SEC Filing Summary: Contura Energy, Inc. (Form 8-K)
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Contura Energy, Inc. (not Alpha Metallurgical Resources, Inc.) on November 23, 2020. The filing addresses corporate governance changes, specifically the appointment of a new director to restore compliance with New York Stock Exchange listing standards regarding the Audit Committee composition.
Key Financial Metrics
The filing does not contain operational financial data such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial information disclosed relates to director compensation:
- Annual Cash Retainer: $100,000 (pro-rated for the first partial quarter).
- Annual Equity Award: $100,000 in stock-settled RSUs (commencing May 1, 2021).
- Lead Independent Director Retainer: $20,000 annually.
- Committee Retainers: $20,000 (Compensation Committee Chair), $10,000 (Audit Committee), $5,000 (Nominating and Corporate Governance), and $5,000 (Safety, Health and Environmental).
Material Changes
Board Appointment: Michael J. Quillen was appointed as a director, Lead Independent Director, and member of the Audit, Compensation, and Nominating and Corporate Governance Committees, effective November 23, 2020.
Listing Compliance: The Company previously became noncompliant with NYSE Rule 303A.07(a) due to resignations reducing the Audit Committee to two members. Mr. Quillen's appointment restored the committee to the required minimum of three independent members, resolving the delisting notice.
Outlook, Risks, and Management Commentary
Management Commentary: The filing highlights Mr. Quillen's extensive background in the mining industry, including his role as founder and former CEO of Alpha Natural Resources, Inc., and his current board service at Martin Marietta Materials, Inc.
Risks and Contingencies: The primary risk addressed was the potential delisting from the NYSE due to Audit Committee noncompliance, which has been mitigated by the new appointment. No other material risks or contingencies are detailed in this specific filing.
Key Facts for Investor Verification
- Verify the ticker symbol CTRA and confirm the registrant is Contura Energy, Inc., not Alpha Metallurgical Resources.
- Confirm the restoration of NYSE listing compliance regarding the Audit Committee size.
- Review the attached press release (Exhibit 99.1) for additional context on the board's strategic direction.
- Note that this filing contains no quarterly or annual financial performance data.