As filed with the Securities and Exchange Commission
on September 1, 2023
No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-3
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
Ramaco Resources, Inc.
(Exact name of registrant as specified in its
certificate of incorporation)
| Delaware |
38-4018838 |
| (State
or other jurisdiction of incorporation or organization) |
(I.R.S.
Employer Identification No.) |
250 West Main Street, Suite 1900
Lexington, Kentucky 40507
(859) 244-7455
(Address, including zip code, and telephone number,
including area code, of registrant’s principal executive offices)
Randall W. Atkins Chairman and Chief Executive
Officer
250 West Main Street, Suite 1900
Lexington, Kentucky 40507
(859) 244-7455
(Name, address, including zip code, and telephone
number, including area code, of agent for service)
Copies of all communications, including communications
sent to agent for service, should be sent to:
Ralph
V. De Martino
Cavas
S. Pavri
ArentFox
Schiff LLP
1717
K Street NW
Washington,
DC 20006
Telephone:
(202) 857-6000
Fax:
(202) 857-6395
Approximate
date of commencement of proposed sale to the public: From time to time after the effective date of the Registration Statement.
If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment
plans, please check the following box. ☐
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415
under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check
the following box. x
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act,
please check the following box and list the Securities Act registration statement number of the earlier effective registration statement
for the same offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box
and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If
this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐
If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register
additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following
box. ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large
accelerated filer |
¨ |
Accelerated
filer |
x |
| Non-accelerated
filer |
¨ |
Smaller
reporting company |
¨ |
| Emerging growth
company |
¨ |
|
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
The registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to
said Section 8(a), may determine.
The information in this prospectus
is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange
Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities
in any jurisdiction where the offer or sale is not permitted.
| PROSPECTUS |
Subject to completion, dated September 1, 2023 |
Ramaco Resources, Inc.
$400,000,000
Class A Common Stock
Class B Common Stock
Preferred Stock
Depositary Shares
Debt Securities
Warrants
Rights
We may from time to time
offer, in one or more series or classes, separately or together, and in amounts, at prices and on terms to be set forth in one or more
supplements to this prospectus, the following securities:
| • | shares
of our Class A common stock, par value $0.01 per share; |
| • | shares
of our Class B common stock, par value $0.01 per share; |
| • | shares
of our preferred stock, par value $0.01 per share; |
| • | depositary
shares representing entitlement to all rights and preferences of fractions of shares of preferred
stock of a specified series and represented by depositary receipts; |
| • | warrants
to purchase shares of common stock, preferred stock, debt securities, or depositary shares;
or |
| • | rights
to purchase common stock. |
We refer to the Class A
common stock, Class B common stock, preferred stock, depositary shares, debt securities, warrants, and rights, collectively, as
the “securities” in this prospectus. The securities will have an aggregate initial offering price of up to $400,000,000,
or its equivalent in a foreign currency based on the exchange rate at the time of sale, in amounts, at initial prices and on terms determined
at the time of the offering.
The specific terms of the
securities will be set forth in the applicable prospectus supplement and will include, as applicable: (i) in the case of our Class A
common stock or Class B common stock, any public offering price; (ii) in the case of our preferred stock, the specific designation
and any dividend, liquidation, redemption, conversion, voting and other rights, and any public offering price; (iii) in the case
of depositary shares, the fractional share of preferred stock represented by each such depositary share; (iv) in the case of debt
securities, any public offering price; (v) in the case of warrants, the duration, offering price, exercise price and detachability;
and (vi) in the case of rights, the number being issued, the exercise price and the expiration date.
The applicable prospectus
supplement will also contain information, where applicable, about certain U.S. federal income tax consequences relating to, and any listing
on a securities exchange of, the securities covered by such prospectus supplement. It is important that you read both this prospectus
and the applicable prospectus supplement before you invest.
We may offer the securities
directly, through agents, or to or through underwriters. The prospectus supplement will describe the terms of the plan of distribution
and set forth the names of any underwriters involved in the sale of the securities. See “Plan of Distribution” beginning
on page 8 for more information on this topic. No securities may be sold without delivery of a prospectus supplement describing
the method and terms of the offering of those securities.
Our Class A common stock
and Class B common stock are listed on the NASDAQ Global Select Market (“NASDAQ”) under the symbols “METC”
and “METCB,” respectively. On August 31, 2023, the closing price of our Class A common stock was $7.84
per share, and the closing price of our Class B common stock was $10.84 per share. The applicable prospectus supplement will
contain information, where applicable, as to any other listing on the NASDAQ Global Select Market or any securities market or other exchange
of the securities, if any, covered by the applicable prospectus supplement.
Investing in the securities
involves risks that are described in the “Risk Factors” section beginning on page 4 of this prospectus and in the
documents incorporated by reference herein.
Neither the Securities
and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of these securities or
passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
The date of this prospectus is ,
2023.
TABLE OF CONTENTS
ABOUT THIS PROSPECTUS
This prospectus is part of
a shelf registration statement. Under this shelf registration statement, we may sell any combination of Class A common stock, Class B
common stock, preferred stock, depositary shares, debt securities, warrants, and rights. You should rely only on the information provided
or incorporated by reference in this prospectus or any applicable prospectus supplement. We have not authorized anyone to provide you
with different or additional information. We are not making an offer to sell these securities in any jurisdiction where the offer or
sale of these securities is not permitted. You should not assume that the information appearing in this prospectus or any applicable
prospectus supplement or the documents incorporated by reference herein or therein is accurate as of any date other than their respective
dates. Our business, financial condition, results of operations and prospects may have changed since those dates. You should read carefully
the entirety of this prospectus and any applicable prospectus supplement, as well as the documents incorporated by reference in this
prospectus and any applicable prospectus supplement, before making an investment decision. You should also read and consider the information
in the documents we have referred you to in the sections of this prospectus entitled “Incorporation of Certain Information by Reference”
and “Where You Can Find Additional Information.”
In this prospectus, unless
otherwise specified or the context requires otherwise, we use the terms “Company,” “we,” “us” and
“our” to refer to Ramaco Resources, Inc. and its consolidated subsidiaries.
SUMMARY INFORMATION
This summary highlights
selected information appearing elsewhere in, or incorporated by reference into, this prospectus. This summary is not complete and does
not contain all of the information that you should consider before investing in the securities. You should carefully read the entire
prospectus, any free writing prospectus that may be provided to you in connection with the offering of any securities, and information
incorporated by reference in this prospectus, including the section entitled “Risk Factors” on page 4 of this prospectus,
in our Annual Report on Form 10-K for the year ended December 31, 2022, as amended, and the financial data and related notes
and the other documents that we incorporate by reference into this prospectus.
About Ramaco Resources, Inc.
Ramaco Resources, Inc.
is a Delaware corporation formed in October 2016. Our Class A common stock and Class B common stock are listed on the
NASDAQ Global Select Market under the symbols “METC” and “METCB,” respectively.
We are an operator and developer
of high-quality, low-cost metallurgical coal in southern West Virginia, southwestern Virginia, and southwestern Pennsylvania. Our executive
offices are located in Lexington, Kentucky, with operational offices in Charleston, West Virginia and Sheridan, Wyoming. We are a pure
play metallurgical coal company with 62 million reserve tons and 1,156 million of measured and indicated resource tons of high-quality
metallurgical coal.
Our development portfolio
primarily includes the following properties: Elk Creek, Berwind, Knox Creek and RAM Mine. We believe each of these properties possesses
geologic and logistical advantages that make our coal among the lowest delivered-cost U.S. metallurgical coal to our domestic target
customer base, North American blast furnace steel mills and coke plants, as well as international metallurgical coal consumers. We also
control mineral deposits near Sheridan, Wyoming as part of the Company’s initiatives regarding the potential recovery of rare earth
elements as well as the potential commercialization of coal-to-carbon-based products and materials.
Renewed global economic concerns,
including those related to the military conflict involving Russia and Ukraine, have caused volatility in the commodity markets. This
volatility, including market expectations of potential changes in coal prices and inflationary pressures on steel products, has had a
significant effect on market prices and may affect overall demand for our coal as well as the cost of supplies and equipment.
During the first six months
of 2023, we sold 1.5 million tons of coal and recognized $303.8 million of revenue. Of this amount, 31% was sold in North American markets,
including Canada, and 69% was sold into export markets. During the same period of 2022, we sold 1.2 million tons of coal and recognized
$293.5 million of revenue. Of this amount, 51% of our sales were sold in North American markets, including Canada, with the remaining
49% being sold into the export markets. The increase in sales into export markets, which often includes index-based pricing, creates
greater potential exposure to variability in pricing in 2023 compared to 2022.
As of June 30, 2023,
we had outstanding performance obligations of approximately 0.9 million tons for contracts with fixed sales prices averaging $198 per
ton, excluding freight, which will generally be satisfied in the second half of 2023, and 0.7 million tons for contracts with index-based
pricing mechanisms.
Our Strategy
Our business strategy is
to increase stockholder value through sustained earnings growth, cash flow generation and dividends by:
Developing
and Operating Our Metallurgical Coal Properties. We have 62 million reserve tons and 1,156 million measured and indicated
resource tons of high-quality metallurgical coal with attractive quality characteristics across high-volatility and low-volatility segments.
This geologically advantaged resource and reserve base allows for flexible capital spending in challenging market conditions.
We plan to complete development
of our existing properties and increase annual production over the next few years to approximately 6.5 million clean tons of metallurgical
coal, subject to market conditions, permitting and additional capital deployment. We may also acquire additional reserves or infrastructure
that contribute to our focus on advantaged geology and lower costs.
Being
a Low-Cost U.S. Producer of Metallurgical Coal. Our reserve base presents advantaged geologic characteristics
such as relatively thick coal seams at the deep mines, a low effective mining ratio at the surface mines, and desirable metallurgical
coal quality. These characteristics contribute to a production profile that has a cash cost of production that is significantly below
most U.S. metallurgical coal producers.
Maintaining
a Conservative Capital Structure and Prudently Managing the Business for the Long Term. We are committed to maintaining
a conservative capital structure with a reasonable amount of debt that will afford us the financial flexibility to execute our business
strategies on an ongoing basis.
Enhancing
Coal Purchase Opportunities. Depending on market conditions, we purchase coal from other independent producers. Purchased
coal is complementary from a blending standpoint with our produced coals or it may also be sold as an independent product.
Demonstrating
Excellence in Safety and Environmental Stewardship. We are committed to complying with both regulatory and our own high
standards for environmental and employee health and safety requirements. We believe that business excellence is achieved through the
pursuit of safer and more productive work practices.
Advancing
our Initiatives in Rare Earth Elements and Advanced Carbon Products. We are also focused on critical mineral rare earth development
as well as the potential commercialization of coal-to-carbon-based products and materials. These initiatives provide additional growth
opportunities and upside potential in future periods.
Competition
Our principal domestic competitors
include Alpha Metallurgical Resources, Inc., Blackhawk Mining, LLC, Coronado Global Resources Inc., Arch Resources, Inc., Peabody
Energy Corporation and Warrior Met Coal, Inc. We also compete in international markets directly with domestic companies and with
companies that produce coal from one or more foreign countries, such as Australia, Canada, and Colombia. Many of these coal producers
are larger than we are and have greater financial resources and larger reserve bases than we do.
Corporate Information
Our headquarters are located
at 250 West Main Street, Suite 1900, Lexington, Kentucky 40507, and our telephone number is (859) 244-7455. Our investor relations
website address is ir.ramacoresources.com.
Information contained on,
or that can be accessed through, our website is not incorporated by reference into this prospectus, and you should not consider information
on our website to be part of this prospectus.
RISK FACTORS
Investment in our securities
involves a high degree of risk. You should carefully consider the risks described in the section “Risk Factors” contained
in our Annual Report on Form 10-K for the year ended December 31, 2022 and our subsequent quarterly reports on Form 10-Q,
which are incorporated by reference in this prospectus in their entirety, as well as other information in this prospectus, any accompanying
prospectus supplement and other documents that are incorporated by reference herein or therein, before purchasing any securities offered
hereby. Each of the risks described could materially adversely affect our business, financial condition, results of operations, or ability
to make distributions to our stockholders. In such case, you could lose all or a portion of your original investment. See “Where
You Can Find Additional Information” beginning on page 26 of this prospectus.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus and the documents
incorporated by reference include “forward-looking statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). All statements, other than statements of historical fact included in this prospectus, regarding our strategy, future operations,
financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management are forward-looking
statements. When used in this prospectus, the words “could,” “believe,” “anticipate,” “intend,”
“estimate,” “expect,” “project” and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain such identifying words.
These forward-looking statements
are based on management’s current expectations and assumptions about future events and are based on currently available information
as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors
and other cautionary statements described under, but not limited to, the heading “Item 1A. Risk Factors” and “Cautionary
Note Regarding Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2022, Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023 and our other filings with the SEC. Forward-looking
statements may include statements about:
| • | risks
related to the impact of the novel coronavirus “COVID-19” global pandemic, such
as the scope and duration of the outbreak, the health and safety of our employees, government
actions and restrictive measures implemented in response, delays and cancellations of customer
sales, supply chain disruptions and other impacts to the business, or our ability to execute
our business continuity plans; |
| • | anticipated
production levels, costs, sales volumes, and revenue; |
| • | timing
and ability to complete major capital projects; |
| • | economic
conditions in the metallurgical coal and steel industries; |
| • | expected
costs to develop planned and future mining operations, including the costs to construct necessary
processing, refuse disposal and transport facilities; |
| • | estimated
quantities or quality of our metallurgical coal reserves; |
| • | our
ability to obtain additional financing on favorable terms, if required, to complete the acquisition
of additional metallurgical coal reserves as currently contemplated or to fund the operations
and growth of our business; |
| • | maintenance,
operating or other expenses or changes in the timing thereof; |
| • | the
financial condition and liquidity of our customers; |
| • | competition
in coal markets; |
| • | the
price of metallurgical coal or thermal coal; |
| • | compliance
with stringent domestic and foreign laws and regulations, including environmental, climate
change and health and safety regulations, and permitting requirements, as well as changes
in the regulatory environment, the adoption of new or revised laws, regulations and permitting
requirements; |
| • | potential
legal proceedings and regulatory inquiries against us; |
| • | the
impact of weather and natural disasters on demand, production, and transportation; |
| • | purchases
by major customers and our ability to renew sales contracts; |
| • | credit
and performance risks associated with customers, suppliers, contract miners, co-shippers
and traders, banks, and other financial counterparties; |
| • | geologic,
equipment, permitting, site access and operational risks and new technologies related to
mining; |
| • | transportation
availability, performance, and costs; |
| • | availability,
timing of delivery and costs of key supplies, capital equipment or commodities such as diesel
fuel, steel, explosives, and tires; |
| • | timely
review and approval of permits, permit renewals, extensions, and amendments by regulatory
authorities; |
| • | our
ability to comply with certain debt covenants; |
| • | tax
payments to be paid for the current fiscal year; |
| • | our
expectations relating to dividend payments and our ability to make such payments; |
| • | the
anticipated benefits and impacts of previous acquisitions; |
| • | risks
related to Russia’s invasion of Ukraine and the international community’s response; |
| • | risks
related to weakened global economic conditions and inflation; |
| • | risks
related to the Company’s tracking stock structure and separate performance of its Carbon
Ore-Rare Earth (“CORE”) assets; and |
| • | other
risks identified in this prospectus that are not historical. |
We caution you that these
forward-looking statements are subject to a number of risks, uncertainties and assumptions, which are difficult to predict and many of
which are beyond our control, incident to the development, production, gathering and sale of coal. Moreover, we operate in a very competitive
and rapidly changing environment and additional risks may arise from time to time. It is not possible for our management to predict all
of the risks associated with our business, nor can we assess the impact of all factors on our business or the extent to which any factor,
or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may
make. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we
make in this prospectus are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved or occur,
and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Given these
risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
All forward-looking statements,
expressed or implied, included in this prospectus are expressly qualified in their entirety by this cautionary statement and speak only
as of the date of this prospectus. This cautionary statement should also be considered in connection with any subsequent written or oral
forward-looking statements that we or persons acting on our behalf may issue.
Except as otherwise required
by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements
in this section, to reflect events or circumstances after the date of this prospectus.
USE OF PROCEEDS
Unless otherwise specified
in the applicable prospectus supplement, we intend to use the net proceeds from the sale of the securities for general corporate purposes,
including funding future acquisitions and investments, repaying indebtedness, making capital expenditures and funding working capital.
Although we currently have no specific plans to raise capital at the time of filing this registration statement, if we choose to conduct
a financing using this registration statement in the future, the specific purposes for the proceeds of such financing will be described
in the prospectus supplement relating to the financing.
PLAN OF DISTRIBUTION
We may sell the securities
to one or more underwriters for public offering and sale by them or may sell the securities to investors directly or through agents.
Any underwriter or agent involved in the offer and sale of the securities will be named in the applicable prospectus supplement. Underwriters
and agents in any distribution contemplated hereby may from time to time be designated on terms to be set forth in the applicable prospectus
supplement.
Underwriters or agents could
make sales in privately negotiated transactions and any other method permitted by law. Securities may be sold in one or more of the following
transactions: (a) block transactions (which may involve crosses) in which a broker-dealer may sell all or a portion of the securities
as agent but may position and resell all or a portion of the block as principal to facilitate the transaction; (b) purchases by
a broker-dealer as principal and resale by the broker-dealer for its own account pursuant to a prospectus supplement; (c) a special
offering, an exchange distribution or a secondary distribution in accordance with applicable NASDAQ or other stock exchange rules; (d) ordinary
brokerage transactions and transactions in which a broker-dealer solicits purchasers; (e) “at the market” offerings
or sales “at the market,” within the meaning of Rule 415(a)(4) of the Securities Act, to or through a market maker
or into an existing trading market on an exchange or otherwise; (f) sales in other ways not involving market makers or established
trading markets, including direct sales to purchasers; or (g) through a combination of any of these methods. Broker-dealers may
also receive compensation from purchasers of these securities which is not expected to exceed those customary in the types of transactions
involved.
Underwriters or agents may
offer and sell the securities at a fixed price or prices, which may be changed in relation to the prevailing market prices at the time
of sale or at negotiated prices. We also may, from time to time, authorize underwriters acting as our agents to offer and sell the securities
upon the terms and conditions as are set forth in the applicable prospectus supplement. In connection with the sale of securities, underwriters
or agents may be deemed to have received compensation from us in the form of underwriting discounts or commissions and may also receive
commissions from purchasers of securities for whom they may act as agent. Underwriters or agents may sell securities to or through dealers,
and the dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters or the agents and/or
commissions from the purchasers for whom they may act as agent.
Any underwriting compensation
paid by us to underwriters or agents in connection with the offering of securities, and any discounts, concessions or commissions allowed
by underwriters or agents to participating dealers, will be set forth in the applicable prospectus supplement. Underwriters, dealers
and agents participating in the distribution of the securities may be deemed to be underwriters, and any discounts and commissions received
by them and any profit realized by them on resale of the securities may be deemed to be underwriting discounts and commissions, under
the Securities Act. Underwriters, dealers and agents may be entitled, under agreements entered into with us for indemnification against
and contribution toward civil liabilities, including liabilities under the Securities Act.
We may have agreements with
the underwriters, dealers, agents and remarketing firms to indemnify them against certain civil liabilities, including liabilities under
the Securities Act, or to contribute with respect to payments that the underwriters, dealers, agents or remarketing firms may be required
to make. Underwriters, dealers, agents and remarketing firms may be customers of, engage in transactions with or perform services for
us in the ordinary course of their businesses.
Any securities issued hereunder
(other than Class A common stock or Class B common stock) will be new issues of securities with no established trading market.
Any underwriters or agents to or through whom such securities are sold by us for public offering and sale may make a market in such securities,
but such underwriters or agents will not be obligated to do so and may discontinue any market making at any time without notice. We cannot
assure you as to the liquidity of the trading market for any such securities.
The underwriters and the
agents and their respective affiliates may be customers of, engage in transactions with and perform services for us in the ordinary course
of business.
DESCRIPTION OF SECURITIES
This prospectus contains
summary descriptions of the material terms of the Class A common stock, Class B common stock, preferred stock, depositary shares,
debt securities, warrants and rights that we may offer and sell from time to time. These summary descriptions are not meant to be complete
descriptions of each security. The particular terms of any security will be described in the applicable prospectus supplement and are
subject to and qualified in their entirety by reference to Delaware law and our amended and restated certificate of incorporation (or
certificate of incorporation) and amended and restated bylaws (or bylaws). See “Where You Can Find Additional Information.”
Our certificate of incorporation
provides that we may issue up to 260,000,000 shares of common stock, $0.01 par value per share, of which up to 225,000,000 shares are
designated as Class A common stock and 35,000,000 shares are designated as Class B common stock, and up to 50,000,000 shares
of preferred stock, $0.01 par value per share. Our certificate of incorporation authorizes the holders of a majority in voting power
of the outstanding shares of our stock entitled to vote thereon to increase or decrease the number of authorized shares of preferred
stock or common stock (but not below the number of shares thereof then outstanding). As of August 30, 2023, we had 43,902,118 shares
of Class A common stock outstanding and 8,783,877 shares of Class B common stock outstanding.
