Arq, Inc. — Director's Dealing 2013

Nov 23, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Advanced Emissions Solutions, Inc. (ADES)
CIK: 0001515156
Period of Report: 2013-11-20

Reporting Person: BUSTARD C JEAN (COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-11-20	Common Stock	A	2000	$8.6	Acquired	75067	Direct
2013-11-20	Common Stock	D	1000	$46.26	Disposed	74067	Direct
2013-11-20	Common Stock	D	1000	$46.67	Disposed	73067	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-11-20	Stock Options	$8.6	F	2000	Acquired	2015-12-31	Common Stock (2000)	Direct

Footnotes

F1: Represents the amount of stock options exercised.

F2: Represents the exercise price.

F3: Of the amount shown, 18,904 shares are held in the qualified pension plan account of the reporting person and 12,000 shares were issued pursuant to a program under the Company's Equity Incentive Plan, are not fully vested and are subject to certain repurchase rights.

F4: Shares sold pursuant to an existing 10b5-1(c) plan.

F5: Represents the amount of stock options exercised.