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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14AProxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934

FiledbytheRegistrant☑

FiledbyaPartyotherthantheRegistrant ☐

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 ☐ PreliminaryProxyStatement

 ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☑ DefinitiveProxyStatement

 ☐ DefinitiveAdditionalMaterials

 ☐ SolicitingMaterialPursuantto§240.14a-12

CHARAHSOLUTIONS,INC.(NameofRegistrantasSpecifiedInItsCharter)

(NameofPerson(s)FilingProxyStatement,ifotherthantheRegistrant)

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☑ Nofeerequired.

 ☐ FeecomputedontablebelowperExchangeActRules14a-6(i)(1)and0-11.

(1) Titleofeachclassofsecuritiestowhichtransactionapplies:

(2) Aggregatenumberofsecuritiestowhichtransactionapplies:

(3) PerunitpriceorotherunderlyingvalueoftransactioncomputedpursuanttoExchangeActRule0-11(setforththeamountonwhichthefilingfeeiscalculatedandstatehowitwasdetermined):

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(1) AmountPreviouslyPaid:

(2) Form,ScheduleorRegistrationStatementNo.:

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CHARAH SOLUTIONS, INC.

Notice of Annual Meeting and

Proxy Statement

2020 Annual Meeting of Stockholders June 5, 2020

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CHARAH SOLUTIONS, INC. 12601PlantsideDrive

Louisville,Kentucky40299

April24,2020

DearStockholder:

OnbehalfoftheBoardofDirectorsandthemanagementofCharahSolutions,Inc.,Iinviteyoutothe2020AnnualMeetingofStockholders(the“AnnualMeeting”)tobeheldat10:00a.m.,EasternTime,onFriday,June5,2020.Thisyear’sAnnualMeetingwillbeheldexclusivelyvialivewebcast.Asaresultoftheonlineformat,weareabletoexpandparticipantaccess,improvecommunicationwithourstockholders,andreducecosts,allwhileprovidingourstockholdersthesameopportunitiestovoteandaskquestionsthattheywouldhavehadatanin-personmeeting.Thisapproachalsoenablesparticipationbyournationalcommunityandalignswithourstrategicgoaltoleadwithbroadersustainabilitygoals.

DetailsregardinghowtoparticipateintheAnnualMeetingvialivewebcastandthebusinesstobeconductedaredescribedintheaccompanyingNoticeof2020AnnualMeetingofStockholdersandProxyStatement.

Yourvoteisimportant.IhopethatyouwillparticipateintheAnnualMeeting,butevenifyouareplanningtoparticipate,Istronglyencourageyoutovoteassoonaspossibletoensurethatyoursharesarerepresentedatthemeeting.TheaccompanyingProxyStatementexplainsmoreaboutvoting.Pleasereaditcarefully.

Thankyouforyourcontinuedsupport.

Sincerely,

 

StephenR.TritchChairman of the Board

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CHARAH SOLUTIONS, INC. 12601PlantsideDrive

Louisville,Kentucky40299 (502)245-1353

Notice of 2020 Annual Meeting of Stockholders

The2020AnnualMeetingofStockholders(the“AnnualMeeting”)ofCharahSolutions,Inc.(the“Company”)willbeheldat10:00a.m.,EasternTime,onFriday,June5,2020vialivewebcastatwww.virtualshareholdermeeting.com/CHRA2020.AlthoughweplantoholdtheAnnualMeetingvialivewebcastonJune5,2020,werecognizethatthechallengingandrapidlychangingenvironmentcausedbytheCOVID-19pandemicmaynecessitatethatwere-evaluateourplansfortheAnnualMeetingatsomepointinthefuture.ShouldthetimeordateoftheAnnualMeetingchange,wewillannouncethechangebyissuingapressreleaseandfilingadditionalproxymaterialswiththeSecuritiesandExchangeCommission.

ThepurposeoftheAnnualMeetingistoconsiderandtakeactiononthefollowingmatters:

1. ElectionofthethreeClassIIdirectorsnominatedbytheBoardofDirectors;2. RatificationoftheappointmentofDeloitte&ToucheLLPtoserveastheCompany’sindependentregistered

publicaccountingfirmforfiscal2020;and3. SuchotherbusinessasmayproperlycomebeforetheAnnualMeetingoranyadjournmentorpostponement

thereof.

The Board of Directors recommends that you vote “FOR ALL” for Item 1 and “FOR” for Item 2. The proxyholders will use their discretion to vote on other matters that may properly arise at the Annual Meeting or anyadjournment or postponement thereof.

StockholdersofrecordasofthecloseofbusinessonApril13,2020willbeentitledtovoteduringtheAnnualMeetingbyvisitingwww.virtualshareholdermeeting.com/CHRA2020.ToparticipateintheAnnualMeetingvialivewebcast,youwillneedthe16-digitcontrolnumber,whichcanbefoundontheproxycardorNoticeofInternetAvailabilityofProxyMaterialsprovidedortheinstructionsthatyoureceivebye-mail.TheAnnualMeetingwillbeginpromptlyat10:00a.m.,EasternTime.Onlinecheck-inwillbeginat9:30a.m.,EasternTime.Pleaseallowampletimefortheonlinecheck-inprocess.

HoldingtheAnnualMeetingvialivewebcastallowsustocommunicatemoreeffectivelywithmoreofourstockholders.

Yourvoteisimportant.WhetherornotyouplantoparticipateintheAnnualMeeting,youareencouragedtovoteassoonaspossibletoensurethatyoursharesarerepresentedatthemeeting.Ifyouareastockholderofrecordandreceivedapapercopyoftheproxymaterialsbymail,youmayvoteyoursharesbyproxyusingoneofthefollowingmethods:(i)votebytelephone;(ii)voteviatheInternet;or(iii)complete,sign,dateandreturnyourproxycardinthepostage-paidenvelopeprovided.IfyouareastockholderofrecordandreceivedonlyaNoticeofInternetAvailabilityofProxyMaterialsbymail,youmayvoteyoursharesbyproxyattheInternetsiteaddresslistedonyourNotice.Ifyouholdyoursharesthroughanaccountwithabank,brokerorsimilarorganization,pleasefollowtheinstructionsyoureceivefromthestockholderofrecordtovoteyourshares.

ByOrderoftheBoardofDirectors,

 

StevenA.BrehmCorporate Secretary

April24,2020

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Stockholders To Be Held on June 5, 2020:

 

TheNoticeofAnnualMeetingandProxyStatementandthe2019AnnualReporttoStockholdersareavailableatwww.proxyvote.com.

 

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Page

General Information 1

Security Ownership of Certain Beneficial Owners and Management 5

Proposal 1: Election of Directors 7

DirectorNominees 7

ContinuingDirectors 8

Corporate Governance 11

TheBoardofDirectors 11

DocumentsAvailable 11

DirectorIndependence 11

BoardLeadershipStructure 12

BoardCommittees 12

DirectorMeetingAttendance 14

DirectorNominationProcess 14

StockholderRecommendationsofDirectorCandidates 15

AnnualEvaluationofDirectorsandBoardCommitteeMembers 16

PolicyforReviewofRelatedPartyTransactions 16

RelatedPartyTransactions 17

TheBoard’sRoleinRiskOversight 20

CompensationCommitteeAdvisors 20

CommunicationswiththeBoardofDirectors 20

Director Compensation 21

Executive Compensation 22

SummaryCompensationTable 22

OutstandingEquityAwardsatFiscalYear-End 23

AdditionalNarrativeDisclosures 23

Equity Compensation Plan Information 26

Section 16(a) Beneficial Ownership Reporting Compliance (Delinquent Section 16(a) Reports) 26

Compensation Committee Report 26

Audit Committee Report 27

Proposal 2: Ratification of the Appointment of Independent Registered Public Accounting Firm 28

FeesPaidtoIndependentRegisteredPublicAccountingFirm 28

AuditCommitteePre-ApprovalofAuditandNon-AuditServices 28

Additional Information 29

StockholderProposalsforthe2021AnnualMeetingofStockholders 29

2019AnnualReporttoStockholders 29

AnnualReportonForm10-K 29

Householding 30

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PROXY STATEMENT

TheBoardofDirectors(the“BoardofDirectors”orthe“Board”)ofCharahSolutions,Inc.(“CharahSolutions,”the“Company,”“we,”“us”or“our”)isprovidingthesematerialstoyouinconnectionwiththe2020AnnualMeetingofStockholders(the“AnnualMeeting”).TheAnnualMeetingwillbeheldat10:00a.m.,EasternTime,onFriday,June5,2020vialivewebcastatwww.virtualshareholdermeeting.com/CHRA2020.

General Information

Why did I receive these materials?

YoureceivedthesematerialsbecausetheBoardofDirectorsissolicitingyourproxytovoteyoursharesattheAnnualMeeting.ThisProxyStatementincludesinformationthatCharahSolutionsisrequiredtoprovideyouundertheSecuritiesandExchangeCommissionrulesandregulations(the“SECrules”)andisdesignedtoassistyouinvotingyourshares.

What is a proxy?

TheBoardisaskingforyourproxy.ThismeansyouauthorizepersonsselectedbytheCompanytovoteyoursharesattheAnnualMeetinginthewaythatyouinstruct.AllsharesrepresentedbyvalidproxiesreceivedandnotrevokedbeforetheAnnualMeetingwillbevotedinaccordancewiththestockholder’sspecificvotinginstructions.

Why did I receive a one-page notice regarding Internet availability of proxy materials instead of a full set ofproxy materials?

TheSECrulesallowcompaniestochoosethemethodfordeliveryofproxymaterialstostockholders.Formoststockholders,theCompanyhaselectedtomailanoticeregardingtheavailabilityofproxymaterialsontheInternet(the“NoticeofInternetAvailability”),ratherthansendingafullsetofthesematerialsinthemail.TheNoticeofInternetAvailability,orafullsetoftheproxymaterials(includingtheProxyStatementandformofproxy),asapplicable,wassenttostockholdersbeginningApril24,2020,andtheproxymaterialswerepostedontheinvestorsportionoftheCompany’swebsite,www.charah.com,andonthewebsitereferencedintheNoticeofInternetAvailabilityonthesameday.UtilizingthismethodofproxydeliveryexpeditesreceiptofproxymaterialsbytheCompany’sstockholdersandlowersthecostoftheAnnualMeeting.Ifyouwouldliketoreceiveapaperore-mailcopyoftheproxymaterials,youshouldfollowtheinstructionsintheNoticeofInternetAvailabilityforrequestingacopy.

What is included in these materials?

Thesematerialsinclude:

• theNoticeofAnnualMeetingandProxyStatement;and

• the2019AnnualReporttoStockholders,whichcontainstheCompany’sauditedconsolidatedandcombinedfinancialstatements.

Ifyoureceivedapapercopyofthesematerialsbymail,thesematerialsalsoincludetheproxycardorvotinginstructionformfortheAnnualMeeting.

What items will be voted on at the Annual Meeting?

TherearetwoproposalsscheduledtobevotedonattheAnnualMeeting:

• theelectionofthethreeClassIIdirectorsnominatedbytheBoardofDirectors;and

• theratificationoftheappointmentofDeloitte&ToucheLLPtoserveastheCompany’sindependentregisteredpublicaccountingfirmforfiscal2020.

TheBoardisnotawareofanyothermatterstobebroughtbeforetheAnnualMeeting.IfothermattersareproperlyraisedattheAnnualMeeting,theproxyholdersmayvoteanysharesrepresentedbyproxyintheirdiscretion.

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What are the Board’s voting recommendations?

TheBoardrecommendsthatyouvoteyourshares:

• “FOR ALL”fortheelectionofeachofthethreeClassIIdirectorsnominatedbytheBoardofDirectors;and

• “FOR”fortheratificationoftheappointmentofDeloitte&ToucheLLPtoserveastheCompany’sindependentregisteredpublicaccountingfirmforfiscal2020.

Who can participate in the Annual Meeting?

TheAnnualMeetingwillbeheldexclusivelyvialivewebcast.ParticipationintheAnnualMeetingislimitedto:

• stockholdersofrecordasofthecloseofbusinessonApril13,2020;

• holdersofvalidproxiesfortheAnnualMeeting;and

• invitedguests.

ToparticipateintheAnnualMeetingvialivewebcast,youwillneedthe16-digitcontrolnumber,whichcanbefoundontheproxycardorNoticeofInternetAvailabilityprovidedortheinstructionsthatyoureceivebye-mail.TheAnnualMeetingwillbeginpromptlyat10:00a.m.,EasternTime,onFriday,June5,2020.Onlinecheck-inwillbeginat9:30a.m.,EasternTime.Pleaseallowampletimefortheonlinecheck-inprocess.

When is the record date and who is entitled to vote?

TheBoardsetApril13,2020astherecorddate.Asoftherecorddate,30,085,535shares(whichincludes197,350sharesofrestrictedstockthathavevotingrightsbutremainsubjecttocertainvestingconditions)ofcommonstock,parvalue$0.01pershare,ofCharahSolutions(the“CommonStock”)wereissuedandoutstandingand26,000sharesofSeriesAPreferredStock,parvalue$0.01pershare,ofCharahSolutions(the“PreferredStock”and,togetherwiththeCommonStock,collectively,the“VotingStock”)wereissuedandoutstanding.StockholdersareentitledtoonevotepershareofCommonStockand364votespershareofPreferredStockoutstandingontherecorddateonanymatterproperlypresentedattheAnnualMeeting.

What is a stockholder of record?

AstockholderofrecordorregisteredstockholderisastockholderwhoseownershipofVotingStockisreflecteddirectlyonthebooksandrecordsofCharahSolutions’transferagent,AmericanStockTransfer&TrustCompany,LLC.IfyouholdVotingStockthroughanaccountwithabank,brokerorsimilarorganization,youareconsideredthebeneficialownerofsharesheldinstreetnameandarenotastockholderofrecord.Forsharesheldinstreetname,thestockholderofrecordisyourbank,brokerorsimilarorganization.CharahSolutionsonlyhasaccesstoownershiprecordsfortheregisteredshares.

How do I vote?

Youmayvotebyanyofthefollowingmethods:

• Remotely.StockholdersofrecordandbeneficialownersofsharesheldinstreetnamemayparticipateintheAnnualMeetingvialivewebcastandcasttheirvoteonlineduringthemeetingpriortotheclosingofthepollsbyvisitingwww.virtualshareholdermeeting.com/CHRA2020.

• By telephone or via the Internet.Stockholdersofrecordmayvotebyproxy,bytelephoneorviatheInternet,byfollowingtheinstructionsincludedintheproxycardorNoticeofInternetAvailabilityprovidedortheinstructionsthatyoureceivebye-mail.Ifyouareabeneficialownerofsharesheldinstreetname,yourabilitytovotebytelephoneorviatheInternetdependsonthevotingproceduresofthestockholderofrecord(e.g.,yourbank,brokerorothernominee).PleasefollowtheinstructionsincludedinthevotinginstructionformorNoticeofInternetAvailabilityprovidedtoyoubythestockholderofrecord.