DESCRIPTION OF COMMON STOCK
The following summary description
of our common stock does not purport to be complete and is subject to and qualified in its entirety by reference to the Delaware General
Corporation Law (“DGCL”) and to our certificate of incorporation and bylaws. For a more complete understanding of our common
stock, we encourage you to read carefully this entire prospectus, as well as our certificate of incorporation and our bylaws, copies
of which are incorporated by reference as exhibits to the registration statement of which this prospectus is a part.
Class A Common Stock
Voting
Rights. Holders of shares of Class A common stock are entitled to one vote per share held of record on all matters to
be voted upon by the stockholders. The holders of Class A common stock and Class B common stock shall vote together as a single
class on all matters submitted to a vote of the stockholders. The holders of Class A common stock do not have cumulative voting
rights in the election of directors.
Dividend
Rights. Holders of shares of our Class A common stock are entitled to ratably receive dividends when and if declared
by our Board out of funds legally available for that purpose, subject to any statutory or contractual restrictions on the payment of
dividends and to any prior rights and preferences that may be applicable to any outstanding preferred stock. The timing and amount of
dividends declared in future periods will depend on, among other things, (a) our earnings, earnings outlook, production, processing
and shipping levels, financial condition, cash flow, cash requirements and our outlook on current and future market conditions, (b) our
overall liquidity, (c) the restrictive covenants in our credit agreements and any future debt instruments that we may enter into
and (d) provisions of applicable law governing the dividends.
Liquidation
Rights. Upon our liquidation, dissolution, distribution of assets or other winding up, the holders of Class A common
stock are entitled to receive ratably the assets available for distribution to the stockholders after payment of liabilities and the
liquidation preference of any of our outstanding shares of preferred stock.
Other
Matters. The shares of Class A common stock have no preemptive or conversion rights and are not subject to further calls
or assessment by us. There are no redemption or sinking fund provisions applicable to the Class A common stock. Our certificate
of incorporation permits our Board, in its sole discretion, to convert all of the outstanding shares of Class B common stock into
shares of Class A common stock based on an exchange ratio determined by a 20-day trailing VWAP for each class of stock. All outstanding
shares of our common stock are fully paid and non-assessable.
Class B Common Stock
Voting
Rights. Holders of shares of Class B common stock are entitled to one vote per share held of record on all matters to
be voted upon by the stockholders. The holders of Class A common stock and Class B common stock shall vote together as a single
class on all matters submitted to a vote of the stockholders. The holders of Class B common stock do not have cumulative voting
rights in the election of directors.
Dividend
Rights. Our intention is for holders of shares of our Class B common stock to ratably receive a quarterly dividend tied
to the financial performance of the CORE Assets, subject to the discretion of our Board, the requirements of applicable law, any statutory
or contractual restrictions on the payment of dividends and to any prior rights and preferences that may be applicable to any outstanding
preferred stock. The timing and amount of dividends declared in future periods will depend on, among other things, (a) our earnings,
earnings outlook, production, processing and shipping levels, financial condition, cash flow, cash requirements and our outlook on current
and future market conditions, (b) our overall liquidity, (c) the restrictive covenants in our credit agreements and any future
debt instruments that we may enter into and (d) provisions of applicable law governing the dividends.
Liquidation
Rights. Upon our liquidation, dissolution, distribution of assets or other winding up, the holders of Class B common
stock are entitled to receive ratably the assets available for distribution to the stockholders after payment of liabilities and the
liquidation preference of any of our outstanding shares of preferred stock. Holders of shares of our Class B common stock will not
have any specific rights with respect to the CORE Assets.
Other
Matters. Our certificate of incorporation permits our Board, in its sole discretion, to convert all of the outstanding shares
of Class B common stock into shares of Class A common stock based on an exchange ratio determined by a 20-day trailing VWAP
for each class of stock. All outstanding shares of our common stock are fully paid and non-assessable.
Anti-Takeover Effects of Provisions of Our Certificate of Incorporation,
our Bylaws and Delaware Law
Some provisions of Delaware
law, and our certificate of incorporation and our bylaws described below, contain provisions that could make the following transactions
more difficult: acquisitions of us by means of a tender offer, a proxy contest or otherwise; or removal of our incumbent officers and
directors. These provisions may also have the effect of preventing changes in our management. It is possible that these provisions could
make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interest
or in our best interests, including transactions that might result in a premium over the market price for our shares.
These provisions, summarized
below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage
persons seeking to acquire control of us to first negotiate with us. We believe that the benefits of increased protection and our potential
ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages
of discouraging these proposals because, among other things, negotiation of these proposals could result in an improvement of their terms.
Delaware Law
We are subject to the provisions
of Section 203 of the DGCL, regulating corporate takeovers. In general, those provisions prohibit a Delaware corporation, including
those whose securities are listed for trading on the NASDAQ, from engaging in any business combination with any interested stockholder
for a period of three years following the date that the stockholder became an interested stockholder, unless:
| • | the transaction is approved by the Board
before the date the interested stockholder attained that status; |
| • | upon consummation of the transaction that
resulted in the stockholder becoming an interested stockholder, the interested stockholder
owned at least 85% of the voting stock of the corporation outstanding at the time the transaction
commenced; or |
| • | on or after such time the business combination
is approved by the Board and authorized at a meeting of stockholders by at least two-thirds
of the outstanding voting stock that is not owned by the interested stockholder. |
Certificate of Incorporation and Bylaws
Provisions of our certificate
of incorporation and our bylaws, each as amended, may delay or discourage transactions involving an actual or potential change in control
or change in our management, including transactions in which stockholders might otherwise receive a premium for their shares, or transactions
that our stockholders might otherwise deem to be in their best interests. Therefore, these provisions could adversely affect the price
of our common stock.
Among other things, our certificate
of incorporation and bylaws:
| • | establishes
advance notice procedures with regard to stockholder proposals relating to the nomination
of candidates for election as directors or new business to be brought before meetings of
our stockholders. These procedures provide that notice of stockholder proposals must be timely
given in writing to our corporate secretary prior to the meeting at which the action is to
be taken. Generally, to be timely, notice must be received at our principal executive offices
not less than 90 days nor more than 120 days prior to the first anniversary date of the annual
meeting for the preceding year. Our bylaws specify the requirements as to form and content
of all stockholders’ notices. These requirements may preclude stockholders from bringing
matters before the stockholders at an annual or special meeting; |
| • | provides
that all vacancies, including newly created directorships, may, except as otherwise required
by law or, if applicable, the rights of holders of a series of preferred stock, be filled
by the affirmative vote of a majority of directors then in office, even if less than a quorum; |
| • | provides
our Board the ability to authorize undesignated preferred stock. This ability makes it possible
for our Board to issue, without stockholder approval, preferred stock with voting or other
rights or preferences that could impede the success of any attempt to change control of us.
These and other provisions may have the effect of deferring hostile takeovers or delaying
changes in control or management of our company; |
| • | provides
that the authorized number of directors may be changed only by resolution of the Board; |
| • | provides
that any action required or permitted to be taken by the stockholders must be effected at
a duly called annual or special meeting of stockholders and may not be effected by any consent
in writing in lieu of a meeting of such stockholders, subject to the rights of the holders
of any series of preferred stock with respect to such series; |
| • | provides
that our certificate of incorporation and bylaws may be amended by the affirmative vote of
the holders of at least two-thirds of our then outstanding common stock; |
| • | provides
that special meetings of our stockholders may only be called by the Board, the chief executive
officer or the chairman of the board; |
| • | provides
for our Board to be divided into three classes of directors, with each class as nearly equal
in number as possible, serving staggered three-year terms, other than directors which may
be elected by holders of preferred stock, if any. This system of electing and removing directors
may tend to discourage a third party from making a tender offer or otherwise attempting to
obtain control of us, because it generally makes it more difficult for stockholders to replace
a majority of the directors; |
| • | provides
that we renounce any interest in existing and future investments in other entities by, or
the business opportunities of, Yorktown Partners LLC (“Yorktown”) and Energy
Capital Partners Mezzanine, LLC (“ECP” and together with Yorktown, the “Sponsors”)
or any of their officers, directors, agents, stockholders, members, partners, affiliates
and subsidiaries (other than our directors that are presented business opportunities in their
capacity as our directors) and that they have no obligation to offer us those investments
or opportunities; and |
| • | provides
that our bylaws can be amended by the Board. |
Forum Selection
Our certificate of incorporation
provides that unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will,
to the fullest extent permitted by applicable law, be the sole and exclusive forum for:
| • | any
derivative action or proceeding brought on our behalf; |
| • | any
action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers,
employees or agents to us or our stockholders; |
| • | any
action asserting a claim against us or any director or officer or other employee of ours
arising pursuant to any provision of the DGCL, our certificate of incorporation or our bylaws;
or |
| • | any
action asserting a claim against us or any director or officer or other employee of ours
that is governed by the internal affairs doctrine, in each such case subject to such Court
of Chancery having personal jurisdiction over the indispensable parties named as defendants
therein. |
Our certificate of incorporation
also provides that any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock will be deemed
to have notice of, and to have consented to, this forum selection provision. Although we believe these provisions will benefit us by
providing increased consistency in the application of Delaware law for the specified types of actions and proceedings, the provisions
may have the effect of discouraging lawsuits against our directors, officers, employees and agents. The enforceability of similar exclusive
forum provisions in other companies’ certificates of incorporation has been challenged in legal proceedings, and it is possible
that, in connection with one or more actions or proceedings described above, a court could rule that this provision in our certificate
of incorporation is inapplicable or unenforceable.
Limitation of Liability and Indemnification
Matters
Our certificate of incorporation
limits the liability of our directors for monetary damages for breach of their fiduciary duty as directors, except for liability that
cannot be eliminated under the DGCL. Delaware law provides that directors of a company will not be personally liable for monetary damages
for breach of their fiduciary duty as directors, except for liabilities:
| • | for
any breach of their duty of loyalty to us or our stockholders; |
| • | for
acts or omissions not in good faith or which involve intentional misconduct or a knowing
violation of law; |
| • | for
unlawful payment of dividend or unlawful stock repurchase or redemption, as provided under
Section 174 of the DGCL; or |
| • | for
any transaction from which the director derived an improper personal benefit. |
Any amendment, repeal or
modification of these provisions will be prospective only and would not affect any limitation on liability of a director for acts or
omissions that occurred prior to any such amendment, repeal or modification.
Our bylaws also provide that
we will indemnify our directors and officers to the fullest extent permitted by Delaware law. Our bylaws also permit us to purchase insurance
on behalf of any officer, director, employee or other agent for any liability arising out of that person’s actions as our officer,
director, employee or agent, regardless of whether Delaware law would permit indemnification. We have entered into and intend to enter
into indemnification agreements with each of our current and future directors and officers. These agreements require us to indemnify
these individuals to the fullest extent permitted under Delaware law against liability that may arise by reason of their service to us,
and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified. We believe that the
limitation of liability provision that are in our certificate of incorporation and the indemnification agreements facilitate our ability
to continue to attract and retain qualified individuals to serve as directors and officers.
Transfer Agent and Registrar
Computershare Trust Company,
N.A. acts as our transfer and distribution agent and registrar for our shares of common stock.
Listing
Our Class A common stock
and Class B common stock are listed on the NASDAQ under the symbols “METC” and “METCB,” respectively.
DESCRIPTION OF PREFERRED STOCK
General
Our certificate of incorporation
provides that we may issue up to 50,000,000 shares of preferred stock, $0.01 par value per share. As of the date of this prospectus,
we had no outstanding shares of preferred stock.
We may issue preferred stock.
Preferred stock may be issued independently or together with any other securities and may be attached to or separate from the securities.
The following description of the preferred stock sets forth general terms and provisions of the preferred stock to which any prospectus
supplement may relate. The statements below describing the preferred stock are in all respects subject to and qualified in their entirety
by reference to the applicable provisions of our certificate of incorporation and bylaws and any applicable designation designating terms
of a series of preferred stock. The issuance of preferred stock could adversely affect the voting power, dividend rights and other rights
of holders of Class A common stock and Class B common stock.
Although our Board does not
have this intention at the present time, it or a duly authorized committee could establish another series of preferred stock, that could,
depending on the terms of the series, delay, defer or prevent a transaction or a change in control of our company that might involve
a premium price for the Class A common stock or Class B common stock or otherwise be in the best interest of the holders thereof.
Terms
Our certificate of incorporation
authorizes our Board, subject to any limitations prescribed by law, without further stockholder approval, to establish and to issue from
time to time one or more classes or series of preferred stock, par value $0.01 per share, covering up to an aggregate of shares of preferred
stock. Each class or series of preferred stock will cover the number of shares and will have the powers, preferences, rights, qualifications,
limitations and restrictions determined by the Board, which may include, among others, dividend rights, liquidation preferences, voting
rights, conversion rights, preemptive rights and redemption rights. Except as provided by law or in a preferred stock designation, the
holders of preferred stock will not be entitled to vote at or receive notice of any meeting of stockholders.
Reference is made to the
prospectus supplement relating to the series of preferred stock offered thereby for the specific terms thereof, including:
| • | the
designation of the class and/or series of preferred stock; |
| • | the
number of shares of the preferred stock, the liquidation preference per share of the preferred
stock and the offering price of the preferred stock; |
| • | the
dividend rate(s), period(s) and/or payment day(s) or method(s) of calculation
thereof applicable to the preferred stock; |
| • | the
date from which dividends on the preferred stock shall accumulate, if applicable; |
| • | the
procedures for any auction and remarketing, if any, for the preferred stock; |
| • | the
provision for a sinking fund, if any, for the preferred stock; |
| • | the
provision for redemption, if applicable, of the preferred stock; |
| • | any
listing of the preferred stock on any securities exchange; |
| • | the
terms and conditions, if applicable, upon which the preferred stock may or will be convertible
into our Class A common stock or Class B common stock, including the conversion
price or manner of calculation thereof; |
| • | the
relative ranking and preferences of the preferred stock as to dividend rights and rights
upon liquidation, dissolution or winding up of our affairs; |
| • | whether
interests in the shares of preferred stock will be represented by depositary shares; |
| • | any
limitations on ownership and restrictions on transfer; |
| • | any
limitations on the issuance of any class or series of preferred stock ranking senior or equal
to the series of preferred stock being offered as to dividend rights and rights upon liquidation,
dissolution or the winding up of our affairs; |
| • | a
discussion of U.S. federal income tax considerations applicable to the preferred stock; and |
| • | any
other specific terms, preferences, conversion and other rights, voting powers, restrictions,
limitations as to dividends and other distributions, qualifications and terms and conditions
of redemption of the preferred stock. |
The terms of each class or
series of preferred stock will be described in any prospectus supplement related to such class or series of preferred stock and will
contain a discussion of any material Delaware law and may describe certain material U.S. federal income tax considerations applicable
to the preferred stock.
Registrar and Transfer Agent
We will name the registrar
and transfer agent for the preferred stock in the applicable prospectus supplement.
DESCRIPTION OF DEPOSITARY SHARES
We may, at our option, elect
to offer depositary shares rather than full shares of preferred stock. In the event such option is exercised, each of the depositary
shares will represent ownership of and entitlement to all rights and preferences of a fraction of a share of preferred stock of a specified
class or series (including dividend, voting, redemption and liquidation rights). The applicable fraction will be specified in a prospectus
supplement. The shares of preferred stock represented by the depositary shares will be deposited with a depositary named in the applicable
prospectus supplement, under a deposit agreement, among our company, the depositary and the holders of the certificates evidencing depositary
shares, or depositary receipts. Depositary receipts will be delivered to those persons purchasing depositary shares in the offering.
The depositary will be the transfer agent, registrar and dividend disbursing agent for the depositary shares. Holders of depositary receipts
agree to be bound by the deposit agreement, which requires holders to take certain actions such as filing proof of residence and paying
certain charges. The form of the deposit agreement and the form of the depositary receipt will be filed with the SEC and incorporated
by reference as an exhibit to the registration statement of which this prospectus is a part.
The summary of terms of the
depositary shares contained in this prospectus does not purport to be complete and is subject to, and qualified in its entirety by, the
provisions of the deposit agreement and the form of designation for the applicable class or series of preferred stock. While the deposit
agreement relating to a particular class or series of preferred stock may have provisions applicable solely to that class or series of
preferred stock, all deposit agreements relating to preferred stock we issue will include the provisions described below.
Dividends and Other Distributions
Each time we pay a cash dividend
or make any other type of cash distribution with regard to preferred stock of a class or series, the depositary will distribute to the
holder of record of each depositary share relating to that class or series of preferred stock an amount equal to the dividend or other
distribution per depositary share that the depositary receives. If there is a distribution of property other than cash, the depositary
either will distribute the property to the holders of depositary shares in proportion to the depositary shares held by each of them,
or the depositary will, if we approve, sell the property and distribute the net proceeds to the holders of the depositary shares in proportion
to the depositary shares held by them.
Withdrawal of Preferred Stock
A holder of depositary shares
will be entitled to receive, upon surrender of depositary receipts representing depositary shares, the number of whole or fractional
shares of the applicable class or series of preferred stock and any money or other property to which the depositary shares relate.
Redemption of Depositary Shares
Whenever we redeem shares
of preferred stock held by a depositary, the depositary will be required to redeem, on the same redemption date, depositary shares constituting,
in total, the number of shares of preferred stock held by the depositary which we redeem, subject to the depositary’s receiving
the redemption price of those shares of preferred stock. If fewer than all the depositary shares relating to a class or series of preferred
stock are to be redeemed, the depositary shares to be redeemed will be selected by lot or by another method we determine to be equitable.
Voting
Any time we send a notice
of meeting or other materials relating to a meeting to the holders of a class or series of preferred stock to which depositary shares
relate, we will provide the depositary with sufficient copies of those materials so they can be sent to all holders of record of the
applicable depositary shares, and the depositary will send those materials to the holders of record of the depositary shares on the record
date for the meeting. The depositary will solicit voting instructions from holders of depositary shares and will vote or not vote the
preferred stock to which the depositary shares relate in accordance with those instructions.
Liquidation Preference
Upon our liquidation, dissolution
or winding up, the holder of each depositary share will be entitled to what the holder of the depositary share would have received if
the holder had owned the number of shares (or a fraction of a share) of preferred stock which is represented by the depositary share.
Conversion
If shares of a class or series
of preferred stock are convertible into Class A common stock or Class B common stock or other of our securities or property,
holders of depositary shares relating to that class or series of preferred stock will, if they surrender depositary receipts representing
depositary shares and appropriate instructions to convert them, receive the shares of Class A common stock or Class B common
stock or other securities or property into which the number of shares (or fractions of shares) of preferred stock to which the depositary
shares relate could at the time be converted.
Amendment and Termination of a Deposit Agreement
We and the depositary may
amend a deposit agreement, except that an amendment which materially and adversely affects the rights of holders of depositary shares,
or would be materially and adversely inconsistent with the rights granted to the holders of the preferred stock to which they relate,
must be approved by holders of at least a majority of the outstanding depositary shares. No amendment will impair the right of a holder
of depositary shares to surrender the depositary receipts evidencing those depositary shares and receive the preferred stock to which
they relate, except as required to comply with law. We may terminate a deposit agreement with the consent of holders of a majority of
the depositary shares to which it relates. Upon termination of a deposit agreement, the depositary will make the whole or fractional
shares of preferred stock to which the depositary shares issued under the deposit agreement relate available to the holders of those
depositary shares. A deposit agreement will automatically terminate if:
| • | all
outstanding depositary shares to which it relates have been redeemed or converted; or |
| • | the
depositary has made a final distribution to the holders of the depositary shares issued under
the deposit agreement upon our liquidation, dissolution or winding up. |
Miscellaneous
There will be provisions:
(1) requiring the depositary to forward to holders of record of depositary shares any reports or communications from us which the
depositary receives with respect to the preferred stock to which the depositary shares relate; (2) regarding compensation of the
depositary; (3) regarding resignation of the depositary; (4) limiting our liability and the liability of the depositary under
the deposit agreement (generally limited to failure to act in good faith, gross negligence or willful misconduct); and (5) indemnifying
the depositary against certain possible liabilities.
DESCRIPTION OF DEBT SECURITIES
We may issue debt securities,
in one or more series, as either senior or subordinated debt or as senior or subordinated convertible debt. The senior debt securities
will rank equally with any other unsubordinated debt that we may have and may be secured or unsecured. The subordinated debt securities
will be subordinate and junior in right of payment, to the extent and in the manner described in the instrument governing the debt, to
all or some portion of our senior indebtedness. Any convertible debt securities that we may issue will be convertible into or exchangeable
for Class A common stock or Class B common stock, preferred stock or other securities of ours or of a third party. Conversion
may be mandatory or at the holder’s option and would be at prescribed conversion rates.
The debt securities will
be issued either (i) pursuant to our existing indenture, dated as of July 13, 2021, as amended, modified or supplemented, between
us and Wilmington Savings Fund Society, FSB, as trustee (“existing indenture”) or (ii) pursuant to a subordinated debt
indenture that we will enter into with Wilmington Savings Fund Society, FSB, as trustee (“new subordinated debt indenture”).
