Document:

EX-4.6

 Exhibit 4.6 
 ADA-ES AMENDED AND RESTATED 2007 EQUITY INCENTIVE PLAN 
 NOTICE OF
STOCK OPTION AWARD 
  

			
	Grantee’s Name and Address:	  	 
		
		  	 
		
		  	 

 You (the “Grantee”) have been granted an option to purchase shares of Common Stock, subject to
the terms and conditions of this Notice of Stock Option Award (the “Notice”), the ADA-ES Amended and Restated 2007 Equity Incentive Plan, as amended from time to time (the “Plan”) and the Stock Option Award Agreement (the
“Option Agreement”) attached hereto, as follows. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Notice. 

 

			
	Award Number	  	 
		
	Date of Award	  	 
		
	Vesting Commencement Date	  	 

					
			
	Exercise Price per Share	  	$	 	 

			
		
	 Total Number of Shares Subject
 to the Option (the “Shares”)
	  	 

					
			
	Total Exercise Price	  	$	 	 

			
		
	Type of Option:	  	            Incentive Stock Option

			
		
		  	            Non-Qualified Stock Option

			
		
	Expiration Date:	  	 

			
		
	Post-Termination Exercise Period:	  	Three (3) Months

 Vesting Schedule: 
 Subject to the Grantee’s Continuous Service and other limitations set forth in this Notice, the Plan and the Option Agreement, the Option may be exercised, in whole or in part, in accordance with the
following schedule: 
  

					
	 Period of Grantee’s Continuous
 Relationship With the Company or
 Affiliate From the Date the Option is

Granted
	  	Portion of Total Option Which is
Exercisable	 
	 End of             months
	  	 	    	% 
	 Each month thereafter
	  	 	    	% 
	              months
	  	 	100	  

 During any authorized leave of absence, the vesting of the Option as provided in this schedule shall be
suspended after the leave of absence exceeds a period of ninety (90) days. Vesting of the Option shall resume upon the Grantee’s termination of the leave of absence and return to service to the Company or a Related Entity. The Vesting
Schedule of the Option shall be extended by the length of the suspension. 
 In the event of termination of the Grantee’s
Continuous Service for Cause, the Grantee’s right to exercise the Option shall terminate concurrently with the termination of the Grantee’s Continuous Service, except as otherwise determined by the Administrator. 

In the event of the Grantee’s change in status from Employee to Consultant or from an Employee whose customary employment is 20
hours or more per week to an Employee whose customary employment is fewer than 20 hours per week, vesting of the Option shall continue only to the extent determined by the Administrator as of such change in status, provided that in no case shall
such change in status be considered a “separation of service” as defined in Code Section 409A. 
 [Signature page
follows] 

  
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 IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the
Option is to be governed by the terms and conditions of this Notice, the Plan and the Option Agreement. 
  

			
	ADA-ES, INC., a Colorado corporation
		
	By:	 	 
		
	Title:	 	 

 The Grantee acknowledges and agrees that the Shares subject to the Option shall vest, if at all, only during the
period of the Grantee’s Continuous Service (not through the act of being hired, being granted the Option or acquiring Shares hereunder). The Grantee further acknowledges and agrees that nothing in this Notice, the Option Agreement or the Plan
shall confer upon the Grantee any right with respect to future Awards or continuation of the Grantee’s Continuous Service or interfere in any way with the Grantee’s right or the right of the Company or Related Entity to which the Grantee
provides services to terminate the Grantee’s Continuous Service, with or without cause and with or without notice. The Grantee acknowledges that unless the Grantee has a written employment agreement with the Company to the contrary, the
Grantee’s status is at will. 
 The Grantee acknowledges receipt of a copy of the Plan and the Option Agreement and
represents that he or she: 
 (a) is familiar with the terms and provisions thereof and hereby accepts the Option, effective as
of the date of grant stated above, subject to all of the terms and provisions hereof and thereof; 
 (b) has reviewed this
Notice, the Plan and the Stock Option Award Option Agreement being executed and delivered herewith in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice and fully understands all provisions of this
Notice, the Plan and the Option Award Agreement. 
 Grantee hereby agrees that all disputes arising out of or relating to this
Notice, the Plan and the Option Agreement shall be resolved in accordance with Section 18 of the Option Agreement. 

Grantee further agrees to notify the Company upon any change in the residence address indicated in this Notice. 

Grantee agrees, as a condition precedent to any exercise of the Option, to deliver to the Company: 

(a) an executed Exercise Notice in the form provided by the Company, which notice may include (i) written assurances satisfactory to
the Company as to Grantee’s knowledge and experience in financial and business matters and/or that Grantee has employed a purchaser representative who has such knowledge and experience in financial and business matters, and that Grantee is
capable of evaluating, alone or together with a purchaser representative engaged by Grantee, the merits and risks of exercising the Option; and (ii) written assurances satisfactory to the Company stating that Grantee is acquiring the Common
Stock subject to the Option for such person’s own account and not with any present intention of selling or otherwise distributing the Common Stock. (These requirements, and any assurances given pursuant to such requirements, shall be
inoperative if, and only if: (x) the issuance of the Shares upon the exercise of the Option has been registered under a then currently effective registration statement under the Securities Act of 1933, as amended; or (y) as to any
particular requirement, a determination is made by counsel for the Company that such requirement need not be met in the circumstances under the then applicable securities law.); and 

(b) an executed Shareholders Agreement (if any) in the form existing at the time of exercise of the Option (as modified by the Company in
its discretion). 
  

									
	Dated:	 	 	 		 	Signed:	 	 
		 		 		 		 	Grantee
		 		 		 		 	

  
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 Award Number:             

ADA-ES INC. AMENDED AND RESTATED 2007 EQUITY INCENTIVE PLAN 

STOCK OPTION AWARD AGREEMENT 
 1. Grant of Option. ADA-ES, Inc., a Colorado corporation (the “Company”), hereby grants to the Grantee (the “Grantee”) named in the Notice of Stock Option Award (the
“Notice”), an option (the “Option”) to purchase the Total Number of Shares of Common Stock subject to the Option (the “Shares”) set forth in the Notice, at the Exercise Price per Share set forth in the Notice (the
“Exercise Price”) subject to the terms and provisions of the Notice, this Stock Option Award Agreement (the “Option Agreement”) and the Company’s Amended and Restated 2007 Equity Incentive Plan, as amended from time to time
(the “Plan”), which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Option Agreement. 

If designated in the Notice as an Incentive Stock Option, the Option is intended to qualify as an Incentive Stock Option as defined in
Section 422 of the Code. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of Shares subject to Options designated as Incentive Stock Options which become exercisable for the first time by the Grantee
during any calendar year (under all plans of the Company or any Parent or Subsidiary of the Company) exceeds $100,000, such excess Options, to the extent of the Shares covered thereby in excess of the foregoing limitation, shall be treated as
Non-Qualified Stock Options. For this purpose, Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market Value of the Shares shall be determined as of the date the Option with respect to such
Shares is awarded. 
 If designated in the Notice as a Nonqualified Stock Option, the Option is NOT intended to qualify as an
Incentive Stock Option. 
 To the extent any Stock Option is designated as an Incentive Stock Option, but for any reason
(including the reason described above) fails to qualify as an Incentive Stock Option, such option shall be treated as a Nonqualified Stock Option. 
 2. Exercise of Option. 
 (a) Right to Exercise. The Option shall be
exercisable during its term in accordance with the Vesting Schedule set out in the Notice and with the applicable provisions of the Plan and this Option Agreement. The Option shall be subject to the provisions of Section 11 of the Plan relating
to the exercisability or termination of the Option in the event of a Corporate Transaction or Change in Control. The Grantee shall be subject to reasonable limitations on the number of requested exercises during any monthly or weekly period as
determined by the Administrator. In no event shall the Company issue fractional Shares. 
 (b) Method of Exercise. The
Option shall be exercisable by delivery of an exercise notice (a form of which is attached hereto as Exhibit A) or by such other procedure as specified from time to time by the Administrator which shall state the election to exercise the
Option, the whole number of Shares in respect of which the Option is being exercised and such other provisions as may be required by the Administrator. The exercise notice shall be delivered in person, by certified mail or by such other method
(including electronic transmission) as determined from time to time by the Administrator to the Company accompanied by payment of the Exercise Price. The Option shall be deemed to be exercised upon receipt by the Company of such notice accompanied
by the Exercise Price, which, to the extent selected, shall be deemed to be satisfied by use of the broker-dealer sale and remittance procedure to pay the Exercise Price provided in Section 4(d) below. 

(c) Shareholders Agreement. As a condition precedent to any exercise of the Option, the Grantee shall deliver to the Company at
the time of exercise, an executed Shareholders Agreement in the form existing at the time of exercise of the Option (as modified by the Company in its discretion as of such time). 

  
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 (d) Taxes. No Shares will be delivered to the Grantee or other person pursuant to
the exercise of the Option until the Grantee or other person has made arrangements acceptable to the Administrator for the satisfaction of applicable income tax and employment tax withholding obligations, including, without limitation, such other
tax obligations of the Grantee incident to the receipt of Shares or the disqualifying disposition of Shares received on exercise of an Incentive Stock Option. Upon exercise of the Option, the Company or the Grantee’s employer may offset or
withhold (from any amount owed by the Company or the Grantee’s employer to the Grantee) or collect from the Grantee or other person an amount sufficient to satisfy such tax obligations and/or the employer’s withholding obligations.

 3. Grantee’s Representations. The Grantee understands that neither the Option nor the Shares exercisable pursuant
to the Option have been registered under the Securities Act of 1933, as amended or any United States securities laws. If the Shares purchasable pursuant to the exercise of the Option have not been registered under the Securities Act of 1933, as
amended, at the time the Option is exercised, the Grantee shall, if requested by the Company, concurrently with the exercise of all or any portion of the Option, deliver to the Company his or her Investment Representation Statement in the form
attached hereto as Exhibit B. 
 4. Method of Payment. Payment of the Exercise Price shall be made by any of the
following, or a combination thereof, at the election of the Grantee; provided, however, that such exercise method does not then violate any Applicable Law: 
 (a) cash; 
 (b) check; 

(c) surrender of Shares or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may require
(including withholding of Shares otherwise deliverable upon exercise of the Option) which have a Fair Market Value on the date of surrender or attestation equal to the aggregate Exercise Price of the Shares as to which the Option is being exercised
(but only to the extent that such exercise of the Option would not result in an accounting compensation charge with respect to the Shares used to pay the exercise price); or 
 (d) payment through a broker-dealer sale and remittance procedure pursuant to which the Grantee (i) provides written instructions to a Company-designated brokerage firm to effect the immediate sale
of some or all of the purchased Shares and remit to the Company sufficient funds to cover the aggregate exercise price payable for the purchased Shares and (ii) provides written directives to the Company to deliver the certificates for the
purchased Shares directly to such brokerage firm in order to complete the sale transaction. 
 5. Restriction on
Exercise. The Option may not be exercised if the issuance of the Shares subject to the Option upon such exercise would constitute a violation of any Applicable Laws. 
 6. Termination or Change of Continuous Service. If the Grantee’s Continuous Service terminates other than for Cause, the Grantee may, but only during the Post-Termination Exercise Period,
exercise the portion of the Option that was vested at the date of such termination (the “Termination Date”). If the Grantee’s Continuous Service is terminated for Cause, the Grantee’s right to exercise the Option shall, except as
otherwise determined by the Administrator, terminate concurrently with the termination of the Grantee’s Continuous Service (also the “Termination Date”). In no event may the Option be exercised later than the Expiration Date set forth
in the Notice. If the Grantee’s status changes from Employee, Director or Consultant to any other status of Employee, Director or Consultant, the Option shall remain in effect and vesting of the Option shall continue only to the extent
determined by the Administrator as of such change in status; provided, however, with respect to any Incentive Stock Option that remains in effect after a change in status from Employee to Director or Consultant, such Incentive Stock Option shall
cease to be treated as an Incentive Stock Option and shall be treated as a Non-Qualified Stock Option on the day three (3) months and one (1) day following such change in status. Except as provided in Sections 7 and 8 below, to
the extent that the Option was unvested on the Termination Date, such unvested portion of the Option shall terminate. In addition, except as provided in Sections 7 and 8 below, if the Grantee does not exercise the vested portion of the Option within
the Post-Termination Exercise Period, such vested portion of the Option shall terminate. 

  
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 7. Disability of Grantee. If the Grantee’s Continuous Service terminates as a
result of his or her Disability, the Grantee may, but only within twelve (12) months from the Termination Date (and in no event later than the Expiration Date), exercise the portion of the Option that was vested on the Termination Date;
provided, however, that if such Disability is not a “disability” as such term is defined in Section 22(e)(3) of the Code and the Option is an Incentive Stock Option, such Incentive Stock Option shall cease to be treated as an
Incentive Stock Option and shall be treated as a Non-Qualified Stock Option on the day three (3) months and one (1) day following the Termination Date. To the extent that the Option was unvested on the Termination Date, such unvested
portion of the Option shall terminate. In addition, if the Grantee does not exercise the vested portion of the Option within the time specified herein, such vested portion of the Option shall terminate. Section 22(e)(3) of the Code provides
that an individual is permanently and totally disabled if he or she 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 which has
lasted or can be expected to last for a continuous period of not less than twelve (12) months. 
 8. Death of
Grantee. If the Grantee’s Continuous Service terminates as a result of his or her death, or in the event of the Grantee’s death during the Post-Termination Exercise Period or during the twelve (12) month period following the
Grantee’s termination of Continuous Service as a result of his or her Disability, the Grantee’s estate, or a person who acquired the right to exercise the Option by bequest or inheritance, may exercise the portion of the Option that was
vested at the Termination Date, within twelve (12) months from the date of death (but in no event later than the Expiration Date). To the extent that the Option was unvested on the date of death, such unvested portion of the Option shall
terminate. In addition, if the vested portion of the Option is not exercised within the time specified herein, such vested portion of the Option shall terminate. 
 9. Transferability of Option. The Option, if an Incentive Stock Option, may not be transferred in any manner other than by will or by the laws of descent and distribution and may be exercised
during the lifetime of the Grantee only by the Grantee. The Option, if a Non-Qualified Stock Option, may not be transferred in any manner other than by will or by the laws of descent and distribution, provided, however, that a Non-Qualified Stock
Option may be transferred to members of the Grantee’s Immediate Family to the extent and in the manner authorized by the Administrator. The terms of the Option shall be binding upon the executors, administrators, heirs and successors of the
Grantee. 
 10. Term of Option. The Option must be exercised no later than the Expiration Date set forth in the Notice or
such earlier date as otherwise provided herein. After the Expiration Date or such earlier date, the Option shall be of no further force or effect and may not be exercised. 
 11. Stop-Transfer Notices. In order to ensure compliance with the restrictions on transfer set forth in this Option Agreement, the Notice or the Plan, the Company may issue appropriate “stop
transfer” instructions to its transfer agent, if any, and, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 

12. Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or
otherwise transferred in violation of any of the provisions of this Option Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares have been so
transferred. 
 13. Tax Consequences. Set forth below is a brief summary as of the date of this Option Agreement of some
of the federal tax consequences of exercise of the Option and disposition of the Shares. This summary is necessarily incomplete, and the tax laws and regulations are subject to change. The Grantee should consult a tax adviser before exercising
the Option or disposing of the Shares. 
 (a) Exercise of Incentive Stock Option. If the Option qualifies as an
Incentive Stock Option, there will be no regular federal income tax liability upon the exercise of the Option, although the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price will be treated as
income for purposes of the alternative minimum tax for federal tax purposes and may subject the Grantee to the alternative minimum tax in the year of exercise. 

  
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 (b) Exercise of Incentive Stock Option Following Disability. If the Grantee’s
Continuous Service terminates as a result of Disability that is not permanent and total disability as such term is defined in Section 22(e)(3) of the Code, to the extent permitted on the date of termination, the Grantee must exercise an
Incentive Stock Option within three (3) months of such termination for the Incentive Stock Option to be qualified as an Incentive Stock Option. Section 22(e)(3) of the Code provides that an individual is permanently and totally disabled if
he or she 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 which has lasted or can be expected to last for a continuous period
of not less than twelve (12) months. 
 (c) Exercise of Non-Qualified Stock Option. On exercise of a Non-Qualified
Stock Option, the Grantee will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. If the
Grantee is an Employee or a former Employee, the Company will be required to withhold from the Grantee’s compensation or collect from the Grantee and pay to the applicable taxing authorities an amount in cash equal to a percentage of this
compensation income at the time of exercise, and may refuse to honor the exercise and refuse to deliver Shares if such withholding amounts are not delivered at the time of exercise. 

