ades-20260417

United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

(Amendment No. )

______________________________________

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ARQ, INC.

(Name of Registrant as specified in its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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¨			Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

April [ ], 2026

Dear Fellow Stockholder:

On behalf of the Board of Directors, we are pleased to invite you to the 2026 Annual Meeting of Arq, Inc.'s Stockholders, which will be held at 9:00 a.m. (Mountain Time) on June 10, 2026. We are pleased to announce that this year’s Annual Meeting will again be a virtual meeting via live webcast on the internet. You will be able to electronically attend the Annual Meeting and vote during the meeting by visiting www.virtualshareholdermeeting.com/ARQ2026. To enter the Annual Meeting, you will need the 16-digit control number located on the Notice of Internet Availability of the Proxy Materials, on your proxy card or in the instructions that accompanied your proxy materials. We recommend that you log in at least 10 minutes before the meeting to ensure you are logged in when the meeting starts.

At the Annual Meeting, you will be asked to elect six directors named in the Proxy Statement, provide your advisory approval of our executive compensation, ratify the appointment of Baker Tilly US, LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026, approve the Arq, Inc. 2026 Omnibus Incentive Plan, and approve the Ninth Amendment to the Company's Tax Asset Protection Plan.

The accompanying notice of meeting and this Proxy Statement provide specific information about the Annual Meeting and explain the various proposals. Please read these materials carefully.

Thank you for your continued support of and interest in our Company.

Robert Rasmus

President and Chief Executive Officer

PRELIMINARY PROXY STATEMENT - SUBJECT TO COMPLETION

Arq, Inc.

8051 E. Maplewood Ave., Ste. 210

Greenwood Village, Colorado 80111

Telephone: (888) 822-8617

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

To Our Stockholders:

The 2026 Annual Meeting of Stockholders (the “Annual Meeting”) of Arq, Inc., a Delaware corporation ("Arq" or the "Company"), will be held at 9:00 a.m. (Mountain Time) on June 10, 2026 via live webcast, which can be accessed by visiting www.virtualshareholdermeeting.com/ARQ2026, where you will be able to electronically attend the Annual Meeting and vote on the following:

1. To elect six directors of the Company named in this Proxy Statement;

2. To approve, in an advisory vote, our executive compensation;

3. To ratify the appointment of Baker Tilly US, LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026;

4. To approve our 2026 Omnibus Incentive Plan;

5. To approve the Ninth Amendment of the Company's Tax Asset Protection Plan; and

6. To transact such other business as may properly come before the Annual Meeting or any postponement or adjournment thereof.

Stockholders of record at the close of business on April 14, 2026 are entitled to notice of and to vote at the Annual Meeting. The approximate date on which the proxy materials, including this Proxy Statement, are first being made available to stockholders is April [ ], 2026.

The Annual Meeting will be held virtually and our stockholders are cordially invited to attend the Annual Meeting via live webcast. Stockholders of record will be able to electronically attend the Annual Meeting, ask questions and vote during the live webcast of the meeting by visiting www.virtualshareholdermeeting.com/ARQ2026 and entering the 16‐digit control number included in our Notice of Internet Availability of the Proxy Materials, on your proxy card or in the instructions that accompanied your proxy materials. We recommend that you log in at least 10 minutes before the meeting to ensure you are logged in when the meeting webcast starts. For specific instructions, please refer to "General Matters" in this Proxy Statement and the instructions on the proxy card.

Please call our toll-free number (888) 822-8617 if you have questions concerning the meeting.

By Order of the Board of Directors,

Robert Rasmus
President and Chief Executive Officer

April [ ], 2026

Important Notice

Regarding Internet Availability of Proxy Materials for the Annual Meeting of Stockholders to be Held on June 10, 2026

The Company's Proxy Statement and Annual Report to Stockholders are Available at: www.proxyvote.com

TABLE OF CONTENTS


						Page:
General Matters						6
Proposal One - Election of Directors						9
Corporate Governance						10
Related Person Transactions						19
Director Compensation						20

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters						22
Proposal Two - Advisory Approval of Executive Compensation						24
Executive Compensation (including Compensation Discussion and Analysis)						27

Proposal Three - Ratification of Independent Registered Accounting Firm						38
Report of the Audit Committee						39
Independent Registered Public Accounting Firm						40
Audit Committee Approval of Services						40
Proposal Four - Approval of Arq 2026 Omnibus Incentive Plan						41
Proposal Five - Approval of Tax Asset Protection Plan						49

Other Matters						53
Appendix A						A-1
Appendix B						B-1

Proxy Voting Card						C-1

Please note that website references throughout this document are provided for convenience only, and the information on our website is not part of this Proxy Statement and is not incorporated by reference herein.

PRELIMINARY PROXY STATEMENT - SUBJECT TO COMPLETION

PROXY STATEMENT - GENERAL MATTERS

This Proxy Statement is furnished to the stockholders of Arq, Inc., a Delaware corporation, ("Arq" or the "Company") in connection with the solicitation of proxies by the Company's Board of Directors (the "Board"), to be voted at our 2026 Annual Meeting of Stockholders (the "Annual Meeting" or "meeting") to be held virtually at 9:00 AM (Mountain Time) on Wednesday, June 10, 2026, via live webcast, and any postponements or adjournments thereof. This Proxy Statement and accompanying form of proxy are first being made available to our stockholders on or about April [ ], 2026. The shares represented by all proxies that are properly executed and submitted will be voted at the meeting in accordance with the instructions indicated thereon, and if no instructions are given, then to the extent permitted by law, in the discretion of the proxy holder. Throughout this Proxy Statement, the terms "we," "us," "our" and "our Company" refer to Arq, Inc. and, unless the context indicates otherwise, our consolidated subsidiaries.

PARTICIPATION IN VIRTUAL MEETING

In accordance with Delaware law, the Board has authorized that the Annual Meeting be held virtually via webcast. Accordingly, stockholders and proxy holders virtually attending the Annual Meeting will be deemed present in person for purposes of determining the presence of a quorum.

We will furnish our proxy materials through a "notice and access" model via the internet in accordance with U.S. Securities and Exchange Commission ("SEC") rules. We are providing our "Notice of Internet Availability of Proxy Materials" to stockholders beginning on or about April [ ], 2026. This document contains instructions on how you can access our proxy materials online. We are also mailing a full set of our proxy materials to stockholders who previously requested paper copies of the materials. In addition, instructions on how to request a printed copy of these materials may be found in our Notice of Internet Availability of Proxy Materials.

For stockholders of record, the only item of information needed to access the Annual Meeting from the website is the 16-digit control number located in the Notice of Internet Availability of Proxy Materials or on your proxy card. If your shares are held in street name (as explained below) and your voting instruction form or Notice of Internet Availability indicates that you may vote those shares through the http://www.proxyvote.com website, then you may access, participate in, and vote at the Annual Meeting with the 16-digit access code indicated on that voting instruction form or Notice of Internet Availability. Otherwise, stockholders who hold their shares in street name should contact their bank, broker or other nominee (preferably at least 5 days before the Annual Meeting) and obtain a "legal proxy" in order to be able to attend, participate in or vote at the Annual Meeting.

Questions posed by stockholders of record pertinent to Annual Meeting matters will be answered during the Annual Meeting, subject to time constraints. Questions regarding personal matters or material non-public information of the Company are not pertinent to Annual Meeting matters and will not be answered. Any questions pertinent to meeting matters that cannot be answered during the meeting due to time constraints will be answered on our website at ir.arq.com. The questions and answers will be available as soon as practical after the meeting and will remain available until one week after posting. If you encounter any technical difficulties with the virtual meeting platform on the day of the Annual Meeting, technical support phone numbers will be posted at the top of the virtual meeting log-in page. Technical support will be available starting at 6:00 a.m. Mountain Time on June 10, 2026, and will remain available after the meeting has finished.

Please have the Notice of Internet Availability of Proxy Materials or proxy card in hand when you access the website and then follow the instructions.

VOTING RIGHTS AND VOTE REQUIRED

Our Board has fixed the close of business on April 14, 2026 as the record date (the "Record Date") for determination of stockholders entitled to notice of and to vote at the meeting. On the Record Date, 42,876,258 shares of our common stock were issued and outstanding, each of which entitles the holder thereof to one vote on all matters that may come before the Annual Meeting.

We do not have any class of voting securities outstanding other than our common stock. A minimum of one-third of the shares of our common stock issued and outstanding entitled to vote at the Annual Meeting must be represented at

the Annual Meeting in person or by proxy in order to constitute a quorum. An abstention or a "broker non-vote" (as explained below) will be counted as present for determining whether the quorum requirement is satisfied. If a quorum exists, actions or matters other than the election of the Board are approved if the votes cast in favor of the action exceed the votes cast opposing the action unless a greater number is required by the Delaware General Corporation Law or our Second Amended and Restated Certificate of Incorporation. In accordance with our bylaws, our Board designated any uncontested election of directors, including election of directors at this Annual Meeting, as a proposal to be subject to the plurality voting standard. As such, the six nominees receiving the highest number of votes cast will be elected as directors. Cumulative voting is not allowed for any purpose.

If, as of the Record Date your shares were held in an account at a brokerage firm, bank, dealer, or other similar organization, then that firm or organization is the stockholder of record for purposes of voting at the Annual Meeting and you are considered the beneficial owner of shares held in "street name." If you are a beneficial owner, you have the right to direct your broker or other agent regarding how to vote the shares held in your account. If you do not instruct your broker or other agent on how to vote your shares, your broker or other agent, in its discretion, may vote your shares on routine matters or they may elect not to vote your shares. Whether or not a matter is routine is subject to the determination by the stock exchange. When a broker or other agent holding shares for a beneficial holder does not receive voting instructions from the beneficial owner and the broker or other agent does not have discretionary voting power on the matter(s), it will result in a "broker non-vote" for the matters on which the broker or other agent cannot vote. Broker non-votes on a particular proposal are considered present for purposes of determining a quorum, but will not be treated as votes cast with respect to any proposal.

Abstentions and "broker non-votes" will have no effect on the outcome of proposals voted upon at the Annual Meeting, except we do not expect there to be any "broker non-votes" for purposes of the ratification of our independent registered public accounting firm, as broker or other agents are expected to have discretionary authority to vote on this proposal (although they are not required to do so).

Unless instructions to the contrary are marked, or if the proxy card is properly executed but no instructions are specified, shares represented by proxies will be voted as follows:

FOR ALL the persons nominated by the Board for Directors for election at the Annual Meeting, being: Laurie Bergman, Jeremy Blank, Richard Campbell-Breeden, Carol Eicher, Julian McIntyre, and Robert Rasmus;

FOR the approval, on an advisory basis, of the compensation of the Company's named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, including compensation tables and narrative discussion as set forth under the Executive Compensation section of this Proxy Statement;

FOR the ratification of the appointment of Baker Tilly US, LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026;

FOR the approval of the Arq, Inc. 2026 Omnibus Incentive Plan; and

FOR the approval of the Ninth Amendment to the Company's Tax Asset Protection Plan.

We do not know of any other matter or motion to be presented at the Annual Meeting. If any other matter or motion should be presented at the Annual Meeting upon which a vote must be properly taken, to the extent permitted by law, the persons named in the accompanying form of proxy intend to vote such proxy in the discretion of such person as the directors of the Company may recommend, including any matter or motion dealing with the conduct of the Annual Meeting.

Voting by Mail, via the Internet or by Telephone

Stockholders whose shares are registered in their own names may vote by mailing a completed proxy card, via the internet or by telephone. Instructions for voting via the internet or by telephone are set forth on the included proxy card. If this Proxy Statement was mailed to you or if you requested that a proxy statement be mailed to you, you may vote your shares by mail. To vote by mailing a proxy card, sign and return the available proxy card to the address set forth on the proxy card and your shares will be voted at the Annual Meeting in the manner you direct. If no directions are specified but the proxy card is properly executed, your shares will be voted as described above.

If your shares are registered in the name of a bank or brokerage firm, you may be eligible to vote your shares over the internet or by telephone rather than by mailing a completed voting instructions card provided by the bank or

brokerage firm. Please check the voting instructions card provided by your bank or brokerage firm for availability and instructions. If internet or telephone voting is unavailable from your bank or brokerage firm, please complete and return the voting instructions card provided by the bank or brokerage firm.

Any stockholder who completes a proxy card or votes via the internet or by telephone may revoke the action at any time before it is exercised at the Annual Meeting by delivering written notice of such revocation to the Company's General Counsel and Secretary, 8051 E. Maplewood Ave., Ste. 210, Greenwood Village, Colorado 80111, by submitting a new proxy card executed at a later date, or by joining the virtual meeting and voting such stockholder's shares in a manner different to his, her, or its previously completed proxy card.

The Company is bearing the costs of this solicitation of proxies. In addition to the mailing of these proxy materials, the solicitation of proxies or votes may be made in person, by telephone, or by electronic communication by certain of our directors, officers, and employees, who will not receive any additional compensation for such solicitation activities.

PROPOSAL ONE

ELECTION OF DIRECTORS OF THE COMPANY

The Nominating and Governance Committee has recommended to our Board the slate of six directors—Laurie Bergman, Jeremy Blank, Richard Campbell-Breeden, Carol Eicher, Julian McIntyre, and Robert Rasmus—for election by our stockholders, and the Board approved the recommendation and the slate of directors.

Each director duly elected at the Annual Meeting will hold office until the next annual meeting of stockholders and thereafter until a successor is elected and qualified. The six nominees receiving the highest number of votes cast will be elected as directors. Cumulative voting is not permitted in the election of directors.

