Jeremy R. Sussman
Ramaco ResourcesAbout Jeremy R. Sussman
Jeremy R. Sussman is Chief Financial Officer (since May 2019) and Assistant Secretary (since January 2024) of Ramaco Resources (METC). He is age 42, with a B.S. from Georgetown University’s McDonough School of Business (2005), and previously served as Managing Director – Mining & Metals at Clarksons Platou Securities (2013–2019) and as a coal-focused research analyst at other sell-side and buy-side firms . Under his tenure, METC’s revenues rose from ~$230.2M in FY2019 to ~$666.3M in FY2024*, while EBITDA moved from ~$49.6M in FY2019 to ~$79.8M in FY2024* (see table below; S&P Global data)*.
| Metric | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|---|
| Revenue ($USD) | 230,213,000 | 168,915,000 | 283,394,000 | 565,688,000 | 693,524,000 | 666,295,000 [GetFinancials]* |
| EBITDA ($USD) | 49,564,000* | 2,389,000* | 66,353,000* | 192,696,000* | 150,900,000* | 79,816,000* [GetFinancials]* |
Values retrieved from S&P Global.
- Asterisk indicates values returned without document citations.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Clarksons Platou Securities | Managing Director – Mining & Metals | Apr 2013–May 2019 | Led mining coverage; extensive coal industry expertise |
| Various sell-side & buy-side firms | Research Analyst (Coal) | Pre-2013 | Deep sector knowledge; investor-facing research |
External Roles
No public-company board roles or external committee positions disclosed for Sussman .
Fixed Compensation
| Year | Base Salary ($) | Bonus – Individual (40%) ($) | Non-Equity Incentive (60%) ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|---|---|
| 2024 | 630,000 | 400,000 | 600,000 | 1,544,985 | 3,188,785 |
| 2023 | 610,000 | 380,640 | 570,960 | 2,090,747 | 3,665,547 |
| 2022 | 580,000 | 313,200 | 469,800 | 1,640,625 | 3,015,825 |
- Initial CFO offer terms (2019): Base salary $300,000; guaranteed $250,000 2019 cash bonus (if employed when paid); eligible for LTIP awards valued at 133% of salary (performance- and time-based vesting) .
Performance Compensation
2024 annual bonus used a structured 60% company / 40% individual framework. Company metrics and realized payouts:
| Metric | Weight | Threshold | Target | Maximum | Actual/Result | Payout % of Target |
|---|---|---|---|---|---|---|
| Adjusted EBITDA | 25% | $131M | $164M | $197M | $106M | 0% |
| Cost of Coal Sales per Ton Sold | 15% | $103 | $96 | $90 | $93 | 124% → 19% agg |
| Safety – TRIR | 10% | 3.6 | 3.3 | 2.9 | 4.3 | 0% |
| Environmental | 10% | 31 | 24 | 20 | 4.0 | 200% → 20% agg |
| Total company portion | 60% | 39% of company portion |
- Total FY2024 bonus paid: $1,000,000 (100% of target) for Sussman .
- Adjusted EBITDA definition and components disclosed (FY2024 $105.8M) .
- 2024 RSUs/PSUs (granted Feb 29, 2024): RSUs 33,369 shares ($586,627); PSUs 33,369 shares ($958,358). RSUs vest 1/3 on Jan 31, 2025/2026/2027; PSUs vest based on 3-year TSR vs peer group (0–200% at 25th/50th/75th percentile thresholds), time-vest on Dec 31, 2026 .
Equity Ownership & Alignment
- Beneficial ownership (as of Apr 29, 2025): Class A 356,829; Class B 82,492; Total 439,321 (less than 1%) .
- Outstanding equity awards (as of Dec 31, 2024):
- Unvested RSUs: 33,369 (2024 grant; $337,694 market value) and 43,754 (2023 grant; $442,790) .
- PSUs outstanding at maximum: 66,738 (2024 grant; $675,389) and 131,262 (2023 grant; $1,328,371). Actual earned shares will depend on relative TSR at performance end .
- Class B entitlements tied to A-share vesting: RSU-related 8,751; PSU-related 26,252 .
- 2024 vesting realized by Sussman: Class A 285,725 shares ($3,595,798) and Class B 57,144 shares ($619,626) .
- Hedging prohibited: Insider Trading Policy bans hedging/monetization transactions; pledging not explicitly disclosed .
- Ownership guidelines: Not disclosed in proxy for executives.
Employment Terms
- Appointment: CFO appointed April 29, 2019; start date on or before May 15, 2019; indemnification agreement in standard company form .
- No individual employment agreements: Company states it has not entered into employment agreements with NEOs .
