Document:

EX-10.68

 Exhibit 10.68 

AMENDED EMPLOYMENT AGREEMENT – 

ADVANCED EMISSIONS SOLUTIONS, INC. EXECUTIVE 

(Bustard) 
 THIS AMENDMENT
TO EMPLOYMENT AGREEMENT (“Amended Employment Agreement” or “Agreement”) is made and entered into by and between C. Jean Bustard (the “Executive”) and ADA-ES, the Executive and Advanced Emissions Solutions, Inc., a
Delaware corporation (“ADES” or the “Company”), as of September 19, 2014 (“Effective Date”). 
 RECITALS

 WHEREAS, Executive is presently employed as the Chief Operating Officer (“COO”), of Advanced Emissions Solutions, Inc.,
Chief Operating Officer (“COO”) of BCSI, LLC, Manager of ADA-ES Intellectual Property, LLC and Manager of ADA-RCM6, LLC (collectively referred to as “Current Roles”); 

WHEREAS Executive and ADA are parties to an Employment Agreement (“Original Employment Agreement”) originally entered into on
May 1, 1997 by and between Executive and ADA Environmental Solutions, LLC, as assigned to ADA; 
 WHEREAS Executive and Company desire
to plan for changes in Executive’s Current Roles and to provide for Executive’s transition and separation from employment with the Company; 

WHEREAS the Certificate of Incorporation and Bylaws of ADES along with other documents set forth the indemnification of Executive in her
actions in the Current Roles (the “Indemnification”); 
 WHEREAS in her Current Roles, Executive receives a base pay of
$298,700.00 per annum (“2014 Base Pay”) and participates in the ADES Executive Compensation program that includes short term and long term cash and equity incentive payments and awards (the “STI and LTI Plans”); 

WHEREAS Executive receives healthcare, dental and 401(k) match benefits from ADES (“Continuing Benefits”) and vacation, holiday and
other time-off benefits (“Time-Off Benefits”); 
 WHEREAS Pursuant to the STI and LTI Plans and separate award documents including
various Restricted Stock Purchase Agreements and Performance Share Unit Agreements (collectively the “Equity Award Agreements”), Executive presently has outstanding the following unvested awards (the “Equity Awards”): 

 

	 	a.	2013 restricted stock (“Restricted Stock’) – 4,634; 

  

	 	b.	2013 Performance Share Units (“PSUs”) – Between 0 and 8,452 depending upon the performance of the Company’s stock as specified in the applicable LTI Plans and Equity Award Agreements in existence as
of the date of termination; 

  

	 	c.	2014 Restricted Stock – 4,226; 

  

	 	d.	2014 PSUs – Between 0 and 13,094 depending upon the performance of the Company’s stock as specified in the applicable LTI Plans and Equity Award Agreements in existence as of the date of termination; and

 WHEREAS Pursuant to the STI and LTI Plans, Executive presently has the right to earn a short term incentive or other cash
bonus based upon achievement by the Company of certain performance goals in 2014 with a potential target value of 65% of Executive’s Base Pay if the Company achieves the goals (the “2014 STI Bonus”). 

Amendment to Employment Agreement (Bustard) 

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 1. Capitalized terms used but not defined herein have the meanings set forth in
the Original Employment Agreement. 
 2. Definitions. For purposes of this Amended Employment Agreement, the following terms shall have the
meanings specified below: 
 a. Board” means the Board of Directors of the Company. 

b. “Code” means the Internal Revenue Code of 1986, as amended. 

c. “Competitor” means any Person that directly competes with the Company or Related Person by selling or licensing, or
attempting to sell or license, any products, services or technologies which are the same as or similar to the products, services or technologies sold or licensed by the Company or Related Person at any time, or from time to time, during the last two
years prior to the termination of the Executive’s employment with Company, or similar business activities conducted during the six months period following the Executive’s termination as a result of plans initiated prior to such
termination, including plans for acquisitions or joint ventures. 
 d. “Director” means a member of the Board. 

e. “Disabled” means Executive has met one or more of the following criteria (a) is eligible for permanent disability
benefits under the Company’s disability insurance benefits program in effect immediately prior to any Change in Control; (b) has been determined by a third party (such as the Social Security Administration) as unable to substantially
perform the essential functions of the job by reason of any medically determinable physical or mental impairment; (c) has been determined to be disabled in accordance with a disability insurance program that meets the requirements of Treasury
Regulation Section 1.409A-3(i)(4); or (d) Executive and the Board have mutually agreed in writing that Executive is permanently disabled and cannot substantially perform the essential functions of the job and the Board has sent the
Executive written notice that the Board deems the Executive to have met the criteria for being disabled. 
 f. “ERISA”
means the Employer Retirement Income Security Act of 1974, as amended. 
 g. “Exchange Act” means the Securities Exchange
Act of 1934, as amended. 
 h. “Non-Compete” means that the Executive will not, directly or indirectly, alone or in
association with any other Person, participate in the ownership, management, operation, financing or control of, or be employed by or consult for or otherwise render services to, any Competitor in the United States of America or in any country in
which the Company or a Related Person has conducted business, or demonstrated its intention to conduct business, during the last two years prior to the termination of the Executive’s employment. As point of clarification, if the Executive
complies with the Non-Solicit and Non-Divert requirements of this Amendment, and can establish Executive will not use or disclose any Company or Related Person confidential information, an Executive will not be in violation of the Non-Compete by
participating in, or being employed by, or consulting for, trade associations or industry associations such as (but not limited to) the Institute of Clean Air Companies or the American Coal Council. 