(d) Disposition of Shares. In the case of a Non-Qualified Stock Option, if Shares are held for more than one year, any gain
realized on disposition of the Shares will be treated as long-term capital gain for federal income tax purposes. In the case of an Incentive Stock Option, if Shares transferred pursuant to the Option are held for more than one year after receipt of
the Shares and are disposed more than two years after the Date of Award, any gain realized on disposition of the Shares also will be treated as capital gain for federal income tax purposes and subject to the same tax rates and holding periods that
apply to Shares acquired upon exercise of a Non-Qualified Stock Option. If Shares purchased under an Incentive Stock Option are disposed of prior to the expiration of such one-year or two-year periods, any gain realized on such disposition will be
treated as compensation income (taxable at ordinary income rates) to the extent of the difference between the Exercise Price and the lesser of (i) the Fair Market Value of the Shares on the date of exercise, or (ii) the sale price of the
Shares. 
 14. Lock-Up Agreement. 
 (a) Agreement. The Grantee, if such person is an officer, director or owner of greater than 5% of the Common Stock of the Company at such time (including, for purposes of determining stock
ownership, shares of Common Stock issuable upon exercise of options or warrants, or conversion of securities convertible into shares of Common Stock), and if requested by the Company and the lead underwriter of any public offering of the Common
Stock (the “Lead Underwriter”), hereby irrevocably agrees not to sell, contract to sell, grant any option to purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or dispose of any
interest in any Common Stock or any securities convertible into or exchangeable or exercisable for or any other rights to purchase or acquire Common Stock (except Common Stock included in such public offering or acquired on the public market after
such offering) during the 180-day period following the effective date of a registration statement of the Company filed under the Securities Act of 1933, as amended, or such shorter period of time as the Lead Underwriter may specify. The Grantee
further agrees to sign such documents as may be requested by the Lead Underwriter to effect the foregoing and agrees that the Company may impose stop-transfer instructions with respect to such Common Stock subject to the lock-up period until the end
of such period. The Company and the Grantee acknowledge that each Lead Underwriter of a public offering of the Company’s stock, during the period of such offering and for the 180-day period thereafter, is an intended beneficiary of this
Section 14. 
 (b) No Amendment Without Consent of Underwriter. During the period from identification of a Lead
Underwriter in connection with any public offering of the Company’s Common Stock until the earlier of (i) the expiration of the lock-up period specified in Section 14(a) in connection with such offering or (ii) the abandonment of
such offering by the Company and the Lead Underwriter, the provisions of this Section 14 may not be amended or waived except with the consent of the Lead Underwriter. 
 15. Code Section 409A Matters. This option is not intended to constitute “nonqualified deferred compensation” within the meaning of Code Section 409A, but rather is intended to
be exempt from the application of Code Section 409A. To the extent that this option is nevertheless deemed to be subject to Code Section 409A for any reason, this option shall be interpreted in accordance with Code Section 409A and
Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date on which this option was granted (the “Grant
Date”). 

  
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Notwithstanding any provision herein to the contrary, in the event that following the Grant Date, the Administrator (as defined in the Plan) determines that this option may be or become subject
to Code Section 409A, the Administrator may adopt such amendments to the Plan and/or this option or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions that the
Administrator determines are necessary or appropriate to (a) exempt the Plan and/or this option from the application of Code Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to this option, or
(b) comply with the requirements of Code Section 409A. Any such action may include, but is not limited to, delaying payment, to the extent required in order to avoid accelerated taxation and/or tax penalties under Code Section 409A,
to a Grantee who is a “specified employee” within the meaning of Code Section 409A to the first day following the six-month period (or, if earlier, the date of the Grantee’s death) on the date of the Grantee’s
“separation of service” as defined in Code Section 409A. The Company shall use commercially reasonable efforts to implement the provisions of this Section 15 in good faith; provided that neither the Company, the Administrator nor
any Employee, Director or representative of the Company or of any of its Affiliates shall have any liability to Grantee with respect to this Section 15. In the event this Option and or the Award is deemed to be “nonqualified deferred
compensation” as defined in Code Section 409A, the value of such nonqualified deferred compensation could become taxable to Grantee, and Grantee agrees to assume and take full responsibility for any such tax consequences. 

16. Entire Agreement: Governing Law. The Notice, the Plan and this Option Agreement constitute the entire agreement of the parties
with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s
interest except by means of a writing or writings (including an electronic or facsimile transmission) signed by the Company and the Grantee. Nothing in the Notice, the Plan or this Option Agreement (except as expressly provided therein) is intended
to confer any rights or remedies on any persons other than the parties. The Notice, the Plan and this Option Agreement are to be construed in accordance with and governed by the internal laws of the State of Colorado without giving effect to any
choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Colorado to the rights and duties of the parties. Should any provision of the Notice, the Plan or this Option Agreement
be determined by a court of law to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain enforceable. 

17. Headings. The captions used in the Notice and this Option Agreement are inserted for convenience and shall not be deemed a
part of the Option for construction or interpretation. 
 18. Dispute Resolution. The provisions of this Section 18
shall be the exclusive means of resolving disputes arising out of or relating to the Notice, the Plan and this Option Agreement. The Company, the Grantee and the Grantee’s assignees (the “parties”) shall attempt in good faith to
resolve any disputes arising out of or relating to the Notice, the Plan and this Option Agreement by negotiation between individuals who have authority to settle the controversy. Negotiations shall be commenced by either party by notice of a written
statement of the party’s position and the name and title of the individual who will represent the party. Within thirty (30) days of the written notification, the parties shall meet at a mutually acceptable time and place, and thereafter as
often as they reasonably deem necessary, to resolve the dispute. If the dispute is not resolved by negotiation within ninety (90) days of the written notification, the parties agree that any suit, action, or proceeding arising out of or
relating to the Notice, the Plan or this Option Agreement shall be brought in the United States District Court for the District of Colorado (or should such court lack jurisdiction to hear such action, suit or proceeding, in a Colorado state court in
Arapahoe County, Colorado) and that the parties shall submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action
or proceeding brought in such court. The parties also expressly waive any right they have or may have to a jury trial of any such suit, action or proceeding. If any one or more provisions of this Section 18 shall for any reason be held
invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 

19. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given,
(i) when delivered personally; (ii) when sent by facsimile, with written confirmation of receipt by the sending facsimile machine; (iii) when sent by electronic transmission, upon written confirmation of receipt by the receiving
party; (iv) five business days after being sent by registered or certified mail, return receipt requested, postage prepaid; or (v) two business days after deposit with a private industry express courier, with written confirmation of
receipt, addressed to the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party. 

  
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 EXHIBIT A 

ADA-ES AMENDED AND RESTATED 2007 EQUITY INCENTIVE PLAN 
 EXERCISE NOTICE 
 ADA-ES, Inc. 
 9135 South Ridgeline Boulevard, Suite 200 
 Highlands Ranch, Colorado 80129 

Attention: Secretary 
 1.
Effective as of today,             , the undersigned (“Grantee”) hereby elects to exercise the Grantee’s option to purchase
            shares of the Common Stock (the “Shares”) of ADA-ES, Inc. (the “Company”) under and pursuant to the Company’s Amended and Restated 2007 Equity Incentive
Plan, as amended from time to time (the “Plan”) and the [    ] Incentive [    ] Non-Qualified Stock Option Award Agreement (the “Option Agreement”) and Notice of Stock Option
Award (the “Notice”) dated            ,            . Unless otherwise defined herein, the terms defined in the Plan
shall have the same defined meanings in this Exercise Notice. 
 2. Representations of the Grantee. The Grantee
acknowledges that the Grantee has received, read and understood the Notice, the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions. Grantee further represents and warrants that: Grantee has such knowledge
and experience in financial and business matters and/or that Grantee has employed a purchaser representative who has such knowledge and experience in financial and business matters such that Grantee is capable of evaluating, either alone or together
with such purchaser representative engaged by Grantee, the merits and risks of exercising the Option and owning the Shares; and (ii) that Grantee is acquiring the Shares subject to the Option for his or her own account and not with any present
intention of selling or otherwise distributing the Shares, unless the Shares are registered under the Securities Act of 1933, as amended, in which case Grantee will be free to immediately sell the Shares into any market which may exist therefor.

 3. Rights as Shareholder. Until the stock certificate evidencing such Shares is issued (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares, notwithstanding the exercise of
the Option. The Company shall issue (or cause to be issued) such stock certificate promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate
is issued, except as provided in Section 10 of the Plan. The Grantee shall enjoy rights as a shareholder until such time as the Grantee disposes of the Shares or the Company and/or its assignee(s) exercises the Right of First Refusal or the
Repurchase Right. Upon such exercise, the Grantee shall have no further rights as a holder of the Shares so purchased except the right to receive payment for the Shares so purchased in accordance with the provisions of the Option Agreement, and the
Grantee shall forthwith cause the certificate(s) evidencing the Shares so purchased to be surrendered to the Company for transfer or cancellation. 
 4. Shareholders Agreement. As a condition precedent to the exercise of the Option, the Grantee agrees to deliver to the Company an executed Shareholders Agreement in the form existing at the time
of exercise of the Option (as modified by the Company in its discretion). 
 5. Delivery of Payment. The Grantee herewith
delivers to the Company the full Exercise Price for the Shares, which, to the extent selected, shall be deemed to be satisfied by use of the broker-dealer sale and remittance procedure to pay the Exercise Price provided in Section 4(d) of the
Option Agreement. 
 6. Tax Consultation. The Grantee understands that the Grantee may suffer adverse tax consequences as
a result of the Grantee’s purchase or disposition of the Shares. The Grantee represents that the Grantee has consulted with any tax consultants the Grantee deems advisable in connection with the purchase or disposition of the Shares and that
the Grantee is not relying on the Company for any tax advice. 

  
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 7. Taxes. The Grantee agrees to satisfy all applicable federal, state and local
income and employment tax withholding obligations and herewith delivers to the Company the full amount of such obligations or has made arrangements acceptable to the Company to satisfy such obligations. In the case of an Incentive Stock Option, the
Grantee also agrees, as partial consideration for the designation of the Option as an Incentive Stock Option, to notify the Company in writing within thirty (30) days of any disposition of any shares acquired by exercise of the Option if such
disposition occurs within two (2) years from the Date of Award or within one (1) year from the date the Shares were transferred to the Grantee. If the Company is required to satisfy any federal, state or local income or employment tax
withholding obligations as a result of such an early disposition, the Grantee agrees to satisfy the amount of such withholding in a manner that the Administrator prescribes. 
 8. Restrictive Legends. The Grantee understands and agrees that unless the Shares are presently registered under the Securities Act of 1933, as amended, the Company may cause the legends set forth
below or legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or federal securities laws: 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR ANY STATE SECURITIES LAWS AND MAY
NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS
IN COMPLIANCE THEREWITH. 
 9. Successors and Assigns. The Company may assign any of its rights under this Exercise
Notice to single or multiple assignees, and this agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be binding upon the Grantee and
his or her heirs, executors, administrators, successors and assigns. 
 10. Headings. The captions used in this Exercise
Notice are inserted for convenience and shall not be deemed a part of this agreement for construction or interpretation. 
 11.
Dispute Resolution. The provisions of Section 18 of the Option Agreement shall be the exclusive means of resolving disputes arising out of or relating to this Exercise Notice. 

12. Governing Law; Severability. This Exercise Notice is to be construed in accordance with and governed by the internal laws of
the State of Colorado without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Colorado to the rights and duties of the parties. Should any
provision of this Exercise Notice be determined by a court of law to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain
enforceable. 
 13. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed
effectively given (i) when delivered personally; (ii) when sent by facsimile, with written confirmation of receipt by the sending facsimile machine; (iii) when sent by electronic transmission, upon written confirmation of receipt by
the receiving party; (iv) five business days after being sent by registered or certified mail, return receipt requested, postage prepaid; or (v) two business days after deposit with a private industry express courier, with written
confirmation of receipt, addressed to the other party at its address as shown below beneath its signature, or to such other address as such party may designate in writing from time to time to the other party. 

14. Further Instruments. The parties agree to execute such further instruments and to take such further action as may be
reasonably necessary to carry out the purposes and intent of this agreement. 
 15. Entire Agreement. The Notice, the
Plan, the Option Agreement and Shareholders Agreement, if any, are incorporated herein by reference and together with this Exercise Notice constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in
their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing or writings (including an
electronic or facsimile 

  
 10 

 
transmission) signed by the Company and the Grantee. Nothing in the Notice, the Plan, the Option Agreement and this Exercise Notice (except as expressly provided therein) is intended to confer
any rights or remedies on any persons other than the parties. 
  

							
	Submitted by:	 		 	Accepted by:
			
	GRANTEE	 		 	ADA-ES, INC., a Colorado corporation
				
	 	 		 	By:	 	 
	(Signature)	 		 	Title:	 	 
			
	Address:	 		 	Address:
			
	 	 		 	9135 South Ridgeline Boulevard, Suite 200
		 		 	Highlands Ranch, Colorado 80129
	 	 		 		 	
				
	Email:                            
                                         
               	 		 		 	
	Facsimile:                            
                                         
         	 		 		 	

  
 11 

 EXHIBIT B 

ADA-ES AMENDED AND RESTATED 2007 EQUITY INCENTIVE PLAN 
 INVESTMENT REPRESENTATION STATEMENT 
 GRANTEE: 

COMPANY: ADA-ES, INC. 
 SECURITY: COMMON STOCK

 AMOUNT: 
 DATE: 

In connection with the purchase of the above-described securities (the “Shares”), the undersigned Grantee represents to the
Company the following: 
 (a) Grantee is aware of the Company’s business affairs and financial condition and has acquired
sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Shares. Grantee is acquiring these Shares for investment for Grantee’s own account only and not with a view to, or for resale in connection
with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). 
 (b) Grantee acknowledges and understands that unless the Shares are registered under the Securities Act, the shares will constitute “restricted securities” under the Securities Act and will have
not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon among other things, the bona fide nature of Grantee’s investment intent as expressed herein. Grantee further understands
that the Shares must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Grantee further acknowledges and understands that the Company is under no obligation to
register the Shares. Grantee understands that unless the Shares are registered under the Securities Act at the time of issuance, the certificate evidencing the Shares will be imprinted with a legend which prohibits the transfer of the Shares unless
they are registered or such registration is not required in the opinion of counsel satisfactory to the Company. 
 (c) Grantee
is familiar with the provisions of Rule 144 promulgated under the Securities Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public
offering subject to the satisfaction of certain conditions. Subject to the availability of certain public information about the Company, if the Shares are not registered for resale under an effective registration statement on file with the
Securities and Exchange Commission at the time of the exercise of the Option, then the Shares may be resold in certain limited circumstances subject to the provisions of Rule 144 if Grantee is not an affiliate of the Company and has not been an
affiliate for the preceding three months. If Grantee is or has been an affiliate of the Company in the preceding three months, Grantee may resell the Shares pursuant to Rule 144 subject to the satisfaction of certain conditions specified in the
rule, including: (1) the resale being made through a broker in an unsolicited “broker’s transaction” or in transactions directly with a market maker (as said term is defined under the Securities Exchange Act of 1934, as amended),
(2) the availability of certain public information about the Company, (3) the amount of Shares being sold during any three month period not exceeding the limitations specified in Rule 144(e), and (4) the timely filing of a Form 144,
if applicable. The resale must occur not less than six months after the later of the date the Shares were sold by the Company or the date the Shares were sold by an affiliate of the Company (within the meaning of Rule 144). Other restrictions may
also apply to sales of the Shares, and Grantee understands that the Shares may not be readily resold, and that delays may occur in selling the Shares even if they are eligible for sale under Rule 144. 

  
 12 

 (d) Grantee further understands that if all of the applicable requirements of Rule 144 are
not satisfied, that registration under the Securities Act, compliance with Regulation A or some other registration exemption will be required and that, notwithstanding the fact that Rule 144 is not exclusive, the Staff of the Securities and Exchange
Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 will have a substantial burden of proof in establishing that an exemption
from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Grantee understands that no assurances can be given that any such other
registration exemption will be available in such event, and that the Shares may not be salable by Grantee. 
 (e) Grantee
represents that Grantee is a resident of the state of             . 
  

