Document:

EX-10.30

 Exhibit 10.30 
 WILLIAMS-SONOMA, INC. 
 2012 EVP LEVEL MANAGEMENT RETENTION PLAN

 (Amended and Restated Effective November 16, 2015) 

This 2012 EVP Level Management Retention Plan (the “Plan”) was adopted and approved by the Compensation Committee
(“Committee”) of the Board of Directors (“Board”) of Williams-Sonoma, Inc., a Delaware corporation (the “Company”) on November 1, 2012 and amended and restated effective November 16, 2015 (the “Effective
Date”). The purpose of the Plan is to provide certain eligible Executives (as such term is defined in Section 1(a) below) of the Company with severance benefits upon certain terminations of employment following a Change of Control in order
to provide such Executive participants with enhanced financial security, incentive and encouragement to remain with the Company notwithstanding the possibility of a Change of Control. The Board recognizes that a potential Change of Control can be a
distraction to Executive participants and can cause them to consider alternative employment opportunities. The Board has determined that it is in the best interests of the Company and its stockholders to (a) assure that the Company will have
the continued dedication and objectivity of covered Executives, notwithstanding the possibility, threat or occurrence of a Change of Control of the Company, and (b) provide Executive participants with an incentive to continue their employment
and to motivate them to maximize the value of the Company upon a Change of Control for the benefit of its stockholders. This Plan is an “employee welfare benefit plan,” as defined in Section 3(1) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”). This document constitutes both the written instrument under which the Plan is maintained and the required summary plan description for the Plan. Capitalized terms used herein but not defined
shall have the meaning assigned to such terms in Section 5 below. 
 1. Eligibility; Term; and Termination.

 (a) Eligibility. Each employee of the Company at the Executive Vice President level and above (each, an
“Executive”) shall automatically participate in the Plan, effective upon the later of (i) the Effective Date and (ii) the date of promotion or hire into the Executive Vice President level or higher. The Committee may, in its
discretion, adopt a resolution approving participation in the Plan by an employee below the level of Executive Vice President. For the avoidance of doubt, the President and Chief Executive Officer of the Company, whose severance benefits are
governed by a separate agreement with the Company, shall not participate in the Plan. Notwithstanding any other provision in the Plan to the contrary, the severance payments and benefits provided hereunder shall be in lieu of any other severance
and/or retention plan benefits and any severance payments and benefits specified in Section 3 below shall be reduced by any severance paid or provided to Executive under any other plan or arrangement. Once participating in the Plan, Executive
shall remain a Plan participant until (i) the Plan is terminated in accordance with Section 1(b) below, (ii) Executive is no longer an employee of the Company, other than a termination of employment triggering severance benefits under
Section 3(a) below, (iii) the effective date of Executive’s demotion below the Executive Vice President level, or (iv) written notice is provided to Executive prior to a Change in Control stating that such employee is no longer a
Plan participant. 

  
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 (b) Term. This Plan will commence on the Effective Date and will remain in effect
through November 15, 2018; provided, however, that if prior to the expiration of the term of this Plan, the Company enters into a definitive agreement (a “Definitive Agreement”) with a third party (or third parties), the consummation
of which would result in a Change of Control (as defined in this Plan), then the term of this Plan shall automatically be extended to eighteen months following the resulting Change of Control, unless the Definitive Agreement terminates or is
cancelled without resulting in a Change of Control, in which case such extension shall not be effective. Moreover, the Plan provisions shall survive the lapse of the term of this Plan and shall be binding on both the Company and Executive with
respect to any termination of Executive’s employment triggering severance benefits under Section 3 that occurs prior to the lapsing of the term of this Plan. 
 (c) Amendment, Modification or Termination. The Company reserves the right to amend, modify or terminate the Plan at any time, without advance notice to any Executive; provided, however, that, no
amendment, modification, or termination of the Plan shall be permitted for a period of eighteen (18) months after a Change in Control that would reduce the severance benefits payable to Executive or impair Executive’s eligibility under the
Plan (unless the affected Executive consents in writing to such amendment or termination). Any action of the Company in amending or terminating the Plan will be taken in a non-fiduciary capacity. 

2. No Employment Right. Nothing in the Plan shall interfere with or limit in any way the right of the Company, or a subsidiary of
the Company, as applicable, to terminate any Executive’s employment or service at any time, with or without cause. Executive’s employment is and shall continue to be at-will, as defined under applicable law. If Executive’s employment
terminates for any reason, Executive shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided under this Plan, any outstanding written employment agreement or offer letter by and between Executive and
the Company, or as may otherwise be available in accordance with the Company’s established employee plans. 
 3.
Severance Benefits. 
 (a) Involuntary Termination Other than for Cause or Voluntary Termination for Good Reason,
Within 18 Months On or Following a Change of Control. If within the period commencing on a Change of Control and ending eighteen (18) months following the Change of Control, Executive’s employment with the Company (A) is
terminated involuntarily by the Company without Cause, or (B) voluntarily by Executive for Good Reason, then subject to Executive signing and not revoking a release of claims in favor of the Company substantially in the form attached as Exhibit
A to this Plan, which may be updated to reflect applicable laws (a “Release”), the Company shall provide severance pay and benefits, subject to certain conditions, as follows: 

(i) Severance Payment. Executive shall be entitled to receive a cash severance payment equal to two hundred percent of
Executive’s annual base salary (as in effect immediately prior to (A) the Change of Control, or (B) Executive’s termination, whichever is greater) plus an amount equal to two hundred percent of the average annual bonus received
by Executive in the last thirty-six (36) months. Such cash severance payment shall be paid out 