• By mail.Stockholdersofrecordandbeneficialownersofsharesheldinstreetnamemayvotebyproxybycompleting,signing,datingandreturningtheproxycardorvotinginstructionformprovided.

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How can I revoke my proxy or change my vote?

Stockholders of record.YoumayrevokeyourproxyorchangeyourvoteatanytimepriortothetakingofthevoteattheAnnualMeetingby(i)submittingawrittennoticeofrevocationtotheCompany’sCorporateSecretaryatCharahSolutions,Inc.,12601PlantsideDrive,Louisville,Kentucky40299;(ii)deliveringaproxybearingalaterdateusinganyofthevotingmethodsdescribedintheimmediatelyprecedingQ&A,includingbytelephoneorviatheInternet,anduntiltheapplicabledeadlineforeachmethodspecifiedintheaccompanyingproxycardortheNoticeofInternetAvailability;or(iii)participatingintheAnnualMeetingvialivewebcastandvotingonlineduringthemeetingpriortotheclosingofthepolls.ParticipationintheAnnualMeetingwillnotcauseyourpreviouslygrantedproxytoberevokedunlessyouvoteonlineduringthemeetingpriortotheclosingofthepolls.Forallmethodsofvoting,thelastvotecastwillsupersedeallpreviousvotes.

Beneficial owners of shares held in street name.Youmayrevokeorchangeyourvotinginstructionsbyfollowingthespecificinstructionsprovidedtoyoubythestockholderofrecord(e.g.,yourbank,brokerorothernominee).

What happens if I vote by proxy and do not provide specific voting instructions?

Stockholders of record.Ifyouareastockholderofrecordandyouvotebyproxy,bytelephone,viatheInternetorbyreturningaproperlyexecutedanddatedproxycardbymail,withoutprovidingspecificvotinginstructions,thentheproxyholderswillvoteyoursharesinthemannerrecommendedbytheBoardonallmatterspresentedinthisProxyStatementandastheproxyholdersmaydetermineintheirdiscretionforanyothermattersproperlypresentedforavoteattheAnnualMeeting.

Beneficial owners of shares held in street name.Ifyouareabeneficialownerofsharesheldinstreetnameandyoudonotprovidetheorganizationthatholdsyourshareswithspecificvotinginstructions,undertherulesofvariousnationalandregionalsecuritiesexchanges,theorganizationthatholdsyoursharesmaygenerallyvoteon“routine”mattersbutcannotvoteon“non-routine”matters.Iftheorganizationthatholdsyoursharesdoesnotreceiveinstructionsfromyouonhowtovoteyoursharesona“non-routine”matter,theorganizationthatholdsyourshareswillinformtheinspectorofelectionsthatitdoesnothavetheauthoritytovoteonthatmatterwithrespecttoyourshares.Thisisreferredtoasa“brokernon-vote.”

Proposal1,theelectionofdirectors,isa“non-routine”matter.Consequently,withoutyourvotinginstructions,theorganizationthatholdsyoursharescannotvoteyoursharesonthisproposal.Proposal2,theratificationoftheappointmentofDeloitte&ToucheLLPtoserveastheCompany’sindependentregisteredpublicaccountingfirmforfiscal2020,isconsidereda“routine”matter.

What is the voting requirement to approve each of the proposals?

• Proposal 1, Election of Directors.Directorsshallbeelectedbyapluralityofthevotescast(meaningthatthethreeClassIIdirectornomineeswhoreceivethehighestnumberofvotescast“for”theirelectionwillbeelectedasdirectors).

• Proposal 2, Ratification of the Appointment of Independent Registered Public Accounting Firm.RatificationoftheappointmentofDeloitte&ToucheLLPtoserveastheCompany’sindependentregisteredpublicaccountingfirmforfiscal2020requirestheaffirmativevoteofamajorityofthevotingpoweroftheoutstandingsharesofVotingStockpresentorrepresentedbyproxyandentitledtovoteontheproposal(meaningthatofthetotalvotesofallsharesofVotingStockpresentorrepresentedbyproxyattheAnnualMeetingandentitledtovote,amajorityofthemmustbe“for”theproposalforittobeapproved).

• Other Items.ApprovalofanyothermattersrequirestheaffirmativevoteofamajorityofthevotingpoweroftheoutstandingsharesofVotingStockpresentorrepresentedbyproxyandentitledtovoteontheitem(meaningthatofthetotalvotesofallsharesofVotingStockpresentorrepresentedbyproxyattheAnnualMeetingandentitledtovote,amajorityofthemmustbe“for”theitemforittobeapproved).

What is the quorum for the Annual Meeting? How are “withhold” votes, abstentions and broker non-votestreated?

Thepresence,byparticipatingremotelyvialivewebcastorbyproxy,oftheholdersofamajorityofthevotingpowerofalloftheoutstandingsharesentitledtovoteisnecessaryforthetransactionofbusinessattheAnnual

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Meeting.Yoursharesarecountedasbeingpresentifyouparticipateremotelyvialivewebcastorvotebytelephone,viatheInternetorbyreturningaproperlyexecutedanddatedproxycardorvotinginstructionformbymail.“Withhold”votes,abstentionsandbrokernon-votesarecountedaspresentforthepurposeofdeterminingaquorumfortheAnnualMeeting.

WithrespecttoProposal1,theelectionofdirectors,only“for”and“withhold”votesmaybecast.Brokernon-votesarenotconsideredvotescastfortheforegoingpurposeandwillthereforehavenoeffectontheelectionofdirectornominees.“Withhold”voteswillalsohavenoeffectontheelectionofdirectornominees.

WithrespecttoProposal2,theratificationoftheappointmentofDeloitte&ToucheLLPtoserveastheCompany’sindependentregisteredpublicaccountingfirmforfiscal2020,youmayvote“for”or“against”thisproposal,oryoumay“abstain”fromvotingonthisproposal.Anabstentionwillbecountedasavotepresentorrepresentedandentitledtovoteonthisproposalandwillhavethesameeffectasavote“against”thisproposal,andabrokernon-votewillnotbeconsideredentitledtovoteonthisproposalandwillthereforehavenoeffectonitsoutcome.Asdiscussedabove,becauseProposal2,theratificationoftheappointmentofDeloitte&ToucheLLPtoserveastheCompany’sindependentregisteredpublicaccountingfirmforfiscal2020,isconsidereda“routine”matter,wedonotexpectanybrokernon-voteswithrespecttothisproposal.

Who are the proxy holders and how will they vote?

Thepersonsnamedasattorneys-in-factintheproxies,ScottA.Sewell,RogerD.ShannonandStevenA.Brehm,wereselectedbytheBoardandareofficersand,withrespecttoMr.Sewell,adirectoroftheCompany.Ifyouareastockholderofrecordandyoureturnaproperlyexecutedanddatedproxycardbutdonotprovidespecificvotinginstructions,yourshareswillbevotedontheproposalsasfollows:

• “FOR ALL”fortheelectionofeachofthethreeClassIIdirectorsnominatedbytheBoardofDirectors;and

• “FOR”fortheratificationoftheappointmentofDeloitte&ToucheLLPtoserveastheCompany’sindependentregisteredpublicaccountingfirmforfiscal2020.

IfothermattersproperlycomebeforetheAnnualMeetingandyoudonotprovidespecificvotinginstructions,yourshareswillbevotedonsuchmattersinthediscretionoftheproxyholders.

Who pays for solicitation of proxies?

TheCompanyispayingthecostofsolicitingproxiesandwillreimbursebrokeragefirmsandothercustodians,nomineesandfiduciariesfortheirreasonableout-of-pocketexpensesforsendingproxymaterialstostockholdersandobtainingtheirproxies.InadditiontosolicitingtheproxiesbymailandtheInternet,certainoftheCompany’sdirectors,officersandemployees,withoutcompensation,maysolicitproxiespersonallyorbytelephone,facsimileande-mail.

What if I have difficulties locating my 16-digit control number prior to the day of the Annual Meeting on June 5,2020?

PriortothedayoftheAnnualMeetingonJune5,2020,ifyouneedassistancewithyour16-digitcontrolnumberandyouareastockholderofrecord,pleasecallore-mailStevenA.Brehm,theCompany’sCorporateSecretary,at(502)245-1353orsbrehm@charah.comforassistance.Ifyouareabeneficialownerofsharesheldinstreetname,youwillneedtocontactthestockholderofrecord(e.g.,yourbank,brokerorothernominee)forassistancewithyour16-digitcontrolnumber.

What if during the check-in time or during the Annual Meeting I have technical difficulties or trouble accessingthe live webcast of the meeting?

IfyouencounteranydifficultiesaccessingthelivewebcastoftheAnnualMeetingduringtheonlinecheck-inprocessorduringthemeetingitself,pleasecallthetechnicalassistancenumberavailableatwww.virtualshareholdermeeting.com/CHRA2020.Technicianswillbereadytoassistyoubeginningat9:30a.m.,EasternTime,withanydifficulties.

Where can I find the voting results of the Annual Meeting?

TheCompanywillannouncepreliminaryorfinalvotingresultsattheAnnualMeetingandpublishfinalresultsinaCurrentReportonForm8-KfiledwiththeSecuritiesandExchangeCommission(the“SEC”)withinfourbusinessdaysofthecompletionofthemeeting.

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Security Ownership of Certain Beneficial Owners and Management

ThetablebelowprovidesinformationaboutthebeneficialownershipoftheVotingStockasofApril13,2020,byeachpersonknownbytheCompanytobeneficiallyownmorethan5%oftheoutstandingsharesofanyclassorseriesoftheVotingStockaswellasbyeachdirector,directornomineeandnamedexecutiveofficerandbyalldirectorsandexecutiveofficersasagroup.Incomputingthenumberofsharesbeneficiallyowned,sharesdeemedoutstandingincludesharesofrestrictedCommonStock,givensuchshareshavevotingrights.Theownershippercentageisbasedon30,085,535sharesofCommonStockand26,000sharesofPreferredStock,ineachcase,outstandingasofApril13,2020.Exceptasotherwiseindicatedinthefootnotesbelow,eachofthepersonsnamedinthetablehassolevotingandinvestmentpowerwithrespecttothesecuritiesindicatedasbeneficiallyownedbysuchperson,subjecttocommunitypropertylawswhereapplicable.Unlessotherwiseindicatedinthefootnotesbelow,theaddressforeachofthebeneficialownersisc/oCharahSolutions,Inc.,12601PlantsideDrive,Louisville,Kentucky40299.

Untilconversion,theholdersofthePreferredStockvotetogetherwiththeCommonStockonanas-convertedbasisandalsohaverightstovoteasaseparateclassoncertaincustomarymattersimpactingthePreferredStock.

Name

Number of Shares of

Common Stockand

Nature of Beneficial Ownership

Percentageof

Common Stock

Numberof

Shares of Preferred

Stock

Percentage of

Preferred Stock

Percentageof Voting

Stock

Principal Stockholders:

BCPEnergyServicesFund-A,LP 7,277,549(1) 24.2% — — 18.4%

BCPEnergyServicesFund,LP 5,252,369(1) 17.5% — — 13.3%

CharahHoldingsLP 2,926,003(1) 9.7% — — 7.4%

CharahPreferredStockAggregator,LP — — 26,000 100.0% 23.9%

CEPHoldings,Inc. 4,376,178(2) 14.5% — — 11.1%

AmericanCenturyInvestmentManagement,Inc.andrelatedentities 3,027,491(3) 10.1% — — 7.7%

Directors, Director Nominees and Named ExecutiveOfficers:

ScottA.Sewell 385,934 1.3% — — 1.0%

Dorsey“Ron”McCall 391,260 1.3% — — 1.0%

RogerD.Shannon 145,274 * — — *

CharlesE.Price 4,376,178(4) 14.5% — — 11.1%

JackA.Blossman,Jr. 34,886 * — — *

MignonL.Clyburn 21,552 * — — *

BrianK.Ferraioli 38,236 * — — *

RobertC.Flexon 42,386 * — — *

MarkSpender — — — — *

StephenR.Tritch 42,841 * — — *

Directorsandexecutiveofficersasagroup(9persons) 1,102,369 3.7% — — 2.8%

* Lessthan1%.(1) BernhardCapitalPartnersManagement,LP’s(“BCP’s”)interestisheldthroughCharahHoldingsLP(“CharahHoldings”),BCP

EnergyServicesFund-A,LPandBCPEnergyServicesFund,LP(collectively,the“BCPEnergyServicesFunds”)andCharahPreferredStockAggregator,LP.ThegeneralpartnerofCharahHoldingsisCharahHoldingsGPLLC.CharahHoldingsGPLLCisownedbytheBCPEnergyServicesFunds.ThegeneralpartnerofCharahPreferredStockAggregator,LPisCharahPreferredStockAggregatorGP,LLC.ThegeneralpartnerofboththeBCPEnergyServicesFundsandCharahPreferredStockAggregatorGP,LLCisBCPEnergyServicesFundGP,LP,andthegeneralpartnerofBCPEnergyServicesFundGP,LPisBCPEnergyServicesFundUGP,LLC.BCPEnergyServicesFundUGP,LLCismanagedbyJ.M.Bernhard,Jr.andJeffJenkins.EachoftheBCPentitiesandMessrs.BernhardandJenkinsmaybedeemedtobeneficiallyownsuchsharesdirectlyorindirectlycontrolled,buteachdisclaimsbeneficialownershipofsuchsharesinexcessofitsorhispecuniaryinteresttherein.TheaddressofeachoftheBCPentitiesandMessrs.BernhardandJenkinsis400ConventionStreet,Suite1010,BatonRouge,Louisiana70802.

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(2) CharlesE.Price,theCompany’sformerPresidentandChiefExecutiveOfficer,isthesolestockholderanddirectorofCEPHoldings,Inc.(“CEPHoldings”)and,insuchcapacities,hemaybedeemedtobeabeneficialowneroftheCommonStockheldbyCEPHoldings.

(3) ThisinformationisbaseduponaSchedule13G/AfiledwiththeSEConFebruary11,2020jointlybyAmericanCenturyCapitalPortfolios,Inc.,AmericanCenturyCompanies,Inc.,AmericanCenturyInvestmentManagement,Inc.andStowersInstituteforMedicalResearch,eachofwhoseaddressis4500MainStreet,9thFloor,KansasCity,Missouri64111.TheSchedule13G/AreportsthateachofAmericanCenturyCompanies,Inc.,AmericanCenturyInvestmentManagement,Inc.andStowersInstituteforMedicalResearchhassolevotingpowerover2,830,544shares,sharedvotingpowerovernosharesandsoledispositivepoweroverallofsuchshares;andAmericanCenturyCapitalPortfolios,Inc.hassolevotinganddispositivepowerover2,005,000sharesandsharedvotinganddispositivepowerovernoshares.

(4) Consistsof4,376,178sharesheldbyCEPHoldings.Mr.Pricehassolevotinganddispositivepoweroverallofsuchshares.

