Document:

EX-10.30

 Exhibit 10.30 

RAMACO DEVELOPMENT, LLC 

2016 MEMBERSHIP UNIT OPTION PLAN 

Section 1. Purpose. The purpose of this 2016 Membership Unit Option Plan (the “Plan”) is to promote the interests of
Ramaco Development, LLC, a Delaware limited liability company (the “Company”), and the interests of the Company’s members by attracting and retaining Employees, Non-Employee Managers and
Consultants, and giving such persons the opportunity to purchase Units of the Company. By encouraging such ownership of Units, the Company seeks to attract, retain and motivate such Employees, Non-Employee
Managers and Consultants, and to encourage them to devote their best efforts to the business and financial success of the Company and its Affiliates. 

Section 2. Definitions. As used herein the following terms have the following meanings: 

(a) “Affiliate” means, except as provided in Section 10(a), any person with whom the Company would be considered a
single employer under Section 414(b) of the Code (controlled group of corporations) or Section 414(c) of the Code (partnerships, proprietorships, etc., under common control). 

(b) “Board” means the Board of Managers of the Company. 

(c) “Change of Control” means (a) any consolidation or merger of the Company in which the members of the Company
immediately prior to the merger do not own more than 50% of is not the continuing or surviving entity or pursuant to which Units of the Company would be converted into cash, securities or other property, other than a merger of the Company in which
the holders of the Company’s Units immediately prior to the merger have the same proportionate ownership of the outstanding membership interests of the Company or the surviving entity immediately after the merger, (b) any sale, lease,
exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all, of the assets of the Company and its subsidiaries to any other person or entity (other than an Affiliate of the Company), (c) the
members of the Company approve any plan or proposal for liquidation or dissolution of the Company, (d) any person or entity (other than Yorktown Energy Partners IX, L.P., Yorktown Energy Partners X, L.P., Yorktown Energy Partners XI, L.P.
or any of their respective portfolio companies, trusts to which portfolio company securities are distributed and/or other affiliates), including a “group” as contemplated by section 13(d)(3) of the Exchange Act acquires or gains ownership
or control (including, without limitation, power to vote) of more than 50% of the outstanding shares of the Company’s voting membership interests (based upon voting power) or (e) as a result of or in connection with a contested election of
Managers, the persons who were on the Board before such election shall cease to constitute a majority of the Board. Notwithstanding the foregoing, a Change of Control shall not include (i) an initial public offering of the Company, including in
connection with an “Up-C” restructuring that is conditioned upon the closing of an initial public offering, (ii) a merger of the Company or other business combination involving the Company and
any other affiliate of an investment partnership 

  
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managed by Yorktown Partners LLC, or (iii) any capital raising transaction that is approved by two or more members of the Board who meet the independence requirements of the principal
exchange or quotation system upon which the shares of the Company are listed or quoted or, if no members of the Board meet such independence requirements, that is approved by the Board. 

(d) “Code” means the Internal Revenue Code of 1986, as amended. 

(e) “Committee” means the Compensation Committee of the Board or such other committee of the Board as may be
designated by the Board to administer the Plan. To the extent that no Committee exists that has the authority to administer the Plan, the functions of the Committee shall be exercised by the Board. In the event that the Plan is administered by a
Committee other than the Board, all actions taken by the Committee must be by either (i) the affirmative vote of a majority of the total number of members at a meeting of the Committee at which a quorum is present or (ii) the unanimous
written consent of all members of the Committee. 
 (f) “Consultant” means any individual consultant or advisor of
the Company or an Affiliate who is not an Employee or Non-Employee Manager, provided that bona fide services are rendered by the consultant or advisor and such services are not in connection with the offer or
sale of securities in a capital-raising transaction. 
 (g) “Employee” means any regular salaried officer or
employee of the Company or an Affiliate. 
 (h) “Fair Market Value” means either (i) the closing sales price
per Unit on the date of the grant of the Option, or, if no sales of Units shall have been made on such date, on the next succeeding business day on which Units are sold, on the principal national securities exchange on which Units are listed or
admitted to trading, or if the Units are not listed or admitted to trading on any national securities exchange, on the NASDAQ Global Market, or, if the Units are not quoted on the NASDAQ Global Market, the average of the highest reported
“bid” and the lowest reported “asked” prices per Unit on the date in question, as furnished by OTC Markets Group or a similar organization, or (ii) if the Units are not reported or quoted by any such organization, fair
market value of a Unit on the date of grant as determined in good faith by the Committee using a “reasonable application of a reasonable valuation method” within the meaning Section 409A of the Code and the regulations thereunder. 

(i) “LLC Agreement” means that certain Second Amended and Restated Limited Liability Company Agreement dated as of
August 31, 2016 among the members of the Company, as may be thereafter amended or supplemented. 
 (j) “Membership
Interest” means the interest of a member in the Company, including, without limitation, rights to receive distributions (liquidating or otherwise), to be allocated income, gain, loss, deduction, credit or similar items, to receive information,
and to grant consents or approvals, including without limitation the Units. 

