Document:

EX-4.7

 Exhibit 4.7 

EXECUTION COPY 
 THIS WARRANT AND THE CAPITAL
STOCK ISSUABLE UPON EXERCISE HEREOF HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. SUCH SECURITIES MAY NOT
BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, DISTRIBUTED, TRANSFERRED OR OTHERWISE DISPOSED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY STATING THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT. 
 THE SALE, ASSIGNMENT, HYPOTHECATION, PLEDGE, ENCUMBRANCE OR OTHER DISPOSITION AND
VOTING OF ANY OF THE SHARES OF SERIES C PREFERRED STOCK OF THE COMPANY ACQUIRED PURSUANT TO THE EXERCISE OF THIS WARRANT ARE RESTRICTED BY THE TERMS OF THE SIXTH AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT (THE “STOCKHOLDERS’
AGREEMENT”), DATED AS OF MARCH 28, 2013, AMONG THE COMPANY AND CERTAIN OF ITS STOCKHOLDERS. THE COMPANY WILL NOT REGISTER THE TRANSFER OF SUCH SHARES OF SERIES C PREFERRED STOCK ON THE BOOKS OF THE COMPANY UNLESS AND UNTIL THE TRANSFER HAS
BEEN MADE IN COMPLIANCE WITH THE TERMS OF THE STOCKHOLDERS’ AGREEMENT, A COPY OF WHICH WILL BE PROVIDED AT NO COST TO THE HOLDER HEREOF UPON WRITTEN REQUEST TO THE COMPANY. 

 

			
	 Warrant No. __
 Date of Issuance:
                    , 2013
	  	
                          
            Number of Shares:
                            

                          
            (subject to adjustment)

  
  

ASPEN AEROGELS, INC. 
 SERIES C
PREFERRED STOCK PURCHASE WARRANT 
  
  

ASPEN AEROGELS, INC. (the “Company”), for value received, hereby certifies that [REGISTERED HOLDER], or its registered
assigns (the “Registered Holder”), is entitled, subject to the terms set forth herein, to purchase from the Company, at any time after the date hereof and on or before March 28, 2023 (the “Expiration Date”), up
to [            ] ([            ]) shares, as adjusted from time to time pursuant to the provisions of this Warrant, of Series C
Preferred Stock of the Company, par value $0.00001 per share, at an exercise price of $0.00001 per share. As used herein, “Series C Preferred Stock” shall mean the shares of preferred stock designated as Series C Convertible
Preferred Stock, par 

 
value $0.00001 per share, as of the Date of Issuance of this Warrant under the Company’s Fourth Amended and Restated Certificate of Incorporation, as amended (the “Certificate of
Incorporation”). The security and the specific shares issuable upon exercise of this Warrant and the exercise price per share, each as adjusted from time to time pursuant to the provisions of this Warrant, are sometimes hereinafter referred
to as the “Underlying Stock,” the “Warrant Stock” and the “Exercise Price,” respectively. 

This Warrant is one of several warrants issued pursuant to that certain Note and Warrant Purchase Agreement, dated March 28, 2013 between
the Company and the purchasers signature thereto (the “Agreement”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement. 