	
	Signature of Grantee:
	
	  
	
	  
	[Print Name of Grantee]
	
	Date:            ,    

  
 13 

 EXHIBIT C 

Addendum to the ADA-ES, Inc. 
 Amended and Restated 2007 Equity Incentive Plan 
 Option Agreement

 For California Residents Only 
 This Addendum is intended to comply with Section 25102(o) of the California Corporations Code and any rules or regulations promulgated thereunder by the California Department of Corporations. Any
provision of the Plan or any Option Agreement which is otherwise inconsistent with this Addendum or Section 25102(o) of the California Securities Code shall, without further act or amendment by the Company, be reformed to comply with
Section 25102(o) of the California Securities Code. Both the Common Stock and the Options that are the subject of this Addendum if not yet qualified with the California Department of Corporations and not yet exempt from such qualification, are
subject to such qualification, and the issuance of the Options prior to the qualification is unlawful unless such issuance is exempt. The rights of the Company and the Option holder with respect to Options that are the subject of this Addendum are
expressly conditioned on such exemption being available. 
 In addition to those provisions set forth in the Plan, any Option
Agreement and/or the Shareholders Agreement, Options granted to employees of the Company or an Affiliate resident in California (“California Employees”) will be subject to the following provisions: 

 

	1.	Each California Employee will receive financial statements of the Company annually during the period such California Employee has Options outstanding. This requirement
does not apply to California Employees who are key employees whose duties in connection with the Company or an Affiliate assure them access to equivalent information. 

 

	2.	Unless employment of a California Employee is terminated “for cause” under applicable law, the terms of the Plan, the Option Agreement, the Option grant or
the California Employee’s contract of employment, the right to exercise the California Employee’s Option in the event of termination of his or her employment, to the extent the California Employee is entitled to exercise such Option on the
date his or her employment terminates, shall be as follows: 

  

	(i)	Such Option may be exercised for at least 6 months from the date of such termination, if termination was caused by death or Disability. 

 

	(ii)	Such Option may be exercised for at least 30 days from the date of such termination if termination was caused by other than death or Disability.

 Notwithstanding the foregoing, such Option may not be exercised after the expiration of the stated period of the
Option. 
  

	3.	At the discretion of the Committee, the Company may reserve to itself and/or its assignee in the Option Agreement, or any other agreement with the California Employee,
a right to repurchase Common Stock held by a California Employee or his or her transferee in the event of such California Employee’s termination of employment with the Company or an Affiliate at any time within 90 days after the date of such
termination (or in the case of Common Stock issued upon exercise of an Option after such termination date, within 90 days after the date of such exercise) for cash or cancellation of purchase money indebtedness, at: 

 

	(A)	no less than the Fair Market Value of such Common Stock as of the date of such termination of employment, provided that such right to repurchase Common Stock
terminates when the common Stock has become publicly traded; or 

  
 14 

	(B)	the California Employee’s original purchase price, provided that such right to repurchase Common Stock at the original purchase price lapses at the rate of
at least 20% of the Common Stock subject to the Option per year over 5 years from the date the Option is granted (without respect to the date the Option was exercised or became exercisable). 

Notwithstanding the foregoing, the Common Stock held by a California Employee who is an officer, director, manager or consultant of the
Company or an Affiliate may be subject to additional or greater restrictions than those set forth in this item 3 above. 

  
 15 

 RESTRICTED STOCK PURCHASE AGREEMENT 

ADA-ES, INC. AMENDED AND RESTATED 2007 EQUITY INCENTIVE PLAN 
 [Preliminary Note: Language appearing in boldface and brackets in both the Notice and the Agreement refers to provisions that are electable, and the language must be reviewed and either included or
removed, as appropriate, in the process of finalizing all agreements.] 
 NOTICE OF RESTRICTED STOCK PURCHASE AWARD

  

			
	Grantee’s Name and Address:	  	 
		
		  	 
		
		  	 

 You have been granted the right to purchase shares of Common Stock of the Company, subject to the terms
and conditions of this Notice of Restricted Stock Purchase Award (the “Notice”), under the ADA-ES, INC. Amended and Restated 2007 Equity Incentive Plan, as amended from time to time (the “Plan”) and the Restricted Stock Purchase
Award Agreement (the “Agreement”) attached hereto, as follows. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Notice. 

 

			
	Award Number	 	 
		
	Grant Date	 	 
		
	Vesting Commencement Date    	 	 
		
	Purchase Price per Share	 	 
		
	 Total Number of Shares
 of Common Stock Awarded    
	 	 
		
	Total Purchase Price	 	 

 Vesting Schedule: 
 Subject to Grantee’s Continuous Service and other limitations set forth in this Notice, the Agreement and the Plan, the Shares will “vest” in accordance with the following schedule:

 NOTE: CHOOSE ONE OF THE FOLLOWING ALTERNATIVES OR SOME OTHER VESTING SCHEDULE. ANY INAPPLICABLE LANGUAGE SHOULD BE DELETED
FOR FINALIZING THE DOCUMENTS FOR THE GRANT.  

 [25% of the Total Number of Shares of Common Stock Awarded shall vest twelve
(12) months after the Vesting Commencement Date, and 1/48 of the Total Number of Shares of Common Stock Awarded shall vest each month thereafter until the Shares are fully vested.] 

[25% of the Total Number of Shares of Common Stock Awarded shall vest twelve (12) months after the Vesting Commencement Date, and
an additional 25% of the Total Number of Shares of Common Stock Awarded shall vest on each yearly anniversary of the Vesting Commencement Date thereafter.] 
 [25% of the Total Number of Shares of Common Stock Awarded shall vest twelve (12) months after the Vesting Commencement Date, and 1/16 of the Total Number of Shares of Common Stock Awarded shall
vest on each three (3) month anniversary of the Vesting Commencement Date thereafter.] 
 [During any authorized
leave of absence, the vesting of the Shares shall be suspended [after the leave of absence exceeds a period of [ninety (90)] days]. Vesting of the Shares shall resume upon the Grantee’s termination of the leave of absence and return to
Continuous Service. The Vesting Schedule of the Shares shall be extended to the length of the suspension.] 
 [In the
event of Grantee’s change in status from Employee or Director to Consultant, the vesting of the Shares shall continue only to the extent determined by the Administrator as of such change in status.] 

For purposes of this Notice and the Agreement, the term “vest” shall mean, with respect to any Shares, that such Shares are no
longer subject to repurchase at the Purchase Price per Share; provided, however, that such Shares shall remain subject to other restrictions on transfer set forth in the Agreement or the Plan. Shares that have not vested are deemed “Restricted
Shares.” If the Grantee would become vested in a fraction of a Restricted Share, such Restricted Share shall not vest until the Grantee becomes vested in the entire Share. Notwithstanding the foregoing, the Shares subject to this Notice will be
subject to the provisions of the Agreement and Section 11 of the Plan relating to the release of repurchase and forfeiture provisions in the event of a Corporate Transaction or Change of Control. 

[Signature page follows] 

 IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the
Award is to be governed by the terms and conditions of this Notice, the Plan, and the Agreement, and that signed copies of this Notice and the Agreement (including signed copies of Exhibits A, B and C thereto, as applicable) have been exchanged
between the parties. 
  

			
	ADA-ES, INC.
		
	By:	 	 
	Title:	 	 

 THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE SHARES SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF GRANTEE’S
CONTINUOUS SERVICE (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE AGREEMENT, NOR IN THE PLAN, SHALL CONFER UPON THE GRANTEE
ANY RIGHT WITH RESPECT TO CONTINUATION OF GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE GRANTEE’S CONTINUOUS SERVICE AT ANY TIME, WITH OR WITHOUT
CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, GRANTEE’S STATUS IS AT WILL. 

The Grantee acknowledges receipt of a copy of the Plan and the Agreement (including Exhibits A, B & C thereto) and represents that he
or she is familiar with the terms and provisions thereof, and hereby accepts the Award subject to all of the terms and provisions hereof and thereof. The Grantee has reviewed this Notice, the Agreement and the Plan in their entirety, has had an
opportunity to obtain the advice of counsel prior to executing this Notice and fully understands all provisions of this Notice, the Agreement and the Plan. The Grantee hereby agrees that all disputes arising out of or relating to this Notice, the
Plan and the Agreement shall be resolved in accordance with Section 21 of the Agreement. The Grantee further agrees to notify the Company upon any change in the residence address indicated in this Notice. 

 

							
	Dated:                     	 		 	Signed:	 	 
				
		 		 	Print Name:	 	 

 Award Number:             

 ADA-ES INC. AMENDED AND RESTATED 2007 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK PURCHASE AWARD AGREEMENT 
 1. Purchase of Shares. ADA-ES INC., a Colorado corporation (the “Company”), hereby issues and sells to the Grantee (the “Grantee”) named in the Notice of Restricted Stock
Purchase Award (the “Notice”), the Total Number of Shares of Common Stock Awarded set forth in the Notice (the “Shares”) for a Purchase Price per Share set forth in the Notice (the “Total Purchase Price”), subject to
the Notice, this Restricted Stock Purchase Award Agreement (the “Agreement”) and the terms and provisions of the Company’s Amended and Restated 2007 Equity Incentive Plan, as amended from time to time (the “Plan”), which is
incorporated herein by reference. Payment for the Shares in the amount of the Total Purchase Price set forth in the Notice shall be made to the Company upon execution of the Notice. Unless otherwise defined herein, the terms defined in the Plan
shall have the same defined meanings in this Agreement. All Shares sold hereunder will be deemed issued to the Grantee as fully paid and nonassessable shares and the Grantee will have the right to vote the Shares at meetings of the Company’s
shareholders. The Company shall pay any applicable stock transfer taxes imposed upon the issuance of the Shares to the Grantee hereunder. 
 2. Method of Payment. Payment of the Total Purchase Price shall be by any of the following, or a combination thereof, at the election of the Grantee; provided, however, that such payment method
does not then violate an Applicable Law: 
 (a) cash; 
 (b) check; or 
 (c) [provided that the Total Purchase Price for the Shares
being purchased exceeds [             thousand dollars ($        ,000)], payment pursuant to a promissory note as described below. 

(i) The promissory note shall have a term of             
(    ) years with principal and interest payable in              (    ) equal annual installments; 

(ii) The promissory note shall bear interest at the minimum rate required by the federal tax laws to avoid the
imputation of interest income to the Company and compensation income to the Grantee; 
 (iii) The Grantee
shall be personally liable for payment of the promissory note and the promissory note shall be secured by the Shares purchased upon delivery of the promissory note, or such other collateral of equal or greater value, in a manner satisfactory to the
Administrator with such documentation as the Administrator may request; and 
 (iv) The promissory note
shall become due and payable upon the occurrence of any or all of the following events: (A) the sale or transfer of the Shares purchased with the promissory note; (B) termination of the Grantee’s Continuous Service for any reason
other than death or disability; or (C) the first anniversary of the termination of the Grantee’s Continuous Service due to death or disability.] 
 [NOTE: If the Company is going to extend credit, it must confirm that it complies with any applicable Federal Reserve requirements relating to the extension of credit.] 

3. Transfer Restrictions. The Shares sold to the Grantee hereunder may not be sold, transferred by gift, pledged, hypothecated, or
otherwise transferred or disposed of by the Grantee prior to the date when the Shares become vested pursuant to the Vesting Schedule set forth in the Notice. Any attempt to transfer Restricted Shares in violation of this Section 3 will be null
and void and will be disregarded. Before the Shares fully vest, the Shares will be subject to the Company’s Repurchase Rights as set forth in Section 8 below. 

 4. Escrow of Stock. For purposes of facilitating the enforcement of the
provisions of this Agreement, the Grantee agrees, immediately upon receipt of the certificate(s) for the Restricted Shares, to deliver such certificate(s), together with an Assignment Separate from Certificate in the form attached hereto as
Exhibit A, executed in blank by the Grantee and the Grantee’s spouse (if required for transfer) with respect to each such stock certificate, to the Secretary or Assistant Secretary of the Company, or their designee, to hold in
escrow for so long as such Restricted Shares have not vested pursuant to the Vesting Schedule set forth in the Notice and continue to be subject to the Company’s Repurchase Rights, with the authority to take all such actions and to effectuate
all such transfers and/or releases as may be necessary or appropriate to accomplish the objectives of this Agreement in accordance with the terms hereof. The Grantee hereby acknowledges that the appointment of the Secretary or Assistant Secretary of
the Company (or their designee) as the escrow holder hereunder with the stated authorities is a material inducement to the Company to make this Agreement and that such appointment is coupled with an interest and is accordingly irrevocable. The
Grantee agrees that such escrow holder shall not be liable to any party hereto (or to any other party) for any actions or omissions unless such escrow holder is grossly negligent relative thereto. The escrow holder may rely upon any letter, notice
or other document executed by any signature purported to be genuine and may resign at any time. Upon the vesting of all Restricted Shares and termination of the Company’s [Right of First Refusal] [and Repurchase Right], the escrow holder
will, without further order or instruction, transmit to the Grantee the certificate evidencing such Shares, subject, however, to satisfaction of any withholding obligations provided in Section 6 below [, and subject to the terms of any
security agreement executed in connection with the purchase of the Shares by means of a promissory note]. 
 5.
Distributions. Except as set forth in Section 10(ii), the Company shall disburse to the Grantee all dividends and other distributions paid or made in cash with respect to the Shares and Additional Securities (whether vested or not), less
any applicable withholding obligations. 
 6. Section 83(b) Election and Withholding of Taxes. The Grantee shall
provide the Administrator with a copy of any timely election made pursuant to Section 83(b) of the Internal Revenue Code or similar provision of state law (collectively, an “83(b) Election”), a form of which is attached hereto as
Exhibit B. If the Grantee makes a timely 83(b) Election, the Grantee shall immediately pay the Company the amount necessary to satisfy any applicable foreign, federal, state, and local income and employment tax withholding obligations.
If the Grantee does not make a timely 83(b) Election, the Grantee shall, as Restricted Shares vest, or at the time withholding is otherwise required by any Applicable Law, pay the Company the amount necessary to satisfy any applicable foreign,
federal, state, and local income and employment tax withholding obligations. The Grantee may satisfy his or her withholding obligations by authorizing the Company to transfer to the Company the number of vested Shares held in escrow that have an
aggregate Fair Market Value equal to the withholding obligations. The Grantee hereby represents that he or she understands (a) the contents and requirements of the 83(b) Election, (b) the application of Section 83(b) to the receipt of
the Shares by the Grantee pursuant to this Agreement, (c) the nature of the election to be made by the Grantee under Section 83(b) and the consequences of either making or not making the 83(b) Election, and (d) the effect and
requirements of the 83(b) Election under relevant state and local tax laws. The Grantee further represents that he or she intends OR does not intend to file an election pursuant to Section 83(b) with the Internal Revenue Service
within thirty (30) days following the date of this Agreement, and submit a copy of such election with his or her federal tax return for the calendar year in which the date of this Agreement falls. 

