Arq, Inc. — Director's Dealing 2014

Aug 27, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Advanced Emissions Solutions, Inc. (ades)
CIK: 0001515156
Period of Report: 2014-08-22

Reporting Person: BUSTARD C JEAN (COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-08-22	Common Stock	M	37086	$4.3	Acquired	182356	Direct
2014-08-22	Common Stock	F	14967	$21	Disposed	167389	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-08-22	Stock Option	$4.3	M	37086	Acquired	2014-08-23	Common Stock (37086)	Direct

Footnotes

F1: Represents the total number of underlying shares issued pursuant to the exercise of the stock option (the "Stock Option") granted to the reporting person on August 23, 2004 pursuant to the Company's 2004 Executive Stock Option Plan.

F2: Represents the exercise price of the Stock Option.

F3: Of the amount shown, 37,808 shares are held in the qualified pension plan account of the reporting person, and 21,682 shares were issued pursuant to a program under the Company's Amended and Restated 2007 Equity Incentive Plan, as amended, are not fully vested and are subject to certain repurchase rights.

F4: Represents 7,594 shares withheld to cover the exercise price of the Stock Option and 7,373 shares withheld to satisfy minimum statutory tax withholding obligations upon exercise of the Stock Option.

F5: Fair market value of the shares, as of the market closing price on August 21, 2014, which is the day prior to the exercise of the Stock Option.

F6: Represents the date upon which vesting of the Stock Option was accelerated, as approved by the Company's Board of Directors.

F7: Represents the amount of underlying shares subject to the full exercise of the Stock Option.