1. EXERCISE OF WARRANT 
 Section 1.1.
Payment. Subject to compliance with the terms and conditions of this Warrant and applicable securities laws, this Warrant may be exercised by the Registered Holder, in whole or in one or more parts, at any time or from time to time, on or
before the Expiration Date by the delivery of the form of Notice of Exercise attached hereto as Exhibit A (the “Notice of Exercise”), duly executed by the Registered Holder or by such Registered Holder’s duly
authorized attorney, to the principal office of the Company, or such other office or agency as the Company may designate, accompanied by this Warrant and payment in full of the aggregate Exercise Price payable in respect of the number of shares of
Warrant Stock purchased upon such exercise (the “Purchase Price”); provided, however, that if the Registered Holder is subject to HSR Act Restrictions (as defined in Section 1.4 below), the Purchase Price shall be paid
to the Company within five business days of the termination of all HSR Act Restrictions. The Purchase Price may be paid by cash, check or wire transfer of immediately available funds to the Company. Notwithstanding any provision of this Warrant to
the contrary, however, this Warrant may not be exercised if such exercise, either alone or together with the exercise of other Warrants or acquisitions of stock of the Company would (i) if the Registered Holder (other than GKFF Ventures I, LLC
and their affiliates, successors and assigns (“GKFF Ventures”) and Reservoir Capital Group, L.L.C. and their affiliates, successors and assigns (“Reservoir”)) is not a “5-percent shareholder” (within the
meaning of Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), cause the Registered Holder to become a 5-percent shareholder, (ii) if the Registered Holder (other than GKFF Ventures and Reservoir) is
a 5-percent shareholder, cause the percentage of stock of the Company treated as owned by the Registered Holder under Section 382 of the Code to increase, or (iii) cause the Registered Holder to own more than 50% of the stock of the
Company for purposes of Section 382 of the Code; provided, however, that the limitations described above shall not apply to any exercise in connection with an IPO, a Sale of the Corporation (as defined in the Certificate of
Incorporation) or Liquidation (as defined in the Certificate of Incorporation) of the Company and, provided further, that the limitations described in clauses (i) and (ii) above may be waived by the Company’s Board of
Directors with respect to a Registered Holder. Each Registered Holder hereby agrees that, prior to exercising its Warrant(s) or a portion thereof, it shall first provide written notice to GKFF Ventures and Reservoir at least three business days
prior to such exercise, which notice shall specify the number of shares of Warrant Stock intended to be exercised. Any exercise of this Warrant other than in accordance with the foregoing limitation shall be void ab initio. 

  
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 Section 1.2. Net Issue Exercise. 

(a) In lieu of exercising this Warrant in the manner provided in Section 1.1, the Registered Holder may elect to receive shares of Warrant
Stock equal to the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with the Notice of Exercise duly executed by the Registered Holder or such Registered
Holder’s duly authorized attorney, in which event the Company shall issue to the Registered Holder a number of shares of Warrant Stock computed using the following formula: 

X =       Y (A - B) 

                    A 

 

					
	Where  	  	X =	  	 The number of shares of Warrant Stock to be issued to the Registered Holder.

 

		  	Y =	  	 The number of shares of Warrant Stock exercised under this Warrant (as adjusted to the date of such calculation).

 

		  	A =	  	 The Fair Market Value of one share of Warrant Stock (as adjusted to the date of such calculation).

 

		  	B =	  	The Exercise Price (as adjusted to the date of such calculation).

 All references herein to an “exercise” of the Warrant in this Warrant shall include an exchange pursuant to this
Section 1.2. 
 (b) Subject to Section 1.3(b), for purposes of this Warrant, the term “Fair Market Value” of a
share of Warrant Stock as of a particular date shall mean: 
 (i) If the Underlying Stock is traded on a securities exchange,
the Fair Market Value shall be deemed to be the average of the closing prices thereof on such exchange over the 10 trading days ending immediately prior to (but not including) the applicable date of valuation; 

(ii) If the Underlying Stock is actively traded over-the-counter, the Fair Market Value shall be deemed to be the average of
the closing bid prices over the 10-day period ending immediately prior to (but not including) the applicable date of valuation; 

  
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 (iii) If there is no active public market for the Underlying Stock but there is
an active public market for a class or series of capital stock of the Company into which the Underlying Stock is convertible, then if such class or series of capital stock is: 

(A) traded on a securities exchange, the Fair Market Value shall be deemed to be the average of the closing prices of a share
of such class or series of capital stock of the Company on such exchange over the 10 trading days ending immediately prior to (but not including) the applicable date of valuation multiplied by the number of shares of such class or series of capital
stock into which one share of the Underlying Stock is convertible, or 
 (B) actively traded over-the-counter, the Fair
Market Value shall be deemed to be the average of the closing bid prices for a share of such class or series of capital stock of the Company over the 10-day period ending immediately prior to (but not
including) the applicable date of valuation multiplied by the number of shares of such class or series of capital stock into which one share of the Underlying Stock is convertible; or 