  
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ratably over twenty-four (24) months from the date of employment termination in accordance with the payroll schedule applicable to active officers of the Company (subject to the timing
provisions of Sections 3(h) and 9 of this Plan). 
 (ii) Equity Compensation Acceleration. One hundred percent
(100%) of Executive’s outstanding stock options, stock appreciation rights, restricted stock units and other Company equity compensation awards, including performance-based vesting full-value awards where the payout is either a fixed
number of shares or zero shares depending on whether the performance metric is obtained, shall immediately become fully vested as to all of the underlying shares. Except as set forth in a grant agreement covering a particular award, with respect to
performance-based vesting full-value awards in which the performance period has not been completed prior to Executive’s termination date and where the number of shares earned is variable based upon the extent to which performance milestones are
reached (i.e., where the number of shares earned based upon achieving performance milestones can be more than one positive number), each such award shall vest at the target performance level as to a pro-rata number of shares in an amount equal to
(A) the number of shares subject to the award that would have vested at target performance levels (had any additional service-based vesting requirements been met) multiplied by (B) a fraction, with the numerator being the number of months
that have elapsed from the start of the award’s performance period (with partial months rounded up to a whole month) through and including Executive’s termination date and the denominator being the number of full months in the award’s
performance period (with such fraction not to exceed the whole number one). Any Company stock options and stock appreciation rights shall thereafter remain exercisable following Executive’s employment termination for the period prescribed in
the respective option and stock appreciation right agreements. 
 (iii) Continued Employee Benefits. In lieu of
continued employee benefits (other than as statutorily required, such as COBRA continuation coverage as required by law), Executive shall receive payments of three thousand dollars ($3,000) per month for twelve months from the date of employment
termination in accordance with the payroll schedule applicable to active officers of the Company (subject to the timing provisions of Sections 3(h) and 9 of this Plan. 
 (b) Voluntary Resignation Other than for Good Reason; Termination for Cause; Termination due to Death or Disability. If Executive’s employment with the Company terminates (i) voluntarily
by Executive other than for Good Reason, or (ii) for Cause by the Company, or (iii) pursuant to Executive’s death or Disability, then Executive shall not be entitled to receive severance or other benefits except for those (if any) as
may then be established under the Company’s then existing severance and benefits plans and practices or pursuant to other written agreements with the Company. 
 (i) Termination Outside of Change of Control. In the event Executive’s employment is terminated for any reason, either prior to a Change of Control or more than eighteen (18) months after
a Change of Control, then Executive shall be entitled to receive severance benefits only as provided under the Company’s then existing severance and benefits plans and practices or pursuant to other written agreements with the Company.

  
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 (ii) Termination On or Within 18 Months Following a Change of Control. In the event
Executive’s employment terminates on or within eighteen (18) months following a Change of Control, Executive shall only receive severance payments and benefits under this Plan and not pursuant to the Company’s then existing severance
and benefits plans and practices or pursuant to other written agreements with the Company. 
 (c) Non-Solicitation;
Confidential Information. Notwithstanding the foregoing, the Company’s obligation to provide severance payments and benefits under this Section 3 is expressly conditioned upon Executive’s ongoing compliance with the confidential
information and non-solicitation provisions of the Company’s Corporate Code of Conduct as in effect on the date of Executive’s termination of employment. In the event Executive breaches the terms of the confidential information and
non-solicitation provisions of the Company’s Corporate Code of Conduct as in effect on such date, the Company’s obligations under Section 3 shall automatically terminate, without any notice to Executive. 

(d) No Mitigation. Executive shall not be required to mitigate the amount of any severance payments or benefits provided for under
this Plan by seeking other employment nor shall any amounts to be received by Executive under this Plan be reduced by any other compensation earned; provided that in no event shall Executive receive severance payments or benefits under both a
Management Retention Agreement entered into on or prior to the Effective Date and under this Plan. 
 (e) Tax
Withholding. The Company shall be entitled to withhold from any payments made to Executive under this Section 3 any amounts required to be withheld by applicable federal, state or local tax law. 

(f) Non-Competition, Non-Solicitation; Confidential Information. If at any time during the period commencing on Executive’s
employment termination date and ending twelve (12) months later, Executive accepts other employment or a professional relationship with a competitor of the Company (defined as either (i) another company primarily engaged in retail sales of
products for the home or (ii) any retailer with retail products for the home sales in excess of one hundred million dollars ($100,000,000) annually), or if Executive breaches Executive’s remaining obligations to the Company (e.g., the duty
to protect confidential information and intellectual property and the duties not to solicit under the Company’s Corporate Code of Conduct), then the Company’s obligations under this Section 3 will cease such that Executive will not be
entitled to any further payments or benefits under this Section 3 and the Company may seek injunctive relief against Executive as specified in Section 8(d) hereof. 
 (g) Non-Disparagement. While employed by the Company and for a period of twenty-four (24) months commencing on the date upon which Executive’s employment terminates, (i) Executive
shall agree in the Release not to make any statements that disparage the Company, its products, services, officers, employees, members of its Board, advisers or other business contacts, and (ii) the Company hereby agrees that members of its
Board and the Company’s officers holding a title of Executive Vice President or above shall not make any statements that disparage Executive. Executive shall acknowledge and agree in the Release that upon Executive breaching this
non-disparagement provision of the Plan and the Release on or after the date upon which Executive’s employment terminates then the Company’s obligations 

  
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under this Section 3 will cease such that Executive will not be entitled to any further payments or benefits under this Section 3 and the Company may seek injunctive relief against
Executive as specified in Section 8(d) hereof. 
 (h) Release of Claims. Receipt of the severance payments and
benefits specified in this Section 3 shall be contingent on Executive’s execution of the Release, and the lapse of any statutory period for revocation, and such Release becoming effective in accordance with its terms within fifty-two days
following Executive’s termination date. Any severance payment to which Executive otherwise would have been entitled during such fifty-two day period shall be paid by the Company in cash and in full arrears on the fifty-third day following
Executive’s employment termination date or such later date as is required to avoid the imposition of additional taxes under Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”).