  

					
	  
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	 	2	 	

 i. “Non-Divert” means Executive shall not (a) divert away or attempt to
divert away any business from the Company or Related Person to another company, business, or individual or (b) interfere or attempt to interfere with any transaction, agreement, prospective agreement, or corporate opportunity in which Company
or its predecessors in interest or any Related Person was involved at any point during the last two years of Executive’s employment with Company 

j. “Non-Solicit” means Executive will not directly or indirectly: (a) solicit, entice, persuade or induce any
then-current employee, agent or representative of the Company or Related Person to terminate such person’s relationship with the Company or Related Person or to become employed by any Person other than the Company or Related Person;
(b) approach any such Person for any of the foregoing purposes; (c) authorize, solicit or assist in the taking of such actions by any third party; or (d) hire or retain any such person, in each instance other than an employee, agent,
representative or other person who independently responded to a general solicitation for employment or any third party which was not specifically targeted to or reasonably expected to target the Company, its agents, employees, or representatives
without obtaining Company’s prior written consent. 
 k. “Related Person” with regard to Company means (i) any
“affiliate” as defined in Rule 12b-2 promulgated under the Exchange Act, or (ii) any Person in which the Company directly or indirectly holds an ownership interest of 15% or more. 

l. “Subsidiary” has the meaning set forth in Rule 12b-2 promulgated under the Exchange Act. 

m. “Total Compensation” means, in the aggregate, the Executive’s short and long term cash compensation (including Base
Salary, bonuses or other cash incentives), short and long term equity compensation such as awarded options, restricted stock and/or performance share units, any other awards or payments authorized by the Compensation Committee of the Board, and
Benefits provided as part of employee or Executive Compensation Plans in effect immediately prior to Executive’s Notice Date. 
 3.
ADA-ES hereby assigns its rights and obligations under the Original Employment Agreement to Company, and Company agrees to accept the assignment and assume the rights and obligations of ADA-ES under the Original Employment Agreement. Executive
acknowledges such assignment and assumption and agrees that the Original Employment Agreement will continue in full force and effect as between Executive and Company. 

4. Change of Current Roles and Separation From Employment. 
  

	 	a.	Effective September 19, 2014, Executive hereby resigns from all Current Roles other than as COO of ADES (“Retained Role”). 

 

	 	b.	Executive shall be employed by Company in her Retained Role, as amended in Section 4.a above, through December 31, 2014 (“Retirement Date”), at which time she shall retire and resign from her
Retained Role. While Executive remains subject to Termination pursuant to Section 5 of this Agreement, regardless of any termination of Executive’s employment prior to December 31, 2014 for any reason or no reason, Executive shall:

  

	 	i.	continue to be paid her 2014 Base Pay in 8 equal installments of $11,488.46 less all applicable deductions and withholdings required by law, on the Company’s established payroll dates (bi-weekly) through
December 31, 2014 paid by direct deposit into the account Executive has designated for payroll deposits; 

  

					
	  
 Amendment to Employment Agreement (Bustard)
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	 	ii.	shall be paid her 2014 STI Bonus that is earned, vested and determinable for the year ended December 31, 2014 under the STI Plan, which bonus amount shall be paid to Executive no later than March 15, 2015; and

  

	 	iii.	be paid her accrued, earned and unpaid vacation time as of December 31, 2014 no later than January 2, 2015. 

  

	 	c.	Upon Executive’s Retirement Date and after receipt of a release of claims from Executive on the Company’s standard form, Company will, as consideration for such release and Executive’s covenants set forth
in this Agreement, pay Executive the following: 

  

	 	i.	52 equal installments of $11,488.46 less all applicable deductions and withholdings required by law, on the Company’s established payroll dates (bi-weekly) commencing on the first payroll date thereafter over a two
year period, for a total amount of $597,400.00 less all applicable deductions and withholdings required by law, paid by direct deposit into the account you have designated for payroll deposits; 

 

	 	ii.	a single lump sum of $24,384.60 which sum represents the cost of obtaining replacement medical, dental and vision coverage for eighteen months paid on the first payroll date after the Retirement Date; and

  

	 	iii.	any Equity Awards that remain unvested shall accelerate and become fully vested as of the Retirement Date as further described in Section 5.II.d below with the term “Termination Date” therein having the
same meaning as Retirement Date. 

  

	 	d.	After the Retirement Date, all of Executive’s pre- and post-employment obligations to maintain the confidentiality of information and to assign intellectual property rights to the Company for the periods of time
specified by the Original Employment Agreement, or any other written agreement between the parties, shall remain in full force and effect. In addition, the Executive agrees to comply with the Non-Solicit, Non-Divert and Non-Compete requirements of
this Agreement for a period of twenty-four (24) months after the Retirement Date. 

 5. Notwithstanding the provisions
set forth above in Section 4, either Executive or Company may terminate Executive’s employment at any time prior to December 31, 2014 for any reason as set forth below: 

I. Notice of Termination.  

a. Notice Required. Either Executive or the Company may terminate Executive’s employment for any reason by giving the other party
written notice of such termination (the date of such notice, the “Notice Date”). Company shall provide notice to Executive at Executive’s home address on file with Company in the Executive’s employee records. Executive
shall provide notice to Company: 
 Advanced Emissions Solutions, Inc. 