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Proposal 1: Election of Directors

Thenumberofdirectorsiscurrentlyfixedateight.TheCompany’sAmendedandRestatedCertificateofIncorporationprovidesforaclassifiedBoardofDirectorsunderwhichtheBoardisdividedintothreeclassesofdirectors,designatedClassI,ClassIIandClassIII,witheachclassasnearlyequalinnumberasisreasonablypossible.ThethreenomineesstandingforelectionasClassIIdirectorsattheAnnualMeetingare:JackA.Blossman,Jr.,Dorsey“Ron”McCallandScottA.Sewell.

Ifelected,eachnomineewillserveforathree-yeartermexpiringatthe2023AnnualMeetingofStockholdersoruntilhissuccessorisdulyelectedandqualified.AllofthenomineesarecurrentlyservingasdirectorsandhaveagreedtobenamedinthisProxyStatementandtoserveifelected.

AlthoughtheCompanyknowsofnoreasonwhyanyofthenomineeswouldnotbeabletoserve,ifanynomineeisunavailableforelection,theproxyholdersintendtovoteyoursharesforanysubstitutenomineeproposedbytheBoard.

The Board of Directors recommends that you vote “FOR ALL” for the election of the three nominees listedbelow. Unlessotherwisespecified,proxieswillbevoted“FOR ALL”fortheelectionofthethreenomineeslistedbelow.

Director Nominees

ListedbelowarethethreepersonsnominatedforelectiontotheBoardofDirectors.Thefollowingparagraphsincludeinformationabouteachdirectornominee’sbusinessbackground,asfurnishedtotheCompanybythenominee,andadditionalexperience,qualifications,attributesorskillsthatledtheBoardofDirectorstoconcludethatthenomineeshouldserveontheBoard.

Nominees for Election as Class II Directors – Term to Expire in 2020

Jack A. Blossman, Jr.

Mr.Blossman,55,hasbeenamemberoftheBoardsinceJune2018.Mr.Blossmanhasbeenapracticingattorneyformorethan25years,primarilyfocusinghispracticeontheutilityregulatoryfield.HeisOfCounselattheNewOrleanslawfirmofMillingBensonWoodwardLLP,whichhejoinedin2017.Priortohiscurrentrole,Mr.Blossmanworkedasasolopractitionerandgeneralconsultant.HewasamemberoftheLouisianaPublicServiceCommissionfrom1996to2008,andservedtwotermsasitsChairmanfrom2002to2003andfrom2007to2008.From1993to2008,Mr.BlossmanservedontheboardofdirectorsofParishNationalBankbeforeitwasacquiredbyWhitneyHoldingCorporation.Mr.BlossmancurrentlysitsontheBoardofTrusteesofLouisianaStateUniversity.Mr.Blossmanholdsabachelor’sdegreeingeneralstudiesfromLouisianaStateUniversityandaJ.D.fromSouthernUniversitySchoolofLaw.

Becauseofhisenergy,regulatoryandfinancialexperienceandlegalbackground,theBoardofDirectorsbelievesthatMr.BlossmaniswellqualifiedtoserveontheBoard.Mr.BlossmanwasrecommendedtotheBoardofDirectorsbyBCPand,ifelected,willbedesignatedasaBCPDirector(asdefinedintheStockholders’Agreement,asdiscussedbelow)bytheBoardpursuanttotheStockholders’Agreement.

Dorsey “Ron” McCall

Mr.McCall,72,hasbeenamemberoftheBoardsinceJanuary2018.Mr.McCallhasservedasSeniorVicePresidentofCharahSolutionssince2018andasChiefExecutiveOfficerofAlliedPowerManagement,LLC,asubsidiaryofCharahSolutions(“AlliedPowerManagement”),sincehejoinedtheCompanyinJune2017.FromJanuary2016toJune2017,Mr.McCallworkedasanindependentconsultant.Priortothat,Mr.McCallservedasPresidentofthePlantServicesDivisionatChicagoBridge&IronCompanyN.V.(formerlyTheShawGroupInc.),alargeengineering,procurementandconstructioncompanyacquiredbyMcDermottInternational,Inc.inFebruary2018,from2002toJanuary2016andasSeniorVicePresidentofTurnerIndustries’WesternDivisionfornearly25years.Mr.McCallhasextensiveknowledgeinallaspectsofprojectmanagement,includingnuclearoutages,refineryturnarounds,andmajorconstructionandmaintenanceprojects,bothdomesticandinternational.Mr.McCallreceivedhisbachelor’sdegreeineducationfromMcNeeseStateUniversity.

Becauseofhisbroadknowledgeofthepowergenerationindustry,theBoardofDirectorsbelievesMr.McCalliswellqualifiedtoserveontheBoard.

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Scott A. Sewell

Mr.Sewell,40,hasbeenamemberoftheBoardsinceJanuary2019.Mr.SewellhasservedasPresidentandChiefExecutiveOfficerofCharahSolutionssinceJanuary2019.Priortothat,Mr.SewellheldseveralotherleadershippositionswithCharahSolutions,includingChiefOperatingOfficerfrom2013toJanuary2019,SeniorVicePresidentofOperationsfrom2012to2013,VicePresidentofOperationsfrom2010to2012,andOperationsManagerfrom2008to2010.PriortojoiningCharahSolutions,heworkedforBechtelCorporationfrom2002to2007.HeisaSixSigmaYellowBeltandholdsprofessionalaffiliationsasamemberoftheProjectManagementInstitute,theAssociationofEquipmentManagementProfessionalsandtheInternationalErosionControlAssociation.Mr.Sewellholdsabachelor’sdegreeininternationalbusinessfromtheCollegeofCharlestoninSouthCarolina.

Becauseofhisbroadknowledgeofthepowergenerationindustry,theBoardofDirectorsbelievesMr.SewelliswellqualifiedtoserveontheBoard.

Continuing Directors

Thefollowingparagraphsincludeinformationabouteachcontinuingdirector’sbusinessbackground,asfurnishedtotheCompanybythedirector,andadditionalexperience,qualifications,attributesorskillsthatledtheBoardofDirectorstoconcludethatthedirectorshouldserveontheBoard.

Class III Directors – Term to Expire in 2021

Brian K. Ferraioli

Mr.Ferraioli,64,hasbeenamemberoftheBoardsinceJune2018.Mr.FerraiolihasservedasChairmanoftheboardofdirectorsofAtlasTechnicalConsultants,Inc.,aleadingproviderofprofessionaltesting,inspection,engineering,programmanagementandconsultingservices,sinceFebruary2020.HeisalsoanoperatingpartneratBCP,aprivateequitymanagementfirmwhichdirectlyandindirectlythroughcertainaffiliatesownsapproximately63%ofthetotalvotingpoweroftheoutstandingsharesoftheVotingStock,includingthePreferredStockonanas-convertedbasis.Mr.FerraioliservedasExecutiveVicePresidentandChiefFinancialOfficerofKBR,Inc.,aglobalengineering,constructionandservicescompanysupportingthehydrocarbonsandgovernmentservicesindustries,from2013to2017.PriortoKBR,hewasExecutiveVicePresidentandChiefFinancialOfficeratTheShawGroupInc.(nowpartofMcDermottInternational,Inc.),thenanengineering,constructionandfabricationcompanyservingtheelectricpowergeneration,hydrocarbonsandgovernmentservicesindustries,from2007to2013,whenthecompanywasacquiredbyChicagoBridge&IronCompanyN.V.PriortojoiningTheShawGroup,Mr.Ferraioliworked28yearsinvariousexecutivefinanceandaccountingfunctionswithFosterWheelerAG(nowpartoftheJohnWoodGroup),thenaSwissglobalconglomeratethatprovideddesign,engineering,construction,manufacturing,developmentandplantoperationsfortheelectricpowergenerationandhydrocarbonsindustries.Mr.FerraiolialsoservesontheboardsofdirectorsofVistraEnergyCorp.,anintegratedretailandpowergenerationcompany,andTeam,Inc.,aproviderofspecialtyindustrialservices,includingheattreatingandinspectionservices.Previously,hewasadirectorofBabcock&WilcoxEnterprises,Inc.anditspredecessorcompany,Babcock&Wilcox,Inc.HeisalsoaNationalAssociationofCorporateDirectorsGovernanceFellow.Mr.Ferraioliholdsabachelor’sdegreeinaccountingfromSetonHallUniversityandanM.B.A.fromColumbiaUniversity.

Becauseofhisextensivebackgroundinthepowergenerationindustryandwithpubliclytradedcompanies,theBoardofDirectorsbelievesMr.FerraioliiswellqualifiedtoserveontheBoard.Mr.FerraiolihasbeendesignatedasaBCPDirectorbytheBoardofDirectorspursuanttotheStockholders’Agreement.

Mark Spender

Mr.Spender,42,hasbeenamemberoftheBoardsinceJanuary2018.Mr.SpenderisaManagingDirectorandmemberoftheInvestmentCommitteeatBCP,aprivateequitymanagementfirmwhichdirectlyandindirectlythroughcertainaffiliatesownsapproximately63%ofthetotalvotingpoweroftheoutstandingsharesoftheVotingStock,includingthePreferredStockonanas-convertedbasis.SincejoiningBCPinOctober2015,Mr.Spenderhasledthefirm’sinvestmentsintheenvironmentalandutilityservicesindustries.PriortohisrolesatBCP,Mr.SpenderwasaManagingDirectorintheGlobalIndustrialsGroupintheInvestmentBankingDepartmentatCreditSuisse,aleadingfinancialservicescompany,wherehebeganhiscareerin2000.

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Mr.SpenderalsoheldvariousrolesintheInvestmentBankingDepartmentatUBSfrom2004to2011.Duringhismorethan15yearsininvestmentbanking,Mr.Spenderfocusedonavarietyofindustrialsubsectors,includingengineeringandconstruction,buildingproductsandconstructionmaterials,andindustrialdistribution.Mr.SpenderholdsaB.B.A.infinancewithhighestdistinctionfromtheUniversityofMichigan’sRossSchoolofBusiness.

Becauseofhisextensiveknowledgeofthepowergenerationindustryandhisinvolvementanddirectorshipwithourpredecessorcompanies,theBoardofDirectorsbelievesMr.SpenderiswellqualifiedtoserveontheBoard.Mr.SpenderhasbeendesignatedasaBCPDirectorbytheBoardofDirectorspursuanttotheStockholders’Agreement.

Stephen R. Tritch

Mr.Tritch,70,hasbeenamemberoftheBoardsinceJune2018.Mr.TritchhasalsoservedasChairmanoftheBoardsinceJune2018.Mr.TritchpreviouslyservedastheChairmanofWestinghouseElectricCompany,LLCfromMarch2004toJuly2010.HealsoservedasChiefExecutiveOfficerandPresidentofWestinghousefromJuly2002toJune2008.Mr.Tritch’spreviousmanagementexperienceatWestinghousealsoincludesservingasSeniorVicePresidentofNuclearFuelandasSeniorVicePresidentofNuclearServices.HebeganhisWestinghousecareerin1971asaProductEngineerinthePowerCircuitBreakDivision.Mr.TritchhasservedasadirectorofKoppersHoldingInc.sinceMay2009,includingservingasitsChairmansinceNovember2018.Mr.TritchservedasadirectorofPaRSystems,Inc.fromNovember2010toNovember2017.HealsoservedasadirectorofTheShawGroupInc.fromApril2009toFebruary2013.Heholdsabachelor’sdegreeinmechanicalengineeringandanM.B.A.fromtheUniversityofPittsburgh.

Becauseofhisbroadknowledgeofthenuclearservicesandpowerindustries,theBoardofDirectorsbelievesMr.TritchiswellqualifiedtoserveontheBoard.Mr.TritchhasbeendesignatedasaBCPDirectorbytheBoardofDirectorspursuanttotheStockholders’Agreement.

Class I Directors — Term to Expire in 2022

Mignon L. Clyburn

Ms.Clyburn,58,hasbeenamemberoftheBoardsinceMarch2019.Ms.ClyburnisPresidentofMLCStrategies,LLC,aWashington,D.C.-basedconsultingfirm,apositionshehasheldsinceJanuary2019.Previously,Ms.ClyburnservedasaCommissioneroftheU.S.FederalCommunicationsCommission(the“FCC”)from2009to2018,includingasactingchair.WhileattheFCC,shewascommittedtoclosingthedigitaldivideandchampionedthemodernizationoftheagency’sLifelineProgram,whichassistslow-incomeconsumerswithvoiceandbroadbandservice.Inaddition,Ms.Clyburnpromoteddiversityinmediaownership,initiatedInmateCallingServicesreforms,supportedinclusioninSTEMopportunitiesandfoughtforanOpenInternet.Priortoherfederalappointment,sheserved11yearsonthePublicServiceCommissionofSouthCarolinaandworkedfornearly15yearsaspublisheroftheCoastalTimes,aCharlestonweeklynewspaperfocusedontheAfricanAmericancommunity.Ms.Clyburnholdsabachelor’sdegreeinbanking,financeandeconomicsfromtheUniversityofSouthCarolina.

Becauseofherexperienceasastateregulatorofinvestor-ownedutilitiesandasafederalcommissionerinthetechnologyandtelecommunicationsfieldsandherbackgroundasasuccessfulbusinessexecutive,theBoardofDirectorsbelievesMs.ClyburniswellqualifiedtoserveontheBoard.Ms.ClyburnwasrecommendedtotheBoardofDirectorsbyBCPandhasbeendesignatedasaBCPDirectorbytheBoardpursuanttotheStockholders’Agreement.

Robert C. Flexon

Mr.Flexon,61,hasbeenamemberoftheBoardsinceJune2018.Mr.FlexonmostrecentlyretiredfromhisroleasPresidentandChiefExecutiveOfficerofDynegyInc.,anelectriccompanybasedinHouston,TexasuntilmergingwithVistraEnergyCorp.inApril2018,apositionheheldfromJune2011toJune2018.PriortojoiningDynegy,Mr.FlexonservedasPresidentandChiefExecutiveOfficerofFosterWheelerUSACorporationfromNovember2009toMay2010.HeservedasChiefFinancialOfficerofNRGEnergy,Inc.fromMarch2009toNovember2009andfromMarch2004toMarch2008aswellasitsChiefOperatingOfficerfromMarch2008toMarch2009.PriortojoiningNRG,Mr.FlexonservedasaVicePresidentinvariouscapacitiesatHercules

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Inc.,whichhejoinedin2000.Previously,Mr.FlexonservedwithAtlanticRichfieldCompanyformorethan10years,includingasGeneralAuditorfrom1998to2000,FranchiseManagerofARCOProductsfrom1996to1998andControllerofARCOProductsfrom1995to1996.HebeganhiscareerwiththeformerCoopers&Lybrandpublicaccountingfirmin1980.HehasservedasadirectorofCapstoneTurbineCorporationsinceApril2018andTransAltaCorporationsinceApril2019.Mr.FlexonservedasadirectorofDynegyInc.from2011to2018,FosterWheelerAGfromMay2006toNovember2009andfromMay2010toOctober2010andWestmorelandCoalCompanyfrom2016to2019.Mr.Flexonisacertifiedpublicaccountant(inactive)andholdsabachelor’sdegreeinaccountingfromVillanovaUniversity.

