X0306 4 2019-01-17 0 0001621832 Aqua Metals, Inc. AQMS 0001649322 Cotton Stephen 1010 ATLANTIC AVE ALAMEDA CA 94501 0 1 0 0 President Common Stock 2019-01-17 4 P 0 15000 1.90 A 206457 D Includes 110,557 shares underlying restricted stock units ("RSUs") that are not yet vested and deliverable. The RSUs will vest and be settled in six equal semi-annual installments over a three year period beginning July 4, 2019, subject to the Reporting Person's continuation of service with the Company. These RSUs have been granted under the Company's 2018 Long Term Incentive Program as non-cash stock awards. /s/ Judd Merrill, by power of attorney 2019-01-21