 4. Code Section 280G Best Results. If any payment or benefit Executive would receive pursuant to this Plan or
otherwise, including accelerated vesting of any equity compensation (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject
to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be reduced to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would
result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes,
income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be
subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order: (A) cash payments shall be
reduced first and in reverse chronological order such that the cash payment owed on the latest date following the occurrence of the event triggering such excise tax will be the first cash payment to be reduced; (B) accelerated vesting of stock
awards shall be cancelled/reduced next and in the reverse order of the date of grant for such stock awards (i.e., the vesting of the most recently granted stock awards will be reduced first), with full-value awards reversed before any stock option
or stock appreciation rights are reduced; and (C) employee benefits shall be reduced last and in reverse chronological order such that the benefit owed on the latest date following the occurrence of the event triggering such excise tax will be
the first benefit to be reduced. 
 The Company shall appoint a nationally recognized accounting firm to make the determinations
required hereunder and perform the foregoing calculations. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. 

The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting
documentation, to the Company and Executive within fifteen (15) calendar days after the date on which right to a Payment is triggered (if requested at that time by the Company or Executive) or such other time as requested by the Company or
Executive. Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive. 

  
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 5. Definition of Terms. The following terms referred to in this Plan shall have the
following meanings: 
 (a) Cause. “Cause” means (i) an act of dishonesty made by Executive in connection
with Executive’s responsibilities as an employee, (ii) Executive’s conviction of or plea of nolo contendere to, a felony or any crime involving fraud, embezzlement or any other act of moral turpitude,
(iii) Executive’s gross misconduct, (iv) Executive’s unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom Executive owes an obligation of nondisclosure as a
result of Executive’s relationship with the Company; (v) Executive’s willful breach of any obligations under any written agreement or covenant with the Company or breach of the Company’s Corporate Code of Conduct; or
(vi) Executive’s continued failure to perform Executive’s employment duties after Executive has received a written demand of performance from the Chief Executive Officer which specifically sets forth the factual basis for the Chief
Executive Officer’s belief that Executive has not substantially performed Executive’s duties and has failed to cure such non-performance to the Chief Executive Officer’s satisfaction within 30 days after receiving such notice.

 (b) Change of Control. “Change of Control” means the occurrence of any of the following events: 

(i) A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group,
(“Person”) acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company; provided, however, that for purposes of
this subsection (i), the acquisition of additional stock by any one Person, who is considered to own more than 50% of the total voting power of the stock of the Company will not be considered a Change of Control; or 

(ii) A change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced
during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is
considered to effectively control the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change of Control; or 
 (iii) A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on
the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior
to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity
that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the 

  
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Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, 50% or more of the total value or voting power of which is owned,
directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least 50% of the total value or
voting power of which is owned, directly or indirectly, by a Person. For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard
to any liabilities associated with such assets. 
 For purposes of this Section 5(b), persons will be considered to be
acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 

Notwithstanding the foregoing, a transaction shall not be deemed a Change of Control unless the transaction qualifies as a change in the
ownership of the Company, change in the effective control of the Company or a change in the ownership of a substantial portion of the Company’s assets, each within the meaning of Section 409A. 

(c) Disability. “Disability” means Executive (i) is unable to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically
determinable physical or mental impairment which can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident
and health plan covering Company employees. 
 (d) Good Reason. “Good Reason” means, without Executive’s
consent, (i) a material reduction in Executive’s annual base salary (except pursuant to a reduction generally applicable to senior executives of the Company), (ii) a material diminution of Executive’s authority, duties or
responsibilities, (iii) if Executive reported directly to the Chief Executive Officer of the Company immediately prior to the Change of Control, Executive ceasing to report directly to the Chief Executive Officer of the Company or to the Chief
Executive Officer of the entity holding all or substantially all of the Company’s assets following a Change of Control, or (iv) relocation of Executive to a location more than 50 miles from the principal place of employment for Executive
immediately prior to the Change of Control. In addition, upon any such voluntary termination for Good Reason, Executive must provide written notice to the Company of the existence of the one or more of the above conditions within 90 days of its
initial existence, and the Company must be provided with at least 30 days from the receipt of the notice to remedy the condition. 
 6. Assignment. 
 (a) Executive. The rights and obligations of
Executive under the Plan are personal to that Executive and without the prior written consent of the Company, no such right shall be assignable by Executive otherwise than by will or the laws of descent and distribution. The rights of Executive
under this Plan shall inure to the benefit of and be enforceable by the heirs, executors and legal representatives of Executive upon Executive’s death. None of the 

  
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rights of Executive to receive any form of compensation payable pursuant to this Plan may be assigned or transferred except by will of the laws of descent and distribution. Any other attempted
assignment, transfer, conveyance or other disposition of Executive’s right to compensation or other benefits will be null and void. 
 (b) Successor Company. Until the Plan terminates in accordance with Section 1 above, the rights and obligations of the Company under the Plan shall inure to the benefit of and be binding upon
the Company and its successors and assigns. Any such successor of the Company will be deemed substituted for the Company under the terms of this Plan for all purposes. For this purpose, “successor” means any person, firm, corporation or
other business entity which at any time, whether by purchase, merger or other, directly or indirectly acquires all or substantially all of the assets or business of the Company. The Company will require any successor to assume expressly and agree to
administer this Plan in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 
 7. Notices. All claims, notices, requests, demands and other communications called for under this Plan shall be in writing and shall be deemed given (i) on the date of delivery if delivered
personally, (ii) one (1) day after being sent by a well established commercial overnight service, or (iii) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the
parties or their successor at the following addresses, or at such other addresses as the parties may later designate in writing: 
 If to the Administrator: 
 Compensation Committee of the Board of Directors

 Williams-Sonoma, Inc. 
 3250 Van Ness Avenue 
 San Francisco, CA 94109 

Attn: c/o General Counsel 
 If to Executive: 
 At the last residential address known to the Company 

  
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 8. Administration and Claims. 

(a) Administration. The “Administrator” (within the meaning of section 3(16)(A) of ERISA) shall be the Committee. The
Administrator shall have the exclusive discretion and authority to establish rules, forms, and procedures for the administration of the Plan, and discretionary authority to construe and interpret the Plan and to decide any and all questions of fact,
interpretation, definition, computation or administration arising in connection with the operation of the Plan. Decisions made by the Administrator prior to the occurrence of a Change of Control shall not be subject to review unless they are found
to be unreasonable or not to have been made in good faith. For decisions made by the Administrator on or after the occurrence of a Change of Control that affect benefits payable under the Plan, the Administrator’s decisions shall be subject to
review. As used in this Section 8(a), “review” shall mean review as provided by applicable law. The Administrator may appoint one or more individuals and delegate such of its powers and duties as it deems desirable to any such
individual(s), in which case every reference herein made to the Administrator shall be deemed to mean or include the appointed individual(s) as to matters within their jurisdiction. 