  
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 (k) “Non-Employee Manager”
means an individual duly elected or chosen as a member of the Board or an Affiliate who is not also an Employee or officer of the Company or an Affiliate. 

(l) “Option” means an option to purchase Units granted to an Optionee pursuant to Section 5. 

(m) “Option Agreement” means a written agreement between the Company and an Optionee that sets forth the terms,
conditions, restrictions and/or limitations applicable to an Option granted under the Plan. 
 (n) “Optionee” means
an Employee, Non-Employee Manager or Consultant who has been granted an Option under the Plan. 

(o) “Plan Date” means the date of adoption and approval of the Plan by the Board. 

(p) “Unit” means a unit of Membership Interest in the Company designated by the Board as a Common Unit. 

Section 3. Number of Units. The total number of Units for which Options may be granted by the Company from time to time under the
Plan shall not exceed in the aggregate 333,334 Units, subject to adjustment as provided herein. Units issued under the Plan may be in whole or part, as the Committee shall from time to time determine, authorized but unissued Units or issued Units
that shall have been reacquired by the Company. If any Option granted under the Plan expires or terminates for any reason without having been exercised in full, or is reduced as to the number of Units covered thereby, the unpurchased Units subject
thereto, or the Units by which such Option is reduced, shall again be available for purposes of the Plan. 
 Section 4.
Administration; Indemnification. The following provisions shall apply to the administration of the Plan by the Committee: 

(a) Administration. The Plan shall be administered by the Committee. The Committee shall have total and exclusive
responsibility to control, operate, manage and administer the Plan in accordance with its terms, the LLC Agreement, the certificate of formation of the Company and applicable law. The Committee shall have all the authority that may be necessary or
helpful to enable it to discharge its responsibilities with respect to the Plan. Without limiting the generality of the preceding sentence, the Committee shall have the exclusive right to: (i) interpret the Plan and the Options granted
hereunder; (ii) determine eligibility for participation in the Plan; (iii) decide all questions concerning eligibility for, and the number of, Options issuable under the Plan; (iv) construe any ambiguous provision of the Plan or any
Option Agreement; (v) prescribe the form of the Option Agreements embodying Options granted under the Plan (which need not be identical); (vi) correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Option
Agreement; (vii) issue administrative guidelines as an aid to administer the Plan and make changes in such guidelines as it from time to time deems proper; (viii) make regulations for carrying out the Plan and make changes in such
regulations as it from time to time deems proper; (ix) determine whether Options 

  
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should be granted singly, in combination or in tandem; (x) to the extent permitted under the Plan, grant waivers of Plan terms, conditions, restrictions and limitations; (xi) accelerate
the exercise, vesting or payment of an Option when such action or actions would be in the best interests of the Company; (xii) grant Options in replacement of Options previously granted under the Plan or any other employee benefit plan of the
Company; and (xiii) take any and all other actions it deems necessary or advisable for the proper operation or administration of the Plan. Any action or determination by the Committee shall be final and binding. 

(b) Indemnification. Neither the members of the Board nor the Committee shall be liable for any act, omission, or
determination taken or made in good faith with respect to the Plan or any Options granted under it, and members of the Board or the Committee shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss,
damage, or expense (including attorneys’ fees, the costs of settling any suit, provided such settlement is approved by independent legal counsel selected by the Company, and amounts paid in satisfaction of a judgment, except a judgment based on
a finding of bad faith) arising therefrom to the fullest extent permitted by law. 
 Section 5. Grant of Options. At any time
and from time to time during the duration of the Plan and subject to the express provisions thereof, Options may be granted by the Committee to any Employee, Non-Employee Manager or Consultant for such number
of Units as the Committee in its discretion shall deem to be in the best interest of the Company and which will serve to further the purposes of the Plan. Notwithstanding the foregoing, an Option may be granted only to an Employee, Non-Employee Manager or Consultant of the Company or a corporation or other type of entity in a chain of corporations or other entities in which each corporation or other entity has a “controlling
interest” (within the meaning of Section 409A of the Code) in another corporation or entity in the chain, starting with the Company and ending with the corporation or other entity for which the Employee,
Non-Employee Manager or Consultant performs direct services on the date of grant of the Option. 

Section 6. Option Price, Method of Payment and Withholding Tax. 

(a) Option Price. The purchase price per Unit for each Option shall be determined by the Committee but in no event shall
be less than 100% of the Fair Market Value per Unit at the time the Option is granted unless the Option was granted through the assumption of or in substitution for, outstanding awards previously granted to individuals who became Employees as a
result of a merger, consolidation, acquisition, or other corporate transaction involving the Company and otherwise complies with Section 409A of the Code. 

(b) Method of Payment. Upon exercise of an Option, the purchase price shall be paid in full in cash or, with the consent
of the Committee and if and to the extent provided for under the Option Agreement for such Option, in cash and/or by delivery of Units already owned by the Optionee having an aggregate Fair Market Value (determined as of the date of exercise) equal
to the purchase price, including an actual or deemed multiple series of exchanges of such units. The proceeds of such sale shall constitute general funds of the Company. 

