Jeremy Blank
About Jeremy Blank
Jeremy Blank (age 46) has over 20 years of public/private investment experience; he has served as Arq’s director since 2023. He is Chief Investment Officer of Community Fund (since October 2020), previously a Partner at York Capital Management (2005–September 2020), and held VP/Credit Analyst/Investment Banker roles at Morgan Stanley (1999–2005). He was a director at Enovix Corp. (2018–2021). The Board has determined Mr. Blank is not independent due to his affiliation with Community Fund.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| York Capital Management | Partner | 2005–Sep 2020 | Finance/investing expertise applied to boards |
| Morgan Stanley | VP, Credit Analyst & Investment Banker | 1999–2005 | Capital markets and credit background |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Community Fund | Chief Investment Officer | Oct 2020–present | Affiliation drives non‑independence at Arq |
| Enovix Corp (Nasdaq: ENVX) | Director | 2018–2021 | Prior public company board service |
Board Governance
- Independence: Not independent due to affiliation with Community Fund (committees are composed solely of independent directors).
- Committee assignments: None (Audit, Compensation, and Nominating & Governance are independent-only).
- Attendance: Board met 8 times in 2024; all incumbent directors attended at least 75% of board/committee meetings; five of eight directors attended the prior annual meeting.
- Tenure on Board: Director since 2023.
| Committee | Membership | Chair |
|---|---|---|
| Audit | None | — |
| Compensation | None | — |
| Nominating & Governance | None | — |
Fixed Compensation
| Component (FY2024) | Amount ($) | Notes |
|---|---|---|
| Fees earned/paid in cash | 44,250 | Annual retainer cash portion; no chair or committee retainers. |
| Stock awards (grant-date fair value) | 141,591 | 25,016 restricted shares granted on 7/1/2024; retainer paid at least 50% in restricted stock, vests in four quarterly installments. |
| Total | 185,841 | Sum of cash + stock awards. |
- Arq’s non‑management director annual retainer was $147,850 for 2024, with at least 50% paid in restricted common stock vesting quarterly.
- Unvested restricted stock held at 12/31/2024: 12,508 shares.
Performance Compensation
| Performance metrics tied to director pay | Status |
|---|---|
| None disclosed for non‑employee directors | Equity is time‑vested restricted stock; no director options/PSUs disclosed. |
Other Directorships & Interlocks
| Company/Entity | Role/Relationship | Tenure | Potential Interlock/Conflict |
|---|---|---|---|
| Enovix Corp (ENVX) | Director | 2018–2021 | Prior public company board service. |
| Community Fund | CIO | Oct 2020–present | Affiliation drove non‑independence at Arq. |
| CF Global Credit, LP | Affiliate | Ongoing | Related‑party lender to Arq’s 2023–2024 Term Loan; Mr. Blank entitled to a portion of interest/fees via ownership in CF Global (>$120k in FY2023). |
Expertise & Qualifications
- Finance and investment management; extensive board experience across public and private companies.
- Capital markets, credit analysis, and investment banking background (Morgan Stanley).
Equity Ownership
| Holder/Vehicle | Shares | % Outstanding | Notes |
|---|---|---|---|
| Total beneficial ownership (Mr. Blank) | 2,409,463 | 5.71% | Aggregate beneficial ownership as of 4/7/2025. |
| YGF 100 LP | 1,987,434 | — | Mr. Blank is ultimate control person/investor; disclaims beneficial ownership except to pecuniary interest. |
| CF Global Credit, LP | 324,955 | — | Mr. Blank controls the GP and is an investor; disclaims beneficial ownership except to pecuniary interest. |
| Community SPV GP LP | 47,416 | — | Mr. Blank is ultimate control person/investor; disclaims beneficial ownership except to pecuniary interest. |
| Unvested restricted stock (director) | 12,508 | — | As of 12/31/2024. |
Governance Assessment
- Independence risk: Mr. Blank is not independent; consequently he serves on no committees, which remain independent-only. This limits direct involvement in audit/comp/nom‑gov oversight and is a governance sensitivity for investors.
- Related‑party exposure (RED FLAG): CF Global (affiliated with Mr. Blank) provided Arq a $10 million term loan in 2023; Arq repaid in full on 12/27/2024 (~$11.5 million including premium/fees). Mr. Blank is entitled to a portion of interest/fees via ownership in CF Global (>$120k in FY2023). Audit Committee oversees related‑party transactions; the loan was fully terminated—mitigating ongoing exposure.
- Attendance/engagement: All incumbent directors met ≥75% attendance thresholds; Board met 8x in 2024—acceptable baseline of engagement.
- Alignment: Significant beneficial ownership (5.71%) via affiliated investment vehicles aligns incentives, though beneficial ownership is disclaimed except to pecuniary interest, and affiliation drives non‑independence.
- Director pay structure: Mix leans to equity retainer (restricted stock vesting quarterly), supporting alignment with shareholder outcomes; no director performance‑based metrics disclosed (no PSUs/options for directors).
- Shareholder signals: Say‑on‑pay approval ~84% in 2024 indicates generally supportive sentiment on compensation practices, though focused on NEOs rather than directors.
RED FLAGS: Non‑independence due to fund affiliation ; related‑party financing with Mr. Blank’s affiliate (CF Global) and participation in interest/fees .