Document:

Forms of agreements for use under the Amended and Restated 2007 Equity Incentive

 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). 

  
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	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. 
 (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 

  
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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, 

  
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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 

  
 12 

 
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:	 	  
	 		 		 	

  
 13 

 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. 

  
 14 

 (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:	 	  
	 	,	 	              

  
 15 

 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 

  
 16 

	(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. 

  
 17 

 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:Seventh Amendment to Credit Agreement, dated as of October 30, 2012

 Exhibit 10.1 
 EXECUTION VERSION 
 SEVENTH AMENDMENT TO CREDIT AGREEMENT 

THIS SEVENTH AMENDMENT TO CREDIT AGREEMENT (hereinafter referred to as the “Amendment”) is dated as of October 30,
2012, by and among EXCO RESOURCES, INC. (“Borrower”), CERTAIN SUBSIDIARIES OF BORROWER, as Guarantors (the “Guarantors”), the LENDERS party hereto (the “Lenders”), and JPMORGAN CHASE BANK, N.A., as
Administrative Agent (“Administrative Agent”). Unless the context otherwise requires or unless otherwise expressly defined herein, capitalized terms used but not defined in this Amendment have the meanings assigned to such terms in
the Credit Agreement as amended herein (as defined below). 
 WITNESSETH: 

WHEREAS, Borrower, the Guarantors, Administrative Agent and the Lenders have entered into that certain Credit Agreement dated as
of April 30, 2010 (as the same has been and may hereafter be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and 

WHEREAS, Administrative Agent, the Lenders, Borrower and the Guarantors desire to amend the Credit Agreement as provided herein
upon the terms and conditions set forth herein. 
 NOW, THEREFORE, for and in consideration of the mutual covenants and
agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and confessed, Borrower, the Guarantors, Administrative Agent and the Lenders hereby agree as follows: 

SECTION 1. Amendments to Credit Agreement. Subject to the satisfaction or waiver in writing of each condition precedent set forth in
Section 3 hereof, and in reliance on the representations, warranties, covenants and agreements contained in this Amendment, the Credit Agreement shall be amended in the manner provided in this Section 1. 

1.1 Amended Definitions. The following definitions in Section 1.01 of the Credit Agreement shall be and they hereby
are amended and restated in their respective entireties to read as follows: 
 “Aggregate
Commitment” means, at any time, the sum of the Commitments of all the Lenders at such time, as such amount may be reduced or increased from time to time pursuant to Section 2.02 or Section 2.03; provided that such amount
shall not at any time exceed the lesser of (a) the Maximum Facility Amount and (b) the Borrowing Base then in effect. If at any time the Borrowing Base is reduced below the Aggregate Commitment, the Aggregate Commitment shall be reduced
automatically to the amount of the Borrowing Base in effect at such time. As of the Seventh Amendment Effective Date, the Aggregate Commitment is $1,300,000,000. 

“Approved Petroleum Engineer” means Lee Keeling & Associates, Netherland Sewell &
Associates, Inc. or any other reputable firm of independent petroleum engineers selected by the Borrower and approved by the Administrative Agent and the Required Lenders which approval shall not be unreasonably withheld. 

  
 Seventh Amendment to Credit
Agreement – Page 1 

 “Borrowing Base” means, at any time an amount equal to
the amount determined in accordance with Section 3.01, as the same may be redetermined, adjusted or reduced from time to time pursuant to, and in accordance with, the terms of this Agreement. 