(c) Withholding Tax. Upon exercise of an Option, the Optionee will be required to pay to the Company the amount of any
federal, state or local taxes required by law to be withheld in connection with such exercise, and no certificates representing Units shall be delivered to the Optionee until such tax is paid by the Optionee. In accordance with any applicable
administrative guidelines it establishes, the Committee may allow an Optionee to pay the amount of taxes required by law to be withheld upon exercise of an Option by (i) withholding Units from payment of Units due as a result of the exercise of such
Option, or (ii) permitting the Optionee to deliver to the Company previously acquired Units, in each case having an aggregate Fair Market Value (determined as of the date of delivery of the units) equal to the amount of such required withholding
taxes. 

  
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 Section 7. Option Period and Terms of Exercise. The term of each Option shall be no
more than ten years after the date of grant of the Option. An Option may be exercised only during its term and, except as provided in Section 8, an Option may not be exercised unless Optionee shall have been in the continuous employ or service of
the Company or any Affiliate from the date of grant to the date of exercise of the Option. Upon exercise of an Option, the Optionee and his or her spouse, if applicable, will be required to agree to be bound by all the terms and conditions of the
LLC Agreement. Under the provisions of any Option Agreement evidencing an Option, the Committee may limit the number of shares purchasable thereunder in any period or periods of time during which the Option is exercisable and may impose such other
terms and conditions upon the exercise of an Option and the Units to be purchased as are not inconsistent with the terms of this Plan; provided, however, that the Committee, in its discretion, may accelerate the exercise date of any Option to any
date following the date of grant. 
 Section 8. Vesting and Exercise Following Termination. 

(a) Vesting. Subject to the other provisions of the Plan, and unless the Committee provides otherwise in the Option
Agreement evidencing the Option, the Optionee’s right to exercise the Option shall accrue in three equal installments, which shall be cumulative (i.e., once the right to purchase the number of Units of an installment has accrued such Units may
be purchased at any time, or in part from time to time, until the Option expires). The installments shall become exercisable as follows: 
  

					
	 First Anniversary of Date of Grant:
	  	 	33 1/3	% 
	 Second Anniversary of Date of Grant
	  	 	33 1/3	% 
	 Third Anniversary of Date of Grant
	  	 	33 1/3	% 

 To the extent Optionee does not purchase all or any part of the Units eligible to be purchased under the terms
of the Option (the “Option Units”) at the times the Option becomes exercisable, the Optionee has the right cumulatively thereafter to purchase any Option Units not so purchased and such right shall continue until the Option terminates or
expires. 

  
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 (b) Exercise Following Termination. Except as otherwise provided in an
Option Agreement, the Option may be exercised after the date of Optionee’s termination of employment or service with the Company and its Affiliates only in accordance with the following: 

(i) Termination for Reasons Other Than Death, Disability or Cause. Except as otherwise provided in an Option Agreement,
if Optionee’s employment or service by the Company is terminated voluntarily by Optionee or by action of the Company for reasons other than death or disability (as provided in subsection (b)(ii)) or for cause (as provided in subsection
(b)(iii)), the Option may be exercised, but only (A) within three months after such termination (if otherwise prior to the date of expiration of the Option), and not thereafter, and (B) to purchase the number of Option Units, if any, that could be
purchased upon exercise of the Option at the date of termination of Optionee’s employment or service. Except as otherwise provided in an Option Agreement, for purposes of this subsection (b)(i), if the Option shall not have fully vested as of
the date of termination of Optionee’s employment or service, then a ratable portion of the number of Option Units which would have become purchasable upon the next vesting date shall be deemed to have vested as of the date of such termination
(determined by multiplying the number of Option Units that vest on the next vesting date by a fraction with a numerator equal to the number of full months which have then elapsed since the last vesting date and a denominator of 12, and rounding to
the closest whole number). 
 (ii) Death or Disability. Except as otherwise provided in an Option Agreement, in the
event of Optionee’s termination of employment or service on account of death or disability (as defined in Section 22(e)(3) of the Code), the Option shall remain outstanding and may be exercised by the person who acquires the Option by will or
the laws of descent and distribution, or by Optionee, as the case may be, but only (A) within the one year period following the date of such termination of employment or service (if otherwise prior to the date of expiration of the Option), and not
thereafter, and (B) to purchase the number of Option Units that were subject to purchase upon exercise of the Option at the time of such termination of employment or service, plus the number of Option Units that would have become purchasable upon
the next vesting date. 
 (iii) Cause. Except as otherwise provided in an Option Agreement, if Optionee’s
employment or service by the Company is terminated for “cause,” the Option shall automatically terminate as of the date of such termination, and the right to exercise the Option, whether vested or unvested, shall immediately be forfeited.
Unless otherwise defined in an Option Agreement or an employment, consulting or similar agreement with an Optionee, for purposes of the Plan, a termination for “cause” means any of the following: (A) Optionee’s conviction of, or plea
of nolo contendere to, any felony or to any crime or offense causing substantial harm to the Company or its Affiliates or involving acts of theft, fraud, embezzlement, moral turpitude or similar conduct; (B) Optionee’s repeated
intoxication by alcohol or drugs during the performance of his duties in a manner 