While the terms we have summarized below will apply generally to any debt securities that we may offer under this prospectus, we will
describe the particular terms of any debt securities that we may offer in more detail in a prospectus supplement (and any free writing
prospectus).
We have incorporated by reference
our existing indenture and will file a form of our new subordinated debt indenture as an exhibit to a prospectus supplement. We use the
term “indentures” to refer collectively to our existing indenture and our new subordinated debt indenture.
The indentures, to the extent
not already qualified, will be qualified under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”).
The following summaries of
the material provisions of the senior debt securities, the subordinated debt securities and the indentures, together with the additional
information we may include in any applicable prospectus supplements, does not purport to be complete and is subject to, and qualified
in its entirety by reference to, all of the provisions of the form of our new subordinated debt indenture to be filed as an exhibit to
a prospectus supplement to this registration statement, as it may be supplemented, amended or modified from time to time, as well as
our existing indenture that are incorporated by reference as exhibits to the registration statement of which this prospectus is part.
You should read the applicable prospectus supplement (and any free writing prospectus that we may authorize to be provided to you) related
to the series of debt securities being offered, as well as the complete indentures that contain the terms of the debt securities.
The following are some of
the terms relating to our existing indenture and our new subordinated debt indenture of debt securities that could be described in a
prospectus supplement:
| • | principal
amount being offered, and, if a series, the total amount authorized and the total amount
outstanding; |
| • | any
limit on the amount that may be issued; |
| • | whether
we will issue the series of debt securities in global form and, if so, the terms and who
the depositary will be; |
| • | principal
amount due at maturity, and whether the debt securities will be issued with any original
issue discount; |
| • | whether
and under what circumstances, if any, we will pay additional amounts on any debt securities
held by a person who is not a United States person for tax purposes, and whether we can redeem
the debt securities if we have to pay such additional amounts; |
| • | annual
interest rate, which may be fixed or variable, or the method for determining the rate, the
date interest will begin to accrue, the dates interest will be payable and the regular record
dates for interest payment dates or the method for determining such dates; |
| • | whether
the debt securities will be secured or unsecured, and the terms of any secured debt; |
| • | terms
of the subordination of any series of subordinated debt; |
| • | place
where payments will be payable; |
| • | restrictions
on transfer, sale or other assignment, if any; |
| • | our
right, if any, to defer payment of interest and the maximum length of any such deferral period; |
| • | date,
if any, after which, the conditions upon which, and the price at which we may, at our option,
redeem the series of debt securities pursuant to any optional or provisional redemption provisions,
and any other applicable terms of those redemption provisions; |
| • | provisions
for a sinking fund, purchase or other analogous fund, if any; |
| • | date,
if any, on which, and the price at which we are obligated, pursuant to any mandatory sinking
fund or analogous fund provisions or otherwise, to redeem, or at the holder’s option
to purchase, the series of debt securities; |
| • | whether
the indenture will restrict our ability or the ability of our subsidiaries to: |
| • | incur
additional indebtedness; |
| • | issue
additional securities; |
| • | pay
dividends or make distributions in respect of our capital stock or the capital stock of our
subsidiaries; |
| • | place
restrictions on our subsidiaries’ ability to pay dividends, make distributions or transfer
assets; |
| • | make
investments or other restricted payments; |
| • | sell
or otherwise dispose of assets; |
| • | enter
into sale-leaseback transactions; |
| • | engage
in transactions with shareholders or affiliates; |
| • | issue
or sell stock of our subsidiaries; or |
| • | effect
a consolidation or merger; |
| • | whether
the indenture will require us to maintain any interest coverage, fixed charge, cash flow-
based, asset-based or other financial ratios; |
| • | a
discussion of any material or special United States federal income tax considerations applicable
to the debt securities; |
| • | information
describing any book-entry features; |
| • | procedures
for any auction or remarketing, if any; |
| • | whether
the debt securities are to be offered at a price such that they will be deemed to be offered
at an “original issue discount” as defined in paragraph (a) of Section 1273
of the Internal Revenue Code of 1986, as amended; |
| • | denominations
in which we will issue the series of debt securities, if other than denominations of $2,000
and any integral multiple of $1,000 in excess thereof; |
| • | if
other than dollars, the currency in which the series of debt securities will be denominated;
and |
| • | any
other specific terms, preferences, rights or limitations of, or restrictions on, the debt
securities, including any events of default that are in addition to those described in this
prospectus or any covenants provided with respect to the debt securities that are in addition
to those described above, and any terms that may be required by us or advisable under applicable
laws or regulations or advisable in connection with the marketing of the debt securities. |
Conversion or Exchange Rights
We will set forth in the
applicable prospectus supplement or free writing prospectus the terms on which a series of debt securities may be convertible into or
exchangeable for Class A common stock or Class B common stock, preferred stock or other securities of ours, including the conversion
or exchange rate, as applicable, or how it will be calculated, and the applicable conversion or exchange period. We will include provisions
as to whether conversion or exchange is mandatory, at the option of the holder or at our option. We may include provisions pursuant to
which the number of our securities that the holders of the series of debt securities receive upon conversion or exchange would, under
the circumstances described in those provisions, be subject to adjustment, or pursuant to which those holders would, under those circumstances,
receive other property upon conversion or exchange, for example in the event of our merger or consolidation with another entity.
Consolidation, Merger or Sale
The terms of any securities
that we may offer pursuant to this prospectus may limit our ability to merge or consolidate or otherwise sell, convey, transfer or otherwise
dispose of all or substantially all of our assets, which terms would be set forth in the applicable prospectus supplement and supplemental
indenture. Any successor of ours or acquiror of such assets would have to assume all of our obligations under the indentures and the
debt securities, as appropriate.
If the debt securities are
convertible for our other securities, the person with whom we consolidate or merge or to whom we sell all of our property would have
to make provisions for the conversion of the debt securities into securities that the holders of the debt securities would have received
if they had converted the debt securities before the consolidation, merger or sale.
Events of Default Under the Indenture
Unless otherwise indicated
in the applicable prospectus supplement, the following are events of default under the indentures with respect to any series of debt
securities that we may issue:
| • | if
we fail to pay interest when due and payable and our failure continues for 30 days and the
time for payment has not been extended or deferred; |
| • | if
we fail to pay the principal or premium, if any, when due and payable and the time for payment
has not been extended or deferred; |
| • | if
we fail to observe or perform any other covenant contained in the debt securities or the
indentures, and our failure continues for 60 days after we receive notice from the trustee
or holders of at least 25% in aggregate principal amount of the outstanding debt securities
of the applicable series; and |
| • | if
specified events of bankruptcy, insolvency or reorganization occur. |
If an event of default with
respect to debt securities of any series occurs and is continuing, other than an event of default specified in the last bullet point
above, the trustee or the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series, by
notice to us in writing, and to the trustee if notice is given by such holders, may declare the unpaid principal of, premium, if any,
and accrued interest, if any, due and payable immediately. If an event of default specified in the last bullet point above occurs with
respect to us, the principal amount of and accrued interest, if any, of each issue of debt securities then outstanding would be due and
payable without any notice or other action on the part of the trustee or any holder.
The holders of a majority
in principal amount of the outstanding debt securities of an affected series may waive any default or event of default with respect to
the series and its consequences, except defaults or events of default regarding payment of principal, premium, if any, or interest, unless
we have cured the default or event of default in accordance with the indenture. Any waiver shall cure the default or event of default.
Subject to the terms of the
indentures, if an event of default under an indenture occurs and continues, the trustee would be under no obligation to exercise any
of its rights or powers under such indenture at the request or direction of any of the holders of the applicable series of debt securities,
unless such holders have offered the trustee indemnity satisfactory to the trustee. The holders of a majority in principal amount of
the outstanding debt securities of any series will have the right to direct the time, method and place of conducting any proceeding for
any remedy available to the trustee, or exercising any trust or power conferred on the trustee, with respect to the debt securities of
that series, provided that:
| • | the
direction so given by the holder is not in conflict with any law or the applicable indenture,
nor would it subject the trustee to a risk of liability in respect of which the trustee has
not received indemnification satisfactory to it in its sole discretion against all losses,
liabilities and expenses caused by taking or not taking such action; and |
| • | the
trustee may take any other action deemed proper by the trustee which is not inconsistent
with such direction. |
A holder of the debt securities
of any series will have the right to institute a proceeding under the indentures or to appoint a receiver or trustee, or to seek other
remedies only if:
| • | the
holder has given written notice to the trustee of a continuing event of default with respect
to that series; |
| • | the
holders of at least 25% in aggregate principal amount of the outstanding debt securities
of that series have made written request, and such holders have offered indemnity satisfactory
to the trustee to institute the proceeding as trustee; and |
| • | the
trustee does not institute the proceeding, and does not receive from the holders of a majority
in aggregate principal amount of the outstanding debt securities of that series other conflicting
directions within 60 days after the notice, request and offer. |
These limitations do not
apply to a suit instituted by a holder of debt securities if we default in the payment of the principal, premium, if any, or interest
on, the debt securities.
We will periodically file
statements with the trustee regarding our compliance with specified covenants in the indentures.
Supplemental Indentures
We and the trustee may from
time to time and at any time enter into an indenture or supplemental indenture without the consent of any holders for one or more of
the following purposes:
| • | to
evidence the succession of another corporation, and the assumption by the successor corporation
of our covenants, agreements and obligations under the indenture and debt securities; |
| • | to
add to our covenants such new covenants, restrictions, conditions or provisions for the protection
of the holders, and to make the occurrence, or the occurrence and continuance, of a default
in any of such additional covenants, restrictions, conditions or provisions an event of default; |
| • | to
modify, eliminate or add to any of the provisions of the indenture to such extent as necessary
to effect the qualification of the indenture under the Trust Indenture Act, and to add to
the indenture such other provisions as may be expressly permitted by the Trust Indenture
Act, excluding however, the provisions referred to in Section 316(a)(2) of the
Trust Indenture Act; |
| • | to
cure any ambiguity or to correct or supplement any provision contained in the indenture or
in any supplemental indenture which may be defective or inconsistent with other provisions; |
| • | to
make provisions in regard to matters or questions arising under the indenture, so long such
other provisions to do not adversely affect the interest of any other holder of debt securities
in any material respect; |
| • | to
secure any series of security; |
| • | to
evidence and provide for the acceptance and appointment of a successor trustee and to add
or change any provisions of the indenture as necessary to provide for or facilitate the administration
of the trust by more than one trustee; and |
| • | to
establish the form or terms of securities of any series as permitted under the indenture,
including any subordination provisions. |
In addition, we and the trustee,
with the consent of the holders of not less than a majority in aggregate principal of the outstanding debt securities of each series
that is affected, may from time to time and at any time enter into an indenture or supplemental indenture for the purpose of adding any
provisions to or changing in any manner the rights of the holders of the securities of such series and any related coupons of the indenture,
provided that no such supplemental indenture shall:
| • | extend
the fixed maturity of any securities, or reduce the principal amount thereof or premium,
if any, or reduce the rate or extend the time of payment of interest, without the extent
of the holder so affected; |
| • | reduce
the aforesaid percentage of securities, the consent of the holders of which is required for
any such supplemental indenture, without the consent of all holders of outstanding series
of debt securities; |
| • | impair
the right to institute suit for the enforcement of any payment on or after the date on which
it is due and payable; or |
| • | modify
any of the above provisions. |
Discharge
Each indenture will provide
that we can elect to be discharged from our obligations with respect to one or more series of debt securities, except for specified obligations,
including obligations to:
| • | register
the transfer or exchange of debt securities of the series; |
| • | replace
stolen, lost or mutilated debt securities of the series; |
| • | maintain
paying agencies; and |
| • | hold
monies for payment in trust. |
In order to exercise our
rights to be discharged, we must deposit with the trustee money or government obligations, or a combination thereof, sufficient to pay
all the principal of, any premium and interest on, the debt securities of the series on the dates payments are due.
Form, Exchange and Transfer
We will issue the debt securities
of each series only in fully registered form without coupons and, unless we otherwise specify in the applicable prospectus supplement
or free writing prospectus, in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. The indentures will provide
that we may issue debt securities of a series in temporary or permanent global form and as book-entry securities that will be deposited
with, or on behalf of, The Depository Trust Company or another depositary named by us and identified in a prospectus supplement or free
writing prospectus with respect to that series.
At the option of the holder,
subject to the terms of the indentures and the limitations applicable to global securities described in the applicable prospectus supplement
or free writing prospectus, the holder of the debt securities of any series can exchange the debt securities for other debt securities
of the same series, in any authorized denomination and of like tenor and aggregate principal amount.
Subject to the terms of the
indentures and the limitations applicable to global securities set forth in the applicable prospectus supplement or free writing prospectus,
holders of the debt securities may present the debt securities for exchange or for registration of transfer, duly endorsed or with the
form of transfer endorsed thereon duly executed if so required by us or the security registrar, at the office of the security registrar
or at the office of any transfer agent designated by us for this purpose. Unless otherwise provided in the debt securities that the holder
presents for transfer or exchange, we will make no service charge for any registration of transfer or exchange, but we may require payment
of any taxes or other governmental charges.
We will name in the applicable
prospectus supplement or free writing prospectus the security registrar, and any transfer agent in addition to the security registrar
that we initially designate for any debt securities.
We may at any time designate
additional transfer agents or rescind the designation of any transfer agent or approve a change in the office through which any transfer
agent acts, except that we will be required to maintain a transfer agent in each place of payment for the debt securities of each series.
If we elect to redeem the
debt securities of any series, we will not be required to:
| • | issue,
register the transfer of, or exchange any debt securities of any series being redeemed in
part during a period beginning at the opening of business 15 days before the day of sending
of a notice of redemption of any debt securities that may be selected for redemption and
ending at the close of business on the day of such transmission; or |
| • | register
the transfer of or exchange any debt securities so selected for redemption, in whole or in
part, except the unredeemed portion of any debt securities we are redeeming in part. |
Information Concerning the Trustee
The trustee, other than during
the occurrence and continuance of an event of default under an indenture, undertakes to perform only those duties as are specifically
set forth in the applicable indenture. Upon an event of default under an indenture, the trustee must use the same degree of care as a
prudent person would exercise or use in the conduct of his or her own affairs. Subject to this provision, the trustee is under no obligation
to exercise any of the powers given it by an indenture at the request of any holder of debt securities unless it is offered security
and indemnity against the costs, expenses and liabilities that it might incur.
Payment and Paying Agents
Unless we otherwise indicate
in the applicable prospectus supplement or free writing prospectus, we will make payment of the interest on any debt securities on any
interest payment date to the person in whose name the debt securities, or one or more predecessor securities, are registered at the close
of business on the regular record date for the interest.
We will pay principal of
and any premium and interest on the debt securities of a particular series at the office of the paying agents designated by us, except
that, unless we otherwise indicate in the applicable prospectus supplement or free writing prospectus, we may make interest payments
by check which we will mail to the holder or by wire transfer to certain holders. Unless we otherwise indicate in a prospectus supplement
or free writing prospectus, we will designate an office or agency of the trustee in the contiguous United States as our sole paying agent
for payments with respect to debt securities of each series. We will name in the applicable prospectus supplement or free writing prospectus
any other paying agents that we initially designate for the debt securities of a particular series. We will maintain a paying agent in
each place of payment for the debt securities of a particular series.
All money we pay to a paying
agent or the trustee for the payment of the principal of or any premium or interest on any debt securities which remains unclaimed at
the end of two years after such principal, premium or interest has become due and payable will be repaid to us, and the holder of the
debt security thereafter may look only to us for payment thereof.
Governing Law
The indentures and the debt
securities will be governed by and construed in accordance with the laws of the State of New York, except to the extent that the Trust
Indenture Act is applicable.
Subordination of Subordinated Debt Securities
The subordinated debt securities
will be subordinate and junior in priority of payment to certain of our other indebtedness to the extent described in a prospectus supplement
or free writing prospectus. Our new subordinated debt indenture in the form to be filed as an exhibit to a prospectus supplement, and
our existing indenture, do not limit the amount of indebtedness which we may incur, including senior indebtedness or subordinated indebtedness,
and do not limit us from issuing any other debt, including secured debt or unsecured debt.
DESCRIPTION OF WARRANTS
We may issue warrants for
the purchase of Class A common stock, Class B common stock, preferred stock or depositary shares and may issue warrants independently
or together with Class A common stock, Class B common stock, preferred stock or depositary shares or attached to, or separate
from, such securities. We may issue each series of warrants under a separate warrant agreement between us and a bank or trust company
as warrant agent, as specified in the applicable prospectus supplement. The form of warrant agreement and the form of the warrant certificate
will be filed with the SEC and incorporated by reference as an exhibit to the registration statement of which this prospectus is a part.
The warrant agent will act
solely as our agent in connection with the warrants and will not act for or on behalf of warrant holders. The following sets forth certain
general terms and provisions of the warrants that may be offered under this registration statement. Further terms of the warrants and
the applicable warrant agreement will be set forth in the applicable prospectus supplement.
The applicable prospectus
supplement will describe the terms of the warrants in respect of which this prospectus is being delivered, including, where applicable,
the following:
| • | the
title of such warrants; |
| • | the
aggregate number of such warrants; |
| • | the
price or prices at which such warrants will be issued; |
| • | the
type and number of securities purchasable upon exercise of such warrants; |
| • | the
designation and terms of the other securities, if any, with which such warrants are issued
and the number of such warrants issued with each such offered security; |
| • | the
date, if any, on and after which such warrants and the related securities will be separately
transferable; |
| • | the
price at which each security purchasable upon exercise of such warrants may be purchased; |
| • | the
date on which the right to exercise such warrants shall commence and the date on which such
right shall expire; |
| • | the
minimum or maximum amount of such warrants that may be exercised at any one time; |
| • | information
with respect to book-entry procedures, if any; |
| • | any
anti-dilution protection; |
| • | a
discussion of certain material U.S. federal income tax considerations; and |
| • | any
other terms of such warrants, including terms, procedures and limitations relating to the
transferability, exercise and exchange of such warrants. |
Warrant certificates will
be exchangeable for new warrant certificates of different denominations and warrants may be exercised at the corporate trust office of
the warrant agent or any other office indicated in the applicable prospectus supplement. Prior to the exercise of their warrants, holders
of warrants will not have any of the rights of holders of the securities purchasable upon such exercise or to any dividend payments or
voting rights as to which holders of the shares of common stock or preferred stock purchasable upon such exercise may be entitled.
Each warrant will entitle
the holder to purchase for cash such number of shares of common stock or preferred stock, at such exercise price as shall, in each case,
be set forth in, or be determinable as set forth in, the applicable prospectus supplement relating to the warrants offered thereby. After
the expiration date set forth in applicable prospectus supplement, unexercised warrants will be void.
Warrants may be exercised
as set forth in the applicable prospectus supplement relating to the warrants. Upon receipt of payment and the warrant certificate properly
completed and duly executed at the corporate trust office of the warrant agent or any other office indicated in the applicable prospectus
supplement, we will, as soon as practicable, forward the securities purchasable upon such exercise. If less than all of the warrants
are presented for exercise with respect to a warrant certificate, a new warrant certificate will be issued for the remaining amount of
warrants.
DESCRIPTION OF RIGHTS
We may issue rights to our
stockholders for the purchase of shares of Class A common stock or Class B common stock. Each series of rights may be issued
under a separate rights agreement to be entered into between us and a bank or trust company, as rights agent, all as set forth in the
prospectus supplement relating to the particular issue of rights. The rights agent will act solely as our agent in connection with the
certificates relating to the rights of such series and will not assume any obligation or relationship of agency or trust for or with
any holders of rights certificates or beneficial owners of rights. The form of rights agreement and the rights certificates relating
to each series of rights will be filed with the SEC and incorporated by reference as an exhibit to the registration statement of which
this prospectus is a part.
The applicable prospectus
supplement will describe the terms of the rights to be issued, including the following, where applicable:
| • | the
date for determining the stockholders entitled to the rights distribution; |
| • | the
aggregate number of shares of Class A common stock or Class B common stock purchasable
upon exercise of such rights and the exercise price; |
| • | the
aggregate number of rights being issued; |
| • | the
date, if any, on and after which such rights may be transferable separately; |
| • | the
date on which the right to exercise such rights shall commence and the date on which such
right shall expire; |
| • | any
special U.S. federal income tax consequences; and |
| • | any
other terms of such rights, including terms, procedures and limitations relating to the distribution,
exchange and exercise of such rights. |
LEGAL MATTERS
ArentFox Schiff LLP, Washington,
DC, will pass upon the validity of the securities we are offering under this prospectus. If the validity of any securities is also passed
upon by counsel for the underwriters of an offering of those securities, that counsel will be named in the prospectus supplement relating
to that offering.