(b) Claims Procedure. Any Executive who believes he or she is entitled to any payment under the Plan may submit a claim in writing
to the Administrator in accordance with Section 7 above identifying the matter in dispute and the proposed remedy. If the claim is denied (in full or in part), the claimant will be provided a written notice explaining the specific reasons for
the denial and referring to the provisions of the Plan on which the denial is based. The notice will also describe any additional information needed to support the claim and the Plan’s procedures for appealing the denial. The denial notice will
be provided within ninety (90) days after the claim is received. If special circumstances require an extension of time (up to ninety (90) days), written notice of the extension will be given within the initial ninety (90) day period.
This notice of extension will indicate the special circumstances requiring the extension of time and the date by which the Administrator expects to render its decision on the claim. 

(c) Appeal Procedure. If the claimant’s claim is denied, the claimant (or his or her authorized representative) may apply in
writing to the Administrator for a review of the decision denying the claim. Review must be requested within sixty (60) days following the date the claimant received the written notice of their claim denial or else the claimant loses the right
to review. The claimant (or representative) then has the right to review and obtain copies of all documents and other information relevant to the claim, upon request and at no charge, and to submit issues and comments in writing. The Administrator
will provide written notice of his or her decision on review within sixty (60) days after it receives a review request. If additional time (up to sixty (60) days) is needed to review the request, the claimant (or representative) will be
given written notice of the reason for the delay. This notice of extension will indicate the special circumstances requiring the extension of time and the date by which the Administrator expects to render its decision. If the claim is denied (in
full or in part), the claimant will be provided a written notice explaining the specific reasons for the denial and referring to the provisions of the Plan on which the denial is based. The notice shall also include a statement that the claimant
will be provided, upon request and free of charge, reasonable access to, and copies of, all documents and other information relevant to the claim and a statement regarding the claimant’s right to bring an action under Section 502(a) of
ERISA. 

  
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 (d) Availability of Injunctive Relief. Notwithstanding the other provisions of this
Section 8 or any other provision of the Plan to the contrary, the Company and Executive shall have the right to seek judicial relief in the form of injunctive and/or other equitable relief under the California Arbitration Act, Code of Civil
Procedure section 1281.8(b), including but not limited to relief for threatened or actual misappropriation of trade secrets, violation of this Plan, the Corporate Code of Conduct or any other agreement regarding trade secrets, confidential
information, non-competition, nonsolicitation, non-disparagement or Labor Code §2870. In the event either the Company or Executive seeks injunctive relief, the prevailing party shall be entitled to recover reasonable costs and attorneys’
fees. 
 (e) Administrative Relief. This Plan does not prohibit Executive from pursuing an administrative claim with a
local, state or federal administrative body such as the Department of Fair Employment and Housing, the Equal Employment Opportunity Commission or the workers’ compensation board. 

9. Section 409A. 
 (a) Notwithstanding anything to the contrary in this Plan, no Deferred Compensation Separation Benefits (as defined below) payable under this Plan will be considered due or payable until and unless
Executive has a “separation from service” within the meaning of Section 409A. Notwithstanding anything to the contrary in this Plan, if Executive is a “specified employee” within the meaning of Section 409A at the time
of Executive’s “separation from service” other than due to Executive’s death, then any severance benefits payable pursuant to this Plan and any other severance payments or separation benefits, that in each case when considered
together may be considered deferred compensation under Section 409A (together, the “Deferred Compensation Separation Benefits”) and are otherwise due to Executive on or within the six (6) month period following Executive’s
“separation from service” will accrue during such six (6) month period and will instead become payable in a lump sum payment on the date six (6) months and one (1) day following the date of Executive’s “separation
from service.” All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Plan is intended to
constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 
 (b) Notwithstanding
anything to the contrary in this Plan, if Executive dies following Executive’s “separation from service” but prior to the six (6) month anniversary of the date of Executive’s “separation from service,” then any
Deferred Compensation Separation Benefits delayed in accordance with this Section will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death, but not later than ninety (90) days after the date
of Executive’s death, and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit. 

(c) It is the intent of this Plan to comply with the requirements of Section 409A so that none of the severance payments and
benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. Notwithstanding anything to the contrary in the Plan, including but not

  
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limited to Section 1(c), the Committee reserves the right to amend the Plan as it deems necessary or advisable, in its sole discretion and without the consent of Executive, to comply with
Section 409A or to otherwise avoid income recognition under Section 409A prior to the actual payment of any severance benefits or imposition of any additional tax. 
 10. Miscellaneous Provisions. 
 (a) Waiver. No provision of this
Plan shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of,
or of compliance with, any condition or provision of this Plan by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(b) Headings. All captions and section headings used in this Plan are for convenient reference only and will not limit or
otherwise affect the meaning hereof. 
 (c) Inconsistency with Plan. This Plan supersedes in its entirety all prior
representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of Executive and the Company with respect to the subject matter hereof, including any prior management retention agreements
entered into between Executive and the Company. In the event of any inconsistency between this Plan and any other plan, program, practice or agreement in which Executive participates or is a party, this Plan shall control unless a written agreement
is executed by both Executive and an authorized officer of the Company (other than Executive) specifically stating that the terms of such agreement shall prevail over the Plan. 