  
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that materially and adversely affects Optionee’s performance of such duties; (C) malfeasance in the conduct of Optionee’s duties, including, but not limited to, (1) willful and
intentional misuse or diversion of funds of the Company, or its Affiliates, (2) embezzlement, or (3) fraudulent or willful and material misrepresentations or concealments on any written reports submitted to the Company or its Affiliates; (D)
Optionee’s material violation of any provision of the LLC Agreement; (E) Optionee’s material failure to perform the duties of Optionee’s employment or service or material failure to follow or comply with the reasonable and lawful
written directives of the Board or senior officers of the Company. An Optionee shall be treated as having been terminated for “cause” under clause (D) or (E) of the preceding sentence only after the Optionee has been informed in writing of
such material failure and given a period of not more than 30 days to remedy same. 
 Section 9. Transferability; Divorce. 

(a) Transferability. An Option granted under the Plan shall be transferable by the Optionee only by will or by the laws
of descent and distribution and shall be exercisable during the lifetime of the Optionee only by the Optionee, or if the Optionee is legally incompetent, by the Optionee’s legal representative. When an Optionee dies, the personal
representative, beneficiary, or other person entitled to succeed to the rights of the Optionee may acquire the rights under an Option. Any such successor must furnish proof satisfactory to the Committee of the successor’s entitlement to receive
the rights under the Option under the Optionee’s will or under the laws of descent and distribution. No person or entity shall be entitled to vote, receive dividends, or be deemed for any purpose the holder of any Units until the Options
granted with respect to such Units shall have been exercised in accordance with the provisions of the Plan and the Option Agreement. 

(b) Divorce. Incident to an Optionee’s divorce, the Optionee may request that the Company agree to observe the
terms of a domestic relations order which may or may not be part of a qualified domestic relations order (as defined in Code Section 414(p)) with respect to all or part of one or more Options made to the Optionee under the Plan. The Company’s
decision regarding such a request shall be made by the Committee, in its sole and absolute discretion, based upon the best interests of the Company. The Committee’s decision need not be uniform among Optionees. As a condition of participation,
an Optionee agrees to hold the Company harmless from any claim that may arise out of the Company’s observance of the terms of any such domestic relations order. 

Section 10. Termination. 

(a) Termination of Employment. Transfers of employment by an Employee between the Company and any of its Affiliates
shall not be considered to be a termination of employment for the purposes of this Plan. Nothing in the Plan or in any Option Agreement evidencing an Option granted under the Plan shall confer upon any Optionee any right to continue in the employ of
the Company or any Affiliate or in any way interfere with the right of the Company or any Affiliate to terminate the employment of 

  
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the Optionee at any time, with or without cause. For purposes of this subsection and subsection (b) of this Section, “Affiliate” shall mean any person with whom the Company would be
considered a single employer under Section 414(b) of the Code (controlled group of corporations) or Section 414(c) of the Code (partnerships, proprietorships, etc., under common control), provided that in applying Section 1563(a)(1), (2) and (3) for
purposes of determining a controlled group of corporations under Section 414(b) of the Code, the language “at least 50 percent” shall be used instead of “at least 80 percent” each place it appears in Section 1563(a)(1), (2) and
(3), and in applying Treasury Regulation Section 1.414(c)-2 for purposes of determining trades or businesses (whether or not incorporated) that are under common control for purposes of Section 414(c) of the
Code, the language “at least 50 percent” shall be used instead of “at least 80 percent” each place it appears in Treasury Regulation Section 1.414(c)-2. 

(b) Termination of Consulting Services. Transfers of consulting services by a Consultant between the Company and any of
its Affiliates shall not be considered to be a termination of consulting services for the purposes of this Plan. Nothing in the Plan or in any Option Agreement evidencing an Option granted under the Plan to a Consultant shall confer upon any
Consultant any right to continue as a Consultant of the Company, or any Affiliate or in any way interfere with the right of the Company or any Affiliate to terminate the services of the Consultant at any time, with or without cause. 