Each of the nominees has consented to be named herein and to serve if elected, and have been recommended by the Nominating and Governance Committee, and approved by the Board, subject to shareholder vote. We do not anticipate that any nominee will become unable or unwilling to accept nomination or election, but if this should occur, the persons named as proxy intend to vote for the election in his or her stead of such other person as the Board may recommend or the size of the Board may be decreased.

Detailed biographical information about each current director and proposed director nominee can be found under the Corporate Governance section of this Proxy Statement. The following table sets forth certain information, including current committee membership:

Director Name

Audit

Compensation

Nominating and Governance

Laurie Bergman

Jeremy Blank

Richard Campbell-Breeden(1)

Carol Eicher

Julian McIntyre

Robert Rasmus

n = Chair

u = Member

(1) Mr. Campbell-Breeden is the current Chair of the Board.

No family relationship exists between any directors or executive officers.

Director Compensation information for the fiscal year ended December 31, 2025 can be found under the "Director Compensation" section of this Proxy Statement.

Board Recommendation

Our Board recommends that you vote "FOR ALL" of the persons nominated above, being Laurie Bergman, Jeremy Blank, Richard Campbell-Breeden, Carol Eicher, Julian McIntyre and Robert Rasmus.

CORPORATE GOVERNANCE

Board Membership Criteria

Criteria established for the selection of candidates for the Board include:

▪An understanding of business, financial affairs, and the complexities of an organization that operates as a public company;

▪A genuine interest in representing all of our stockholders and the interests of the Company overall;

▪A willingness and ability to spend the necessary time required to function effectively as a director;

▪An open-minded approach to matters and the resolve and ability to independently analyze matters presented for consideration;

▪A reputation for honesty and integrity that is beyond reproach;

▪Any qualifications required of independent directors by the Nasdaq Stock Market and applicable law; and

▪As to any candidate who is an incumbent director (who continues to be otherwise qualified), the extent to which the continuing service of such person would promote stability and continuity amongst the Board as a result of such person's familiarity and insight into the Company's affairs, and such person's prior demonstrated ability to work with the Board as a collective body.

The Nominating and Governance Committee of the Board seeks directors with strong reputations and experience in areas relevant to our strategy and operations, such as environmental and diversified chemical technologies, and government regulation and relations, as well as those with overall business acumen and experience in financial matters. Each of our director nominees set forth in this Proxy Statement holds or has held senior executive positions in complex organizations and has operating or financial experience that meets this objective, as described below. In these positions, the director nominees have also gained experience in core management skills, such as strategic and financial planning, public company financial reporting, corporate governance, executive compensation, risk management and leadership development. The Nominating and Governance Committee also believes that each of the director nominees has other key attributes that are critical to the composition of an effective Board: integrity and demonstrated impeccable ethical standards, sound judgment, analytical skills, the ability to work together in a constructive and collaborative fashion and the commitment to devote significant time and energy to service on the Board and its committees.

The specific experience, qualifications and background of each of our current directors and director nominees for election by our stockholders is as follows:

Laurie Bergman

Director since 2023

Age 48

Ms. Bergman has extensive financial and executive leadership expertise, including serving as the Chief Financial Officer of Legacy Food Group, a food service distribution company, since July 2024. Prior to her time at Legacy Food Group, Ms. Bergman served as the Chief Financial Officer of Liquid Environmental Solutions, a provider of waste removal services, since June 2021. Prior to that, Ms. Bergman served as Vice President, Chief Accounting Officer and Corporate Controller of UGI Corporation, a natural gas and electric power distribution company (February 2019 to June 2021). She previously served as the Chief Accounting Officer and Corporate Controller of AmeriGas Propane, Inc., a propane delivery company (2016 to 2019) and as its Group Director – Financial Planning and Operations (2014 to 2016). Ms. Bergman joined AmeriGas Propane, Inc. in 2006 as Manager – Disbursements and served in various roles of increasing responsibility at AmeriGas Propane, Inc., including Assistant Controller (2011 to 2012), Director of Financial Analysis and Planning (2012 to 2013), and Group Director of Financial Planning and Revenue Management (2013 to 2014). Prior to her time at AmeriGas Propane, Inc., Ms. Bergman served as a Financial Analysis Specialist and a Disbursement Operations Manager at CIGNA Corporation from 2001 to 2005.

Ms. Bergman's qualifications to serve as director on the Board include her extensive leadership of corporate accounting functions in large publicly traded organizations and skills to serve as a director, with specific expertise as a financial expert. Further, Ms. Bergman's educational background includes a Bachelor of Business Administration degree in Finance from Temple University and a Master of Business Administration from Temple University.

Other Boards and Positions:

▪QNB Corporation (OTC Bulletin Board: QNBC) since 2020: independent director, member of Audit Committee

Jeremy Blank

Director since 2023

Age 47

Mr. Blank has over 20 years of experience managing investments in public and private companies. Currently, Mr. Blank is the Chief Investment Officer of Community Fund, a global investment firm, a position he has held since October 2020. Previously, he has served as a Partner at York Capital Management, a $15 billion global investment fund, from 2005 through September 2020. Mr. Blank served as a Vice President, Credit Analyst and Investment Banker at Morgan Stanley from 1999 to 2005.

Mr. Blank's qualifications to serve as director on the Board include his service on several boards of both private and public companies for over 19 years, with a specific expertise in finance.

Other Boards and Positions:

▪Enovix Corp (Nasdaq: ENVX) 2018 - 2021: Director

Richard Campbell-Breeden

Director since 2023

Age 64

Mr. Campbell-Breeden possesses over 30 years of investment banking and mergers & acquisitions related expertise. He spent 28 years at Goldman Sachs, of which he was a partner for 16 years. During his tenure at Goldman Sachs, Mr. Campbell-Breeden ran the UK investment banking businesses in Europe (London) was Vice Chairman of Investment Banking for Asia Pacific (Hong Kong), was a director of Goldman Sachs (Asia) LLC and was a member of the Asian Commitments Committee. Mr. Campbell-Breeden is the founder of Omeshorn Capital Advisors, a firm that specializes in M&A and capital raising advice, which was founded in 2016.

Mr. Campbell-Breeden's qualifications to serve as director on the Board include his service on several public and private company boards, having over 10 years of experience, with a specific expertise in finance.

Other Boards and Positions:

▪Julius Bear Group, Swiss bank listed in Zurich, since 2018: Vice Chairman and Director, Chair of the Nominations and Compensation Committee, member of the Risk and Governance Committee

Carol Eicher

Director since 2019

Age 67

Ms. Eicher is a retired public company executive with more than 35 years of executive leadership and operational expertise in the chemical industry, most recently as Chief Executive Officer at Innocor, Inc. from 2014-2017. Previously, Ms. Eicher held senior management roles with Dow Chemical Co., Rohm and Haas Co., Ashland, Inc. and E.I. DuPont de Nemours and Co. In addition, she was Chief Executive Officer and Chair of a private equity portfolio company and led the successful sale of that company.

Ms. Eicher's qualifications to serve as director on the Board include her extensive experience in the chemical industry and public and private company board leadership experience, having served on public company boards for more than 10 years, with a specific expertise in governance.

Other Boards and Positions:

▪Pinnacle West Capital Corporation (NYSE: PNW) since 2024: independent director, member of the Audit Committee

▪Tennant Company (NYSE: TNC) since 2008: independent director, member of the Governance Committee, member of the Compensation Committee, former member of the Audit Committee

▪Arconic Corporation (NYSE: ARNC) 2020-2023: independent director, member of Governance Committee

▪Hexion Holding Company 2019-2022: independent director, chair of Governance Committee

Julian McIntyre

Director since 2023

Age 51

Mr. McIntyre is the principal at McIntyre Partners, a private investment company with interests in energy and infrastructure. Mr. McIntyre is the founder and former Chief Executive Officer of Arq Limited, a position he held from 2015 to 2023. He has extensive experience as an entrepreneur, founding several companies in the oil and gas, energy, and telecommunications industries. In 2024, Mr. McIntyre became Chairman of Moreld, a leading Norwegian engineering group servicing offshore energy and marine industries. In 2021, Mr. McIntyre was a founding shareholder of Greenfire Resources, a large oil producer in Alberta, Canada. He was, in 2014, the founder of a large natural gas operator in the Rocky Mountains and served as director until 2017. In 2000, Mr. McIntyre founded Gateway Communications, a pan-African telecoms company that provided satellite and terrestrial private networks for multinationals operating in Africa.

Mr. McIntyre's qualifications to serve as director on the Board include his service on several public and private company boards, having over 20 years of experience, with a specific expertise in entrepreneurial business growth.

Other Boards and Positions:

▪Moreld AS (Euronext Growth Oslo) since 2024: Chairman

▪Greenfire Resources Inc. (NYSE: GFR) 2020-2024: Chair of the board

Robert Rasmus

President and Chief Executive Officer, Director since 2023

Age 68

Mr. Rasmus has been the Chief Executive Officer and director of Arq, Inc. since July 2023. Prior to his appointment as Chief Executive Officer, between 2012 and 2020, Mr. Rasmus served as the Chief Executive Officer and director of Hi-Crush, Inc., a fully integrated provider of proppant and logistics services for hydraulic fracturing operations that Mr. Rasmus founded in 2012. Prior to this, Mr. Rasmus is a Co-Founder and Managing Partner of Red Oak Capital Management, and was President of Thunderbolt Capital Corp., a venture firm focused on start-up and early-stage private equity investments. Mr. Rasmus has a Bachelor of Arts in Government and International Relations from the University of Notre Dame.

Mr. Rasmus’s qualifications to serve as a director on the Board include his experience as Chief Executive Officer of Arq, Inc. and his extensive knowledge of the Company’s operations, as well as his years of executive and financial management experience.

Director Independence

Currently our Board consists of four independent directors, as defined under the applicable Nasdaq listing standards (Laurie Bergman, Richard Campbell-Breeden, Carol Eicher, and Julian McIntyre). The Board determined that Mr. Blank is not independent due to his affiliation with Community Fund, an affiliate of the Company’s former lender CF Global. The Board considered Mr. McIntyre's prior employment with Arq Limited, which terminated upon him becoming a director of the Company and determined that it would not impair Mr. McIntyre's independence under the applicable SEC and Nasdaq rules.

The Board maintains Audit, Compensation, and Nominating and Governance Committees, each of which was at all times during 2025, is currently comprised of, and will continue to be comprised as of the Annual Meeting and thereafter solely of independent directors under applicable independence standards of the Nasdaq listing rules. Promptly upon completion of the Annual Meeting, the Board expects to set committee membership and appoint committee chairs for the ensuing year.

Board and Committee Meetings and Attendance at Meeting of Stockholders

The Board currently has three committees: the Audit Committee, the Compensation Committee, the Nominating and Governance Committee.

The Board met six times in 2025. The Audit Committee met four times in 2025. The Compensation Committee met four times in 2025. The Nominating and Governance Committee met seven times in 2025. All of the incumbent directors attended at least 75% of the meetings of the Board and the committees of which they were members during 2025.

Directors are expected to attend all Board and respective committee meetings. In addition, directors are expected to make their best efforts to attend the Company's annual meetings of stockholders either in person or telephonically. Five out of six of our current directors attended last year's annual meeting of stockholders.

Stockholder Communications to Directors

Any stockholder or any other interested party may communicate directly with the Board (or any individual director or Chair of the Board) by writing to the Chair of the Board, Arq, Inc., 8051 E. Maplewood Ave., Ste. 210 Greenwood Village, Colorado 80111 or by emailing the Board through the "Contact" page on our website at www.arq.com. Any such communication should state the number of shares owned of record or beneficially owned by the stockholder making the communication. Provided that such communication addresses a legitimate business issue, the Company or the Chair will forward the stockholder's communication to the appropriate director. For any communication relating to accounting, auditing or fraud, such communication will be promptly forwarded to the Chair of the Audit Committee.

Code of Ethics

We have adopted a Code of Ethics and Business Conduct that includes a code of ethics as defined in Item 406(b) of SEC Regulation S-K. Our Code of Ethics and Business Conduct incorporates our Insider Trading Policy, Anti-Bribery & Anti-Corruption Policy, Anti-Money Laundering Policy and Regulation FD Policy, each of which applies to our officers, directors, and employees, including the principal executive officer, principal financial officer, principal accounting officer or controller or other persons performing similar functions. A copy of our Code of Ethics and Business Conduct is available on our investor relations website at ir.arq.com. We intend to disclose any amendments to our Code of Ethics and Business Conduct, or waivers of such provisions granted to executive officers and directors, on our website in accordance with, and to the extent required by, the SEC and Nasdaq rules. Please note that the information on our website is not part of this Proxy Statement and is not incorporated by reference herein.

Board Leadership Structure and Role in Risk Oversight

We have a policy of keeping the roles of Chief Executive Officer ("CEO") and Chair of the Board separate, and the roles are currently filled by two different individuals. We believe this arrangement is appropriate as it recognizes the distinction between the role played by the CEO, whose position is more heavily oriented towards day-to-day management, and the Chair, whose role as an independent director is to oversee the Board and participate in and chair executive sessions of the Board.

Our Board is responsible for establishing broad corporate policies and monitoring the overall performance of the Company. However, in accordance with corporate legal principles, the Board is not involved in day-to-day operating matters. Members of the Board are kept informed of the Company's business by participating in Board and committee meetings, by reviewing analysis and reports sent to them periodically and monthly, and through discussions with the CEO and other officers.

