Document:

Stockholder Agreement between ADA-ES, Inc. and Arch Coal, Inc.

 Exhibit 4.12 
 SECURITIES SUBSCRIPTION AND INVESTMENT AGREEMENT 
 Dated July 7, 2003

 STOCKHOLDER AGREEMENT 
 This Stockholder Agreement, dated as of July 7, 2003, is by and among Arch Coal, Inc., a Delaware corporation (“Arch Coal”), ADA-ES, INC., a Colorado corporation
(“ADA-ES”), and Earth Sciences, Inc., a Colorado corporation (“ESI”). 

WHEREAS, on the Closing Date, as defined in that certain Securities Subscription and Investment Agreement dated
July 7, 2003, by and among the parties hereto (the “Subscription Agreement”), Arch Coal will acquire shares of the common stock of ADA-ES (the “Common Stock”); and 

WHEREAS, Arch Coal has relied upon this Agreement in entering into the Subscription Agreement; and 

WHEREAS, the parties desire to enter into an agreement with respect to the nomination of one member for election
to the Board of Directors of ADA-ES; and 
 NOW THEREFORE, in consideration of the premises and the
mutual covenants contained herein, the parties hereto, intending to be legally bound, hereby agree as follows: 

SECTION 1. Definitions. As used in this Agreement, and unless the context requires a different meaning, the
following terms (whether used in the singular or plural) have the meanings indicated: 
 “Affiliate”
means, with respect to any Person, any Person that controls, is controlled by or is under common control with such Person in question. For the purposes of this definition, “control” (including, with correlative meanings, the terms
“controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities or by contract or otherwise. 
 “Exchange Act”
means the Securities Exchange Act of 1934 as amended from time to time and the rules and regulations of the SEC thereunder. 
 “Person” means an individual, corporation, limited liability company, partnership, trust, incorporated or unincorporated association, joint venture, joint stock company, government (or an agency
or political subdivision thereof) or other entity of any kind. 
 “Voting Stock” means capital stock
of any class or classes of ADA-ES, the holders of which are entitled, in the absence of contingencies, to participate generally in the election of the members of ADA-ES’s Board of Directors, and any securities of ADA-ES convertible into, or
exercisable or exchangeable for, any such capital stock of ADA-ES, including, without limitation, the Common Stock; provided, however, that any capital stock held in the treasury of ADA-ES or held by any subsidiary of ADA-ES shall not
be Voting Stock. 

  
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 SECTION 2. Director Nomination and Election. (a) The parties
hereto agree with the principle that Arch Coal, at all times during the effectiveness of this Agreement and subject to the terms and conditions of this Agreement, shall be entitled to be represented by one member of the Board of Directors of ADA-ES.
ADA-ES and ESI agree they shall take the following steps to cause one representative of Arch Coal to be elected to the Board of Directors of ADA-ES: 

(i) ADA-ES shall give at least 10 days’ notice to Arch Coal of any meeting of its Board of Directors
(or any committee thereof) at which the Board’s nominees for election are to be selected. Upon receipt of such notice from ADA-ES, Arch Coal shall within 10 days thereafter furnish ADA-ES with a written designation of one nominee for election
to the Board of Directors of ADA-ES, with a copy thereof to ESI. Such notice shall be given in the manner set forth in Section 5 of this Agreement. If no written designation of a nominee is received by ADA-ES within the time frame specified
herein, the current director of ADA-ES designated by Arch Coal shall be a nominee for the ensuing election. 
 (ii) So long as this Agreement is in effect, ADA-ES hereby agrees to take all actions necessary to nominate or cause to be nominated and to solicit proxies (and if properly executed or otherwise valid, to
vote all such proxies and other shares which ADA-ES management is otherwise entitled to vote in accordance with the terms and requirements of this provision) for election as a director at each annual meeting of stockholders (or, if applicable, at
any special meeting of stockholders) of ADA-ES, the representative of Arch Coal designated by Arch Coal or in favor of the current director designated by Arch Coal, as the case may be, pursuant to Section 2(a)(i) above. 

(iii) So long as this Agreement is in effect, if ESI or its Affiliates shall be the beneficial owner (as
defined in Rule 13d-3(a) under the Exchange Act) of outstanding Voting Stock, then ESI will vote the shares of Voting Stock so held or owned directly or indirectly by ESI in favor of the election of the Arch Coal representative. 