(c) Termination of Membership on the Board. Nothing in the Plan or in any Option Agreement evidencing an Option granted
under the Plan to a Non-Employee Manager shall confer upon any Non-Employee Manager any right to continue as a Non-Employee
Manager of the Company or any Affiliate. 
 Section 11. Adjustments Upon Changes in Units. In the event that, after the Plan
Date, the outstanding Units shall be changed into or exchanged for a different number or kind of units, shares of stock or other securities of the Company or of another corporation through reorganization, merger or consolidation, recapitalization,
reclassification, unit split, split-up, combination or exchange of units or increase because of any dividends paid in Units, the Committee shall appropriately adjust (i) the number of Units (and the
exercise price per unit) subject to any unexercised Options, and (ii) the number of Units for which Options may be granted under the Plan, as set forth in Section 3 hereof, and such adjustments shall be effective and binding for all
purposes of the Plan. 
 Section 12. Amendment and Termination of the Plan. Subject to the right of the Board to terminate the
Plan prior thereto, the Plan shall terminate at the expiration of 10 years from the Plan Date. No Options may be granted after termination of the Plan. The Board may alter or amend the Plan but may not, without the approval of the members of the
Company having a majority of the general voting power, make any alteration or amendment thereof which operates (a) to increase the total number of Units as to which Options may be granted under the Plan (other than as provided in Section 3
and Section 11 hereof), (b) to change the designation or class of persons eligible to receive Options under the Plan, (c) to extend the term of the Plan or the exercise period of an Option beyond the 10 year maximum provided herein,
(d) to decrease the minimum purchase price as provided herein (other than as provided in Section 11 hereof), or (e) to make any other change requiring member approval under (i) any applicable rule,

  
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regulation, or procedure of any national securities exchange or securities association upon which any securities of the Company are listed or (ii) any other applicable law, including, but
not limited to, Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended. No termination or amendment of the Plan shall adversely affect the rights of an Optionee under an outstanding
Option, except with the consent of such Optionee. 
 Section 13. Option Amendment and Cancellation. The Committee may amend the
terms of any outstanding Option granted pursuant to the Plan, but except as otherwise provided herein, no such amendment shall adversely affect in any material way the Optionee’s rights under an outstanding Option without the consent of the
Optionee. 
 Section 14. Company Changes. Upon a Change of Control, the Board serving prior to the date of the applicable event
shall accelerate the exercise dates of all outstanding Options, and may, in its discretion, without obtaining member approval, pay cash to any or all Optionees in exchange for the cancellation of their outstanding Options. The foregoing sentence
shall not apply to any company event described in this Section 14 to the extent that provision is made in writing for the assumption or continuation of the Options theretofore granted, or for the substitution for such Options for new options
relating to the equity of a successor entity, or an Affiliate thereof, with appropriate adjustments as to the number of Units and option prices, in which event the Plan and Options theretofore granted shall continue in the manner and under the terms
so provided. 
 Section 15. Legal Restrictions. Nothing herein, in any Option Agreement entered into hereunder, or in any
Options granted hereunder, shall require the Company to sell or issue any Units pursuant to an Option if such sale or issuance would, in the opinion of counsel for the Company, constitute a violation of the Securities Act of 1933, as amended (the
“Securities Act”) or any similar or superseding statute or statutes, or any applicable state “blue sky” law, in any case as then in effect. 

Section 16. Investment Letter and Legend. At the time of any grant or exercise of any Options, or sale or issuance of Units
pursuant thereto, the Company may, as a condition precedent to the grant or exercise of such Option or the sale or issuance of such Units, require from the holder of such Option (or in the event of his death, his representatives, legatees, or
distributees) such written representations, if any, concerning his (or the transferee’s) status as a sophisticated and/or “accredited” investor under applicable federal and state securities laws and his (or the transferee’s)
intentions with regard to the retention or disposition of the Options or the Units being acquired pursuant to such Options, and such written covenants and agreements, if any, as to the manner of acquisition of such Option and/or the disposal of such
Units as, in the opinion of counsel to the Company, may be necessary to ensure that any acquisition or disposition by such holder (or in the event of his death, his legal representatives, legatees, or distributees) will not involve a violation of
the Securities Act or any similar or superseding statute or statutes, or any other applicable federal or state statute, rule, or regulation, as then in effect. Certificates for Units, when issued, shall have appropriate legends, or statements of
other applicable restrictions, endorsed thereon, and may or may not be immediately transferable. 
 Section 17. Restrictions on
Transfer of Units. The Units acquired pursuant to the exercise of Options shall be subject to such restrictions and agreements regarding sale, 

  
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assignment, encumbrances or other transfer as are in effect among the members of the Company at the time such Units are acquired, as well as to such other restrictions as the Committee shall deem
advisable. 
 Section 18. No Fractional Units. No fractional Units shall be issued or delivered pursuant to the Plan or any
Option granted hereunder, provided that the Committee in its sole discretion may round fractional units down to the nearest whole Unit or settle fractional Units in cash. 

Section 19. Gender. Words of any gender used in the Plan shall be construed to include any other gender, unless the context
requires otherwise. 
 Section 20. Governing Law. All questions arising with respect to the provisions of the Plan or any
agreement entered into hereunder or any Option shall be determined by application of the internal laws of the State of Delaware (without regard to principles of conflicts of law), except to the extent Delaware law is preempted by federal law. 