“Net Cash Proceeds” means, (A) with respect to any sale, transfer, assignment or other
disposition of any Borrowing Base Properties (whether pursuant to a sale, transfer, assignment or other disposition of Equity Interests of a Restricted Subsidiary or otherwise) by the Borrower or any Restricted Subsidiary, the excess, if any, of
(a) the sum of cash and cash equivalents received in connection with such sale, but only as and when so received, over (b) the sum of (i) the principal amount of any Indebtedness that is secured by Liens on such asset senior to Liens
securing the Obligations and that is required to be repaid in connection with the sale thereof (other than the Loans), (ii) the out-of-pocket expenses incurred by the Borrower or such Restricted Subsidiary in connection with such sale,
(iii) all legal, title and recording tax expense and all federal, state, provincial, foreign and local taxes required to be accrued as a liability under GAAP as a consequence of such sale, (iv) all distributions and other payments required
to be made to minority interest holders in Restricted Subsidiaries as a result of such sale or other disposition, (v) the deduction of appropriate amounts provided by the seller as a reserve, in accordance with GAAP, against any liabilities
associated with the property or other assets disposed of in such sale and retained by the Borrower or any Restricted Subsidiary after such sale or other disposition, (vi) cash payments made to satisfy obligations resulting from Swap
Modifications or the early termination of any Swap Agreements in connection with or as a result of any such sale or other disposition of Borrowing Base Properties, and (vii) any portion of the purchase price from such sale placed in escrow,
whether as a reserve for adjustment of the purchase price, for satisfaction of indemnities in respect of such sale or otherwise in connection with such sale or other disposition; provided, however, that upon the termination of that
escrow, Net Cash Proceeds will be increased by any portion of funds in the escrow that are released to the Borrower or any Restricted Subsidiary (B) with respect to any Permitted Refinancing, the cash proceeds from such refinancing net of
underwriting discounts and commissions and other reasonable costs and expenses associated therewith, including reasonable legal fees and expenses, and (C) with respect to any Swap Modification by the Borrower or any Restricted Subsidiary, the
excess, if any, of (i) the sum of cash and cash equivalents received in connection with such Swap Modification (after giving effect to any netting arrangements), over (ii) the out-of-pocket expenses incurred by the Borrower or such
Restricted Subsidiary in connection with such Swap Modification. 
 “Unrestricted
Subsidiary” means (a) any Subsidiary that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors of the Borrower in the manner provided below, (b) any Subsidiary of an

  
 Seventh Amendment to Credit
Agreement – Page 2 

 
Unrestricted Subsidiary, (c) TGGT Holdings and any of its Subsidiaries, (d) EBG Acquisition and any of its Subsidiaries, (e) Black Bear Gathering and any of its Subsidiaries,
(f) EXCO Caddo and any of its Subsidiaries, (g) Bonchasse Land Company, LLC, a Louisiana limited liability company and any of its Subsidiaries, (h) from and after the Marcellus JV Closing Date, the Marcellus JV Operator and any of its
Subsidiaries, (i) from and after the Marcellus JV Closing Date, the Marcellus Midstream Owner and any of its Subsidiaries and (j) from and after the MLP Closing Date, the MLP Subsidiaries. The Board of Directors of the Borrower may
designate any Subsidiary (including any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries at the time of such designation or at any time thereafter (i) is a Material
Domestic Subsidiary, (ii) owns Oil and Gas Interests included in the Borrowing Base Properties or (iii) guarantees, or is a primary obligor of, any indebtedness, liabilities or other obligations under any Senior Notes (or any Permitted
Refinancing thereof). 
 1.2 Additional Definitions. The following definitions shall be and they hereby are added to
Section 1.01 of the Credit Agreement in appropriate alphabetical order: 
 “MLP”
means a certain master limited partnership arrangement between the Borrower and one or more of its Subsidiaries and an unrelated third party and one or more of its Subsidiaries (the “MLP Partner”) with respect to the exploration and
development of certain Oil and Gas Interests (including the MLP Appropriate Oil and Gas Properties); provided that such master limited partnership arrangement is consummated pursuant to and in accordance with the terms of the MLP Principal
Documents. 
 “MLP Appropriate Oil and Gas Properties” has the meaning assigned to such
term in one or more of the MLP Principal Documents as in effect on the MLP Closing Date and as amended or restated thereafter so long as the Administrative Agent receives an executed copy of any agreement evidencing any amendment or restatement of
such definition (or any definition used in such definition). 
 “MLP Closing Date” means
the date the MLP Transaction is consummated pursuant to and in accordance with the terms of the MLP Principal Documents; provided that the MLP Closing Date shall occur on or before the Scheduled Redetermination of the Borrowing Base to occur
on or about April 1, 2013. 
 “MLP General Partner” means a Delaware limited
liability company formed in connection with the MLP that owns all of the general partnership interests of the MLP Limited Partnership. 
 “MLP JV LLC” means a Delaware limited liability company formed in connection with the MLP to own all of the Oil and Gas Interests (including the Equity Interests of Vernon Gathering,
LLC and any MLP Appropriate Oil & Gas Properties) associated with the MLP. 

