# EDGAR Filing Document

**Accession Number:** 0001515156
**File Stem:** 0001515156-25-000151
**Filing Date:** 2025-12
**Character Count:** 29402
**Document Hash:** baaa6e0097b2994fd50650ba9e7f438c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001515156-25-000151.hdr.sgml**: 20251211

**ACCESSION NUMBER**: 0001515156-25-000151

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251209

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251211

**DATE AS OF CHANGE**: 20251211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arq, Inc.
- **CENTRAL INDEX KEY:** 0001515156
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS CHEMICAL PRODUCTS [2890]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 275472457
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37822
- **FILM NUMBER:** 251565780

**BUSINESS ADDRESS:**
- **STREET 1:** 8051 E. MAPLEWOOD AVE., STE 210
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 80111
- **BUSINESS PHONE:** 720-598-3500

**MAIL ADDRESS:**
- **STREET 1:** 8051 E. MAPLEWOOD AVE., STE 210
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 80111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Advanced Emissions Solutions, Inc.
- **DATE OF NAME CHANGE:** 20110311

?xml version='1.0' encoding='ASCII'? ades-20251209

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported):** December 9, 2025

**ARQ, INC.** 

(Name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-37822** | **27-5472457** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |

---

---

| | |
|:---|:---|
| **8051 E. Maplewood Avenue, Suite 210, Greenwood Village, CO** | **80111** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(720) 598-3500** 

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common stock, par value $0.001 per share | ARQ | Nasdaq Global Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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| | | |
|:---|:---|:---|
| | Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |

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| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.** |

---

On December 9, 2025, Arq, Inc. (the "Company") and certain of its subsidiaries, entered into the second amendment (the "Second Amendment") to the Credit, Security and Guaranty Agreement (the "Revolving Credit Agreement"), dated December 27, 2024, as amended on May 6, 2025, with MidCap Funding IV Trust, in its capacity as agent, the lenders from time to time party thereto, and any entities that become party thereto as Guarantors. The Second Amendment provides for, among other things, amendments to the borrowing availability calculation included in the Revolving Credit Agreement, and an update to the Company's minimum liquidity covenant providing for decreased minimum liquidity required for the date range shown in the table below:

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| | |
|:---|:---|
| **Applicable Dates** | **Minimum Liquidity Required** |
| December 10, 2025, through January 30, 2026 | $2.0 million |
| January 31, 2026, and at all times thereafter | $5.0 million |

---

The foregoing description of the Second Amendment is only a summary of its material terms and does not purport to be complete and is qualified in its entirety by reference to the full text of the Second Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |
| (d) | Exhibits |

---

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | <u>[Amendment No. 2, dated as of](ex101-midcapxarqxamendment.htm)[December](ex101-midcapxarqxamendment.htm)[9](ex101-midcapxarqxamendment.htm)[,](ex101-midcapxarqxamendment.htm)[2025](ex101-midcapxarqxamendment.htm)[, to Credit, Security and Guaranty Agreement, dated as of December 27, 2024 and as amended on May 6, 2025, by and among Arq, Inc., certain subsidiaries of Arq, Inc., MidCap Funding IV Trust as agent, and the lenders from time to time party thereto](ex101-midcapxarqxamendment.htm)[.\*\*\*](ex101-midcapxarqxamendment.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

\*\*\* – Portions of this exhibit have been omitted pursuant to Item 601(b)(10) as information that the Company customarily and actually treats that information as private or confidential and is not material.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: December 11, 2025

---

| |
|:---|
| **Arq, Inc.** |
| Registrant |

---

---

| |
|:---|
| /s/ Robert Rasmus |
| Robert Rasmus |
| Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

[\*\*\*] = Certain information that has been excluded from the exhibit because it is both not material and is the type that the registrant treats as private or confidential.

**AMENDMENT NO. 2 TO CREDIT, SECURITY AND GUARANTY AGREEMENT**

This AMENDMENT NO. 2 TO CREDIT, SECURITY AND GUARANTY AGREEMENT (this "**Agreement**") is made as of December 9, 2025, by and among **ARQ, INC.**, a Delaware corporation ("**Arq**" and together with each of the direct and indirect Subsidiaries of Arq listed on the signature pages hereto and each additional borrower that may hereafter be added thereto and each of their successors and permitted assigns, each individually as a "**Borrower**", and collectively as "**Borrowers**"), any entities that become party hereto as Guarantors and each of their successors and permitted assigns (each individually, a "**Guarantor**" and collectively, with each of their successors and assigns, the "**Guarantors**"), **MIDCAP FUNDING IV TRUST**, a Delaware statutory trust, as Agent, and the financial institutions or other entities parties hereto, each as a Lender.

