Arq, Inc. — Director's Dealing 2023

Feb 4, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Advanced Emissions Solutions, Inc. (ADES)
CIK: 0001515156
Period of Report: 2023-02-01

Reporting Person: Blank Jeremy (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-02-01	Common Stock	P	631866	$4	Acquired	631866	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-02-01	Warrants (right to buy)	$0.01	J	1	Acquired	2030-02-01	Common Stock (325457.0)	Indirect

Footnotes

F1: The shares reported on this row are held by YGF 100 LP. Jeremy Blank, a Director of the Issuer, is the general partner of YGF 100 LP. Mr. Blank is an investor in YGF 100 LP and therefore is an indirect beneficial owner of a portion of these shares. Mr. Blank disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

F2: The warrant reported on this row (the "Warrant") was issued by the Issuer to CF Global Credit, LP in connection with that certain Term Loan and Security Agreement, dated as of February 1, 2023 (the "Loan Agreement") and as consideration for the term loan pursuant to the Loan Agreement. The Warrant has an exercise price of $0.01 per share, subject to adjustment as set forth in the Warrant, is exercisable immediately and will expire on February 1, 2030. The terms of the Warrant do not allow for cash exercise and the Warrant may only be exercised pursuant to the terms thereof. Mr. Blank controls the general partner of CF Global Credit, LP. Mr. Blank is an investor in CF Global Credit, LP and therefore is an indirect beneficial owner of a portion of the shares underlying the Warrant. Mr. Blank disclaims beneficial ownership of the shares underlying the Warrant except to the extent of his pecuniary interest therein.