EXPERTS
The financial statements
for the year ended December 31, 2022, incorporated in this prospectus by reference to the Annual
Report on Form 10- K for the year ended December 31, 2022, as amended, have been so incorporated in reliance on the
report of MCM CPAs & Advisors LLP, an independent registered public accounting firm, given on the authority of said firm as
experts in auditing and accounting. The financial statements for the year ended December 31, 2021, incorporated in this
prospectus by reference to the Annual Report on Form 10-K for the year ended December 31, 2022, have been so incorporated in
reliance on the report of Crowe LLP, an independent registered public accounting firm, given on the authority of said firm as
experts in auditing and accounting. The financial statements for the year ended December 31, 2020, incorporated in this prospectus
by reference to the Annual Report on Form 10- K for the year ended December 31, 2022, have been so incorporated in reliance on the report of
Briggs & Veselka Co., an independent registered public accounting firm, given on the authority of said firm as experts in
auditing and accounting. The information regarding estimated quantities and quality of our proven and probable coal reserves and
technical report summaries incorporated in this prospectus by reference to the Annual
Report on Form 10-K for the year ended December 31, 2022, is based, in part, on estimates included in reports
provided by Weir International, Inc., mining, geology and energy consultants.
WHERE YOU CAN FIND ADDITIONAL INFORMATION
Ramaco
Resources, Inc. files annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains
an Internet site that contains reports, proxy and information statements and other information that we file electronically with the SEC
at www.sec.gov, from which interested persons can electronically access the registration statement, of which this prospectus is
a part, including the exhibits and schedules thereto. The reports and other information we file with the SEC also are available through
our website at www.ir.ramacoresources.com. The information on our website is not part of this prospectus, other than documents that we
file with the SEC that are incorporated by reference in this prospectus.
We have filed with the SEC
a registration statement on Form S-3, of which this prospectus is a part, under the Securities Act with respect to the securities.
This prospectus does not contain all of the information set forth in the registration statement, certain parts of which are omitted in
accordance with the rules and regulations of the SEC. For further information concerning our Company and the securities, reference
is made to the registration statement. Statements contained in this prospectus as to the contents of any contract or other documents
are not necessarily complete, and in each instance, reference is made to the copy of such contract or documents filed as exhibits to
the registration statement, each such statement being qualified in all respects by such reference.
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
The SEC allows “incorporation
by reference” into this prospectus of information that we file with the SEC. This means that we can disclose important information
by referring you to those documents. Any information referred to in this way is considered part of this prospectus from the date we file
that document. The information incorporated by reference is considered to be part of this prospectus. Information in this prospectus
supersedes information incorporated by reference that we filed with the SEC prior to the date of this prospectus. You should read carefully
the information incorporated herein by reference because it is an important part of this prospectus.
We incorporate by reference
into this prospectus and the registration of which this prospectus is a part the following documents or information filed with the SEC
(other than, in each case, documents or information deemed to have been furnished and not filed in accordance with SEC rules):
| • | our
Quarterly Reports on Form 10-Q for the period ended March 31, 2023, filed with
the SEC on May 9, 2023 and for the period ended June 30, 2023, filed with the SEC
on August 9, 2023; |
All documents that we file
(but not those that we furnish) pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of the initial
registration statement of which this prospectus is a part and prior to the effectiveness of the registration statement shall be deemed
to be incorporated by reference into this prospectus and will automatically update and supersede the information in this prospectus,
and any previously filed documents. In addition, all documents that we file (but not those that we furnish) pursuant to Sections 13(a),
13(c), 14 or 15(d) of the Exchange Act on or after the date of this prospectus and prior to the termination of the offering of any
of the securities covered under this prospectus shall be deemed to be incorporated by reference into this prospectus and will automatically
update and supersede the information in this prospectus, the applicable prospectus supplement and any previously filed documents.
In
addition to accessing the above information through the SEC’s website at www.sec.gov, we will provide without charge to
each person to whom this prospectus is delivered, upon written or oral request, a copy of any or all documents referred to above which
have been incorporated by reference into this prospectus, excluding exhibits to those documents unless they are specifically incorporated
by reference into those documents. Written or telephone requests should be directed to Ramaco Resources, Inc., 250 West Main Street,
Suite 1900, Lexington, Kentucky 40507, telephone number (859) 244-7455.
Ramaco
Resources, Inc.
$400,000,000
Class A Common Stock
Class B Common Stock
Preferred Stock
Depositary Shares
Debt Securities
Warrants
Rights
______________________________________________________________________
PROSPECTUS
______________________________________________________________________
PART II — INFORMATION NOT REQUIRED
IN PROSPECTUS
Item 14. Other Expenses of Issuance and Distribution.
The following table shows
the fees and expenses payable by us in connection with the sale and distribution of the securities being registered hereby. All amounts
except the SEC registration fee are estimated.
| SEC registration fee | |
$ | 44,080 | |
| FINRA filing fee | |
$ | 60,500 | |
| Printing expenses | |
$ | * | |
| Accounting fees and expenses | |
$ | * | |
| Engineering fees and expenses | |
$ | * | |
| Legal fees and expenses | |
$ | * | |
| Miscellaneous | |
$ | * | |
| Total | |
$ | * | |
* Estimated
expenses are not presently known.
Item 15. Indemnification of Directors and Officers.
Section 145 of the DGCL
provides that a corporation may indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending
or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the
right of the corporation by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or
was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise), against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually
and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, had
no reasonable cause to believe his conduct was unlawful. A similar standard is applicable in the case of derivative actions (i.e., actions
by or in the right of the corporation), except that indemnification extends only to expenses, including attorneys’ fees, incurred
in connection with the defense or settlement of such action and the statute requires court approval before there can be any indemnification
where the person seeking indemnification has been found liable to the corporation.
Our certificate of incorporation
and our bylaws contain provisions that limit the liability of our directors and officers for monetary damages to the fullest extent permitted
by the DGCL. Consequently, our directors are not personally liable to us or our stockholders for monetary damages for breach of fiduciary
duty as a director, except liability:
| • | for any breach of the director’s duty of loyalty to our
company or our stockholders; |
| • | for any act or omission not in good faith or that involve intentional
misconduct or knowing violation of law; |
| • | under Section 174 of the DGCL regarding unlawful dividends
and stock purchases; or |
| • | for any transaction from which the director derived an improper
personal benefit. |
Any amendment to, or repeal
of, these provisions will not eliminate or reduce the effect of these provisions in respect of any act, omission or claim that occurred
or arose prior to that amendment or repeal. If the DGCL is amended to provide for further limitations on the personal liability of directors
or officers of corporations, then the personal liability of our directors and officers will be further limited to the fullest extent
permitted by the DGCL.
In addition, we have entered
into indemnification agreements with our current directors and officers containing provisions that are in some respects broader than
the specific indemnification provisions contained in the DGCL. The indemnification agreements will require us, among other things, to
indemnify our directors against certain liabilities that may arise by reason of their status or service as directors and to advance their
expenses incurred as a result of any proceeding against them as to which they could be indemnified. We also intend to enter into indemnification
agreements with our future directors and officers.
We maintain liability insurance
policies that indemnify our directors and officers against various liabilities, including certain liabilities under arising under the
Securities Act and the Exchange Act that may be incurred by them in their capacity as such.
Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing
provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities
Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment of
expenses incurred or paid by a director, officer or controlling person in a successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to the court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.
Item 16. Exhibits.
The Exhibits to this registration
statement are listed on the exhibit index, which appears elsewhere herein and is incorporated herein by reference.
Item 17. Undertakings.
(a) The
undersigned registrant hereby undertakes:
(1) To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;
(ii) To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes
in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the “Calculation
of Registration Fee” table in the effective registration statement.
(iii) To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement; provided, however, that paragraphs (a)(l)(i), (a)(l)(ii) and
(a)(l)(iii) of this section do not apply if the registration statement is on Form S-3 or Form F-3 and the information
required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission
by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration
statement.
(2) That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
(3) To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
(4) That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
(A) Each
prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of
the date the filed prospectus was deemed part of and included in the registration statement; and
(B) Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the
information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration
statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of
sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and
any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating
to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement
or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into
the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of
sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was
part of the registration statement or made in any such document immediately prior to such effective date; or
(b) That,
for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant
to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to
the purchaser and will be considered to offer or sell such securities to such purchaser:
(i) Any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424
(§ 230.424 of the chapter);
(ii) Any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the
undersigned registrant;
(iii) The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and
(iv) Any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(c) The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing
of the registrant’s annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and,
where applicable, each filing of an employee benefit plan’s annual report pursuant to section 15(d) of the Securities Exchange
Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
(d) Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid
by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of
such issue.
(e) The
undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act
under subsection (a) of section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the
Commission under section 305(b)(2) of the Act.
EXHIBIT INDEX
Exhibit
No. |
|
Description |
| 1.1* |
|
Form of
Underwriting Agreement by and among Ramaco Resources, Inc. and the underwriters named therein. |
| |
|
|
| 3.1 |
|
Second
Amended and Restated Certificate of Incorporation of Ramaco Resources, Inc. (incorporated by reference to Exhibit 3.1 of
the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on June 12, 2023). |
| |
|
|
| 3.2 |
|
Amended
and Restated Bylaws of Ramaco Resources, Inc. (incorporated by reference to Exhibit 3.2 of the Company’s Current
Report on Form 8-K (File No. 001-38003) filed with the SEC on February 14, 2017). |
| |
|
|
| 3.3 |
|
Amendment
No. 1 to the Amended and Restated Bylaws of Ramaco Resources, Inc. (incorporated by reference to Exhibit 3.2 of the
Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on December 15, 2020). |
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| 4.1 |
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Indenture
dated as of July 13, 2021, between Ramaco Resources, Inc. and Wilmington Savings Fund Society, FSB, as trustee (incorporated
by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on July 13, 2021). |
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| 4.2 |
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First
Supplemental Indenture dated as of July 13, 2021, between Ramaco Resources, Inc. and Wilmington Savings Fund Society, FSB,
as trustee (incorporated by reference to Exhibit 4.2 to the Registrant’s Form 8-K filed on July 13, 2021). |
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| 4.3* |
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Form of
Subordinated Debt Indenture. |
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| 4.4 |
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Form of
9.00% Senior Note due 2026 (included as Exhibit A to 4.2 above) (incorporated by reference to Exhibit 4.2.1 to the Registrant’s
Form 8-K filed on July 13, 2021). |
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| 4.5* |
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Form of
Certificate for Preferred Stock of Ramaco Resources, Inc. |
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| 4.6* |
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Form of
Depositary Agreement. |
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| 4.7* |
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Form of
Depositary Receipt. |
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| 4.8* |
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Form of
Warrant Certificate. |
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| 4.9* |
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Form of
Warrant Agreement. |
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| 4.10* |
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Form of
Rights Agreement. |
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| 4.11* |
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Form of
Rights Certificate. |
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| 4.12 |
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Registration
Rights Agreement, dated as of February 8, 2017, by and among Ramaco Resources, Inc. and the stockholders named therein
(incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K (File No. 001-38003) filed
with the Commission on February 14, 2017). |
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| 4.13 |
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Shareholders’
Agreement, dated as of February 8, 2017, by and among Ramaco Resources, Inc., Yorktown Energy Partners IX, L.P., Yorktown
Energy Partners X, L.P., Yorktown Energy Partners XI, L.P., Energy Capital Partners Mezzanine Opportunities Fund, LP, Energy Capital
Partners Mezzanine Opportunities Fund A, LP, and ECP Mezzanine B (Ramaco IP), LP. (incorporated by reference to Exhibit 4.2
of the Company’s Current Report on Form 8-K (File No. 001-38003) filed with the Commission on February 14, 2017). |
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| 4.14 |
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Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 of the Company's Registration Statement on Form S-1 (File No.
333-215363) filed with the Commission on December 29, 2016) |
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| 5.1+ |
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Opinion
of ArentFox Schiff, LLP. |
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| 23.1+ |
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Consent
of Briggs & Veselka Co. |
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| 23.2+ |
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Consent
of Crowe LLP |
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| 23.3+ |
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Consent of MCM CPAs & Advisors
LLP. |
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| 23.4+ |
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Consent
of Weir International, Inc. |
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| 23.5+ |
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Consent
of ArentFox Schiff, LLP (included in Exhibit 5.1). |
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| 24.1+ |
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Power
of Attorney (included on signature page of this Form S-3). |
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| 25.1+ |
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Form T-1
Statement of Eligibility under Trust Indenture Act of 1939, as amended, of Trustee. |
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| 107+ |
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Filing
Fee Table. |
| * | To be filed by amendment or incorporated by reference in connection with
the offering of a particular class or series of securities. |
| + | Filed herewith. |
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Lexington, State of Kentucky, on September 1, 2023.
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Ramaco Resources, Inc. |
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By: |
/s/ Randall
W. Atkins |
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Name: |
Randall W. Atkins |
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Title: |
Chairman, Chief Executive Officer,
and Director |
POWER OF ATTORNEY
Each person whose signature
appears below constitutes and appoints Randall W. Atkins and Jeremy R. Sussman, and each of them, with full power to act without the
other, as such person’s true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him
or her and in his or her name, place and stead, in any and all capacities, to sign this Form S-3 and any and all amendments thereto,
and to file the same, with exhibits and schedules thereto, and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every
act and thing necessary or desirable to be done in and about the premises, as fully to all intents and purposes as he or she might or
could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her
substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the
date indicated.
| SIGNATURE |
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TITLE |
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DATE |
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| /s/
Randall W. Atkins |
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| Randall W. Atkins |
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Chairman, Chief Executive Officer, and Director |
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September 1,
2023 |
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(Principal Executive Officer) |
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| /s/
Jeremy R. Sussman |
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| Jeremy R. Sussman |
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Chief Financial Officer |
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September 1,
2023 |
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(Principal Financial Officer and Principal Accounting Officer) |
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| /s/
Bryan H. Lawrence |
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| Bryan H. Lawrence |
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Director |
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September 1,
2023 |
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| /s/
Richard M. Whiting |
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| Richard M. Whiting |
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Director |
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September 1,
2023 |
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| /s/Patrick
C. Graney, III |
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| Patrick C. Graney, III |
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Director |
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September 1,
2023 |
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| /s/
Aurelia Skipwith Giacometto |
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| Aurelia Skipwith Giacometto |
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Director |
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September 1,
2023 |
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| /s/C.
Lynch Christian III |
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| C. Lynch Christian III |
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Director |
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September 1,
2023 |
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| /s/Peter
Leidel |
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| Peter Leidel |
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Director |
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September 1,
2023 |
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| /s/
David E. K. Frischkorn, Jr. |
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| David E. K. Frischkorn, Jr.
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Director |
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September 1,
2023 |
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| /s/
E. Forrest Jones, Jr. |
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| E. Forrest Jones, Jr.
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Director |
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September 1,
2023 |
Exhibit 5.1
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ArentFox Schiff LLP
1717 K Street NW
Washington, DC 20006
|
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202.857.6000 main
202.857.6395 fax
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afslaw.com |
September 1, 2023
Ramaco Resources, Inc.
250 West Main Street, Suite 1800
Lexington, Kentucky 40507
| Re: |
Ramaco Resources, Inc. |
| |
Registration Statement on
Form S-3 |
We are issuing this opinion
in our capacity as counsel to Ramaco Resources, Inc., a Delaware corporation (the “Company”), in connection with the
registration under the Securities Act of 1933, as amended (the “Act”), on a Registration Statement on Form S-3 to be
filed with the Securities and Exchange Commission on or about September 1, 2023 (the “Registration Statement”) of (i) unsecured
debt securities, which may be either senior (the “Senior Debt Securities”) or subordinated (the “Subordinated Debt
Securities”), and which may be convertible into shares of Class A common stock, par value $0.01 per share (“Class A
Common Stock”) of the Company or shares of Class B common stock, par value $0.01 per share (“Class B Common Stock”)
(the “Convertible Debt Securities,” and, together with the Senior Debt Securities and the Subordinated Debt Securities, the
“Debt Securities”); (ii) warrants to purchase Debt Securities (the “Debt Warrants”); (iii) shares of
Class A Common Stock; (iv) shares of Class B Common Stock; (v) warrants to purchase shares of Class A Common
Stock and/or Class B Common Stock (the “Common Stock Warrants”); (vi) warrants to purchase shares of preferred
stock (the “Preferred Stock Warrants”), (vii) warrants to purchase depositary shares (the “Depositary Shares Warrants”),
(viii) shares of preferred stock, par value $0.01 per share (the “Preferred Stock”), (ix) depositary shares (the
“Depositary Shares”); and (ix) rights to purchase Class A Common Stock and/or Class B Common Stock (the “Rights”).
The Debt Securities, Debt Warrants, Class A Common Stock, Class B Common Stock, Common Stock Warrants, Preferred Stock Warrants,
Depositary Shares Warrants, Preferred Stock, Depositary Shares, and Rights (collectively, the “Securities”) may be issued
by the Company either together or separately in connection with an offering or offerings from time to time pursuant to the Registration
Statement and will be offered on terms set forth in the Registration Statement and in the prospectus contained in the Registration Statement
(the “Prospectus”) and in amounts, at prices and on other terms to be determined by the Company at the time of offering and
to be set forth in an amendment or amendments to the Registration Statement and the Prospectus and in one or more supplements to the
Prospectus (each, a “Prospectus Supplement”).
Smart In
Your World®
The Debt Securities specified
as Senior Debt Securities in the applicable Prospectus Supplement will be issued under an Indenture, dated as of July 13, 2021 (such
Indenture, as amended or supplemented from time to time, the “Senior Indenture”), between the Company and Wilmington Savings
Fund Society, FSB, as Trustee. The Debt Securities specified as Subordinated Debt Securities in the applicable Prospectus Supplement
will be issued under an Indenture the form of which is filed as an exhibit to a Prospectus Supplement (such Indenture, as amended or
supplemented from time to time, the “Subordinated Indenture”). The Subordinated Indenture will be executed by the Company
and a trustee to be named and qualified under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), prior
to the offering of any Subordinated Debt Securities. The executed Subordinated Indenture will be filed prior to the issuance of such
Subordinated Debt Securities in an amendment to the Registration Statement or incorporated by reference into the Registration Statement
pursuant to a Current Report on Form 8-K of the Company. Each series of Debt Warrants will be issued under a warrant agreement (each,
a “Debt Warrant Agreement”), to be filed prior to the issuance of such Debt Warrants in an amendment to the Registration
Statement or incorporated by reference into the Registration Statement pursuant to a Current Report on Form 8-K of the Company,
to be executed by the Company and a warrant agent or agents to be named by the Company prior to the offering of any Debt Warrants of
such series. Each series of Common Stock Warrants will be issued under a warrant agreement (each, a “Common Stock Warrant Agreement”),
to be filed prior to the issuance of such Common Stock Warrants in an amendment to the Registration Statement or incorporated by reference
into the Registration Statement pursuant to a Current Report on Form 8-K of the Company, to be executed by the Company and a warrant
agent or agents to be named by the Company prior to the offering of any Common Stock Warrants of such series. Each series of Preferred
Stock Warrants will be issued under a warrant agreement (each, a “Preferred Stock Warrant Agreement”), to be filed prior
to the issuance of such Preferred Stock Warrants in an amendment to the Registration Statement or incorporated by reference into the
Registration Statement pursuant to a Current Report on Form 8-K of the Company, to be entered by the Company and a warrant agent
or agents to be named by the Company prior to the offering of any Preferred Stock Warrants of such series. Each series of Depositary
Shares Warrants will be issued under a warrant agreement (each, a “Depositary Shares Warrant Agreement”), to be filed prior
to the issuance of such Depositary Shares Warrants in an amendment to the Registration Statement or incorporated by reference into the
Registration Statement pursuant to a Current Report on Form 8-K of the Company, to be entered by the Company and a warrant agent
or agents to be named by the Company prior to the offering of any Depositary Shares Warrants of such series. Each series of Rights will
be issued under a separate rights agreement (each, a “Rights Agreement”) to be filed prior to the issuance of such Rights
in an amendment to the Registration Statement or incorporated by reference into the Registration Statement pursuant to a Current Report
on Form 8-K of the Company, to be entered into between the Company and a bank or trust company, as rights agent.
The Registration Statement
provides that the Company may sell the Securities registered thereby (i) to or through underwriters, (ii) directly to one or
more other purchasers or (iii) through agents. The applicable Prospectus Supplement with respect to the Securities offered will
set forth the terms of the offering of such Securities, including the name or names of any underwriters, dealers or agents, the purchase
price of such Securities and the proceeds to the Company from such sale, any underwriting discounts and other items constituting underwriters’
compensation, any initial public offering price and any discounts, commissions or concessions allowed or reallowed or paid to dealers.
