Peabody Energy (NYSE: BTU) has entered into a consulting agreement with Darren R. Yeates, the company's Executive Vice President and Chief Operating Officer, as part of its succession planning, according to a company statement.

The agreement, signed August 27, 2026, takes effect February 1, 2027, immediately following the expiration of Yeates' current employment contract, and runs through January 31, 2028. Under the arrangement, Yeates will provide up to 40 hours of consulting services per month at a minimum monthly fee of $89,773. Hours beyond the 40-hour threshold will be billed at $2,244 per hour.

Yeates will also be reimbursed for reasonable business expenses incurred during the consulting period. The company retains the right to terminate the agreement at any time, with or without cause. If terminated without cause, or in the event of Yeates' death or disability, he would be entitled to the remaining consulting fees through January 31, 2028, contingent on his execution of a release of claims. Termination for cause or voluntary early exit by Yeates would forfeit those payments.