- Change-in-Control Severance Plan (amended July 9, 2024): If terminated without cause or resign for good reason during protected period (90 days before to 24 months after a change in control), Tier 1/2 multiple of 2.5x (salary + greater of target bonus or 3-yr avg bonus), prorated target bonus, accelerated vesting of time-based equity, COBRA up to 18 months at former cost, and a lump-sum equivalent to 401(k) employer matching over 24 months; restrictive covenants (non-compete and non-solicit) for 12 months post-termination .
- Quantified CIC economics for Sussman (as of Dec 31, 2024, at $10.12 A / $9.88 B prices): Aggregate cash $5,102,600; accelerated equity $4,007,155; COBRA $47,276 (qualifying termination). In a change-in-control without termination: accelerated equity $3,140,210 .
- Clawback: Dodd-Frank Restatement Recoupment Policy (effective Oct 2, 2023) recovers erroneously awarded incentive-based compensation for the three fiscal years preceding a required restatement for executive officers .
Compensation Committee Analysis
- Committee composition (2024): Chair Patrick C. Graney III; members David E.K. Frischkorn Jr. and Richard M. Whiting .
- Independent consultant: Meridian Compensation Partners advised on market levels and peer benchmarking; no conflicts disclosed .
- Peer group includes coal and selected extraction companies (e.g., ARLP, AMR, ARCH, CONSOL, HNRG, PEAB, CORONADO, SXC, TALOS, etc.; Tellurian treated as negative 100% TSR after its 2024 sale) .
Track Record, Value Creation, and Execution Risk
- Multi-year pay-for-performance: Shift to structured bonuses (60% company/40% individual) since FY2022 with operational, safety, and environmental metrics .
- Equity program enhancements: Added PSUs with TSR-relative framework to align with shareholder outcomes; 2022 PSU peer-group methodology modified in 2023, creating incremental fair value recognition (Sussman $207,137) .
- 2024 company metric outcomes: Underperformance on EBITDA and safety offset by strong environmental compliance and lower cash costs per ton .
Investment Implications
- Pay-for-performance alignment is improving: High at-risk mix via PSUs/RSUs and structured bonus metrics (EBITDA/cost/safety/environment) supports alignment; 2024 payout at 100% suggests balanced discretion despite EBITDA miss .
- CIC plan heightens retention and potential event-driven costs: Sussman’s CIC cash of ~$5.1M plus accelerated equity indicates meaningful severance exposure in a transaction; single/double-trigger mechanics across RSUs/PSUs may accelerate insider selling pressure near vest dates (Jan 31, 2026/2027; Dec 31, 2026) .
- Ownership and hedging posture: Beneficial ownership is <1%, but substantial unvested awards and explicit anti‑hedging policy reduce misalignment risk; pledging not disclosed (monitor Form 4s) .
- Execution risks: 2024 shortfalls on EBITDA and safety metrics warrant scrutiny; operational delivery versus budget is central to bonus outcomes and future PSU vesting given TSR-relative design .
Citations:
- Biography, age, roles and NEO listing: **[1687187_0001104659-25-041856_tm253940d3_def14a.htm:24]**
- Appointment and initial compensation terms: **[1687187_0001437749-19-008181_metc20190429_8k.htm:1]**
- Insider Trading Policy (hedging prohibition): **[1687187_0001104659-25-041856_tm253940d3_def14a.htm:14]**
- Bonus framework and metrics: **[1687187_0001104659-25-041856_tm253940d3_def14a.htm:28]** **[1687187_0001104659-25-041856_tm253940d3_def14a.htm:29]**
- Summary Compensation Table (multi-year): **[1687187_0001104659-25-041856_tm253940d3_def14a.htm:33]**
- RSU/PSU grants and vesting schedules: **[1687187_0001104659-25-041856_tm253940d3_def14a.htm:30]** **[1687187_0001104659-25-041856_tm253940d3_def14a.htm:36]**
- Outstanding awards (unvested and PSUs at max): **[1687187_0001104659-25-041856_tm253940d3_def14a.htm:35]**
- 2024 vesting realized: **[1687187_0001104659-25-041856_tm253940d3_def14a.htm:36]**
- Beneficial ownership and %: **[1687187_0001104659-25-041856_tm253940d3_def14a.htm:22]** **[1687187_0001104659-25-041856_tm253940d3_def14a.htm:3]**
- CIC plan terms and quantified payments: **[1687187_0001104659-25-041856_tm253940d3_def14a.htm:37]** **[1687187_0001104659-25-041856_tm253940d3_def14a.htm:38]**
- Clawback policy: **[1687187_0001104659-25-041856_tm253940d3_def14a.htm:31]**
- Compensation Committee and consultant: **[1687187_0001104659-25-041856_tm253940d3_def14a.htm:33]** **[1687187_0001104659-25-041856_tm253940d3_def14a.htm:26]**
- Peer group context/TSR adjustments: **[1687187_0001104659-25-041856_tm253940d3_def14a.htm:44]**