Our Board receives quarterly updates from our CEO and other members of executive management regarding enterprise risks, including operation, cybersecurity, financial, legal and regulatory and strategic. These risks are evaluated on a short-, intermediate- and long-term basis. Management has a systematic and integrated approach to overall risk management that includes the identification of risks and mitigation plans.

The Board has designated the Audit Committee to oversee risk management, including cybersecurity and overall controls (including anti-fraud and Sarbanes-Oxley Act of 2002 (SOX) controls), and the Audit Committee periodically reports to the Board regarding briefings provided by management and advisors, as well as its own analysis and conclusions regarding the adequacy of the Company's risk management processes. In addition to this compliance program, the Board encourages management to promote, and management is committed to promoting, a corporate culture that incorporates risk management into the Company's strategy and day-to-day business operations. The Board and management continually work together to assess and analyze our most likely areas of risk.

Audit Committee

Our Board has appointed an Audit Committee currently consisting of Mses. Bergman and Eicher, and Mr. Campbell-Breeden. Ms. Bergman currently serves as the Chair of the Audit Committee.

Our Board determined that Mses. Bergman and Eicher and Mr. Campbell-Breeden are each an "audit committee financial expert." Each Audit Committee member is "independent" under the applicable independence standards of the SEC and Nasdaq Stock Market, including heightened independence standards applicable to audit committee members, and a brief listing of their relevant experience is stated in each of their biographies above.

The role and functions of the Audit Committee are set out in the Audit Committee Charter. The role of the Audit Committee is one of oversight of the services performed by the Company's independent registered public accounting firm. The Audit Committee's functions include the following:

▪Reviewing and assessing the Audit Committee Charter annually;

▪Overseeing the Company's compliance with legal and regulatory requirements, including the Code of Ethics and Business Conduct and approving related party transactions;

▪Overseeing the Company's processes to identify and manage business and financial risk;

▪Reviewing the Company’s compliance with cybersecurity laws and regulations and overseeing the Company’s cybersecurity policies, procedures, and programs;

▪Appointing, approving the compensation of, and reviewing the Company's relationships with, its independent registered public accounting firm and/or other auditors and assessing the impact such relationships may have on the auditors' objectivity and independence;

▪Taking other appropriate action to evaluate the independence of the Company’s independent registered public accounting firm;

▪Reviewing and considering the matters identified in Public Company Accounting Oversight Board ("PCAOB") professional auditing standards with the Company’s independent registered public accounting firm and management;

▪Reviewing and discussing the Company's financial statements and report on internal control with the Company’s independent registered public accounting firm;

▪Reviewing the financial reporting process and discussing with management and our independent registered public accounting firm the interim and annual financial statements that we file with the SEC; and

▪Reporting to the Board on all such matters. In performing its oversight function, the Audit Committee relies upon advice and information received in its discussions with the Company’s management and independent registered public accounting firm.

The Audit Committee pre-approves all audit or non-audit services performed by our independent registered public accounting firm in accordance with Audit Committee policy and applicable law.

The Audit Committee has a written charter, a copy of which is available on our investor relations website at ir.arq.com under the "Corporate Governance Docs" section of "Corporate Governance." Please note that the information on our website is not part of this Proxy Statement and is not incorporated by reference herein.

Audit Committee Oversight of Cybersecurity

The Board oversees management’s processes for identifying and mitigating risks, including cybersecurity risks. The Audit Committee maintains delegated oversight of cybersecurity risks, bringing in third-party service providers as needed to advise on cybersecurity infrastructure, policies, risk assessment processes and practices. Our Vice President of Information Technology ("VP of IT") primarily oversees these third-party service providers who assist in monitoring and testing our safeguards, including execution of external penetration testing and ongoing real time vulnerability assessments through our extended detection and response processes to identify cybersecurity threats. Our VP of IT briefs the Audit Committee quarterly, at a minimum, on our cybersecurity risks, business-impacting incidents, and ongoing and future cybersecurity project implementations. The full Board receives regular updates from the Audit Committee and, as needed, from our VP of IT, regarding its oversight of cybersecurity risks and our cybersecurity risk management program.

For additional information regarding our cybersecurity management, please refer to our Annual Report on Form 10-K for the year ended December 31, 2025, under Item 1C. Cybersecurity.

Compensation Committee

Our Board has appointed a Compensation Committee currently consisting of Mr. Campbell-Breeden and Mses. Bergman and Eicher. Mr. Campbell-Breeden currently serves as the Chair of the Compensation Committee.

The responsibilities of the Compensation Committee, as set forth in the Compensation Committee Charter, include reviewing our executive compensation programs to analyze their alignment with attracting, retaining and motivating our executive officers to achieve our business objectives; establishing annual and long-term performance goals for our executive officers and evaluating their performance in light of such goals; reviewing, approving and, when appropriate, making recommendations concerning our long-term incentive plans; reviewing and making recommendations regarding stockholder proposals related to compensation; and administering our equity-based and employee benefit plans.

Each year, the Compensation Committee reviews, modifies (if necessary), and approves the goals and objectives relevant to the compensation of our CEO and other named executive officers, as well as the executive compensation program as a whole, including performance goals for the annual cash incentive program, if applicable, and long-term equity awards. In addition, the Compensation Committee is responsible for reviewing the performance of our CEO within the framework of our executive compensation goals and objectives. Based on this evaluation, the Compensation Committee sets the compensation of the CEO. See "Executive Compensation" below for additional information.

The Compensation Committee has a written charter, a copy of which is available on our investor relations website at ir.arq.com under the "Corporate Governance Docs" section of "Corporate Governance." Please note that the information on our website is not part of this Proxy Statement and is not incorporated by reference herein.

Nominating and Governance Committee

Our Board has appointed a Nominating and Governance Committee currently consisting of Mses. Eicher and Bergman, and Mr. Campbell-Breeden. Ms. Eicher currently serves as the Chair of the Nominating and Governance Committee.

The responsibilities of the Nominating and Governance Committee include:

▪Reviewing and recommending to the Board the size and composition of the Board;

▪Identifying and recommending director nominees for election to the Board;

▪Reviewing non-management director compensation;

▪Submitting non-management director compensation recommendations to the entire Board for approval;

▪Overseeing the annual self-evaluation of the Board;

▪Overseeing our sustainability programs and initiatives;

▪Recommending the structure and composition of Board committees to the entire Board for approval;

▪Monitoring in conjunction with the Audit Committee compliance with our Code of Ethics and Business Conduct;

▪Approving any waivers to our Code of Ethics and Business Conduct with respect to directors and executive officers;

▪Recommending individuals to serve as Chair of the Board and periodic review of the CEO; and

▪Reviewing the CEO's recommendations for individuals to serve as executive officers and analyzing and recommending such persons to the Board.

Director nominees are generally identified by our directors, stockholders, officers or third party search firm based on industry and business contacts. Regardless of the source of the nomination, nominees are evaluated by the Nominating and Governance Committee, other members of the management team and the Board, as deemed appropriate by the Nominating and Governance Committee. The Nominating and Governance Committee then presents qualified candidates to the Board for a final discussion and vote.

We do not have a formal policy with respect to the consideration of diversity in the identification of director nominees, but the Nominating and Governance Committee strives to select candidates for nomination to the Board with a variety of backgrounds and complementary skills so that, as a group, the Board possesses the appropriate talent, skills, perspectives and expertise to oversee the Company's businesses. The Board assesses its effectiveness in this regard as part of the annual board and director evaluation process.

Under the Nominating and Governance Committee Charter, the Nominating and Governance Committee will consider nominees submitted by our stockholders. Recommendations of individuals that meet the criteria set forth in the Nominating and Governance Committee Charter for election at our 2027 annual meeting of stockholders may be submitted to the Nominating and Governance Committee in care of Clay Smith, General Counsel and Secretary, at 8051 E. Maplewood Ave., Ste. 210, Greenwood Village, Colorado 80111 no earlier than January 11, 2027 and no later than February 10, 2027. The Nominating and Governance Committee evaluates nominees recommended by stockholders using substantially the same criteria it uses to evaluate all other candidates.

The Nominating and Governance Committee has a written charter, a copy of which is available on our investor relations website at ir.arq.com under the "Corporate Governance Docs" section of "Corporate Governance." Please note that the information on our website is not part of this Proxy Statement and is not incorporated by reference herein.

Health, Safety and Sustainability at Arq

At Arq, we believe that a robust approach to health, safety and sustainability is an important element of long-term success and an enabler of better Company performance. We create and commercialize innovative technical solutions that drive our mission to improve the quality of the air we breathe, water we drink and soil our children play on—our products play a pivotal role in removing numerous harmful pollutants (such as per- and polyfluoroalkyl substances ("PFAS") and mercury) from water supplies, contaminated land sites, and air emissions. We believe that our mission is underpinned by sound governance, effective stewardship of resources, and awareness of the social issues affecting our employees and the communities in which we operate.

Our Board and our Nominating and Governance Committee each oversee certain aspects of our health, safety and sustainability programs. While our management team manages the day-to-day operation of our programs, our Board

is responsible for health and safety oversight and our Nominating and Governance Committee is responsible for sustainability oversight, including overall performance and objectives.

Our Board monitors the performance and sets out overarching goals of our health and safety programs, assesses health and safety risks relevant to Arq and receives at least quarterly updates from our management team regarding health and safety metrics across our facilities.

The Nominating and Governance Committee monitors the evolving sustainability opportunities and risks most relevant to Arq in addition to oversight of our sustainability policies and annual disclosures. Our Nominating and Governance Committee receives at least quarterly updates from our management team. Additionally, the Nominating and Governance Committee makes recommendations to our Board regarding sustainability-related commitments and reviews and approves our annual Sustainability Report ("Sustainability Report").

Health and Safety

Health and safety is a core value of the Company and our employees’ health and safety is critical to our ongoing success. In order to ensure that we are aware of, and proactively mitigate, any health and safety risks, we maintain a health and safety ("HS") team that is responsible for ensuring we have a robust range of policies, systems and emergency action plans in place for each of our facilities. The HS team compiles monthly safety reports and quarterly briefs on key compliance indicators that are shared with and reviewed by our management team. Our Board, who is ultimately responsible for health and safety oversight, then receives an update from our management team on these key compliance indicators at least on a quarterly basis.

Our approach to health and safety is underpinned by compliance with the regulations of the Occupational Safety and Health Administration ("OSHA") and the Mine Safety and Health Administration ("MSH"), as applicable across our facilities. We have an established health and safety management system, incorporating best practices and compliance with relevant and applicable OSHA and MSHA requirements. This approach includes our program of health and safety training, which is mandatory for all employees alongside additional job- and location-specific training for relevant employees. These trainings and programs empower our employees to be collectively responsible for everyone’s safety. We track a range of leading health and safety indicators, including near misses, hazard recognitions, and training completion. We also have a comprehensive process for conducting a root cause analysis for all incidents and near misses.

Further information pertaining to the health and safety of our employees and the communities in which we operate can be found in our annual Sustainability Report described below.

Sustainability

Throughout our history, Arq has enabled our customers and partners to meet and exceed their environmental goals. Alongside delivering innovative solutions to remove PFAS and other harmful chemicals and pollutants from water, land, and air; we continue to develop new products to allow for expansion into new markets and continue to explore the potential of our unique process of repurposing coal waste to create environmentally beneficial feedstocks and products.

Beyond the products we offer, sustainability also plays an important role in how we manage our business—we believe in the importance of continuously assessing and reducing our own environmental impact. In September 2025, we published our annual Sustainability Report, which includes detailed information on our product quality and safety, energy use, water and waste management, and greenhouse gas emissions, along with other sustainability disclosures and metrics. Our annual Sustainability Report, which covers our activities for the fiscal year ended December 31, 2024, is available at www.arq.com/sustainability/. We expect to publish our 2025 Sustainability Report, which will cover our activities for the fiscal year ended December 31, 2025, during the summer of 2026. Website links are provided throughout this Proxy Statement for convenience and are included as inactive textual references only. Please note that neither the information on our website nor the information linked therein or otherwise connected thereto, is part of this Proxy Statement and is not incorporated by reference herein.

RELATED PERSON TRANSACTIONS

The charter of our Audit Committee requires all related person transactions to be reviewed and approved by the Audit Committee. A related person transaction is, defined as any transaction, arrangement, or relationship (including any indebtedness or guarantee of indebtedness), or any series of similar transactions, arrangements, or relationships, in which (a) the aggregate amount involved will or may be expected to exceed $120,000, (b) the Company is a participant, and (c) any Related Person has or will have a direct or indirect material interest (other than solely as a result of being a director or trustee (or any similar position) or a less than 10 percent beneficial owner of another entity). A "Related Person" is any (a) person who is an executive officer, director, or nominee for election as a director of the Company, (b) greater than five percent beneficial owner of our outstanding common stock, or (c) Immediate Family Member of any of the foregoing. An "Immediate Family Member" is any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and any person (other than a tenant or employee) sharing the household of the persons listed above. We do not have written policies or procedures for related person transactions but rely on the Audit Committee’s exercise of business judgment, consistent with Delaware law, in reviewing such transactions.

During our fiscal year ended December 31, 2025, there were no related person transactions that require disclosure under Item 404 of Regulations S-K.

DIRECTOR COMPENSATION

Our Nominating and Governance Committee has responsibility for reviewing the compensation plan for our non-management directors annually and making recommendations to the entire Board for approval. The Nominating and Governance Committee has not delegated authority to any other person to determine director compensation. Our management has made recommendations to the Nominating and Governance Committee regarding their views as to the appropriate amount and form of compensation (i.e., cash or stock) and tax and accounting ramifications of such compensation.

