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: BUSTARD C JEAN (COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-01-03	Common Stock	F	432	$53	Disposed	72635	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-01-03	Performance Share Units	$	A	4226	Acquired		Common Stock (4226)	Direct

Footnotes

F1: Payment of the tax liability by delivery of stock incident to the vesting on January 2, 2014 of 727 shares of Restricted Stock.

F2: Fair market value of the shares upon vesting is based on closing price of common stock on January 2, 2014.

F3: Of the amount shown, 18,904 shares are held in the qualified pension plan account of the reporting person and 10,841 shares were issued pursuant to the programs under the 2007 Plan, 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 2,113 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.