[NOTE: Grantee must cross through the inapplicable language in the preceding paragraph, and initial here:
            .] 
 7. Additional Securities. Any
securities received as the result of ownership of the Restricted Shares (the “Additional Securities”), including, but not by way of limitation, warrants, options and securities received as a stock dividend or stock split, or as a result of
a recapitalization or reorganization or other similar change in the Company’s capital structure, shall be retained in escrow in the same manner and subject to the same conditions and restrictions as the Restricted Shares with respect to which
they were issued, including, without limitation, the Vesting Schedule set forth in the Notice and the Company’s Repurchase Rights. The Grantee shall be entitled to direct the Company to exercise any warrant, option or other right received as
Additional Securities upon supplying the funds necessary to do so, in which event the securities so purchased shall constitute Additional Securities, but the Grantee may not direct the Company to sell any such warrant, option or right. If Additional
Securities consist of a convertible security, the Grantee may exercise any conversion right, and any securities so acquired shall constitute Additional Securities. Appropriate adjustments to reflect the distribution of Additional Securities shall be
made to 

 
the price per share to be paid upon the exercise of the Repurchase Right in order to reflect the effect of any such transaction upon the Company’s capital structure. In the event of any
change in certificates evidencing the Shares or the Additional Securities by reason of any recapitalization, reorganization or other transaction that results in the creation of Additional Securities, the escrow holder is authorized to deliver to the
issuer the certificates evidencing the Shares or the Additional Securities in exchange for the certificates of the replacement securities. 
 8. Company’s Repurchase Rights. 
 (a) Grant of Repurchase
Rights. The Company is hereby granted the right to repurchase all or any portion of the Shares that are Restricted Shares (the “Repurchase Right”) exercisable at any time during the period commencing on the date the Grantee’s
Continuous Service terminates for any reason, with or without cause (including death or disability) (the “Termination Date”) and ending ninety (90) days after the first date on which the Repurchase Right may be exercised without
incurring an accounting expense with respect to such exercise (the “Share Repurchase Period”). 
 (b) Exercise of
the Repurchase Right. The Repurchase Right shall be exercisable by written notice delivered to the Grantee prior to the expiration of the Share Repurchase Period. The notice shall indicate the number of Shares to be repurchased and the date on
which the repurchase is to be effected, such date to be not later than the last day of the Share Repurchase Period. On the date on which the repurchase is to be effected, the Company and/or its assigns shall pay to the Grantee in cash or cash
equivalents (including the cancellation of any purchase-money indebtedness) for Restricted Shares being repurchased, the Purchase Price per Share previously paid by the Grantee to the Company for such Shares. Upon such payment to the Grantee or into
escrow for the benefit of the Grantee, the Company and/or its assigns shall become the legal and beneficial owner of the Shares being repurchased and all rights and interest thereon or related thereto, and the Company shall have the right to
transfer to its own name or its assigns the number of Shares being repurchased, without further action by the Grantee. 
 (c)
Assignment. Whenever the Company shall have the right to purchase Shares under this Repurchase Right, the Company may designate and assign one or more employees, officers, directors or shareholders of the Company or other persons or
organizations, to exercise all or a part of the Company’s Repurchase Right. 
 (d) Termination of the Repurchase
Right. The Repurchase Right shall terminate with respect to any Shares for which it is not timely exercised. In addition, the Repurchase Right shall terminate, and cease to be exercisable, with respect to all vested Shares upon the date on which
such shares cease to be Restricted Shares. 
 (e) Corporate Transaction/ Change of Control. Immediately prior to the
consummation of a Corporate Transaction described in Section 2(q)(i), (ii) or (iii) of the Plan or a Change of Control, the Repurchase Right as to all vested Shares shall automatically lapse in its entirety, except to the extent this
Agreement is Assumed, in which case the Repurchase Right shall apply to the new capital stock or other property received in exchange for the vested Shares in consummation of the Corporate Transaction or Change of Control, but only to the extent the
vested Shares are at the time covered by such right. The Repurchase Right as to Restricted Shares shall apply to the new capital stock or other property (including cash paid other than as a regular cash dividend) received in exchange for the Shares
in consummation of the Corporate Transaction and such stock or property shall be deemed Additional Securities for purposes of this Agreement, but only to the extent the Shares are at the time covered by such Repurchase Right. Appropriate adjustments
shall be made to the price per share payable upon exercise of the Repurchase Right to reflect the effect of the Corporate Transaction or Related Entity Disposition. 
 [NOTE: This section does not contemplate the termination of the Repurchase Right for unvested Shares upon a Corporate Transaction or Related Entity Disposition. If the Repurchase Right for unvested
Shares were to terminate on an acquisition, the Award is in effect “accelerated” in that the Grantee would receive full consideration for the shares on a Corporate Transaction although the vesting time periods have not elapsed.
Consideration should be given to whether either of the following provisions should be added to all agreements or to agreements for specific individuals. [To the extent that this Agreement will not be Assumed, the Repurchase Right as to such
Restricted Shares shall automatically lapse.] Another possibility is to give the Company the option to repurchase the unvested Shares (at the Exercise Price per Share for the unvested

 
Shares) in a Corporate Transaction if the Agreement is not Assumed. [Such a provision would mean that the Grantee only receives the acquisition consideration for the vested shares and results in
the Grantee receiving the consideration that he would have received if he had vested options rather than purchased shares.] [To the extent that this Agreement is not Assumed, the Company shall have the Repurchase Right as to such Restricted Shares
pursuant to Section 8(a) of this Agreement, except that the Share Repurchase Period shall be the sixty (60) day period immediately preceding the consummation of the Corporate Transaction or Related Entity Disposition.] 

9. Stop-Transfer Notices. In order to ensure compliance with the restrictions on transfer set forth in this Agreement, the Notice
or the Plan, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

 10. Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been
sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have
been so transferred. 
 11. Restrictive Legends. Grantee understands and agrees that the Company may cause the legends
set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares, as applicable, together with any other legends that may be required by the Company or by state or federal
securities laws: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
“ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER,
PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFER, A REPURCHASE RIGHT HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE RESTRICTED STOCK PURCHASE AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL
OFFICE OF THE ISSUER SUCH TRANSFER RESTRICTIONS AND REPURCHASE RIGHT ARE BINDING ON TRANSFEREES OF THESE SHARES. 
 12.
Lock-Up Agreement. 
 (a) Agreement. Grantee, if such person is an officer, director or owner of greater than 5%
of the Common Stock of the Company at such time (including, for purposes of determining stock ownership, shares of Common Stock issuable upon exercise of options or warrants, or conversion of securities convertible into shares of Common Stock), and
if requested by the Company and the lead underwriter of any public offering of the Common Stock or other securities of the Company (the “Lead Underwriter”), hereby irrevocably agrees not to sell, contract to sell, grant any option to
purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or dispose of any interest in any Common Stock or any securities convertible into or exchangeable or exercisable for or any other rights to
purchase or acquire Common Stock (except Common Stock included in such public offering or acquired on the public market after such offering) during the 180-day period following the effective date of a registration statement of the Company filed
under the Securities Act of 1933, as amended, or such shorter period of time as the Lead Underwriter shall specify. Grantee further agrees to sign such documents as may be requested by the Lead Underwriter to effect the foregoing and agrees that the
Company may impose stop-transfer instructions with respect to such Common Stock subject until the end of such period. The Company and Grantee acknowledge that each Lead Underwriter of a public offering of the Company’s stock, during the period
of such offering and for the 180-day period thereafter, is an intended beneficiary of this Section 12. 

 (b) No Amendment Without Consent of Underwriter. During the period from
identification as a Lead Underwriter in connection with any public offering of the Company’s Common Stock until the earlier of (i) the expiration of the lock-up period specified in Section 12(a) in connection with such offering or
(ii) the abandonment of such offering by the Company and the Lead Underwriter, the provisions of this Section 12 may not be amended or waived except with the consent of the Lead Underwriter. 

13. Grantee’s Representations. In the event the Shares purchasable pursuant to this Agreement have not been registered under
the Securities Act of 1933, as amended, at the time of purchase, the Grantee shall, if required by the Company, concurrently with the purchase of the Shares, deliver to the Company his or her Investment Representation Statement in the form attached
hereto as Exhibit C. 
 14. Transferability. No benefit payable under, or interest in, this Agreement or in
the shares of Common Stock that are scheduled to be issued hereunder shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge and any such attempted action shall be void and no such
benefit or interest shall be, in any manner, liable for, or subject to, your or your beneficiary’s debts, contracts, liabilities or torts; provided, however, nothing in this Section 14 shall prevent transfer (i) by will,
(ii) by applicable laws of descent and distribution or (iii) to an Alternate Payee to the extent that a QDRO so provides, as further described in Section 20 of the Plan. 

15. No Contract for Employment. This Agreement is not an employment or service contract and nothing in this Agreement shall be
deemed to create in any way whatsoever any obligation of the Grantee to continue in the employ or service of the Company, or of the Company to continue to employ Grantee. 
 16. Applicability of Plan. This Agreement is subject to all the provisions of the Plan, which provisions are hereby made a part of this Agreement, and is further subject to all interpretations,
amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of this Agreement and those of the Plan, the provisions of the Plan shall control.

 17. No Compensation Deferral. This Award is not intended to constitute “nonqualified deferred compensation”
within the meaning of Code Section 409A, but rather is intended to be exempt from the application of Code Section 409A. To the extent that the Award is nevertheless deemed to be subject to Code Section 409A for any reason, this Award
shall be interpreted in accordance with Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the
Grant Date. Notwithstanding any provision herein to the contrary, in the event that following the Grant Date, the Administrator (as defined in the Plan) determines that the Award may be or become subject to Code Section 409A, the Administrator
may adopt such amendments to the Plan and/or this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or
appropriate to (a) exempt the Plan and/or the Award from the application of Code Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to this option, or (b) comply with the requirements of Code
Section 409A. Any such action may include, but is not limited to, delaying payment, to the extent required in order to avoid accelerated taxation and/or tax penalties under Code Section 409A, to a Grantee who is a “specified
employee” within the meaning of Code Section 409A to the first day following the six-month period (or, if earlier, the date of the Grantee’s death) on the date of the Grantee’s “separation of service” as defined in Code
Section 409A. The Company shall use commercially reasonable efforts to implement the provisions of this Section 17 in good faith; provided that neither the Company, the Administrator nor any Employee, Director or representative of the
Company or of any of its Affiliates shall have any liability to Grantee with respect to this Section 17. 
 18.
Acknowledgement. By electing to accept this Agreement, you acknowledge receipt of this Agreement and hereby confirm your understanding that the terms set forth in this Agreement constitute, subject to the terms of the Plan, which terms shall
control in the event of any conflict between the Plan and this Agreement, the entire agreement and understanding of the parties with respect to the matters contained herein and supersede any and all prior agreements, arrangements and understandings,
both oral and written, between the parties concerning the subject matter of this Agreement. The Company may, in its sole discretion, decide to deliver any documents related to Awards awarded under the Plan or future Awards that may be awarded under
the Plan by electronic means or request your consent to participate in the Plan by electronic means. You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system
established and maintained by the Company or another third party designated by the Company. 

 19. Entire Agreement: Governing Law. The Notice, the Plan and this Agreement
constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be
modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee. These agreements are to be construed in accordance with and governed by the internal laws of the State of Colorado, without giving
effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Colorado to the rights and duties of the parties. Should any provision of the Notice or this Agreement be
determined by a court of law to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable. 
 20. Headings. The captions used in this Agreement are inserted for convenience and shall not be deemed a part of this Agreement for construction or interpretation. 

21. Dispute Resolution The provisions of this Section 21 shall be the exclusive means of resolving disputes arising out of or
relating to the Notice, the Plan and this Agreement. The Company, the Grantee, and the Grantee’s assignees (the “parties”) shall attempt in good faith to resolve any disputes arising out of or relating to the Notice, the Plan and this
Agreement by negotiation between individuals who have authority to settle the controversy. Negotiations shall be commenced by either party by notice of a written statement of the party’s position and the name and title of the individual who
will represent the party. Within thirty (30) days of the written notification, the parties shall meet at a mutually acceptable time and place, and thereafter as often as they reasonably deem necessary, to resolve the dispute. If the dispute has
not been resolved by negotiation, the parties agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Agreement shall be brought in the Courts of the State of Colorado, and the parties shall submit to
the jurisdiction of such courts. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court. THE PARTIES ALSO EXPRESSLY
WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section 21 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that
such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 
 22.
Compliance with Laws. Notwithstanding anything contained in this Agreement or the Plan, the Company may not take any actions hereunder, and no award shall be granted, that would violate the Securities Act of 1933, as amended (the
“Act”), the Securities Exchange Act of 1934, as amended, the Code, or any other securities or tax or other applicable law or regulation. Notwithstanding anything to the contrary contained herein, the shares issuable upon vesting shall not
be issued unless such shares are then registered under the Act, or, if such shares are not then so registered, the Company has determined that such vesting and issuance would be exempt from the registration requirements of the Act. 

23. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon
personal delivery or upon deposit in the United States mail by certified mail (if the parties are within the United States) or upon deposit for delivery by an internationally recognized express mail courier service (for international delivery of
notice), with postage and fees prepaid, addressed to the other party at its address as shown beneath its signature in the Notice, or to such other address as such party may designate in writing from time to time to the other party. 

[Signature page follows] 

 
	
	 Signature of Grantee:
  

	 
	
	
	[Printed Name of Grantee]
	
	Date:                          ,
            
	
	ADA-ES, Inc.:
	
	By:
	
	 
	[Printed Name and Title of Officer]
	
	Date:                          ,
            

 EXHIBIT A 

STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE 
 [Please sign this document but do not date it. The date and information of the transferee will be completed if and when the shares are assigned.] 

FOR VALUE RECEIVED,              hereby sells, assigns and transfers unto
            ,              (            ) shares of the Common
Stock of ADA-ES, Inc., a Colorado corporation (the “Company”), standing in his name on the books of, the Company represented by Certificate No.              herewith, and
does hereby irrevocably constitute and appoint the Secretary of the Company attorney to transfer the said stock in the books of the Company with full power of substitution. 
 DATED:                      

 

	
	  
	

 The undersigned spouse of              joins in this
assignment. 

Dated:                      

 

	
	(Spouse of
                                         
   )

 EXHIBIT B 

ELECTION UNDER SECTION 83(b) 
 OF THE INTERNAL REVENUE CODE OF 1986 
 The undersigned taxpayer hereby
elects, pursuant to the Internal Revenue Code, to include in gross income for 20         the amount of any compensation taxable in connection with the taxpayer’s receipt of the property described below:

  

	1.	The name, address, taxpayer identification number and taxable year of the undersigned are: 

TAXPAYER’S NAME: 
 SPOUSE’S NAME: 
 TAXPAYER’S SOCIAL SECURITY NO.: 

SPOUSE’S SOCIAL SECURITY NO.: 
 TAXABLE YEAR: Calendar Year 20         

ADDRESS: 
  

	2.	The property which is the subject of this election is              shares of common stock of ADA-ES, Inc.

  

	3.	The property was transferred to the undersigned on
                    , 20    . 

  

	4.	The property is subject to the following restrictions. 

  

	5.	The fair market value of the property at the time of transfer (determined without regard to any restriction other than a restriction which by its terms will never
lapse) is: 

 $             per share x
             shares = $            . 
  

	6.	The undersigned paid $             per share
x              shares for the property transferred or a total of $            . 

 The undersigned has submitted a copy of this statement to the person for whom the services
were performed in connection with the undersigned’s receipt of the above-described property. The undersigned taxpayer is the person performing the services in connection with the transfer of said property. 

The undersigned will file this election with the Internal Revenue Service office to which he files his annual income tax return not later
than 30 days after the date of transfer of the property. A copy of the election also will be furnished to the person for whom the services were performed. Additionally, the undersigned will include a copy of the election with his income tax return
for the taxable year in which the property is transferred. The undersigned understands that this election will also be effective as an election under              law. 

 

			
	Dated:
                            	  	 
		  	Taxpayer

 The undersigned spouse of taxpayer joins in this election. 

 

			
	Dated:
                            	  	 
		  	Spouse of Taxpayer

 EXHIBIT C 

ADA-ES, INC. AMENDED AND RESTATED 2007 EQUITY INCENTIVE PLAN 

INVESTMENT REPRESENTATION STATEMENT 
  

					
	GRANTEE	  	:	  	  

			
	COMPANY	  	:	  	ADA-ES, INC.
			
	SECURITY	  	:        	  	COMMON STOCK
			
	AMOUNT	  	:	  	  

			
	DATE	  	:	  	  

 In connection with the purchase of the above-listed securities (the “Shares”), the undersigned
Grantee represents to the Company the following: 
 (a) Grantee is aware of the Company’s business affairs and
financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Shares. Grantee is acquiring these Shares for investment for Grantee’s own account only and not with a
view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). 
 (b) Grantee acknowledges and understands that the Shares constitute “restricted securities” under the Securities Act and have not been registered under the Securities Act in reliance upon a
specific exemption therefrom, which exemption depends upon among other things, the bona fide nature of Grantee’s investment intent as expressed herein. In this connection, Grantee understands that, in the view of the Securities and Exchange
Commission, the statutory basis for such exemption may be unavailable if Grantee’s representation was predicated solely upon a present intention to hold these Shares for the minimum capital gains period specified under tax statutes, for a
deferred sale, for or until an increase or decrease in the market price of the Shares, or for a period of one year or any other fixed period in the future. Grantee further understands that the Shares must be held indefinitely unless they are
subsequently registered under the Securities Act or an exemption from such registration is available. Grantee further acknowledges and understands that the Company is under no obligation to register the Shares. Grantee understands that the
certificate evidencing the Shares will be imprinted with a legend which prohibits the transfer of the Shares unless they are registered or such registration is not required in the opinion of counsel satisfactory to the Company. 

(c) Grantee is familiar with the provisions of Rule 144 promulgated under the Securities Act, which, in substance, permit limited
public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions. Subject to the availability of certain public information about
the Company, Grantee may resell the Shares pursuant to Rule 144 if Grantee is not an affiliate of the Company and has not been an affiliate for the preceding three months. If Grantee is or has been an affiliate of the Company in the preceding three
months, Grantee may resell the Shares pursuant to Rule 144 subject to the satisfaction of certain conditions specified in the rule, including: (1) the resale being made through a broker in an unsolicited “broker’s transaction” or
in transactions directly with a market maker (as said term is defined under the Securities Exchange Act of 1934, as amended), (2) the availability of certain public information about the Company, (3) the amount of Shares being sold during
any three month period not exceeding the limitations specified in Rule 144(e), and (4) the timely filing of a Form 144, if applicable. The resale must occur not less than six months after the later of the date the Shares were sold by the
Company or the date the Shares were sold by an affiliate of the 

 
Company (within the meaning of Rule 144). Other restrictions may also apply to sales of the Shares, and Grantee understands that the Shares may not be readily resold, and that delays may occur in
selling the Shares even if they are eligible for sale under Rule 144. 
 (d) Grantee further understands that in the event
all of the applicable requirements of Rule 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rule 144 is not
exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rule 144 will have a substantial
burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Grantee understands that no
assurances can be given that any such other registration exemption will be available in such event, and that the Shares may not be salable by Grantee. 
 (e) Grantee represents that he is a resident of the State of             . 