Becauseofhisbroadknowledgeofthepowergenerationindustry,theBoardofDirectorsbelievesMr.FlexoniswellqualifiedtoserveontheBoard.

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Corporate Governance

The Board of Directors

TheCompanyisgovernedbytheBoardofDirectorsanditsvariouscommittees.TheBoardanditscommitteeshavegeneraloversightresponsibilityfortheaffairsoftheCompany.Inexercisingitsfiduciaryduties,theBoardrepresentsandactsonbehalfoftheCompany’sstockholders.TheBoardhasadoptedwrittencorporategovernancepolicies,principlesandguidelines,knownastheCorporateGovernanceGuidelines.TheBoardalsohasadopted(i)aFinancialCodeofEthics,whichappliestotheCompany’sprincipalexecutiveofficer,principalfinancialofficerandprincipalaccountingofficerorcontrollerandallpersonsperformingsimilarfunctionsfortheCompany;and(ii)aCodeofBusinessConductandEthics,whichappliestothedirectors,officers,employeesandagentsoftheCompanyanditssubsidiaries,andmembersoftheirimmediatefamily.TheFinancialCodeofEthicsandtheCodeofBusinessConductandEthicsincludeguidelinesrelatingtotheethicalhandlingofactualorpotentialconflictsofinterest,compliancewithlaws,accuratefinancialreportingandotherrelatedtopics.

Documents Available

AlloftheCompany’scorporategovernancematerials,includingthechartersfortheAuditCommittee,theCompensationCommitteeandtheNominatingandCorporateGovernanceCommittee,aswellastheCorporateGovernanceGuidelines,theFinancialCodeofEthicsandtheCodeofBusinessConductandEthics,arepublishedontheinvestorsportionoftheCompany’swebsite,www.charah.com.ThesematerialsarealsoavailableinprintfreeofchargetoanystockholderuponrequestbycontactingtheCompanyinwritingatCharahSolutions,Inc.,12601PlantsideDrive,Louisville,Kentucky40299,Attention:InvestorRelations,orbytelephoneat(502)245-1353.Anymodificationstothesecorporategovernancematerialswillbereflected,andtheCompanyintendstopostanyamendmentsto,orwaiversfrom,theFinancialCodeofEthics(totheextentrequiredtobedisclosedpursuanttoForm8-K)ontheinvestorsportionoftheCompany’swebsite,www.charah.com.ByreferringtotheCompany’swebsite,www.charah.com,oranyportionthereof,includingtheinvestorsportionoftheCompany’swebsite,theCompanydoesnotincorporateitswebsiteoritscontentsintothisProxyStatement.

Director Independence

BecauseBCP,directlyandindirectlythroughcertainaffiliates,beneficiallyowns(orotherwisehastherighttovoteordirectthevoteof)morethan50%oftheoutstandingsharesoftheVotingStock,theCompanyqualifiesasa“controlledcompany”forpurposesoftheNewYorkStockExchangerules(the“NYSErules”)and,therefore,isnotrequiredtocomplywithalloftherequirementsofthoserules,includingtherequirementthatalistedcompanyhaveamajorityofindependentdirectors.Nevertheless,CharahSolutionsdoesnotavailitselfoftheexceptionsfromsuchrequirements.

TheBoardbelievesthatamajorityofitsmembersareindependentundertheapplicableNYSErulesandSECrules.TheNYSErulesprovidethatadirectordoesnotqualifyas“independent”unlesstheboardofdirectorsaffirmativelydeterminesthatthedirectorhasnomaterialrelationshipwiththecompany(eitherdirectlyorasapartner,stockholderorofficerofanorganizationthathasarelationshipwiththecompany).TheNYSErulesrecommendthataboardofdirectorsconsideralloftherelevantfactsandcircumstancesindeterminingthematerialityofadirector’srelationshipwithacompany.

InMarch2020,theBoardofDirectors,withtheassistanceoftheNominatingandCorporateGovernanceCommittee,conductedanevaluationofdirectorindependencebasedontheNYSErulesandtheSECrules.TheBoardconsideredallrelationshipsandtransactionsbetweeneachdirector(andhisorherimmediatefamilymembersandaffiliates)andeachofCharahSolutions,itsmanagementanditsindependentregisteredpublicaccountingfirm,aswellasthetransactionsdescribedbelowunder“—RelatedPartyTransactions.”Asaresultofthisevaluation,theBoarddeterminedthateachofMessrs.Blossman,Ferraioli,Flexon,SpenderandTritchandMses.Babineaux-Fontenot(whoservedasadirectoruntilhertermexpiredattheCompany’s2019AnnualMeetingofStockholders)andClyburnisanindependentdirectorundertheNYSErulesandtheSECrules.TheBoardalsodeterminedthateachmemberoftheAudit,Compensation,andNominatingandCorporateGovernanceCommittees(seemembershipinformationbelowunder“—BoardCommittees”)isindependent,includingthateachmemberoftheAuditCommitteeis“independent”asthattermisdefinedunderRule10A-3(b)(1)(ii)oftheSecuritiesExchangeActof1934,asamended(the“ExchangeAct”).

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Board Leadership Structure

TheBoardbelievesthattheexistingleadershipstructure,underwhichMr.StephenR.TritchservesasChairmanoftheBoardandMr.ScottA.SewellservesasPresidentandChiefExecutiveOfficer,isthemostappropriateandinthebestinterestsofCharahSolutionsanditsstockholdersatthistime.GiventheCompany’scurrentneeds,theBoardbelievesthisstructureisoptimalasitallowsMr.Sewelltofocusonprovidingtheday-to-dayleadershipoftheCompany,whileallowingMr.TritchtofocusonprovidingguidancetoMr.SewellandsettingtheagendaforBoardmeetingsandpresidingovermeetingsoftheBoard.AlthoughtheBoardbelievesthatthisleadershipstructureiscurrentlyinthebestinterestsofCharahSolutionsanditsstockholders,theBoardhastheflexibilitytoelectthesameindividualtothepositionofChairmanoftheBoardandChiefExecutiveOfficerif,inthefuture,theBoarddeterminesthatreturningtosuchaleadershipstructurewouldbeappropriate.

Board Committees

TheBoardofDirectorshasastandingAuditCommittee,CompensationCommittee,andNominatingandCorporateGovernanceCommittee.CommitteemembersandcommitteechairsareappointedbytheBoard.Themembersandchairsofthesecommitteesareidentifiedinthefollowingtable:

NameAudit

CommitteeCompensation

Committee

Nominatingand

Corporate Governance Committee

JackA.Blossman,Jr. Chair

MignonL.Clyburn Member Member

BrianK.Ferraioli Chair

RobertC.Flexon Member Chair

Dorsey“Ron”McCall

ScottA.Sewell

MarkSpender Member Member

StephenR.Tritch Member

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EachcommitteeoftheBoardofDirectorsfunctionspursuanttoawrittencharteradoptedbytheBoard.Thefollowingtableprovidesinformationabouttheoperationandkeyfunctionsofthesecommittees:

Committee Key Functions and Additional Information

Number of Meetings in Fiscal 2019

Audit Committee • AssiststheBoardinitsoversightof(i)theintegrityoftheCompany’sfinancialstatementsandfinancialreportingprocess,(ii)thesystemsofinternalaccountingandfinancialcontrols,(iii)theperformanceoftheCompany’sinternalauditfunctionandtheCompany’sindependentregisteredpublicaccountingfirm,(iv)thequalificationsandindependenceoftheCompany’sindependentregisteredpublicaccountingfirmand(v)theCompany’scompliancewithlegalandregulatoryrequirements.

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• Appoints,compensates,retains,evaluatesandoverseestheCompany’sindependentregisteredpublicaccountingfirm.

• ReviewsanddiscusseswithmanagementandtheCompany’sindependentregisteredpublicaccountingfirmtheannualandquarterlyfinancialstatements.

• Reviewsanddiscusseswithmanagementthequarterlyearningsreleases.

• Pre-approvesallauditandpermissiblenon-auditservicesproposedtobeperformedbytheCompany’sindependentregisteredpublicaccountingfirm.

• Reviewsand,ifappropriate,approvesorratifiesrelatedpartytransactions.

• Discusseswithmanagement,theCompany’sindependentregisteredpublicaccountingfirmandCompanypersonnelresponsiblefortheCompany’sinternalauditfunctiontheadequacyandeffectivenessoftheCompany’saccountingandfinancialcontrols.

• ReviewsanddiscusseswithmanagementtheCompany’spoliciesandguidelineswithrespecttoriskassessmentandriskmanagement.

• TheBoardofDirectorshasdeterminedthatMr.Ferraioliisan“auditcommitteefinancialexpert”withinthemeaningoftheSECrulesandthateachofMessrs.Ferraioli,FlexonandTritchis“financiallyliterate”andhasaccountingorrelatedfinancialmanagementexpertise,ineachcaseasdeterminedbytheBoard,initsbusinessjudgment.

CompensationCommittee

• ApprovesthecorporategoalsandobjectivesrelevanttotheChiefExecutiveOfficer’scompensationandevaluatestheChiefExecutiveOfficer’sperformanceagainstthegoals.

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• ApprovesthecompensationoftheotherseniorexecutiveofficersoftheCompany.

• RecommendstotheBoardforapprovalthetotalcompensationfordirectors.

• Approvesemploymentagreements,severanceagreementsandchangeofcontrolagreementswiththeseniorexecutiveofficersoftheCompany.

• Overseesregulatorycomplianceregardingcompensationmatters.

• DevelopsandreviewsperiodicallysuccessionplansoftheChiefExecutiveOfficerandtheotherseniorexecutiveofficersoftheCompany,andscreensandrecommendstotheBoardforapprovalcandidate(s)forChiefExecutiveOfficerandotherseniorexecutiveofficersoftheCompany.

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Committee Key Functions and Additional Information

Number of Meetings in Fiscal 2019

Nominating andCorporateGovernanceCommittee

• Identifies,evaluatesandrecommendsdirectorcandidatestotheBoard. 6

• DeterminesthequalificationsformembershipontheBoardanditscommitteesandreviewsthesequalificationswiththeBoardperiodically.

• MakesrecommendationstotheBoardconcerningcommitteememberappointmentsandcommitteeleadership.

• MakesrecommendationstotheBoardwithrespecttodeterminationsofdirectorindependence.

• OverseesannualperformanceevaluationoftheBoardandthecommitteesoftheBoard.

• Developsandoverseesdirectoreducationandnewdirectoronboarding.

• ConsidersandrecommendstotheBoardotheractionsrelatingtocorporategovernance.

TheBoardmayalsoestablishothercommitteesfromtimetotimeasitdeemsnecessary.Duringfiscal2019,theBoardestablishedanadhocspecialcommittee(the“SpecialCommittee”)toconsiderpotentialstrategictransactions,includingtheissuanceofthePreferredStocktoanaffiliateofBCP.TheSpecialCommitteeconsistedofMessrs.Flexon,TritchandBlossmanandMs.Clyburnandmetthreetimesduringfiscal2019.ThemembersoftheSpecialCommitteearenotofficersoftheCompanyoraffiliatedwith,oremployedby,anymemberofBCPoritsaffiliatesandreceivednoadditionalcompensationforservingontheSpecialCommittee.

Director Meeting Attendance

TheBoardofDirectorsheldthirteenmeetingsduringfiscal2019.Eachincumbentdirectorattended75%ormoreoftheaggregatenumberofmeetingsoftheBoardandcommitteesoftheBoardonwhichthedirectorservedduringfiscal2019.ItistheBoard’spolicythatthedirectorsshouldattendtheCompany’sannualmeetingofstockholders.AlleightoftheCompany’sdirectorsattendedthe2019AnnualMeetingofStockholders.

PursuanttotheCompany’sCorporateGovernanceGuidelines,theindependentdirectorsmeetinregularlyscheduledexecutivesessionswithoutmanagementinconnectionwitheachregularlyscheduledBoardmeetingorasisotherwiserequiredbytheNYSErules,andatothertimesasnecessary.Mr.Tritch,asChairmanoftheBoard,presidesovertheseexecutivesessions.

Director Nomination Process

TheNominatingandCorporateGovernanceCommitteeisresponsibleforidentifyingandevaluatingindividualsqualifiedtobecomemembersoftheBoardandforrecommendingtotheBoardtheindividualsfornominationasmembers,includingnomineesrecommendedbystockholdersoftheCompany.WhenformulatingitsBoardmembershiprecommendations,theNominatingandCorporateGovernanceCommitteeconsidersadviceandrecommendationsfromstockholders,managementandothersasitdeemsappropriate,andalsotakesintoaccounttheperformanceofincumbentdirectorsindeterminingwhethertorecommendthemtostandforre-electionattheannualmeetingofstockholders.Afterthecompletionofinterviews(including,asappropriate,withotherBoardmembers,theChiefExecutiveOfficerandothermembersofseniormanagement)andreferencechecksofidentifiedcandidates,theNominatingandCorporateGovernanceCommitteewillmeetinpersonorbyconferencecalltodiscussandmakerecommendationstotheBoardwithrespecttothecandidates.ThefullBoardwillthenvoteonthecommittee’srecommendations.ThosecandidatesapprovedbyamajorityoftheBoardshallbenominatedforelectionbytheCompany’sstockholdersatthenextannualmeeting.

TheCompanyseekstoalignBoardcompositionwiththeCompany’sstrategicdirectionsothatBoardmembersbringskills,experienceandbackgroundsthatarerelevanttothekeystrategicandoperationalissuesthattheywilloverseeandapprove.Directorcandidatesaretypicallyselectedfortheirintegrityandcharacter,sound,independentjudgment,trackrecordofaccomplishmentinleadershiproles,aswellastheirprofessionalandcorporateexpertise,skillsandexperience.Inconsideringwhethertorecommendanyparticularcandidatefor

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inclusionintheBoard’sslateofrecommendeddirectornominees,theNominatingandCorporateGovernanceCommitteeconsidersthefollowingcriteria,inadditiontootherfactorsitmaydetermineappropriate:(i)theindependence,judgment,strengthofcharacter,reputationinthebusinesscommunity,ethicsandintegrityoftheindividual;(ii)thebusinessorotherrelevantexperience,skillsandknowledgethattheindividualmayhavethatwillenablehimorhertoprovideeffectiveoversightoftheCompany’sbusiness;(iii)thefitoftheindividual’sskillsetandpersonalitywiththoseoftheotherBoardmemberssoastobuildaBoardthatworkstogethereffectivelyandconstructively;and(iv)theindividual’sabilitytodevotesufficienttimetocarryouthisorherresponsibilitiesasadirectorinlightofhisorheroccupationandthenumberofboardsofdirectorsofotherpubliccompaniesonwhichheorsheserves.

NeithertheNominatingandCorporateGovernanceCommitteenortheBoardhasaspecificpolicywithregardtotheconsiderationofdiversityinidentifyingdirectornominees.However,theBoardbelievesthatmenandwomenofdifferentages,races,andethnicandculturalbackgroundscancontributedifferentandusefulperspectives,andcanworkeffectivelytogethertofurthertheCompany’sobjectives,andacandidate’sdiversityisoneofthecriteriathattheNominatingandCorporateGovernanceCommitteeconsidersinevaluatingpotentialdirectornominees.