Based on its review of director compensation practices of the Peer Group (as discussed in more detail on page 29) and other market information, the Nominating and Governance Committee did not adjust total director compensation for 2025. For the Annual Retainer, a portion of the directors retainer is to be paid at least 50% in the form of restricted common stock that vests in four quarterly installments, as described below.

Compensation Component

January 1, 2025 - December 31, 2025*

Annual Retainer

$147,850, with at least 50% paid in restricted stock

Chair of the Board Retainer

32,500

Chair of the Audit Committee Retainer

20,000

Chair of the Compensation Committee Retainer

12,500

Chair of the Nominating and Governance Committee Retainer

10,000

Compensation Committee Member Service Retainer

10,000

Audit Committee Member Service Retainer

7,500

Nominating and Governance Member Service Retainer

5,000

*Amounts shown are on an annual basis. Unless specified otherwise, all amounts are payable in cash.

All directors also receive reimbursement for reasonable out-of-pocket expenses incurred in connection with meetings of our Board.

The following table provides information regarding the compensation of our non-employee directors for the fiscal year ended December 31, 2025:


Name	Fees earned or paid in cash ($) (1)	Stock awards ($) (2)(3)	Total ($)
Laurie Bergman	104,760	79,454	184,214
Jeremy Blank	—	158,908	158,908
Richard Campbell-Breeden	37,710	158,908	196,618
Carol Eicher	101,420	79,454	180,874
Gilbert Li(4)	32,885	—	32,885
Julian McIntyre	52,360	119,181	171,541
L. Spencer Wells(4)	52,675	—	52,675

(1) The cash amounts earned by each director are made up of the following amounts:


Name	Annual Retainer ($)	Annual Chair Retainer ($)	Annual Committee Retainer ($)	Total ($)
Laurie Bergman	73,920	20,000	10,840	104,760
Jeremy Blank	—	—	—	—
Richard Campbell-Breeden	—	26,250	11,460	37,710
Carol Eicher	73,920	10,000	17,500	101,420
Gilbert Li	30,800	—	2,085	32,885
Julian McIntyre	52,360	—	—	52,360
L. Spencer Wells	30,800	18,750	3,125	52,675

(2) The grant date fair value of the restricted shares granted to non-employee directors in fiscal 2025 is set forth in the following table and is computed in accordance with FASB ASC Topic 718, based on the closing price per share on the date of grant.


Grantees	Shares (per director)	Grant Date Fair Value (per director)		Grant Date
Bergman and Eicher	14,552	$	79,454	7/1/2025
McIntyre	21,828	$	119,181	7/1/2025
Blank and Campbell-Breeden	29,104	$	158,908	7/1/2025

(3) As of December 31, 2025, our non-employee directors held the following number of shares of unvested restricted stock, which were granted in 2025: Ms. Bergman — 14,552, Mr. Blank — 29,104, Mr. Campbell-Breeden — 29,104, Ms. Eicher — 14,552, and Mr. McIntyre — 21,828.

(4) Messrs. Li and Wells did not stand for re-election at the 2025 annual meeting of stockholders, and each ceased serving as a director of the Company as of June 3, 2025.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table provides information with respect to the beneficial ownership of our common stock by: (1) each current director of the Company or director nominee, (2) each named executive officer currently serving the Company, (3) all directors and executive officers as a group, and (4) each person beneficially owning more than 5% of our outstanding common stock. We base the share amounts shown on each person's beneficial ownership as of April 14, 2026, including options exercisable, or shares issuable upon settlement of restricted stock units, within 60 days thereof, unless we indicate some other basis for the share amounts. Percentage ownership is calculated based on 42,876,258 shares outstanding as of April 14, 2026, including securities deemed outstanding pursuant to Rule 13d-3(d)(1) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). For persons beneficially owning more than 5% of our outstanding common stock, we have used the most recent ownership filings related to the below table. Except as noted below, each of the persons named below has sole voting and investment power for the respective shares.


Executive Officers, Directors and Director Nominees (1)	Current Shares Beneficially Owned (1)	Rights to Acquire Beneficial Ownership of Shares	Total	Percent of Shares Beneficially Owned
Laurie Bergman	51,702	—	51,702	*
Jeremy Blank (2)	2,488,567	—	2,488,567	5.80	%
Richard Campbell-Breeden (3)	491,654	—	491,654	1.15	%
Carol Eicher	174,010	—	174,010	*


Julian McIntyre (4)	3,250,267	—	3,250,267	7.58	%
Robert Rasmus	1,078,434	666,666	1,745,100	4.01	%
Claiborne Smith	94,466	—	94,466	*


Jeremy Williamson (5)	185,606	—	185,606	*










All Current Directors and Executive Officers as a Group (9 persons)	8,084,006	666,666	8,750,672	20.10	%


5% Shareholders:

Allard Services Limited (4)	3,191,289	—	3,191,289	7.44	%

* Less than 1%

(1) Except as otherwise noted and for shares held by a spouse and other members of the person's immediate family who share a household with the named person, the named persons have sole voting and investment power over the indicated shares. This column also includes shares held in trust that are beneficially owned. Beneficial ownership of some or all of the shares listed may be disclaimed. The address of each of our executive officers and directors is 8051 E. Maplewood Ave., Ste. 210, Greenwood Village, CO 80111.

(2) Mr. Blank reported being the beneficial owner of 2,488,567 shares, of which 1,987,434 shares are held by YGF 100 LP ("YGF"), 47,416 shares are held by Community SPV GP LP, and 374,955 shares are held by Community Master Fund LP. Mr. Blank is the ultimate control person of and an investor in YGF, Community SPV GP LP, and Community Master Fund LP; therefore he is an indirect beneficial owner of a portion of these shares. Mr. Blank disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

(3) Mr. Campbell-Breeden reported being the beneficial owner of 491,654 shares, of which 404,786 shares are held by Omeshorn Holdings Ltd. Mr. Campbell-Breeden is a director of Omeshorn Holdings Ltd. and therefore is an indirect beneficial owner of the securities reported herein.

(4) Mr. McIntyre reported being the beneficial owner of 3,250,267 shares, of which 3,191,289 shares are held by Allard Services Limited. Mr. McIntyre controls Allard Services Limited and therefore is an indirect beneficial owner of the securities reported herein. Allard Services Limited’s address is 36 Hope Street, IM1 1AR Douglas, Isle of Man.

(5) Mr. Williamson ceased serving as the Company's Chief Operating Officer on March 4, 2026.

DELINQUENT SECTION 16(a) REPORTS

Section 16(a) of the Exchange Act requires our officers, directors, and persons who beneficially own more than 10% of a registered class of our equity securities to file reports of ownership with the SEC. Officers, directors and greater than 10% stockholders are required by SEC regulations to furnish us with copies of all Section 16(a) forms they file.

For the fiscal year ended December 31, 2025, the following persons subject to Section 16(a) beneficial ownership reporting filed late reports:

Reporting Person

Number of Late Reports

Total Number of Transactions Reported Late

Julian McIntyre

The Company is not aware of any other late or unreported transactions that occurred during 2025.

PROPOSAL TWO

APPROVAL, ON AN ADVISORY BASIS, OF THE COMPENSATION PAID TO COMPANY'S NAMED EXECUTIVE OFFICERS

Pursuant to Section 14A of the Exchange Act, we are seeking a non-binding advisory vote to approve the compensation of our named executive officers ("NEOs") as disclosed in the section of this Proxy Statement titled "Executive Compensation." Although this vote is advisory and is not binding on the Company, the Compensation Committee will take into account the outcome of the vote when considering future executive compensation decisions. We believe that our compensation philosophy and practices are consistent with market practices, designed to retain key executives and reward Company performance, and aligned with long-term stockholder interests. This proposal will be deemed approved, on a non-binding advisory basis, if the votes cast in favor of the proposal exceed the votes cast opposing the proposal.

The Board proposes the following resolution for approval by the stockholders:

RESOLVED, that the stockholders approve the compensation of the Company's named executive officers as disclosed in this Proxy Statement pursuant to the compensation disclosure rules of the Securities and Exchange Commission (which includes the compensation tables and related narrative discussion).

The Board currently has a policy of holding advisory votes to approve executive compensation every year. Our stockholders last approved the frequency of advisory votes on executive compensation at our 2025 annual meeting of stockholders. Our stockholders will again be asked to vote on the frequency of future advisory votes on executive compensation during the 2031 annual meeting of stockholders.

Board Recommendation

Our Board recommends a vote "FOR" the proposal to approve, on an advisory basis, the Company's compensation paid to our NEOs.

Information about our Executive Officers

The following table sets forth certain information about our current executive officers as of the date of this Proxy Statement:

Name

Age

Position

Robert Rasmus

President, Chief Executive Officer and Director

Joe M. Wong

Chief Technology Officer

Stacia Hansen

Chief Accounting Officer

Clay Smith

General Counsel and Corporate Secretary

All officers hold office until their successors are appointed, or until their earlier death, resignation or removal. The specific experience, qualifications and background of each of our current executive officers are as follows:

Robert Rasmus

President, Chief Executive Officer and Director

Business Experience:

Mr. Rasmus has been the Chief Executive Officer of Arq, Inc. since July 2023. See Mr. Rasmus' specific experience and education background in the "Corporate Governance" section above.

Joe M. Wong

Chief Technology Officer

Business Experience:

Mr. Wong has over 39 years of industrial leadership experience in research & development, product development and business growth in specialty materials. Prior to joining Arq, Inc. as Chief Technology Officer in 2018, Mr. Wong served as the Chief Technology Officer for ADA Carbon Solutions from 2012 to 2018 and VP of Technology from 2011 to 2012. Before ADA Carbon Solutions, Mr. Wong worked for three years in private consulting, preceded by 21 years with MeadWestvaco Corporation in senior leadership positions for the Specialty Chemicals and Research & Development sectors.

Education:

Mr. Wong holds a PhD in Chemical Engineering from the University of Texas.

Stacia Hansen

Chief Accounting Officer and Treasurer

Business Experience:

Ms. Hansen joined Arq’s portfolio of companies in 2015 and currently serves as the Company’s Chief Accounting Officer and Treasurer. Throughout her time at Arq, Ms. Hansen has served in roles of increasing responsibility including Director of Financial Reporting and Manager of Financial Reporting. Ms. Hansen has more than 12 years accounting experience and expertise in financial reporting, technical accounting, Sarbanes-Oxley Act compliance. Prior to Arq, Ms. Hansen worked in Assurance Services, at Ernst & Young, LLP. Ms. Hansen is a certified public accountant.

Education:

Ms. Hansen holds a B.S. and a Master of Accountancy from the University of Denver.

Clay Smith

General Counsel and Corporate Secretary

Business Experience:

Mr. Smith joined Arq’s portfolio of companies in 2014 and has taken on roles of increasing responsibility during his tenure. Mr. Smith currently serves as the Company’s General Counsel and Corporate Secretary. Prior to joining Arq, Mr. Smith was an Associate at Troutman Sanders, LLP for 6 years where his practice was focused on the infrastructure, telecom, and construction industries.

Education:

Mr. Smith holds a B.A. in History from Colby College and a J.D. in Law from Tulane University.

Involvement in Certain Legal Proceedings

Robert Rasmus, the Company’s President and CEO, and Jeremy Williamson the Company’s former Chief Operating Officer ("COO"), each an NEO of the Company for the fiscal year ended December 31, 2025, previously served as Chief Executive Officer and director, and Senior Vice President of Production/Midstream, respectively, of Hi-Crush, Inc. In July 2020, Hi-Crush, Inc. and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of Title 11 of the U.S. Bankruptcy Code, as a result of various events, including the impact from COVID-19. Mr. Williamson ceased serving as the Company’s COO on March 4, 2026.

EXECUTIVE COMPENSATION

In this section, we provide an analysis and explanation of our compensation program and the compensation earned by our NEOs for the fiscal year ended December 31, 2025. We are a "smaller reporting company" and the following compensation disclosures are intended to comply with the scaled disclosure requirements applicable to smaller reporting companies. Although the rules allow us to provide less detail about our executive compensation program, our Compensation Committee is committed to providing the information necessary to help stockholders understand our executive compensation-related decisions. Accordingly, this section includes supplemental narratives that describe the 2025 executive compensation program for our NEOs.

The Company's NEOs for 2025 were:

Name

Age

Positions

Robert Rasmus

President, Chief Executive Officer and Director

Clay Smith

General Counsel and Corporate Secretary

Former Executive Officers

Jeremy Williamson(1)

Former Chief Operating Officer

(1) Mr. Williamson ceased serving as the Company’s Chief Operating Officer on March 4, 2026.

Summary Compensation Table

The following table presents information regarding compensation earned by or awards to our NEOs during fiscal years 2025 and 2024:


Name and Principal Position	Year	Salary ($)	Bonus ($) (1)	Stock Awards ($) (2)	Non-Equity Incentive Plan Compensation ($) (3)	All Other Compensation ($) (4)	Total ($)

Robert Rasmus	2025	50,000	—	60,479	32,500	—	142,979
President, Chief Executive Officer and Director	2024	50,000	—	65,385	—	—	115,385



Clay Smith	2025	320,000	—	290,298	104,000	9,385	723,683
General Counsel	2024	306,913	—	362,721	—	19,788	689,422



Jeremy Williamson	2025	361,538	5,000	340,196	113,750	10,693	831,177
Former Chief Operating Officer	2024	350,000	—	396,723	—	20,192	766,915

(1)Because the Short-Term Incentive Plan (the "STIP") has mandatory performance measures that must be achieved before there is any payout to NEOs, amounts paid under the STIP are shown in the Non-Equity Incentive Plan Compensation column of the table, rather than the Bonus column. Bonus amounts earned and paid in 2025 consisted of awards granted in connection with certain commissioning milestones at the Company’s granular activated carbon facility.