9135 S. Ridgeline Blvd., Ste 200 

Highlands Ranch, CO 80129 

Attn: CEO 

  

					
	  
 Amendment to Employment Agreement (Bustard)
	 	4	 	

			
	with a copy to:	  	Julie Herzog, Esq.
		  	Fortis Law Partners LLC
		  	1900 Wazee Street, Suite 300
		  	Denver, CO 80202

 b. Termination Date. Termination shall be effective on the date specified in the notice sent by the
party terminating the Executive’s employment (the “Termination Date”). 
 c. Notice Period. The period
commencing on the Notice Date and ending on the Termination Date (the “Notice Period”). 
 d. Executive Duties During
Notice Period. During the Notice Period, the Company shall be entitled to allocate other duties and responsibilities to the Executive but is not obliged to assign any duties to, or provide any work for, the Executive. Company shall be entitled
to exclude the Executive from any premises of the Company and/or to require Executive not to communicate with clients, suppliers, employees, agents or representatives of the Company or any Related Person, provided that the Company shall continue to
pay the Executive’s Total Compensation on the dates and at the rate payable immediately prior to the Notice Date. During any Notice Period, unless the Company’s CEO or EVP consents in writing, the Executive may not perform any work,
whether paid or unpaid, for any other Person other than the Company or, at the Company’s request, one of its Related Persons, provided that the Company shall continue to pay the Executive’s Total Compensation as described above. 

e. Resignation of All Other Positions. If the Executive’s employment is terminated for any reason, effective on the Termination
Date the Executive shall be deemed to have resigned from all positions that the Executive holds as an officer or member of the board of directors (or a committee thereof) of the Company or any Related Person. 

II. Compensation For Early Termination of Executive’s Employment for Any Reason. 

Except as otherwise contemplated above, if either party terminates Executive’s employment at any time during the Executive’s employment with the
Company, in any role, or if the Executive becomes Disabled or becomes deceased while actively employed by the Company, during the term of this Agreement, the following provisions shall apply: 

 

	 	a.	The terminating party shall provide written notice of termination to the other party and the Termination Date will be established as specified above. If the Executive becomes Disabled, the Termination Date shall be the
date of the Company’s written notice to the Executive that the Company deems the Executive to be disabled in accordance with the criteria, or as otherwise agreed by Executive and the Company. In the event the Executive becomes deceased while
actively employed by the Company, the date of death shall be considered to be the Termination Date. 

  

	 	b.	Company shall pay the Executive for all Total Compensation (including vested Benefits) due and owing the Executive as of the Termination Date or as required by law, such as ERISA or the Consolidated Omnibus Budget
Reconciliation Act (“COBRA”) and similar requirements. 

  

	 	c.	The Company shall pay Executive the amounts specified in Section 4.b above. 

  

					
	  
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	 	d.	With regard to the Equity Awards: 

  

	 	i.	Notwithstanding the plan and Equity Award Agreements pursuant to which any Restricted Shares were issued, the number of Restricted Shares that have not vested prior to the Termination Date shall vest in full as of the
Termination Date. To satisfy tax withholding obligations with respect to the Restricted Shares, Executive may authorize Company to transfer to Company up to the number of Restricted Shares that have an aggregate fair market value, based on the share
price as of the close of trading on the Termination Date, equal to any applicable federal, state and local income and employment tax withholding obligations by providing written notice to Company. You acknowledge that the vested Restricted Shares
referenced above, less any shares you authorize Company to transfer to Company for tax withholding purposes, will be vested and released to you promptly after the Termination Date via your ADES stock account with Computershare, Inc.

  

	 	ii.	Notwithstanding the plan and Equity Award Agreements pursuant to which any PSUs were issued, the total number and value of the PSUs that have not been vested prior to the Termination Date shall be determined by
calculating total stockholder returns against the common stock returns of the established Company peer group in accordance with the applicable long term incentive plan using the Termination Date as the ending date of the applicable performance
period. If greater than zero, such calculated value shall be paid to the Executive, in Company stock (the PSU Shares”) no later than thirty days after the Termination Date. In accordance with the LTI Plans and applicable Equity Award
Agreements, to satisfy your tax withholding obligations with respect to the PSU Shares, you may authorize Company to transfer to Company up to the number of PSUs Shares allowed by the Equity Award Agreement by providing written notice to Company.

  

	 	e.	All of Executive’s pre- and post-employment obligations to maintain the confidentiality of information and to assign intellectual property rights to the Company for the periods of time specified by the Original
Employment Agreement, or any other written agreement between the parties, shall remain in full force and effect after the Termination Date. In addition, the Executive agrees to comply with the Non-Solicit, Non-Divert and Non-Compete requirements of
this Agreement for a period of twenty-four (24) months after the Termination Date. 

  

	 	f.	In the event the Executive is deceased, within thirty (30) days after the Termination Date, Company shall pay to the Executive’s estate, executor or designated beneficiaries, or any other party designated by
the Executive, in writing or as otherwise instructed by a court of law, to receive payments in the event of the Executive’s death all Total Compensation (including vested Benefits), other cash payments and Equity Awards due and owing the
Executive as of the Termination Date in accordance with this Agreement. 