  
 Seventh Amendment to Credit
Agreement – Page 3 

 “MLP Limited Partnership” means a Delaware limited
partnership formed in connection with the MLP that from and after the MLP Closing Date owns all of the Equity Interests of MLP JV LLC. 
 “MLP Partner” has the meaning assigned to such term in the definition of MLP. 
 “MLP Principal Documents” means, collectively, (a) a certain Unit Purchase and Contribution Agreement by and among MLP Partner, the Borrower, EOC and MLP JV LLC, (b) a
certain Amended and Restated Limited Partnership Agreement for MLP Limited Partnership, (c) a certain Amended and Restated Limited Liability Company Agreement for MLP General Partner, and (d) any other material documents and agreements
contemplated by, or executed in connection with, the MLP and/or the MLP Transaction, in each case, as the same may be amended, modified or supplemented from time to time to extent permitted hereunder; provided that the documents and
agreements described in clauses (a) through (d) herein shall be in form and substance satisfactory to the Administrative Agent and the Required Lenders. 

“MLP Subsidiaries” means, from and after the MLP Closing Date, MLP General Partner and any of its
Subsidiaries and MLP Limited Partnership and any of its Subsidiaries and each, individually, an “MLP Subsidiary”. 
 “MLP Transaction” means, collectively, (a) the contribution, sale or other disposition by the Borrower or one or more of its Subsidiaries of (i) certain Oil and Gas Interests
generally consisting of (x) working interests in onshore natural gas and oil exploration and production operations in the Permian Basin from the surface to and including the Canyon Sand formation and in the East Texas/North Louisiana area from
the surface to and including the Cotton Valley formation and (y) owned midstream assets and other assets related to such properties to MLP JV LLC and (ii) all of the Equity Interests of MLP JV LLC to MLP Limited Partnership, in exchange
for (1) common units of MLP Limited Partnership representing 25.5% of the outstanding limited partnership interests of MLP Limited Partnership, (2) general partner units of MLP General Partner representing 50% of the outstanding general
partner interests of MLP General Partner and (3) a cash distribution of not less than $500,000,000 and (b) the contribution by MLP Partner of not less than $305,000,000 in cash to MLP Limited Partnership in exchange for (i) common
units of MLP Limited Partnership representing 74.5% of the outstanding limited partnership interests of MLP Limited Partnership and (ii) general partner units of MLP General Partner representing 50% of the outstanding general partner interests
of MLP General Partner; provided that such transactions are consummated pursuant to and in accordance with the terms of the MLP Principal Documents. 

  
 Seventh Amendment to Credit
Agreement – Page 4 

 “MLP Transaction Conditions” means with respect to the
consummation of the MLP Transaction, the collective reference to the following conditions: (a) at the time of and immediately after giving effect to such transaction, no Default shall have occurred and be continuing, (b) the MLP
Transaction is consummated on or before the Scheduled Redetermination of the Borrowing Base to occur on or about April 1, 2013 pursuant to and in accordance with the terms of the MLP Principal Documents, (c) the Borrower receives not less
than $500,000,000 in Net Cash Proceeds at closing in connection with the consummation of the MLP Transaction, (d) the Borrower prepays the Loans to the extent required by Section 2.12(e), (e) on or before the MLP Closing Date, the
Credit Parties take all actions necessary to comply with Sections 6.09, 6.13 and 6.14, (f) upon the consummation of the MLP Transaction, all Equity Interests of MLP General Partner and MLP Limited Partnership owned by the Borrower or one or
more of its Subsidiaries shall be pledged as Collateral to secure the Obligations and (g) upon the request of the Administrative Agent or any Lender, the Borrower provides to the Administrative Agent or such Lender (1) at any time prior to
the MLP Closing Date, drafts of any of the MLP Transaction Documents, and (2) from and after the MLP Closing Date, an executed copy of any of the MLP Transaction Documents. 

“MLP Transaction Documents” means the MLP Principal Documents and any other documents, instruments,
agreements or certificates contemplated by, or executed in connection with, the MLP and/or the MLP Transaction, in each case, as the same may be amended, modified or supplemented from time to time to the extent permitted hereunder. 

“Required MLP Assignments” has the meaning assigned to such term in Section 7.03(a)(xiv).

 “Seventh Amendment Effective Date” means October 30, 2012. 

1.3 Deleted Definitions. Section 1.01 of the Credit Agreement shall be and it hereby is amended by deleting the
following defined terms in their respective entireties: “EXCO Water” and “IPC Water Supply Agreement”. 

