American Resources Corp
For the period ended Dec 31, 2025. Filed May 20, 2026.
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FY2025 · Filed May 20, 2026
AREC$1.17+7.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 11. Executive Compensation
The following table sets forth information concerning the annual and long-term compensation of our executive officers for services rendered in all capacities to us during the last two completed fiscal years. The listed individuals shall hereinafter be referred to as the “Named Executive Officers.” We also have included below a table regarding compensation paid to our directors who served during the last completed fiscal year. The address for all individuals identified in the following tables is 12115 Visionary Way, Suite 174, Fishers, IN 46038.
Summary Compensation Table - Officers
| (a) · (b) · (c) · (d) · (e) · (f) · (g) · (h) · (I) · (j) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name and principalposition · Year · Salary($) · Bonus($) · StockAwards($) · OptionAwards($) · Non-equityIncentive planCompensation($) · Nonqualified deferred compensation earnings($) · All otherCompensation($) · Total($) | ||||||||||||||||
| Mark C. Jensen, (1) CEO | 2025 | 450,000 | -0- | -0- | 801,508 | -0- | -0- | -0- | 1,251,508 | |||||||
| 2024 | 375,000 | -0- | -0- | 378,000 | -0- | -0- | -0- | 753,000 | ||||||||
| Thomas M. Sauve, (2) Former President | 2025 | 350,000 | -0- | -0- | 569,680 | -0- | -0- | 8,074 | 927,754 | |||||||
| 2024 | 300,000 | -0- | -0- | 207,000 | -0- | -0- | 8,417 | 515,417 | ||||||||
| Kirk P. Taylor, (3) CFO | 2025 | 350,000 | -0- | -0- | 176,700 | -0- | -0- | 25,298 | 551,998 | |||||||
| 2024 | 300,000 | -0- | -0- | -0- | 26,363 | 326,363 | ||||||||||
| Tarlis R Thompson, (4) Former COO | 2025 | 197,837 | -0- | -0- | -0- | -0- | -0- | -0- | 197,837 | |||||||
| 2024 | 197,837 | -0- | -0- | -0- | -0- | -0- | 26,699 | 224,536 | ||||||||
| (1) | The Company entered into an employment agreement, beginning January 1, 2024 and expiring on December 31, 2024, with Mr. Jensen increasing base pay to $375,000 and carrying certain performance bonuses and stock options which would be awarded by the board of directors. The Company entered into an employment agreement, beginning January 1, 2025 and expiring on December 31, 2025, with Mr. Jensen increasing base pay to $450,000 and carrying certain performance bonuses and stock options which would be awarded by the board of directors. The Company issued 300,000 and 497,368 stock options in 2024 and 2025, respectively. The value in the option awards represents Black-Scholes Option Pricing Model fair market value. No bonus was awarded during 2024 and 2025. |
| (2) | The Company entered into an employment agreement, beginning January 1, 2024 and expiring on December 31, 2024, with Mr. Sauve increasing base pay to $300,000 any carrying certain performance bonuses and stock options which would be awarded by the board of directors. The Company entered into an employment agreement, beginning January 1, 2025 and expiring on December 31, 2025, with Mr. Sauve increasing base pay to $350,000 any carrying certain performance bonuses and stock options which would be awarded by the board of directors. The Company issued 225,000 and 353,509 stock options in 2024 and 2025, respectively. The value in the option awards represents Black-Scholes Option Pricing Model fair market value. No bonus was awarded during 2024 and 2025. During 2025 and 2024, other compensation totaling $8,074 and $8,417included health insurance reimbursement. On December 25, 2025 Mr. Sauve relinquished his role as an officer. |
