Arq, Inc. — Director's Dealing 2014

Apr 30, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Advanced Emissions Solutions, Inc. (ADES)
CIK: 0001515156
Period of Report: 2014-04-28

Reporting Person: SMITH RACHEL ANN (Chief Accounting Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-04-28	Common Stock	A	2585	$23.02	Acquired	3345	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-04-21	Performance Share Units	$	A	5170	Acquired		Common Stock (5170)	Direct

Footnotes

F1: Represents Restricted Stock issued upon appointment as Chief Accounting Officer pursuant to the Advanced Emissions Solutions, Inc. Amended and Restated 2007 Equity Incentive Plan, as amended (the "2007 Plan"). The Restricted Stock will vest in equal installments on January 2, 2015, January 2, 2016 and January 2, 2017 subject to continuous service with Advanced Emissions Solutions, Inc. or its related entities unless such shares vest sooner pursuant to Section 11 of the 2007 Plan.

F2: Closing stock price at date of grant.

F3: Of the amount shown, 760 shares were issued pursuant to the 2010 Non-Management Compensation and Incentive Plan and 2,585 shares were issued pursuant to the 2007 Plan. These shares are not fully vested and are subject to certain repurchase rights.

F4: Each Performance Share Unit represents a contingent right to receive one share of the Company's common stock.

F5: Represents the maximum number of Performance Share Units that will vest, if at all, which is 200% of the target payout of 2,585 shares.

F6: Vesting of the Performance Share Units, if at all, will occur on January 2, 2017, subject to continuous service and the achievement of certain pre-established goals to be measured as of December 31, 2016, unless such units vest sooner at the target amount pursuant to Section 11 of the 2007 Plan.