(d) Choice of Law. This Plan will be governed by the laws of the State of California (with the exception of its conflict of laws
provisions). 
 (e) Severability. The invalidity or unenforceability of any provision or provisions of this Plan shall
not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 
 11.
Statement of ERISA Rights. Executives under the Plan have certain rights and protections under ERISA: 
 (a) Executive
may examine (without charge) all Plan documents, including any amendments and copies of all documents filed with the U.S. Department of Labor, such as the Plan’s annual report (IRS Form 5500). These documents are available for Executive’s
review in the Company’s Human Resources Department. 
 (b) Executive may obtain copies of all Plan documents and other Plan
information upon written request to the Plan Administrator. A reasonable charge may be made for such copies. 
 In addition to
creating rights for Executives, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate the Plan (called 

  
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“fiduciaries”) have a duty to do so prudently and in the interests of covered Executives. No one, including the Company or any other person, may fire Executives or otherwise
discriminate against Executives in any way to prevent Executives from obtaining a benefit under the Plan or exercising Executive’s rights under ERISA. If Executive’s claim for a severance benefit is denied, in whole or in part, Executive
must receive a written explanation of the reason for the denial. Executive has the right to have the denial of claim reviewed. (The claim review procedure is explained in Section 8 above.) 

Under ERISA, there are steps Executives can take to enforce the above rights. For instance, if Executive requests materials and does not
receive them within thirty (30) days, Executive may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and to pay Executive up to $110 a day until receipt of the materials, unless
the materials were not sent because of reasons beyond the control of the Plan Administrator. If Executive has a claim which is denied or ignored, in whole or in part, Executive may file suit in a state or federal court. If it should happen that
Executive is discriminated against for asserting his or her rights, Executive may seek assistance from the U.S. Department of Labor, or may file suit in a federal court. 
 In any case, the court will decide who will pay court costs and legal fees. If Executive is successful, the court may order the person sued to pay these costs and fees. If Executive loses, the court may
order Executive to pay these costs and fees, for example, if it finds that the claim is frivolous. 
 If Executive has any
questions regarding the Plan, they should contact the Administrator. If Executive has any questions about this statement or about their rights under ERISA, Executive may contact the nearest area office of the Employee Benefits Security
Administration (formerly the Pension and Welfare Benefits Administration), U.S. Department of Labor, listed in the telephone directory, or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department
of Labor, 200 Constitution Avenue, N.W. Washington, D.C. 20210. Executive may also obtain certain publications about their rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.

 12. Additional Information. 
  

			
	 Plan Name:
	  	Williams-Sonoma, Inc. 2012 Management Retention
		
	 Plan Sponsor:
	  	 Williams-Sonoma, Inc.
 3250
Van Ness Avenue
 San Francisco, California 94109

		
	 Identification Numbers:
	  	EIN: 94-2203880
		
	 Plan Year:
	  	Company’s Fiscal Year
		
	 Plan Administrator:
	  	 Williams-Sonoma, Inc.

Attention: Compensation Committee of the Board

  
 -12-

			
		  	 c/o General Counsel

Williams-Sonoma, Inc.
 3250 Van Ness
Avenue
 San Francisco, California 94109

415-421-7900

		
	 Agent for Service of Legal

Process
	  	 CSC—Lawyers Incorporating Service
 (a.k.a., Corporation Service Company)
 2710 Gateway Oaks Drive, Suite 150N

Sacramento, CA 95833

		
	 Type of Plan:
	  	Severance Plan/Employee Welfare Benefit Plan
		
	 Plan Costs:
	  	The cost of the Plan is paid by the Employer

 END OF PLAN 

  
 -13-

 EXHIBIT A 

WILLIAMS-SONOMA, INC. 
 RELEASE OF CLAIMS 
 This Release of Claims (“Agreement”) is made
by and between Williams-Sonoma, Inc. (the “Company”) and                    (“Executive”). 

WHEREAS, Executive has agreed to enter into a release of claims in favor of the Company upon certain events specified in the 2012 EVP
Level Management Retention Plan (the “Management Retention Plan”). 
 NOW THEREFORE, in consideration of the mutual
promises made in this Agreement, the parties hereby agree as follows: 
 1. Termination. Executive’s employment from
the Company terminated on                     (the “Termination Date”). 

2. Confidential Information. Executive shall continue to maintain the confidentiality of all confidential and proprietary
information of the Company and shall continue to comply with the terms and conditions of the Company’s Code of Corporate Conduct as in effect on the date of Executive’s termination of employment. Executive shall return all the Company
property and confidential and proprietary information in Executive’s possession to the Company on the Effective Date of this Agreement. In the event Executive breaches the terms of the confidential information provisions of the Company’s
Corporate Code of Conduct as in effect on such date, the Company’s obligations under Section 3 of the Management Retention Plan shall automatically terminate, without any notice to Executive. 

3. Non-Solicitation. Executive shall continue to comply with the non-solicitation provisions of the Company’s Corporate Code
of Conduct as in effect on the date of Executive’s termination of employment. In the event Executive breaches the terms of the non-solicitation provisions of the Company’s Corporate Code of Conduct as in effect on such date, the
Company’s obligations under this Section 3 of the Management Retention Plan shall automatically terminate, without any notice to Executive. 
 4. Non-Competition. If at any time during the period commencing on Executive’s employment termination date and ending twelve (12) months later, Executive accepts other employment or a
professional relationship with a competitor of the Company (defined as either (i) another company primarily engaged in retail sales of products for the home or (ii) any retailer with retail products for the home sales in excess of one
hundred million dollars ($100,000,000) annually), or if Executive breaches Executive’s remaining obligations to the Company (e.g., the duty to protect confidential information and intellectual property and the duties not to solicit under the
Company’s Corporate Code of Conduct), then the Company’s obligations under Section 3 of the Management Retention Plan will cease such that Executive will not be entitled 

  
 -14-

 
to any further payments or benefits under Section 3 of the Management Retention Plan and the Company may seek injunctive relief against Executive as specified in Section 8(d) of the
Management Retention Plan. 
 5. Non-Disparagement. For a period of twenty-four (24) months commencing on the date
upon which Executive’s employment terminates, (i) Executive hereby agrees not to make any statements that disparage the Company, its products, services, officers, employees, members of its Board, advisers or other business contacts, and
(ii) the Company hereby agrees that members of its Board and the Company’s officers holding a title of Executive Vice President or above shall not make any statements that disparage Executive. Executive acknowledges and agrees that upon
Executive breaching this non-disparagement provision on or after the date upon which Executive’s employment terminates then the Company’s obligations under Section 3 of the Management Retention Plan will cease such that Executive will
not be entitled to any further payments or benefits under Section 3 of the Management Retention Plan and the Company may seek injunctive relief against Executive as specified in Section 8(d) of the Management Retention Plan. 