(iv) If there is no active public market for the Underlying Stock or any other class or series of capital stock of the Company
into which the Underlying Stock is convertible, the Fair Market Value shall be the highest price per share which the Company could obtain on the date of calculation from a willing buyer (not a current employee or director) for shares of Underlying
Stock sold by the Company, from authorized but unissued shares, as reasonably determined in good faith by the Board of Directors. 
 If the Registered
Holder hereof does not agree with the determination of Fair Market Value as determined by the Board of Directors, the Company and the Registered Holder hereof shall negotiate an appropriate Fair Market Value. If after ten (10) days, the Company
and the Registered Holder cannot agree, then the Registered Holder may request that the Fair Market Value be determined by a valuation firm of national reputation selected by the Company and reasonably acceptable to the Registered Holder. The fees
and expenses of such valuation firm shall be borne by the Company unless the Fair Market Value determined by such valuation firm is equal to or less than the Fair Market Value as determined by the Company, in which event the fees and expenses of
such valuation firm shall be borne by the Registered Holder hereof. Notwithstanding the foregoing, if a two-thirds majority of the holders of Warrants issued pursuant to the Agreement outstanding at such date agree with the determination of Fair
Market Value as determined by the Board of Directors, then such determination of Fair Market Value shall be final and binding upon such Registered Holder. 

Section 1.3 Significant Transactions. 

(a) The Company shall provide the Registered Holder with written notice of the Company’s intention to: 

(i) raise capital by selling shares of the Underlying Stock (or shares of capital stock into which Underlying Stock is
convertible) in a firm commitment underwritten initial public offering (an “IPO” and, such notice of an IPO, an “IPO Notice”), or 

  
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 (ii) enter into a definitive agreement providing for (A) a merger or
consolidation of the Company or any of its subsidiaries with or into another corporation (with respect to which less than a majority of the outstanding voting power or equity securities of the surviving or consolidated corporation immediately
following such event is held by persons or entities who were stockholders of the Company immediately prior to such event); (B) the sale, license, disposition or other transfer of all or substantially all of the properties and assets of the
Company or any of its subsidiaries; (C) except as a result of the exercise of the Warrants by the Warrant holders or the conversion of either the Notes or the Prior Notes by the holders of such notes, (x) any acquisition by any person (or
group of affiliated or associated persons) of beneficial ownership of a majority of the equity of the Company or of any subsidiary (whether or not newly-issued shares) in a single transaction or a series of related transactions; or (y) any
other similar change of control of fifty percent (50%) or more of the outstanding voting power of the Company or any subsidiary (each, an “Acquisition” and, such notice of an Acquisition, an “Acquisition
Notice”), 
 with such notice delivered to the Registered Holder at least five but not more than 90 days before the anticipated date of the filing
with the Securities and Exchange Commission (the “SEC”) of the registration statement associated with an IPO or the anticipated date of execution of the definitive agreement providing for an Acquisition, as applicable. An IPO Notice
or Acquisition Notice, as applicable, shall include a brief summary of the transaction, the contemplated timeframe for completion, the material terms thereof and the consideration payable in respect of one share of Underlying Stock (or shares of
capital stock into which Underlying Stock is convertible), in each case to the extent known by the Company at such time. To the extent information with respect to the consideration payable in respect of one share of Underlying Stock (or shares of
capital stock into which Underlying Stock is convertible) in such transaction is not definitively known at the time of delivery of such notice, the Company shall provide a reasonable estimate thereof (which may include a range), and shall promptly
supplement such notice if and at such time as such estimate or any other information included in the original notice is no longer reasonable or materially changes. The Registered Holder shall provide notice to the Company within five business days
of receipt of the IPO Notice or the Acquisition Notice, as applicable, if the Registered Holder will exercise this Warrant pursuant to this Section 1.3 in connection with the IPO or the Acquisition, as applicable. If the Registered Holder is
electing to exercise this Warrant in part or in full, such notice shall be given pursuant to the Notice of Exercise. 
 (b) An exercise of
the Warrant pursuant to this Section 1.3 shall be effected in accordance with Section 1.2, except as otherwise set forth in this Section 1.3. Notwithstanding whether (i) an IPO Notice has been delivered to the Registered Holder
or any other provision of this Warrant to the contrary, if the Registered Holder decides to exercise this Warrant while a registration statement is on file with the SEC in connection with the IPO, or (ii) an Acquisition Notice has been
delivered to the Registered Holder or any other provision of this Warrant to the contrary, if the Registered Holder decides to exercise this Warrant following the execution of a definitive agreement providing for an