TheNominatingandCorporateGovernanceCommitteemay,atitsdiscretion,hirethirdpartiestoassistintheidentificationandevaluationofdirectornominees.

Stockholder Recommendations of Director Candidates

Recommendationsbystockholdersfordirectorcandidatestobeconsideredforthe2021AnnualMeetingofStockholdersmustbeinwritingandreceivedbytheCompany’sCorporateSecretaryatCharahSolutions,Inc.,12601PlantsideDrive,Louisville,Kentucky40299notearlierthanFebruary5,2021andnotlaterthanMarch7,2021.However,intheeventthatthedateofthe2021AnnualMeetingofStockholdersisscheduledforadatethatismorethan30daysbeforeormorethan60daysafterJune5,2021,noticebythestockholdertobetimelymustbesoreceivednolaterthanthe10thdayfollowingthedayonwhichpublicannouncementofthedateofsuchmeetingisfirstmadebytheCompany.

ThenoticemustcontaincertaininformationaboutthenomineeandthestockholdersubmittingthenominationassetforthintheCompany’sAmendedandRestatedBylaws.Withrespecttothenominee,thenoticemustcontain,amongotherthings,(i)acompletedandsignedquestionnaire,representationandagreementinaformprovidedbytheCompany,whichformthestockholdersubmittingthenominationmustrequestfromtheCompany’sCorporateSecretaryinwritingwithnolessthansevendaysadvancenotice;(ii)awrittenrepresentationandagreement(intheformprovidedbytheCompany’sCorporateSecretaryuponwrittenrequest)thatsuchnominee(A)isnotandwillnotbecomeapartyto(1)anyagreement,arrangementorunderstandingwith,andhasnotgivenanycommitmentorassuranceto,anypersonorentityastohowsuchnominee,ifelectedasadirectoroftheCompany,willactorvoteonanyissueorquestion(a“VotingCommitment”)thathasnotbeendisclosedtotheCompanyor(2)anyVotingCommitmentthatcouldlimitorinterferewithsuchnominee’sabilitytocomply,ifelectedasadirectoroftheCompany,withsuchnominee’sfiduciarydutiesunderapplicablelaw,(B)isnotandwillnotbecomeapartytoanyagreement,arrangementorunderstandingwithanypersonorentityotherthantheCompanywithrespecttoanydirectorindirectcompensation,reimbursementorindemnificationinconnectionwithserviceoractionasadirectorthathasnotbeendisclosedtotheCompanyand(C)insuchnominee’sindividualcapacityandonbehalfofanypersonorentityonwhosebehalfthenominationisbeingmade,wouldbeincompliance,ifelectedasadirectoroftheCompany,andwillcomplywithallapplicablepubliclydisclosedcorporategovernance,conflictofinterest,confidentialityandstockownershipandtradingpoliciesandguidelinesoftheCompany;and(iii)anyotherinformationregardingthenomineethatwouldberequiredtobedisclosedinaproxystatementorotherfilingsrequiredtobemadeinconnectionwithacontestedsolicitationofproxiesfortheelectionofdirectorsorthattheCompanymayreasonablyrequiretodeterminetheeligibilityofthenomineetoserveasadirectoroftheCompany.Withrespecttothestockholdersubmittingthenomination,thenoticemustcontain:(i)thenameandaddress,astheyappearontheCompany’sbooks,ofsuchstockholderandanyStockholderAssociatedPerson(asdefinedintheCompany’sAmendedandRestatedBylaws);(ii)theclassorseriesandnumberofsharesoftheCompanyownedofrecordorbeneficiallybysuchstockholderoranyStockholderAssociatedPerson;(iii)anyderivativepositionsheldofrecordorbeneficiallybysuchstockholderoranyStockholderAssociatedPersonrelatedto,orthevalueofwhichisderivedinwholeorinpartfrom,thevalueofanyclassorseriesoftheCompany’sshares;(iv)acompleteandaccuratedescriptionofanyagreement,arrangementorunderstandingbetweenoramongsuchstockholderandsuchstockholder’sStockholderAssociatedPersonandanyotherperson(s)inconnectionwithsuchstockholder’sdirectornominationandthenameand

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addressofanyotherperson(s)orentityorentitiesknowntothestockholdertosupportsuchnomination;(v)adescriptionofanyproxy,contract,arrangement,understandingorrelationshippursuanttowhichsuchstockholderoranyStockholderAssociatedPersonhasarighttovote,directlyorindirectly,anysharesofanysecurityoftheCompany;(vi)anyshortinterestinanysecurityoftheCompanyheldbysuchstockholderoranyStockholderAssociatedPerson;(vii)anyrightstodividendsonthesharesoftheCompanyownedbeneficiallybysuchstockholderorbyanyStockholderAssociatedPersonthatareseparatedorseparablefromtheunderlyingsharesoftheCompany;(viii)anyproportionateinterestinsharesoftheCompanyorderivativepositionsheld,directlyorindirectly,byageneralorlimitedpartnershipinwhichsuchstockholderoranyStockholderAssociatedPersonisageneralpartneror,directlyorindirectly,beneficiallyownsaninterestinageneralpartner;(ix)anyperformance-relatedfees(otherthananasset-basedfee)thatsuchstockholderoranyStockholderAssociatedPersonisentitledtobasedonanyincreaseordecreaseinthevalueofsharesoftheCompanyorderivativepositions,ifany,asofthedateofsuchnotice,including,withoutlimitation,anysuchinterestsheldbymembersofsuchstockholder’soranyStockholderAssociatedPerson’simmediatefamilysharingthesamehousehold;(x)anyotherinformationregardingsuchstockholderoranyStockholderAssociatedPersonthatwouldberequiredtobedisclosedinaproxystatementorotherfilingsrequiredtobemadeinconnectionwithacontestedsolicitationofproxiesfortheelectionofdirectors;(xi)arepresentationthatsuchstockholderisaholderofrecordofstockoftheCompanyentitledtovoteatthemeetingandintendstoappearinpersonorbyproxyatthemeetingtobringsuchnominationbeforethemeeting;and(xii)arepresentationastowhethersuchstockholderoranyStockholderAssociatedPersonintendsto,orispartofagroupwhichintendsto,deliveraproxystatementand/orformofproxytoholdersofatleastthepercentageoftheCompany’soutstandingcapitalstockrequiredtoelectthenomineeand/orotherwisetosolicitproxiesfromstockholdersinsupportofsuchnomination.

AstockholderwhoisinterestedinrecommendingadirectorcandidateshouldrequestacopyoftheCompany’sAmendedandRestatedBylawsbywritingtotheCompany’sCorporateSecretaryatCharahSolutions,Inc.,12601PlantsideDrive,Louisville,Kentucky40299.RecommendedcandidateswillbesubjecttoabackgroundcheckbyaqualifiedfirmoftheCompany’schoosing.Appropriatesubmissionofarecommendationbyastockholderdoesnotguaranteetheselectionofthestockholder’scandidateortheinclusionofthecandidateintheCompany’sproxymaterials;however,theNominatingandCorporateGovernanceCommitteewillconsideranysuchcandidateinaccordancewiththedirectornominationprocessdescribedabove.

Annual Evaluation of Directors and Board Committee Members

TheBoardofDirectorsevaluatestheperformanceofeachdirector,eachcommitteeoftheBoard,theChairmanandtheBoardofDirectorsasawholeonanannualbasis.Inconnectionwiththisannualself-evaluation,eachdirectorrecordshisorherviewsontheperformanceofeachdirectorstandingforre-election,eachcommitteeoftheBoard,theChairmanandtheBoardofDirectorsasawhole.TheentireBoardofDirectorsreviewstheresultsofthesereportsanddetermineswhat,ifany,actionsshouldbetakenintheupcomingyeartoimproveitseffectivenessandtheeffectivenessofeachdirectorandcommittee.

Policy for Review of Related Party Transactions

PursuanttotheCompany’sRelatedPartyTransactionsPolicy,theAuditCommitteereviewsalloftherelevantfactsandcircumstancesofrelatedpartytransactionsandeitherapprovesordisapprovesentryintotherelatedpartytransaction,subjecttocertainlimitedexceptions.Indeterminingwhethertoapproveordisapproveentryintoarelatedpartytransaction,theAuditCommitteetakesintoaccount,amongotherfactors,thefollowing:

• thepositionwithinorrelationshipoftherelatedpartywiththeCompany;• thematerialityofthetransactiontotherelatedpartyandtheCompany,includingthedollarvalueofthe

transaction,withoutregardtoprofitorloss;• thebusinesspurposeforandreasonablenessofthetransaction(includingtheanticipatedprofitorlossfrom

thetransaction),takeninthecontextofthealternativesavailabletotheCompanyforattainingthepurposesofthetransaction;

• whetherthetransactioniscomparabletoatransactionthatcouldbeavailablewithanunrelatedparty,orisontermsthattheCompanyoffersgenerallytopersonswhoarenotrelatedparties;

• whetherthetransactionisintheordinarycourseoftheCompany’sbusinessandwasproposedand

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consideredintheordinarycourseofbusiness;• theeffectofthetransactionontheCompany’sbusinessandoperations,includingontheCompany’sinternal

controloverfinancialreportingandsystemofdisclosurecontrolsorprocedures;and• anyadditionalconditionsorcontrols(includingreportingandreviewrequirements)thatshouldbeappliedto

suchtransaction.

Furthermore,theCompany’sRelatedPartyTransactionsPolicyrequiresthatallrelatedpartytransactionsshallbepubliclydisclosedtotheextentandinthemannerrequiredbyapplicablelegalrequirementsandlistingstandards.

Related Party Transactions

Master Reorganization Agreement

Inconnectionwiththeinitialpublicoffering(the“IPO”),weenteredintoaMasterReorganizationAgreement(the“MasterReorganizationAgreement”),datedJune13,2018,amongtheCompanyandtheotherpartiesnamedtherein,pursuanttowhich:(i)(A)CharahHoldings,aDelawarelimitedpartnership,contributedallofitsinterestsinCharahManagementLLC,aDelawarelimitedliabilitycompany(“CharahManagement”),andAlliedPowerHoldings,LLC,aDelawarelimitedliabilitycompany(“AlliedPowerHoldings”),totheCompanyinexchangefor17,514,745sharesofCommonStock,(B)CEPHoldings,aKentuckycorporation,contributedallofitsinterestsinCharahManagementandAlliedPowerHoldingstotheCompanyinexchangefor4,605,465sharesofCommonStock,(C)CharahManagementHoldingsLLC,aDelawarelimitedliabilitycompany(“CharahManagementHoldings”),contributedallofitsinterestsinCharahManagementandAlliedPowerHoldingstotheCompanyinexchangefor907,113sharesofCommonStockand(D)AlliedManagementHoldings,LLC,aDelawarelimitedliabilitycompany(“AlliedManagementHoldings”),contributedallofitsinterestsinCharahManagementandAlliedPowerHoldingstotheCompanyinexchangefor409,075sharesofCommonStock;(ii)eachofCharahManagementHoldingsandAlliedManagementHoldingsdistributedthesharesofCommonStockreceivedbyitpursuanttoclause(i)abovetoitsrespectivemembersinaccordancewiththerespectivetermsofitslimitedliabilitycompanyagreement;and(iii)CharahHoldingsdistributedaportionofthesharesofCommonStockitreceivedinclause(i)abovetocertaindirectandindirectblockerentitieswhichmergedintotheCompany,withtheCompanysurviving,andBCPEnergyServicesFund,LP,aDelawarelimitedpartnershipownedbyBCPandcertainrelatedaffiliates,andBCPEnergyServicesFund-A,LP,aDelawarelimitedpartnershipownedbyBCPandcertainrelatedaffiliates,received14,020,861sharesofCommonStockasconsiderationinthemergers.

InadditionandpursuanttotheMasterReorganizationAgreement,inexchangeforthecontributionoftheirprofitsinterestsinCharahManagementHoldingsandAlliedManagementHoldings,theCompanyissued,pursuanttoarestrictedstockawardagreement,tocertainofthethen-currentofficersandemployeeswhoownedequityinterestsinCharahManagementandAlliedPowerHoldings,includingthroughCharahManagementHoldingsandAlliedManagementHoldings,1,215,956sharesofCommonStockattheclosingoftheIPO,ofwhich197,350sharesremainsubjecttotime-basedvestingconditionsaswellasperformancevestingconditionsthatincludemetricsbasedonspecifiedEBITDAtargetsandachievementofcertainsafetymetrics.Furthermore,theCompanyissuedawardsofCommonStockinanaggregateamountof316,199sharesofCommonStocktocertainoftheCompany’snon-executiveemployees,whichwereunvestedatthetimeoftheawardandhavesinceeithervestedorbeenforfeited.

InconnectionwiththeMasterReorganizationAgreement,weagreedtoindemnifyCharahHoldings,CEPHoldingsandanyoftheirrespectiveaffiliatesanddirectors,officers,partners,employees,members,managers,equityholders,agentsandrepresentativestothefullestextentpermittedbyapplicablelawagainstliabilitiesthattheymayincurasaresultofactingasadirectorindirectdirector,officer,partner,employee,member,manager,equityholder,agent,representativeoraffiliateofCharahManagement,AlliedPowerHoldingsoranyoftheirrespectivesubsidiaries.

Registration Rights Agreement

InconnectionwiththeclosingoftheIPO,theCompanyenteredintoaRegistrationRightsAgreement(the“RegistrationRightsAgreement”)withcertainstockholdersidentifiedonthesignaturepagestheretoastheHolders.

Pursuantto,andsubjecttothelimitationssetforthin,theRegistrationRightsAgreement,datedJune13,2018,

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filedbytheCompanywiththeSEConJune15,2018,BCPhastherighttorequiretheCompanybywrittennoticetoprepareandfilearegistrationstatementregisteringtheofferandsaleofanumberofBCP’ssharesofCommonStock.TheCompanyisrequiredtouseallcommerciallyreasonableeffortstomaintaintheeffectivenessofanysuchregistrationstatementuntilallsharescoveredbysuchregistrationstatementhavebeensold.

Inaddition,pursuanttotheRegistrationRightsAgreement,BCPhastherighttorequiretheCompany,subjecttocertainlimitationssetforththerein,toeffectadistributionofanyorallofBCP’ssharesofCommonStockbymeansofanunderwrittenoffering.Further,subjecttocertainexceptions,ifatanytimetheCompanyproposestoregisteranofferingofitsequitysecuritiesortoconductanunderwrittenoffering,whetherornotforitsaccount,thentheCompanymustnotifyBCPofsuchproposalbeforetheanticipatedfilingdateorcommencementoftheunderwrittenoffering,asapplicable,toallowBCPtoincludeaspecifiednumberofitssharesinthatregistrationstatementorunderwrittenoffering,asapplicable.Additionally,CEPHoldingshastherighttorequiretheCompany,subjecttocertainlimitationssetforththerein,toeffectadistributionofanyorallofitssharesofCommonStockbymeansofanunderwrittenofferingononeoccasion.