 6. Section 409A Payment and Ordering
Rules. The Company and the Executive intend that payments or benefits payable under this Amendment shall not be subject to the accelerated or additional tax or interest imposed pursuant to Code Section 409A, and the provisions of
this Agreement shall be construed and administered in accordance with this intent. Payments under Section 4 and 5 above are intended to qualify to the maximum extent possible as “short-term deferrals” to which Code Section 409A
does not apply, pursuant to Treasury Regulation Section 1.409A-1(b)(4). Any payments that do not so 

  

					
	  
 Amendment to Employment Agreement (Bustard)
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qualify are intended to be excluded from the application of Code Section 409A pursuant Treasury Regulation Section 1.409A-l(b)(9)(iii) (which excludes from the application of Code
Section 409A certain payments made upon an “involuntary separation from service”). To the extent that payments made pursuant to Section 4 are made upon an “involuntary separation from service” but exceed the amount
excludible from the application of Code Section 409A set forth in Treasury Regulation Section 1.409A-l(b)(9)(iii), the exclusion will first be applied to any continued health and welfare benefits payable under Section 4 (to the extent
such benefits are subject to Code Section 409A and are payable within six (6) months from the Employee’s “separation from service,” as defined for purposes of Code Section 409A (the “Delayed Payment
Date”)) and thereafter to the cash payments that are payable closest in time to the Termination Date, until the amount excludible has been applied in full. Any payments under Section 4 that are not excluded from the application of Code
Section 409A and that are payable prior to the Delayed Payment Date shall be withheld by the Company and paid to Executive on the Delayed Payment Date or as soon thereafter as is administratively feasible. For purposes of this Section, the
right to any payment to be made in a series of installment payments shall be treated as the right to a series of separate payments pursuant to Treasury Regulation Section 1.409A-2(b)(2)(iii). Nothing in this Section shall prohibit the Company
and Executive from making use of any other exclusion from the application of Code Section 409A that may be applicable to a payment or benefit hereunder. 

7. Business Relationships and Goodwill. The parties hereto agree that in the course of the Executive’s employment with the
Company, the Executive has provided services to the Company that have been unique and has been and will continue to be entrusted with the confidential information of the Company and Related Persons, and will also develop personal relationships with,
and knowledge of, the Company’s customers and prospective customers and their affairs and requirements. Executive acknowledges and agrees that there is a risk and opportunity for any person given such responsibility, specialized training, and
confidential information to misappropriate the trade secrets, relationships, business and goodwill existing between the Company and the Company’s current and prospective customers, members, stockholders, vendors and investors. Executive
therefore acknowledges and agrees as follows: 
  

	 	a.	It is fair and reasonable for the Company to take steps to protect itself from the risk of misappropriation of confidential information and goodwill. 

 

	 	b.	Company’s interest in restraining Executive from competing with the Company or harming Company’s competitive advantage in accordance with this Agreement is justified. 

 

	 	c.	The Non-Compete, Non-solicit and Non-Divert covenants are designed to enforce Company interests and that any limitations as to time, geographic scope and scope of activity to be restrained as defined herein are
reasonable and do not impose a greater restraint than is necessary to protect the goodwill or other business interest of the Company. 

  

	 	d.	The consideration to be paid by Company in accordance with this Agreement is sufficient and adequate and Executive will not challenge the enforceability or scope, and agrees to abide by the Non-Complete, Non-Solicit and
Non-Divert covenants as specified herein. 

  

	 	e.	Executive will notify all future Persons with which Executive becomes affiliated or employed of the restrictions set forth in this Agreement, the Agreement and any other agreement between the parties with regard to the
protection of Company confidential information, prior to the commencement of any such affiliation or employment and consents to the Company providing such notice as well. 

  

					
	  
 Amendment to Employment Agreement (Bustard)
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 8. Breach of Obligations. If the Company breaches Section 4 of this Agreement or
otherwise fails to make the required payments to Executive and fails to cure such breach within ten days after written notice from Executive, the Non-Compete, Non-Solicit and Non-Divert shall terminate immediately. If the Executive breaches any of
the provisions of this Agreement, or the Agreement, or any other agreement between the parties with regard to the confidentiality of information, the Executive’s rights to any further consideration or payments under this Agreement shall
terminate as of the date of any such breach. 
 9. Severability and Reformation. If any one or more of the terms, provisions,
covenants or restrictions of this Agreement shall be determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions shall remain in full force and effect, and
the invalid, void or unenforceable provisions shall be deemed severable. Moreover, if any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or
subject, it shall be reformed by limiting and reducing it to the minimum extent necessary, so as to be enforceable to the extent compatible with the applicable law as it shall then appear. 

10. Cooperation. Executive agrees that, following termination of employment for any reason, the Executive shall reasonably assist and
cooperate with Company with regard to any matter or project in which the Executive was involved during the Executive’s employment with the Company, including but not limited to any litigation that may be pending or arise after such termination
of employment. Further, the Executive agrees to notify Company at the earliest opportunity of any contact that is made by any third parties concerning any such matter or project. Company shall not unreasonably request such cooperation of Executive
and shall compensate Executive for Executive’s time or expenses associated with such cooperation and assistance. 
 11.
Remedies. Executive acknowledges and agrees that any breach or threatened breach by Executive of any of the provisions of this Agreement, the Agreement or any other agreement between the parties with regard to the confidentiality of
information would result in irreparable harm to Company for which monetary damages would be inadequate or difficult or impossible to ascertain. Accordingly, and notwithstanding anything to the contrary herein, in addition to any other remedies
available to the Company at law or in equity, the Company shall be entitled, at any time, to injunctive relief in any court of competent jurisdiction to prevent or stop any such breach, threatened breach or continuing breach by Executive. In the
event of any such action, the prevailing party (as determined by the court in such proceeding) shall be entitled to recover all reasonable costs and expenses incurred by such party in connection therewith, including reasonable attorneys’ fees
and costs. Executive agrees that the duration of any confidentiality, Non-Compete, Non-Solicit and Non-Divert obligations shall be extended by the period of time in which the Executive is in breach of those obligations. 

