Patrick C. Graney, III
Ramaco ResourcesAbout Patrick C. Graney, III
Patrick C. Graney, III is an independent director of Ramaco Resources (METC), age 71, serving on the Board since December 2016. He is a private investor and previously founded and chaired the One Stop convenience store chain and was President and CEO of Petroleum Products, Inc. He served on the Board of Truist Financial Corp. starting October 2018 and retired in August 2024; prior roles include Class B Director representing West Virginia to the Richmond Federal Reserve. He holds a B.A. from the University of Virginia and an MBA from UVA’s Darden School .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| One Stop Convenience Store chain | Founder and Chairman | Not disclosed | Entrepreneurial leadership and retail operations experience |
| Petroleum Products, Inc. | President and CEO | Not disclosed | Motor fuel/lubricant distribution, finance and operations leadership |
| Federal Reserve Bank of Richmond | Class B Director (representing WV) | Not disclosed | Regional economic oversight exposure |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Truist Financial Corp. (public) | Director | Oct 2018 – Aug 2024 (retired) | Large financial institution board service |
| West Virginia Chamber of Commerce | Director/Board Member | Not disclosed | Regional business policy engagement |
| University of Charleston | Director/Board Member | Not disclosed | Academic/non-profit governance (disclosed in 2024 proxy) |
| Various privately held companies (WV area) | Investor and Board roles | Not disclosed | Private company governance in local market |
Board Governance
- Independence: Board affirmatively determined Graney is independent under Nasdaq Rules; he also meets the additional standards for Compensation Committee membership independence .
- Committee assignments (2024):
- Compensation Committee – Chair
- Finance and Investment Committee – Member
- Nominating and Corporate Governance Committee – Member
- Attendance: In 2024 the Board met 4 times and committees met 24 times overall; each director attended more than 75% of Board and applicable committee meetings; all directors attended the 2024 annual meeting .
| Committee | Role | 2024 Meetings Held |
|---|---|---|
| Compensation | Chair | 3 |
| Finance & Investment | Member | 3 |
| Nominating & Corporate Governance | Member | 2 |
Fixed Compensation
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Annual Director Cash Retainer | $125,000 | $125,000 |
| Committee Chair Cash Fee | $25,000 | $25,000 |
| Total Cash Fees | $150,000 | $150,000 |
Performance Compensation
| Equity Award Type | Grant Date | Shares Granted | Grant Date Fair Value | Vesting |
|---|---|---|---|---|
| Restricted Stock (LTIP) | Feb 20, 2023 | 9,588 | $101,729 | Fully vested Jan 2024 |
| Restricted Stock (LTIP) | Feb 29, 2024 | 5,297 (Class A) | $93,121 | Fully vested Jan 2025 |
- No performance metrics disclosed for director equity awards; awards are time-based restricted stock administered under LTIP and accounted for under ASC 718 .
Other Directorships & Interlocks
| Company | Industry | Role | Interlock/Notes |
|---|---|---|---|
| Truist Financial Corp. | Banking | Director (retired Aug 2024) | External financial institution; no METC-related conflict disclosed |
| West Virginia Chamber of Commerce | Business Association | Board Member | Policy network; no METC-related conflict disclosed |
| University of Charleston | Academic/Non-profit | Board Member | Community/education governance |
Expertise & Qualifications
- Entrepreneurial and operating experience in retail fuel distribution (One Stop; Petroleum Products, Inc.) bringing strategic and managerial skills to METC’s Board .
- Governance and financial oversight experience via Richmond Fed directorship and public company board service (Truist) .
- Education: BA (University of Virginia) and MBA (UVA Darden) .
Equity Ownership
| Security Class | Shares Beneficially Owned | % of Class |
|---|---|---|
| Class A Common Stock | 208,340 | * (less than 1%) |
| Class B Common Stock | 45,376 | * (less than 1%) |
| Total Common Stock | 253,716 | * (less than 1%) |
- Shares outstanding: 54,693,210 (44,407,741 Class A; 10,285,469 Class B) as of April 29, 2025 .
- Hedging transactions in Company securities are prohibited by the Insider Trading Policy; pledging is not disclosed .
Governance Assessment
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Board effectiveness: Graney is an independent director with relevant operating and financial oversight experience, serving as Compensation Committee Chair and active on Finance & Investment and Nominating committees, aligning with Nasdaq independence standards for committee leadership .
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Engagement: Attendance threshold met (>75% of Board and committee meetings in 2024), and full-board presence at the 2024 annual meeting, supporting engagement and reliability .
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Compensation alignment: Director pay structure mixes fixed cash ($150,000) and annual time-based restricted stock; equity awards vest fully the January following grant, promoting ongoing service alignment though lacking explicit performance conditions typical for non-employee directors .
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Ownership alignment: Beneficial ownership at 253,716 shares (<1%) provides some skin-in-the-game; annual equity grants further align interests, but no disclosure of ownership guidelines or pledging indicates limited visibility on guideline compliance and collateralization risk .
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Conflicts and related-party exposure: The proxy details several related-party transactions (Ramaco Coal acquisition; payments to CEO’s relatives; legal services to former director’s firm), reviewed under the Company’s Related Persons Transactions Policy by the Audit Committee; no Item 404 transactions are disclosed involving Graney, reducing direct conflict risk for him .
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Say-on-pay context: The Company holds annual say-on-pay votes and references consideration of outcomes in executive compensation decisions, indicating responsiveness to shareholder feedback (director compensation oversight falls under Graney’s committee) .
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RED FLAGS:
- None specifically disclosed involving Graney (no related-party transactions or low attendance issues). Broader board-related party activities exist but are overseen via policy and Audit Committee review .