6. Payment of Salary. Executive acknowledges and represents that the Company has paid all salary, wages, bonuses, accrued
vacation, commissions and any and all other benefits due to Executive. 
 7. Release of Claims. Executive agrees that the
foregoing consideration represents settlement in full of all outstanding obligations owed to Executive by the Company. Executive, on behalf of Executive, and Executive’s respective heirs, family members, executors and assigns, hereby fully and
forever releases the Company and its past, present and future officers, agents, directors, employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, parents, predecessor and successor corporations, and assigns, from,
and agrees not to sue or otherwise institute or cause to be instituted any legal or administrative proceedings concerning any claim, duty, obligation or cause of action relating to any matters of any kind, whether presently known or unknown,
suspected or unsuspected, that Executive may possess arising from any omissions, acts or facts that have occurred up until and including the Effective Date of this Agreement including, without limitation, 

(a) any and all claims relating to or arising from Executive’s employment relationship with the Company and the termination of that
relationship; 
 (b) any and all claims relating to, or arising from, Executive’s right to purchase, or actual purchase of
shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law; 

(c) any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; breach of
contract, both express and implied; breach of a covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; negligent or intentional misrepresentation; negligent
or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; and conversion; 

  
 -15-

 (d) any and all claims for violation of any federal, state or municipal statute, including,
but not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, the Fair Labor Standards Act, the Employee Retirement Income
Security Act of 1974, The Worker Adjustment and Retraining Notification Act, the California Fair Employment and Housing Act, and Labor Code section 201, et seq. and section 970, et seq. and all amendments to each such Act as well as
the regulations issued under each such Act; 
 (e) any and all claims for violation of the federal, or any state, constitution;

 (f) any and all claims arising out of any other laws and regulations relating to employment or employment discrimination;
and 
 (g) any and all claims for attorneys’ fees and costs. 

Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release
as to the matters released. This release does not extend to any severance obligations due Executive under the Management Retention Plan. Nothing in this Agreement waives Executive’s rights to indemnification or any payments under any fiduciary
insurance policy, if any, provided by any act or agreement of the Company, state or federal law or policy of insurance. 
 8.
Acknowledgment of Waiver of Claims under ADEA. Executive acknowledges that Executive is waiving and releasing any rights Executive may have under the Age Discrimination in Employment Act of 1967 (“ADEA”) and that this waiver and
release is knowing and voluntary. Executive and the Company agree that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of this Agreement. Executive acknowledges that the
consideration given for this waiver and release Agreement is in addition to anything of value to which Executive was already entitled. Executive further acknowledges that Executive has been advised by this writing that (a) Executive should
consult with an attorney prior to executing this Agreement; (b) Executive has at least twenty-one (21) days within which to consider this Agreement; (c) Executive has seven (7) days following the execution of this Agreement by
the parties to revoke the Agreement; (d) this Agreement shall not be effective until the revocation period has expired; and (e) nothing in this Agreement prevents or precludes Executive from challenging or seeking a determination in good
faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically authorized by federal law. Any revocation should be in writing and delivered to the Vice-President
of Human Resources at the Company by close of business on the seventh day from the date that Executive signs this Agreement. 

9. Civil Code Section 1542. Executive represents that Executive is not aware of any claims against the Company other than the
claims that are released by this Agreement. 

  
 -16-

 
Executive acknowledges that Executive has been advised by legal counsel and is familiar with the provisions of California Civil Code 1542, below, which provides as follows: 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF
EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 

Executive, being aware of said code section, agrees to expressly waive any rights Executive may have under such code section, as well as
under any statute or common law principles of similar effect. 
 10. No Pending or Future Lawsuits. Executive represents
that Executive has no lawsuits, claims, or actions pending in Executive’s name, or on behalf of any other person or entity, against the Company or any other person or entity referred to in this Agreement. Executive also represents that
Executive does not intend to bring any claims on Executive’s own behalf or on behalf of any other person or entity against the Company or any other person or entity referred to herein. 

11. Application for Employment. Executive understands and agrees that, as a condition of this Agreement, Executive shall not be
entitled to any employment with the Company, its subsidiaries, or any successor, and Executive hereby waives any right, or alleged right, of employment or re-employment with the Company. 

12. No Cooperation. Executive agrees that Executive will not counsel or assist any attorneys or their clients in the presentation
or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against the Company and/or any officer, director, employee, agent, representative, shareholder or attorney of the Company, unless under a
subpoena or other court order to do so. 
 13. No Admission of Liability. Executive understands and acknowledges that
this Agreement constitutes a compromise and settlement of disputed claims. No action taken by the Company, either previously or in connection with this Agreement shall be deemed or construed to be (a) an admission of the truth or falsity of any
claims heretofore made or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to Executive or to any third party. 
 14. Costs. The parties shall each bear their own costs, expert fees, attorneys’ fees and other fees incurred in connection with this Agreement. 

15. Authority. Executive represents and warrants that Executive has the capacity to act on Executive’s own behalf and on
behalf of all who might claim through Executive to bind them to the terms and conditions of this Agreement. 
 16. No
Representations. Executive represents that Executive has had the opportunity to consult with an attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement. Neither party has relied upon any
representations or statements made by the other party which are not specifically set forth in this Agreement. 

  
 -17-

 17. Severability. In the event that any provision hereof becomes or is declared by a
court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision. 
 18. Entire Agreement. This Agreement, along with the Management Retention Plan, the Code of Corporate Conduct and Executive’s written equity compensation agreements with the Company,
represents the entire agreement and understanding between the Company and Executive concerning Executive’s separation from the Company. 
 19. No Oral Modification. This Agreement may only be amended in writing signed by Executive and the Chairman of the Board of Directors of the Company. 