12. Nonexclusivity of Rights. Unless otherwise required by law, nothing in this Agreement shall prevent or limit the Executive’s
continuing or future participation in any plan, program, policy or practice provided by Company for which the Executive may qualify. Vested benefits and other amounts that the Executive is otherwise entitled to receive under any plan, policy,
practice or program of, or any contract or agreement with, Company on or after the Termination Date shall be payable in accordance with such plan, policy, practice, program, contract or agreement, as the case may be, except as modified by this
Agreement. Except as provided in this Agreement, the Employee waives all of the Employee’s rights to receive severance payments and benefits under any severance plan, policy or practice of Company or any entity merged with or into Company (or
any part thereof) or that acquires Company or all or substantially all of its assets. Unless prohibited by law, nothing herein shall be construed to preclude the Company from seeking to recover from Employee compensation or benefits paid to Employee
that Employee was not eligible or otherwise entitled to receive. Notwithstanding any other provisions in this Agreement to the contrary, any compensation paid to the Executive pursuant to this Agreement or any other agreement or

  

					
	  
 Amendment to Employment Agreement (Bustard)
	 	8	 	

 
arrangement with the Company that is subject to recovery under any law, government regulation or stock exchange listing requirement will be subject to such deductions and clawback as are required
to be made pursuant to such law, government regulation or stock exchange listing requirement. 
 13. Counterparts. This Agreement may
be executed in any number of counterparts, and any such counterpart may be transmitted electronically or by facsimile transmission, and each of such counterparts, whether an original, an electronic copy, or facsimile of an original, shall be deemed
to be an original and all of such counterparts together shall constitute a single agreement. 
 14. Entire Agreement. The Agreement
as amended by this Agreement is hereby ratified and affirmed and shall continue in full force and effect. Subject to the Equity Award Agreements (as amended hereby), and your Indemnification described in the Recitals herein, this Agreement
represents the entire agreement and understanding between you and Company, your employment with and separation as an employee from Company and the events leading thereto and associated therewith, and supersedes and replaces any and all prior
agreements and understandings concerning your employment relationship with Company. To the extent the terms of the Agreement and this Agreement differ from or are inconsistent with those in any Executive Compensation Plan, long term or short term
compensation or incentive plan, any equity incentive program, any restricted stock award agreement, or performance share unit award agreement which was approved by the Board or entered into between the Executive and the Company (or its predecessors
in interest) prior to the Effective Date of this Agreement, the terms of the Agreement and this Agreement shall control. To the extent the terms of the Agreement and this Agreement differ from or are inconsistent with each other, the terms of this
Agreement shall control. 
 15. Golden Parachute Cutback. It is the intention of the parties that the Executive receive the maximum
after-tax amount of any payment, award, benefit or distribution (or any acceleration of any payment, award, benefit or distribution) by the Company (or any of its Related Persons) or any entity which effectuates a Change in Control (or any of its
Related Persons) to or for the benefit of Executive (whether pursuant to the terms of this Agreement or otherwise) (a “Change in Control Payment”). Therefore, notwithstanding anything in this Agreement to the contrary, if (i) any
Change in Control Payment would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), and (ii) the reduction of such Change in Control Payment to an amount which, when taking into account the
payment of any Excise Tax owed, would provide the Executive with a greater after-tax amount than if such Change in Control Payment were not reduced (including reducing the amount to the maximum amount that does not give rise to the Excise Tax (the
“Safe Harbor Cap”)) then the amounts payable to Executive under this Agreement shall be reduced (but not below zero) to that amount which allows the Executive to receive the maximum after-tax amount. In determining such after tax
amount, the Company shall be entitled to rely on such information as the Executive provides relating to the Executive’s individual tax circumstances. The reduction of the amounts payable hereunder, if applicable, shall be made by reducing first
severance payments, then any bonus and then any benefits, as applicable.

  

					
	  
 Amendment to Employment Agreement (Bustard)
	 	9	 	

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date. 

 

			
	COMPANY:
	
	Advanced Emissions Solutions, Inc.
		
	By:	 	 /s/ Michael D. Durham

		 	Michael D. Durham, President and Chief
		 	Executive Officer

  

			
	Executive:
	
	 /s/ C. Jean Bustard

	C. Jean Bustard, an individual

  

									
	Acknowledged and Agreed:	 		 	 ADA-ES, Inc.

				
		 		 	By:	 	 /s/ Christine B. Amrhein

					
		 		 		 	Name:	 	 Christine B. Amrhein

					
		 		 		 	Title:	 	 Secretary

  

					
	  
 Amendment to Employment Agreement (Bustard)
	 	10Form of 5.125% Notes Due 2024

 Exhibit 4.5 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York Corporation (“DTC”), to the Company
or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof,
Cede & Co., has an interest herein. 
 This Security is a Book-Entry Security within the meaning of the Indenture hereinafter referred to and is
registered in the name of a Depositary or a nominee thereof. This Security may not be transferred to, or registered or exchanged for Securities registered in the name of, any Person other than the Depositary or a nominee thereof and no such transfer
may be registered, except in the limited circumstances described in the Indenture. Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, this Security shall be a Book-Entry Security subject to
the foregoing, except in such limited circumstances described in the Indenture. 
 ALCOA INC. 

