Arq, Inc. — Director's Dealing 2014

Jan 7, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Advanced Emissions Solutions, Inc. (ADES)
CIK: 0001515156
Period of Report: 2014-01-03

Reporting Person: LAGARENNE JONATHAN R (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-01-03	Common Stock	A	2198	$53	Acquired	18247	Direct
2014-01-03	Common Stock	F	569	$53	Disposed	17678	Direct
2014-01-03	Common Stock	F	1037	$53	Disposed	16641	Direct
2014-01-03	Common Stock	S	1000	$54.07	Disposed	15641	Direct
2014-01-03	Common Stock	S	1000	$54.1	Disposed	14641	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-01-03	Performance Share Units	$	A	4396	Acquired		Common Stock (4396)	Direct

Footnotes

F1: Represents Restricted Stock issued 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 services 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: Payment of the tax liability by delivery of stock incident to the vesting on January 2, 2014 of 636 shares of Restricted Stock.

F4: Fair market value of the shares upon vesting is based on closing price of common stock on January 2, 2014.

F5: Payment of the tax liability by delivery of stock incident to the vesting on January 2, 2014 of 963 shares of Restricted Stock.

F6: Shares sold pursuant to an existing 10b5-1(c) plan.

F7: Of the amount shown, 184 shares are held in the qualified pension plan account of the reporting person and 12,608 shares were issued pursuant to the programs under the 2007 Plan, are not fully vested and are subject to certain repurchase rights.

F8: Each Performance Share Unit represents a contingent right to receive one share of the Company's common stock.

F9: Represents the maximum number of Performance Share Units that will vest, if at all, which is 200% of the target payout of 2,198 shares.

F10: 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.