20. Governing Law. This Agreement shall be governed by the internal substantive laws, but not the choice of law rules, of the
State of California. 
 21. Effective Date. This Agreement is effective eight (8) days after it has been signed by
both parties. 
 22. Counterparts. This Agreement may be executed in counterparts, and each counterpart shall have the
same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 
 23. Voluntary Execution of Agreement. This Agreement is executed voluntarily and without any duress or undue influence on the part or behalf of the parties to this Agreement, with the full intent
of releasing all claims. The parties acknowledge that: 
 (a) They have read this Agreement; 

(b) They have read the Management Retention Plan; 
 (c) They have been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of their own choice or that they have voluntarily declined to seek such counsel;

 (d) They understand the terms and consequences of this Agreement and of the releases it contains; 

(e) They are fully aware of the legal and binding effect of this Agreement and the Management Retention Plan. 

  
 -18-

 IN WITNESS WHEREOF, the parties have executed this Agreement on the respective dates set
forth below. 
  

					
		 		 	 Williams-Sonoma, Inc.

			
	 Dated:                     ,
20    
	 		 	By                             
                                         
                          
		 		 	  

                    , an
individual

	  
 Dated:
         , 20    
	 		 	  

                  
                                         
                                         
                   

  
 -19-Exhibit

SECOND AMENDMENT TO CREDIT AGREEMENT

This SECOND AMENDMENT TO CREDIT AGREEMENT, dated as of March 30, 2016 (this “Second Amendment”), is entered into among Advanced Emissions Solutions, Inc. (the “Borrower”), the other Loan Parties identified below and the undersigned Lenders (constituting all of the Lenders as of the date hereof) and acknowledged by Wilmington Trust, National Association, in its capacity as administrative agent (the “Administrative Agent”).  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto in that certain Credit Agreement, dated as of October 22, 2015 (the “Original Credit Agreement”), as amended by that certain First Amendment to Credit Agreement dated February 8, 2016 (the “First Amendment”) and that certain First Waiver to Credit Agreement dated March 2, 2016 (the “First Waiver”; the Original Credit Agreement, the First Amendment and the First Waiver, as further amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Administrative Agent and the Lenders from time to time party thereto.
W I T N E S S E T H:
WHEREAS, the Borrower has requested and, subject to the terms and conditions set forth below, the Lenders agree to amend certain provisions of the Credit Agreement as contemplated in this Second Amendment, and have instructed the Administrative Agent to acknowledge this Second Amendment; and
NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby established and confirmed, the parties hereto hereby agree as follows:
1.Extension of Maturity Date.  Subject to the satisfaction of the conditions set forth in Section 3 hereof, the Borrower and the Lenders agree that the Credit Agreement shall hereby be amended as follows:

		
	a.
	Definition of Amortization Date.  The definition of “Amortization Date” is replaced in its entirety with the following:

“Amortization Date” means, with respect to any Loans, each of the dates set forth on Schedule 2.05a under the caption “Amortization Dates.”

		
	b.
	Definition of Extended Loans.  The definition of “Extended Loans” is removed in its entirety.

		
	c.
	Definition of Extended Maturity Date.  The definition of “Extended Maturity Date” is removed in its entirety.

		
	d.
	Definition of Loan.  The definition of “Loan” is replaced in its entirety with the following:

1

“Loan” means an extension of credit by a Lender to the Borrower under Article II.”

		
	e.
	Definition of Maturity Date.  The definition of “Maturity Date” is replaced in its entirety with the following:

“Maturity Date” means July 8, 2016.

		
	f.
	Definition of Original Maturity Date.  The definition of “Original Maturity Date” is removed in its entirety.

		
	g.
	Definition of Prepayment Premium.  The definition of “Prepayment Premium” is replaced in its entirety with the following:

“Prepayment Premium” shall mean an amount equal to (i) 4% multiplied by (ii) the principal amount of the applicable Loans being prepaid or repaid (or that are required to be prepaid or repaid).

		
	h.
	Definition of Required Amortization Amount.  The following words in the definition of “Required Amortization Amount” are removed:

“or, in the case of Extended Loans, Schedule 2.12,”.

		
	i.
	Section 2.12.  Section 2.12 is removed in its entirety.

		
	j.
	Section 6.15.  Clause (a) of Section 6.15 is replaced in its entirety with the following:

“(a) Retain at all times a minimum Cash Balance of $3,500,000 in deposit and/or securities accounts owned by the Loan Parties that are subject to Account Control Agreements.”

		
	k.
	Schedule 2.05.  Schedule 2.05 is replaced in its entirety with Schedule 2.05a, which is attached to this Second Amendment.

		
	l.
	Schedule 2.12.  Schedule 2.12 is removed in its entirety.

2.Other Amendments.  Subject to the satisfaction of the conditions set forth in Section 3 hereof, the Borrower and the Lenders agree that the Credit Agreement shall hereby be amended as follows:

		
	a.
	Definition of Interest Rate.  The definition of “Interest Rate” is replaced in its entirety with the following:

“Interest Rate” means (i) until March 31, 2016, 10.5% per annum and (ii) from and after March 31, 2016, 15% per annum.”

#5158897.2    2

		
	b.
	Section 8.01(m).  Section 8.01(m) of the Credit Agreement is replaced in its entirety with the following:

“(m)    Filing Date.  The Filing Date does not occur on or before April 20, 2016.”

		
	c.
	New Event of Default.  The following clause (n) is added to the end of Section 8.01:

“(n)    New Refined Coal Facilities.  The Loan Parties fail to enter into binding agreements between March 30, 2016 and June 30, 2016 to sell or lease at least two new refined coal facilities pursuant to an arms-length transaction with a third party that is not an Affiliate of the Loan Parties which two refined coal facilities, in the aggregate, have a projected refined coal tonnage of at least 10,000,000 additional tons per year on an annualized basis (as reasonably forecast by Borrower in good faith) and such agreements are on commercially reasonable terms, including price and net margin.”

		
	d.
	Amendment to First Waiver.  The Prepayment Premium with respect to the Sale (as defined in the First Waiver payable pursuant to Section 1 of the First Waiver, be paid to the Administrative Agent, for the pro rata benefit of the Lenders, on the Maturity Date.