 

			
	 Signature of Grantee:

 

	
	
	[Print Name]
	
	Date:
                            
	
	ADA-ES, INC.
		
	By:	 	 
		
	Title:	 	 

 ADA-ES, Inc. 
 Performance Share Unit Agreement 
 This Performance Share Unit Agreement
(this “Agreement”) is made and entered into as of May 14, 2013 (the “Grant Date”) by and between ADA-ES, Inc., a Colorado corporation (the “Company”) and
                 (the “Grantee”). 

WHEREAS, the Company has adopted the ADA-ES, Inc. Amended and Restated 2007 Equity Incentive Plan, as amended (the “Plan”),
pursuant to which awards of units tied to the performance of the Company (“performance share units” or “PSUs”) may be granted; 
 WHEREAS, the Administrator (as defined in the Plan) has adopted the Long Term Incentive Plan, pursuant to which Grantee may be issued PSUs that represent the right to receive Common Stock if the Company
meets certain performance measures over the period from January 1, 2013 through December 31, 2015 (the “Performance Period”); 
 WHEREAS, the Administrator has set a target amount of stock that, as of the date hereof, has a fair market value equal to         % of the Grantee’s 2013 base
salary (the “Target”); and 
 WHEREAS, the Administrator has determined that it is in the best interests of the
Company and its shareholders to grant the award of PSUs on the terms and conditions set forth herein. 
 NOW, THEREFORE, the
parties hereto, intending to be legally bound, agree as follows: 
 1. Grant of PSUs. 

1.1 Pursuant to Section 6(a) of the Plan, the Company hereby issues to the Grantee on the Grant Date an Award consisting of, in the
aggregate,              PSUs (the “PSUs”) representing, at the current fair market value of the Common Stock, 200% of the Grantee’s Target. Of the total PSUs, 75% shall
initially be TSR Peer Group PSUs, and 25% shall initially be Russell 3000 Index PSUs; provided, however that if any company is removed from the TSR Peer Group for any reason (such as a merger of peers or otherwise), the percentage of PSUs comprised
of Russell 3000 Index PSUs shall increase by 7% for each company removed, and the percentage of PSUs comprised of TSR Peer Group PSUs shall decrease by 7% for each company removed. Each PSU represents the right to receive one share of Common Stock,
subject to the terms and conditions set forth in this Agreement and the Plan. Capitalized terms that are used but not defined herein have the meaning ascribed to them in the Plan. 

1.2 The PSUs shall be credited to a separate account maintained for the Grantee on the books and records of the Company (the
“Account”). All amounts credited to the Account shall continue for all purposes to be part of the general assets of the Company. 
 1.3 The PSUs shall continue to be restricted as set forth herein, during the period from the date hereof to the Vesting Date. The “Vesting Date” for purposes of this Agreement shall be date on
which the Administrator determines the performance results and resulting vesting in accordance with this Agreement, but in no event later than January 1, 2016; provided that if the Administrator’s determination is made after
January 1, 2016, the Vesting Date shall nevertheless be January 1, 2016. 

 2. Consideration. The grant of the PSUs is made in consideration of the services to
be rendered by the Grantee to the Company. 
 3. Vesting. Except as otherwise provided herein, and provided that Grantee
remains in Continuous Service throughout the Performance Period: 
 3.1 The TSR Peer Group PSUs will vest, in whole or in part,
on the Vesting Date, in accordance with the schedule set forth on Exhibit I; and 
 3.2 The Russell 3000 Index PSUs will vest,
in whole or in part, on the Vesting Date, in accordance with the schedule set forth on Exhibit II. 
 3.3 With effect as of the
Vesting Date, any PSUs that vest as set forth above, become “Vested Units,” and all other PSUs shall be automatically forfeited, and neither the Company nor any Affiliate shall have any further obligations to the Grantee with respect to
such forfeited PSUs. 
 3.4 The foregoing vesting schedules notwithstanding, if the Grantee’s Continuous Service terminates
for any reason at any time before the Vesting Date, the Grantee’s unvested PSUs shall be automatically forfeited upon such termination of Continuous Service, and neither the Company nor any Affiliate shall have any further obligations to the
Grantee under this Agreement. 
 3.5 Immediately prior to the consummation of a Corporate Transaction described in
Section 2(q)(i), (ii) or (iii) of the Plan or a Change of Control, the PSUs shall automatically vest in their entirety at the target amount and shall as of such moment become Vested Units; except to the extent this Agreement is
Assumed, in which case this Agreement shall continue to apply to the PSUs or any similar rights issued in lieu thereof in connection with such assumption. Adjustments shall be made to the number of PSUs to reflect the effect of the Corporate
Transaction. 
 4. Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, during the
Performance Period and until such time as the PSUs are settled in accordance with Section 6, the PSUs and any rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee.
Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the PSUs or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the PSUs will be forfeited by the Grantee and all of the
Grantee’s rights to such units shall immediately terminate without any payment or consideration by the Company. 

  
 2 

 5. Rights as Shareholder; Dividend Equivalents. 

5.1 The Grantee shall not have any rights of a shareholder with respect to the shares of Common Stock underlying the PSUs unless and
until the PSUs, and any resulting Vested Units, are settled by the issuance of such shares of Common Stock. 
 5.2 Upon and
following the settlement of the Vested Units, the Grantee shall be the record owner of the shares of Common Stock underlying the PSUs unless and until such shares are sold or otherwise disposed of, and as record owner shall be entitled to all rights
of a shareholder of the Company (including voting rights). 
 5.3 Until such time as the PSUs vest, the Grantee’s Account
shall be credited with an amount equal to all dividends (“Dividend Equivalents”) that would have been paid to the Grantee if one share of Common Stock had been issued on the Grant Date for each PSU granted to the Grantee as set forth in
this Agreement. Dividend Equivalents shall be credited to the Grantee’s Account. Dividend Equivalents shall be subject to the same vesting restrictions as the PSUs to which they are attributable, and shall be paid, solely with respect to Vested
Units, on the same date that the Vested Units to which they are attributable are settled in accordance with Section 0 hereof. Dividend Equivalents credited to a Grantee’s Account shall be distributed in cash or, at the discretion of the
Administrator, in shares of Common Stock having a Fair Market Value equal to the amount of the Dividend Equivalents. 
 6.
Settlement of Vested Units. Subject to Section 6 hereof, promptly following the Vesting Date, and in any event no later than March 15 of the calendar year following the calendar year in which the Vesting Date occurs, the Company
shall (a) issue and deliver to the Grantee the number of shares of Common Stock equal to the number of Vested Units and cash equal to any Dividend Equivalents credited with respect to such Vested Units or, at the discretion of the
Administrator, shares of Common Stock having a Fair Market Value equal to such Dividend Equivalents; and (b) enter the Grantee’s name on the books of the Company as the shareholder of record with respect to the shares of Common Stock
delivered to the Grantee. Subject to Section 19 of the Plan, if the shares that may be issued to the Grantee are limited in number by the terms of the Plan, (i) on or before March 31 of the calendar year following the calendar year in
which the Vesting Date occurs, the Company shall issue and deliver to the Grantee the maximum number of shares that may be issued under the Plan for the Vested Units at that time, and (ii) the Company shall issue shares for the remaining Vested
Units as soon thereafter as practicable after their issuance becomes allowable under the Plan. 
 7. No Right to Continued
Service. Neither the Plan nor this Agreement shall confer upon the Grantee any right to be retained in any position, as an Employee, Consultant or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed to
limit the discretion of the Company to terminate the Grantee’s Continuous Service at any time, with or without Cause. 

  
 3 

 8. Adjustments. If any change is made to the outstanding Common Stock or the capital
structure of the Company, if required, the PSUs shall be adjusted or terminated in the manner as contemplated by Section 10 of the Plan. 
 9. Tax Liability and Withholding. 
 9.1 Pursuant to Section 7.1(d) of
the Plan, the Grantee shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to the Grantee pursuant to the Plan, the amount of any required withholding taxes in respect of the Vested Units
and vested Dividend Equivalents and to take all such other action as the Administrator deems necessary to satisfy all obligations for the payment of such withholding taxes. The Administrator shall permit, and the Grantee may elect by notice to the
Company promptly following the Vesting Date, the Grantee to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination of such means: 

(a) tendering a cash payment; 
 (b) authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable or deliverable to the Grantee as a result of the vesting of the PSUs; provided,
however, that no shares of Common Stock shall be withheld with a value exceeding the minimum amount of tax required to be withheld by law; or 
 (c) delivering to the Company previously owned and unencumbered shares of Common Stock. 
 9.2 Notwithstanding any action the Company takes with respect to any or all income tax, social security, medicare or payroll tax, or other tax-related withholding (“Tax-Related Items”), the
ultimate liability for all Tax-Related Items is and remains the Grantee’s responsibility and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting or
settlement of the PSUs or the subsequent sale of any shares; and (b) does not commit to structure the PSUs to reduce or eliminate the Grantee’s liability for Tax-Related Items. 

10. Acknowledgement. By electing to accept this Agreement, Grantee acknowledges receipt of this Agreement and hereby confirm his
understanding that the terms set forth in this Agreement and the Plan, the entire agreement and understanding of the parties with respect to the matters contained herein and supersede any and all prior agreements, arrangements and understandings,
both oral and written, between the parties concerning the subject matter of this Agreement; provided, however, that in the event of a conflict between the Plan and this Agreement, the terms of the Plan shall control. The Company may, in its sole
discretion, decide to deliver any documents related to Awards awarded under the Plan or future Awards that may be awarded under the Plan by electronic means or request the Grantee’s consent to participate in the Plan by electronic means. The
Grantee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

  
 4 

 11. Entire Agreement: Governing Law. The Plan and this Agreement constitute the
entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified
adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee. For so long as the Company is organized in Colorado, this Agreement shall be construed in accordance with and governed by the internal laws
of the State of Colorado, without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Colorado to the rights and duties of the parties; provided,
however, that as and when the Company (or its successor under the Plan) is organized in Delaware, this Agreement shall be construed in accordance with and governed by the internal laws of the State of Delaware, without giving effect to any choice of
law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the parties. Should any provision of the Notice or this Agreement be determined by a court of
law to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable. 

12. Headings. The captions used in this Agreement are inserted for convenience and shall not be deemed a part of this Agreement
for construction or interpretation. 
 13. Dispute Resolution. The provisions of this Section 13 shall be the
exclusive means of resolving disputes arising out of or relating to the Plan and this Agreement. The Company, the Grantee, and the Grantee’s assignees (the “parties”) shall attempt in good faith to resolve any disputes arising out of
or relating to the Plan and this Agreement by negotiation between individuals who have authority to settle the controversy. Negotiations shall be commenced by either party by notice of a written statement of the party’s position and the name
and title of the individual who will represent the party. Within thirty (30) days of the written notification, the parties shall meet at a mutually acceptable time and place, and thereafter as often as they reasonably deem necessary, to resolve
the dispute. If the dispute has not been resolved by negotiation, the parties agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Agreement shall be brought in the Courts of the State of Colorado,
and the parties shall submit to the jurisdiction of such courts. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such
court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section 13 shall for any reason be held invalid or unenforceable, it is the
specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 

  
 5 

 14. Compliance with Laws. Notwithstanding anything contained in this Agreement or the
Plan, the Company may not take any actions hereunder, and no award shall be granted, that would violate the Securities Act of 1933, as amended (the “Act”), the Securities Exchange Act of 1934, as amended, the Code, or any other securities
or tax or other applicable law or regulation. Notwithstanding anything to the contrary contained herein, the shares issuable upon vesting shall not be issued unless such shares are then registered under the Act, or, if such shares are not then so
registered, the Company has determined that such vesting and issuance would be exempt from the registration requirements of the Act. 
 15. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon facsimile or other electronic transmission
(including by email) or upon deposit in the United States mail by certified mail (if the parties are within the United States) or upon deposit for delivery by an internationally recognized express mail courier service (for international delivery of
notice), with postage and fees prepaid, addressed to the other party at its address as shown beneath its signature in the Notice, or to such other address as such party may designate in writing from time to time to the other party. 

[Signature page follows.] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

			
	COMPANY:
	
	ADA-ES, Inc., a Colorado corporation
		
	By:	 	 
		
	Name:	 	  

	Title:	 	

  

			
	GRANTEE:
		
	By:	 	 
		
	Name:	 	  

  
 7 

 EXHIBIT I 
 TSR PEER GROUP PSUs 
 TSR Peer Group PSUs shall vest in whole or in part
based on the relative rank of the Company Change, and the TSR Peer Change of and each of the companies in the TSR Peer Group, as set forth below: 
  

									
	 Rank
	  	Percentage of TSR Peer Group PSUs
Vested	 	 	Percentage of Target for 
TSR
Peer Group	 
	 1
	  	 	    	% 	 	 	    	% 
	 2
	  	 	    	% 	 	 	    	% 
	 3
	  	 	    	% 	 	 	    	% 
	 4
	  	 	    	% 	 	 	    	% 
	 5
	  	 	    	% 	 	 	    	% 
	 6
	  	 	    	% 	 	 	    	% 
	 7
	  	 	    	% 	 	 	    	% 
	 8
	  	 	    	% 	 	 	    	% 
	 9
	  	 	    	% 	 	 	    	% 
	 10
	  	 	    	% 	 	 	    	% 
	 11
	  	 	    	% 	 	 	    	% 
	 12
	  	 	    	% 	 	 	    	% 
	 13
	  	 	    	% 	 	 	    	% 
	 14
	  	 	    	% 	 	 	    	% 
	 15
	  	 	    	% 	 	 	    	% 

 For purposes of this Agreement, “TSR Peer Group” shall mean each of the companies included in the
Company’s peer group for compensation purposes, as determined by the Administrator, which as of the date hereof, includes: 
 [List Peer
Group Companies here] 
  

			
	“Company Change” =	  	Company Initial Price – Company Final Price
		  	 Company Initial Price

		
	“Company Initial Price” =	  	30-day trading average closing price of Common Stock for the period ending             
		
	“Company Final Price” =	  	30-day trading average closing price of Common Stock for the period ending             

  
 8 

			
	“TSR Peer Change”=	  	TSR Peer Initial Price – TSR Peer Final Price
		  	 TSR Peer Initial Price

		
	“TSR Peer Initial Price” =	  	30-day trading average closing price of the TSR Peer for the period ending             
		
	“TSR Peer Final Price” =	  	30-day trading average closing price of the TSR Peer for the period ending             

  
 9 

 EXHIBIT II 
 RUSSELL 3000 INDEX PSUs 
 Russell 3000 Index PSUs vest in whole or in part
based on the following: 
  

									
	 Performance Delta
	  	Percentage of Russell 3000
Index PSUs vesting:	 	 	Percentage of Target for
Russell 3000 Index	 
	 At least     %
	  	 	    	% 	 	 	    	% 
	 At least     % and less than     %
	  	 	    	% 	 	 	    	% 
	 At least     % and less than     %
	  	 	    	% 	 	 	    	% 
	 At least     % and less than     %
	  	 	    	% 	 	 	    	% 
	 At least     % and less than     %
	  	 	    	% 	 	 	    	% 
	 At least     % and less than     %
	  	 	    	% 	 	 	    	% 
	 At least     % and less than     %
	  	 	    	% 	 	 	    	% 
	 At least     % and less than     %
	  	 	    	% 	 	 	    	% 
	 Less than     %
	  	 	    	% 	 	 	    	% 

  

			
	For purposes of this Agreement:	  	
		
	“Performance Delta” =	  	Company Change – Russell 3000 Index Change
		
	“Company Change” =	  	Company Final Price—Company Initial Price
		  	 Company Initial Price

		
	“Company Initial Price” =	  	30-day trading average closing price of Common Stock for the period ending             
		
	“Company Final Price” =	  	30-day trading average closing price of Common Stock for the
		  	period ending             
		
	“Russell 3000 Index Change”=	  	Russell 3000 Index Final Price —Russell 3000 Index Initial Price
		  	 Russell 3000 Index Initial Price

		
	“Russell 3000 Index Initial Price” =	  	30-day trading average closing price of the Russell 3000 Index for the period ending             
		
	“Russell 3000 Index Final Price” =	  	30-day trading average closing price of the Russell 3000 Index for the period ending             

  
 10EX-10.2

 Exhibit 10.2 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 THIS AMENDED AND RESTATED
EMPLOYMENT AGREEMENT (this “Agreement”) is entered into by and between Evoke Pharma, Inc., a Delaware corporation (the “Company”), and David A. Gonyer (“Executive”), and shall be effective as of
June 7, 2013 (the “Effective Date”). 
 WHEREAS, Executive and the Company are parties to that certain
Amended and Restated Employment Agreement dated as of August 12, 2008 (the “Original Agreement”); and 

WHEREAS, Executive and the Company desire to amend and restate the Original Agreement on the terms and conditions set forth herein.

 NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties agree as follows: 

1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 

(a) Board. “Board” means the Board of Directors of the Company. 

(b) Bonus. “Bonus” means an amount equal to the greater of (i) Executive’s target annual bonus for the
fiscal year in which the date of termination occurs, or (ii) the bonus awarded to Executive for the fiscal year prior to the date of termination (which bonus shall be annualized to the extent Executive was not employed for the entire fiscal
year prior to the date of termination). If any portion of the bonuses awarded to Executive consisted of securities or other property, the fair market value thereof shall be determined in good faith by the Board. 

(c) Cause. “Cause” means any of the following: 

(i) the commission of an act of fraud, embezzlement or dishonesty by Executive that has a material adverse impact on the Company or any
successor or affiliate thereof; 
 (ii) a conviction of, or plea of “guilty” or “no contest” to, a felony by
Executive; 
 (iii) any unauthorized use or disclosure by Executive of confidential information or trade secrets of the Company
or any successor or affiliate thereof that has a material adverse impact on any such entity; 
 (iv) Executive’s gross
negligence, insubordination or material violation of any duty of loyalty to the Company or any other material misconduct on the part of Executive; 
 (v) Executive’s ongoing and repeated failure or refusal to perform or neglect of Executive’s duties as required by this Agreement, which failure, refusal or neglect continues for fifteen
(15) days following Executive’s receipt of written notice from the Board stating with specificity the nature of such failure, refusal or neglect; or 

 (vi) Executive’s breach of any material provision of this Agreement; 

provided, however, that prior to the determination that “Cause” under this Section 1(c) has occurred (other than clauses
(ii) and (v)), the Company shall (w) provide to Executive in writing, in reasonable detail, the reasons for the determination that such “Cause” exists, (x) other than with respect to clause (v) above which specifies the
applicable period of time for Executive to remedy his breach, afford Executive a reasonable opportunity to remedy any such breach, (y) provide the Executive an opportunity to be heard prior to the final decision to terminate the
Executive’s employment hereunder for such “Cause” and (z) make any decision that such “Cause” exists in good faith. 
 The foregoing definition shall not in any way preclude or restrict the right of the Company or any successor or affiliate thereof to discharge or dismiss Executive for any other acts or omissions, but
such other acts or omissions shall not be deemed, for purposes of this Agreement, to constitute grounds for termination for Cause. 
 (d) Change of Control. “Change of Control” means and includes each of the following: 
 (i) the acquisition, directly or indirectly, by any “person” or “group” (as those terms are defined in Sections 3(a)(9), 13(d), and 14(d) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), and the rules thereunder) of “beneficial ownership” (as determined pursuant to Rule 13d-3 under the Exchange Act) of securities entitled to vote generally in the election of directors
(“voting securities”) of the Company that represent 50% or more of the combined voting power of the Company’s then outstanding voting securities, other than: 

(1) an acquisition by a trustee or other fiduciary holding securities under any employee benefit plan (or related trust) sponsored or
maintained by the Company or any person controlled by the Company or by any employee benefit plan (or related trust) sponsored or maintained by the Company or any person controlled by the Company, or 

(2) an acquisition of voting securities by the Company or a corporation owned, directly or indirectly, by the stockholders of the Company
in substantially the same proportions as their ownership of the stock of the Company, or 
 (3) an acquisition of voting
securities pursuant to a transaction described in Section 1(d)(ii) below that would not be a Change of Control under Section 1(d)(ii); 
 Notwithstanding the foregoing, the following event shall not constitute an “acquisition” by any person or group for purposes of this Section 1(d): an acquisition of the Company’s
securities by the Company which causes the Company’s voting securities beneficially owned by a person or group to represent 50% or more of the combined voting power of the Company’s then outstanding voting securities; provided,
however, that if a person or group shall become the beneficial owner of 50% or more of the combined voting power of the Company’s then outstanding voting securities by reason of share acquisitions by the Company as described above and
shall, after such share acquisitions by the Company, become the beneficial owner of any additional voting securities of the Company, then such acquisition shall constitute a Change of Control; or 

  
 2 

 (ii) the consummation by the Company (whether directly involving the Company or indirectly
involving the Company through one or more intermediaries) of a merger, consolidation, reorganization, or business combination, a sale or other disposition of all or substantially all of the Company’s assets, or the acquisition of assets or
stock of another entity, in each case, other than a transaction: 
 (1) which results in the Company’s voting securities
outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly,
the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at
least 50% of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 
 (2) after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity; provided, however, that no person or
group shall be treated for purposes of this subsection (d)(ii) as beneficially owning 50% or more of combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the
transaction; or 
 (iii) the Company’s stockholders approve a liquidation or dissolution of the Company. 

Notwithstanding the foregoing, a transaction shall not constitute a “Change of Control” if: (i) its sole purpose is to
change the state of the Company’s incorporation; (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such
transaction; (iii) it constitutes the Company’s initial public offering of its securities; or (iv) it is a transaction effected primarily for the purpose of financing the Company with cash (as determined by the Board in its discretion
and without regard to whether such transaction is effectuated by a merger, equity financing or otherwise). The Board shall have full and final authority, which shall be exercised in its sole discretion, to determine conclusively whether a Change of
Control of the Company has occurred pursuant to the above definition, and the date of the occurrence of such Change of Control and any incidental matters relating thereto. 
 (e) Code. “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations and other interpretive guidance issued thereunder. 

(f) Good Reason. “Good Reason” means the occurrence of any of the following events or conditions without
Executive’s written consent and the failure of the Company or any successor or affiliate to cure such event or condition within thirty (30) days after receipt of written notice from Executive: 

(i) a change in Executive’s status, position or responsibilities that, in Executive’s reasonable judgment, represents a
substantial and material reduction in the status, 

  
 3 

 
position or responsibilities as in effect immediately prior thereto; the assignment to Executive of any duties or responsibilities that, in Executive’s reasonable judgment, are materially
inconsistent with such status, position or responsibilities; or any removal of Executive from or failure to reappoint or reelect Executive to any of such positions, except in connection with the termination of Executive’s employment for Cause,
as a result of his Permanent Disability or death, or by Executive other than for Good Reason; 
 (ii) a material reduction in
Executive’s annual base salary, except in connection with a general reduction in the compensation of the Company’s or any successor’s or affiliate’s personnel with similar status and responsibilities; 

(iii) the Company’s or any successor’s or affiliate’s requiring Executive (without Executive’s consent) to be based
at any place outside a 50-mile radius of his place of employment as of the Effective Date, except for reasonably required travel on the Company’s or any successor’s or affiliate’s business that is not materially greater than such
travel requirements prior to the Effective Date; 
 (iv) the Company’s or any successor’s or affiliate’s failure
to provide Executive with compensation and benefits substantially equivalent (in terms of benefit levels and/or reward opportunities) to those provided for under each material employee benefit plan, program and practice as in effect immediately
prior to the Effective Date; 
 (v) any material breach by the Company or any successor or affiliate of its obligations to
Executive under this Agreement; 
 (vi) any purported termination of Executive’s employment or service relationship for
Cause by the Company or any successor or affiliate that is not in accordance with the definition of Cause set forth in this Agreement; or 
 (vii) a Change of Control. 
 (g) Involuntary Termination.
“Involuntary Termination” means (i) the Executive’s Separation from Service by reason of Executive’s discharge by the Company other than for Cause, or (ii) the Executive’s Separation from Service by reason
of Executive’s resignation of employment with the Company for Good Reason. Executive’s Separation from Service by reason of Executive’s death or discharge by the Company following Executive’s Permanent Disability shall not
constitute an Involuntary Termination. 
 (h) Permanent Disability. Executive’s “Permanent
Disability” shall be deemed to have occurred if Executive shall become physically or mentally incapacitated or disabled or otherwise unable fully to discharge his duties hereunder for a period of ninety (90) consecutive calendar days
or for one hundred twenty (120) calendar days in any one hundred eighty (180) calendar-day period. The existence of Executive’s Permanent Disability shall be determined by the Company on the advice of a physician chosen by the Company
and the Company reserves the right to have the Executive examined by a physician chosen by the Company at the Company’s expense. 

  
 4 

 (i) Separation from Service. Executive’s Separation from Service means his
“separation from service,” within the meaning of Section 409A(a)(2)(A)(i) of the Code and Treasury Regulation Section 1.409A-1(h) thereunder. 
 (j) Stock Awards. “Stock Awards” means all stock options, restricted stock and such other awards granted pursuant to the Company’s stock option and equity incentive award
plans or agreements and any shares of stock issued upon exercise thereof. Notwithstanding the foregoing, “Stock Awards” shall not include the shares of the Company’s common stock issued to Executive pursuant to that certain Restricted
Stock Purchase Agreement dated as of March 12, 2007, between the Company and Executive. 
 2. Services to Be
Rendered. 
 (a) Duties and Responsibilities. Executive shall serve as President and Chief Executive Officer of the
Company. In the performance of such duties, Executive shall report directly to the Board and shall be subject to the direction of the Board and to such limits upon Executive’s authority as the Board may from time to time impose. Executive
hereby consents to serve as an officer and/or director of the Company or any subsidiary or affiliate thereof without any additional salary or compensation, if so requested by the Board. Executive shall be employed by the Company on a full time
basis. Executive’s primary place of work shall be the Company’s facility in San Diego, California, or such other location within San Diego County as may be designated by the Board from time to time. Executive shall also render services at
such other places within or outside the United States as the Board may direct from time to time. Executive shall be subject to and comply with the policies and procedures generally applicable to senior executives of the Company to the extent the
same are not inconsistent with any term of this Agreement. 
 (b) Exclusive Services. Executive shall at all times
faithfully, industriously and to the best of his ability, experience and talent perform to the satisfaction of the Board all of the duties that may be assigned to Executive hereunder and shall devote substantially all of his productive time and
efforts to the performance of such duties. Subject to the terms of the Employee Proprietary Information and Inventions Agreement referred to in Section 5(b), this shall not preclude Executive from devoting time to personal and family
investments or serving on community and civic boards, or participating in industry associations, provided such activities do not interfere with his duties to the Company, as determined in good faith by the Board. Executive agrees that he or she will
not join any boards, other than community and civic boards (which do not interfere with his duties to the Company), without the prior approval of the Board. 
 3. Compensation and Benefits. The Company shall pay or provide, as the case may be, to Executive the compensation and other benefits and rights set forth in this Section 4. 

(a) Base Salary. The Company shall pay to Executive a base salary of $322,000 per year, payable in accordance with the
Company’s usual pay practices (and in any event no less frequently than monthly). Executive’s base salary shall be subject to review annually by and at the sole discretion of the Board or its designee. 

  
 5 

 (b) Bonus. In addition to the base salary, Executive shall be eligible to earn, for
each fiscal year of the Company ending during the term of Executive’s employment with the Company, an annual cash performance bonus (an “Annual Bonus”) under the Company’s bonus plan or plans applicable to senior
executives. For each year during the term of this Agreement, Executive’s target Annual Bonus shall be 50% of his base salary actually paid for such year. Executive’s actual Annual Bonus shall be determined on the basis of Executive’s
and/or the Company’s attainment of financial or other performance criteria established by the Board, or the Compensation Committee thereof, in accordance with the terms and conditions of such bonus plan(s). Except as otherwise provided in
Section 4, Executive must be employed by the Company on the date of payment of such Annual Bonus in order to be eligible to receive such Annual Bonus. 
 (c) Benefits. Executive shall be entitled to participate in benefits under the Company’s benefit plans and arrangements, including, without limitation, any employee benefit plan or arrangement
made available in the future by the Company to its senior executives, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. The Company shall have the right to amend or delete any
such benefit plan or arrangement made available by the Company to its senior executives and not otherwise specifically provided for herein. 
 (d) Expenses. The Company shall reimburse Executive for reasonable out-of-pocket business expenses incurred in connection with the performance of his duties hereunder, subject to (i) such
policies as the Company may from time to time establish, and (ii) Executive furnishing the Company with evidence in the form of receipts satisfactory to the Company substantiating the claimed expenditures. Any amounts payable under this
Section 3(d) shall be made in accordance with Treasury Regulation Section 1.409A-3(i)(1)(iv) and shall be paid on or before the last day of Executive’s taxable year following the taxable year in which Executive incurred the expenses.
The amounts provided under this Section 3(d) during any taxable year of Executive’s will not affect such amounts provided in any other taxable year of Executive’s, and Executive’s right to reimbursement for such amounts shall not
be subject to liquidation or exchange for any other benefit. 
 (e) Paid Time Off. Executive shall be entitled to such
periods of paid time off (“PTO”) each year as provided from time to time under the Company’s PTO policy and as otherwise provided for senior executive officers; provided that Executive shall be entitled to accrue at
least four (4) weeks of PTO per year. 
 (f) Equity Plans. Executive shall be entitled to participate in any equity
or other employee benefit plan that is generally available to senior executive officers, as distinguished from general management, of the Company. Except as otherwise provided in this Agreement, Executive’s participation in and benefits under
any such plan shall be on the terms and subject to the conditions specified in the governing document of the particular plan. 

(g) Stock Award Acceleration. 
 (i) The vesting and exercisability of one hundred percent (100%) of Executive’s outstanding Stock Awards shall be automatically accelerated in the event of

  
 6 

 
Executive’s Involuntary Termination within three (3) months prior to or within twelve (12) months following the date of a Change of Control, which acceleration shall occur on the
later of (A) the date of such Involuntary Termination or (B) the date of such Change in Control; provided, however, that this clause (i) shall not affect the distribution or payment date of Awards for which a later
distribution or payment date has been elected by the Executive. In addition, Executive’s Stock Awards shall remain exercisable by Executive (or Executive’s legal guardian or legal representative) until the later of (A) twelve
(12) months following the date of such Separation from Service, (B) with respect to any portion of the Stock Awards that become exercisable on the date of a Change in Control pursuant to this Section 3(g)(i), twelve (12) months
after the date of the Change in Control, or (C) such longer period as may be specified in the applicable Stock Award Agreement; provided, however, that in no event shall any Stock Award remain exercisable beyond the original
outside expiration date of such Stock Award. 
 (ii) In the event of Executive’s Involuntary Termination or
Executive’s Separation from Service by reason of Executive’s death or discharge by the Company following Executive’s Permanent Disability, the vesting and/or exercisability of each of Executive’s outstanding Stock Awards shall be
automatically accelerated on the date of such Separation from Service as to the number of Stock Awards that would vest over the twelve (12) month period following the date of such Separation from Service had Executive remained continuously
employed by the Company during such period; provided, however, that this clause (ii) shall not affect the distribution or payment date of Awards for which a later distribution or payment date has been elected by the Executive. In
addition, the event of Executive’s Involuntary Termination or Executive’s Separation from Service by reason of Executive’s death or discharge by the Company following Executive’s Permanent Disability, Executive’s Stock
Awards shall remain exercisable by Executive (or Executive’s legal guardian or legal representative) until the later of (A) twelve (12) months following the date of such Separation from Service or (B) such longer period as may be
specified in the applicable Stock Award Agreement; provided, however, that in no event shall any Stock Award remain exercisable beyond the original outside expiration date of such Stock Award. 

(iii) The vesting pursuant to clauses (i) and (ii) of this Section 3(g) shall be cumulative. The foregoing provisions are
hereby deemed to be a part of each Stock Award and to supersede any less favorable provision in any agreement or plan regarding such Stock Award. 
 4. Separation from Service and Severance. Executive shall be entitled to receive benefits upon Separation from Service only as set forth in this Section 4: 

(a) At-Will Employment; Termination. The Company and Executive acknowledge that Executive’s employment is and shall continue
to be at-will, as defined under applicable law, and that Executive’s employment with the Company may be terminated by either party at any time for any or no reason, with or without notice. 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 in this Agreement. Executive’s employment under this Agreement shall be terminated immediately on the death of Executive.

