component | FY2024 | FY2025 (current) | Notes |
|---|---|---|---|
| Base Salary ($) | 500,000 | 600,000 | FY2025 base set in employment arrangement; FY2024 reflects partial-year as GC |
| Annual Incentive (cash) | 650,000 | Eligible | FY2024 paid; ongoing eligibility under the Company’s annual incentive plan |
Performance Compensation
Annual Incentive Plan – Company Metrics and FY2024 Results
| Performance Goal | Weight | Threshold (50%) | Target (100%) | Max (200%) | Actual | Payout as % of Target |
|---|---|---|---|---|---|---|
| Adjusted EBITDA ($mm) | 25% | 131 | 164 | 197 | 106 | 0% |
| Cost of Coal Sales per Ton ($/ton) | 15% | 103 | 96 | 90 | 93 | 124% (→ 19% weighted) |
| Safety – TRIR | 10% | 3.6 | 3.3 | 2.9 | 4.3 | 0% |
| Environmental – Net exceedances | 10% | 31 | 24 | 20 | 4.0 | 200% (→ 20% weighted) |
| Total Company-weighted payout | 60% | — | — | — | — | 39% |
Notes
- Program design: 60% Company metrics (above) + 40% individual performance; Committee applied discretion as described in CD&A. Jenkins participates in the plan; his FY2024 bonus was $650,000.
Long-Term Incentive (LTI) – 2024 Awards and Vesting
| Instrument | Grant date | Units granted | Vesting / Performance | Payout curve / Terms |
|---|---|---|---|---|
| RSUs (LTIP) | 2024 (company-wide grant cycle) | 39,599 (Jenkins) | Company’s 2024 RSUs vest 1/3 on Jan 31 of 2025, 2026, 2027, subject to service | Time-based vesting under LTIP |
| PSUs (relative TSR) | 2024 (company-wide grant cycle) | 39,599 (Jenkins) | 3-year performance period 1/1/2024–12/31/2026; relative TSR vs METC’s compensation peer group | 0% (<25th pct), 50% (25th), 100% (50th), 200% (≥75th), linear in-between |
Change-in-control treatment (company program reference)
- For 2024 RSUs/PSUs granted to NEOs, RSUs accelerate on qualifying termination under the CIC Plan; PSUs vest at maximum on a CIC (if employed at close), or convert to time-based and accelerate on a qualifying termination. Jenkins’ specific CIC participation was not disclosed.
Peer group used for TSR PSUs (2024 refresh) includes: Alliance Resource Partners, Alpha Metallurgical, Arch Resources, Berry, Compass Minerals, CONSOL Energy, Coronado Global, Hallador, Peabody, Piedmont Lithium, Ring Energy, SunCoke Energy, Talos Energy, Tellurian (treated as –100% TSR after 10/29/2024 sale) .
Equity Ownership & Alignment
| Ownership snapshot (as of Apr 29, 2025) | Class A | Class B | Total | % of class |
|---|---|---|---|---|
| Shares beneficially owned | 21,848 | 662 | 22,510 | <1% |
Additional alignment levers
- 2024 LTI awards: 39,599 RSUs and 39,599 PSUs (see above) .
- Hedging: Prohibited for directors and officers under METC’s Insider Trading Policy (e.g., prepaid forwards, swaps, collars, exchange funds). Pledging is not referenced; no pledging by Jenkins is disclosed.
- Clawback: Dodd‑Frank restatement recoupment policy adopted Oct 2, 2023; recovers erroneously awarded incentive-based compensation from covered executives within the lookback window.
Employment Terms
- Roles: Vice‑Chairman and Director (since March 2025), Corporate Secretary (since Feb 2024), former General Counsel (Feb 2024–Apr 2025).
- Compensation framework: Base salary $600,000 (current); eligible for annual incentive; FY2024 compensation included $500,000 salary, $650,000 bonus, and RSU/PSU grants. No employment agreement, non-compete, severance or CIC participation was disclosed for Jenkins in the filings reviewed.
Board Governance
- Status: Non‑independent director; Vice‑Chairman; no committee assignments.
- Independence: Board majority is independent; management directors are CEO Randall Atkins and Evan Jenkins. Committee chairs and (where required) all members are independent.
- Leadership structure: CEO also serves as Chairman; Board believes combined roles are appropriate currently, with independent oversight via committees and executive sessions.
- Board/committee activity (context): In 2024 the Board met 4 times and committees met 24 times (Jenkins joined the Board in 2025).
Compensation Structure Analysis
- Increased structure and at‑risk pay: Since 2022, annual bonuses use formulaic Company metrics (Adjusted EBITDA, cash cost/ton, safety TRIR, environmental), reducing full discretion; LTI adds PSUs tied to relative TSR alongside RSUs, increasing performance linkage.
- 2024 outcomes: Company metrics paid at 39% of the 60% “corporate” component due to EBITDA miss and safety underperformance, partially offset by better-than-target costs and environmental compliance.
- CIC economics: The CIC Plan (adopted July 9, 2024) provides 2.5x salary+bonus cash severance for Tier 1–2 participants, prorated bonus, equity acceleration, COBRA subsidy, and a 401(k) “match” payment for NEO participants on qualifying terminations. Jenkins’ participation status is not specified.
Related Party / Risk Indicators
- Section 16(a) compliance: Jenkins had one inadvertent late filing (May 30, 2024).
- Hedging prohibition: Strong alignment measure; no disclosure of pledging by Jenkins.
- Dual roles on Board: CEO is also Chairman; two management directors (Atkins, Jenkins). Mitigants include majority independent Board and independent committees.
- Related party transactions: Disclosed payments in 2024 to entities affiliated with CEO’s relatives and a former director’s law firm (not tied to Jenkins).
Compensation Peer Group (benchmarking context)
Alliance Resource Partners, Alpha Metallurgical Resources, Arch Resources, Berry, Compass Minerals, CONSOL Energy, Coronado Global Resources, Hallador Energy, Peabody Energy, Piedmont Lithium, Ring Energy, SunCoke Energy, Talos Energy, Tellurian (special TSR treatment in 2024) .
Director Compensation (context)
Non‑employee directors in 2024 received $150,000 cash (including chair fees) and an RS award (5,297 shares) that vested in Jan 2025; executive directors do not receive additional fees for Board service (e.g., CEO). Jenkins is a management (non‑independent) director; no separate director fees for him are disclosed.
Investment Implications
- Alignment and retention: 2024 grants of 39,599 RSUs and 39,599 PSUs, with three‑year PSU performance (relative TSR) and multi‑year RSU vesting (expected Jan 2025/26/27), support retention and align Jenkins’ incentives with shareholder returns and operational execution. Near‑term vesting (Jan 31 each year) can create episodic insider‑selling windows, though actual sales depend on trading plans/blackouts.
- Pay for performance: The addition of PSUs and formulaic annual metrics increases sensitivity to both stock performance and operating discipline. 2024’s 39% corporate metric payout highlights downside risk when EBITDA/safety underperform.
- Governance considerations: Jenkins’ non‑independence and the combined CEO/Chair roles raise standard governance watchpoints; mitigants include a majority‑independent Board, independent committee leadership, hedging prohibition, and a clawback policy. The late Section 16 filing is minor but noted.