Arq, Inc. — Director's Dealing 2016

Mar 4, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Advanced Emissions Solutions, Inc. (ADES)
CIK: 0001515156
Period of Report: 2016-03-01

Reporting Person: LAGARENNE JONATHAN R (Former Executive VP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-03-01	Common Stock	M	4916	—	Acquired	28734	Direct
2016-03-01	Common Stock	F	1572	$5.25	Disposed	27162	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-03-01	Performance Share Units	$	M	14460	Disposed		Common Stock (14460.0)	Direct

Footnotes

F1: On March 1, 2016, the Compensation Committee of the Board of Directors of the issuer determined that of the 14,460 performance share units ("PSUs") awarded to the reporting person on May 14, 2013 (adjusted for the 2:1 stock dividend in March 2014) pursuant to the 2013 Long Term Incentive Plan under the issuer's Amended and Restated 2007 Equity Incentive Plan, as amended (the "2007 Plan"), 4,916 PSUs vested based on the achievement of specific performance criteria over a three year performance period ended December 31, 2015. Each vested PSU represents the right to receive one share of the issuer's common stock.

F2: Common stock was issued pursuant to the vesting terms of the PSUs, which were granted for services rendered to the Company by the reporting person.

F3: Represents the shares withheld to satisfy the minimum statutory tax withholding obligations upon the issuance of 4,916 shares issued upon the vesting of the PSUs (see Footnote No. 1).

F4: The share price used is the average of the high bid and low ask stock prices on the relevant date, calculated in accordance with the provisions of the 2007 Plan.

F5: Of the amount shown, 556 shares are held in a qualified pension plan account of the reporting person.

F6: The PSUs were granted for services rendered to the Company by the reporting person.