5.125% Notes due 2024 
  

					
	 No. R-
	  		  	(U.S.) $                      
		  		  	CUSIP # 013817AW1
		  		  	ISIN # US013817AW16

 Alcoa Inc., a corporation duly organized and existing under the laws of Pennsylvania (herein called the
“Company”, which term includes any successor Person under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
                                 (United States) Dollars on October 1, 2024, and to
pay interest thereon from September 22, 2014, or from the most recent April 1or October 1 (each, an “Interest Payment Date”) to which interest has been paid or duly provided for, semi-annually in arrears on April 1
and October 1in each year, commencing April 1, 2015, at the rate of 5.125% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the
March 15 or September 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Interest will be paid on the basis of a 360-day year consisting of twelve 30-day months. Except as otherwise provided
in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture. Payment of the principal of and any premium and interest on this Security will be made (a) at the Corporate Trust Office of the Trustee or such other office or agency of the Company as may
be designated by it for such purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts or
(b) subject to any laws or regulations applicable thereto and to the right of the Company (limited as provided in the Indenture) to rescind the designation of any such Paying Agent, at the main offices of the Company in Pittsburgh,
Pennsylvania, or 

 
at such other offices or agencies as the Company may designate, by United States dollar check drawn on, or transfer to a United States dollar account maintained by the payee with, a bank in The
City of New York; provided, however, that at the option of the Company payment of interest may be made by United States dollar check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof, directly or through an Authenticating Agent, by manual signature of an authorized signatory, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal. 

Dated: September 22, 2014 
  

									
		 		 		 	ALCOA INC.
					
	Attest:	 	  
	 		 	By:	 	  

		 	Assistant Secretary	 		 		 	Vice President and Treasurer

 [SEAL] 

  
 2 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of 
 the series designated therein

 referred to in the within- 
 mentioned Indenture. 

THE BANK OF NEW YORK MELLON 
 TRUST COMPANY, N. A.,
as Trustee 
  

			
	By:	 	  

		 	Authorized Signatory

			
		
	Date: 	 	 

  
 3 

 This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture, dated as of September 30, 1993 (herein, as supplemented by the First Supplemental Indenture dated as of January 25, 2007 between the Company and the
Trustee (as defined below), the Second Supplemental Indenture dated as of July 15, 2008 between the Company and the Trustee, and the Third Supplemental Indenture dated as of March 24, 2009 between the Company and the Trustee, called the
“Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as successor in interest to J. P. Morgan Trust Company, National Association (formerly Chase Manhattan Trust Company, National Association, as successor
to PNC Bank, National Association), as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
This Security is one of the series designated on the face hereof, initially issued in the aggregate principal amount of (U.S.) $1,250,000,000.00. 

Mandatory Redemption Upon Acquisition Termination 

The Securities of this series are subject to a special mandatory redemption (an “Acquisition Termination Redemption”) in the event
that: 
  

	 	(a)	the Acquisition (as defined below) is not consummated on or prior to 5:00 p.m. (New York City time) on April 1, 2015, or 

  

	 	(b)	if prior to 5:00 p.m. on April 1, 2015, the Purchase Agreement (as defined below) is terminated, other than in connection with the consummation of the Acquisition and is not otherwise amended or replaced (each, an
“Acquisition Termination Redemption Event”). 

 “Acquisition” means the acquisition by the Company of the
Firth Rixson business pursuant to and subject to the terms and conditions set forth in the Purchase Agreement. 
 “Purchase
Agreement” means the Share Purchase Agreement, dated as of June 25, 2014, by and among FR Acquisition Corporation (US), Inc., FR Acquisitions Corporation (Europe) Limited, FR Acquisition Finance Subco (Luxembourg), S.à.r.l., the
Company, Alcoa IH Limited, and Oak Hill Capital Partners III, L.P. and Oak Hill Capital Management Partners III, L.P., pursuant to which the Company agreed to acquire the Firth Rixson business. 

If an Acquisition Termination Redemption Event occurs, the Securities of this series will be redeemed, in whole but not in part, at the
acquisition termination redemption price (the “Acquisition Termination Redemption Price”) equal to 101% of the principal amount thereof plus accrued and unpaid interest from the date of initial issuance, or the most recent date to which
interest has been paid or provided for, whichever is later, to, but excluding, the acquisition termination redemption date (the “Acquisition Termination Redemption Date”), which will be the date no later than the thirtieth calendar day
following the earlier to occur of: 
  

	 	(a)	5:00 p.m. (New York City time) on April 1, 2015, or 

  

	 	(b)	the date that the Purchase Agreement is terminated other than in connection with the consummation of the Acquisition and is not otherwise amended or replaced. 

  
 4 

 The Company, either directly or through the Trustee on the Company’s behalf, will cause a
notice of the Acquisition Termination Redemption to be sent, with a copy to the Trustee, not later than five Business Days after the occurrence of the Acquisition Termination Redemption Event to each Holder of Securities of this series at its
registered address. Such notice will also specify the Acquisition Termination Redemption Date. If funds sufficient to pay the Acquisition Termination Redemption Price of all Securities of this series to be redeemed on the Acquisition Termination
Redemption Date, together with accrued interest to, but excluding, the Acquisition Termination Redemption Date, are deposited with the Paying Agent on or before such Acquisition Termination Redemption Date, on and after such Acquisition Termination
Redemption Date, the Securities of this series will cease to bear interest and all rights under the Securities of this series shall terminate and will be satisfied and discharged. 