Except as specifically set forth in this Section 2(a)(iii), ESI shall be free to vote its shares of
Voting Stock in such manner as it may, in its sole discretion, deem advisable. 
 (iv) So long
as this Agreement is in effect, Arch Coal may designate a successor to fill any vacancy created by the death, resignation, or incapacity of its designated nominee to the ADA-ES Board of Directors by giving notice to ADA-ES in the manner set forth in
Section 5 of this Agreement setting forth the name of the new designee. ADA-ES will recommend to the Board such new designee and ESI will vote its shares, if any, in the election of directors, if required, to cause the Board to appoint Arch
Coal’s designee and each of ADA-ES and ESI will cause to be taken all steps to assure the continued representation of Arch Coal on the ADA-ES Board of Directors contemplated by this Section 2. 

(b) Notwithstanding the foregoing Sections 2(a) (i) - (iv) , if at any time during the term of this Agreement ADA-ES
adopts a staggered Board of Directors, ADA-ES and ESI shall take all steps regarding nomination and election of directors to ensure Arch Coal continues to be represented by one member of the Board of Directors. 

SECTION 3. Enforceability. ADA-ES and ESI each hereby represent that this Agreement is its valid and binding obligation
enforceable against it in accordance with its terms and that its obligations hereunder comply in all respects with the provisions Colorado law applicable to corporations. 

  
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 SECTION 4. Termination. This Agreement shall terminate if at any time
Arch Coal shall be the beneficial owner (as defined in Rule 13d-3(a) under the Exchange Act) of less than 100,000 shares of Common Stock; provided that Arch Coal shall be deemed to hold for this purpose any shares of ADA-ES Common Stock which Arch
Coal has transferred to ADA-ES or any subsidiary of ADA-ES in exchange for voting equity securities of approximately equivalent voting power of ADA-ES or such subsidiary. 

SECTION 5. NOTICES. Any notice required or permitted hereunder shall be given in writing (unless otherwise specified
herein) and shall be deemed effectively given upon personal delivery or seven business days after deposit in the United States Postal Service, or by (a) advance copy by fax, and (b) mailing by express courier or registered or certified
mail with postage and fees prepaid, addressed to each of the other parties thereunto entitled at the following addresses, or at such other addresses as a party may designate by ten days advance written notice to each of the other parties hereto.

  

	 ADA-
	 ES and ESI:       EARTH SCIENCES, INC. and ADA-ES, Inc. 

8100 SouthPark Way, B 
 Littleton, CO 80120 
 Attention: President 

Telephone: (303) 734-1727 
 Fax: (303) 734-0330 
 Arch Coal:
                  Arch Coal, Inc. 

                       
             CityPlace One, Suite 300 

                       
             St. Louis, MO 63141 

                       
             Attention: Attn: David B. Peugh 

                       
             Telephone: (314) 994-2700 

                       
             Fax: (314)994-2940 
 With a copy to:
          Attention: General Counsel 

                       
             Telephone: (314)994-2700 

                       
             Fax (314)994-2734 
 SECTION 6.
Governing Law; Miscellaneous. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Colorado without regard to the conflicts of law principles of such state. Each of the parties consents to the
jurisdiction of the federal courts whose districts encompass any part of the City of Denver or the state courts of the State of Colorado sitting in the City of Denver in connection with any dispute arising under this Agreement and hereby waives, to
the maximum extent permitted by law, any objection, including any objection based on forum non conveniens, to the bringing of any such proceeding in such jurisdictions. A facsimile transmission of this signed Agreement shall be legal and
binding on all parties hereto. This Agreement may be signed in one or more counterparts, each of which shall be deemed an original. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the
interpretation of, this Agreement. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement or
the validity or enforceability of this Agreement in any other jurisdiction. This Agreement may be amended only by an instrument in writing signed by the party to be charged with enforcement. This Agreement supersedes all prior agreements and
understandings among the parties hereto with respect to the subject matter hereof. 

  
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 IN WITNESS WHEREOF, the parties hereto have duly executed and
delivered this Agreement on the date first above written. 
  

			
	 EARTH SCIENCES, INC.

		
	 By:
	 	 /s/    Mark H. McKinnies

		 	 Name:  Mark H. McKinnies
 Title:    President

  

			
	 ADA-ES, Inc.

		
	 By:
	 	 /s/    Michael D. Durham

		 	 Name:  Michael D. Durham
 Title:    President

  

			
	 BUYER

Arch Coal, Inc.

		
	 By:
	 	 /s/    David B. Peugh

		 	 Name:  David B. Peugh
 Title:    Vice President – Business Development

  
 4EX-10.36

 Exhibit 10.36 
 FY 2012 R.G. BARRY 
 MANAGEMENT BONUS PLAN 

OBJECTIVES 
  

	 	•	 	 Consistently achieve company, business unit and individual objectives. 

 

	 	•	 	 Enhance ability to attract, recruit, and retain a top-tier management team. 

 

	 	•	 	 Provide motivation through “win-sharing”. 

