ALLIANCE RESOURCE PARTNERS LP

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

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FY2025 · Filed Feb 26, 2026

ARLP$24.76+1.5%Stored close · as of Nov 9, 2026

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Contents

18. Common Unit-Based Compensation Plans

Long-Term Incentive Plan

A summary of non-vested LTIP grants of restricted units is as follows:


· · Number of units · Weighted average grant date fair value per unit · Intrinsic value
· · · · · · · (in thousands) ·

Non-vested grants at January 1, 2023	3,697,133	$7.40	$75,126
Granted (1)	450,125	21.54
Vested (2)	(1,291,330)	5.02
Forfeited	(145,584)	6.86
Non-vested grants at December 31, 2023	2,710,344	10.91	57,405
Granted (1)	455,574	19.69
Vested (2)	(1,582,422)	6.53
Forfeited	(124,932)	20.37
Non-vested grants at December 31, 2024	1,458,564	17.60	38,346
Granted (1)	376,853	26.92
Vested (2)	(625,649)	13.62
Forfeited	(17,525)	21.39
Non-vested grants at December 31, 2025	1,192,243	22.58	27,696

(1)	Restricted units granted have certain minimum-value guarantees per unit, regardless of whether the awards vest.

(2)	During the years ended December 31, 2025, 2024 and 2023, we issued 366,043, 936,544 and 860,060 unrestricted common units, respectively, to the LTIP participants. The remaining vested units were withheld to satisfy tax withholdings.

For the years ended December 31, 2025, 2024 and 2023, our LTIP expense for grants of restricted units was $8.9 million, $8.3 million and $10.4 million, respectively. The total obligation associated with LTIP grants of restricted units as of December 31, 2025 and 2024 was $17.2 million and $16.9 million, respectively, and is included in the partners’ capitalLimited partners-common unitholders line item in our consolidated balance sheets. As of December 31, 2025, there was $9.7 million in total unrecognized compensation expense related to the non-vested LTIP restricted unit grants that are expected to vest. That expense is expected to be recognized over a weighted-average period of 1.5 years.

On January 27, 2026, the Compensation Committee authorized additional grants of 410,443 restricted units, of which 395,443 units were granted. These restricted units have certain minimum-value guarantees, regardless of whether the awards vest.

Supplemental Executive Retirement Plan and Directors’ Deferred Compensation Plan

A summary of SERP and Directors’ Deferred Compensation Plan activity is as follows:


· · Number of units · Weighted average fair value per unit · Intrinsic value
· · · · · · · (in thousands) ·

Phantom units outstanding as of January 1, 2023	742,540	$20.28	$15,088
Granted	118,737	20.46
Settled (1)	(49,331)	20.27
Phantom units outstanding as of December 31, 2023	811,946	20.44	17,197
Granted	100,757	22.85
Settled (1) (2)	(912,703)	26.37
Phantom units outstanding as of December 31, 2024	—

(1)	During the years ended December 31, 2024 and 2023, we purchased 54,152 and 27,576 ARLP common units, respectively, on the open market to settle the accounts of participants under the SERP. Units purchased were net of units settled in cash to satisfy tax withholdings.

(2)	On December 16, 2024, the SERP and Directors’ Deferred Compensation Plan were terminated, and final distributions of applicable plan accounts were settled in cash.

Total SERP and Directors’ Deferred Compensation Plan expense was $2.3 million and $2.4 million for the years ended December 31, 2024 and 2023, respectively.

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