(2)The amounts in this column represent the aggregate grant date fair values of restricted stock awards ("RSAs") and performance share units ("PSUs") computed in accordance with FASB ASC Topic 718. These grant date fair values have been determined based on the assumptions and methodologies discussed in Note 11 of the Consolidated Financial Statements included in our

Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The PSU awards to Mr. Rasmus, Mr. Smith, and Mr. Williamson are subject to market-based performance conditions relating to the relative placement of the Company’s total shareholder return ("TSR") for the three-year performance period as compared to the respective TSRs of a specified group of peer companies. The table below presents the market based PSU awards granted for the fiscal year ended December 31, 2025 based on an earned percentage of 100% (grant date fair value disclosed above) and an earned percentage of 200%, which is the highest level of performance conditions that can be achieved. The difference between the "Stock Award" amounts in the table above and the "PSU-if earned, target ($)" amounts in the table below represents the grant date fair values attributable to the RSAs and other awards included at potential maximum payout.


Name	PSU - if earned, target ($)	PSU - if earned, maximum ($)
Robert Rasmus	37,125	74,250
Clay Smith	178,203	356,406
Jeremy Williamson	208,833	417,666

(3)The amounts in this column represent the bonuses earned for the applicable year under the STIP.

(4)The All Other Compensation amounts for each NEO for 2025 are made up of the amounts in the table below:


Name	Matching contributions to 401(k) ($)	Other ($)	Total ($)






Clay Smith	9,385	—	9,385




Jeremy Williamson	10,693	—	10,693

Narrative Disclosure to Summary Compensation Table

Overview of Executive Compensation Program

Our Compensation Committee is charged with establishing the Company’s philosophy for executive compensation and the approval, oversight, implementation and administration of executive compensation and benefits. Generally, the Chief Executive Officer of the Company makes recommendations to the Compensation Committee regarding executive compensation other than for himself; however, authority to approve compensation, performance goals and objectives for all NEOs is vested in the Compensation Committee.

Our philosophy for executive compensation is set forth in a document entitled "Executive Compensation Philosophy and Objectives" (the "EC Philosophy") reviewed annually by the Compensation Committee to ensure the EC Philosophy remains appropriate. The EC Philosophy is designed to support achievement of our strategies and goals, thereby creating long-term value for our stockholders and customers and ensuring our ability to recruit and retain highly qualified executive employees. Our EC Philosophy is designed to:

▪Support the Company’s vision, mission, strategy, and values to generate profitability and sustained growth in the long-term best interests of our stockholders;

▪Align executive compensation with measures of performance tied to the strategic and operational performance of the business and stockholder returns;

▪Reward executives on the basis of merit for individually and collectively achieving a leadership culture, innovation and excellence within the Company, and delivering sustained high performance to the Company, taking into consideration each executive’s qualifications, level of responsibility and contribution to the Company’s long-term performance;

▪Encourage competency-building by linking career development, performance management and compensation rewards;

▪Attract and retain the best executive talent and a highly qualified workforce within a non-discriminatory, merit-based compensation program; and

▪Use external compensation data from sources where the Company competes for talent as one key factor in establishing the market competitiveness of our compensation program.

We believe that our compensation policies and practices do not motivate excessive or imprudent risk-taking. We note the following key aspects of our compensation policies and practices in making this determination:

▪The Company’s EC Philosophy is based on balanced performance metrics that promote disciplined progress towards long-term Company goals in addition to the short-term health of the organization;

▪We do not offer significant short-term incentives that might drive high-risk investments at the expense of long-term Company value; and

▪The Company’s compensation programs are weighted towards long-term incentives.

Because of these factors, we believe that our compensation policies and practices, both for our employees and our executive officers, do not create risks that are reasonably likely to have a material adverse effect on the Company.

Say-on-Pay

The Company provides its stockholders with the opportunity to cast an advisory vote on annual executive compensation (a "say-on-pay proposal"). At the Company’s 2025 annual meeting of stockholders, approximately 97% of the votes cast were in favor of the say-on-pay proposal, which the Compensation Committee reviewed in assessing executive compensation for the fiscal year ending December 31, 2025. Proposal 2 included in the Proxy Statement is a say-on-pay advisory vote regarding the executive compensation for the fiscal year ending December 31, 2025 as described in this Proxy Statement. The Compensation Committee will continue to consider the results of the Company's say-on-pay votes when making future compensation decisions for the Company's executive officers, including the NEOs.

Independent Compensation Consultant and Peer Group

In making decisions with respect to 2025 compensation, the Compensation Committee utilized a peer group that was established in late 2024 as a result of market analysis undertaken by Alvarez & Marsal, LLC in connection with their engagement as the Compensation Committee’s independent compensation consultant. The Compensation Committee reviewed these peer companies in late 2024 and approved their use for compensation benchmarking purposes (the "Peer Group"). In setting executive compensation for 2025, the Compensation Committee compared the compensation practices of the Company to the 15 Peer Group companies, set forth in the table below, from a number of similar industries, including Chemicals, Commercial Services and Supplies, Machinery, Oil, Gas and Consumable Fuels, and Energy Equipment and Services.


Aemetis, Inc.						Graham Corporation
American Vanguard Corporation						LanzaTech Global, Inc.
Aris Water Solutions, Inc.						OPAL Fuels Inc.
Clean Energy Fuels Corp.						Origin Materials, Inc.
Energy Recovery, Inc.						Perma-Fix Environmental Services, Inc.
Flotek Industries, Inc.						Profire Energy, Inc.
FutureFuel Corp.						Taylor Devices, Inc.
Gevo, Inc.

Base Salary

Base salary is defined as ongoing cash compensation, paid bi-weekly, and determined by factors such as job responsibilities, external market competitiveness, and an individual’s experience and performance. Compensation is aligned with the market where the Company competes for similar roles, considering employees in comparable companies. Using market and Peer Group data, the Compensation Committee evaluates base salary adjustments based on industry benchmarks, Company performance, and the achievement of pre-determined objectives. The Company aims to provide mid-market pay for strong performers, with the potential for higher compensation for exceptional contributors. However, the Company does not seek to be a market leader in base salary.

Short-Term Incentive Plan

The STIP is designed to enhance the value of the Company by providing incentives for the achievement of one or more performance goals selected by the Compensation Committee for the applicable performance period; to attract, motivate, and retain highly qualified employees; and to provide consistency with the Company’s approach to performance based pay. Incentives may be paid in cash or equity as determined by the Compensation Committee. The Compensation Committee made STIP awards under the 2017 Omnibus Incentive Plan (the "2017 Plan") through June of 2022, while STIP awards granted for 2023 were made under the 2022 Omnibus Incentive Plan (the "2022 Plan"). In 2024, the Company’s stockholders approved the adoption of the 2024 Omnibus Incentive Plan (the "2024 Plan"), which governs incentives awarded under the STIP for 2025. At the Annual Meeting the Company’s stockholders will be asked to approve the Company’s proposed 2026 Omnibus Incentive Plan. See "Proposal Four - Approval of Arq, Inc. 2026 Omnibus Incentive Plan" below for additional information.

In February 2025, the Compensation Committee approved STIP target opportunities of 55% of base salary for Mr. Smith and of 70% for Mr. Williamson. The Compensation Committee approved a STIP target of 100% of base salary for Mr. Rasmus.

The Compensation Committee also established STIP performance metrics for the 2025 performance period, which included earnings before interest, depreciation, and amortization (EBITDA), gross margin, selling, general and administrative (SG&A) expense as a percentage of revenue, overall equipment efficiency, and total recordable incident rate (TRIR).

In early 2026, based on the Company’s performance against the applicable metrics, the Compensation Committee determined that approximately 12.72% of the STIP performance targets had been achieved. In light of this level of performance, the Compensation Committee did not approve STIP payouts to the NEOs for 2025. Instead, the Committee authorized the CEO to allocate a limited pool of funds to the Company’s executive leadership team, to be distributed by executive leaders to their respective teams based on individual contributions.

Long-Term Incentive Compensation

The Long-Term Incentive Plan ("LTIP") is designed to align executives’ interests with those of the Company’s stockholders and to support the Compensation Committee's approach to performance-based pay. Equity awards are the primary long-term incentive instrument and have historically been granted in the form of RSAs and PSUs. Equity awards vest over time based on continuous service, or over time based on achievement of certain performance measures set by the Compensation Committee at the time of the grant. Awards under the LTIP for 2025 were made 50% as RSAs and 50% as PSUs. PSUs vest upon the achievement of one or more performance measures, as determined by the Compensation Committee, following a three-year cliff vesting period.

LTIP awards were made under the 2017 Plan through June 2022 and were made under 2022 Plan from June 2022 to June 2024. All LTIP awards have been made under the 2024 Plan since its adoption in June 2024.

On February 12, 2025, the Compensation Committee approved grants of RSAs ("2025 RSAs") and PSUs ("2025 PSUs") to the NEOs, as detailed in the table below, with an effective date of March 23, 2025. The 2025 RSAs vest in equal one-third increments on March 23, 2026, March 23, 2027, and March 23, 2028, subject to each NEO’s continuous service with the Company. The 2025 PSUs vest after three years, based on the Company’s TSR ranking for the three-year performance period ending December 31, 2027, relative to our designated Peer Group.


Named Executive Officer	Percentage of Base Salary	Number of Restricted Shares	Target Number of Performance Stock Units


Robert Rasmus	75%	4,990	4,990
Clay Smith	75%	23,952	23,952
Jeremy Williamson	75%	28,069	28,069

The Compensation Committee uses our designated Peer Group to benchmark the Company's stock price performance for the 2025 PSUs. TSR is calculated for both the Company and its Peer Group companies. The threshold, target, and maximum payout percentages for the 2025 PSUs are as follows: Threshold: 50% payout at 30th percentile TSR rank; Target: 100% payout at 50th percentile TSR rank; Above Target: 125% payout at 65th percentile TSR rank; Maximum: 200% payout at 90th percentile TSR rank or higher.

PSUs granted in 2023 ("2023 PSUs") vested on February 27, 2026, following a three-year performance period ending December 31, 2025. The Company’s TSR performance for the 2023 PSUs ranked at approximately the 68th percentile within the peer group that was used at the time of the grant, resulting in a vesting percentage of 133.29% for these awards.

Policies And Practices Related To The Grant Of Certain Equity Awards Close In Time To The Release Of Material Nonpublic Information

Since 2016, the Compensation Committee has not granted stock options or similar awards as part of our equity compensation programs outside of one-time inducement grants made to Mr. Rasmus in connection with his hire. We do not grant stock options or similar awards in anticipation of the release of material nonpublic information that is likely to result in changes to the price of our common stock, such as a significant positive or negative earnings announcement, or time the public release of such information based on stock option grant dates. We do not grant stock options or similar awards during periods in which there is material nonpublic information about our Company, including (i) during “blackout” periods or outside a "trading window" established in connection with the public release of earnings information under our Insider Trading Policy. These restrictions do not apply to RSAs, PSUs or other types of equity awards that do not include an exercise price related to the market price of our common stock on the date of grant.

Our executive officers would not be permitted to choose the grant date for any stock option grants.

During 2025 and through the date of this Proxy Statement, we have not timed the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation.

Outstanding Equity Awards at Fiscal Year End

The following table provides information regarding outstanding Option, RSA and PSU equity awards held by our NEOs as of December 31, 2025.


	Option awards					Stock awards
Name	Number of Securities Underlying Unexercised Options (#) Exercisable	Number of Securities Underlying Unexercised Options (#) Unexercisable(1)	Option Exercise Price ($)		Option Expiration Date	Number of shares that have not vested (#)		Market value of shares that have not vested ($)(2)	Equity incentive plan awards: number of unearned units that have not vested (#)		Equity incentive plan awards: market or payout value of unearned units that have not vested ($)(2)
Robert Rasmus	666,666	333,334	$	3.00	7/17/2033	2,381	(4)	7,786	3,571	(8)	11,677
	—	—	—		—	4,990	(5)	16,317	4,990	(9)	16,317
	—	—	—		—	—		—	400,000	(10)	1,308,000
	—	—	—		—	—		—	—		—
	—	—	—		—	—		—	—		—
Clay Smith	—	—	—		—	10,590	(3)	34,629	28,229	(7)	92,309
	—	—	—		—	13,207	(4)	43,187	19,810	(8)	64,779
	—	—	—		—	23,952	(5)	78,323	23,952	(9)	78,323
	—	—	—		—	—		—	—		—
	—	—	—		—	—		—	—		—
Jeremy Williamson	—	—	—		—	17,431	(3)	56,999	68,600	(7)	224,322
	—	—	—		—	14,445	(4)	47,235	21,667	(8)	70,851
	—	—	—		—	28,069	(5)	91,786	28,069	(9)	91,786
	—	—	—		—	8,334	(6)	27,252	—		—

(1) The option award vests on July 17, 2026.

(2) The market value of RSAs and PSUs that have not vested is calculated using the closing price of $3.27 of our common stock on December 31, 2025, the last trading day of 2025. The market value of PSUs is calculated based upon an earned amount as

of December 31, 2025.

