Greg Marken - Mar 23, 2023 Form 4 Insider Report for Advanced Emissions Solutions, Inc. (ADES)

Role: CEO
Signature: /s/ Greg P. Marken
Stock symbol: ADES
Transactions as of: Mar 23, 2023
Transactions value $: -$18,477
Form type: 4
Date filed: 3/27/2023, 07:02 PM
Previous filing: Mar 25, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ADES	Common Stock	Award	$0	+90.9K	+86.61%	$0.00	196K	Mar 23, 2023	Direct
transaction	ADES	Common Stock	Tax liability	-$18.5K	-9.38K	-4.79%	$1.97	186K	Mar 23, 2023	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ADES	Performance Share Units	Award	$0	+90.9K		$0.00	90.9K	Mar 23, 2023	Common Stock	182K		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each Performance Share Unit ("PSU") represents a contingent right to receive one share of the Company's common stock upon vesting of the PSU, which will occur, if at all, no later than March 10, 2026 subject to the reporting person's continuous service with the Company or its related entities and the achievement of certain pre-established goals to be measured as of December 31, 2025.
F2	Represents the maximum number of PSUs that will vest, if at all, which is 200% of the target award.