Section 21. Government and Stock Exchange Regulations. The Plan, and the granting and exercise of Options thereunder, and the
obligation of the Company to sell and deliver units under such Options, shall be subject to all applicable governmental laws, rules and regulations, and to such approvals by any governmental agencies as may then be required, and shall also be
subject to all applicable rules and regulations of any stock exchange upon which the Units of the Company may then be listed. The Committee is expressly authorized to impose such restrictions and limitations as it may deem advisable upon the
exercise of Options in order to satisfy any such regulatory requirements. 
 Section 22. Effective Date of the Plan. The Plan
shall become effective as of the Plan Date. 
 [Signature Page Follows] 

  
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 To record the adoption and approval of the Plan by the Board as of August 31, 2016, the
Company has caused its authorized officer to execute the Plan. 
  

			
	RAMCO DEVELOPMENT, LLC
		
	By:	 	 /s/ Randall W. Atkins

		 	Randall W. Atkins, Chief Executive Officer

  
 11EX-10.31

 Exhibit 10.31 

FORM OF 
 RAMACO
DEVELOPMENT, LLC 
 2016 UNIT OPTION PLAN 

SUMMARY OF UNIT OPTION GRANT 

You, the Optionee named below, have been granted the following option (the “Option”) to purchase Units (the “Option
Units”) of Ramaco Development, LLC, a Delaware limited liability company (the “Company”), on the terms and conditions set forth below and in accordance with the Unit Option Award Agreement (the “Agreement”) to which this
Summary of Unit Option Grant is attached and the Ramaco Development, LLC 2016 Unit Option Plan (the “Plan”): 
  

					
		 	Optionee Name:	  	
			
		 	Number of Option Units Granted:	  	
			
		 	Grant Date:	  	
			
		 	Option Price Per Unit:	  	
			
		 	Vesting Schedule:	  	The Option shall vest over a period of time and Option Units shall become purchasable in installments in accordance with the following schedule: (i) 33-1/3% of such units (if a fractional
number, then the next lower whole number) shall become purchasable, in whole at any time or in part from time to time, on the first anniversary of the Grant Date, if Optionee is in the continuous service of the Company or an Affiliate until such
vesting date; (ii) 33-1/3% of such units (if a fractional number, then the next lower whole number) shall become purchasable, in whole at any time or in part from time to time, on the second anniversary
of the Grant Date, if Optionee is in the continuous service of the Company or an Affiliate until such vesting date; and (iii) the remaining units shall become purchasable, in whole at any time or in part from time to time, on the third
anniversary of the Grant Date, if Optionee is in the continuous service of the Company or an Affiliate until such vesting date.

 You, by your signature as Optionee below, acknowledge that you (i) have reviewed the Agreement and the Plan in their
entirety and have had the opportunity to obtain the advice of counsel prior to executing this Summary of Unit Option Grant, (ii) understand that the Option is granted under and governed by the terms and provisions of the Agreement and the Plan,
and (iii) agree to accept as binding all of the determinations and interpretations made by the Committee with respect to matters arising under or relating to the Option, the Agreement and the Plan. 

 

							
	OPTIONEE:	 		 	THE COMPANY:
			
		 		 	RAMACO DEVELOPMENT, LLC
				
	  
	 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

 UNIT OPTION AWARD AGREEMENT 

This Unit Option Award Agreement (“Agreement”), made and entered into as of the Grant Date (as set forth on the Summary of Unit
Option Grant), is by and between Ramaco Development, LLC, a Delaware limited liability company (the “Company”), and the Optionee named in the Summary of Unit Option Grant. 

WITNESSETH: 
 WHEREAS, the
Company has adopted that certain 2016 Unit Option Plan effective as of August 29, 2016 (the “Plan”), for certain employees, consultants and non-employee managers of the Company and its
Affiliates; and 
 WHEREAS, Optionee is an employee, consultant or non-employee manager of the
Company or an Affiliate eligible to participate in the Plan and the Committee, as administrator of the Plan, has determined that the Company should recognize the potential contributions that Optionee may make to the success of the Company by
granting him an option to purchase Units in the Company pursuant to the Plan and upon the terms set forth herein; 
 NOW, THEREFORE, in
consideration of the premises and of the mutual covenants and agreements hereinafter set forth, the Company and Optionee hereby agree as follows: 

1. Certain Definitions. Terms used in this Agreement and not otherwise defined shall have the respective meanings assigned to such
terms in the Plan. 
 2. The Plan and Summary of Unit Option Grant. The terms and provisions of the Plan and the attached Summary of
Unit Option Grant are hereby incorporated into this Agreement as if set forth herein in their entirety. In the event of a conflict between any provision of this Agreement and the Plan, the provisions of the Plan shall control. A copy of the Plan may
be obtained from the Company by Optionee upon request. 
 3. Grant of Option. On the terms and conditions set forth in this
Agreement, the Summary of Unit Option Grant and the Plan, as of the Grant Date, the Company hereby grants to Optionee the right and option (the “Option”) to purchase the number of Units set forth on the Summary of Unit Option Grant (the
“Option Units”) at the Option Price per unit set forth on the Summary of Unit Option Grant. 
 4. Vesting of Right to Exercise
Option. This Option may be exercised only to the extent it is vested on the vesting dates in accordance with the Vesting Schedule set forth in the Summary of Unit Option Grant. The vested portion of this Option indicated in such Vesting
Schedule shall be exercisable, as to all or part of the Option Units subject to such vested portion, at any time or times after the respective vesting date and until the expiration or termination of the Option. The vesting of this Option shall
be accelerated in accordance with the terms of the Plan. The unvested portion of this Option, as determined in accordance with the Vesting Schedule and other applicable provisions of the Plan shall terminate and be forfeited immediately on the date
of Optionee’s termination of employment or service with the Company or an Affiliate. 