(3) These RSAs vested in full on March 23, 2026.

(4) These RSAs vest ratably on March 23, 2026 and March 23, 2027.

(5) These RSAs vest ratably on March 23, 2026, March 23, 2027, and March 23, 2028.

(6) These RSAs vest on September 18, 2026.

(7) These PSUs vested on February 27, 2026. The PSUs were subject to a three-year performance period ending December 31, 2025. The award is reported at an earned percentage of 133%, representing actual performance.

(8) These PSUs vest on March 10, 2027. The PSUs are subject to a three-year performance period ending December 31, 2026. The award is reported at an earned percentage of 100%, representing target performance.

(9) These PSUs vest on March 10, 2028. The PSUs are subject to a three-year performance period ending December 31, 2027. The award is reported at an earned percentage of 100%, representing target performance.

(10) Consists of an inducement grant of PSUs, of which 250,000 RSUs vest if and when the volume weighted average price ("VWAP") of the common stock over a 30-day period equals $10.00 per share and 150,000 PSUs vest when the VWAP over a 30-day period equals $15.00 per share, in each case, prior to the third anniversary of the date of grant.

Additional Narrative Disclosure

The Company does not currently have any pension or retirement benefits (other than the 401(k) Plan) or nonqualified deferred compensation plans that apply to the NEOs, nor are any such plans contemplated at this time.

Employment Agreements

Robert Rasmus

We are party to an employment agreement with Mr. Rasmus, effective July 17, 2023 (the "Rasmus Agreement"). The Rasmus Agreement contains provisions related to Mr. Rasmus’ position, duties, authority, obligations, compensation and benefits, including his eligibility to receive incentive awards under the STIP and the LTIP. The Rasmus Agreement also contains certain covenants addressing non-competition, non-solicitation and non-divergence and provides for separation payments and benefits in the event of certain terminations of employment, as described below.

Under the Rasmus Agreement, upon a termination without "Cause" or a resignation for "Good Reason," Mr. Rasmus is eligible to receive severance of (i) 12 months of base salary and (ii) the short-term incentive cash bonus for the year of termination assuming target performance and (iii) accelerated vesting of any unvested portion of Mr. Rasmus’ options. Under the Rasmus Agreement, the base salary and short term incentive components referred to in (i) and (ii) (collectively the "severance pay") are not payable in the event Mr. Rasmus’ employment terminates by reason of the NEO’s death or disability.

Under the Rasmus Agreement:

▪"Cause" means one or more of (i) continued failure substantially to perform the material duties of Mr. Rasmus’ office (other than as a result of total or partial incapacity due to physical or mental illness); (ii) fraud, embezzlement or theft by Mr. Rasmus of the property of the Company or any of its affiliates; (iii) the conviction of Mr. Rasmus of, or plea of nolo contendere by Mr. Rasmus to, a felony under the laws of the United States or any state or comparable crime under the laws of a foreign jurisdiction; (iv) Mr. Rasmus’ gross negligence or willful misconduct in the performance of his duties to the Company or any of its affiliates; (v) a material breach by Mr. Rasmus of any material agreement between Mr. Rasmus and the Company or any of its affiliates; or (vi) Mr. Rasmus’ material violation of any material written policy or code of conduct of the Company; provided that, if such conduct is capable of cure, in the case of clauses (i), (v), or (vi), Mr. Rasmus shall have 10 business days following reasonably detailed written notice from the Board of such conduct or circumstances to cure the same to the reasonable satisfaction of the Board, and if uncured following such 10-business day period, such conduct or circumstances shall constitute “Cause” for purposes hereof.

▪"Good Reason" means one or more of (i) any reduction of Mr. Rasmus’ base salary or target annual bonus, (ii) a material breach by the Company or any affiliate of the Company of its obligations under this Agreement or any other material agreement with Mr. Rasmus, (iii) any requirement by the Company that Mr. Rasmus

relocate his primary residence, or (iv) a material diminution of Mr. Rasmus’ title, authority or responsibilities as Chief Executive Officer or Mr. Rasmus’ failing to report directly to the Board; provided, however, that in order for any such event or occurrence to constitute “Good Reason” hereunder, (1) Mr. Rasmus must provide the Board with reasonably detailed written notice of such event or occurrence within 30 days of the initial occurrence thereof, (2) the Company shall have 15 days following receipt of such notice to cure the same, and (3) if uncured following such 15-day period, such conduct or circumstances shall constitute “Good Reason” for purposes hereof.

▪"Change in Control" means a change in our ownership or control effected by a direct or indirect acquisition of more than 50% of our total combined voting power, replacement of our directors by directors whose appointment or election is not endorsed by our directors serving immediately prior to such replacement, or a change in the ownership of a substantial portion of our assets.

Clay Smith

We are a party to an employment agreement with Mr. Smith, effective April 26, 2024 (the "Smith Agreement"). The Smith Agreement contains provisions related to Mr. Smith's position, duties, authority, obligations, compensation and benefits, including his eligibility to receive incentive awards under the STIP and the LTIP. The Smith Agreement also contains certain covenants and provides for separation payments and benefits in the event of certain terminations of employment, as described below.

Jeremy Williamson

We are a party to an employment agreement with Mr. Williamson, effective September 18, 2023 (the "Williamson Agreement"). The Williamson Agreement contains provisions related to Mr. Williamson's position, duties, authority, obligations, compensation and benefits, including his eligibility to receive incentive awards under the STIP and the LTIP. The Williamson Agreement also contains certain covenants addressing non-competition, non-solicitation and non-divergence and provides for separation payments and benefits in the event of certain terminations of employment, as described below.

Under the Smith and Williamson Agreements, upon a termination without Cause or a resignation for Good Reason, the NEO is eligible to receive severance of (i) 12 months of base salary, (ii) the short-term incentive cash bonus for the year of termination based on actual performance, (iii) accelerated vesting of all unvested restricted stock awards, (iv) accelerated vesting of all unvested performance share units based on actual performance as of the date of such termination, and (v) coverage of COBRA continuation premiums for 12 months (or until the NEO is eligible for medical insurance benefits from another employer).

Further, upon a termination as a result of the NEO’s death or disability, the NEO (or the NEO’s beneficiary, as applicable) is eligible to receive (i) the short-term incentive cash bonus for the year of termination assuming target performance (or 50% thereof if such termination occurs within the first six months of the year), (ii) accelerated vesting of all unvested restricted stock awards, and (iii) accelerated vesting of all unvested performance share units based on actual performance as of the date of such termination.

Under the Smith and Williamson Agreements:

▪"Cause" means (i) the failure by an executive to substantially perform the essential functions of executive’s duties or obligations in a satisfactory manner or material breach of any written agreement with us or an affiliate; (ii) dishonesty, willful misconduct, or material breach of our Code of Ethics and Business Conduct, knowing violation of any federal or state securities or tax laws, or any misconduct that is, or is reasonably likely to be, materially injurious to us or an affiliate; (iii) conviction of or plea of guilty or no contest to a crime involving dishonesty, breach of trust or physical harm to any person; (iv) a breach of any fiduciary duty and such conduct has had or is reasonably likely to have a material detrimental effect on us or a related person; (v) a material breach by Executive of any material agreement between Executive and the Company or any of its affiliates; or (iv) Executive’s material violation of any material written policy or code of conduct of the Company.

▪"Good Reason" and "Change in Control" generally have the meaning described above under the Rasmus Agreement.

Williamson Separation Agreement

On March 4, 2026, the Company eliminated the position of Chief Operating Officer, and Mr. Williamson ceased serving in that role effective as that date. Mr. Williamson will continue to be employed by the Company until April 18, 2026. Upon his departure, the Company expects that it and Mr. Williamson will enter into a separation and release agreement (the "Williamson Separation Agreement"). A copy of the Williamson Separation Agreement along with a description of its material terms will be filed by the Company on a Current Report on Form 8-K.

Retirement Benefits

The Company’s Profit Sharing Retirement Plan ("401(k) Plan") is available to all eligible employees, including NEOs. Pursuant to the 401(k) Plan, we currently match the NEO’s contribution 100% up to three percent, and 50% on the next two percent, subject to income limitations based on IRS guidelines. Additionally, at the discretion of the Board, the Company may make contributions based on the profitability of the Company to those accounts. In 2025, the Company made contributions to each eligible employee’s account in accordance with the contribution schedule presented above. The Company made its contributions to the 401(k) Plan in cash. No discretionary contributions were made to the 401(k) Plan in 2025 other than as discussed above. Employee and Company contributions to the 401(k) Plan are 100% vested.

Company Policies Relating to Executive Compensation

Insider Trading Policy

Our Insider Trading Policy, which applies to our employees, officers and directors, prohibits hedging of our securities and engaging in any other transactions involving Arq based derivative securities, regardless of whether the covered person is in possession of material, non-public information (except with regard to the vesting of securities acquired pursuant to our incentive plans), or other transactions involving purchases and sales of company securities between a covered person and us. The Insider Trading Policy also prohibits all employees, officers and directors from entering into any transaction relating to hedging Arq securities, including zero-cost collars or forward-sale transactions. We believe that our Insider Trading Policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and the listing standards applicable to the Company.

Equity Ownership Guidelines

The Company maintains Executive Stock Ownership Guidelines under the EC Philosophy (the "Guidelines"). Under the EC Philosophy, so long as the Guidelines are met, executives may sell unrestricted stock. It is preferred that executives own shares of common stock for a period greater than 12 months before selling such shares. All executive transactions in common stock must be made in compliance with our Insider Trading Policy.

The Guidelines encourage executives to own common stock with a value equal to at least one times their annual base salary. Executive ownership is calculated considering holdings of restricted stock, whether or not such holdings have vested, private holdings, shares held in retirement accounts and other shares attributed to the executive in accordance with Section 16 of the Exchange Act.

As of December 31, 2025, Mr. Smith did not have sufficient holdings to meet the Guidelines primarily as a result of the Company’s closing stock price as of December 31, 2025. The Guidelines provide executives with a reasonable period of time to become compliant with the guidelines.

Clawback Policy

Pursuant to Rule 10D-1 of the Exchange Act and applicable Nasdaq listing rules, we have adopted a policy for recovery of incentive-based compensation from our current and former Section 16 executive officers under certain circumstances. Incentive-based compensation is any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a financial reporting measure. The policy provides that, in the event that we are required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement under the securities laws, and the noncompliance resulted in overpayment of the incentive-based compensation received by an executive officer within the three completed fiscal years preceding the date the restatement was required, then the company will recover from its executive officers, on a reasonably prompt basis, the amount of any such erroneously awarded incentive-based compensation to an executive officer. Erroneously awarded incentive-based compensation is the excess of the amount of incentive-based compensation received by current and former executive officers over the

amount of incentive-based compensation that otherwise would have been received had it been determined based on the restated amounts.

PAY VERSUS PERFORMANCE

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, the following disclosure (the "Pay Versus Performance Disclosure") describes the relationship between executive compensation and the Company's performance with respect to select financial measures. For a complete description regarding the Company's compensation program, please see "Executive Compensation."


Year	Summary Compensation Table Total for Mr. Rasmus (1)		Summary Compensation Table Total for Mr. Marken		Compensation Actually Paid to Mr. Rasmus (2)		Compensation Actually Paid to Mr. Marken		Average Summary Compensation Table Total for Non-PEO NEOs (1)		Average Compensation Actually Paid to Non-PEO NEOs (2)		Total Shareholder Return (3)		Net Loss (in thousands) (4)
2025	$	142,979	$	—	$	71,211	$	—	$	777,430	$	(119,030)	$	134.57	$	(52,610)
2024	$	115,385	$	—	$	1,850,705	$	—	$	776,605	$	1,587,564	$	311.52	$	(5,109)
2023	$	1,011,039	$	2,091,425	$	2,494,877	$	1,430,455	$	888,244	$	1,065,965	$	122.63	$	(12,249)

(1)Compensation for the Company's Principal Executive Officer (the "PEO"), Robert Rasmus for 2025, 2024 and from July 17, 2023 through the end of 2023, and Greg Marken from January 1, 2023 through July 17, 2023, reflects the amount reported in the "Summary Compensation Table" for the respective years. Average compensation for non-PEO NEOs is based on the compensation for Claiborne Smith and Jeremy Williamson for 2025, Jeremy Williamson, and Joe Wong for 2024, and Morgan Fields, Jeremy Williamson, and Joe Wong for 2023 (collectively, the "non-PEO NEOs") reported in the "Summary Compensation Table" for the respective years.

(2)SEC rules require that certain adjustments be made to the total compensation set forth in the "Summary Compensation Table" in order to determine "compensation actually paid" for purposes of this Pay Versus Performance Disclosure. "Compensation actually paid" does not represent cash and/or equity value transferred to the applicable NEO, but rather is a value calculated under applicable SEC rules. The below table reflects the required adjustments to reconcile total compensation as set forth in the Summary Compensation Table to "compensation actually paid" for purposes of the Pay Versus Performance Disclosure.

(3)Total shareholder return, or TSR, is calculated based on the value of an initial fixed $100 investment in the Company. Further, the TSR is cumulative for the measurement periods beginning on December 31, 2022 and ending on December 31 of each of 2023, 2024 and 2025, respectively, calculated in accordance with Item 201(e) of Regulation S-K.

(4)Reflects "Net Loss" as reported in the Company's Consolidated Statements of Operations included in the Company's Annual Reports on Form 10-K for each of the years ended December 31, 2025, 2024 and 2023.