If underwriters are used in an offering of Securities registered by the Registration Statement, the Registration Statement anticipates
that the Company will sell such Securities pursuant to the terms of an underwriting agreement to be executed between the Company and
underwriters that will be identified in the applicable Prospectus Supplement. We have assumed for purposes of this letter that the terms
of the Underwriting Agreement will fall within the scope of the authorization adopted by the Company’s Board of Directors and will
receive the approvals required by that Board authorization. The term “Underwriting Agreement” is used in this letter to mean
an underwriting agreement in the form in which it will be actually executed by the Company and the underwriters with respect to a particular
underwritten offering of Securities registered by the Registration Statement. We have also assumed for purposes of this letter that the
terms of any other agreement providing for the sale of Securities registered by the Registration Statement (other than by means of an
underwritten offering), including a distribution agreement to be filed prior to a particular offering of Securities registered by the
Registration Statement in an amendment to the Registration Statement or incorporated by reference into the Registration Statement pursuant
to a Current Report on Form 8-K of the Company, to be executed by the Company and an appropriate party or parties that will be identified
in the applicable Prospectus Supplement, will fall within the scope of the authorization adopted by the Company’s Board of Directors
and will receive the approvals required by that Board authorization. The term “Other Agreement” is used in this letter to
mean an agreement providing for the sale of Securities registered by the Registration Statement (other than by means of an underwritten
offering) in the form in which it will be actually executed by the Company and the appropriate party or parties with respect to a particular
offering or offerings of Securities registered by the Registration Statement. The term “Agreement” is used in this letter
to mean either an Underwriting Agreement or an Other Agreement. The terms “Registered Senior Debt Securities,” “Registered
Subordinated Debt Securities,” “Registered Debt Warrants,” “Registered Class A Common Stock,” “Registered
Class B Common Stock,” “Registered Common Stock Warrants,” “Registered Preferred Stock Warrants,”
“Registered Depositary Shares Warrants,” “Registered Preferred Stock,” “Registered Depositary Shares,”
and “Registered Rights” are used in this letter to mean, respectively, the Senior Debt Securities, the Subordinated Debt
Securities, the Debt Warrants, the Class A Common Stock, Class B Common Stock, the Common Stock Warrants, the Preferred Stock
Warrants, the Depositary Shares Warrants, the Preferred Stock, the Depositary Shares and the Rights that are registered under the Registration
Statement as initially filed and are sold by the Company under an Agreement.
For purposes of this letter,
we have examined originals, or copies certified or otherwise identified to our satisfaction, of such documents, corporate records and
other instruments as we have deemed necessary for the purpose of this opinion, including (i) the corporate and organizational documents
of the Company, (ii) minutes and records of the corporate proceedings of the Company with respect to the issuance of the Securities
and (iii) the Registration Statement and the exhibits thereto.
For purposes of this letter,
we have assumed the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted
to us as copies and the authenticity of the originals submitted to us as copies. We have also assumed the genuineness of the signatures
of persons signing all documents in connection with which this opinion is rendered, the authority of such persons signing on behalf of
the parties thereto other than the Company, and the due authorization, execution and delivery of all documents by the parties thereto
other than the Company. As to any facts material to the opinions expressed herein which we have not independently established or verified,
we have relied upon statements and representations of officers and other representatives of the Company and others.
Subject to the assumptions,
qualifications and limitations identified in this letter, we advise you that in our opinion:
(1) Registered Senior
Debt Securities of each series, when issued, will be binding obligations of the Company, enforceable against the Company in accordance
with their terms, when, as and if (i) the Registration Statement shall have become effective pursuant to the provisions of the Act,
(ii) appropriate corporate action shall have been taken by the Company to authorize (a) the form, terms, execution and delivery
of any necessary supplemental indenture or amendment to the Senior Indenture (and the Senior Indenture and any such supplemental indenture
or amendment shall have been duly executed and delivered by the Company and the trustee thereunder) and (b) the form and terms of
such series of Registered Senior Debt Securities, (iii) such series of Registered Senior Debt Securities shall have been issued
in the form and containing the terms described in the Registration Statement, any applicable Prospectus Supplements, the Senior Indenture
and such corporate action, (iv) a Prospectus Supplement or Prospectus Supplements with respect to such series of Registered Senior
Debt Securities shall have been filed (or transmitted for filing) with the Securities and Exchange Commission (the “Commission”)
pursuant to Rule 424(b) of the Act and any exhibits necessary under the rules and regulations of the Commission shall
have been filed with the Commission in an amendment to the Registration Statement or incorporated by reference into the Registration
Statement pursuant to a Current Report on Form 8-K of the Company filed with the Commission, (v) any legally required consents,
approvals, authorizations and other orders of the Commission and any other regulatory authorities shall have been obtained and (vi) Registered
Senior Debt Securities of such series shall have been duly executed and authenticated as provided in the Senior Indenture and duly delivered
to the purchasers thereof against payment of the agreed consideration therefor in accordance with the applicable Agreement.
(2) Registered Subordinated
Debt Securities of each series, when issued, will be binding obligations of the Company, enforceable against the Company in accordance
with their terms, when, as and if (i) the Registration Statement shall have become effective pursuant to the provisions of the Act,
(ii) appropriate corporate action shall have been taken by the Company to authorize (a) the form, terms, execution and delivery
of the Subordinated Indenture and any necessary supplemental indenture or amendment to the Subordinated Indenture (and the Subordinated
Indenture and any such supplemental indenture or amendment shall have been duly executed and delivered by the Company and the trustee
thereunder) and (b) the form and terms of such series of Registered Subordinated Debt Securities, (iii) the trustee under the
Subordinated Indenture shall have been qualified under the Trust Indenture Act, (iv) such series of Registered Subordinated Debt
Securities shall have been issued in the form and containing the terms described in the Registration Statement, any applicable Prospectus
Supplements, the Subordinated Indenture and such corporate action, (v) a Prospectus Supplement or Prospectus Supplements with respect
to such series of Registered Subordinated Debt Securities shall have been filed (or transmitted for filing) with the Commission pursuant
to Rule 424(b) of the Act and any exhibits necessary under the rules and regulations of the Commission, including the
executed Subordinated Indenture, shall have been filed with the Commission in an amendment to the Registration Statement or incorporated
by reference into the Registration Statement pursuant to a Current Report on Form 8-K of the Company filed with the Commission,
(vi) any legally required consents, approvals, authorizations and other orders of the Commission and any other regulatory authorities
shall have been obtained and (vii) Registered Subordinated Debt Securities of such series shall have been duly executed and authenticated
as provided in the Senior Indenture and duly delivered to the purchasers thereof against payment of the agreed consideration therefor
in accordance with the applicable Agreement.
(3) Registered Debt
Warrants of each series, when issued, will be binding obligations of the Company, enforceable against the Company in accordance with
their terms when, as and if (i) the Registration Statement shall have become effective pursuant to the provisions of the Act, (ii) appropriate
corporate action shall have been taken by the Company to authorize the form, terms, execution and delivery of a Debt Warrant Agreement
for such series of Registered Debt Warrants, including a form of certificate evidencing such series of Registered Debt Warrants (and
such Debt Warrant Agreement shall have been duly executed and delivered by the Company and the warrant agent or agents thereunder), (iii) a
Prospectus Supplement or Prospectus Supplements with respect to such series of Registered Debt Warrants shall have been filed (or transmitted
for filing) with the Commission pursuant to Rule 424(b) of the Act and any exhibits necessary under the rules and regulations
of the Commission, including such Debt Warrant Agreement, shall have been filed with the Commission in an amendment to the Registration
Statement or incorporated by reference into the Registration Statement pursuant to a Current Report on Form 8-K of the Company filed
with the Commission, (iv) any legally required consents, approvals, authorizations and other orders of the Commission and any other
regulatory authorities shall have been obtained and (v) Registered Debt Warrants of such series are duly executed, attested and
issued by duly authorized officers of the Company, countersigned by the applicable warrant agent and delivered to the purchasers thereof
against payment of the agreed consideration therefor in the manner provided for in the Registration Statement, any applicable Prospectus
Supplements, such Debt Warrant Agreement, the applicable Agreement and such corporate action.
(4) Shares of Registered
Class A Common Stock or Registered Class B Common Stock will be validly issued, fully paid and nonassessable when, as and if
(i) the Registration Statement shall have become effective pursuant to the provisions of the Act, (ii) appropriate corporate
action shall have been taken to authorize the issuance and sale of such Registered Class A Common Stock or Registered Class B
Common Stock, (iii) a Prospectus Supplement or Prospectus Supplements with respect to the shares of Registered Class A Common
Stock or Registered Class B Common Stock shall have been filed (or transmitted for filing) with the Commission pursuant to Rule 424(b) of
the Act and any exhibits necessary under the rules and regulations of the Commission shall have been filed with the Commission in
an amendment to the Registration Statement or incorporated by reference into the Registration Statement pursuant to a Current Report
on Form 8-K of the Company filed with the Commission, (iv) any legally required consents, approvals, authorizations and other
orders of the Commission and any other regulatory authorities shall have been obtained and (v) appropriate certificates representing
the shares of Registered Class A Common Stock or Registered Class B Common Stock are duly executed, countersigned by the Company’s
transfer agent/registrar, registered and delivered against payment of the agreed consideration therefor in accordance with the applicable
Agreement.
(5) Registered Common
Stock Warrants of each series, when issued, will be binding obligations of the Company, enforceable against the Company in accordance
with their terms when, as and if (i) the Registration Statement shall have become effective pursuant to the provisions of the Act,
(ii) appropriate corporate action shall have been taken by the Company to authorize the form, terms, execution and delivery of a
Common Stock Warrant Agreement for such series of Registered Common Stock Warrants, including a form of certificate evidencing such series
of Registered Common Stock Warrants (and such Common Stock Warrant Agreement shall have been duly executed and delivered by the Company
and the warrant agent or agents thereunder), (iii) a Prospectus Supplement or Prospectus Supplements with respect to such series
of Registered Common Stock Warrants shall have been filed (or transmitted for filing) with the Commission pursuant to Rule 424(b) of
the Act and any exhibits necessary under the rules and regulations of the Commission, including such Common Stock Warrant Agreement,
shall have been filed with the Commission in an amendment to the Registration Statement or incorporated by reference into the Registration
Statement pursuant to a Current Report on Form 8-K of the Company filed with the Commission, (iv) any legally required consents,
approvals, authorizations and other orders of the Commission and any other regulatory authorities shall have been obtained and (v) Registered
Common Stock Warrants of such series are duly executed, attested and issued by duly authorized officers of the Company, countersigned
by the applicable warrant agent and delivered to the purchasers thereof against payment of the agreed consideration therefor in the manner
provided for in the Registration Statement, any applicable Prospectus Supplements, such Common Stock Warrant Agreement, the applicable
Agreement and such corporate action.
(6) Registered Preferred
Stock Warrants of each series, when issued, will be binding obligations of the Company, enforceable against the Company in accordance
with their terms when, as and if (i) the Registration Statement shall have become effective pursuant to the provisions of the Act,
(ii) appropriate corporate action shall have been taken by the Company to authorize the form, terms, execution and delivery of a
Preferred Stock Warrant Agreement for such series of Registered Preferred Stock Warrants, including a form of certificate evidencing
such series of Registered Preferred Stock Warrants (and such Preferred Stock Warrant Agreement shall have been duly executed and delivered
by the Company and the warrant agent or agents thereunder), (iii) a Prospectus Supplement or Prospectus Supplements with respect
to such series of Registered Preferred Stock Warrants shall have been filed (or transmitted for filing) with the Commission pursuant
to Rule 424(b) of the Act and any exhibits necessary under the rules and regulations of the Commission, including such
Preferred Stock Warrant Agreement, shall have been filed with the Commission in an amendment to the Registration Statement or incorporated
by reference into the Registration Statement pursuant to a Current Report on Form 8-K of the Company filed with the Commission,
(iv) any legally required consents, approvals, authorizations and other orders of the Commission and any other regulatory authorities
shall have been obtained and (v) Registered Preferred Stock Warrants of such series are duly executed, attested and issued by duly
authorized officers of the Company, countersigned by the applicable warrant agent and delivered to the purchasers thereof against payment
of the agreed consideration therefor in the manner provided for in the Registration Statement, any applicable Prospectus Supplements,
such Preferred Stock Warrant Agreement, the applicable Agreement and such corporate action.
(7) Registered Depositary
Shares Warrants of each series, when issued, will be binding obligations of the Company, enforceable against the Company in accordance
with their terms when, as and if (i) the Registration Statement shall have become effective pursuant to the provisions of the Act,
(ii) appropriate corporate action shall have been taken by the Company to authorize the form, terms, execution and delivery of a
Depositary Shares Warrant Agreement for such series of Registered Depositary Shares Warrants, including a form of certificate evidencing
such series of Registered Depositary Shares Warrants (and such Currency Warrant Agreement shall have been duly executed and delivered
by the Company and the warrant agent or agents thereunder), (iii) a Prospectus Supplement or Prospectus Supplements with respect
to such series of Registered Currency Warrants shall have been filed (or transmitted for filing) with the Commission pursuant to Rule 424(b) of
the Act and any exhibits necessary under the rules and regulations of the Commission, including such Depositary Shares Warrant Agreement,
shall have been filed with the Commission in an amendment to the Registration Statement or incorporated by reference into the Registration
Statement pursuant to a Current Report on Form 8-K of the Company filed with the Commission, (iv) any legally required consents,
approvals, authorizations and other orders of the Commission and any other regulatory authorities shall have been obtained and (v) Registered
Depositary Shares Warrants of such series are duly executed, attested and issued by duly authorized officers of the Company, countersigned
by the applicable warrant agent and delivered to the purchasers thereof against payment of the agreed consideration therefor in the manner
provided for in the Registration Statement, any applicable Prospectus Supplements, such Depositary Shares Warrant Agreement, the applicable
Agreement and such corporate action.
(8) Shares of Registered
Preferred Stock will be validly issued, fully paid and nonassessable when, as and if (i) the Registration Statement shall have become
effective pursuant to the provisions of the Act, (ii) appropriate corporate action shall have been taken to authorize the issuance
and sale of such Registered Preferred Stock, (iii) a Prospectus Supplement or Prospectus Supplements with respect to the shares
of Registered Preferred Stock shall have been filed (or transmitted for filing) with the Commission pursuant to Rule 424(b) of
the Act and any exhibits necessary under the rules and regulations of the Commission shall have been filed with the Commission in
an amendment to the Registration Statement or incorporated by reference into the Registration Statement pursuant to a Current Report
on Form 8-K of the Company filed with the Commission, (iv) any legally required consents, approvals, authorizations and other
orders of the Commission and any other regulatory authorities shall have been obtained and (v) appropriate certificates representing
the shares of Registered Preferred Stock are duly executed, countersigned by the Company’s transfer agent/registrar, registered
and delivered against payment of the agreed consideration therefor in accordance with the applicable Agreement.
(9) Shares of Registered
Depositary Shares will be validly issued, fully paid and nonassessable when, as and if (i) the Registration Statement shall have
become effective pursuant to the provisions of the Act, (ii) appropriate corporate action shall have been taken to authorize the
issuance and sale of such Registered Depositary Shares, (iii) a Prospectus Supplement or Prospectus Supplements with respect to
the shares of Registered Depositary Shares shall have been filed (or transmitted for filing) with the Commission pursuant to Rule 424(b) of
the Act and any exhibits necessary under the rules and regulations of the Commission shall have been filed with the Commission in
an amendment to the Registration Statement or incorporated by reference into the Registration Statement pursuant to a Current Report
on Form 8-K of the Company filed with the Commission, (iv) any legally required consents, approvals, authorizations and other
orders of the Commission and any other regulatory authorities shall have been obtained and (v) appropriate certificates representing
the shares of Registered Depositary Shares are duly executed, countersigned by the Company’s transfer agent/registrar, registered
and delivered against payment of the agreed consideration therefor in accordance with the applicable Agreement.
(10) Registered Rights
of each series, when issued, will be binding obligations of the Company, enforceable against the Company in accordance with their terms
when, as and if (i) the Registration Statement shall have become effective pursuant to the provisions of the Act, (ii) appropriate
corporate action shall have been taken by the Company to authorize the form, terms, execution and delivery of a Rights Agreement for
such series of Registered Rights, including a form of certificate evidencing such series of Registered Rights (and such Rights Agreement
shall have been duly executed and delivered by the Company and the warrant agent or agents thereunder), (iii) a Prospectus Supplement
or Prospectus Supplements with respect to such series of Registered Rights shall have been filed (or transmitted for filing) with the
Commission pursuant to Rule 424(b) of the Act and any exhibits necessary under the rules and regulations of the Commission,
including such Rights Agreement, shall have been filed with the Commission in an amendment to the Registration Statement or incorporated
by reference into the Registration Statement pursuant to a Current Report on Form 8-K of the Company filed with the Commission,
(iv) any legally required consents, approvals, authorizations and other orders of the Commission and any other regulatory authorities
shall have been obtained and (v) Registered Rights of such series are duly executed, attested and issued by duly authorized officers
of the Company, countersigned by the applicable warrant agent and delivered to the purchasers thereof against payment of the agreed consideration
therefor in the manner provided for in the Registration Statement, any applicable Prospectus Supplements, such Rights Agreement, the
applicable Agreement and such corporate action.
Our advice on every legal
issue addressed in this letter is based exclusively on the internal law of New York and the General Corporation Law of the State of Delaware
(under which the Company is incorporated).
Our opinions expressed above
are subject to the qualifications that we express no opinion as to the applicability of, compliance with, or effect of (i) any bankruptcy,
insolvency, reorganization, fraudulent transfer, fraudulent conveyance, moratorium or other similar law or judicially developed doctrine
in this area (such as substantive consolidation or equitable subordination) affecting the enforcement of creditors’ rights generally,
(ii) general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law), (iii) an
implied covenant of good faith and fair dealing, (iv) public policy considerations which may limit the rights of parties to obtain
certain remedies, (v) any requirement that a claim with respect to any security denominated in other than U.S. dollars (or a judgment
denominated in other than U.S. dollars in respect of such claim) be converted into U.S. dollars at a rate of exchange prevailing on a
date determined in accordance with applicable law, (vi) governmental authority to limit, delay or prohibit the making of payments
outside of the United States or in a foreign currency or currency unit and (vii) any laws except the laws of the State of New York
and the General Corporation Law of the State of Delaware. We advise you that issues addressed by this letter may be governed in whole
or in part by other laws, but we express no opinion as to whether any relevant difference exists between the laws upon which our opinions
are based and any other laws which may actually govern.
For purposes of rendering
our opinions expressed above, we have assumed that (i) the Registration Statement remains effective during the offer and sale of
the particular Securities, (ii) the terms of the (a) the Senior Indenture, as executed or as thereafter amended, (b) the
Subordinated Indenture, as executed or as thereafter amended, (c) any supplemental indenture to the Senior Indenture or the Subordinated
Indenture, (d) any Debt Warrant Agreement, (e) any Common Stock Warrant Agreement, (f) any Preferred Stock Warrant Agreement,
(g) any Depositary Shares Warrant Agreement and (h) Rights Agreement, each as applicable to the particular Securities, are
consistent with the description of the terms of such indenture, agreement or certificate set forth in the Registration Statement and
in the Prospectus, (iii) at the time of the issuance, sale and delivery of each such Security (x) the authorization of such
Security by the Company will not have been modified or rescinded, and there will not have occurred any change in law affecting the validity,
legally binding character or enforceability of such Security and (y) the issuance, sale and delivery of such Security, the terms
of such Security and compliance by the Company with the terms of such Security will not violate any applicable law, any agreement or
instrument then binding upon the Company (including, but not limited to, any Agreement, any supplemental indenture to the Senior Indenture
or the Subordinated Indenture, any Debt Warrant Agreement, any Common Stock Warrant Agreement, any Preferred Stock Warrant Agreement,
any Depositary Shares Warrant Agreement or any Rights Agreement) or any restriction imposed by any court or governmental body having
jurisdiction over the Company and (iv) any revisions to the form of (a) Senior Indenture or (b) Subordinated Indenture,
each filed as exhibits to the Registration Statement prior to the execution thereof, and any amendments or supplemental indentures to
the Senior Indenture (as executed) or the Subordinated Indenture (as executed), will not require requalification of such indenture under
the Trust Indenture Act.
We do not find it necessary
for the purposes of this opinion, and accordingly we do not purport to cover herein, the application of the securities or “Blue
Sky” laws of the various states to the issuance of the Securities.
This opinion is limited to
the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein. We assume no obligation
to revise or supplement this opinion should the present laws of the State of New York or the General Corporation Law of the State of
Delaware be changed by legislative action, judicial decision or otherwise.
This opinion is furnished
to you in connection with the filing of the Registration Statement and is not to be used, circulated, quoted or otherwise relied upon
for any other purposes.
We hereby consent to the
filing of this opinion as Exhibit 5.1 to the Registration Statement. We also consent to the reference to our firm under the heading
“Legal Matters” in the Prospectus. In giving this consent, we do not thereby admit that we are in the category of persons
whose consent is required under Section 7 of the Act of the rules and regulations of the Commission.
Very truly yours,
/s/ ArentFox Schiff LLP
 |
Exhibit 23.1 |
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in
this Registration Statement on Form S-3 of Ramaco Resources, Inc. of our report dated February 18, 2021, with respect to
the consolidated statements of operations, equity and cash flows for the year ended December 31, 2020, which report appears in the
Annual Report on Form 10-K for the year ended December 31, 2022.
Respectfully yours,
/s/ Briggs & Veselka Co.