| (3) | The Company entered into an employment agreement, beginning January 1, 2024, and expiring on December 31, 2024, with Mr. Taylor increasing base pay to $300,000 any carrying certain performance bonuses and stock options which would be awarded by the board of directors. The Company entered into an employment agreement, beginning January 1, 2025, and expiring on December 31, 2025, with Mr. Taylor increasing base pay to $350,000 any carrying certain performance bonuses and stock options which would be awarded by the board of directors. The Company issued 0 and 109,649 stock options in 2024 and 2025, respectively. The value in the option awards represents Black-Scholes Option Pricing Model fair market value. No bonus was awarded during 2025 and 2024. During 2024 and 2025, other compensation totaling $26,363 and $25,298 included health insurance reimbursement. |
| (4) | There is no employment agreement in place for Mr. Thompson. 0 Options were issued during 2024. The value in the option awards represents Black-Scholes Option Pricing Model. During 2024 and 2025, other compensation totaling $26,699 and $0 included health insurance reimbursement. On January 27, 2025, Mr. Thompson relinquished his role as an officer. |
Director Compensation
| (a) · (b) · (c) · (d) · (e) · (f) · (g) · (h) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Name and principal position · Fees Earned or Paid in Cash($) · StockAwards($) · OptionAwards($) · Non-Equity Incentive Plan Compensation($) · Nonqualified deferred compensation earnings($) · All Other Compensation($) · Total($) | ||||||||
| Mark C. Jensen (1) | 2025 | -0- | -0- | -0- | -0- | -0- | -0- | -0- |
| 2024 | -0- | -0- | -0- | -0- | -0- | -0- | -0- | |
| Thomas M. Sauve (2) | 2025 | -0- | -0- | -0- | -0- | -0- | -0- | -0- |
| 2024 | -0- | -0- | -0- | -0- | -0- | -0- | -0- | |
| Courtenay O. Taplin (3) | 2025 | -0- | -0- | 241,725 | -0- | -0- | -0- | 241,725 |
| 2024 | -0- | -0- | 134,597 | -0- | -0- | -0- | 134,597 | |
| Dr. Gerardine Botte (4) | 2025 | -0- | -0- | 241,725 | -0- | -0- | -0- | 241,725 |
| 2024 | -0- | -0- | 193,500 | -0- | -0- | -0- | 193,500 | |
| Josh Hawes (5) | 2025 | -0- | -0- | 402,875 | -0- | -0- | -0- | 402,875 |
| 2024 | -0- | -0- | 320,000 | -0- | -0- | -0- | 320,000 | |
| (1) | reserved |
| (2) | reserved |
| (3) | Mr. Taplin was appointed as a director on November 15, 2018. The value of the Option Award to Directors in Column (d) represents the fair market value of the stock options awarded using the Black-Scholes Option Pricing Model, and does not represent the actual cash value of the stock options to the option holder. During 2025 and 2024, 241,725 and 134,597 options were issued to Mr. Taplin for his service on the board, respectively. |
| (4) | Dr. Botte was appointed as a director on November 23, 2020. The value of the Option Award to Directors in Column (d) represents the fair market value of the stock options using the Black-Scholes Option Pricing Model, and does not represent the actual cash value of the stock options to the option holder. During 2025 and 2024, 241,725 and 193,500 options were issued to Dr. Botte for her service on the board. |
| (5) | Mr. Hawes was appointed as a director on August 16, 2023. During 2025 and 2024, 402,875 and 320,000 options were issued to Mr. Hawes for his service on the board and chair of the audit and compensation committees. |
No retirement, pension, profit sharing, stock option or insurance programs or other similar programs have been adopted by the Company for the benefit of its employees.
There are no understandings or agreements regarding compensation our management will receive after a business combination that is required to be included in this table, or otherwise.
Employment Agreements
The Company has employment agreements in place with its Named Executive Officers that provide for base salary and eligibility to receive a discretionary annual performance bonus, as well as potential participation in the Company’s equity incentive plans, as described in the executive compensation footnotes. Bonus and equity awards, if any, are determined at the discretion of the Company’s Board of Directors. Certain executive employment agreements were entered into or renewed during fiscal year 2025 with terms specific to the individual officers, as further described in the executive compensation disclosures, and superseded prior arrangements that were in effect during 2024.