	Mr. Rasmus 2025		Non-PEO NEOs 2025
Summary Compensation Table Total	$	142,979	$	777,430
Less stock award value reported in Summary Compensation Table for the covered year	(60,479)		(315,247)
Plus the year-end fair value of outstanding unvested awards granted in covered year	35,778		186,495
Plus (less) change in year-end fair value of outstanding and unvested awards granted in prior years	(44,199)		(334,838)
Fair value as of the vesting date of vested awards granted in the covered year	—		—
Plus (less) change in fair value of awards granted in prior years that vested in the covered year	(2,868)		(432,870)
Less the prior year-end fair value of awards forfeited during the covered year	—		—

Compensation Actually Paid	$	71,211	$	(119,030)

Fair values of equity awards set forth in the table above are computed in accordance with FASB ASC Topic 718 as of the end of the respective fiscal year, other than fair values of equity awards that vest in the covered year, which are valued as of the applicable vesting date. The valuation methodologies applied do not materially differ from the valuation methodologies applied at the time of grant.

Relationships Between Executive Compensation Actually Paid and Select Financial Performance Measures

The charts below are based on the information provided in the above table to illustrate the relationships between the Company's compensation actually paid to the PEO and the average compensation actually paid to the Company's non-PEO NEOs, and (i) the Company's cumulative TSR and (ii) the Company's net loss.

Compensation actually paid to Mr. Rasmus and the non-PEO NEOs is primarily comprised of changes in fair value of unvested RSA and PSU awards driven by increases and decreases in Arq, Inc. common share prices from the grant date of July 17, 2023 to the end of our 2025 fiscal year. Arq, Inc.’s common stock closed at $1.59 on July 17, 2023, $2.98 on December 31, 2023 and $7.57 on December 31, 2024, and $3.27 on December 31, 2025.

PROPOSAL THREE

RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Our Audit Committee has appointed Baker Tilly US, LLP ("Baker Tilly") to be the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026. Baker Tilly has served as the Company's independent registered public accounting firm since 2025, the year in which it merged with the Company’s former independent registered public accounting firm Moss Adams, LLC, which had served as the Company's independent registered public accounting firm since 2017, including the fiscal year ended December 31, 2017.

On June 3, 2025, we were notified that Moss Adams, the Company's former independent registered public accounting firm, merged with Baker Tilly US, LLP, effective June 3, 2025. In connection with the merger, Moss Adams resigned as the auditors of the Company, and our Audit Committee approved the appointment of Baker Tilly to succeed Moss Adams as the Company's independent registered public accounting firm.

The audit reports of Moss Adams on the Company’s consolidated financial statements for the years ended December 31, 2024 and 2023, and for the years then ended, and internal control over financial reporting as of December 31, 2024, did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

During the years ended December 31, 2024 and 2023, and the subsequent interim period preceding Moss Adams’ resignation, there were no (a) disagreements with Moss Adams on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to Moss Adams’ satisfaction, would have caused it to make reference to the subject matter of the disagreement in connection with its reports on the Company’s financial statements, or (b) reportable events requiring disclosure pursuant to Item 304(a)(1)(v) of Regulation S-K.

During the years ended December 31, 2024 and 2023, and the subsequent interim period through the date of Baker Tilly’s appointment, neither the Company, nor anyone on its behalf, consulted with Baker Tilly regarding: (i) either the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements or (ii) any matter that was either the subject of a "disagreement," as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to that item, or a "reportable event," as described in Item 304(a)(1)(v) of Regulation S-K.

Stockholder ratification of the Audit Committee's selection of Baker Tilly as our independent registered public accounting firm as requested in Proposal 3 is not required by our bylaws or otherwise. The Board is submitting this proposal to the stockholders for ratification as a matter of good corporate practice. If the stockholders fail to ratify the selection, the Audit Committee will reconsider whether or not to retain this firm. This proposal will be deemed approved if the votes cast in favor of the proposal exceed the votes cast opposing the proposal.

We anticipate that a representative of Baker Tilly will be available at the Annual Meeting to respond to stockholder questions and will have the opportunity to make a statement at that time if the representative desires to do so.

Additional information about Audit Fees and Audit Committee Approval of Services can be found under the Independent Registered Public Accounting Firm section of this Proxy Statement.

Board Recommendation

Our Board recommends a vote "FOR" the ratification of the Audit Committee's appointment of Baker Tilly US, LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026.

REPORT OF THE AUDIT COMMITTEE

The Audit Committee's role and functions are described under the "Corporate Governance" section of this Proxy Statement.

The Audit Committee held four meetings in 2025. The Audit Committee has (i) reviewed and discussed the Company's consolidated audited financial statements for the year ended December 31, 2025 with the Company's management; (ii) discussed with the Company's current independent registered public accounting firm, Baker Tilly, the matters required to be discussed by Public Company Accounting Oversight Board ("PCAOB") and the SEC; (iii) received the written disclosures and the letter from Baker Tilly required by applicable requirements of the PCAOB regarding Baker Tilly's communications with the Audit Committee concerning independence and has discussed with Baker Tilly the independence of Baker Tilly; and (iv) discussed and reviewed with the Company's management and Baker Tilly other SEC filings occurring during the year ended December 31, 2025.

Based on the review and discussions with management and Baker Tilly, the Audit Committee recommended to the Board that the audited consolidated financial statements for the fiscal years ended December 31, 2025 and 2024 be included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

On February 27, 2026, the Audit Committee approved the engagement of Baker Tilly to serve as the Company's independent registered public accounting firm to audit the Company's financial statements for the fiscal year ending December 31, 2026. This appointment for 2026 was based on the Audit Committee's and management's completion of a written evaluation of Baker Tilly's performance which included, among other criteria, quality of services provided; sufficiency of the firm's resources; communications and interaction; and independence, objectivity and professional skepticism.

Respectfully submitted,



The Audit Committee:			Laurie Bergman, Chair
			Richard Campbell-Breeden
			Carol Eicher

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The following table summarizes the fees of Baker Tilly (and its predecessor, Moss Adams) our independent registered public accounting firm for the fiscal years ended December 31, 2025 and 2024, respectively.



(in thousands)	2025				2024
	Baker Tilly		Moss Adams		Moss Adams
Audit fees (1)	$	853	$	113	$	885
Audit-related fees (2)	—		—		—
Tax fees (3)	—		—		—
All other fees (4)	—		—		—
	$	853	$	113	$	885

(1) This category includes fees related to the audit of our annual consolidated financial statements for the years ended December 31, 2025 and 2024; the review of our quarterly consolidated financial statements; consents and assistance with and review of documents filed with the SEC; and financial reporting consultation and research work billed as audit fees or necessary to comply with the standards of the PCAOB.

(2) This category consists of fees for audit-related services that are reasonably related to the performance of the audit or review of our consolidated financial statements. Audit-related fees include fees related to audits of employee benefit plans.

(3) This category consists of fees for tax compliance, tax advice and tax planning services. We did not pay our independent registered public accounting firm tax fees for services during the years ended December 31, 2025 and 2024.

(4) This category consists of fees for services that are not included in the above categories. We did not pay our independent registered public accounting firm any other fees for services during the years ended December 31, 2025 and 2024.

There were no disagreements on matters of accounting principles or practices, financial statement disclosures or audit scope or procedures between the Company and Baker Tilly during the most recent fiscal year or during the subsequent year.

AUDIT COMMITTEE APPROVAL OF SERVICES

The Audit Committee pre-approves all audit or non-audit services performed by our independent registered public accounting firm in accordance with Audit Committee policy and applicable law. The Audit Committee generally provides pre-approval of audit services and services associated with SEC registration statements, other SEC filings and responses to SEC comment letters (audit fees) and services related to internal control reviews, internal control reporting requirements and consultations with our management as to accounting or disclosure treatment of transactions or events and the impact of rules, standards or interpretations by the SEC and other regulatory or standard-setting bodies (audit-related fees) for each 12 month period within a range of approved fees. To avoid certain potential conflicts of interest, the law prohibits the Company from obtaining certain non-audit services from its independent registered public accounting firm. The Audit Committee has delegated authority to approve permissible services to its Chair. The Chair reports such pre-approvals to the full Audit Committee at its next scheduled meeting. The Audit Committee Chair pre-approved 100% of the services provided by the Company’s independent registered public accounting firm in 2025. None of the services of the independent registered public accounting firms in 2025 were of the type specified in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

PROPOSAL FOUR

APPROVAL OF THE ARQ, INC. 2026 OMNIBUS INCENTIVE PLAN

The Board believes that attracting and retaining highly qualified officers and key employees and motivating them to serve the Company and to expend maximum efforts are important to our continued growth and success. In this regard, stock-based awards have been and will continue to be an important element of our compensation program because they enable our officers and other key employees to acquire or increase their proprietary interest in the operations and future success of our Company, thereby aligning interests between such individuals and our stockholders.

Our current equity compensation plan, the 2024 Omnibus Incentive Plan (the "2024 Plan"), had 998,538 shares of common stock authorized for issuance as of April 14, 2026, which we believe is insufficient to cover future stock-based awards. The Board believes that stock-based awards to key employees, officers and non-employee directors serve the best interests of stockholders by promoting a long-term focus for such individuals to increase the value of our common stock. Accordingly, on April 14, 2026, the Board adopted, subject to stockholder approval, the Arq, Inc. 2026 Omnibus Incentive Plan (the "2026 Plan"). If stockholder approval is obtained for the 2026 Plan, we will cease granting awards under the 2024 Plan. If our stockholders do not approve the 2026 Plan, we will continue to grant awards under the 2024 Plan until its termination date or until such time as no shares of common stock remain available for issuance thereunder. While we could increase cash compensation if we are unable to grant stock-based incentives, replacing equity awards with cash awards would not only misalign our executive and stockholder interests, it would also increase cash compensation expense and divert cash that could otherwise be reinvested in our business.

The Board has approved the reservation of 1,500,000 shares of common stock under the 2026 Plan. We expect this share reserve to provide enough shares for awards for approximately 2 to 3 years, assuming we continue to grant awards consistent with our current practices and historical usage, as reflected in our average three-year burn rate in the table below, and noting that future circumstances may require us to change our current equity grant practices. The 2026 Plan provides for the grant of options (both nonqualified stock options ("NSOs") and incentive stock options ("ISOs")), stock appreciation rights ("SARs"), restricted stock, restricted stock units ("RSUs"), Performance Stock Units ("PSUs"), other stock-based awards and cash-based awards.

Because of their expected participation in the 2026 Plan our current directors and executive officers may be deemed to have an interest in this matter.

Burn Rate Analysis

Our burn rate for our equity plan is calculated below.

We measure our burn rate as (a) the number of shares subject to issuance under our equity-based awards granted in a fiscal year, divided by (b) the weighted average number of shares of common stock outstanding for that fiscal year. We measure our fully diluted burn rate as (i) the number of shares subject to issuance under our equity-based awards granted in a fiscal year, divided by (ii) the weighted average number of diluted shares of common stock outstanding for that fiscal year. The number of shares subject to issuance under our equity-based awards in a given year is variable, and dependent upon the share price at the time of the grant. Over the last three fiscal years, our average annual burn rate was 2.56%, and our average annual fully diluted burn rate was 2.56%. We do not currently expect significant changes to our historical equity award granting process or award levels as compared to our average over the last three years under our existing equity compensation plans, as set forth in the table below.


Fiscal Year	Total Awards Granted(1)	Weighted average number of common shares outstanding	Burn Rate	Weighted average number of diluted common shares outstanding	Fully Diluted Burn Rate
2025	961,105	41,522,393	2.31%	41,522,393	2.31%
2024	769,085	36,051,523	2.13%	36,051,523	2.13%
2023	773,327	29,103,775	2.66%	29,103,775	2.66%
Three-Year Average	834,506	32,577,649	2.56%	32,577,649	2.56%

(1) Does not include the inducement grant of one million stock options granted to Mr. Rasmus in 2023, which were not granted under the 2024 Plan. PSUs are included in the total equity awards granted for the fiscal year in which the PSUs are earned. A tabular reconciliation of PSUs granted and earned by year is as follows:


Fiscal Year	PSUs Granted		PSUs Earned
2025	122,630		182,204
2024	101,477		191,926
2023	582,709	(A)	—

(A) Does not include the inducement grant of 400,000 PSUs granted to Mr. Rasmus in 2023, which were not granted from the 2024 Plan.

Key Features and Best Practices of the 2026 Plan

The 2026 Plan contains a number of best practices designed to protect stockholders and reflect good corporate governance principles, including the following:

▪Minimum One-Year Vesting Requirement. Except for awards with respect to 5% of the shares reserved for issuance under the 2026 Plan, awards are subject to a minimum vesting period of at least one year.

▪No Dividends or Dividend Equivalents on Unvested Awards. Dividends and dividend equivalents on awards accrue but will not be paid until the underlying award vests.

▪Term Limits on Options and SARs. Options and SARs are subject to a maximum term of 10 years.

▪No Discounted Options or SARs. Options and SARs may not be granted with an exercise or grant price at a discount to the fair market value of our common stock on the date of grant.

▪No Repricing. The 2026 Plan prohibits the reduction of the exercise price or grant price for outstanding options or SARs and prohibits the surrender of outstanding options or SARs for cash or a new award with a lower or no exercise price or grant price, in each case, without the approval of our stockholders.

▪No Tax Gross-Ups. The 2026 Plan does not provide for any tax gross-ups on awards.