1.4 Net Cash Proceeds. Clause (b) of Section 2.12 of the Credit Agreement shall be and it hereby is amended and
restated to read in its entirety as follows: 
 (b) If the Borrower or any Restricted Subsidiary sells,
transfers or otherwise disposes of any Borrowing Base Properties at any time (whether pursuant to a sale, transfer, or other disposition of Equity Interests of a Restricted Subsidiary permitted pursuant to Section 7.03 or otherwise), the
Borrower shall prepay the Borrowings to the extent necessary to eliminate any Borrowing Base Deficiency that may exist or that may have occurred as a result of such sale, transfer or other disposition within one (1) Business Day of the date it
or any Restricted Subsidiary receives the Net Cash Proceeds from such sale, transfer or other disposition and any Net Cash Proceeds in excess of the amount necessary to eliminate any such Borrowing Base Deficiency shall be used within three hundred

  
 Seventh Amendment to Credit
Agreement – Page 5 

 
sixty (360) days after such disposition to (i) acquire property, plant and equipment or any business entity used or useful in carrying on the business of the Borrower and its Restricted
Subsidiaries and having a fair market value at least equal to the fair market value of the properties sold or otherwise disposed of or to improve or replace any existing property of the Borrower and its Restricted Subsidiaries used or useful in
carrying on the business of the Borrower and its Restricted Subsidiaries or (ii) prepay the Loans in accordance with the instructions of the Borrower (unless an Event of Default exists in which event any amounts prepaid shall be applied to the
Loans at the discretion of the Administrative Agent). 
 1.5 Net Cash Proceeds. Section 2.12 of the
Credit Agreement shall be and it hereby is amended by (a) re-lettering clause (e) as clause (f) and (b) adding a new clause (e) to read as follows: 

(e) Upon the consummation of the MLP Transaction and after giving effect to the reduction in the Borrowing Base
pursuant to Section 3.06, the Borrower shall prepay the Loans with the Net Cash Proceeds received as a result of the consummation of the MLP Transaction on the Business Day on which it receives such Net Cash Proceeds. 

1.6 Mandatory MLP Borrowing Base Reduction. Article III of the Credit Agreement shall be and it hereby is amended by adding
the following to the end of such Article as Section 3.06: 
 Section 3.06 Mandatory MLP Borrowing
Base Reduction. Upon the consummation of the MLP Transaction in accordance with the terms of this Agreement, the Borrowing Base then in effect shall be reduced by $400,000,000 and shall remain at such amount until the earlier of (i) the
next Redetermination of the Borrowing Base and (ii) the date such Borrowing Base is otherwise reduced pursuant to the terms of this Agreement. 
 1.7 Notices of Material Events. Section 6.02(h) of the Credit Agreement shall be and it hereby is amended and restated to read in its entirety as follows: 

(h) the occurrence of any material breach or default under, or repudiation or termination of, or notice of any material
dispute or claim arising under or in connection with the MLP Transaction Documents, the BG JV Documents or the Marcellus JV Documents by any party thereto, including any Default Notice under and as defined in Section 5.1 of the BG Joint
Development Agreement and Section 5.1 of the Marcellus Joint Development Agreement; and 
 1.8 Indebtedness.
Section 7.01(j) of the Credit Agreement shall be and it hereby is amended and restated to read in its entirety as follows: 
 (j) [Intentionally Omitted]; 