Theseregistrationrightsaresubjecttocertainconditionsandlimitations,includingtherightoftheunderwriterstolimitthenumberofsharestobeincludedinaregistrationorofferingandtheCompany’srighttodelayorwithdrawaregistrationstatementundercertaincircumstances.TheCompanywillgenerallypayallregistrationexpensesinconnectionwithitsobligationsundertheRegistrationRightsAgreement,regardlessofwhetheraregistrationstatementisfiledorbecomeseffective.

OnMarch16,2020,theCompanyamendedtheRegistrationRightsAgreementinordertogranttoCharahPreferredStockAggregator,LPtheregistrationrightsapplicabletotheotherBCP-affiliatedpartiestheretowithrespecttotheCommonStockintowhichthePreferredStockisconvertible.

Stockholders’ Agreement

InconnectionwiththeclosingoftheIPO,theCompanyenteredintoaStockholders’Agreement(the“Stockholders’Agreement”),datedasofJune18,2018,withCEPHoldings,BCPandcertainmembersofmanagement.Amongotherthings,theStockholders’AgreementprovidesBCPwiththerighttonominateanumberofdirectorstotheBoardinaproportionateamounttothenumberofsharesofCommonStockthatitholds,asfollows:(i)amajorityofthedirectorsaslongasBCPownsatleast50%oftheCommonStock;(ii)atleast40%ofthedirectorsaslongasBCPownsatleast40%butlessthan50%oftheCommonStock;(iii)atleast30%ofthedirectorsaslongasBCPownsatleast30%butlessthan40%oftheCommonStock;(iv)atleast20%ofthedirectorsaslongasBCPownsatleast20%butlessthan30%oftheCommonStock;and(v)atleast10%ofthedirectorsaslongasBCPownsatleast5%butlessthan20%oftheCommonStock.PursuanttoitsrightundertheStockholders’Agreement,BCPhasnominatedand/ortheBoardofDirectorshasdesignated,asapplicable,Messrs.Blossman,Ferraioli,SpenderandTritchandMs.ClyburnasBCPDirectors.

TheStockholders’AgreementalsoprovidesCEPHoldingswiththerighttonominateCharlesE.Priceasadirector,solongasCEPHoldingsownsatleast10%oftheoutstandingsharesoftheCommonStockorCharlesE.PriceholdsthetitleoftheCompany’sChiefExecutiveOfficer.

Information Rights Agreement

OnOctober9,2018,CharahSolutionsenteredintoanInformationRightsAgreement(the“InformationRightsAgreement”)withBCP,pursuanttowhichtheCompanywillprovideBCPwithcertainfinancialandotherinformationandotherrights.Specifically,theInformationRightsAgreementprovidesthat(i)theCompanywilldeliver,orcausetobedelivered,toBCP,uponwrittenrequest,certainmonthly,quarterlyandannualfinancialinformationaswellastheCompany’sannualbudget,businessplan,andfinancialforecastsandprojectionsforsolongasBCPanditsaffiliatesbeneficiallyownatleast10%oftheoutstandingsharesoftheCommonStock;(ii)theCompanywilldelivertoBCP,uponwrittenrequest,suchotherinformationabouttheCompanyanditssubsidiariesandprovideaccesstotheCompany’smanagement,ineachcase,asmaybereasonablyrequestedbyBCPforsolongasBCPanditsaffiliatesbeneficiallyownatleast20%oftheoutstandingsharesoftheCommonStock;(iii)BCPwillhavetherighttoappointonenon-votingobservertotheBoard,providedthattheobserverwillnotbeconsideredadirectoroftheCompanyorotherwiseconstituteamemberoftheBoardandwillinnoeventbeentitledtovoteonanymatterspresentedtotheBoard,forsolongasBCPanditsaffiliatesbeneficiallyownatleast10%oftheoutstandingsharesoftheCommonStock;(iv)BCPanditsaffiliates,employees,agents

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andrepresentativeswillbeboundbycertainconfidentialityanduserestrictionsregardinganyinformationobtainedpursuanttotheInformationRightsAgreement;and(v)BCPwillnotifytheChairmanoftheBoardifBCPoritsaffiliateshaveagreedtopurchaseorbeneficiallyown10%ormoreoftheequityofacompetitoroftheCompany,insuchevent,theCompanywillnotcomplywiththeprovisionsoftheInformationRightsAgreementrequiringit(A)todeliver,orcausetobedelivered,toBCPcertainmonthlyfinancialinformationaswellastheCompany’sannualbudget,businessplan,andfinancialforecastsandprojections,(B)todelivertoBCPsuchotherinformationabouttheCompanyanditssubsidiariesandtoprovideaccesstotheCompany’smanagement,ineachcase,asmaybereasonablyrequestedbyBCPand(C)toprovideBCPtherighttoappointanon-votingobservertotheBoard,ineachcase,iftheBoarddeterminesthatdoingsocouldhaveanadverseimpactontheCompany.TheCompany’senteringintotheInformationRightsAgreementwasapprovedbytheAuditCommitteeoftheBoardaswellastheBoard.

Preferred Stock Purchase Agreement

OnMarch5,2020,weenteredintoaSeriesAPreferredStockPurchaseAgreement(the“PreferredStockPurchaseAgreement”),byandbetweenusandCharahPreferredStockAggregator,LP(the“PreferredStockInvestor”),anaffiliateofBCP,whichbeneficiallyownsapproximately63%ofthetotalvotingpoweroftheoutstandingsharesoftheVotingStock,includingthePreferredStockonanas-convertedbasis,wherebyweagreedtoissueandselltothePreferredStockInvestor26,000sharesofPreferredStockinexchangeforapproximately$25.2million.AsaconditiontoenteringintothePreferredStockPurchaseAgreement,weagreedtoamendtheRegistrationRightsAgreementtogivethePreferredStockInvestorcertainregistrationrightswithrespecttothePreferredStock.

Brown & Root Industrial Services, LLC Subcontract

OnDecember19,2017,weenteredintoaSubcontractMasterAgreement(the“MasterAgreement”)withBrown&RootIndustrialServices,LLC(“B&R”).BCP,whichbeneficiallyownsapproximately63%ofthetotalvotingpoweroftheoutstandingsharesoftheVotingStock,includingthePreferredStockonanas-convertedbasis,hasagreaterthan10%equityinterestinB&R.ThepartiesagreedtooneworkauthorizationundertheMasterAgreementintheamountof$19.3millionforwaterredirectionworkconstructionforoneoftheCompany’scustomers.ExpensespaidtoB&Rinfiscal2019wereapproximately$1.6million.Allworkundertheissuedworkauthorizationwascompletedinfiscal2019andtheMasterAgreementhasbeenterminated.

ATC Group Services LLC Service Contract

ATCGroupServicesLLC(“ATC”),anentityownedbyBCP,whichbeneficiallyownsapproximately63%ofthetotalvotingpoweroftheoutstandingsharesoftheVotingStock,includingthePreferredStockonanas-convertedbasis,providedenvironmentalconsultingandengineeringservicesatcertainservicesites.ExpensespaidtoATCinfiscal2019were$184,000.

Historical Transactions with Affiliates

Amended and Restated Office Lease Agreement

WepreviouslyrentedourcorporateofficeandacondofromPriceRealEstate,LLC(“PriceRealEstate”),anentityindirectlyownedbyCharlesE.Price,ourformerPresidentandChiefExecutiveOfficer.InOctober2019,PriceRealEstatesoldtheCompany’scorporateofficetoanindependentthirdparty.TheleasefortheCompany’scorporateofficeisatriplenetlease,requiringmonthlypaymentsof$38,550(increasingbytheconsumerpriceindexeachyearcommencingJune1,2013)throughMay31,2020.TheCompanyterminatedtherentalofthecondoinMarch2020.Rentalexpensesof$390,850toPriceRealEstatewereincurredduringfiscal2019.

Aircraft Lease Agreement

PriceFlight,LLC(“PriceFlight”),anentityindirectlyownedbyCharlesE.Price,ourformerPresidentandChiefExecutiveOfficer,providedflightservicestousinfiscal2019.ExpensestoPriceFlightforflightservicesamountedto$85,250forfiscal2019.ThearrangementwithPriceFlightwasterminatedinMarch2019.

Employment Arrangement with Charles W. Price

CharlesW.Price,thesonofCharlesE.Price,ourformerPresidentandChiefExecutiveOfficer,wasan

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employeeoftheCompanyfrom2005toMay2019,whenhisemploymentended.CharlesW.Price’stotalcashandequitycompensationforfiscal2019was$237,156.Weseektofillpositionswithqualifiedemployees,whetherornottheyarerelatedtoourexecutiveofficersordirectors.Wecompensateemployeeswhohavesuchrelationshipswithinwhatwebelievetobethecurrentmarketratefortheirpositionandprovidebenefitsconsistentwithourpoliciesthatapplytosimilarlysituatedemployees.

The Board’s Role in Risk Oversight

TheBoardofDirectorsoverseestheCompany’sriskprofileandmanagement’sprocessesforassessingandmanagingrisk,bothasawholeBoardandthroughitscommittees.ThefullBoardreviewsstrategicrisksandopportunitiesfacingtheCompany.Amongotherareas,theBoardisinvolvedinoverseeingrisksrelatedtotheCompany’soverallstrategy,businessresults,capitalstructure,capitalallocationandbudgeting,andexecutiveofficersuccession.CertainotherimportantcategoriesofriskareassignedtodesignatedBoardcommittees(whicharecompromisedsolelyofindependentdirectors)thatreportbacktothefullBoard.Ingeneral,thecommitteesoverseethefollowingrisks:

• TheAuditCommitteeoverseesrisksrelatedtointernalfinancialandaccountingcontrols,legal,regulatoryandcompliancerisks,workperformedbytheCompany’sindependentregisteredpublicaccountingfirmandtheCompany’sinternalauditfunction,relatedpartytransactions,andtheoverallriskmanagementgovernancestructureandriskmanagementfunction;

• TheCompensationCommitteeoverseestheCompany’scompensationprogramsandpractices;and

• TheNominatingandCorporateGovernanceCommitteeoverseesissuesthatmaycreategovernancerisks,suchasBoardcompositionandstructure,directorselectionanddirectorsuccessionplanning.

TheBoardleadershipstructuresupportstheCompany’sgovernanceapproachtoriskoversightastheChiefExecutiveOfficerisinvolveddirectlyinriskmanagementasamemberoftheCompany’smanagementteam,whiletheChairmanoftheBoardandthecommitteechairpersons,intheirrespectiveareas,maintainoversightrolesasindependentmembersoftheBoard.

Compensation Committee Advisors

TheCompensationCommitteehassoleauthorityunderitschartertoretaincompensationconsultantsandotheradvisorsandtoapprovesuchconsultants’andadvisors’feesandretentionterms.TheCompensationCommitteehasretainedMeridianCompensationPartners,LLC(“Meridian”)toserveasitsindependentadvisorandtoprovideitwithadviceandsupportonexecutivecompensationissues.

TheCompensationCommitteehasreviewedandconfirmedtheindependenceofMeridianastheCompensationCommittee’scompensationconsultant.NeitherMeridiannoranyofitsaffiliatesprovidesanyservicestoCharahSolutionsexceptforservicesprovidedtotheCompensationCommittee.InadditiontoMeridian,theCompensationCommitteehasreviewedtheindependenceofeachotheroutsideadvisorinadvanceofreceivingadvicefromsuchperson.

Communications with the Board of Directors

StockholdersandotherinterestedpartiescancommunicatedirectlywithanyoftheCompany’sdirectors,bysendingawrittencommunicationtoadirectoratCharahSolutions,Inc.c/oCorporateSecretary,12601PlantsideDrive,Louisville,Kentucky40299.StockholdersandotherinterestedpartieswishingtocommunicatewithMr.Tritch,astheChairmanoftheBoard,orwiththeindependentdirectorsasagroupmaydosobysendingawrittencommunicationtoMr.Tritchattheaboveaddress.

AllcommunicationsreceivedassetforthintheprecedingparagraphwillbeopenedbytheCorporateSecretaryforthesolepurposeofdeterminingwhetherthecontentsrepresentamessagetotheCompany’sdirectors.TheCorporateSecretarywillforwardcopiesofallcorrespondencethat,intheopinionoftheCorporateSecretary,dealswiththefunctionsoftheBoardoritscommitteesorthatheorsheotherwisedeterminesrequirestheattentionofanymember,grouporcommitteeoftheBoard.TheCorporateSecretarywillnotforwardothercorrespondence.

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Director Compensation

Thetablebelowsetsforththecompensationpaidtoeachnon-employeedirector(otherthandirectorswhoareemployeesofBCP)whoservedontheBoardinfiscal2019.DirectorswhoareemployeesoftheCompanyorBCP(currentlyMessrs.Sewell,McCallandSpender)donotreceivecompensation(otherthantheircompensationasemployeesoftheCompanyorBCP)fortheirserviceontheBoardofDirectors.

2019 Director Compensation Table

Name

Fees Earnedor

Paid in Cash ($)

StockAwards

($)(1)Total

($)

ClaireBabineaux-Fontenot 16,250 — 16,250

JackA.Blossman,Jr. 75,000 100,000 175,000

MignonClyburn 48,750 100,000 148,750

BrianK.Ferraioli 80,000 100,000 180,000

RobertC.Flexon 77,500 100,000 177,500

StephenR.Tritch 85,000 140,000 225,000

(1) Representsthefullgrantdatefairvalueofrestrictedstockunit(“RSU”)awardsgrantedonMay17,2019,computedinaccordancewithFinancialAccountingStandardsBoardAccountingStandardsCodificationTopic718,Compensation–StockCompensation(“FASBASCTopic718”).Generally,thefullgrantdatefairvalueistheamountthattheCompanywouldexpenseintheconsolidatedandcombinedfinancialstatementsovertheaward’svestingschedule.Foradditionalinformationregardingtheassumptionsmadeincalculatingtheseamounts,seeNote2totheconsolidatedandcombinedfinancialstatementsincludedintheCompany’sAnnualReportonForm10-KforthefiscalyearendedDecember31,2019.Theseamountsreflecttheaccountingexpenseanddonotcorrespondtotheactualvaluethatwillberecognizedbythedirectors.

Eachnon-employeedirector(otherthandirectorswhoareemployeesofBCP)receivesanannualretainerof$65,000paidinquarterlyinstallments.ThechairpersonsoftheAuditCommittee,theCompensationCommitteeandtheNominatingandCorporateGovernanceCommitteereceiveadditionalannualcompensationof$15,000,$12,500and$10,000,respectively,paidinquarterlyinstallments.Eacheligiblenon-employeedirectorreceivesanannualequitygrantwithatargetvalueof$100,000madeintheformofRSUs.TheRSUsvestonthefirstanniversaryofthegrantdateandwillbepaidinsharesofCommonStockonthevestingdate.TheChairmanoftheBoardreceivesadditionalannualcompensationof$60,000,one-thirdofwhichispaidincashandtwo-thirdsofwhichispaidinstockgrants.