3.Effectiveness; Consent Fee.  This Second Amendment shall become effective upon (a) receipt by the Administrative Agent of this Second Amendment executed by all the parties hereto and (b) payment by the Borrower to the Administrative Agent, for the pro rata benefit of the lenders of a consent fee in an aggregate principal amount of $575,000.

4.Full Force and Effect; Ratification.  This Second Amendment shall be construed in connection with and as part of the Credit Agreement and, except as modified and expressly amended by this Second Amendment, all terms, conditions and covenants contained in the Credit Agreement are hereby ratified and shall remain in full force and effect, enforceable in accordance with their respective terms.  This Amendment may not be modified or amended unless pursuant to and in accordance with the terms of the Credit Agreement.  This Second Amendment constitutes a Loan Document.

5.References to the Credit Agreement.  All references to the Credit Agreement or any other Loan Document and the other documents and instruments delivered pursuant to or in connection therewith (as they relate to the Credit Agreement) shall mean and be a reference to the Credit Agreement as modified this Second Amendment and as may in the future be amended, restated, supplemented or modified from time to time.  

6.Governing Law.  THIS SECOND AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS SECOND AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE 

#5158897.2    3

GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

7.Headings. Each of the captions contained in this Second Amendment are for the convenience of reference only and shall not define or limit the provisions hereof.

8.Counterparts. This Second Amendment may be executed in any number of counterparts, and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Second Amendment by hand, by facsimile or by electronic “pdf’ format shall be as effective as the delivery of a fully executed counterpart of this Second Amendment.

9.Severability. Any provision of this Second Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof, and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provisions in any other jurisdiction.

10.Reaffirmation.  Each of the Loan Parties as debtor, grantor, pledgor or guarantor or in other any other similar capacity in which such Loan Party grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Loan Documents to which it is a party (after giving effect hereto) and (ii) to the extent such Loan Party granted liens on or security interests in any of its property pursuant to any such Loan Document as security for or otherwise guaranteed the Borrowers’ Obligations under or with respect to the Loan Documents, ratifies and reaffirms such guarantee and grant of security interests and liens and confirms and agrees that such security interests and liens hereafter secure all of the Obligations as amended hereby, in each case, including, without limitation, all additional obligations, indebtedness and liabilities resulting from this Second Amendment and as if each reference in such Loan Documents to the obligations, indebtedness and liabilities secured thereby are construed hereafter to mean and refer to such obligations, indebtedness and liabilities under the Loan Agreement, as amended or modified by the First Waiver and this Second Amendment, and the other Loan Documents.  Each of the Loan Parties hereby consents to this Amendment and acknowledges that each of the Loan Documents remains in full force and effect (as amended hereby) and is hereby ratified and reaffirmed.  The execution of this Second Amendment shall not operate as a waiver of any right, power or remedy of the Agents or Lenders, constitute a waiver of any provision of any of the Loan Documents or serve to effect a novation of the Obligations or other obligations under the Loan Agreement or the Loan Documents.

[Remainder of Page Intentionally Left Blank – Signature Pages Follow]

#5158897.2    4

IN WITNESS WHEREOF the parties have caused this Amendment to be executed as of the date first written above.

ADVANCED EMISSIONS SOLUTIONS, INC.
as Borrower

_/s/ L. Heath Sampson_________________
Name:  L. Heath Sampson
Title: President & CEO

ADA-ES, INC.
as a Loan Party

_/s/ L. Heath Sampson__________________
Name:  L. Heath Sampson
Title: President

BCSI, LLC
as a Loan Party

_/s/ L. Heath Sampson__________________
Name:  L. Heath Sampson
Title: President

ADVANCED CLEAN ENERGY SOLUTIONS, LLC
as a Loan Party

_/s/ L. Heath Sampson__________________
Name:  L. Heath Sampson
Title: Treasurer

Signature Page to Second  Amendment to Credit Agreement

ADEQUITY, LLC
as a Loan Party

_/s/ L. Heath Sampson__________________
Name:  L. Heath Sampson
Title: President

ADA-ES INTELLECTUAL PROPERTY, LLC
as a Loan Party

_/s/ L. Heath Sampson__________________
Name:  L. Heath Sampson
Title: Manager

ADA ENVIRONMENTAL SOLUTIONS LLC
as a Loan Party

_/s/ L. Heath Sampson__________________
Name:  L. Heath Sampson
Title: Manager

ADA-RCM6, LLC
as a Loan Party

_/s/ L. Heath Sampson__________________
Name:  L. Heath Sampson
Title: Manager

Signature Page to Second  Amendment to Credit Agreement

FRANKLIN MUTUAL QUEST FUND,
as a Lender

_/s/ Kelly M. Michael___________________
Name:  Franklin Mutual Advisers, LLC
Title: Kelly M. Michael
          Vice President

Signature Page to Second  Amendment to Credit Agreement

MFP PARTNERS, L.P.,
as a Lender

/s/ Timothy E. Ladin__________________
Name:  Timothy E. Ladin
Title:  General Counsel 

Signature Page to Second  Amendment to Credit Agreement

Acknowledged:

WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Administrative Agent

/s/ Joseph B. Feil__________________
Name:  Joseph B. Feil
Title:  Vice President

Signature Page to Second  Amendment to Credit Agreement

SCHEDULE 2.05a

Amortization Dates and Required Amortization Amounts
	
		
	Amortization Date
	Required Amortization Amount

	October 30, 2015
	$500,000

	November 30, 2015
	$500,000

	December 31, 2015
	$750,000

	January 29, 2016
	$750,000

	February 29, 2016
	$1,000,000

	April 29, 2016
	$500,000

	May 31, 2016
	$750,000

	June 30, 2016
	$750,000

Schedule 2.05a to Second  Amendment to Credit Agreement

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