  
 Seventh Amendment to Credit
Agreement – Page 6 

 1.9 Fundamental Changes. Paragraph (vii) and paragraph (ix) of
Section 7.03(a) of the Credit Agreement shall be and they hereby are amended and restated to read in their entirety as follows: 
 (vii) subject to Section 2.12(b), the Borrower or any Restricted Subsidiary may sell, transfer, lease, exchange, abandon or otherwise dispose of Borrowing Base Properties (whether pursuant to a
sale, transfer, lease, exchange or other disposition of all, but not less than all, of the Equity Interests of any Restricted Subsidiary or otherwise); provided that the Engineered Value (as assigned by the Administrative Agent) of all
Borrowing Base Properties sold, transferred, leased, exchanged, abandoned or otherwise disposed of (calculated without including any Required JV Assignments and any Required MLP Assignments) between Scheduled Redeterminations does not exceed, in the
aggregate for all Credit Parties taken as a whole, five percent (5%) of the Borrowing Base most recently determined; 
 (ix) Except to the extent otherwise prohibited or superseded pursuant to the terms of the MLP Transaction Documents and/or any amendment to the BG Joint Development Agreement, EOC or any Restricted
Subsidiary may sell, transfer or assign to BG Production (a) an undivided 50% interest in Oil and Gas Interests acquired by EOC or any other Credit Party in the East Texas/North Louisiana Area and (b) 50% of the Equity Interests of any
Unrestricted Subsidiary owning Oil and Gas Interests acquired by such Unrestricted Subsidiary in the East Texas/North Louisiana Area, in each case, to the extent required pursuant to and in accordance with the terms and conditions of the BG Joint
Development Agreement (each, a “Required ET/NL Assignment”); 
 1.10 Fundamental Changes.
Section 7.03(a) of the Credit Agreement shall be and it hereby is amended by deleting “and” from the end of paragraph (xi) of such Section and replacing the period (“.”) at the end of paragraph (xii) with
“;” and adding the following to the end of such Section as paragraph (xiii) and (xiv), respectively: 
 (xiii) subject to Section 2.12(e) and Section 3.06 and so long as each of the MLP Transaction Conditions are satisfied concurrently therewith, the Borrower or any Restricted Subsidiary may on
the MLP Closing Date sell, transfer or otherwise dispose of Borrowing Base Properties (including all of the Equity Interests of MLP JV LLC) pursuant to and in accordance with the terms of the MLP Principal Documents; and 

(xiv) following the consummation of the MLP Transaction, the Borrower or any of its Restricted Subsidiaries may sell,
transfer or assign to any MLP Subsidiary all or any portion of any MLP Appropriate Oil & Gas Properties to the extent required pursuant to and in accordance with the terms and conditions of the MLP Transaction Documents (such sales,
transfers or assignments, the “Required MLP Assignments”); provided that (a) the consideration received in respect of any Required MLP Assignment shall be equal to or greater than fair market value of the MLP Appropriate
Oil & Gas 

  
 Seventh Amendment to Credit
Agreement – Page 7 

 
Properties subject of such Required MLP Assignment (in each case, as reasonably determined by the chief executive officer (pursuant to authority provided for in the Organizational Documents of
the Borrower or under separate authorizing resolutions of the Board of Directors of the Borrower) or the Board of Directors of the Borrower, and if requested by the Administrative Agent, the Borrower shall deliver a certificate of a Responsible
Officer certifying to that effect), (b) not less than 90% of the consideration received in respect of any Required MLP Assignment shall be cash or cash equivalents; provided that if a Borrowing Base Deficiency exists at such time or
after giving effect thereto, 100% of such consideration shall be cash or cash equivalents, (c) no Default has occurred and is continuing or would result from any Required MLP Assignment, (d) the Borrower delivers written notice to the
Administrative Agent at least ten (10) Business Days prior to any Required MLP Assignment, (e) the Borrowing Base is automatically reduced by an amount equal to the Engineered Value of the MLP Appropriate Oil & Gas Properties
subject to any Required MLP Assignment as determined by the Required Lenders (or in the event the Engineered Value, as determined by the Administrative Agent, of all MLP Appropriate Oil & Gas Properties subject to any Required MLP
Assignments since the most recent Scheduled Redetermination is less than $15,000,000, as determined by the Administrative Agent), and (f) after giving effect to any reduction in the Borrowing Base pursuant to clause (e) above, the Borrower
shall prepay the Borrowings to the extent necessary to eliminate any Borrowing Base Deficiency within one (1) Business Day of the date it or any Restricted Subsidiary receives the Net Cash Proceeds from any Required MLP Assignment.

 1.11 Investments, Loans, Advances, Guarantees and Acquisitions. Section 7.04(l) of the Credit
Agreement shall be and it hereby is amended and restated to read in its entirety as follows: 
 (l)
[Intentionally Omitted]; 
 1.12 BG JV Documents, Marcellus JV Documents and MLP Transaction Documents.
Section 7.13 of the Credit Agreement shall be and it hereby is amended and restated to read in its entirety as follows: 
 Section 7.13. BG JV Documents, Marcellus JV Documents and MLP Transaction Documents. Without the prior written consent of the Majority Lenders, the Borrower will not, nor will it permit any
Restricted Subsidiary to, enter into or permit any supplement, modification, amendment, or amendment and restatement of, or waive any right or obligation of any Person under (a) any BG JV Document or Marcellus JV Document or (b) any MLP
Transaction Document or any Organizational Document of any MLP Subsidiary, in the case of each of clauses (a) and (b), if the effect thereof would be materially adverse to the Administrative Agent and/or the Lenders. 