Optional Redemption 
 The Securities of
this series are subject to redemption, as a whole or in part, at the option of the Company, at any time or from time to time, on at least 30 days, but not more than 60 days, prior notice to the Holders of the Securities of this series given as
described below. Prior to July 1, 2024 (the date that is three months prior to their maturity date), the Securities will be redeemable at a redemption price equal to the greater of: 

 

	 	•	 	100% of the principal amount to be redeemed, plus accrued interest, if any, to the redemption date; or 

  

	 	•	 	the sum of the present values of the Remaining Scheduled Payments, as defined below, discounted, on a semi-annual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate, as defined
below, plus 40 basis points, plus accrued interest to the date of redemption which has not been paid. 

 At any time on or
after July 1, 2024 (the date that is three months prior to their maturity date), the Securities of this series will be redeemable, in whole or in part, at any time and from time to time, at the option of the Company at a redemption price equal
to 100% of the principal amount to be redeemed plus accrued interest to the date of redemption which has not been paid. 
 For purposes of
the foregoing discussion of an optional redemption, the following definitions are applicable: 
 “Treasury Rate” means, with
respect to any redemption date: 
  

	 	•	 	the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication
which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue; provided that if no maturity is within three months before or after the maturity date for this Security, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis rounding to the nearest month; or 

 

	 	•	 	if that release, or any successor release, is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the
Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date. 

  
 5 

 The Treasury Rate will be calculated on the third Business Day preceding the redemption date. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term of this Security to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of this Security. 
 “Comparable Treasury Price” means, with respect to any redemption date for this
Security: 
  

	 	•	 	the average of four Reference Treasury Dealer Quotations for the redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations; or 

 

	 	•	 	if the Company obtains fewer than four Reference Treasury Dealer Quotations, the average of all quotations obtained by the Company. 

“Independent Investment Banker” means one of the Reference Treasury Dealers, to be appointed by the Company. 

“Reference Treasury Dealer” means each of Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, two other
nationally recognized investment banking firms that are Primary Treasury Dealers selected by the Company, and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer,
which is referred to herein as a “Primary Treasury Dealer,” the Company will substitute therefor another nationally recognized investment banking firm that is a Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average,
as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount, quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m., New York
City time, on the third Business Day preceding such redemption date. 
 “Remaining Scheduled Payments” means, with respect to each
Security to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption; provided, however, that, if such redemption date is not an interest
payment date with respect to such Security, the amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced by the amount of interest accrued thereon to such redemption date. 

In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 Notice of optional redemption will be given
to Holders of Securities of this series, not less than 30 nor more than 60 days prior to the date fixed for redemption, all as provided in the Indenture. 

  
 6 

 Change of Control Repurchase Event 

If a Change of Control Repurchase Event occurs with respect to the Securities of this series, unless the Company has exercised its right to
redeem this Security as described above, the Company will be required to make an offer to each Holder of Securities of this series to repurchase all or any part (in denominations of $2,000 and integral multiples of $1,000 in excess thereof) of that
Holder’s Securities of this series at a repurchase price in cash equal to 101% of the aggregate principal amount of Securities of this series repurchased plus any accrued and unpaid interest on the Securities of this series repurchased to, but
not including, the date of repurchase. Within 30 days following any Change of Control Repurchase Event or, at the option of the Company, prior to any Change of Control, but after the public announcement of the Change of Control, the Company will
mail a notice to each Holder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Securities of this series on the payment date
specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law. The notice shall, if mailed prior to the date of consummation of the Change of
Control, state that the offer to purchase is conditioned on a Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. Holders of Securities of this series electing to have Securities of this series
purchased pursuant to a Change of Control Repurchase Event offer, will be required to surrender their Securities of this series, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Security completed, to the
Paying Agent at the address specified in the notice, or transfer their Securities of this series to the Paying Agent by book-entry transfer pursuant to the applicable procedures of the Paying Agent, prior to the close of business on the third
Business Day prior to the repurchase payment date. The Company will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable
in connection with the repurchase of the Securities of this series as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event
provisions of the Securities of this series, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the
Securities of this series by virtue of such conflict. 
 On the repurchase date following a Change of Control Repurchase Event, the Company
will, to the extent lawful: 
  

	 	(1)	accept for payment all Securities of this series or portions of Securities of this series properly tendered pursuant to its offer; 

  

	 	(2)	deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Securities of this series or portions of Securities of this series properly tendered; and 

 

	 	(3)	deliver or cause to be delivered to the Trustee the Securities of this series properly accepted, together with an Officers’ Certificate stating the aggregate principal amount of Securities of this series being
purchased by the Company. 

 The Paying Agent will promptly mail to each Holder of Securities of this series properly tendered
the purchase price for the Securities of this series, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Security of this series equal in principal amount to any unpurchased portion of
any Securities of this series surrendered; provided that each new Security of this series will be in a minimum principal amount of $2,000 and integral multiples of $1,000 in excess thereof. 