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;Agent, Lenders and the Credit Parties have entered into that certain Credit, Security and Guaranty Agreement, dated as of December 27, 2024, as amended by that certain Amendment No. 1 to Credit, Security and Guaranty Agreement, dated as of May 6, 2025 (the "**Original Credit Agreement**" and as amended hereby and as it may be further amended, modified, supplemented and restated from time to time, the "**Credit Agreement**"), pursuant to which the Lenders have agreed to make certain advances of money and to extend certain financial accommodations to Borrowers in the amounts and manner set forth in the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;Credit Parties have requested, and Agent and all Lenders have agreed, to amend certain provisions of the Original Credit Agreement, all in accordance with the terms and subject to the conditions set forth herein.

**AGREEMENT**

NOW, THEREFORE, in consideration of the foregoing, the terms and conditions set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Agent, Lenders and Credit Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**<u>Recitals</u>**. This Agreement shall constitute a Financing Document and the Recitals and each reference to the Credit Agreement, unless otherwise expressly noted, will be deemed to reference the Credit Agreement as amended hereby. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement (including those capitalized terms used in the Recitals hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**<u>Amendments to Original Credit Agreement</u>**. Subject to the terms and conditions of this Agreement, including, without limitation, the conditions to effectiveness set forth in <u>Section 4</u> below, the Original Credit Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The proviso at the end of the definition of "Borrowing Base" in Section 1.1 of the Original Credit Agreement is hereby amended and restated in its entirety as follows:

"*provided* that the Borrowing Base shall be adjusted down, if necessary, such that availability attributable to Eligible Inventory shall never exceed, as of any date, an amount equal to percentage of the Revolving Loan Limit set forth below with respect to such date:

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| | |
|:---|:---|
| **Applicable Dates** | **Applicable Percentage of Revolving Loan Limit for Inventory** |
| 12/10/2025 – 1/30/2026 | 50.00% |
| 1/31/2026 and at all times thereafter | 40.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Clauses (k) and (l) of the definition of Eligible Accounts in Section 1.1 of the Original Credit Agreement is hereby amended and restated in their entirety as follows:

"(k) the total unpaid Accounts of the Account Debtor obligated on the Account, as of any applicable date of determination, exceed the percentage amount of the net amount of all Eligible Accounts owing from all Account Debtors set forth in the table located following the text of this clause (k) with respect to such date (but only the amount of the Accounts of such Account Debtor exceeding such percentage limitation shall be considered ineligible):

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| | |
|:---|:---|
| **Applicable Dates** | **Applicable Concentration Percentage (Individual)** |
| 12/10/2025 – 1/30/2026 | 40.00% |
| 1/31/2026 and at all times thereafter | 25.00% |

---

;"

"(l) the total unpaid Accounts of any two (2) Account Debtors obligated on the Accounts, as of any applicable date of determination, exceed the percentage amount of the net amount of all Eligible Accounts owing from all Account Debtors set forth in the table located following the text of this clause (l) with respect to such date (but only the amount of the Accounts of such Account Debtors exceeding such percentage limitation shall be considered ineligible)

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| | |
|:---|:---|
| **Applicable Dates** | **Applicable Concentration Percentage (Top 2)** |
| 12/10/2025 – 1/30/2026 | 50.00% |
| 1/31/2026 and at all times thereafter | 40.00% |

---

;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Section 6.1 of the Original Credit Agreement is hereby amended and restated in its entirety as follows:

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"<u>Minimum Liquidity</u>. Credit Parties shall not permit, at any time on any date, Liquidity to be less than the amount set forth below with respect to such date:

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| | |
|:---|:---|
| **Applicable Dates** | **Applicable Minimum Liquidity Threshold** |
| 12/10/2025 – 1/30/2026 | $2000000 |
| 1/31/2026 and at all times thereafter | $5000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**<u>Representations and Warranties; Reaffirmation of Security Interest</u>.** Each Credit Party hereby confirms that all of the representations and warranties set forth in the Credit Agreement are true and correct in all material respects (without duplication of any materiality qualifier in the text of such representation or warranty) with respect to such Credit Party as of the date hereof except to the extent that any such representation or warranty relates to a specific date in which case such representation or warranty shall be true and correct in all material respects as of such earlier date. Nothing herein is intended to impair or limit the validity, priority or extent of Agent's security interests in and Liens on the Collateral. Each Credit Party acknowledges and agrees that the Credit Agreement, the other Financing Documents and this Agreement constitute the legal, valid and binding obligation of such Credit Party, and are enforceable against such Credit Party in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of creditors' rights generally and by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**<u>Conditions to Effectiveness</u>.** This Agreement shall become effective as of the date on which each of the following conditions has been satisfied, as determined by Agent in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Credit Party shall have delivered to Agent this Agreement, dated as of even date herewith, executed by an authorized officer of such Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)all representations and warranties of each Credit Party contained herein shall be true and correct in all material respects (without duplication of any materiality qualifier in the text of such representation or warranty) as of the date hereof except to the extent that any such representation or warranty relates to a specific date in which case such representation or warranty shall be true and correct in all material respects as of such earlier date (and such parties' delivery of their respective signatures hereto shall be deemed to be its certification thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)prior to and after giving effect to the agreements set forth herein, no Default or Event of Default shall exist under any of the Financing Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)an executed Borrowing Base Certificate, dated as of the date of this Agreement, reflecting the amendments set forth herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Agent shall have received the Amendment Fee in immediately available funds on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**<u>Amendment Fee</u>**. In consideration of Agent's agreement to enter into this Agreement, Borrowers agree to pay Agent, for the benefit of all Lenders in accordance with their Pro Rata Share of the Revolving Loan Commitments, an amendment fee in the amount of [\*\*\*] (the "**Amendment Fee**"). The Amendment Fee shall be due and payable in cash on the date hereof. The Amendment Fee shall be deemed fully-earned on the date hereof and, once paid, is non-refundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**<u>Release</u>.** In consideration of the agreements of Agent and Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Credit Party, voluntarily, knowingly, unconditionally and irrevocably, with specific and express intent, for and on behalf of itself and all of its respective parents, subsidiaries, affiliates, members, managers, predecessors, successors, and assigns, and each of their respective current and former directors, officers, shareholders, agents, and employees, and each of their respective predecessors, successors, heirs,

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and assigns (individually and collectively, the "**Releasing Parties**") does hereby fully and completely release, acquit and forever discharge each of Agent, Lenders, and each their respective parents, subsidiaries, affiliates, members, managers, shareholders, directors, officers and employees, and each of their respective predecessors, successors, heirs, and assigns (individually and collectively, the "**Released Parties**"), of and from any and all actions, causes of action, suits, debts, disputes, damages, claims, obligations, liabilities, costs, expenses and demands of any kind whatsoever, at law or in equity, whether matured or unmatured, liquidated or unliquidated, vested or contingent, choate or inchoate, known or unknown that the Releasing Parties (or any of them) has or may have against the Released Parties or any of them (whether directly or indirectly) as of the date hereof. Each Credit Party acknowledges that the foregoing release is a material inducement to Agent's and each Lender's decision to enter into this Agreement and agree to the modifications contemplated hereunder, and has been relied upon by Agent and Lenders in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**<u>No Waiver or Novation</u>.** The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided in this Agreement, operate as a waiver of any right, power or remedy of Agent, nor constitute a waiver of any provision of the Credit Agreement, the Financing Documents or any other documents, instruments and agreements executed or delivered in connection with any of the foregoing. Nothing herein is intended or shall be construed as a waiver of any existing Defaults or Events of Default under the Credit Agreement or the other Financing Documents or any of Agent's rights and remedies in respect of such Defaults or Events of Default. This Agreement (together with any other document executed in connection herewith) is not intended to be, nor shall it be construed as, a novation of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**<u>Affirmation</u>.** Except as specifically amended pursuant to the terms hereof, each Credit Party hereby acknowledges and agrees that the Credit Agreement and all other Financing Documents (and all covenants, terms, conditions and agreements therein) shall remain in full force and effect, and are hereby ratified and confirmed in all respects by such Credit Party. Each Credit Party covenants and agrees to comply with all of the terms, covenants and conditions of the Credit Agreement and the Financing Documents, notwithstanding any prior course of conduct, waivers, releases or other actions or inactions on Agent's or any Lender's part which might otherwise constitute or be construed as a waiver of or amendment to such terms, covenants and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**<u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Reference to the Effect on the Credit Agreement</u>. Upon the effectiveness of this Agreement, each reference in the Credit Agreement to "this Agreement," "hereunder," "hereof," "herein," or words of similar import shall mean and be a reference to the Credit Agreement, as amended by this Agreement. Except as specifically amended above, the Credit Agreement, and all other Financing Documents (and all covenants, terms, conditions and agreements therein), shall remain in full force and effect, and are hereby ratified and confirmed in all respects by each Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Governing Law</u>. THIS AGREEMENT AND ALL DISPUTES AND OTHER MATTERS RELATING HERETO OR ARISING THEREFROM (WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE), SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Incorporation of Credit Agreement Provisions</u>. The provisions contained in <u>Section 11.6</u> (*Indemnification*), <u>Section 13.8(b)</u> (*Submission to Jurisdiction*), and <u>Section 13.9</u> (*Waiver of Jury Trial*) of the Credit Agreement are incorporated herein by reference to the same extent as if reproduced herein in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Headings</u>. Section headings in this Agreement are included for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Counterparts</u>. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon

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the same instrument. Signatures by facsimile or by electronic mail delivery of an electronic version of any executed signature page shall bind the parties hereto. In furtherance of the foregoing, the words "execution", "signed", "signature", "delivery" and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby or thereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. As used herein, "**Electronic Signature**" means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or other record. This Agreement and the other Financing Documents constitute the entire agreement and understanding among the parties hereto and supersede any and all prior agreements and understandings, oral or written, relating to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Entire Agreement</u>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement constitutes the entire agreement and understanding among the parties hereto and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Severability</u>. In case any provision of or obligation under this Agreement shall be invalid, illegal or unenforceable in any applicable jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Successors/Assigns</u>. This Agreement shall bind, and the rights hereunder shall inure to, the respective successors and assigns of the parties hereto, subject to the provisions of the Credit Agreement and the other Financing Documents.

[SIGNATURES APPEAR ON FOLLOWING PAGES]

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**IN WITNESS WHEREOF**, intending to be legally bound, each of the parties have caused this Agreement to be executed as of the day and year first above mentioned.

**AGENT:&nbsp;&nbsp;&nbsp;&nbsp;MIDCAP FUNDING IV TRUST,** 

as Agent<br>

By: Apollo Capital Management, L.P.,

its investment manager

By: Apollo Capital Management GP, LLC,

its general partner

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Maurice Amsellem&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Maurice Amsellem<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory

**LENDER:&nbsp;&nbsp;&nbsp;&nbsp;MIDCAP FUNDING IV TRUST,** 

as a Lender<br>

By: Apollo Capital Management, L.P.,

its investment manager

By: Apollo Capital Management GP, LLC,

its general partner

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Maurice Amsellem&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Maurice Amsellem<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory

[Signatures Continue on Following Page]

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**BORROWERS:&nbsp;&nbsp;&nbsp;&nbsp;ARQ, INC.**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Stacia Hansen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Stacia Hansen

Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Accounting Officer and Treasurer

**ARQ LLC**

**WHARNCLIFFE ASSET MANAGEMENT LLC**

**MINE FOUR LLC**

**ARQ SERIES B, LLC**

**ADEQUITY, LLC**

**ARQ SOLUTIONS, LLC**

**ARQ SOLUTIONS (OPERATIONS), LLC**

**ARQ PURIFICATION, LLC**

**FIVE FORKS MINING, LLC**

**ARQ SOLUTIONS (RED RIVER), LLC**

**CROWFOOT SUPPLY COMPANY, LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Stacia Hansen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Stacia Hansen

Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Accounting Officer and Treasurer

**ARQ SOLUTIONS (ES), INC.**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Stacia Hansen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Stacia Hansen

Title: Chief Accounting Officer and Secretary

**ADA ANALYTICS, LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;ARQ SOLUTIONS (ES), INC., its sole member

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Stacia Hansen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Stacia Hansen

Title: Chief Accounting Officer and Secretary

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**ACS LAND COMPANY, LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;ARQ SOLUTIONS (OPERATIONS), LLC,

its sole member

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Stacia Hansen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Stacia Hansen

Title: Chief Accounting Officer and Treasurer

**ARQ SOLUTIONS (VORTEX IP), LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;ARQ SOLUTIONS (OPERATIONS), LLC,

its sole member

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Stacia Hansen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Stacia Hansen

Title: Chief Accounting Officer and Treasurer

**ARQ SOLUTIONS (VORTEX OPERATIONS), LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;ARQ SOLUTIONS (VORTEX IP), LLC,

its sole member

By:&nbsp;&nbsp;&nbsp;&nbsp;ARQ SOLUTIONS (OPERATIONS), LLC,

its sole member

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Stacia Hansen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Stacia Hansen

Title: Chief Accounting Officer and Treasurer

<br>