  
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Acquisition but prior to the consummation of the Acquisition, this Warrant shall automatically be deemed exercised immediately prior to the consummation of the IPO or Acquisition, as applicable,
and the Fair Market Value of a share of Warrant Stock will be, (x) in the context of an IPO, the price at which one share of Underlying Stock was sold to the public in the IPO, or if the Underlying Stock is not the capital stock being offered
to the public in the IPO, the price at which one share of the capital stock being offered to the public in the IPO was sold to the public in the IPO multiplied by the number of shares of such capital stock into which one share of Underlying Stock is
then convertible, or (y) in the context of an Acquisition, the deemed value of the consideration payable in respect of one share of Underlying Stock to be received by the holders of such stock pursuant to the definitive agreement providing for
such Acquisition. 
 (c) If the Registered Holder has elected to exercise this Warrant pursuant to this Section 1.3 while a registration
statement is on file with the SEC in connection with an IPO or prior to the consummation of the Acquisition, as applicable, and the transaction triggering the delivery of an IPO Notice or Acquisition Notice, as applicable, is not consummated, then
the exercise of this Warrant shall not be effective unless the Registered Holder confirms in writing the Registered Holder’s intention to go forward with the exercise of this Warrant. 

Section 1.4 HSR Act. The Company hereby acknowledges that exercise of this Warrant by the Registered Holder may subject the
Company and/or the Registered Holder to the filing requirements under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) and that the Registered Holder may be prevented from exercising this Warrant until the
expiration or early termination of all waiting periods imposed by the HSR Act (“HSR Act Restrictions”). If on or before the Expiration Date the Registered Holder has delivered the Notice of Exercise to the Company and the Registered
Holder has not been able to complete the exercise of this Warrant prior to the Expiration Date because of HSR Act Restrictions, the Registered Holder shall be entitled to complete the process of exercising this Warrant as noted in the Notice of
Exercise delivered prior to the Expiration Date in accordance with the procedures set forth herein notwithstanding the fact that completion of such exercise would take place after the Expiration Date or the completion of the IPO or an Acquisition,
as applicable. 
 Section 1.5 Effective Time of Exercise. Subject to Section 1.3, the exercise of this Warrant shall be
deemed to have been effected immediately prior to the close of business on the day on which this Warrant shall have been surrendered to the Company as provided in Section 1.1 or Section 1.2 above, as applicable. However, if the Registered
Holder is subject to HSR Act filing requirements (a) this Warrant shall be deemed to have been exercised on the date immediately following the date of the expiration of all HSR Act Restrictions and (b) for the purposes of the net issue
provisions of Section 1.2, the Fair Market Value of one share of Warrant Stock shall be determined as of the date of the Notice of Exercise. The person entitled to receive the shares of Warrant Stock issuable upon exercise of this Warrant shall
be treated for all purposes as the holder of record of such shares as of the close of business on the date the Registered Holder is deemed to have exercised this Warrant. 

  
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 Section 1.6. Stock Certificates; Fractional Shares; Partial Exercise. 