  
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 5. Restrictions on Exercise. The right to exercise the Option shall be subject to the
following restrictions: 
 (a) Vesting. Optionee shall have no right to exercise this Option to purchase any Option Units for which
Optionee’s rights have not yet vested in accordance with Section 4. 
 (b) No Fractional Option Units. The Option may be
exercised only with respect to full Option Units. 
 (c) Compliance with Law. The Option may not be exercised in whole or in part,
and no Option Units shall be issued nor certificates representing such Option Units delivered pursuant to any exercise of the Option, if any requisite approval or consent of any governmental authority of any kind having jurisdiction over the
exercise of options or the issuance and sale of Option Units shall not have been obtained or if such exercise or issuance would violate any applicable law. 

(d) Exercise by Optionee. The Option shall be exercisable only by Optionee, any representative of Optionee, and by any transferee who
has received such Option in accordance with the Plan. 
 6. Term. 

(a) Term of Option. This Option may not be exercised after the expiration of ten years from the Grant Date. If the expiration date of
this Option or any termination date provided for in this Agreement shall fall on a Saturday, Sunday or a day on which the executive offices of the Company are not open for business, then such expiration or termination date shall be deemed to be the
last normal business day of the Company at its executive offices preceding such Saturday, Sunday or day on which such offices are closed. 

(b) Early Termination. Except as provided below, this Option may not be exercised unless Optionee shall have been in the continuous
employ or service of the Company or any Affiliate from the Grant Date to the date of exercise of the Option. This Option may be exercised after the date of Optionee’s termination of employment or service with the Company and its Affiliates only
in accordance with Section 8(b) of the Plan. 
 7. Exercise of Option. 

(a) Subject to the other terms and provisions of this Agreement, the Option shall be exercisable by written notice timely given to the Company
by Optionee, which notice (i) shall state the number of Option Units that Optionee then desires to purchase, and (ii) shall be accompanied by payment in full of the Option Price for each of such Option Units, which such payment shall be
made in cash or certified check. 
 (b) The Company shall be entitled to require Optionee to deliver to the Company such documents as the
Company in its discretion shall deem necessary to confirm that (i) such exercise and the Company’s issuance and sale of such Option Units are in compliance with the requirements of any applicable laws (including, but not limited to, the
Securities Act of 1933, as amended (the “Securities Act”) and all applicable state securities or “blue sky” laws (“State 

  
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Law”)), and (ii) Optionee shall be bound by and comply with all of the terms and provisions of the Company’s Second Amended and Restated Limited Liability Company Agreement dated
as of August 31, 2016 (as may be thereafter amended or supplemented, the “Limited Liability Company Agreement”). 
 (c) Upon
exercise of an Option, Optionee will be required to pay to the Company the amount of any federal, state and local taxes required to be withheld in connection with such exercise, and no certificate representing Units shall be delivered to Optionee
until such tax is paid by Optionee. Optionee and his or her spouse, if any, also will be required to execute the Limited Liability Company Agreement and such other documents as may be required by the Committee. 

8. Recapitalization or Reorganization. The existence of this Option shall not affect in any way the right or power of the Company to
make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of, or share exchange involving, the Company, any issuance of additional Company
securities with priority over the Units or otherwise affecting the Units or the rights thereof, the dissolution or liquidation of the Company’s Units or any sale, lease, exchange or other disposition of all or any part of its assets or business
or any other corporate act or proceeding. 
 9. Restriction on Transfer of Option. The Option may not be sold, assigned, hypothecated
or transferred, except by will or by the laws of descent and distribution. Any attempted transfer of the Option in violation of this provision or the other provisions of the Plan shall be void and of no effect whatsoever. 

10. Certain Rights Incident to Divorce. If an interest in the Option is required by law to be transferred to a spouse of Optionee
pursuant to an order of a court in a divorce proceeding (notwithstanding the provisions of Section 9 hereof), Optionee shall nevertheless retain all rights with respect to the exercise of the Option and any interest of such spouse shall be
subject to such rights of Optionee. In addition, if it is determined that Optionee will be required to pay any taxes attributable to the interest of the spouse in the Option, any tax liability of Optionee which is attributable to such spouse’s
interest shall be taken into account, and shall reduce such spouse’s interest in this Option. 
 11. Rights as a Member.
Optionee shall have no rights as a member of the Company with respect to any Option Units covered by the Option until the exercise of the Option. 