Outstanding Equity Awards
The following equity awards, including, options, restricted stock or other equity incentives from the Company to current officers are as follows:
- Chief Executive Officer:
| · | November 23, 2020 to purchase up to 85,976 shares of our Company at $1.64 per share. Those options vest upon issuance. |
| · | February 3, 2021 to purchase up to 25,000 shares of our Company at $2.56 per share. Those options vest upon issuance. |
| · | December 13, 2021 to purchase up to 450,000 shares of our Company at $1.74 per share. Those options vest over 9 years. |
| · | June 28, 2022 to purchase up to 300,000 shares of our Company at $1.52 per share. Those options vest over 5 years. |
| · | July 27, 2022 to purchase up to 100,000 shares of our Company at $1.94 per share. Those options vest over 2 years. |
| · | January 1, 2023 to purchase 150,000 shares of our Company at $1.32 per share. Those options vest over 4.25 years. |
| · | April 19, 2023 to purchase 350,000 shares of our Company at $1.29 per share. Those options vest over 5 years. |
| · | July 18, 2023 to purchase 300,000 shares of our Company at $1.95 per share. Those options vest over 5.25 years. |
| · | February 8, 2024 to purchase 50,001 shares of our Company at $1.29 per share. Those options vest over 1 years. |
| · | February 8, 2024 to purchase 249,999 shares of our Company at $1.29 per share. Those options vest over 5.25 years. |
| · | December 19, 2025 to purchase 497,368 shares of our Company at $2.28 per share. Those options vest over 3 years. |
- Former President:
| · | November 23, 2020 to purchase up to 70,732 shares of our Company at $1.64 per share. Those options vest upon issuance. |
| · | February 3, 2021 to purchase up to 25,000 shares of our Company at $2.56 per share. Those options vest upon issuance. |
| · | December 13, 2021 to purchase up to 275,000 shares of our Company at $1.74 per share. Those options vest over 7 years. |
| · | June 28, 2022 to purchase up to 175,000 shares of our Company at $1.52 per share. Those options vest over 3 years. |
| · | July 27, 2022 to purchase up to 100,000 shares of our Company at $1.94 per share. Those options vest over 2 years. |
| · | January 1, 2023 to purchase 100,000 shares of our Company at $1.32 per share. Those options vest over 4.25 years. |
| · | April 19, 2023 to purchase 350,000 shares of our Company at $1.29 per share. Those options vest over 5 years. |
| · | July 18, 2023 to purchase 175,000 shares of our Company at $1.95 per share. Those options vest over 4.75 years. |
| · | February 8, 2024 to purchase 175,000 shares of our Company at $1.29 per share. Those options vest over 4.75 years. |
| · | August 29, 2024 to purchase 50,000 shares of our Company at $0.54 per share. Those options vest over 3 years. |
| · | December 19, 2025 to purchase 353,509 shares of our Company at $2.28 per share. Those options vest over 3 years. |
- Chief Financial Officer:
| · | November 23, 2020 to purchase up to 45,732 shares of our Company at $1.64 per share. Those options vest upon issuance. |
| · | February 3, 2021 to purchase up to 25,000 shares of our Company at $2.56 per share. Those options vest upon issuance. |
| · | December 13, 2021 to purchase up to 100,000 shares of our Company at $1.74 per share. Those options vest over 7 years. |
| · | July 27, 2022 to purchase up to 100,000 shares of our Company at $1.94 per share. Those options vest over 2 years. |
| · | January 1, 2023 to purchase 100,000 shares of our Company at $1.32 per share. Those options vest over 4.25 years. |
| · | April 19, 2023 to purchase 350,000 shares of our Company at $1.29 per share. Those options vest over 5 years. |
| · | December 19, 2025 to purchase 109,649 shares of our Company at $2.28 per share. Those options vest over 3 years. |
- Former Chief Operating Officer, who was issued options under our Employee Incentive Stock Option Plan on
| · | September 12, 2018 to purchase up to 136,830 shares of our Company at $1.00 per share. Those options vest equally over the course of three years. |
| · | June 5, 2019 to purchase up to 75,000 shares of our Company at $2.63 per share |
| · | June 18, 2020 to purchase up to 500,000 shares of our Company at $1.13 per share |
| · | December 13, 2021 to purchase up to 200,000 shares of our Company at $1.74 per share. Those options vest over 7 years. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.