Houston, Texas
September 1, 2023
H O U S T O N O F FIC E 713.667.9147 Tel. ■ 713.667.1697
Fax
Nine Greenway Plaza, Suite 1700 ■
Houston, Texas 77046 ■ www.bvccpa.com
Member of the Center for Public Company
Audit Firms of the American Institute of Certified Public Accountants
Exhibit 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in
this Registration Statement on Form S-3 of Ramaco Resources, Inc. of our report dated March 31, 2022 relating to the consolidated
financial statements for the year ended December 31, 2021, appearing in the Annual Report on Form 10-K of Ramaco Resources, Inc.
for the year ended December 31, 2022, and to the reference to us under the heading "Experts" in the prospectus.
| |
/s/ Crowe LLP |
| |
|
| Houston, Texas |
|
| September 1, 2023 |
|
Exhibit
23.3
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in
this Registration Statement Form S-3 of Ramaco Resources, Inc. of our report dated March 14, 2023, relating to the consolidated
financial statements and the effectiveness of Ramaco Resources, Inc.'s internal control over financial reporting as of and for the
year ended December 31, 2022, which report appears in the Annual Report on Form 10-K for the year ending December 31, 2022.
We also consent to the reference to us under the caption "Experts"
in the Prospectus.
Louisville, Kentucky
September 1, 2023
Exhibit 23.4
CONSENT OF WEIR INTERNATIONAL, INC.
With respect to the SEC filings by Ramaco
Resources, Inc. (the “Company”), including but not limited to its Form S-3 dated September 1, 2023, Weir
International, Inc., as independent mining engineers and geologists, hereby consents to the use of information contained in the
Technical Report Summaries for each of the Knox Creek and Berwind Complexes, dated April 4, 2023 and incorporation by reference
of such information in the Company’s Registration Statements on Form S-3. We also consent to the reference to Weir
International, Inc. in those filings and any amendments thereto.
WEIR INTERNATIONAL, INC.
Fran X. Taglia
President
September 1, 2023
Exhibit 25.1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939
OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE
¨
Check if an Application to Determine Eligibility of a Trustee Pursuant to Section 305(b)(2)
WILMINGTON SAVINGS FUND SOCIETY, FSB
(Exact name of Trustee as specified
in its charter)
| N/A |
51-0054940 |
(Jurisdiction of incorporation of organization if not a U.S.
national bank) |
(I.R.S. Employer Identification No.) |
500
Delaware Avenue, 11th Floor
Wilmington, DE 19801
(302) 792-6000
(Address of principal executive offices, including
zip code)
WILMINGTON SAVINGS FUND SOCIETY
CONTROLLERS OFFICE
500 Delaware Avenue
Wilmington, DE 19801
(302) 792-6000
(Name, address, including zip code, and telephone
number, including area code, of agent of service)
|
RAMACO RESOURCES, INC.
(Exact name of obligor as specified in its charter)
|
| Delaware |
38-4018838 |
| (State or other jurisdiction or incorporation or organization) |
(I.R.S. Employer Identification No.) |
250 West Main Street, Suite 1900
Lexington, Kentucky 40507
(Address of principal executive offices, including
zip code)
Debt Securities
(Title of the indenture securities)
| ITEM 1. |
GENERAL INFORMATION. |
| |
|
| |
Furnish the following information as to the trustee: |
| (a) |
Name and address of each examining or supervising authority to which it is subject. |
| Securities and Exchange Commission |
| Washington, DC 20549 |
| |
| Federal Reserve |
| District 3 |
| Philadelphia, PA |
| |
| FDIC |
| Washington, DC 20549 |
| |
| Office of the Comptroller of the Currency |
| New York, NY 10173 |
| (b) |
Whether it is authorized to exercise corporate trust powers. |
| The trustee is authorized to exercise corporate trust powers. |
| |
| ITEM 2. |
AFFILIATIONS WITH THE OBLIGORS. |
| |
|
| |
If the obligor is an affiliate of the trustee, describe each affiliation: |
| |
|
| Based upon an examination of the books and records of the trustee and information available to the trustee, the obligor is not an affiliate of the trustee. |
| |
|
| ITEM 16. |
LIST OF EXHIBITS.
|
| |
Listed below are all exhibits filed as part of this Statement of Eligibility and Qualification. |
| |
|
| Exhibit 1. |
A copy of the articles of association of the trustee as now in effect. |
| Exhibit 2. |
Not applicable. |
| Exhibit 3. |
Not applicable. |
| Exhibit 4. |
A copy of the existing bylaws of the trustee, or instruments corresponding thereto. |
| Exhibit 5. |
Not applicable. |
| Exhibit 6. |
The consents of United States institutional trustees required by Section 321(b) of the Act. |
| Exhibit 7. |
A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority. |
| Exhibit 8. |
Not applicable. |
| Exhibit 9. |
Not applicable. |
| |
|
Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the trustee, Wilmington Savings Fund Society, FSB, a federal savings bank organized and existing under the laws of the United
States of America, has duly caused this Statement of Eligibility to be signed on its behalf by the undersigned, thereunto duly authorized,
all in the City of Wilmington and State of Delaware on the 1st day of September, 2023.
| |
WILMINGTON SAVINGS FUND SOCIETY, FSB |
| |
By: |
/s/ Patrick J. Healy |
| |
Name: |
Patrick J. Healy |
| |
Title: |
Senior Vice President |
Exhibit 1
Charter of Wilmington Savings Fund Society, FSB
(see attached)
[Graphic: Office of the Comptroller of
the Currency]
Washington, DC 20219
CERTIFIED FEDERAL SAVINGS ASSOCIATION CHARTER
I, Thomas J. Curry, Comptroller of the Currency,
do hereby certify that the document hereto attached is a true and correct copy, as recorded in the Office of the Comptroller of the Currency
(successor to the Office of Thrift Supervision), of the charter for the federal savings association listed below:
Wilmington Savings Fund Society, FSB
Wilmington, Delaware
OTS Docket No. 7938
| |
IN TESTIMONY WHEREOF, today, July 29, 2015, I have hereunto subscribed my name and caused my seal of office to be affixed to these presents
at the U.S. Department of the Treasury, in the City of Washington, District of Columbia. |
| |
|
| |
/s/ Thomas J. Curry |
| |
Comptroller of the Currency |
[Graphic: Seal]
FEDERAL STOCK CHARTER
Wilmington
Savings Fund Society
Section 1. Corporate
Title. The full corporate title of the savings bank is “Wilmington Savings Fund Society, Federal Savings Bank.”
Section 2. Office. The
home office of the savings bank shall be located in the County of New Castle, State of Delaware.
Section 3. Duration. The
duration of the savings bank is perpetual.
Section 4. Purpose
and Powers. The purpose of the savings bank is to pursue any or all of the lawful objectives of a Federal savings bank
chartered under Section 5 of the Home Owners’ Loan Act and to exercise all the express, implied, and incidental powers conferred
thereby and by all acts amendatory thereof and supplemental thereto, subject to the Constitution and laws of the United States as they
are now in effect, or as they may hereafter be amended, and subject to all lawful and applicable rules, regulations, and orders of the
Federal Home Loan Bank Board (“Board”). In addition, the savings bank may make any investment and engage in any
activity as may be specifically authorized by action of the Board, including authorization by delegated authority, in connection with
action approving the insurance of the charter.
Section 5. Capital
Stock. The total number of shares of all classes of the capital stock which the savings bank has authority to issue is
Twenty Five Million (25,000,000), of which Seventeen and One Half Million (17,500,000) shall be common stock, par value $.01 per share,
and of which Seven and One Half Million (7,500,000) shall be preferred stock, par value $.01 per share. The shares may be issued
from time to time as authorized by the board of directors without further approval of stockholders except as otherwise provided in this
Section 5 or to the extent that such approval is required by governing law, rule, or regulation. The consideration for
the issuance of the shares shall be paid in full before their issuance and shall not be less than the par value. Neither promissory
notes nor future services shall constitute payment or part payment for the issuance of shares of the savings bank. The consideration
for the shares shall be cash, tangible or intangible property (to the extent direct investment in such property would be permitted), labor
or services actually performed for the savings bank, or any combination of the foregoing. In the absence of actual fraud in
the transaction, the value of such property, labor, or services, as determined by the board of directors of the savings bank, shall be
conclusive. Upon payment of such consideration, such shares shall be deemed to be fully paid and nonassessable. In
the case of a stock dividend, that part of the surplus of the savings bank which is transferred to stated capital upon the issuance of
shares as a share dividend shall be deemed to be the consideration for their issuance.
Except for shares issuable
in connection with the conversion of the savings bank from the mutual to the stock form of capitalization, no shares of capital stock
(including shares issuable upon conversion, exchange, or exercise of other securities) shall be issued, directly or indirectly, to officers,
directors, or controlling persons of the savings bank other than as part of a general public offering or as qualifying shares to a director,
unless their issuance or the plan under which they would be issued has been approved by a majority of the total votes eligible to be cast
as a legal meeting.
Nothing contained in this
Section 5 (or in any supplementary sections hereto) shall entitle the holders of any class of a series of capital stock to vote as
a separate class or series or to more than one vote per share, except as to the cumulation of votes for the election of directors: Provided,
That this restriction on voting separately by class or series shall not apply;
(i) To
any provision which would authorize the holders of preferred stock, voting as a class or series, to elect some members of the board of
directors, less than a majority thereof, in the event of default in the payment of dividends on any class or series of preferred stock;
(ii) To
any provision which would require the holders of preferred stock, voting as a class or series, to approve the merger or consolidation
of the savings bank with another corporation or the sale, lease, or conveyance (other than by mortgage or pledge) of properties or business
in exchange for securities of a corporation other than the Savings bank if the preferred stock is exchanged for securities of such other
corporation; Provided, That no provision may require such approval for transactions undertaken with the assistance or pursuant
to the direction of the Federal Savings and Loan Insurance Corporation;
(iii) To
any amendment which would adversely change the specific terms of any class of series of capital stock as set forth in this Section 5
(or in any supplementary sections hereto), including any amendment which would create or enlarge any class or series ranking prior thereto
in rights and preferences. An amendment which increases the number of authorized shares of any class or series of capital stock,
or substitutes the surviving association in a merger or consolidation for the savings bank, shall not be considered to be such an adverse
change.
A description of the different
classes and series (if any) of the savings bank’s capital stock and a statement of the delegations, and the relative rights, preferences,
and limitations of the shares of each class of and series (if any) of capital stock are as follows:
A. Common
Stock. Except as provided in this Section 5 (or in any supplementary sections hereto) the holders of the common stock
shall exclusively possess all voting power. Each holder of shares of common stock shall be entitled to one vote for each share
held by such holder, except as to the Commutation of votes for the election of directors.
Whenever there
shall have been paid, or declared and set aside for payment, to the holders of the outstanding shares of any class of stock having preference
over the common stock as to the payment of dividends, the full amount of dividends and of sinking fund, retirement fund, or other retirement
payments, if any, to which such holders are respectively entitled in preference to the common stock, then dividends may be paid on the
common stock and on any class or series of stock entitled to participate therewith as to dividends out of any assets legally available
for the payment of dividends.
In the event of
any liquidation, dissolution, or winding up of the savings bank, the holders of the common stock (and the holders of any class or series
of stock entitled to participate with the common stock in the distribution of assets) shall be entitled to receive, in cash or in kind,
the assets of the savings bank available for distribution remaining after: (i) payment or provision for payment of the
savings bank’s debts and liabilities; (ii) distributions or provision for distributions in settlement of its liquidation account;
and (iii) distributions or provision for distributions to holders of any class or series of stock having preference over the common
stock in the liquidation, dissolution, or winding up of the savings bank. Each share of common stock shall have the same relative
rights as and be identical in all respects with all the other shares of common stock.
B. Preferred
Stock. The savings bank any provide in supplementary sections to its charter for one or more classes of preferred stock,
which shall be separately identified. The shares of any class may be divided into and issued in series, with each series separately
designated so as to distinguish the shares thereof from the shares of all other series and classes. The terms of each series
shall be set forth in a supplementary section to the charter. All shares of the same class shall be identical except as to
the following relative rights and preferences, as so which there may be variations between different series:
(a) The
distinctive serial designation and the number of shares constituting such series;
(b) The
dividend rate or the amount of dividends to be paid on the shares of such series, whether dividends shall be cumulative and, if so, from
which date(s) the payment date(s) for dividends, and the participating or other special rights, if any, wish respect to dividends;
(c) The
voting powers, full or limited, if any, of the shares of such series;
(d) Whether
the shares of such series shall be redeemable and, if so, the price(s) at which, and the terms and conditions on which, such shares
may be redeemed;
(e) The
amount(s) payable upon the shares of such series in the event of voluntary or involuntary liquidation, dissolution, or winding up
to the savings bank;
(f) Whether
the shares of such series shall be entitled to the benefit of a sinking or retirement fund to be applied to the purchase or redemption
of such shares, and if so entitled, the amount of such fund and the manner of its application, including the price(s) at which such
shares may be redeemed or purchased through the application of such fund;
(g) Whether
the shares of such series shall be convertible into, or exchangeable for, shares of any other class or classes of stock of the savings
bank and, if so, the conversion price(s) or the rate(s) of exchange, and the adjustments thereof, if any, at which such conversion
or exchange may be made, and any other terms and conditions of such conversion or exchange;
(h) The
price or other consideration for which the shares of such series shall be issued; and
(i) Whether
the shares of such series which are redeemed or converted shall have the status of authorized but unissued shares of serial preferred
stock and whether such shares may be reissued as shares of the same or any other series of serial preferred stock.
Each share of each
series of serial preferred stock shall have the same relative rights as and be identical to all respects with all the other shares of
the same series.
The board of directors
shall have authority to divide, by the adoption of supplementary charter sections, any authorized class of preferred stock into series,
and, within the limitations set forth in this section and the articles of incorporation, fix and determine the relative rights and preferences
of the shares of any series as established.
Prior to the issuance
of any preferred shares of a series established by a supplementary charter section adopted by the board of directors, the savings bank
shall file with the Secretary to the Board a dated copy of that supplementary section of this charter establishing and designating the
series and fixing and determining the relative rights and preferences thereof.
Section 6. Net
Worth Certificates. Notwithstanding any provision of Section 5, Capital Stock, the savings bank may issue net
worth certificates, income capital certificates or similar certificates to the Federal Savings and Loan Insurance Corporation (the “Corporation”)
or the Federal Deposit Insurance Corporation in exchange for appropriate consideration, including promissory notes of the Corporation,
in accordance with the rules, regulations, and policies of the Board. Subject to such rules, regulations, and policies, the
board of directors of the savings bank is authorized without the prior approval of the stockholders of the savings bank and by resolution(s) from
time to time adopted by the board of directors to cause the issuance of net worth certificates to the Corporation and to fix the designations,
preferences, and relative, participating, optional, or other special rights of the certificates, and the qualifications, limitations,
and restrictions thereon. Stockholders of the savings bank shall not be entitled to preemptive rights with respect to the issuance
of net worth certificates, nor shall holders of such certificates be entitled to preemptive rights with respect to any additional issuance
of net worth certificates.
Section 7. Preemptive
Rights. Holders of the capital stock of the savings bank shall not be entitled to preemptive rights with respect to any
shares of the savings bank which may be issued.
Section 8. Certain
provisions applicable for five years. Notwithstanding anything contained in the savings bank charter or bylaws to the contrary,
for a period of five years from the date of completion of the conversion of the savings bank from mutual to stock form, the following
provisions shall apply:
A. Beneficial
ownership limitation. No person shall directly or indirectly offer to acquire or acquire the beneficial ownership of more than
10 percent of any class of an equity security of the savings bank. The limitation shall not apply to a transaction in which
the savings bank forms a holding company without change in the respective beneficial ownership interests of its stockholders other than
pursuant to the exercise of any dissenter and appraisal rights or the purchase of shares by underwriters in connection with a public offering.
In the event shares
are acquired in violation of this Section 8, all shares beneficially owned by any person in excess of 10% shall be considered ‘excess
shares’ and shall not be counted as shares entitled to vote and shall not be voted by any person or counted as voting shares in
connection with any matters submitted to the stockholders for a vote.
For the purposes
of this Section 8, the following definitions apply.
(1) The
term “person” includes an individual, a group acting in concert, a corporation, a partnership, an association, a joint stock
company, a trust, any unincorporated organization or similar company, a syndicate or any other group formed for the purpose of acquiring,
holding or disposing of securities of the savings bank.
(2) The
term “offer” includes every offer to buy or otherwise acquire, solicitation of an offer to sell, tender offer for, or request
or invitation for tenders of, a security or interest in a security for value.
(3) The
term “acquire” includes every type of acquisition, whether affected by purchase, exchange, operation of law or otherwise.
(4) The
term “acting in concern” means (a) knowing participation in a joint activity or conscious parallel action towards a common
goal whether or not pursuant to an express agreement, or (b) a combination or pooling of voting or other interests in the securities
of an issuer for a common purpose pursuant to any contract, understanding, relationship, agreement or other arrangements, whether written
or otherwise.
B. Cumulative
voting limitation. Stockholders shall not be permitted to cumulate their votes for election of directors.
C. Call
for special meetings. Special meetings of stockholders relating to changes in control of the savings bank or amendments
to its charter shall be called only upon direction of the board of directors.
Section 9. Liquidation
Account. Pursuant to the requirements of the Board’s regulations (12 C.F.R. Subchapter D), the savings bank shall
establish and maintain a liquidation account for the benefit of its savings account holders as of December 31, 1983 (“eligible
savers”). In the event of a complete liquidation of the savings bank, it shall comply with such regulations with respect
to the amount and the priorities on liquidation of each of the savings bank’s eligible saver’s inchoate interest in the liquidation
account, to the extent it is still in existence: Provided, that an eligible saver’s inchoate interest in the liquidation
account shall not entitle such eligible saver to any voting rights at meetings of the savings bank’s stockholders.
Section 10. Directors. The
savings bank shall be under the direction of a board of directors. The authorized number of directors, as stated in the savings
bank’s bylaws, shall not be less than seven or more than fifteen except when a greater number is approved by the Board.
Section 11. Amendment
of Charter. Except as provided in Section 5, no amendment, addition, alteration, change, or repeal of this charter
shall be made, unless such is first proposed by the board of directors of the savings bank, then preliminarily approved by the Board,
which preliminary approval may be granted by the Board pursuant to regulations specifying preapproved charter amendments, and thereafter
approved by the shareholders by a majority of the total votes eligible to be cast as a legal meeting. Any amendment, addition,
alternation, change, or repeal so acted upon shall be effective upon filing with the Board in accordance with regulatory procedures or
on such other date as the Board may specify in its preliminary approval.
Any amendment, addition, alteration, change or
repeal so acted upon shall be effective upon filing with the Board in accordance with the regulatory procedures or on such other date
as the Board may specify in its preliminary approval.
| Attest: |
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By: |
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Secretary of the Savings Bank |
|
|
President or Chief Executive
Officer of the Savings Bank |
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|
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| Declared effective this 4th day of December, 1986. |
|
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Federal Home Loan Bank Board
|
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| Attest: |
 |
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By: |
 |
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Secretary to the Board |
|
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Associate General Counsel for Conversions |
SUPPLEMENTARY SECTION TO
THE FEDERAL STOCK CHARTER OF
WILMINGTON SAVINGS FUND SOCIETY,
FEDERAL SAVINGS BANK
Authorization of Non-Cumulative Convertible
Perpetual Preferred Stock, Series 1,
$.01 Par Value Per Share
RESOLVED that, pursuant to
Section 5 of the Federal Stock Charter of Wilmington Savings Fund Society, Federal Savings Bank (the “Bank”), the Board
of Directors of the Bank does hereby adopt a Supplementary Section to the Federal Stock Charter of the Bank to provide for the Issuance
of shares of Preferred Stock in a series to consist of Two Million (2,000,000) shares, $.01 par value per share, to be known as the Bank’s
“Non-Cumulative Convertible Perpetual Preferred Stock, Series 1” and does hereby fix the distinguishing characteristics,
relative rights and preferences, including the designation, preferences and relative participating, optional or other special rights,
and the qualifications, limitations and restrictions thereof, of such series of stock (in addition to those set forth in the Federal Stock
Charter of the Bank which are applicable to the Preferred Stock of all series), as follows:
Section 1. Designation
and Amount. The shares of this series shall be designated as “Non-Cumulative Perpetual Convertible Preferred Stock,
Series 1” (the “Series 1 Preferred Stock”) and the number of shares constituting the Series 1 Preferred
Stock shall be Two Million (2,000,000) shares.
Section 2. Dividends
and Distributions.
(A) The
holders of record of shares of Series 1 Preferred Stock shall be entitled to receive, if, as and when declared by the Board of Directors
out of funds legally available for the purpose, quarterly cash dividends payable in arrears on the first day of January, April, July and
October in each year (each such date being referred to herein as a “Quarterly Dividend Payment Date”), to the holders
of record of the Series 1 Preferred Stock at the close of business on or about the 15th day of the month next preceding the first
day of January, April, July or October, as the case may be, fixed by the Board of Directors (the “Record Date”), commencing
on the first Quarterly Dividend Payment Date after March 31, 1994 in an amount (if any) per share (rounded to the nearest cent),
subject to the provision for adjustment hereinafter set forth, equal to one-quarter of the total annual dividend of ninety cents (90%)
per share.