  
 7 

 The Company will not be required to make an offer to repurchase the Securities of this series
upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Securities of this
series properly tendered and not withdrawn under its offer. 
 For purposes of the foregoing discussion of a repurchase at the option of
Holders, the following definitions are applicable: 
 “Change of Control” means the occurrence of any of the following: 

 

	 	(1)	the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the
Company and its subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Company or one of its subsidiaries; 

 

	 	(2)	the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act)
becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of the Voting Stock of the Company or other Voting Stock into which the Voting Stock of
the Company is reclassified, consolidated, exchanged or changed measured by voting power rather than number of shares; 

  

	 	(3)	the Company consolidates with, or merges with or into, any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), or any person consolidates with, or merges with or into, the Company, in
any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the
Voting Stock of the Company outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person immediately after giving effect to such transaction;

  

	 	(4)	the first day on which the majority of the members of the Board of Directors of the Company cease to be Continuing Directors; or 

  

	 	(5)	the adoption of a plan relating to the liquidation or dissolution of the Company. 

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) the Company becomes a direct or
indirect wholly-owned subsidiary of a holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s
Voting Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than
50% of the Voting Stock of such holding company. 
 “Change of Control Repurchase Event” means, with respect to the Securities of
this series, both (1) the rating on the Securities of this series is lowered by at least two of the three Rating Agencies and (2) the Securities of this series are rated below Investment Grade by at least two of the three Rating Agencies
in each case on any date during the 60-day period (which period shall be extended so long as the rating of the Securities of this series is under publicly announced consideration for a possible

  
 8 

 
downgrade by any of the Rating Agencies) (the “Trigger Period”) after the earlier of (1) the occurrence of a Change of Control; or (2) public notice of the occurrence of a
Change of Control or the intention by the Company to effect a Change of Control. Unless at least two of the three Rating Agencies are providing a rating for the Securities of this series at the commencement of any Trigger Period, the ratings on the
Securities of this series will be deemed to have been lowered by at least two of the three Rating Agencies, and the Securities of this series will be deemed to be rated below Investment Grade by at least two of the three Rating Agencies during the
Trigger Period. Notwithstanding the foregoing, no Change of Control Repurchase Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated. 

“Continuing Director” means, as of any date of determination, any member of the Board of Directors of the Company who: 

 

	 	(1)	was a member of such Board of Directors on the date of the closing of the offering of the Securities of this series; or 

  

	 	(2)	was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination,
election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director, without objection to such nomination). 

“Fitch” means Fitch Inc., a subsidiary of Fimalac, S.A., and its successors. 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of
Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); a rating of BBB- or better by Fitch (or its equivalent under any successor rating categories of Fitch); and the equivalent
Investment Grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company. 
 “Moody’s”
means Moody’s Investors Service Inc., a subsidiary of Moody’s Corporation, and its successors. 
 “Rating Agency” means
each of Moody’s, S&P and Fitch; provided, that if any of Moody’s, S&P or Fitch ceases to rate the Securities of this series or fails to make a rating of the Securities of this series publicly available for reasons outside of
the Company’s control, the Company may select (as certified by a resolution of the Company’s Board of Directors) a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the
Exchange Act, as a replacement agency for Moody’s, S&P or Fitch, or all of them, as the case may be, that is reasonably acceptable to the Trustee under the Indenture. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors.

 “Voting Stock” of any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of
any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 

  
 9 

 The provisions relating to defeasance and discharge set forth in Section 1302 of the
Indenture and covenant defeasance set forth in Section 1303 of the Indenture are applicable to the Securities of this series. 
 The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture
at any time by the Company and the Trustee with the consent of the Holders of 50% in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

The Company and the Trustee may not waive or modify the provisions relating to Acquisition Termination Redemption without the consent of the
Holder of each outstanding Security. 
 As set forth in, and subject to, the provisions of the Indenture, no Holder of any Security of this
series will have any right to institute any proceeding with respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to this
series, the Holders of not less than 25% in principal amount of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee to institute such proceeding as trustee, and the Trustee
shall not have received from the Holders of a majority in principal amount of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days; provided, however,
that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of and any premium or interest on this Security on or after the respective due dates expressed herein. 

No reference herein to the Indenture, and no provision of this Security or of the Indenture, shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place(s) and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable or, subject to any laws or
regulations applicable thereto and to the right of the Company (limited as provided in the Indenture) to rescind the designation of any such transfer agent, at the main offices of the Company in Pittsburgh, Pennsylvania and in or at such other
offices or agencies as the Company may designate, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
 10 

 The Securities of this series are issuable only in registered form, without coupons, in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of
Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No
service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

As used in this Security, “Business Day” means any day other than a Saturday or Sunday, that is not a day on which banking
institutions are authorized or obligated by law or executive order to close in The City of New York. All other terms used in this Security which are defined in the Indenture and are not defined herein shall have the meanings assigned to them in the
Indenture. 

  
 11 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to the Change of Control Repurchase Event provisions of this
Security, check the following box: 
 /      /    Purchase pursuant to Change of Control
Repurchase Event 
 If you want to elect to have only part of this Security purchased by the Company pursuant to the Change of Control
Repurchase Event provisions of this Security, state the amount: 
 $____________________ 

 

									
	Date: 	 	 	 		 	Your Signature:	 	
                     

		 		 		 	(Sign exactly as your name appears on the other side of the Security)

  

			
	Signature Guarantee: 	 	  

		 	Signature must be guaranteed by a participant in a recognized signature guarantee medallion program or other signature guarantor acceptable to the Trustee.

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