  
 7 

 (b) Separation from Service by Reason of Death or Discharge Following Permanent
Disability. In the event of Executive’s Separation from Service as a result of Executive’s death or discharge by the Company following Executive’s Permanent Disability, Executive or Executive’s estate, as applicable, shall be
entitled to receive, in lieu of any severance benefits to which Executive or Executive’s estate may otherwise be entitled under any severance plan or program of the Company (other than as provided in Section 3(g) of this Agreement), the
benefits provided below, subject to Executive’s compliance with Section 4(f): 
 (i) the Company shall pay to
Executive or Executive’s estate, as applicable, his fully earned but unpaid base salary, when due, through the date of Executive’s Separation from Service at the rate then in effect, plus all other amounts to which Executive or
Executive’s estate is entitled under any compensation plan or practice of the Company at the time of termination; 
 (ii)
subject to Sections 4(e) and 4(f) and Executive’s continued compliance with Section 5, Executive or Executive’s estate, as applicable, shall be entitled to receive a lump sum cash payment equal to Executive’s annual base salary
as in effect immediately prior to the date of Executive’s Separation from Service, payable on the day that is sixty (60) days following the date of Executive’s Separation from Service (or, in the event of Executive’s death,
payable on that day that is ten (10) days following the date of Executive’s death); 
 (iii) subject to Sections 4(e)
and 4(f) and Executive’s continued compliance with Section 5, Executive or Executive’s estate, as applicable, shall be entitled to receive a lump sum cash payment equal to Executive’s Bonus for the year in which Executive’s
Separation from Service occurs, prorated for the period of Executive’s service during the year in which Executive’s Separation from Service occurs, payable on the day that is sixty (60) days following the date of Executive’s
Separation from Service (or, in the event of Executive’s death, payable on the day that is ten (10) days following the date of Executive’s death); 
 (iv) subject to Sections 4(e) and 4(f) and Executive’s continued compliance with Section 5, Executive or his estate shall be entitled to receive a lump sum cash payment equal to twelve
(12) multiplied by the monthly premium Executive and/or his eligible dependents would be required to pay for continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for
Executive (if applicable) and his eligible dependents who were covered under the Company’s health plans as of the date of Executive’s Separation from Service (calculated by reference to the premium as of the date of Executive’s
Separation from Service) (provided that Executive shall be solely responsible for all matters relating to his continuation of coverage pursuant to COBRA, including, without limitation, his election of such coverage and his timely payment of
premiums), which payment shall be paid on the day that is sixty (60) days following the date of Executive’s Separation from Service (or, in the event of Executive’s death, payable on the day that is ten (10) days following the
date of Executive’s death); and 
 (v) subject to Sections 4(e) and 4(f) and Executive’s continued compliance with
Section 5, Executive shall be entitled to receive (other than in the event Executive’s Separation from Service was a result of Executive’s death) a lump sum cash payment sufficient to pay the premiums for life insurance benefits
coverage for the twelve (12) month period commencing on the date of Executive’s Separation from Service to the extent 

  
 8 

 
Executive and his eligible dependents were receiving such benefits prior to the date of Executive’s Separation from Service, which payment shall be paid on the day that is sixty
(60) days following the date of Executive’s Separation from Service. 
 (c) Severance Upon Involuntary
Termination. In the event of Executive’s Involuntarily Termination, Executive shall be entitled to receive, in lieu of any severance benefits to which Executive may otherwise be entitled under any severance plan or program of the Company
(other than as provided in Section 3(g) of this Agreement), the benefits provided below, subject to Executive’s compliance with Section 4(f): 
 (i) the Company shall pay to Executive his fully earned but unpaid base salary, when due, through the date of Executive’s Involuntary Termination at the rate then in effect, plus all other amounts to
which Executive is entitled under any compensation plan or practice of the Company at the time of Executive’s Involuntary Termination; 
 (ii) subject to Sections 4(e) and 4(f) and Executive’s continued compliance with Section 5, Executive shall be entitled to receive a lump sum cash payment equal to Executive’s annual base
salary as in effect immediately prior to the date of Executive’s Involuntary Termination, payable on the day that is sixty (60) days following the date of Executive’s Involuntary Termination; 

(iii) subject to Sections 4(e) and 4(f) and Executive’s continued compliance with Section 5, Executive shall be entitled to
receive a lump sum cash payment equal to Executive’s Bonus for the year in which Executive’s Involuntary Termination occurs, prorated for the period of Executive’s service during the year in which Executive’s Involuntary
Termination occurs, payable on the day that is sixty (60) days following the date of Executive’s Involuntary Termination, provided that Executive shall not be eligible to receive the severance benefits described in this
Section 4(c)(iii) in the event Executive’s Involuntary Termination results from his discharge by the Company without Cause prior to a Change of Control; 
 (iv) subject to Sections 4(e) and 4(f) and Executive’s continued compliance with Section 5, Executive shall be entitled to receive a lump sum cash payment equal to twelve (12) multiplied by
the monthly premium Executive and his eligible dependents would be required to pay for continuation coverage pursuant to COBRA for Executive and his eligible dependents who were covered under the Company’s health plans as of the date of
Executive’s Involuntary Termination (calculated by reference to the premium as of the date of Involuntary Termination) (provided that Executive shall be solely responsible for all matters relating to his continuation of coverage pursuant
to COBRA, including, without limitation, his election of such coverage and his timely payment of premiums), which payment shall be paid on the day that is sixty (60) days following the date of Executive’s Involuntary Termination;

 (v) subject to Sections 4(e) and 4(f) and Executive’s continued compliance with Section 5, Executive shall be
entitled to receive a lump sum cash payment sufficient to pay the premiums for life insurance benefits coverage for the twelve (12) month period commencing on the date of Executive’s Involuntary Termination to the extent Executive and his
eligible dependents were receiving such benefits prior to the date of Executive’s Involuntary Termination, which payment shall be paid on the day that is sixty (60) days following the date of Executive’s Involuntary Termination; and

  
 9 

 (vi) subject to Sections 4(e) and 4(f) and Executive’s continued compliance with
Section 5, Executive shall be entitled to receive a lump sum cash payment of $15,000 for executive-level outplacement services, which payment shall be paid on the day that is sixty (60) days following the date of Executive’s
Involuntary Termination. 
 (d) Termination for Cause or Voluntary Resignation Without Good Reason. If Executive’s
employment is terminated by the Company for Cause or by Executive without Good Reason, the Company shall not have any other or further obligations to Executive under this Agreement (including any financial obligations) except that Executive shall be
entitled to receive (i) Executive’s fully earned but unpaid base salary, through the date of termination at the rate then in effect, and (ii) all other amounts or benefits to which Executive is entitled under any compensation,
retirement or benefit plan or practice of the Company at the time of termination in accordance with the terms of such plans or practices, including, without limitation, any continuation of benefits required by COBRA or applicable law. In addition,
if Executive’s employment is terminated by the Company for Cause or by Executive without Good Reason, all vesting of Executive’s unvested Stock Awards previously granted to him by the Company shall cease and none of such unvested Stock
Awards shall be exercisable following the date of such termination. The foregoing shall be in addition to, and not in lieu of, any and all other rights and remedies which may be available to the Company under the circumstances, whether at law or in
equity. 
 (e) Section 409A Compliance. Notwithstanding anything to the contrary in this Section 4, the parties
acknowledge and agree that: 
 (i) In the event Executive is a “specified employee” (as defined in
Section 1.409A-1(i) of the Treasury Regulations issued under Section 409A of the Code) as of the date of his Separation from Service, to the extent required by Section 409A of the Code and the Treasury Regulations thereunder, no
payment shall be made, or benefit provided, to Executive pursuant to Sections 4(b) and 4(c) as a result of such Separation from Service (other than pursuant to Sections 4(b)(i) and 4(c)(i)) until the date that is six months after the date of such
Separation from Service (or, if earlier than the end of such six-month period, the date of death of Executive), and any payment or benefit so delayed shall be paid in a lump sum on such date. Each series of payments made under this Agreement is
hereby designated as a series of “separate payments” within the meaning of Section 409A of the Code. 
 (ii) As
provided in Internal Revenue Service Notice 2007-86, notwithstanding any other provision of this Agreement, with respect to an election or amendment to change a time and form of payment under this Agreement that is subject to Section 409A made
on or after January 1, 2008 and on or before December 31, 2008, the election or amendment may apply only to amounts that would not otherwise be payable in 2008 and may not cause an amount to be paid in 2008 that would not otherwise be
payable in 2008. 

  
 10 

 (f) Release. As a condition to Executive’s receipt of any post-termination
benefits described in this Agreement (other than Sections 4(b)(i) and 4(c)(i)), Executive shall execute and not revoke a general release of all claims in favor of the Company (the “Release”) in the form attached hereto as Exhibit
A. Such Release shall specifically relate to all of Executive’s rights and claims in existence at the time of such execution, including any claims related to Executive’s employment by the Company and his termination of employment, and
shall exclude any continuing obligations the Company may have to Executive following the date of termination under this Agreement or any other agreement providing for obligations to survive Executive’s termination of employment. In the event
Executive’s Release does not become effective within the fifty-five (55) day period following the date of Executive’s Separation from Service, Executive shall not be entitled to any payments and benefits described in Section 4,
other than those payable under Sections 4(b)(i) and 4(c)(i). 
 (g) Exclusive Remedy. Except as otherwise expressly
required by law (e.g., COBRA) or as specifically provided herein, all of Executive’s rights to salary, severance, benefits, bonuses and other amounts hereunder (if any) accruing after the termination of Executive’s employment shall cease
upon such termination. In the event of a termination of Executive’s employment with the Company, Executive's sole remedy shall be to receive the payments and benefits described in this Section 4. In addition, Executive acknowledges and
agrees that he or she is not entitled to any reimbursement by the Company for any taxes payable by Executive as a result of the payments and benefits received by Executive pursuant to this Section 4, including, without limitation, any excise
tax imposed by Section 4999 of the Code. 
 (h) Mitigation. The amount of any payment or benefit provided for in this
Section 4 shall be reduced by any compensation earned by Executive as the result of employment by another employer or self-employment and, as provided in Sections 4(b) and 4(c), Executive’s (or his dependents’) right to continued
healthcare and life insurance benefits following his termination of employment will terminate on the date on which the applicable continuation period under COBRA expires. In addition, loans, advances or other amounts owed by Executive to the Company
may be offset by the Company against amounts payable to Executive under this Section 4. Executive shall use his reasonable best efforts to obtain other employment following the date of termination. 

(i) Return of the Company’s Property. If Executive’s employment is terminated for any reason, the Company shall have the
right, at its option, to require Executive to vacate his offices prior to or on the effective date of termination and to cease all activities on the Company’s behalf. Upon the termination of his employment in any manner, as a condition to the
Executive’s receipt of any post-termination benefits described in this Agreement, Executive shall immediately surrender to the Company all lists, books and records of, or in connection with, the Company’s business, and all other property
belonging to the Company, it being distinctly understood that all such lists, books and records, and other documents, are the property of the Company. Executive shall deliver to the Company a signed statement certifying compliance with this
Section 4(i) prior to the receipt of any post-termination benefits described in this Agreement. 
 (j) Waiver of the
Company’s Liability. Executive recognizes that his employment is subject to termination with or without Cause for any reason and therefore Executive agrees that Executive shall hold the Company harmless from and against any and all
liabilities, losses, damages, costs and expenses, including but not limited to, court costs and 

  
 11 

 
reasonable attorneys’ fees, which Executive may incur as a result of the termination of Executive’s employment. Executive further agrees that Executive shall bring no claim or cause of
action against the Company for damages or injunctive relief based on a wrongful termination of employment. Executive agrees that the sole liability of the Company to Executive upon termination of this Agreement shall be that determined by this
Section 4. In the event this covenant is more restrictive than permitted by laws of the jurisdiction in which the Company seeks enforcement thereof, this covenant shall be limited to the extent permitted by law. 

5. Certain Covenants. 
 (a) Noncompetition. Except as may otherwise be approved by the Board, during the term of Executive’s employment, Executive shall not have any ownership interest (of record or beneficial) in,
or have any interest as an employee, salesman, consultant, officer or director in, or otherwise aid or assist in any manner, any firm, corporation, partnership, proprietorship or other business that engages in any county, city or part thereof in the
United States and/or any foreign country in a business which competes directly or indirectly (as determined by the Board) with the Company’s business in such county, city or part thereof, so long as the Company, or any successor in interest of
the Company to the business and goodwill of the Company, remains engaged in such business in such county, city or part thereof or continues to solicit customers or potential customers therein; provided, however, that Executive may own,
directly or indirectly, solely as an investment, securities of any entity which are traded on any national securities exchange if Executive (x) is not a controlling person of, or a member of a group which controls, such entity; or (y) does
not, directly or indirectly, own one percent (1%) or more of any class of securities of any such entity. 
 (b)
Confidential Information. Executive and the Company have entered into the Company’s standard employee proprietary information and inventions agreement (the “Employee Proprietary Information and Inventions Agreement”).
Executive agrees to perform each and every obligation of Executive therein contained. 
 (c) Solicitation of Employees.
Executive shall not during the term of Executive’s employment and for the applicable severance period for which Executive receives severance benefits following any termination hereof pursuant to Sections 4(b) and 4(c) above (regardless of
whether Executive receives such severance benefits in a lump sum payment or over the length of the severance period) (the “Restricted Period”), directly or indirectly, solicit or encourage to leave the employment of the Company or
any of its affiliates, any employee of the Company or any of its affiliates. 
 (d) Solicitation of Consultants. Executive
shall not during the term of Executive’s employment and for the Restricted Period, directly or indirectly, hire, solicit or encourage to cease work with the Company or any of its affiliates any consultant then under contract with the Company or
any of its affiliates within one year of the termination of such consultant’s engagement by the Company or any of its affiliates. 
 (e) Rights and Remedies Upon Breach. If Executive breaches or threatens to commit a breach of any of the provisions of this Section 5 (the “Restrictive Covenants”), the
Company shall have the following rights and remedies, each of which rights and remedies shall 

  
 12 

 
be independent of the other and severally enforceable, and all of which rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Company
under law or in equity: 
 (i) Specific Performance. The right and remedy to have the Restrictive Covenants specifically
enforced by any court having equity jurisdiction, all without the need to post a bond or any other security or to prove any amount of actual damage or that money damages would not provide an adequate remedy, it being acknowledged and agreed that any
such breach or threatened breach will cause irreparable injury to the Company and that money damages will not provide adequate remedy to the Company; 
 (ii) Accounting and Indemnification. The right and remedy to require Executive (i) to account for and pay over to the Company all compensation, profits, monies, accruals, increments or other
benefits derived or received by Executive or any associated party deriving such benefits as a result of any such breach of the Restrictive Covenants; and (ii) to indemnify the Company against any other losses, damages (including special and
consequential damages), costs and expenses, including actual attorneys’ fees and court costs, which may be incurred by them and which result from or arise out of any such breach or threatened breach of the Restrictive Covenants; and 

(iii) Cessation of Payments. The right to cease all severance payments to Executive hereunder. 

(f) Severability of Covenants/Blue Pencilling. If any court determines that any of the Restrictive Covenants, or any part thereof,
is invalid or unenforceable, the remainder of the Restrictive Covenants shall not thereby be affected and shall be given full effect, without regard to the invalid portions. If any court determines that any of the Restrictive Covenants, or any part
thereof, are unenforceable because of the duration of such provision or the area covered thereby, such court shall have the power to reduce the duration or area of such provision and, in its reduced form, such provision shall then be enforceable and
shall be enforced. Executive hereby waives any and all right to attack the validity of the Restrictive Covenants on the grounds of the breadth of their geographic scope or the length of their term. 

(g) Enforceability in Jurisdictions. The Company and Executive intend to and do hereby confer jurisdiction to enforce the
Restrictive Covenants upon the courts of any jurisdiction within the geographical scope of such covenants. If the courts of any one or more of such jurisdictions hold the Restrictive Covenants wholly unenforceable by reason of the breadth of such
scope or otherwise, it is the intention of the Company and Executive that such determination not bar or in any way affect the right of the Company to the relief provided above in the courts of any other jurisdiction within the geographical scope of
such covenants, as to breaches of such covenants in such other respective jurisdictions, such covenants as they relate to each jurisdiction being, for this purpose, severable into diverse and independent covenants. 

(h) Definitions. For purposes of this Section 5, the term “Company” means not only Evoke Pharma, Inc., but
also any company, partnership or entity which, directly or indirectly, controls, is controlled by or is under common control with Evoke Pharma, Inc. 