Thefiscal2019annualequitygrantoccurredonMay17,2019.Onthatdate,eacheligiblenon-employeedirector(otherthanMr.Tritch)receivedanawardof21,552RSUsandMr.Tritchreceivedanawardof30,173RSUs,whichincludedtheadditionalequitycompensationpayabletohimasChairmanoftheBoard.ThenumberofRSUsincludedintheawardwasdeterminedbydividingthetargetvaluebytheIPOpriceoftheCommonStockof$4.64pershare.

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Executive Compensation

Weareprovidingcompensationdisclosurethatsatisfiestherequirementsapplicabletoemerginggrowthcompanies,asdefinedintheJumpstartOurBusinessStartupsAct.

Summary Compensation Table

Thefollowingtablesummarizes,withrespecttoournamedexecutiveofficers,informationrelatingtocompensationearnedforservicesrenderedinallcapacitiesduringthefiscalyearsendedDecember31,2019and2018.

Name and Principal Position YearSalary

($)Bonus ($)(1)

Stock Awards

($)(2)

Non-Equity Incentive PlanCompensation

($)

All Other Compensation

($)(3)Total

($)

ScottA.Sewell 2019 514,423 — 1,056,838 — 27,531 1,598,792

President and Chief Executive Officer

Dorsey“Ron”McCall 2019 750,006 — — 750,000 34,004 1,534,010

Senior Vice President 2018 750,000 375,000 — — 26,255 1,151,255

RogerD.Shannon 2019 255,166 148,250 914,998 — 56,387 1,374,801

Chief Financial Officer and Treasurer

CharlesE.Price(4) 2019 70,769 — — — 805,733 876,502

Former President and Chief Executive Officer 2018 773,077 — — — 22,041 795,118

(1) Amountsshownrepresentthepaymentofannualbonusesfortheapplicableyear.Foradescriptionofannualbonusesforfiscal2019,see“—AdditionalNarrativeDisclosures—2019BonusPlan”below.

(2) Theamountsinthe“StockAwards”columndonotreflecttheactualvaluethenamedexecutiveswillrealizefromtheRSUsandtheperformanceshareunits(“PSUs”)awardedtotheexecutives.TheamountspresentedinthetablearethegrantdatefairvaluesoftheawardscomputedinaccordancewithFASBASCTopic718basedontheprobableoutcomeofanyapplicableperformanceconditions(determinedasoftheapplicabledateofgrant)andexcludingtheeffectofestimatedforfeitures.TheCompanywillrecognizethegrantdatefairvaluesoftheawardsascompensationexpenseoverthevestingperiodoftheawards.Thiscolumnincludesthegrantdatefairvaluesof$422,734for68,293PSUsawardedtoMr.SewellonApril4,2019and$165,998for29,537PSUsawardedtoMr.ShannononJune17,2020.ThePSUswillvestonApril1,2022(the“PerformancePeriodEndDate”)ifthevolume-weightedaveragepriceofashareoftheCommonStockequalsorexceeds$12.00forany20-consecutivetradingdayperiodendingonorpriortothePerformancePeriodEndDate.ThegrantdatefairvaluesofthePSUsassumeallofthePSUswouldbeearnedattheendofthethree-yearperformanceperiod.Note13totheCompany’sconsolidatedandcombinedfinancialstatementsincludedinitsAnnualReportonForm10-KforthefiscalyearendedDecember31,2019containsmoreinformationabouttheCompany’saccountingforstock-basedcompensationarrangements,includingtheassumptionsusedtodeterminethegrantdatefairvaluesofthestockawards.

(3) Thefollowingtablereflectsthetypesandamountsofallowancesandreimbursementsincludedinthiscolumn:

Scott A. Sewell

Dorsey“Ron” McCall

Roger D. Shannon

Charles E. Price

VehicleAllowanceorValueofVehicleLeaseReimbursement($) 5,625 16,800 9,875 1,646

ClubMembershipDuesReimbursement($) 13,506 2,545 — 1,325

EmployerContributionsto401(k)Plan($) 8,400 14,659 6,521 2,762

HousingAllowance($) — — 10,181 —

RelocationBonus($) — — 20,000 —

TaxGross-UponRelocationBonus($) — — 9,810 —

SeveranceBenefits($) — — — 800,000

Total($) 27,531 34,004 56,387 805,733

(4) Mr.PriceceasedtobeemployedbytheCompanyonJanuary23,2019.

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Outstanding Equity Awards at Fiscal Year-End

Stock Awards

Name

Number of Shares or Units of Stock That

Have NotVested

(#)(1)

Market Value of Shares or Units ofStock That Have

Not Vested ($)(2)

Equity Incentive Plan Awards:

Number of UnearnedShares,

Units or Other Rights That

Have Not Vested

(#)(3)

Equity Incentive Plan Awards:

Market or Payout Value of UnearnedShares, Units or

Other Rights ThatHave Not Vested

($)(4)

ScottA.Sewell 102,440 249,954 134,667 328,587

Dorsey“Ron”McCall — — 30,159 73,588

RogerD.Shannon 133,274 325,189 29,537 72,070

CharlesE.Price — — — —

(1) TheRSUs(payableinsharesofCommonStock)showninthiscolumnwillbecomevestedasfollows:

Number of RSUs

Becoming Vested On:

Name April 1, 2020 April 1, 2021 April 1, 2022 April 1, 2023

ScottA.Sewell 34,146 34,146 34,148 —

RogerD.Shannon 37,011 37,011 37,010 22,242(2) MarketvalueisbasedontheclosingmarketpriceoftheCommonStockonDecember31,2019of$2.44pershare.(3) 66,374and30,159ofthePSUsshowninthiscolumnforMr.SewellandMcCall,respectively,wereawardedattheclosingoftheIPO

andwillvestingbasedontheCompany’sachievementofspecifiedEBITDAtargetsandcertainsafetymetrics.TheremainingPSUsshowninthiscolumn(68,293forMr.Sewelland29,537forMr.Shannon)willvestonthePerformancePeriodEndDateifthevolume-weightedaveragepriceofashareoftheCommonStockequalsorexceeds$12.00forany20-consecutivetradingdayperiodendingonorpriortothePerformancePeriodEndDate.

(4) TheamountsinthiscolumnequalthenumberofunearnedPSUsshowninthecolumntotheleftmultipliedby,ineachcase,theclosingmarketpriceoftheCommonStockonDecember31,2019of$2.44pershare.Theamountsshownarenotnecessarilyindicativeoftheamountsthatmayactuallyberealizedbythenamedexecutiveofficers.TheactualamountsrealizedwillbebasedonwhetherthePSUsareearnedandthemarketvalueoftheCommonStockonthePerformancePeriodEndDate.

Additional Narrative Disclosures

Base Salary

Eachnamedexecutiveofficer’sbasesalaryisafixedcomponentofcompensationthatdoesnotvarydependingonthelevelofperformanceachieved.Basesalariesaredeterminedforeachnamedexecutiveofficerbasedonhispositionandresponsibility.TheBoardofDirectorsreviewsthebasesalariesforeachnamedexecutiveofficerannuallyaswellasatthetimeofanypromotionorsignificantchangeinjobresponsibilitiesand,inconnectionwitheachreview,theBoardconsidersindividualandCompanyperformanceoverthecourseoftheapplicablefiscalyear.Asofthemostrecentannualrevieworpromotion,theannualbasesalaryrateforMessrs.Sewell,McCall,ShannonandPriceforfiscal2019was$525,000,$750,000,$415,000and$800,000,respectively.

2019 Bonus Plan

Messrs.SewellandShannonparticipatedinour2019bonusplan,underwhichtheymayearnabonuscalculatedasapercentageoftheirbasesalarybasedontheachievementofacombinationofCompany-wide,site-specificandindividualperformancegoals,including,butnotlimitedto,profitability,engagementimprovement,safety,environmentalcomplianceandcustomerservice.ActualpaymentofthebonusesunderthisplanisatthediscretionoftheBoardofDirectors.PursuanttothetermsofMessrs.Sewell’sandShannon’semploymentagreements,thetargetannualbonuswas100%and70%ofhisannualbasesalary,respectively.Mr.Shannon’semploymentagreementprovidedaminimumbonusof$148,250forfiscal2019.Pursuanttothetermsofhisemploymentagreement,Mr.McCallearnedanannualbonusbasedonCompany-specificperformancegoalsandtheperformanceoftheCompany’snuclearservicesofferings.Messrs.McCallandShannonhaveagreedtodeferpaymentofthebonusestheyearnedforfiscal2019.

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Long-Term Incentive Awards

TheCompanybelievesthatequity-basedcompensationisessentialtoaligntheinterestsoftheCompany’smanagementanditsstockholdersinenhancingthelong-termvalueoftheCommonStockandtoencourageexecutivestoremainemployedwiththeCompany.AmongthetypesofequityawardstheCompanyisauthorizedtoissueundertheCharahSolutions,Inc.2018OmnibusIncentivePlan(the“IncentivePlan”),theCompensationCommitteeoftheBoardhasdeterminedthatamixoftime-vestedRSUandPSUawardssatisfiestheretentionandincentivepurposesoftheequity-basedawards.

Other Benefits

WecurrentlymaintaintwoplansintendedtoprovidebenefitsunderSection401(k)oftheInternalRevenueCode.OneforAlliedPowerManagement(the“AlliedPowerManagement401(k)Plan”)andoneforCharah,LLC(the“Charah401(k)Plan”).Each401(k)Planpermitsemployeestocontributeportionsoftheirbasecompensationintoaretirementaccount.UndertheAlliedPowerManagement401(k)Plan,wematchemployeecontributionsforthefirst3.0%andmatchat50%forthenext2.0%contributed(foracombinedmaximummatchof4.0%ofeachemployee’sannualbasesalary).UndertheCharah401(k)Plan,wemakeaflatcontributiontoeachemployee’s401(k)accountequalto3.0%ofeachemployee’sannualbasesalary.

Employment, Severance or Change in Control Agreements

Wearepartytoemploymentagreementswiththefollowingnamedexecutiveofficers:Messrs.Sewell,McCallandShannon(each,an“Executive”).Pursuanttothetermsoftheemploymentagreements,iftheemploymentofMr.SewellorMr.Shannonisterminatedbyusfor“cause”(asdefinedintheemploymentagreements)orbytheExecutivewithout“goodreason”(asdefinedintheemploymentagreements),wewillpaytheterminatedExecutiveanyaccruedandunpaidportionofhisbasesalary,provideanybenefitstowhichtheExecutivewasentitled(includingpaidtimeoffthroughthedateofhisterminationofemployment)aswellaspayanyunreimbursedexpenses(collectively,the“AccruedObligations”).

UpontheterminationofanExecutive’semploymentduetohisdeathor“disability”(asdefinedintheemploymentagreements),wewillpaytheterminatedExecutive,ortheExecutive’sestate,asapplicable,theAccruedObligations,aswell,inthecaseofMr.SewellorMr.Shannon,theannualbonushewouldhaveearnedforthefiscalyearinwhichhisdeathordisabilityoccurredbasedonactualperformance.

UpontheterminationoftheemploymentofMr.SewellorMr.ShannonbyuswithoutcauseorbytheExecutivewithgoodreason,theterminatedExecutivewillbeentitledtotheAccruedObligations,andsubjecttotheterminatedExecutive’sexecuting(andnotrevoking)ageneralreleaseofclaims,thefollowingpaymentsandbenefits:

• SeveranceinatotalamountequaltotheSeveranceMultiple(asdefinedbelow)timesthesumofhisannualbasesalaryandtargetannualbonus;

• COBRAcontinuationcoverageunderourgrouphealthplanatthesamecostapplicabletoouractiveemployeesfor18months(inthecaseofMr.Sewell)or12months(inthecaseofMr.Shannon)followingsuchterminationofemployment(or,ifearlier,thedatethattheterminatedExecutivebecomeseligibletoreceivehealthbenefitsasaresultofsubsequentemployment);and

• Apro-rataportionoftheannualbonushewouldhaveearnedforthefiscalyearinwhichtheterminationofemploymentoccurredbasedonactualperformance(or,iftheterminationofemploymentoccursduringthe12-monthperiodfollowinga“changeincontrol”(asdefinedintheIncentivePlan)(the“CICProtectionPeriod”),thegreateroftargetoractualperformance).

TheSeveranceMultipleis2.0forMr.Sewelland1.0forMr.Shannon,providediftheterminationofemploymentoccursduringtheCICProtectionPeriod,theSeveranceMultipleis2.5forMr.Sewelland1.5forMr.Shannon.

IfMr.McCallisterminatedforcause,wewillpayhimtheAccruedObligations,aswellas(i)anyannualbonusaccruedanddeterminedbutnotyetpaidforapriorfiscalyear,(ii)anybenefitsaccruedandvestedunderanyplanorarrangementmaintainedbyAlliedPowerManagementand(iii)anyclaimsarisingbutnotyetpaidunderanywelfarebenefitplansmaintainedbyAlliedPowerManagementasofthedateoftermination.UponterminationofMr.McCall’semploymentbyhimwithoutgoodreason,wewillpayMr.McCalltheAccrued

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Obligationsnolaterthan15daysfollowingthedateofterminationandhewillnotbeentitledtoanysalary,compensation,severanceorotherbenefitsfromusthereafter,exceptasotherwiseprovidedunderthetermsofanyapplicablebenefitplanorarrangementwithrespecttowhichMr.McCallhasbeenaparticipant.UponaterminationofMr.McCall’semploymentbyuswithoutcauseorbyMr.McCallwithgoodreason,wewillpaytoMr.McCall,inadditiontotheaforementionedpayments,(i)anamountequalto(A)twotimeshisthen-currentbasesalary,(B)twotimesthehigherof(1)histhen-targetbonusor(2)theannualbonuspaidforthefiscalyearimmediatelyprecedingthefiscalyearinwhichhisterminationofemploymentoccurs,ifany,(C)apro-ratedportionoftheannualbonusMr.McCallwouldhavebeenentitledtoforthefiscalyearinwhichtheterminationoccurs,ifany,and(D)aproratedportionoftheamountMr.McCallwouldhavereceivedundertheAlliedPowerHoldingsIncentiveUnitPlanrelatedtocertaindistributionsoccurringafterthedateofterminationhadsuchterminationnotoccurred,eachsuchpost-terminationdistributiontobecalculatedbymultiplyingtheamountMr.McCallwouldhavereceivedhadhisterminationnotoccurredmultipliedbyafraction,thenumeratorofwhichisthenumberofdaysbetweentheawarddateandthedateofterminationandthedenominatorofwhichisthenumberofdaysbetweentheawarddateandthedateofsuchpost-terminationdistribution(theamountsinclauses(A),(B),(C)and(D)collectively,the“McCallSeverance”).UponMr.McCall’sdeathordisability,Mr.McCallwillbepaidtheMcCallSeverance,providedthatpaymentof(A)and(B)shallonlybecalculatedatone-timesthosestatedamounts.

