Peabody Energy Amends Contract of Employment for Executive Vice President

Peabody Energy Corporation, a leading coal company, announced on December 27, 2024, that its wholly-owned subsidiary, Peabody Energy Australia Coal Pty Ltd, has entered into an Amendment and Restatement of Contract of Employment with Darren R. Yeates, the Company’s Executive Vice President and Chief Operating Officer.

The new Employment Agreement, effective until January 31, 2027, unless extended by mutual agreement, supersedes the previous contract dated October 22, 2020. Under the terms of the agreement, Mr. Yeates will carry on his current responsibilities until the earlier of the closure of the Company’s proposed acquisition of specific Australia mines from Anglo American plc or October 31, 2025. Post this date, the Company reserves the right to realign Mr. Yeates’ duties, possibly excluding sections of the Global Sales and Marketing and Global Supply Chain Management domains.

As part of the Employment Agreement, Mr. Yeates is entitled to an annual base salary, short-term incentive compensation, and long-term incentive schemes, determined periodically by the Compensation Committee of Peabody Energy’s Board of Directors. Upon the expiry of the agreement or a Qualifying Termination, Mr. Yeates stands to receive a one-time payment comprising 1.5 times his current base salary, 1.5 times his Reference Bonus, and the Pro Rata Bonus. Furthermore, if the agreement concludes within two years post a Change in Control event, the multiples for payment factors escalate to 2 times.

The details provided in the announcement highlight the basic terms of the Employment Agreement and should be viewed in conjunction with the full text of the document, attached as Exhibit 10.1 to the report.

This report has been presented according to the regulatory requirements of the Securities Exchange Act of 1934 and has been duly signed by Scott T. Jarboe, the Chief Administrative Officer and Corporate Secretary of Peabody Energy Corporation, on December 30, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Peabody Energy’s 8K filing here.

About Peabody Energy

Peabody Energy Corporation engages in coal mining business in the United States, Japan, Taiwan, Australia, India, Brazil, Belgium, Chile, France, Indonesia, China, Vietnam, South Korea, Germany, and internationally. The company operates through Seaborne Thermal, Seaborne Metallurgical, Powder River Basin, Other U.S.