1.13 Releases. The last paragraph of Article X of the Credit Agreement shall be and it hereby is amended and restated to
read in its entirety as follows: 

  
 Seventh Amendment to Credit
Agreement – Page 8 

 Each Lender and the Issuing Bank hereby authorizes the Administrative Agent to release
any Collateral that it is permitted to be sold or released pursuant to the terms of the Loan Documents. Each Lender and the Issuing Bank hereby authorizes the Administrative Agent to execute and deliver to the Borrower, at the Borrower’s sole
cost and expense, any and all releases of Liens, termination statements, assignments or other documents reasonably requested by the Borrower in connection with any sale or other disposition of Collateral to the extent such sale or other disposition
is permitted by the terms of Section 7.03 or is otherwise authorized by the terms of the Loan Documents. For the avoidance of doubt and without limiting the generality of the foregoing, concurrently with the consummation of the MLP Transaction
and the satisfaction of each of the MLP Transaction Conditions, each Lender and the Issuing Bank hereby authorizes the Administrative Agent to terminate and release (i) the MLP Subsidiaries (including, without limitation, MLP JV LLC and Vernon
Gathering, LLC) from their respective obligations (x) as Guarantors (if applicable) under Article VIII of this Agreement and (y) as Grantors (if applicable) under the Pledge Agreement, (ii) all of the Liens and security interests
granted by any MLP Subsidiary (including, without limitation, MLP JV LLC and Vernon Gathering, LLC) pursuant to the Security Instruments securing repayment of the Obligations and Guaranteed Liabilities under the Loan Documents and (iii) all of
the Liens and security interests encumbering any Mortgaged Properties or other Collateral owned by any MLP Subsidiary (including, without limitation, MLP JV LLC and Vernon Gathering, LLC) pursuant to the Security Instruments securing repayment of
the Obligations and Guaranteed Liabilities under the Loan Documents. 
 1.14 Schedules. Schedule 2.01 of the
Credit Agreement shall be and it hereby is amended and restated in its entirety and replaced with Schedule 2.01 attached hereto. 

SECTION 2. Redetermined Borrowing Base. This Amendment shall constitute notice of a Scheduled Redetermination of the Borrowing Base
pursuant to Section 3.04 of the Credit Agreement, and Administrative Agent, the Lenders, Borrower and the Guarantors hereby acknowledge that effective as of the date of this Amendment, the Borrowing Base is $1,300,000,000 and such
redetermined Borrowing Base shall remain in effect until the earlier of (a) the next Redetermination of the Borrowing Base, or (b) the date such Borrowing Base is otherwise reduced pursuant to the terms of the Credit Agreement. 

SECTION 3. Conditions. The amendments to the Credit Agreement contained in Section 1 of this Amendment, the
redetermination of the Borrowing Base contained in Section 2 of this Amendment and the consents contained in Section 4 of this Amendment shall be effective upon the satisfaction of each of the conditions set forth in this
Section 3. 
 3.1 Execution and Delivery. Each Credit Party, the Lenders and Administrative Agent shall have
executed and delivered this Amendment. 
 3.2 No Default. No Default or Event of Default shall have occurred and be
continuing or shall result after giving effect to this Amendment. 

  
 Seventh Amendment to Credit
Agreement – Page 9 

 3.3 Other Documents. Administrative Agent shall have received such other instruments
and documents incidental and appropriate to the transactions provided for herein as Administrative Agent or its special counsel may reasonably request, and all such documents shall be in form and substance satisfactory to Administrative Agent.

 SECTION 4. MLP Consent. The Administrative Agent and each Lender (or at least the required percentage thereof) hereby
consent to the consummation of the MLP Transaction; provided that at the time of or immediately prior to the consummation of the MLP Transaction, each of the MLP Transaction Conditions shall have been satisfied. 