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Equity Compensation Plan Information

ThetablebelowprovidesinformationasofDecember31,2019,withrespecttothesecuritiesauthorizedforissuancetoemployees,directorsandconsultantsoftheCompanyanditsaffiliatesundertheIncentivePlan.TheIncentivePlan,whichwasadoptedbytheBoardofDirectorsupontheclosingoftheIPO,providesforthegrantofstockoptions,stockappreciationrights,restrictedstock,RSUs,bonusstock,dividendequivalents,otherstock-basedawards,substituteawards,annualincentiveawardsandperformanceawards.TheCompanyhasreserved3,006,582sharesofCommonStockforissuanceundertheIncentivePlan,andallfutureequityawardsdescribedabovewillbeissuedpursuanttotheIncentivePlan.

Plan Category(1)

Number of Securities to

be Issued Upon Exercise of

Outstanding Options,

Warrants and Rights

(#) (a)

Weighted-Average Exercise Price of

Outstanding Options, Warrants and

Rights ($) (b)

Number ofSecurities Remaining

Available for Future Issuance Under Equity Compensation

Plans (Excluding Securities

Reflected in Column (a))

(#) (c)

Equitycompensationplansnotapprovedbysecurityholders 752,479(2) —(3) 1,350,373(4)

(1) TheCompanydoesnothaveanyequitycompensationplansapprovedbysecurityholders.(2) RepresentsthenumberofunvestedRSUsandunearnedPSUsawardedtotheCompany’skeyemployeesandnon-employeedirectors

undertheIncentivePlan.(3) Therearenooutstandingstockoptionsorotherequityawardshavinganexerciseprice.(4) RepresentssharesavailableforawardinthefutureundertheIncentivePlan.

Section 16(a) Beneficial Ownership Reporting Compliance (Delinquent Section 16(a) Reports)

Section16(a)oftheExchangeActrequirestheCompany’sexecutiveofficersanddirectorsandpersonswhobeneficiallyownmorethan10%oftheoutstandingsharesofCommonStock(collectively,the“reportingpersons”)tofilewiththeSECinitialreportsoftheirbeneficialownershipofCommonStockandreportsofchangesintheirbeneficialownershipofCommonStock.BasedsolelyonareviewofsuchreportsandwrittenrepresentationsmadebytheCompany’sexecutiveofficersanddirectorswithrespecttothecompletenessandtimelinessoftheirfilings,theCompanybelievesthatthereportingpersonscompliedwithallapplicableSection16(a)filingrequirementsonatimelybasisduringfiscal2019,exceptforMessrs.Blossman,Ferraioli,FlexonandTritchandMs.Clyburn,directorsoftheCompany,who,duetoanadministrativeerror,eachfiledalateForm4toreportanawardofRSUsgrantedundertheIncentivePlan.

Compensation Committee Report

TheCompensationCommitteehasreviewedanddiscussedthe“ExecutiveCompensation”sectionincludedinthisProxyStatementwithmanagementand,basedonsuchreviewanddiscussions,recommendedtotheBoardthatthe“ExecutiveCompensation”sectionbeincludedinthisProxyStatementandintheCompany’sAnnualReportonForm10-KforthefiscalyearendedDecember31,2019.

RespectfullysubmittedbytheCompensationCommitteeoftheBoard,

RobertC.Flexon,ChairMignonL.ClyburnMarkSpender

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Audit Committee Report

TheprimarypurposeoftheAuditCommitteeistoassisttheBoardinitsoversightofallmaterialaspectsoftheaccountingandfinancialreportingprocesses,internalcontrolsandinternalauditfunctionsoftheCompany,includingitscompliancewithSection404oftheSarbanes-OxleyActof2002.ManagementhasprimaryresponsibilityfortheCompany’sconsolidatedandcombinedfinancialstatementsandreportingprocesses,includingitsinternalcontrolsanddisclosurecontrolsandprocedures.TheCompany’sindependentregisteredpublicaccountingfirm,Deloitte&ToucheLLP,isresponsibleforperforminganindependentauditoftheconsolidatedandcombinedfinancialstatementsinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoardandexpressinganopinionontheconformityofthoseauditedconsolidatedandcombinedfinancialstatementswithgenerallyacceptedaccountingprinciples.

Infulfillingitsoversightresponsibilities,theAuditCommitteereviewedanddiscussedwithmanagementtheauditedconsolidatedandcombinedfinancialstatementsincludedintheCompany’sAnnualReportonForm10-KforthefiscalyearendedDecember31,2019.ThisreviewincludedadiscussionofthequalityandacceptabilityoftheCompany’sfinancialreportingandinternalcontrols.Duringthepastfiscalyear,theAuditCommitteediscussedwiththeCompany’sindependentregisteredpublicaccountingfirmthemattersrequiredtobediscussedbyapplicablerequirementsofthePublicCompanyAccountingOversightBoardandtheSEC.TheAuditCommitteealsoreceivedduringthepastfiscalyearthewrittendisclosuresandtheletterfromtheindependentregisteredpublicaccountingfirmrequiredbyapplicablerequirementsofthePublicCompanyAccountingOversightBoardregardingtheindependentregisteredpublicaccountingfirm’scommunicationswiththeAuditCommitteeconcerningindependence,andhasdiscussedwiththeindependentregisteredpublicaccountingfirmitsindependence.

Basedonthereviews,discussionsanddisclosuresreferredtoabove,theAuditCommitteerecommendedtotheBoardthattheauditedconsolidatedandcombinedfinancialstatementsoftheCompanyforthefiscalyearendedDecember31,2019beincludedinitsAnnualReportonForm10-Kforsuchfiscalyear.

RespectfullysubmittedbytheAuditCommitteeoftheBoard,

BrianK.Ferraioli,ChairRobertC.FlexonStephenR.Tritch

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Proposal 2: Ratification of the Appointment of

Independent Registered Public Accounting Firm

TheAuditCommitteeoftheBoardofDirectorshasappointedDeloitte&ToucheLLPtoserveastheCompany’sindependentregisteredpublicaccountingfirmforfiscal2020.Deloitte&ToucheLLPhasservedastheCompany’sindependentregisteredpublicaccountingfirmsince2017.TheAuditCommitteereviewedanddiscussedtheperformanceofDeloitte&ToucheLLPforfiscal2019priortoitsappointmentofDeloitte&ToucheLLPtoserveastheCompany’sindependentregisteredpublicaccountingfirmforfiscal2020.

TheCompanyexpectsthatrepresentativesofDeloitte&ToucheLLPwillparticipateintheAnnualMeeting,andtherepresentativeswillhaveanopportunitytomakeastatementiftheydesiretodoso.TheCompanyalsoexpectsthatrepresentativeswillbeavailabletorespondtoappropriatequestionsfromstockholders.

StockholderratificationoftheAuditCommittee’sappointmentofDeloitte&ToucheLLPtoserveastheCompany’sindependentregisteredpublicaccountingfirmforfiscal2020isnotrequiredbytheCompany’sAmendedandRestatedBylawsorotherwise.Nevertheless,theBoardissubmittingtheappointmentofDeloitte&ToucheLLPtotheCompany’sstockholdersforratificationasamatterofgoodcorporategovernance.IftheCompany’sstockholdersfailtoratifytheappointment,theAuditCommitteewillreconsideritsappointmentofDeloitte&ToucheLLP.Evenifthisappointmentisratified,theAuditCommittee,initsdiscretion,maydirecttheappointmentofadifferentindependentregisteredpublicaccountingfirmatanytimeduringthefiscalyeariftheAuditCommitteedeterminesthatsuchachangewouldbeinthebestinterestsoftheCompanyanditsstockholders.

The Board of Directors recommends that you vote “FOR” the ratification of the appointment of Deloitte &Touche LLP to serve as the Company’s independent registered public accounting firm for fiscal 2020. Unlessotherwisespecified,proxieswillbevoted“FOR”theratificationoftheappointmentofDeloitte&ToucheLLPtoserveastheCompany’sindependentregisteredpublicaccountingfirmforfiscal2020.

Fees Paid to Independent Registered Public Accounting Firm

ThefollowingtablepresentsfeesforprofessionalauditservicesrenderedbyDeloitte&ToucheLLPfortheauditoftheCompany’sconsolidatedandcombinedfinancialstatementsforthefiscalyearsendedDecember31,2019and2018andfeesbilledforotherservicesrenderedbyDeloitte&ToucheLLPduringthoseperiods.

Fiscal 2019

($)Fiscal 2018

($)

AuditFees(1) 891,223 3,467,166

Audit-RelatedFees — —

TaxFees(2) 241,715 293,359

AllOtherFees(3) 1,895 1,895

Total 1,134,833 3,762,420

(1) AuditFeesconsistsoffeesbilledforprofessionalservicesrenderedinconnectionwithourregistrationstatementonFormS-1andamendmentsthereto,andourregistrationstatementonFormS-8,relatedtotheIPOandassociatedwiththeannualfinancialstatementauditandquarterlyfinancialstatementreviews,servicesrelatedtocompliancewithSection404oftheSarbanes-OxleyActof2002andconsultationsinconnectionwithstatutoryandregulatoryfilingsorengagements.

(2) TaxFeesconsistsoffeesbilledfortaxcompliance,consultationandrelatedmatters.(3) AllOtherFeesconsistsoflicensingfeespaidforaccesstoanonlineaccountingresearchprogramprovidedbytheCompany’s

independentregisteredpublicaccountingfirm.

Audit Committee Pre-Approval of Audit and Non-Audit Services

TheAuditCommitteehasimplementedprocedurestoensurethatallauditandpermittednon-auditservicestobeprovidedtotheCompanyhavebeenpre-approvedbytheAuditCommittee.Specifically,theAuditCommitteepre-approvestheuseoftheCompany’sindependentregisteredpublicaccountingfirmforspecificauditandnon-auditservices,withinpre-approvedmonetarylimits.Ifaproposedservicehasnotbeenpre-approved,thenitmustbespecificallypre-approvedbytheAuditCommitteebeforetheservicemaybeprovidedbytheCompany’sindependentregisteredpublicaccountingfirm.Anypre-approvedservicesexceedingthepre-approvedmonetary

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limitsrequirespecificapprovalbytheAuditCommittee.Forfiscal2019,alloftheauditfeeswereapprovedbytheAuditCommitteeinaccordancewiththeaboveprocedures.AlloftheotherfeesbilledbyDeloitte&ToucheLLPtotheCompanyforfiscal2019wereapprovedbytheAuditCommitteebymeansofspecificpre-approvals.Allnon-auditservicesprovidedinfiscal2019werereviewedwiththeAuditCommittee,whichconcludedthattheprovisionofsuchservicesbyDeloitte&ToucheLLPwascompatiblewiththemaintenanceofthatfirm’sindependenceintheconductofitsauditingfunctions.

Additional Information

Stockholder Proposals for the 2021 Annual Meeting of Stockholders

AnystockholderproposalintendedtobeincludedintheCompany’sproxystatementandformofproxyrelatingtothe2021AnnualMeetingofStockholdersmustbeinwritingandreceivedbytheCompanynolaterthanDecember25,2020.AnysuchstockholderproposalmustalsocomplywithRule14a-8oftheExchangeAct,whichliststherequirementsfortheinclusionofstockholderproposalsincompany-sponsoredproxymaterials.StockholderproposalsshouldbeaddressedtotheattentionoftheCompany’sCorporateSecretaryatCharahSolutions,Inc.,12601PlantsideDrive,Louisville,Kentucky40299.PursuanttotheSECrules,submittingaproposalwillnotguaranteethatitwillbeincludedintheCompany’sproxymaterials.

Inaddition,anystockholderproposalintendedtobepresentedatthe2021AnnualMeetingofStockholders,butthatwillnotbeincludedintheCompany’sproxystatementandformofproxyrelatingtothe2021AnnualMeetingofStockholders(i.e.,anyproposalotherthanaproposalsubmittedpursuanttoRule14a-8oftheExchangeAct),mustbeinwritingandreceivedbytheCompany’sCorporateSecretaryatCharahSolutions,Inc.,12601PlantsideDrive,Louisville,Kentucky40299notearlierthanFebruary5,2021andnotlaterthanMarch7,2021.However,intheeventthatthedateofthe2021AnnualMeetingofStockholdersisscheduledforadatethatismorethan30daysbeforeormorethan60daysafterJune5,2021,noticebythestockholdertobetimelymustbesoreceivednotlaterthanthe10thdayfollowingthedayonwhichpublicannouncementofthedateofsuchmeetingisfirstmadebytheCompany.StockholderproposalsmustincludethespecifiedinformationconcerningtheproposalandthestockholdersubmittingtheproposalassetforthintheCompany’sAmendedandRestatedBylaws.AcopyoftheCompany’sAmendedandRestatedBylawsmaybeobtainedbywritingtotheCompany’sCorporateSecretaryatCharahSolutions,Inc.,12601PlantsideDrive,Louisville,Kentucky40299.

2019 Annual Report to Stockholders

ThisProxyStatementisaccompaniedbythe2019AnnualReporttoStockholders,andthesematerialsarealsoavailableatwww.proxyvote.comandtheinvestorsportionoftheCompany’swebsite,www.charah.com.The2019AnnualReporttoStockholders,whichcontainstheauditedconsolidatedandcombinedfinancialstatementsandotherinformationabouttheCompany,isnotincorporatedinthisProxyStatementandisnottobedeemedapartoftheproxysolicitingmaterial.

Annual Report on Form 10-K

The Company will provide without charge to each person solicited pursuant to this Proxy Statement, upon thewritten request of any such person, a copy of the Company’s Annual Report on Form 10-K for the fiscal yearended December 31, 2019, including the financial statements and the financial statement schedules, required tobe filed with the SEC, or any exhibit thereto. Requests should be in writing and addressed to the attention ofSteven A. Brehm, the Company’s Corporate Secretary, at Charah Solutions, Inc., 12601 Plantside Drive,Louisville, Kentucky 40299.

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Householding

TheSEChasadoptedrulespermittingcompaniestomailoneproxystatementandannualreport,ornoticeofinternetavailabilityofproxymaterials,asapplicable,inoneenvelopetoallstockholdersresidingatthesameaddressifcertainconditionsaremet.Thisiscalled“householding”andcanresultinsignificantsavingsofpaperandmailingcosts.TheCompanyhasnotimplementedhouseholdingwithrespecttoitsstockholdersofrecord;however,anumberofbrokeragefirmshaveinstitutedhouseholdingthatmayimpactcertainbeneficialownersofsharesheldinstreetname.IfmembersofyourhouseholdhavemultipleaccountsthroughwhichtheyholdVotingStock,youmayhavereceivedahouseholdingnotificationfromthestockholderofrecord(e.g.,yourbank,brokerorothernominee).

PleasecontactthestockholderofrecorddirectlyifyouhaveanyquestionsorwishtorevokeyourdecisiontohouseholdortoreceiveanadditionalcopyofthisProxyStatement,the2019AnnualReporttoStockholdersortheNoticeofInternetAvailabilityformembersofyourhousehold.

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