0001515156-23-000036 4 1 20230323 20230327 20230327 Wong Joseph M 0001785490 4 34 001-37822 23765794 640 PLAZA DRIVE, SUITE 270 C/O ADVANCED EMISSIONS SOLUTIONS, INC. HIGHLANDS RANCH CO 80129 Advanced Emissions Solutions, Inc. 0001515156 2890 275472457 1231 8051 E. MAPLEWOOD AVE., STE 210 GREENWOOD VILLAGE CO 80111 720-598-3500 8051 E. MAPLEWOOD AVE., STE 210 GREENWOOD VILLAGE CO 80111 4 1 wf-form4_167995807507044.xml FORM 4 FORM 4 OMB APPROVAL ? Check this box OMB Number: if no longer UNITED STATES SECURITIES AND EXCHANGE COMMISSION 3235-0287 subject to Washington, D.C. 20549 Estimated Section 16. Form STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF average burden 4 or Form 5 SECURITIES hours per obligations may response... 0.5 continue. See Instruction 1(b). Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 1. Name and Address of Reporting 2. Issuer Name and Ticker 5. Relationship of Person * or Trading Symbol Reporting Person(s) to Wong Joseph M Advanced Emissions Issuer (Check all Solutions, Inc. [ ADES ] applicable) _____ Director _____ 10% Owner __X__ Officer (give title (Last) (First) (Middle) 3. Date of Earliest below) _____ Other 8051 E MAPLEWOOD AVE, STE Transaction (MM/DD/YYYY) (specify below) 210, C/O ADVANCED EMISSIONS 3/23/2023 Chief Technology Officer SOLUTIONS, INC. (Street) 4. If Amendment, Date 6. Individual or GREENWOOD VILLAGE, CO 80111 Original Filed Joint/Group Filing (Check (MM/DD/YYYY) Applicable Line) _X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Rule 10b5-1(c) Transaction Indication ? Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10. Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security 2. Trans. Date 2A. 3. Trans. 4. Securities 5. Amount of 6. Ownership 7. Nature of (Instr. 3) Deemed Code Acquired (A) or Securities Form: Direct Indirect Execution (Instr. 8) Disposed of (D) Beneficially (D) or Indirect Beneficial Date, if (Instr. 3, 4 and Owned Following (I) (Instr. 4) Ownership any 5) Reported (Instr. 4) Transaction(s) (A) (Instr. 3 and or 4) Code V Amount (D) Price Common Stock 3/23/2023 A 30,225 A $0 85,981 D Common Stock 3/23/2023 F 4,068 D $1.97 81,913 D Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) 1. Title of 2. 3. Trans. Date 3A. 4. Trans. 5. Number of 6. Date Exercisable and 7. Title and Amount of 8. Price 9. Number of 10. 11. Nature Derivate Security Conversion Deemed Code Derivative Expiration Date Securities Underlying of derivative Ownership of (Instr. 3) or Execution (Instr. 8) Securities Acquired Derivative Security Derivative Securities Form of Indirect Exercise Date, if (A) or Disposed of (Instr. 3 and 4) Security Beneficially Derivative Beneficial Price of any (D) (Instr. 5) Owned Security: Ownership Derivative (Instr. 3, 4 and 5) Following Direct (D) (Instr. 4) Security Reported or Transaction(s) Indirect Date Amount or (Instr. 4) (I) Exercisable Expiration Date Title Number of (Instr. 4) Code V (A) (D) Shares Performance Share (1) 3/23/2023 A 30,225 (1) 3/10/2026 (1) Common 60,450 (2) $0 30,225 D Units Stock Explanation of Responses: (1) 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. (2) Represents the maximum number of PSUs that will vest, if at all, which is 200% of the target award. Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Wong Joseph M 8051 E MAPLEWOOD AVE, STE 210 Chief Technology C/O ADVANCED EMISSIONS SOLUTIONS, Officer INC. GREENWOOD VILLAGE, CO 80111 Signatures /s/ Joseph M Wong 3/27/2023 ** Signature of Reporting Person Date Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. * If the form is filed by more than one reporting person, see Instruction 4(b)(v). ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.