(B) Dividends
due pursuant to paragraph (A) of this Section shall begin to accrue on outstanding shares of Series 1 Preferred Stock from
the Quarterly Dividend Payment Date next preceding March 31, 1994. Dividends accruing on outstanding shares of Series 1
Preferred Stock shall not be cumulative. Dividends paid on the shares of Series 1 Preferred Stock in an amount less than
the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis
among all such shares at the time outstanding.
(C) No
dividends shall accrue or be paid on the Series 1 Preferred Stock, if after payment, the Bank would be undercapitalized within the
meaning of Section 38(d) of the Federal Deposit Insurance Act.
Section 3. Certain
Restrictions.
(A) Prior
to March 31, 1994, the Bank shall not in any circumstances, and after March 31, 1994, whenever quarterly dividends or other
dividends or distributions payable on the Series 1 Preferred Stock as provided in Section 2 are in arrears, thereafter and until
all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series 1 Preferred Stock outstanding shall
have been paid in full, the Bank shall not:
(i) declare
or pay dividends, or make any other distributions, on any shares of stock ranking junior (either as to dividends or upon liquidation,
dissolution or winding up) to the Series 1 Preferred Stock:
(ii) declare
or pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to dividends or upon
liquidation, dissolution or winding up) with the Series 1 Preferred stock, except dividends paid ratably on the Series 1
Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which
the holders of all such shares are then entitled; or
(iii) redeem
or purchase or otherwise acquire for consideration shares of any stock ranking junior (either as to dividends or upon liquidation, dissolution
or winding up) to the Series 1 Preferred Stock, provided that the Bank may at any time redeem, purchase or otherwise acquire shares
of any such junior stock in exchange for shares of any stock of the Bank ranking junior (as to dividends and upon dissolution, liquidation
or winding up) to the Series 1 Preferred Stock.
(B) The
Bank shall not permit any subsidiary of the Bank to purchase or otherwise acquire for consideration any shares of stock of the Bank unless
the Bank could, under paragraph (A) of this Section 3, purchase or otherwise acquire such shares at such time and in such manner.
Section 4. Voting
Rights. Except as otherwise provided by statute, the Bank’s Federal Stock Charter or the regulations of the Office
of Thrift Supervision, or successor thereto, holders of Series 1 Preferred Stock shall have no special voting rights and their consent
shall not be required for taking any corporate action.
Section 5. Conversion.
(A) Conversion
Privilege. Each holder of a share of Series 1 Preferred Stock shall have the right, at his option, at any time or
from time to time to convert such share into six (6) fully paid and nonaccessable shares of the Bank’s common stock, $.01 par
value per share (the “Common Stock”). No adjustment or allowance shall be made for dividends on shares of Series 1
Preferred Stock surrendered for conversion, whether accrued, accumulated or otherwise. If the Bank subdivides or combine in
a larger or smaller number of shares its outstanding shares of Common Stock, then the number of shares of common stock issuable upon the
conversion of Series 1 Preferred Stock will be proportionately increased in the case of a subdivision and decreased in the case of
a combination effective in either case at the close of business on the date that the subdivision or combination becomes effective. If
the Bank at any time pays to the holders of its Common Stock a dividend in Common Stock, the number of shares of Common Stock issuable
upon the conversion of Series 1 Preferred Stock shall be proportionally increased, effective at the close of business on the record
date for determination of the holders of the Common Stock entitled to the dividend. In addition, the number of shares into
which the Series 1 Preferred Stock shall convert shall be automatically adjusted from time to time in the same manner and to the
same extent as the number of shares into which the 10% Convertible Preferred Stock, Series 1, $.01 par value per share, of Star States
Corporation (the “Star States Series 1 Preferred Stock”) shall be entitled to convert so that each share of the Series 1
Preferred Stock shall at all times be convertible into the same number of shares of Common Stock as a share of Star States Series 1
Preferred Stock would then be entitled to convert.
(B) Manner
of Exercise. In order to exercise the conversion privilege with respect to any shares of Series 1 Preferred Stock,
the holder thereof shall surrender the certificate or certificates therefor to any transfer agent of the Bank for the Series 1 Preferred
Stock, duly endorsed in blank for transfer, accompanied by written notice of election to convert such shares of Series 1 Preferred
Stock or a portion thereof executed on the form set forth on such certificates or on such other form as may be provided from time to time
by the Bank. As soon as practicable after the surrender of such certificates as provided above the Bank shall cause to be issued
and delivered, at the office of such transfer agent, to or on the order of the holder of the certificates thus surrendered, a certificate
or certificates for the number of full shares of Common Stock issuable hereinunder upon the conversion of such shares of Series 1
Preferred Stock and scrip, in respect of any fraction of a share of Common Stock issuable upon such conversion as provided in paragraph
(C). Such conversion shall be deemed to have been effected on the date on which the certificates for such shares of Series 1
Preferred Stock have been surrendered as provided above, and the person in whose name any certificate or certificates for shares of Common
Stock are issuable upon such conversion shall be deemed to have become on such date the holder of record of the shares represented thereby.
(C) Issuance
of Scrip in Lieu of Fractional Shares. No fractional shares of Common Stock shall be issued upon any conversion of
Series 1 Preferred Stock. If two or more shares of Series 1 Preferred Stock are surrendered for conversion at
one time by the same holder, the number of full shares issuable upon the conversion of such shares shall be computed on the basis of
the aggregate Original Liquidation Value (without adjustment for allowance for dividends whether accrued, accumulated or otherwise)
of such shares. In lieu of any fraction of a share of Common Stock to which any holder would otherwise be entitled upon
conversion of any shares of Series 1 Preferred Stock, the Bank shall issue non-interest-bearing and non-voting scrip
certificates which shall not be entitled to dividends for such fraction, such certificates, together with other similar
certificates, to be exchangeable for the number of full shares of Common Stock represented thereby, to be issued in such
denominations and in such form, to expire after such reasonable time (which shall not less than one year after the date of issue
thereof), to contain such provision for the sale, for the account of the holders of such certificates, of shares of Common Stock for
which such certificates are exchangeable, and to be subject to such other terms and conditions, as the Board of Directors may from
time to time determine prior to the issue thereof.
(D) The
Bank shall at all times reserve and keep available out of the authorized Common Stock the full number of shares of the Common Stock issuable
upon the conversion of all outstanding shares of the Series 1 Preferred Stock.
Section 6. Redemption
of the Series 1 Preferred Stock.
(A) Redemption
at the Bank’s Option. At any time on or after January 1, 1996, the Bank may redeem all or any portion of the
Series 1 Preferred Stock then outstanding at a price per share equal to the Redemption Price (as defined herein). For
each share which is called for redemption, the Bank will be obligated to pay to the holder thereof on the date on which redemption is
to be made (the “Redemption Date”), upon surrender by such holder at the offices of the transfer agent for the Series 1
Preferred Stock of the certificate representing such share, duly endorsed in blank or accompanied by an appropriate form of assignment,
an amount in cash equal to nine dollars ($9) per share (the “Redemption Price”).
(B) Partial
Redemption. In the event that less than all of the outstanding shares of the Series 1 Preferred Stock are to be redeemed,
the number of shares to be redeemed shall be determined by the Board of Directors of the Bank and the shares to be redeemed shall be determined
by lot or pro rata or by any other method as may be determined by such Board of Directors in its sole discretion to be equitable, and
the certificate of the Bank’s Secretary filed with the transfer agent for the Series 1 Preferred Stock in respect of such determination
shall be conclusive.
(C) Notice
of Redemption. In the event the Bank shall redeem shares of Series 1 Preferred Stock, notice of such redemption shall
be given by first class mail, postage prepaid, mailed not less than fifteen (15) nor more than sixty (60) days prior to the Redemption
Date, to each record holder of the shares to be redeemed, at such holder’s address as the same appears on the books of the Bank. Each
such notice shall state: (i) the time and date as of which the redemption shall occur; (ii) the total number of shares
of Series 1 Preferred Stock to be redeemed and, if fewer than all the shares held by such holder are to be redeemed, the number of
such shares to be redeemed from such holder; (iii) the Redemption Price; (iv) that the shares of Series 1 Preferred Stock
called for redemption may be converted at any time prior to the time and date fixed for redemption; (v) the applicable conversion
price or rate; (vi) the place or places where certificates for such shares to be surrendered for payment of the Redemption Price;
and (vii) that dividends on the shares to be redeemed will cease to accrue on such Redemption Date.
(D) Dividends
after Redemption Date. If notice of redemption shall have been given as provided in paragraph (C), dividends on the shares
of Series 1 Preferred Stock so called for redemption shall cease to accrue, such shares shall no longer be deemed to be outstanding,
and all rights of the holders thereof as stockholders of the Bank (except the right to receive from the Bank the Redemption Price without
interest and except the right to convert such shares in accordance with Section 5) shall cease (including any right to receive dividends
otherwise payable on any Dividend Payment Date that would have occurred after the Redemption Date) from and after the time and date fixed
in the notice of Redemption Date or (ii) if the Bank shall so elect and state in the notice of redemption, from and after the time
and date (which date shall be Redemption Date or an earlier date not less than fifteen (15) days after the date of mailing of the redemption
notice) on which the Bank shall irrevocably deposit with a designated bank or trust company, as paying agent, money sufficient to pay
at the office of such paying agent on the Redemption Date, the Redemption Price. Any money so deposited with any such paying
agent which shall not be required for such redemption because of the exercise of any right of conversion or otherwise shall be returned
to the Bank forthwith. Upon surrender (in accordance with the notice of redemption) of the certificate or certificates for
any shares to be so redeemed (properly endorsed or assigned for transfer, if the Bank shall so require and the notice of redemption shall
so state), such shares shall be redeemed by the Bank at the Redemption Price. In case fewer than all the shares represented
by any such certificate are to be redeemed, a new certificate shall be issued representing the unredeemed shares, without cost to the
holder thereof, together with scrip in lieu of fractional shares in accordance with Section 5(C). Subject to applicable
escheat laws, any moneys so set aside by the Bank and unclaimed at the end of one year from the Redemption Date shall revert to the general
funds of the Bank, after which reversion the holders of such shares so called for redemption shall look only to the general funds of the
Bank for the payment of the Redemption Price without interest. Any interest accrued on funds so deposited shall be paid to
the Bank from time to time.
(E) No
Other Redemption. The Series 1 Preferred Stock share not be subject to redemption except as provided in this Section 6.
Section 7. Reacquired
Shares. Any shares of Series 1 Preferred Stock purchased or otherwise acquired by the Bank in any manner whatsoever
shall be retired and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation become
authorized but unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock subject to the conditions
and restrictions on issuance set forth herein, in the Federal Stock Charter of the Bank, including any supplementary section to the Federal
Stock Charter creating a series of Preferred Stock or any similar stock or as otherwise required by law.
Section 8. Liquidation,
Dissolution or Winding Up. Upon any liquidation, dissolution or winding up of the Bank the holders of shares of Series 1
Preferred Stock shall be entitled to receive, after payment or provision for payment of the Bank’s debts and liabilities and distributions
or provisions for distributions in settlement of its liquidation account, and aggregate amount per share, subject to the provision for
adjustment hereinafter set forth, equal to nine dollars ($9) (the “Original Liquidation Value”) per share and the holders
of the Series 1 Preferred Stock shall not be entitled to any further payment, such amounts being herein sometimes referred to as
the “Liquidation Payments.” Upon any such liquidation, dissolution or winding up of the Bank, after the holders of the Series 1
Preferred Stock shall have been paid in full the a mounts to which they shall be entitled, the remaining net assets of the Bank may be
distributed to the holders of the Common Stock. Written notice of any such liquidation, dissolution or winding up, stating
a payment date, the a mount of the Liquidation Payments and the place where said sums shall be payable shall be given by mail, postage
prepaid, not less than thirty (30) days prior to this payment date stated therein, to the holders of record of the Series 1 Preferred
Stock, such notice to be addressed to each stockholder at his post office address as shown by the records of the Bank. Neither
the consolidation nor merger of the Bank into or with any other corporation or corporations, nor the sale or transfer by the Bank of all
or any part of its assets, nor the reduction of the capital stock of the Bank, shall be deemed to be a liquidation, dissolution or winding
up of the Bank within the meaning of any of the provisions of this Section 8.
Section 9. Consolidation,
Merger, etc. In the event the Bank shall enter into any consolidation, merger, combination or other transaction in
which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in
any such event each share of Series 1 Preferred Stock shall at the same time be similarly exchanged or changed into an amount per
share, subject to the provision for adjustment hereinafter set forth, equal to the amount which would have been received by the holder
thereof if such share of Series 1 Preferred Stock had been converted to Common Stock immediately prior to such transaction pursuant
to Section 5 hereof.
The undersigned President
and Secretary of the Bank hereby certify that the foregoing Supplementary Section to the Federal Stock Charter of the Bank was duly
adopted by the Board of Directors of the Bank.
Dated as of the 9th day of
September, 1992
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WILMINGTON SAVINGS FUND SOCIETY,
FEDERAL SAVINGS BANK |
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By: |
/s/ Marvin N. Schoenhals |
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Marvin N. Schoenhals, President |
| (SEAL) |
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| ATTEST: |
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| By: |
/s/ John D. Waters |
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John D. Waters, Secretary |
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Exhibit 4
Bylaws of Wilmington Savings Fund Society, FSB
(see attached)
BYLAWS OF
WILMINGTON SAVINGS FUND SOCIETY, FEDERAL SAVING
BANK
Article I. Home
Office
The home office of Wilmington
Savings Fund Society, Federal Savings Bank (“Bank”) shall be at Wilmington in the country of New Cartle in the State of Delaware.
Article II. Stockholders
Section 1. Place
of Meetings. All annual and special meetings of stockholders shall be held at such place as the board of directors may
determine in the state in which the Bank has its principal place of business.
Section 2. Annual
Meeting. The annual meeting of the stockholders of the Bank for the election of directors and for the transaction of any
other business of the Bank shall be held within 120 days after the end of the Bank’s fiscal year. Such meeting date shall
be designated annually by the board of directors.
Section 3. Special
Meetings. Special Meetings of the shareholders for any purpose or purposes, unless otherwise prescribed by the regulations
of the Federal Home Loan Bank Board (“Board”) (which as hereinafter used includes the Federal Savings and Loan Insurances
Corporation), may be called at any time by the chairman of the board, the president, or a majority of the board of directors, and shall
be called by the chairman of the board, the president, or the secretary upon the written request of the holders of not less than one-tenth
of all of the outstanding capital stock of the Bank entitled to vote at the meeting. Such written request shall state the purpose
or purposes of the meeting and shall be delivered to the home office of the Bank addressed to the chairman of the board, the president,
or the secretary.
Section 4. Conduct
of Meetings. Annual and special meetings shall be conducted in accordance with the most current edition of Robert’s
Rules of Order unless otherwise prescribed by regulations of the Federal Home Loan Bank Board, or these bylaws. The Board
of directors shall designate, when present, either the chairman of the board or president to preside at such meetings.
Section 5. Notice
of Meetings. Written notice stating the place, day and hour of the meeting and the purpose or purposes for which the meeting
is called shall be delivered not less than twenty nor more than fifty days before the date of the meeting, either personally or by mail,
by or at the direction of the chairman of board, the president, the secretary, the directors calling the meeting to each stockholder of
record entitled to vote at such meeting. If mailed, such notice shall be deemed to be delivered when deposited in the U.S.
mail, addressed to the stockholder at his address as it appears on the stock transfer books or records of the Bank as of the record date
prescribed in Section 6 of this Article II, with postage telecom prepaid. When any stockholders’ meeting, other
amount or special, is adjourned for thirty days or more, notice of the adjourned meeting shall be given as in the case of an original
meeting. It shall not be necessary to give any notice of the time and place of any meeting adjourned for less than thirty days
or of the business to be transacted thereof, other than an announcement at the meeting at which such adjournment is taken.
Section 6. Fixing
of Record Date. For the purpose of determining stockholders entitled to notice of or to vote at any meeting of
stockholders or any adjournment thereof, or stockholders entitled to receive payment of any dividend, or in order to make a
determination of stockholders for any other proper purpose, the board of directors shall fix in advance a date as the record date
for any such determination of stockholders. Such date in any case shall be not more than sixty days and, in case of a
meeting of stockholders, not fewer than ten days prior to the date on which the particular action, requiring such determination of
stockholders, is to be taken. When a determination of stockholders entitled to vote as any meeting of stockholders has
been made as provided in this section, such determination shall apply to any adjournment thereof.
Section 7. Voting
Lists. The officer or agent having charge of the stock transfer books for shares of the Bank shall make, at least twenty
days before each meeting of the stockholders, a complete list of the stockholders entitled to vote at such meeting, or any adjournment
thereof, arranged in alphabetical order, with the address of and the number of shares held by each, which list, shall be kept on file
at the home office of the Bank and shall be subject to inspection by any stockholder at any time during usual business hours, for a period
of twenty days prior to such meeting. Such list shall also be produced and kept open at the time and place of the meeting and
shall be subject to the inspection of any stockholders during the whole time of the meeting. The original stock transfer book
shall be shall be prima facie evidence as to who are the stockholders entitled to examine such list or transfer books or to vote at any
meeting of stockholders.
In lieu of making the stockholders
list available for inspection by any stockholder as provided to the preceding paragraph, the board of directors may elect to follow the
procedures prescribed in Section 55.6(d) of the Board’s Regulations, as now or hereafter in effect.
Section 8. Quorum. A
majority of the outstanding shares of the Bank entitled to vote, represented in person or by proxy, shall constitute a quorum at a meeting
of stockholders. If less than a majority of the outstanding shares are represented at a meeting, a majority of the shares so
represented, may adjourn, the meeting from time to time without further notice. At such adjourned meeting at which a quorum
shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. The
stockholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of
enough stockholders to leave less than a quorum.
Section 9. Proxies. As
all meetings of stockholders, a stockholder may vote by proxy executed in writing by the stockholder or by his duly authorized attorney
in fact. Proxies solicited on behalf of the management shall be voted as directed by the stockholder or, in the absence of
such direction, as determined by a majority of the board of directors. No proxy shall be vote after eleven months from the
date of its execution except for a proxy coupled with an interest.
Section 10. Voting
of shares in the Name of Two or More Persons. When ownership stands in the name of two or more persons, in the absence
of writer directors to the Bank to the contrary, at any meeting of the stockholders of the Bank any one or more of such stockholders may
cast, in person or by proxy, all votes to which such ownership is entitled. In the event an attempt is made to cast conflicting
votes, in person are by proxy, by the several persons in whose names shares of stock stand, the vote or votes to which those persons are
entitled shall be cast as directed by a majority of those holding such stock and present in person or by proxy as such meeting, but no
votes shall be cast for such stock if a majority cannot agree.
Section 11. Voting
of Shares by Certain Holders. Shares standing in the name of another corporation may be voted by any officer, agree or
proxy as the bylaws of such corporation may prescribe, or, in the absence of such provision, as the board of directors of such corporation
may determine. Shares held by an administrator, executor, guardian or conservator may be voted by him, either in person or
by proxy, without a transfer of such shares into his name. shares standing in the name of a trustee may be voted by him, either
in person or by proxy, but no trustee shall be entitled to vote shares held by him without a transfer of such shares into his name. Shares
standing in the name of a receiver may be voted by such receiver, and shares held by or under the control of a receiver may be voted by
such receiver without the transfer thereof into his name if authority to do so is contained in an appropriate order of the court or other
public authority by which such receiver was appointed.
A stockholder whose shares
are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledges and thereafter the
pledgee shall be entitled to vote the shares so transferred.
Neither treasury shares of
its own stock held by the Bank, not shares held by another corporation, if a majority of the shares entitled to vote for the election
of directors of such other corporation are held by the Bank, shall be voted at any meeting or counted in determining the total number
of outstanding shares at any given time for purposes of any meeting.
Section 12. Cumulative
Voting. For a period of five years following the date of the completion of the conversion of the Bank from mutual to stock
form, the cumulation of votes for the election of directors is not permitted. Thereafter, at each election for directors every
stockholders entitled to vote at such election shall have the right either to vote, in person or by proxy, the number of shares owned
by him for as many persons as there are directors to be elected and for whose election he has a right to vote, or to cumulate his votes
by giving one candidate as many votes as the number of such directors to be elected multiplied by the number of his shares shall equal
or by distributing such votes on the same principle among any number of candidates.
Section 13. Informal
Action by Stockholders. Any action required to be taken at a meeting of the stockholders, or any other action which may
be taken at a meeting of the stockholders, may be taken without a meeting if unanimous consent in writing, setting forth the action to
taken, shall be given by all of the stockholders entitled to vote with respect to the subject matter thereof.
