ARQ, Inc. and its subsidiaries entered into the Fifth Amendment to their Revolving Credit Agreement with MidCap Funding IV Trust, effective March 31, 2026. The amendment replaces the existing minimum liquidity covenant with a $2.5 million availability reserve, increasing to $5 million in January 2027. Eligible equipment and Rolling Stock are now included in the borrowing availability calculation, capped at the lesser of 15% of the Revolving Loan Limit or $3,000,000 for equipment, and a combined 50% for inventory and equipment. Amendments to the definition of Eligible Accounts allow for higher single customer concentration: 40% until July 31, 2026, then 30% thereafter (previously 25% from April 1, 2026). The concentration limit for the top two Account Debtors is also increased to 50% until July 31, 2026, then 40% thereafter (previously 40% from April 1, 2026). The applicable interest margin for Revolving Loans and other obligations increased from 4.50% to 5.00% per annum. The minimum liquidity threshold is temporarily reduced to $0.00 from March 31, 2026, to December 31, 2026, before increasing to $2,500,000 from January 1, 2027. Borrowers are required to pay an amendment fee (amount omitted as confidential). A post-closing covenant requires UCC-3 termination for Arq Solutions (Red River), LLC and Five Forks Mining, LLC by April 14, 2026. Credit Parties have released Agent and Lenders from any claims as of the amendment date.