SECTION 5. Representations and Warranties of Borrower. To induce the Lenders to enter into this Amendment, each Credit Party hereby
represents and warrants to the Lenders as follows: 
 5.1 Reaffirmation of Representations and Warranties/Further
Assurances. After giving effect to the amendments herein, each representation and warranty of such Credit Party contained in the Credit Agreement or in any other Loan Document is true and correct in all material respects on the date hereof
(except to the extent such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such date and any representation or
warranty which is qualified by reference to “materiality” or “Material Adverse Effect” is true and correct in all respects). 
 5.2 Corporate Authority; No Conflicts. The execution, delivery and performance by such Credit Party of this Amendment and all documents, instruments and agreements contemplated herein are within
such Credit Party’s corporate or other organizational powers, have been duly authorized by all necessary action, require no action by or in respect of, or filing with, any court or agency of government and do not violate or constitute a default
under any provision of any applicable law or other agreements binding upon such Credit Party or result in the creation or imposition of any Lien upon any of the assets of such Credit Party except for Liens permitted under Section 7.02 of
the Credit Agreement. 
 5.3 Enforceability. This Amendment has been duly executed and delivered by each Credit Party and
constitutes the valid and binding obligation of such Credit Party enforceable in accordance with its terms, except as (i) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditor’s rights
generally, and (ii) the availability of equitable remedies may be limited by equitable principles of general application. 

5.4 No Default. As of the date of this Amendment, both before and immediately after giving effect to this Amendment, no Default or
Event of Default has occurred and is continuing. 
 SECTION 6. Miscellaneous. 

6.1 Reaffirmation of Loan Documents and Liens. Except as amended and modified hereby, any and all of the terms and provisions of
the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby in all respects ratified and confirmed by each Credit Party. Each Credit Party hereby agrees that the amendments and modifications herein
contained shall in no manner affect or impair the liabilities, duties and obligations of any Credit Party under the Credit Agreement and the other Loan Documents or the Liens securing the payment and performance thereof. 

  
 Seventh Amendment to Credit
Agreement – Page 10 

 6.2 Parties in Interest. All of the terms and provisions of this Amendment shall bind
and inure to the benefit of the parties hereto and their respective successors and assigns. 
 6.3 Legal Expenses. Each
Credit Party hereby agrees to pay all reasonable fees and expenses of special counsel to Administrative Agent incurred by Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and all related documents.

 6.4 Counterparts. This Amendment may be executed in one or more counterparts and by different parties hereto in
separate counterparts each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts
and attached to a single counterpart so that all signature pages are physically attached to the same document. Delivery of photocopies of the signature pages to this Amendment by facsimile or electronic mail shall be effective as delivery of
manually executed counterparts of this Amendment. 
 6.5 Complete Agreement. THIS AMENDMENT, THE CREDIT AGREEMENT, AND
THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

6.6 Headings. The headings, captions and arrangements used in this Amendment are, unless specified otherwise, for convenience only
and shall not be deemed to limit, amplify or modify the terms of this Amendment, nor affect the meaning thereof. 
 6.7
Severability. Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the
validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

6.8 Governing Law. This Amendment shall be construed in accordance with and governed by the laws of the State of New York.

 6.9 Reference to and Effect on the Loan Documents. 

(a) This Amendment shall be deemed to constitute a Loan Document for all purposes and in all respects. Each reference in the Credit
Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import, and each reference in the Credit Agreement or in any other Loan Document, or other agreements, documents or other
instruments executed and delivered pursuant to the Credit Agreement to the “Credit Agreement”, shall mean and be a reference to the Credit Agreement as amended by this Amendment. 

  
 Seventh Amendment to Credit
Agreement – Page 11 

 (b) The execution, delivery and effectiveness of this Amendment shall not operate as a
waiver of any right, power or remedy of any Lender or Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 

[SIGNATURE PAGES FOLLOW] 

  
 Seventh Amendment to Credit
Agreement – Page 12 

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

					
	BORROWER:
	
	EXCO RESOURCES, INC.
		
	By:	 	/s/ J. Douglas Ramsey, Ph.D.
	Name: J. Douglas Ramsey, Ph.D.
	Title: Vice President – Finance
	
	GUARANTORS:
	
	EXCO HOLDING (PA), INC.
	EXCO PRODUCTION COMPANY (PA), LLC
	EXCO PRODUCTION COMPANY (WV), LLC
	EXCO RESOURCES (XA), LLC
	EXCO SERVICES, INC.
	EXCO MIDCONTINENT MLP, LLC
	EXCO PARTNERS GP, LLC
	EXCO PARTNERS OLP GP, LLC
	VERNON GATHERING, LLC
		
	By:	 	/s/ J. Douglas Ramsey, Ph.D.
	Name: J. Douglas Ramsey, Ph.D.
	Title: Vice President – Finance
	