  
 13 

 6. Insurance. The Company shall have the right to take out life, health, accident,
“key-man” or other insurance covering Executive, in the name of the Company and at the Company’s expense in any amount deemed appropriate by the Company. Executive shall assist the Company in obtaining such insurance, including,
without limitation, submitting to any required examinations and providing information and data required by insurance companies. 
 7. Arbitration. Any dispute, claim or controversy based on, arising out of or relating to Executive’s employment or this Agreement shall be settled by final and binding arbitration in San
Diego, California, before a single neutral arbitrator in accordance with the National Rules for the Resolution of Employment Disputes (the “Rules”) of the American Arbitration Association, and judgment on the award rendered by the
arbitrator may be entered in any court having jurisdiction. Arbitration may be compelled pursuant to the California Arbitration Act (Code of Civil Procedure §§ 1280 et seq.). If the parties are unable to agree upon an arbitrator,
one shall be appointed by the AAA in accordance with its Rules. Each party shall pay the fees of its own attorneys, the expenses of its witnesses and all other expenses connected with presenting its case; however, Executive and the Company
agree that, to the extent permitted by law, the arbitrator may, in his discretion, award reasonable attorneys’ fees to the prevailing party; provided, further, that the prevailing party shall be reimbursed for such fees, costs and
expenses within forty-five (45) days following any such award, but in no event later than the last day of the Executive’s taxable year following the taxable year in which the fees, costs and expenses were incurred; provided,
further, that the parties’ obligations pursuant to this sentence shall terminate on the tenth
(10th) anniversary of the date of Executive’s
termination of employment. Other costs of the arbitration, including the cost of any record or transcripts of the arbitration, AAA’s administrative fees, the fee of the arbitrator, and all other fees and costs, shall be borne by the Company.
This Section 7 is intended to be the exclusive method for resolving any and all claims by the parties against each other for payment of damages under this Agreement or relating to Executive’s employment; provided, however, that neither
this Agreement nor the submission to arbitration shall limit the parties’ right to seek provisional relief, including without limitation injunctive relief, in any court of competent jurisdiction pursuant to California Code of Civil Procedure
§ 1281.8 or any similar statute of an applicable jurisdiction. Seeking any such relief shall not be deemed to be a waiver of such party’s right to compel arbitration. Both Executive and the Company expressly waive their right to a jury
trial. 
 8. General Relationship. Executive shall be considered an employee of the Company within the meaning of all
federal, state and local laws and regulations including, but not limited to, laws and regulations governing unemployment insurance, workers’ compensation, industrial accident, labor and taxes. 

9. Miscellaneous. 
 (a) Modification; Prior Claims. This Agreement sets forth the entire understanding of the parties with respect to the subject matter hereof, supersedes all existing agreements between them
concerning such subject matter, and may be modified only by a written instrument duly executed by each party. 

  
 14 

 (b) Assignment; Assumption by Successor. The rights of the Company under this
Agreement may, without the consent of Executive, be assigned by the Company, in its sole and unfettered discretion, to any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or
indirectly, acquires all or substantially all of the assets or business of the Company. The Company will require any successor (whether direct or indirect, by purchase, merger or otherwise) to all or substantially all of the business or assets of
the Company expressly to assume and to agree to perform this Agreement 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; provided, however, that no such
assumption shall relieve the Company of its obligations hereunder. As used in this Agreement, the “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes
and agrees to perform this Agreement by operation of law or otherwise. 
 (c) Survival. The covenants, agreements,
representations and warranties contained in or made in Sections 3(g), 4, 5, 7 and 9 of this Agreement shall survive any termination of Executive’s employment. 
 (d) Third-Party Beneficiaries. This Agreement does not create, and shall not be construed as creating, any rights enforceable by any person not a party to this Agreement. 

(e) Waiver. The failure of either party hereto at any time to enforce performance by the other party of any provision of this
Agreement shall in no way affect such party’s rights thereafter to enforce the same, nor shall the waiver by either party of any breach of any provision hereof be deemed to be a waiver by such party of any other breach of the same or any other
provision hereof. 
 (f) Section Headings. The headings of the several sections in this Agreement are inserted solely for
the convenience of the parties and are not a part of and are not intended to govern, limit or aid in the construction of any term or provision hereof. 
 (g) Notices. All notices, requests and other communications hereunder shall be in writing and shall be delivered by courier or other means of personal service (including by means of a nationally
recognized courier service or professional messenger service), or sent by telex or telecopy or mailed first class, postage prepaid, by certified mail, return receipt requested, in all cases, addressed to: 

If to the Company or the Board: 
 Evoke Pharma, Inc. 
 12555 High Bluff Drive, Suite 385 

San Diego, California 92130 
 Attention: Secretary 
 If to Executive: 

David A. Gonyer 

1715 Haydn Drive 

Cardiff-by-the-Sea, CA 92007 

  
 15 

 All notices, requests and other communications shall be deemed given on the date of actual receipt or
delivery as evidenced by written receipt, acknowledgement or other evidence of actual receipt or delivery to the address. In case of service by telecopy, a copy of such notice shall be personally delivered or sent by registered or certified mail, in
the manner set forth above, within three business days thereafter. Any party hereto may from time to time by notice in writing served as set forth above designate a different address or a different or additional person to which all such notices or
communications thereafter are to be given. 
 (h) Severability. All Sections, clauses and covenants contained in this
Agreement are severable, and in the event any of them shall be held to be invalid by any court, this Agreement shall be interpreted as if such invalid Sections, clauses or covenants were not contained herein. 

(i) Governing Law and Venue. This Agreement is to be governed by and construed in accordance with the laws of the State of
California applicable to contracts made and to be performed wholly within such State, and without regard to the conflicts of laws principles thereof. Except as provided in Sections 5 and 7, any suit brought hereon shall be brought in the state
or federal courts sitting in San Diego, California, the parties hereto hereby waiving any claim or defense that such forum is not convenient or proper. Each party hereby agrees that any such court shall have in personam jurisdiction over it and
consents to service of process in any manner authorized by California law. 
 (j) Non-transferability of Interest. None of
the rights of Executive to receive any form of compensation payable pursuant to this Agreement shall be assignable or transferable except through a testamentary disposition or by the laws of descent and distribution upon the death of Executive. Any
attempted assignment, transfer, conveyance, or other disposition (other than as aforesaid) of any interest in the rights of Executive to receive any form of compensation to be made by the Company pursuant to this Agreement shall be void. 

(k) Gender. Where the context so requires, the use of the masculine gender shall include the feminine and/or neuter genders and the
singular shall include the plural, and vice versa, and the word “person” shall include any corporation, firm, partnership or other form of association. 
 (l) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement.

 (m) Construction. The language in all parts of this Agreement shall in all cases be construed simply, according to its
fair meaning, and not strictly for or against any of the parties hereto. Without limitation, there shall be no presumption against any party on the ground that such party was responsible for drafting this Agreement or any part thereof. 

(n) Withholding and other Deductions. All compensation payable to Executive hereunder shall be subject to such deductions as the
Company is from time to time required to make pursuant to law, governmental regulation or order. 

  
 16 

 (o) Code Section 409A. This Agreement shall be interpreted, construed and
administered in a manner that satisfies the requirements of Sections 409A of the Code. Notwithstanding any provision of this Agreement to the contrary, if Executive and the Company determine that any payments or benefits payable under this Agreement
intended to comply with Sections 409A(a)(2), (3) and (4) of the Code do not comply with Section 409A of the Code, Executive and the Company agree to amend this Agreement, or take such other actions as Executive and the Company deem
reasonably necessary or appropriate, to comply with the requirements of Section 409A of the Code and the Treasury Regulations thereunder (and any applicable transition relief) while preserving the economic agreement of the parties. If any
provision of this Agreement would cause such payments or benefits to fail to so comply, such provision shall not be effective and shall be null and void with respect to such payments or benefits, and such provision shall otherwise remain in full
force and effect. 
 (Signature Page Follows) 

  
 17 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth
above. 
  

			
	EVOKE PHARMA, INC.
		
	By:	 	/s/ Cam L. Garner
	Name: Cam L. Garner
	Title: Chairman

 
	
	
	/s/ David A Gonyer
	David A. Gonyer

 SIGNATURE PAGE TO EMPLOYMENT AGREEMENT 

  

 EXHIBIT A 
 GENERAL RELEASE OF CLAIMS 
 [The language in this Release may
change based on legal developments and evolving best 
 practices; this form is provided as an example of what will be
included in the final Release 
 document.] 

This General Release of Claims (“Release”) is entered into as of this _____ day of ________, ____, between David
A. Gonyer (“Executive”), and Evoke Pharma, Inc., a Delaware corporation (the “Company”) (collectively referred to herein as the “Parties”). 

WHEREAS, Executive and the Company are parties to that certain Amended and Restated Employment Agreement dated as of June 7, 2013
(the “Agreement”); 
 WHEREAS, the Parties agree that Executive is entitled to certain severance
benefits under the Agreement, subject to Executive’s execution of this Release; and 
 WHEREAS, the Company and Executive
now wish to fully and finally to resolve all matters between them. 
 NOW, THEREFORE, in consideration of, and subject to, the
severance benefits payable to Executive pursuant to the Agreement, the adequacy of which is hereby acknowledged by Executive, and which Executive acknowledges that he or she would not otherwise be entitled to receive, Executive and the Company
hereby agree as follows: 
 1. General Release of Claims by Executive. 

(a) Executive, on behalf of himself and his executors, heirs, administrators, representatives and assigns, hereby agrees to release and
forever discharge the Company and all predecessors, successors and their respective parent corporations, affiliates, related, and/or subsidiary entities, and all of their past and present investors, directors, shareholders, officers, general or
limited partners, employees, attorneys, agents and representatives, and the employee benefit plans in which Executive is or has been a participant by virtue of his employment with or service to the Company (collectively, the “Company
Releasees”), from any and all claims, debts, demands, accounts, judgments, rights, causes of action, equitable relief, damages, costs, charges, complaints, obligations, promises, agreements, controversies, suits, expenses, compensation,
responsibility and liability of every kind and character whatsoever (including attorneys’ fees and costs), whether in law or equity, known or unknown, asserted or unasserted, suspected or unsuspected (collectively,
“Claims”), which Executive has or may have had against such entities based on any events or circumstances arising or occurring on or prior to the date hereof or on or prior to the date hereof, arising directly or indirectly
out of, relating to, or in any other way involving in any manner whatsoever Executive’s employment by or service to the Company or the termination thereof, including any and all claims arising under federal, state, or local laws relating to
employment, including without limitation claims of wrongful discharge, breach of express or implied contract, fraud, misrepresentation, defamation, or liability in tort, and claims of any kind

  
 1 

 
that may be brought in any court or administrative agency including, without limitation, claims under Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. Section 2000, et
seq.; the Americans with Disabilities Act, as amended, 42 U.S.C. § 12101 et seq.; the Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701 et seq.; the Civil Rights Act of 1866, and the Civil Rights
Act of 1991; 42 U.S.C. Section 1981, et seq.; the Age Discrimination in Employment Act, as amended, 29 U.S.C. Section 621, et seq. (the “ADEA”); the Equal Pay Act, as amended, 29 U.S.C.
Section 206(d); regulations of the Office of Federal Contract Compliance, 41 C.F.R. Section 60, et seq.; the Family and Medical Leave Act, as amended, 29 U.S.C. § 2601 et seq.; the Fair Labor
Standards Act of 1938, as amended, 29 U.S.C. § 201 et seq.; the Employee Retirement Income Security Act, as amended, 29 U.S.C. § 1001 et seq.; and the California Fair Employment and Housing Act, California
Government Code Section 12940, et seq. 
 Notwithstanding the generality of the foregoing, Executive does not
release the following claims: 
 (i) Claims for unemployment compensation or any state disability insurance benefits pursuant to
the terms of applicable state law; 
 (ii) Claims for workers’ compensation insurance benefits under the terms of any
worker’s compensation insurance policy or fund of the Company; 
 (iii) Claims pursuant to the terms and conditions of the
federal law known as COBRA; 
 (iv) Claims for indemnity under the bylaws of the Company, as provided for by California law or
under any applicable insurance policy with respect to Executive’s liability as an employee, director or officer of the Company; 
 (v) Claims based on any right Executive may have to enforce the Company’s executory obligations under the Agreement; and 
 (vi) Claims Executive may have to vested or earned compensation and benefits. 
 (b)
EXECUTIVE ACKNOWLEDGES THAT HE OR SHE HAS BEEN ADVISED OF AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, 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.” 
 BEING AWARE OF SAID CODE SECTION, EXECUTIVE HEREBY EXPRESSLY WAIVES ANY
RIGHTS HE OR SHE MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT. 

  
 2 

 (c) Executive acknowledges that this Release was presented to him or her on the date
indicated above and that Executive is entitled to have [twenty-one (21)][forty-five (45)] days’ time in which to consider it. Executive further acknowledges that the Company has advised him or her that he or she is waiving his or her rights
under the ADEA, and that Executive should consult with an attorney of his or her choice before signing this Release, and Executive has had sufficient time to consider the terms of this Release. Executive represents and acknowledges that if Executive
executes this Release before [twenty-one (21)][forty-five (45)] days have elapsed, Executive does so knowingly, voluntarily, and upon the advice and with the approval of Executive’s legal counsel (if any), and that Executive voluntarily waives
any remaining consideration period. 
 (d) Executive understands that after executing this Release, Executive has the right to
revoke it within seven (7) days after his or her execution of it. Executive understands that this Release will not become effective and enforceable unless the seven (7) day revocation period passes and Executive does not revoke the Release
in writing. Executive understands that this Release may not be revoked after the seven (7) day revocation period has passed. Executive also understands that any revocation of this Release must be made in writing and delivered to the Company at
its principal place of business within the seven (7) day period. 
 (e) Executive understands that this
Release shall become effective, irrevocable, and binding upon Executive on the eighth (8th) day after his or her execution of it, so long as Executive has not revoked it within the time period and in the manner specified in clause (d) above. 

(f) Executive further understands that Executive will not be given any severance benefits under the Agreement unless this Release is
effective on or before the date that is fifty-five (55) days following the date of Executive’s termination of employment. 
 2. No Assignment. Executive represents and warrants to the Company Releasees that there has been no assignment or other transfer of any interest in any Claim that Executive may have against the
Company Releasees. Executive agrees to indemnify and hold harmless the Company Releasees from any liability, claims, demands, damages, costs, expenses and attorneys’ fees incurred as a result of any such assignment or transfer from Executive.

 3. Severability. In the event any provision of this Release is found to be unenforceable by an arbitrator or court of
competent jurisdiction, such provision shall be deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended that the parties shall receive the benefit contemplated herein to the fullest extent
permitted by law. If a deemed modification is not satisfactory in the judgment of such arbitrator or court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall not be affected
thereby. 
 4. Interpretation; Construction. The headings set forth in this Release are for convenience only and shall not
be used in interpreting this Agreement. This Release has been drafted by legal counsel representing the Company, but Executive has participated in the negotiation of its terms. Furthermore, Executive acknowledges that Executive has had an

  
 3 

 
opportunity to review and revise the Release and have it reviewed by legal counsel, if desired, and, therefore, the normal rule of construction to the effect that any ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation of this Release. Either party’s failure to enforce any provision of this Release shall not in any way be construed as a waiver of any such provision, or prevent
that party thereafter from enforcing each and every other provision of this Release. 
 5. Governing Law and Venue. This
Release will be governed by and construed in accordance with the laws of the United States of America and the State of California applicable to contracts made and to be performed wholly within such State, and without regard to the conflicts of laws
principles thereof. Any suit brought hereon shall be brought in the state or federal courts sitting in San Diego County, California, the Parties hereby waiving any claim or defense that such forum is not convenient or proper. Each party hereby
agrees that any such court shall have in personam jurisdiction over it and consents to service of process in any manner authorized by California law. 
 6. Entire Agreement. This Release and the Agreement constitute the entire agreement of the Parties in respect of the subject matter contained herein and therein and supersede all prior or
simultaneous representations, discussions, negotiations and agreements, whether written or oral. This Release may be amended or modified only with the written consent of Executive and an authorized representative of the Company. No oral waiver,
amendment or modification will be effective under any circumstances whatsoever. 
 7. Counterparts. This Release may be
executed in multiple counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 
 (Signature Page Follows) 

  
 4 

 IN WITNESS WHEREOF, and intending to be legally bound, the Parties have executed the
foregoing Release as of the date first written above. 
  

											
	EXECUTIVE	 		 	EVOKE PHARMA, INC.
						
	 	 	 	 		 	By: 	 	 	 	 
					
	Print Name:    	 	 	 		 	Print Name:    	 	 
						
		 		 		 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]