▪No Liberal Share Recycling. The 2026 Plan prohibits liberal share recycling on all awards.

▪Director Compensation Limit. The 2026 Plan contains an annual limit on cash and equity-based compensation that may be paid or granted, to non-employee directors of $350,000 (or $400,000 in a non-employee director’s first year of service or if the non-employee director is serving as chairman or lead director).

▪Clawback Provisions. Awards will be subject to any clawback policy adopted by the Company and any other clawback or recoupment provisions set forth in any award agreement. Under the 2026 Plan, awards are subject to mandatory clawback or recoupment in the event the Company is required to prepare an accounting restatement of the Company’s financial statements due to the Company’s material non-compliance with any financial reporting requirement under the federal securities laws. Additionally, the 2026 Plan includes a permissive clawback provision through which the Compensation Committee of the Board may require clawback or recoupment of awards if a Forfeiture Event (as defined in the 2026 Plan) occurs with respect to any 2026 Plan participant, which events include, but are not limited to, instances of an accounting restatement that results from misconduct or gross negligence, fraud, embezzlement, or intentional reputational harm inflicted by a 2026 Plan participant.

▪No Evergreen Provisions. The 2026 Plan does not contain any provisions that would allow for "evergreen" increases in amount of common stock subject to the 2026 Plan or the automatic "reload" of awards.

▪Administration by Independent Directors. The 2026 Plan is administered by the Compensation Committee of the Board, which is comprised of independent directors.

Summary of the 2026 Plan

The following summary of the 2026 Plan is qualified by reference to the full text of the 2026 Plan, a copy of which is attached to this Proxy Statement as Appendix A.

Administration. The 2026 Plan is administered by our Compensation Committee or any committee designated by the Board consisting of two or more members of the Board, each of whom is intended to be a "non-employee director" within the meaning of Rule 16b-3 of the Exchange Act and an "independent director" under the Nasdaq Marketplace Rules (or the rules of any securities exchange on which the common stock is listed). For purposes of this summary of the 2026 Plan, the Compensation Committee or other designated committee will be referred to as the "Committee."

Subject to the terms and conditions of the 2026 Plan, the Committee is authorized to select participants who are employees, directors or consultants of the Company or its subsidiaries, determine the awards to be made, set terms and conditions of such awards, determine the form of award agreements, and establish performance goals for any performance period and determine whether such goals were satisfied. The Committee also has the authority, among other things, to: (i) amend the terms of any outstanding award, subject to the repricing restrictions described below, so long as such amendment does not adversely affect a participant’s rights without the participant’s written consent, (ii) construe and interpret the terms of the 2026 Plan and any award agreement and to decide all questions of fact arising in its application, and (iii) take such other action, not inconsistent with the terms of the 2026 Plan, as it deems appropriate.

Eligibility. Any employee, director, or consultant of the Company or its subsidiaries is eligible to receive awards under the 2026 Plan. As of the date of this Proxy Statement, there are currently five non-employee directors, four executive officers, 179 other employees and zero consultants who are eligible under the 2026 Plan.

Limitations under the 2026 Plan

Minimum Vesting Requirements. Except for awards with respect to 5% of the shares reserved for issuance under the 2026 Plan, all awards granted under the 2026 Plan must be granted with a minimum vesting period of at least one year without providing for incremental vesting during such one-year period.

Individual Limit. The 2026 Plan contains an annual limit on cash and equity-based compensation that may be paid or granted, whether under the 2026 Plan or otherwise, to non-employee directors of $350,000 (or $400,000 in a non-employee director’s first year of service or if the non-employee director is serving as chairman or lead director).

Shares Subject to the 2026 Plan. Subject to the adjustments upon changes in capitalization described below, 1,500,000 shares of common stock will be authorized for issuance of awards under the 2026 Plan, plus (i) any shares of common stock that remain available for grant under the 2024 Plan as of the date of stockholder approval of the 2026 Plan and (ii) any shares of common stock that become available for issuance under the 2026 Plan as described below. For purposes of determining the number of shares remaining available for issuance under the 2026 Plan, to the extent an award under either the 2026 Plan, 2024 Plan, or 2022 Omnibus Incentive Plan is canceled, forfeited, or expires prior to exercise or realization or is settled in cash, the shares retained or returned to the Company will again be available for grant under the 2026 Plan. However, the following shares shall not be available for reissuance: shares tendered or withheld in payment of the exercise price; shares covered by, but not issued upon settlement of, stock-settled SARs; shares delivered to, or withheld by, the Company to satisfy any tax withholding obligation; and shares purchased on the open market with option proceeds. Shares issued under the 2026 Plan may be authorized but unissued shares or treasury shares.

The number of shares authorized for issuance of awards is subject to adjustment in the event of any stock dividend, stock split, spin off, rights offering, recapitalization through a large, nonrecurring cash dividend, or in the event of any other change in corporate capitalization, such as a merger, consolidation, any reorganization or any partial or complete liquidation of the Company.

As of April 14, 2026, we had a total of 42,876,258 shares of common stock outstanding, and the closing price per share of common stock as reported on the Nasdaq Global Market was $2.24.

Term of the 2026 Plan. No awards may be granted under the 2026 Plan after June 9, 2036 or such earlier date as the Board shall determine.

Types of Awards

Options and SARs: The Committee is authorized to grant options as either ISOs, which can result in potentially favorable tax treatment to the participant under the Internal Revenue Code of 1986 (the "Code"), or NSOs, and

SARs under the 2026 Plan. The exercise or grant price per share of common stock subject to an option or SAR must be at least the fair market value of the underlying stock at the date of grant; provided, however, that an ISO granted to a participant who is the holder of record of more than 10% of the common stock must have an exercise price of at least 110% of the fair market value of the underlying common stock at the date of grant. The term of each option and SAR and the times at which each option or SAR shall be exercisable generally will be fixed by the Committee, except that no option or SAR will have a term exceeding 10 years; provided, however, that an ISO granted to a participant who is the holder of record of more than 10% of the common stock will have a term not exceeding five years. Upon the termination of employment or service with us, the ability to exercise vested options and SARs and the expiration of such options and SARs will be determined in the discretion of the Committee as set forth in the applicable award agreement.

Restricted Stock and RSUs: The Committee may grant shares of restricted stock or RSUs (representing a right to receive shares of common stock, a cash equivalent amount or combination thereof) under the 2026 Plan. The Committee determines in the award agreement the restriction period during which the restricted stock or the RSUs are subject to a substantial risk of forfeiture based upon the passage of time, the achievement of performance goals or the occurrence of other events determined by the Committee. The Committee may impose other conditions, including a requirement that the participant pay a specified amount to purchase each share of restricted stock, restrictions based upon the achievement of specific performance goals, time-based restrictions on vesting, or holding requirements or sale restrictions upon vesting. Each award agreement will set forth the extent to which participants shall have the right to retain unvested restricted stock or RSUs following termination of employment or service.

Unless otherwise determined by the Committee or set forth in an award agreement, participants holding restricted stock generally may vote the shares. The Committee may provide in an award agreement that the holder of restricted stock may receive any dividends paid; however, such dividends must be subject to the same vesting conditions as the underlying restricted stock. Participants holding RSUs will have no rights of stockholders. The Committee may provide in an award agreement that the holder of such RSUs will be entitled to receive dividend equivalents; however, such dividend equivalents must be subject to the same vesting conditions as the underlying RSUs.

PSUs: The Committee may grant PSUs under the 2026 Plan. The Committee determines in the award agreement the applicable performance periods and performance measures. Earned PSUs may be settled in shares of common stock, a cash equivalent amount or a combination thereof, as set forth in the award agreement. Each award agreement will set forth the extent to which participants will have the right to receive a payout with respect to their PSUs following termination of employment or service. Participants holding PSUs will have no rights of stockholders. The Committee may provide in an award agreement that the holder of such PSUs will be entitled to receive dividend equivalents; however, such dividend equivalents must be subject to the same vesting and performance conditions as the underlying PSUs.

Other Stock-Based and Cash-Based Awards: The Committee may adopt other incentive arrangements under which participants may acquire shares of common stock by purchase, grant or otherwise, or receive an award payable in cash or common stock the value of which may be determined in whole or in part based on the value of the common stock. The Committee may also adopt other incentive arrangements under which participants may be awarded cash payments.

No Repricing. The 2026 Plan prohibits the reduction of the exercise price or grant price for outstanding options or SARs and prohibits the surrender of outstanding options or SARs for cash or a new award with a lower or no exercise price or grant price, in each case, without the approval of our stockholders.

Replacement Awards. Awards may be granted in replacement of outstanding awards previously granted by an entity acquired by the Company or an affiliate, or with which the Company or an affiliate combines, as permitted under the terms of the 2026 Plan.

Transferability. Under the 2026 Plan, ISOs may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution, and will be exercisable during a participant’s lifetime only by the participant. Other awards under the 2026 Plan will be transferable by will, by the laws of descent and distribution or, solely to the extent and in the manner authorized by the Committee, by transfer to members of the participant’s immediately family or pursuant to a qualified domestic relations order.

Adjustments and Change in Control. The 2026 Plan provides that, in the event of any non-reciprocal transaction between the Company and the stockholders of the Company that causes any change in our capital structure that effects an increase or decrease in the number of shares of our common stock without receipt of consideration, the maximum number of shares of common stock for which awards may be made under the 2026 Plan may be proportionately increased or decreased, and the number and kind of shares for which awards are outstanding may be proportionately increased or decreased. Any such adjustments will be in compliance with Section 409A of the Code.

Upon a change in control, outstanding awards will become fully vested and exercisable if such awards are not assumed, converted or replaced by the continuing entity. If such awards are assumed, converted or replaced by the continuing entity, then unless otherwise provided in an award agreement, such assumed, converted or replaced awards will vest in the event of a participant’s termination without cause or a resignation with good reason within 12 months following the change in control. In addition, the Committee will have the discretion to provide for the termination and cash-out of outstanding awards (and the cancellation for no payment for underwater options and SARs) upon a change in control.

Amendment and Termination. The Board may alter, amend, suspend or terminate the 2026 Plan at any time, subject to stockholder approval requirements under the Nasdaq listing standards or other applicable laws.

Tax Withholding. The Company may withhold from any payments or stock issuances under the 2026 Plan, or collect as a condition of payment, any taxes required by law to be withheld.

Clawback. Awards under the 2026 Plan will be subject to any clawback policy adopted by the Company and any other clawback or recoupment provisions set forth in any award agreement. Under the 2026 Plan, awards are subject to mandatory clawback or recoupment in the event the Company is required to prepare an accounting restatement of the Company’s financial statements due to the Company’s material non-compliance with any financial reporting requirement under the federal securities laws. Additionally, the 2026 Plan includes a permissive clawback provision through which the Compensation Committee of the Board may require clawback or recoupment of awards if a Forfeiture Event (as defined in the 2026 Plan) occurs with respect to any 2026 Plan participant, which events include, but are not limited to, instances of an accounting restatement that results from misconduct or gross negligence, fraud, embezzlement, or intentional reputational harm inflicted by a 2026 Plan participant.

Federal Tax Consequences of the 2026 Plan

The following is a summary of the U.S. federal income tax treatment applicable to us and the participants who receive awards under the 2026 Plan based on the federal income tax laws in effect on the date of this Proxy Statement. This summary is not intended to be exhaustive and does not address all matters relevant to a particular participant based on their specific circumstances. The summary expressly does not discuss the income tax laws of any state, municipality, or non-U.S. taxing jurisdiction, or the gift, estate, or other tax laws other than U.S. federal income tax law. Because individual circumstances may vary, we recommend that all participants consult their own tax advisor concerning the tax implications of awards granted under the 2026 Plan.

Option Grants. Options granted under the 2026 Plan may be either ISOs, which satisfy the requirements of Section 422 of the Code, or NSOs, which are not intended to meet such requirements. The U.S. federal income tax treatment for the two types of options differs as follows:

Incentive Stock Options. No taxable income is recognized by the optionee at the time of the ISO grant, and no taxable income is recognized for ordinary income tax purposes at the time the ISO is exercised, although taxable income may arise at that time for alternative minimum tax purposes. Unless there is a disqualifying disposition, as described below, the optionee will recognize long-term capital gain in an amount equal to the excess of (a) the amount realized upon the sale or other disposition of the purchased shares over (b) the exercise price paid for the shares. A disqualifying disposition occurs if the disposition is less than two years after the date of grant or less than one year after the exercise date. If there is a disqualifying disposition of the shares, then the excess of (i) the fair market value of those shares on the exercise date or (if less) the amount realized upon such sale or disposition over (ii) the exercise price paid for the shares will be taxable as ordinary income to the optionee. Any additional gain or loss recognized upon the disposition will be a capital gain or loss.

If the optionee makes a disqualifying disposition of the purchased shares, then we will be entitled to an income tax deduction for the taxable year in which such disposition occurs, equal to the amount of ordinary income recognized

by the optionee as a result of the disposition. We will not be entitled to any income tax deduction if the optionee makes a qualifying disposition of the shares.

Nonqualified Stock Options. No taxable income is recognized by an optionee upon the grant of an NSO. The optionee in general will recognize ordinary income, in the year in which the NSO is exercised, equal to the excess of the fair market value of the purchased shares on the exercise date over the exercise price paid for the shares, and the optionee will be required to satisfy the tax withholding requirements applicable to such income. We will be entitled to an income tax deduction equal to the amount of ordinary income recognized by the optionee with respect to the exercised non-statutory option.

SEC Form PRE 14A filed by Arq Inc.