	EXCO OPERATING COMPANY, LP
		
	By:	 	 EXCO Partners OLP GP, LLC,
 its general partner

			
		 	By:	 	/s/ J. Douglas Ramsey, Ph.D.
		 	Name: J. Douglas Ramsey, Ph.D.
		 	Title: Vice President – Finance
	
	EXCO GP PARTNERS OLD, LP
		
	By:	 	 EXCO Partners GP, LLC,
 its general partner

			
		 	By:	 	/s/ J. Douglas Ramsey, Ph.D.
		 	Name: J. Douglas Ramsey, Ph.D.
		 	Title: Vice President – Finance

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page	  	

 
			
	EXCO EQUIPMENT LEASING, LLC
		
	By:	 	/s/ J. Douglas Ramsey, Ph.D.
	Name: J. Douglas Ramsey, Ph.D.
	Title: Vice President – Finance

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page	  	

 
			
	 JPMORGAN CHASE BANK, N.A.,
 as a Lender and as Administrative Agent and
 Issuing Bank

		
	By:	 	/s/ Michael A. Kamauf
	Name: Michael A. Kamauf
	Title: Authorized Officer

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page	  	

 
			
	BANK OF AMERICA, N.A., as a Lender and as Co-Lead Arranger and Co-Syndication Agent
		
	By:	 	/s/ Margaret Niekrash
	Name: Margaret Niekrash
	Title: Vice President

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page	  	

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender and as Co-Documentation Agent
		
	By:	 	/s/ Matt Coleman
	Name: Matt Coleman
	Title: Vice President

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page	  	

 
			
	BANK OF MONTREAL, as a Lender and as Co-Syndication Agent
		
	By:	 	/s/ Kevin Utsey
	Name: Kevin Utsey
	Title: Director

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page	  	

 
			
	CITIBANK, N.A., as a Lender and as Co-Documentation Agent
		
	By:	 	/s/ Todd Mogil
	Name: Todd Mogil
	Title: Vice President

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page	  	

 
			
	KEYBANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Chulley Bogle
	Name: Chulley Bogle
	Title: Vice President

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page	  	

 
			
	UNION BANK, N.A., as a Lender
		
	By:	 	/s/ Randall L. Osterberg
	Name: Randall L. Osterberg
	Title: Sr. Vice President – US Marketing Manager

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page	  	

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender
		
	By:	 	/s/ Courtney E. Meehan
	Name: Courtney E. Meehan
	Title: Vice President
		
	By:	 	/s/ Michael Getz
	Name: Michael Getz
	Title: Vice President

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page	  	

 
			
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender
		
	By:	 	/s/ Michael D. Willis
	Name: Michael D. Willis
	Title: Managing Director
		
	By:	 	/s/ Tom Byargeon
	Name: Tom Byargeon
	Title: Managing Director

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page	  	

 
			
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Daria Mahoney
	Name: Daria Mahoney
	Title: Vice President

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page	  	

 
			
	COMERICA BANK, as a Lender
		
	By:	 	/s/ John S. Lesikar
	Name: John S. Lesikar
	Title: Vice President

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page	  	

 
			
	SUMITOMO MITSUI BANKING CORPORATION, as a Lender
		
	By:	 	/s/ Shuji Yabe
	Name: Shuji Yabe
	Title: Managing Director

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page	  	

 
			
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	/s/ Vanessa A. Kurbatskiy
	Name: Vanessa A. Kurbatskiy
	Title: Vice President

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page	  	

 
			
	THE BANK OF NOVA SCOTIA, as a Lender
		
	By:	 	/s/ Terry Donovan
	Name: Terry Donovan
	Title: Managing Director

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page	  	

 
			
	 CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK AGENCY,
 as a Lender

		
	By:	 	/s/ Trudy Nelson
	Name: Trudy Nelson
	Title: Executive Director
		
	By:	 	/s/ Rob Mustard
	Name: Rob Mustard
	Title: Managing Director

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page	  	

 
			
	 UBS LOAN FINANCE LLC,
 as a Lender

		
	By:	 	/s/ Irja R. Otsa
	Name: Irja R. Otsa
	Title: Associate Director, Banking Products Services, US
		
	By:	 	/s/ Kenneth Chin
	Name: Kenneth Chin
	Title: Director, Banking Products Services, US

  

					
	Seventh Amendment to Credit Agreement	  	Signature Page

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