Section 14. Inspectors
of Election. In advance of any meeting of stockholders, the board of directors may appoint any persons other than nominees
for office as Inspectors of election to act at such meeting or any adjournment thereof. The number of Inspectors shall be either
one or three. If the board of directors so appoints either one or three such inspectors that appointment shall not be shared
at the meeting. If inspectors of election are not so appointed, the chairman of the board of the president may make such appointment
at the meeting. If appointed at the meeting, the majority of the votes present shall determine whether one or three inspectors
are to be appointed. In case any person appointed as inspector fails to appear or refuses to act, the vacancy may be filled
by appointment by the board of directors in advance of the meeting, by the chairman of the board or by the president.
Unless otherwise prescribed
by regulations of the Federal Home Loan Bank Board, the duties of such inspectors shall include: determining the number of
shares of stock and the voting power of each share, the shares of stock represented at the meeting, the existence of a quorum, the authenticity,
validity and effect of proxies: receiving votes, ballots or consents; hearing and determining all challenges and questions
in any way arising in connection with the right to vote; counting and tabulating all votes or consents; determining the result; and such
acts as may be proper to conduct the election or vote with fairness to all stockholders.
Section 15. Nominating
Committee. The board of directors shall act as a nominating committee for selecting the management nominees for election
as directors. Except in the case of a nominee substituted as a result of the death or other incapacity of a management nominee,
the nominating committee shall deliver written nominations to the secretary at least 20 days prior to the date of the annual meeting. Upon
delivery, such nominations shall be posted in a conspicuous place in each office of the Bank. No nominations for directors
except those made by the nominating committee shall be voted upon at the annual meeting unless other nominations by stockholders are made
in writing and delivered to the secretary of the Bank at least five days prior to the date of the annual meeting. Upon delivery,
such nomination shall be posted in a conspicuous place in each office of the Bank. Ballots bearing the names of all the persons
nominated by the nominating committee and by stockholders shall be provided for use at the annual meeting. However, if the
nominating committee shall fail or refuse to act at least 20 days prior to the annual meeting, nominations for directors may be made at
the annual meeting by any stockholder entitled to vote and shall be voted upon.
Section 16. New
Business. Any new business proposed by a stockholder to be taken up at the annual meeting shall be stated in writing
and filed with the secretary of the Bank at least five days before the date of the annual meeting, and all business so stated,
proposed and filed shall be considered at the annual meeting, but no other proposal shall be acted upon at the annual
meeting. Such writing filed with the secretary shall contain such information as required by Regulation 14A and schedule
14A under the Securities Exchange Act 1934. Any stockholder may make any other proposal at the annual meeting and the
same may be discussed and considered, but unless stated in writing and filed with the secretary at least five days before the
meeting, as provided above, such proposal shall be laid over for section at an adjourned, special or annual meeting of the
stockholders taking place thirty days or more thereafter. This provisions shall not prevent the consideration and
approval or disapproval at the annual meeting of reports of officers, directors and committee, but in connection with such reports
to new business shall be acted upon at such annual meeting unless stated and filed as herein provided.
Article III. Board
of Directors
Section 1. General
Powers. The business and affairs of the Bank shall be under the direction of its board of directors. The board
of directors shall annually elect a chairman of the board and a president from among its members and shall designate, when present, either
the chairman of the board or the president to preside at its meetings.
Section 2. Number
and Term. The board of directors shall consist of eleven (11) members and shall be divided into three classes as nearly
equal in number as possible. The members of each class shall be elected for a term of three years and until their successors
are elected and qualified. One class shall be elected by ballot annually.
Section 3. Regular
Meetings. A regular meeting of the board of directors shall be held without other notice than this bylaw immediately after,
and at the same place as, the annual meeting of stockholders. The board of directors may provide, by resolution, the time and
place, within the Bank’s regular landing area, for the holding of additional regular meetings without other notice than such resolution.
Section 4. Qualifications. Each
Director shall at all times be the beneficial owner of not less than 100 shares of capital stock of the association unless the association
is a wholly owned subsidiary of a holding company.
Section 5. Special
Meetings. Special meetings of the board of directors may be called by or at the request of the chairman of the board, the
president or one-third of the directors. The persons authorized to call special meetings of the board of directors may fix
any place, within the Bank’s regular lending area, as the place for holding any special meeting of the board of directors called
by such persons. All meetings of the board of directors shall be conducted in accordance with the most current edition of Robert’s
Rules of Order.
Members of the board of directors
may participate is meeting by means of conference telephone, or by means of similar communications equipment by which all persons participating
in the meeting can hear each other. Such participates shall constitute presence in person but shall not constitute attendance
for the purpose of compensation pursuant to Section 12 of this Article.
Section 6. Notice. Written
notice of any special meeting shall be given to each directors at least two days prior thereto delivered personally or by telegram, or
at least five days prior thereto when delivered by mail at the address at which the director is most likely to be reached. Such
notice shall be deemed to be delivered when deposited in the U.S. mail so addressed, with passage thereon prepaid if mailed, or when delivered
to the telegraph company if sent by telegram. Any director may waive notice of any meeting by a writing held with the secretary. The
attendance of a director at a meeting shall constitute a waiver of notice of such meeting, except where a director attends a meeting for
the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither
the business to be transacted at, not the purpose of, may meeting of the board of directors need be specified in the notice or waiver
of notice of such meeting.
Section 7. Quorum. A
majority of the number of directors fixed by Section 2 of this Article III shall constitute a quorum for the transaction of
business at any meeting of the board of directors, but if less than such majority is present at a meeting, a majority of the directors
present may adjourn the meeting from time to time. Notice of any adjourned meeting shall be given in the same manner as prescribed
by Section 6 of this Article III.
Section 8. Manner
of Acting. The act of the majority of this directors present at a meeting at which a quorum is present shall be the act
of the board of directors, unless governing law, rules or regulation requires otherwise.
Section 9. Action
Without a Meeting. Any section required or permitted to be taken by the board of directors at a meeting may be taken without
a meeting if a consent in writing, seeing forth the action to taken, shall be signed by all of the directors.
Section 10. Resignation. Any
director may resign at any time by sending a written notice of such resignation to the home office of the Bank addressed to the secretary. Unless
otherwise specified thereto such resignation shall take effect upon receipt thereof by the secretary.
Section 11. Vacancies. Any
vacancy occurring in the board of directors may be filled by the affirmative vote of a majority of the remaining director, even if less
than a quorum of the board of director remains. A director elected to fill a vacancy shall be elected to serve until the next
election of director by the stockholder. Any directorship to be filled by reason of an increase in the number of directors
may be filled by board of directors for a term of office continuing only until the next election of directors by the stockholders.
Section 12. Compensation. Director,
as such, may receive a stated compensation for their services. By resolution of the board of director, a reasonable fixed sum,
and reasonable expenses of attendance, if any, may be allowed for actual attendance at each regular or special meeting of the board of
directors. Members of either standing or special committees may be allowed such compensation for actual attendance at committee
meetings as the board or directors may determine.
Section 13. Presumption
of Assent. A director of the Bank who is present at a meeting of the board of directors at which action on any Bank matter
is taken shall be presumed to have assented to the action taken unless his dissent or abstention shall be entered in the minutes of the
meeting or unless he shall file his written dissent to such action with the person acting as the secretary of the meeting before the adjournment
thereof or shall forward such dissent by registered mail to the secretary of the Bank within five days after the date he receives a copy
of the minutes of the meeting. Such right to dissent shall not apply to a director who voted in favour of such action.
Section 14. Removal
of Directors. At a meeting of stockholders called expressly for that purpose, any director may be removed for cause by
a vote of the holders of majority of the shares then entitled to vote is an election of directors. If less than the entire
board is to be removed, no one of the director may be removed if the voted cast against the removal would be sufficient to elect a director
if then cumulatively voted at an election of the class of directors of which such director is a part. Whenever the holders
of the shares of any class are entitled to elect one or more directors by the provisions of the charter or supplemental sections thereto,
the provisions of this section shell apply, in respect to the removal of a director or directors to elected, to the vote of the holders
of the outstanding shares of that class and not to the vote of the outstanding shares as a whole.
Section 15. Age
limitation on directors. No person shall be eligible for election, re-election, appointment, or reappointment to the board
of directors of the Bank if such person is then more than 75 years of age. No director shall serve beyond the annual meeting
of the Bank immediately following his attainment of 75 year of age. The age limitation shall not apply to a person serving
as a director emeritus of the Bank.
Directors emeritus may be
appointed and their compensation for services in an amount not to exceed those free paid to voting directors) determined by resolution
of the board of director of the Bank. Only former director of the Bank (including former director of other banks which have
merged with, or otherwise been acquired by the Bank) shall be eligible to serve as directors emeritus. Directors emeritus shall
be available for consultation with and advice to management of the Bank. Directors emeritus may attend meetings of the board
of directors, but shall have no vote on any matter acted upon by such board.
Article IV. Executive
and other Committees
Section 1. Appointment. The
board of directors, by resolution adopted by majority of the full board, may designate the chief executive officer and two or more of
the other directors to constitute an executive committee. The designation of any committee pursuant to this Article IV
and the delegation of authority thereto shall not operate to receive the board of directors, of any director, of any responsibility imposed
by law or regulation.
Section 2. Authority. The
executive committee, when the board of directors is not in section, shall have and may exercise all of the authority of the board of
directors except to the extend, if any, that such authority shall be limited by the resolution appointing the executive committee;
and except also that the executive committee shall not have the authority of the board of directors with reference to; a declaration
of dividends, an amendment of the charter or bylaws of the Bank, or recommending to the stockholders a plan of merger,
consolidation, or conversion; the sale, lease or other disposition of all or substantially all of the property and assets of the
Bank otherwise than in the usual and regular course of its business; a voluntary dissolution of the Bank; a revocation of any of the
foregoing; or the approval of a transaction in which any member of the executive committee, directly or indirectly, has any material
beneficial interest.
Section 3. Tenure. Subject
to the provisions of Section 8 of this Article IV, each member of the executive committee shall hold office until the next regular
annual meeting of the board of directors following his designation and until his successor is designated as a member of the executive
committee.
Section 4. Meetings. Regular
meetings of the executive committee may be held without notice at such times and places as the executive committee may fix from time to
time by resolution. Special meetings of the executive committee may be called by a member thereof upon not less than one days’
notice stating the place, date and hour of the meeting, which notice may be written or oral. Any member of the executive committee
may waive notice of any meeting and no notice of any meeting need be given to any member thereof who attends in person. The
notice of a meeting of the executive committee need not state the business proposed to be transacted at the meeting.
Section 5. Quorum. A
majority of the members of the executive committee shall constitute a quorum for the transaction of business at any meeting thereof, and
action of the executive committee musty be authorized by the affirmative vote of a majority of the members present at a meeting at which
a quorum is present.
Section 6. Action
Without a Meeting. Any action required or permitted to be taken by the executive committee at a meeting may be taken without
a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the members of the executive committee.
Section 7. Vacancies. Any
vacancy, in the executive committee may be filled by a resolution adopted by a majority of the full board of directors.
Section 8. Resignations
and Removal. Any member of the executive committee may be removed at any time with or without cause by resolution adopted
by a majority of the full board of directors. Any member of the executive committee may resign from the executive committee
at any time by given written notice to the president or the secretary of the Bank. Unless otherwise specified therein, such
resignation shall take effect upon receipt. The acceptance of such resignation shall not be necessary to make it effective.
Section 9. Procedure. The
executive committee shall elect a presiding officer from its member and may fix its own rules of procedure which shall not be inconsistent
with these bylaws. It shall keep regular minutes of its proceedings and report the same to the board directors for its information
at meeting thereof held next after the proceedings shall have occurred.
Section 10. Other
Committees. The board of directors may by resolution establish an audit committee, a loan committee or other committee
composed of directors as they may determine to be necessary or appropriate for the conduct of the business of the Bank and may prescribe
the duties, constitution and procedures thereof.
Article V. Officers
Section 1. Positions. The
officers of the Bank shall be a president, one or more vice presidents, a secretary and a treasurer, each of whom shall be elected
by the board of directors. The board of directors may also designate the chairman of the board as an
office. The president shall be the chief executive officer, unless the board of directors designates the chairman of the
board as chief executive officer. The president shall be a director of the Bank. The officer of the secretary
and treasurer may be held by the same person and a vice president may also be either the secretary and the treasurer. The
board of directors may designate one or more vice president as executive vice president or senior vice president. The
board of directors may also elect or authorize the appointment of such other officers as the business of the Bank may
require. The officers shall have such authority and perform such duties as the board of directors may from time to time
authorize or determine. In the absence of either by the board of directors, the officers shall have such powers and
duties as generally pertain to their respective offices.
Section 2. Election
and Terms of Office. The officers of the Bank shall be elected annually at the first meeting of the board of directors
held after each annual meeting of the stockholders. If the election of officers is not held at such meeting, such election
shall be held as soon thereafter as possible. Each officer shall hold office until his successor shall have been duly elected
and qualified or until his death or until he shall resign or shall have been removed in the manner hereinafter provided. Election
or appointment of an officer, employee or agent shall not of itself create contract rights. The board of directors may authorise
the Bank to enter into an employment contract with any office in accordance with regulations of the Federal Home Loan Bank Board; but
no such contract shall impair the right of the board of directors to remove any officer at any time in accordance with Section 3
of the Article V.
Section 3. Removal. Any
officer may be removed by the board of directors whatever in the judgment the best interests of the Bank shall be served thereby, but
such removal, other than for cause, shall be without prejudice to the contract rights, if any, of the person so removed.
Section 4. Vacancies. A
vacancy in any officer because of death, resignation, removal, dis-qualification or otherwise, may be filled by the board of directors
for the unexpired portion of the term.
Section 5. Remuneration. The
remuneration of the officers shall be fixed from time to time by the board of directors.
Section 6. Age
limitation on officers. No person 65 years of age or above shall be eligible for election, re-election, appointment, or
reappointment as an officer of the Bank. No officer shall serve beyond the annual meeting of the Bank immediately following
his or her becoming 65.
Article VI. Contracts,
Loans, Checks and Deposits
Section 1. Contracts. To
the except permitted by regulations of the Federal Home Loan Bank Board, and except as otherwise prescribed by the bylaws with respect
to certificates for shares, the board of directors may authorise any officer, employee, or agent of the Bank to enter into any contract
or execute and deliver any instrument in the name of and on behalf of the Bank. Such authority may be general or confined to
specific instances.
Section 2. Loans. No
loans shall be corrected on behalf of the Bank and no evidence of Indebtedness shall be issued in its name unless authorized by the board
of directors. Such authority may be general or confined to specific Insurances.
Section 3. Checks,
Drafts, Etc. All checks, drafts or others for the payment of money, notes or other evidences of indebtedness issued in
the name of the Bank shall be signed by one or more officers, employees or agents of the Bank in such manner as shall from time to time
be determined by the board of director.
Section 4. Deposits. All
funds of the Bank not otherwise employed shall be deposited from time to time to the credit of the Bank in any of its duly authorised
depositories as the board of directors may select.
Article VII. Certificates
for Shares and Their Transfer
Section 1. Certificates
for Shares. Certificates representing shares of capital stock of the Bank shall be in such form as shall be
determined by the board of directors and approved by the Federal Home Loan Bank Board. Such certificates shall be signed
by the chief executive officer or by any other officer of the Bank authorised by the board of directors, attested by the secretary
or an assistant secretary, and sealed with the corporate and or a facsimile thereof. The signatures of such officers upon
a certificate may be facsimiles if the certificate is mutually signed on behalf of a transfer agent or a registrar, other than the
Bank itself or one of its employees. Each certificate for shares of capital stock shall be consecutively numbered or
otherwise identified. The name and address of the person to whom the shared are issued, with the number of shares and
date of issue, shall be entered on the stock transfer books of the Bank. All certificates surrendered to the Bank for
transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like number of shares shall
have been surrendered and cancelled, except that in case of a loss or destroyed certificate, a new certificate may be issued
therefor upon such terms and Indemnity to the Bank as the board of directors may prescribe.
Section 2. Transfer
of Shares. Transfer of shares of capital stock of the Bank shall be made only on its stock transfer books. Authority
for such transfer shall be given only by the holder of record thereof or by his legal representative, who shall furnish proper evidence
of such authority or by his attorney thereunto authorized by power of attorney duly executed and field with the Bank. Such
transfer shall be made only on surrender for cancellation of the certificate for such shares. The person in whose name shares
of capital stock stand on the books of the Bank shall be deemed by the Bank to be the owner thereof for all purposes.
Article VII. Fiscal
years annual Audit
The fiscal year of the Bank
shall end on the 31st day of December of each year. The Bank shall be subject to an annual audit as of the end of its
fiscal year by independent public accountants appointed by and responsible to the board of directors. The appointment of such
accountants shall be subject to annual ratification by the stockholders.
Article IX. Dividends
Subject to the terms of the
Bank’s charter and the regulations and orders of the Federal Home Loan Bank Board, the board of directors may, from time to time,
declare and the Bank may pay, dividends to its outstanding shares of capital stock.
Article X. Corporate
Seal
The board of directors shall
approve a Bank seal.
Article XI. Amendments
There bylaws may be amended
in any manner not inconsistent with applicable laws, rules, regulations or the charter at any time by a majority of the full board of
directors, or by a majority vote of the votes cast by the shareholders of Bank as any legal meeting called expressly for that purpose.
Exhibit 6
Consent of Wilmington Savings Fund Society, FSB
(see attached)
September 1, 2023
Securities and Exchange Commission
Washington, D.C. 20549
Gentlemen:
In accordance with Section 321(b) of
the Trust Indenture Act of 1939, as amended, the undersigned hereby consents that reports of examination of the undersigned made by Federal,
State, Territorial, or District authorities authorized to make such examination may be furnished by such authorities to the Securities
and Exchange Commission upon its request thereof.
| |
Very truly yours, |
| |
|
| |
WILMINGTON SAVINGS FUND SOCIETY, FSB |
| |
|
| |
/s/ Patrick J. Healy |
| |
Patrick J. Healy |
| |
Senior Vice President |
Exhibit 7
Current Report of Wilmington Savings Fund Society,
FSB
(see attached)
Exhibit 107
Calculation of Filing Fee Tables
FORM S-3
(Form Type)
RAMACO RESOURCES, INC.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered and Carry Forward
Securities
| |
Security
Type |
Security
Class Title |
Fee
Calculation
or Carry
Forward
Rule |
Amount
Registered |
Proposed
Maximum
Offering
Price
Per
Unit |
Maximum
Aggregate
Offering Price |
Fee
Rate |
Amount
of
Registration
Fee |
| |
| Newly
Registered Securities |
Fees to Be
Paid |
Equity |
Class
A Common stock, par value $0.01 per share |
Rule
457(o) |
- |
- |
- |
- |
|
| |
Equity |
Class
B Common stock, par value $0.01 per share |
Rule
457(o) |
|
|
|
|
|
| |
Equity |
Preferred
Stock, par value $0.01 per share |
Rule
457(o) |
- |
- |
- |
- |
|
| |
Equity |
Depositary
Shares |
Rule
457(o) |
- |
- |
- |
- |
|
| |
Debt |
Debt
Securities |
Rule
457(o) |
- |
- |
- |
- |
|
| |
Equity |
Warrants |
Rule
457(o) |
- |
- |
- |
- |
|
| |
Other |
Rights |
Rule
457(o) |
- |
- |
- |
- |
|
| Unallocated
(Universal Shelf) |
|
Rule
457(o) |
(1) |
(2) |
$400,000,000(2) |
0.00011020 |
$44,080.00(3) |
| Fees
previously Paid |
|
|
|
- |
- |
- |
- |
- |
| |
Total
Offering Amounts |
|
|
|
$400,000,000 |
0.00011020 |
$44,080.00(3) |
| |
Total
Fees Previously Paid |
|
|
|
|
|
$0.00 |
| |
Total
Fee Offsets |
|
|
|
|
|
$0.00 |
| |
Net
Fee Due |
|
|
|
|
|
$44,080.00 |
| (1) |
There are being registered hereunder such indeterminate number or amount
of Class A common stock, Class B common stock, preferred stock, depositary shares, debt securities, warrants and rights, consisting
of some or all of these securities in any combination, as may from time to time be issued by Ramaco Resources, Inc. (the “Registrant”)
at indeterminate prices, which together shall have an aggregate initial offering price not to exceed $400,000,000. This registration
statement also covers an indeterminate number of securities that may be issuable upon conversion, redemption, exchange, exercise
or settlement of any securities registered hereunder, including under any applicable antidilution provisions. If any debt securities
are issued at an original issue discount, then the principal amount of such debt securities shall be in such greater amount as shall
result in an aggregate offering price not to exceed $400,000,000, less the aggregate dollar amount of all securities previously issued
hereunder. |
| (2) |
The proposed maximum aggregate offering price per class of security
will be determined from time to time by the Registrant in connection with the issuance by the Registrant of the securities registered
hereunder and is not specified as to each class of security pursuant to Instruction 2.A.iii.b. to the Calculation of Filing Fee Tables
and Related Disclosure on Item 16(b) of Form S-3 under the Securities Act of 1933, as amended (the “Securities Act”). |
| (3) |
Estimated solely to calculate the registration fee in accordance with Rule 457(o) under the Securities
Act. The aggregate maximum offering price of all securities issued pursuant to this registration statement will not exceed $400,000,000. |
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