 PLAN SPECIFICATIONS 
  

	1.	 Participation Levels 

 Determined by the President/CEO and SVP, Human Resources based on a position’s impact on the business: 
  

			
	 Level            
	  	 Position Level

	 A
	  	President/ CEO
	 B+
	  	SVP, Finance/CFO
	 B
	  	Functional SVPs
	 C
	  	Vice Presidents
	 D
	  	Directors and Managers

 Award levels paid-out as a percentage of base salary*. Target award opportunities are
aligned to market and approved by the Board of Directors annually. 
  

											
	 Level
	  	Threshold	 	 	Target	  	Maximum	 
	 A
	  	 	37.5	% 	 	Determined	  	 	150	% 
	 B+
	  	 	22.5	% 	 	annually by	  	 	90	% 
	 B
	  	 	16.5	% 	 	Board of	  	 	66	% 
	 C
	  	 	10.0	% 	 	Directors	  	 	40	% 
	 D
	  	 	6.25	% 	 		  	 	25	% 

  

	*	 The base salary as of the end of the fiscal year is used for the purposes of calculating bonus payments. 

 

	2.	 Performance Measurement 

 Payouts will be determined based on the following determinants of performance: 
  

	 	•	 	 Corporate Financial Results 

  

	 	¡
 	 	 Corporate Financial results below the threshold level will eliminate payout for the following plan participants: 

 

	 	¡	 A/B+ 

  

	 	¡	 Functional SVPs 

  

	 	¡	 All others including Shared Services 

	 	•	 	 Business Unit Financial Results 

  

	 	¡
 	 	 Business Unit results below the threshold level will eliminate payout for the plan participants: 

 

	 	¡	 Business Unit Presidents 

  

	 	¡	 Reports to Business Unit Presidents 

  

	 	•	 	 Individual Objectives Performance/ Business Unit Results 

 

	 	¡
 	 	 Poor individual performance (individual rating that “does not meet minimum expectations”) will eliminate all payouts to that individual

  

	3.	 Performance Weighting by Group 

  

									
	 Levels
	  	Company
Objectives
Results	 	 	Business
Unit Results/
Individual
Objectives
Results	 
	 A/B*
	  	 	100	% 	 	 	N/A	  
	 Functional SVPs
	  	 	75	% 	 	 	25	% 
	 Business Unit Presidents
	  	 	25	% 	 	 	75	% 
	 Reports to Business Unit Presidents
	  	 	25	% 	 	 	75	% 
	 All Others including Shared Services
	  	 	50	% 	 	 	50	% 

  

	4.	 Determining Goal Attainment 

  

	 	•	 	 Corporate Financial Objectives established annually and approved by Board of Directors. 

 

	 	•	 	 Business Unit Financial Objectives established annually and approved by Board of Directors. 

 

	 	•	 	 Individual/Department Objectives are established annually by participants’ supervisors and should be described in quantitative,
measurable terms. 

  

	5.	 Criteria for Participation 

  

	 	•	 	 Team Members must be actively employed by R.G. Barry at the close of the plan year. 

 

	 	•	 	 New hires employed before December 15th of the plan year will participate on a pro-rated basis. Persons hired after this date will participate
in the following year. Exceptions may be made by the President/CEO. For Team Members hired December 16th or after in the plan year, participation levels and eligibility must be included in any offer of employment letter, along with a
start date of employment. The start date of employment is the entry date of the new Team Member into the Management Bonus Plan. 

  

	 	•	 	 Team Members hired or promoted into a Management Bonus Plan eligible position from the first to the fifteenth of the month shall be considered to be
hired or promoted as of the first of the month. Team Members hired or promoted from the sixteenth to the end of the month shall be considered to be hired or promoted as of the first of the following month. 

	 	•	 	 Team Members who are on Short Term Disability or a Leave of Absence on the last day of the plan year (not actively at work) will receive a pro-rated
Management Bonus Plan payment upon their return to active full time work. Team Members who do not return to active full time work will not receive a Management Bonus Plan payment without approval of the President/CEO. 

 

	 	•	 	 Team Members who are employed by R.G. Barry at the close of the plan year under the terms of the severance agreement will not be eligible to
receive a payout unless expressly stated in the terms of the agreement, and approved by the President/CEO. 

  

	 	•	 	 Team Members who separate from R.G. Barry during a plan year for reasons of death or Long Term Disability will receive a Pro Rate Bonus (determined
by multiplying the amount the participant would have received based upon actual performance had employment continued through the end of the performance year by a fraction, the numerator of which is the number of days that the participant was
employed by the Company during the performance year in which the Termination occurred and the denominator of which is 365), payable at the time the annual bonuses are next paid to other participants of the Company.

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