12. Additional Documents. The Company and Optionee will, upon request of the other party, promptly execute and deliver all additional
documents, and take all such further action, reasonably deemed by such party to be necessary, appropriate or desirable to complete and evidence the sale, assignment and transfer of the Option Units pursuant to this Agreement, including without
limitation and if required by the Board, a counterpart signature page to the Limited Liability Company Agreement. 

  
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 13. Representations, Warranties and Covenants of Optionee. 

(a) Optionee acknowledges that neither the Option nor the Option Units covered thereby have been registered under the Securities Act or State
Law on the grounds that the issuance of the Option is, and the sale of any Option Units pursuant to the exercise of the Option will be, exempt from registration under one or more provisions of each of such acts. Optionee further understands that in
determining the availability and applicability of such exemptions and in executing and delivering this Agreement and issuing and delivering any Option Units upon exercise of the Option, the Company has relied and will rely upon the representations,
warranties and covenants made by Optionee herein and in any other documents which he may hereafter deliver to the Company. Accordingly, Optionee represents and warrants to and covenants and agrees with the Company as follows: 

(i) Optionee is acquiring and will hold the Option, and will acquire and hold all securities which he acquires upon exercise of
the Option, for his own account for investment and not with a view to or in connection with any sale or distribution of all or any part thereof; and 

(ii) Optionee will hold all securities acquired by him upon exercise of the Option, as well as any and all other securities
issued in respect thereof, subject to all applicable provisions of the Limited Liability Company Agreement, the Securities Act and State Law, and will not at any time make any sale, transfer, pledge or other disposition or encumbrance of any of such
securities in violation of the Limited Liability Company Agreement or in the absence of an effective registration statement for such securities under the Securities Act and State Law or an applicable exemption from the registration requirements
therefrom. 
 (b) Optionee agrees (i) that the certificates representing the Option Units or other securities purchased under this
Option may bear such legend or legends as the Company deems appropriate in order to assure compliance with applicable securities laws, (ii) that the Company may refuse to register the transfer of the Option Units or other securities purchased
under this Option on the transfer records of the Company if such proposed transfer would in the opinion of counsel satisfactory to the Company constitute a violation of any applicable securities laws, (iii) that the Company may give related
instructions to its transfer agent, if any, to stop registration of the transfer of the Option Units or other securities purchased under this Option, (iv) that the Option Units or other securities acquired upon exercise of this Option shall be
subject, in all respects, to the Limited Liability Company Agreement and (v) Optionee shall become party to the Limited Liability Company Agreement prior to issuance of any certificate representing the Option Units. 

(c) Optionee acknowledges that the value of the Option over its life will be speculative and uncertain, that there is no market for the Option
or the Option Units or other securities that may be acquired upon exercise of the Option and it is unlikely that any market will develop, and consequently, Optionee may ultimately realize no value from the Option. 

14. Optionee’s Employment or Service. Nothing contained in the Plan or in this Agreement shall confer upon Optionee any right with
respect to the continuation of his 

  
 4 

 
employment by or service with the Company or an Affiliate, or interfere in any way with the right of the Company or an Affiliate, (subject to the terms of any separate agreement to the contrary)
at any time to terminate such employment or service or to increase or decrease the compensation of Optionee from the rate in existence at the date of this Agreement. 

15. Notices. All notices required or permitted to be given hereunder shall be in writing and shall be deemed to have been given on the
earlier of the date of receipt by the party to whom the notice is given or five days after being mailed by certified or registered United States mail, postage prepaid, addressed to the appropriate party (a) if to the Company, at 250 West Main
Street, Suite 210, Lexington, Kentucky 40507 and (b) if to Optionee, to Optionee’s address as shown in the employment records of the Company, or in each case at such other address as such party shall have theretofore designated by written
notice given to the other party. 
 16. Entirety and Modification. This Agreement contains the entire agreement between the parties
hereto with respect to the subject matter hereof and supersedes any and all prior agreements, whether written or oral, between such parties relating to such subject matter. No modification, alteration, amendment or supplement to this Agreement shall
be valid or effective unless the same is in writing and signed by the party against whom it is sought to be enforced. 
 17.
Severability. If any provision of this Agreement is held to be unenforceable, this Agreement shall be considered divisible, and such provision shall be deemed inoperative to the extent it is unenforceable, and in all other respects this
Agreement shall remain in full force and effect; provided, however, that if any such provision may be made enforceable by limitation thereof, then such provision shall be deemed to be so limited and shall be enforceable to the maximum extent
permitted by applicable law. 
 18. Gender. Words used in this Agreement that refer to Optionee and denote the male gender shall also
be deemed to include the female gender or the neuter gender when appropriate. 
 19. Headings. The headings of the various sections
and subsections of this Agreement have been inserted for convenient reference only and shall not be construed to enlarge, diminish or otherwise change the express provisions hereof. 

20. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE
(REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE DELAWARE PRINCIPLES OF CONFLICTS OF LAW). 
 21.
Counterparts. This Agreement may be signed in counterparts, each of which shall be deemed an original and all of which shall constitute one and the same agreement. 

  
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