(a) As soon as practicable on or after the date of exercise determined in accordance with Section 1.5, the Company shall issue the shares
of Warrant Stock and, unless the Registered Holder requests that such shares be uncertificated, deliver to the person or persons entitled to receive the shares of Warrant Stock issuable upon exercise hereof, a certificate or certificates for the
number of whole shares of Warrant Stock issuable upon such exercise. 
 (b) No fractional shares or scrip representing fractional shares
shall be issued upon an exercise of this Warrant. In lieu of any fraction shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by the Fair Market Value of one share of Warrant Stock on
the date of exercise determined in accordance with Section 1.5. 
 (c) In case of any partial exercise of this Warrant, the Company
shall cancel this Warrant and shall execute and deliver a new warrant or warrants (dated the date hereof) of like tenor and with the same date, calling in the aggregate on the face or faces thereof for the number of shares of Warrant Stock equal
(without giving effect to any adjustment thereof) to the number of such shares called for on the face of this Warrant minus the number of such shares purchased by the Registered Holder upon such exercise as provided in this Section 1 (without
giving effect to any adjustment thereof). 
 Section 1.7. Stockholders’ Agreement. If the Registered Holder is not already
a party thereto, the Registered Holder shall also execute a joinder agreement to each of the Stockholders’ Agreement and the Sixth Amended and Restated Registration Rights Agreement, dated as of June 11, 2012, as may be amended and
modified from time to time. 
 Section 1.8. Payment of Taxes. The Company shall pay all expenses, taxes and other governmental
charges with respect to the issue or delivery of the shares of Warrant Stock, unless such tax or charge is imposed by law upon the Registered Holder. 

2. ADJUSTMENT OF NUMBER OF SHARES AND EXERCISE PRICE 

The number of shares of Warrant Stock issuable upon exercise of this Warrant and the Exercise Price are subject to adjustment as follows: 

Section 2.1. Adjustment for Stock Splits, Stock Subdivisions or Combinations of Shares. If all or any portion of the outstanding
shares of the Underlying Stock shall be subdivided into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision shall simultaneously with the effectiveness of such subdivision be proportionately reduced. If all
or any portion of the outstanding shares of the Underlying Stock shall be combined into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall, simultaneously with the effectiveness of such combination,
be proportionately increased. When any adjustment is required to be made in the Exercise Price, the number of shares of Warrant Stock purchasable upon the exercise of this Warrant shall be changed to the number determined by dividing (a) an
amount equal to the number of shares issuable upon the exercise of this Warrant immediately prior to such adjustment, multiplied by the Exercise Price in effect immediately prior to such adjustment, by (b) the Exercise Price in effect
immediately after such adjustment. 

  
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 Section 2.2. Adjustment for Dividends or Distributions of Stock or Other Securities or
Property. In case the Company shall make or issue, or shall fix a record date for the determination of eligible holders entitled to receive, a dividend or other distribution with respect to all or any portion of the outstanding shares of the
Underlying Stock payable in (a) securities of the Company or (b) assets (excluding cash dividends paid or payable solely out of retained earnings), then, in each such case, the Registered Holder on exercise hereof at any time after the
consummation, effective date or record date of such dividend or other distribution, shall receive, in addition to the shares of Warrant Stock issuable on such exercise prior to such date, and without the payment of additional consideration therefor,
the securities or such other assets of the Company to which the Registered Holder would have been entitled upon such date if the Registered Holder had exercised this Warrant on the date hereof and had thereafter, during the period from the date
hereof to and including the date of such exercise, retained such shares and/or all other additional stock available by it as aforesaid during such period giving effect to all adjustments called for by this Section 2. 

Section 2.3. Reclassification. If the Company, by reclassification of securities or otherwise, shall change the Underlying Stock
into the same or a different number of securities of any other class or classes, this Warrant shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to
the Underlying Stock immediately prior to such reclassification or other change and the Exercise Price therefore shall be appropriately adjusted, all subject to further adjustment as provided in this Section 2. 

Section 2.4. Adjustment for Capital Reorganization, Merger or Consolidation. In case of any capital reorganization of the capital
stock of the Company (other than a combination, reclassification, exchange or subdivision of shares otherwise provided for herein), any Acquisition or any other merger or consolidation of the Company with or into another organization, or the sale of
all or substantially all the assets of the Company then, and in each such case, as a part of such transaction, lawful provision shall be made so that the Registered Holder shall thereafter be entitled to receive upon exercise of this Warrant, during
the period specified herein and upon payment of the applicable Purchase Price, the number of shares of stock or other securities or property of the successor organization resulting from such transaction that a holder of the securities deliverable
upon exercise of this Warrant would have been entitled to receive in such transaction if this Warrant had been exercised immediately before such transaction, all subject to further adjustment as provided in this Section 2. The foregoing
provisions of this Section 2.4 shall similarly apply to successive acquisitions, reorganizations, consolidations, mergers, sales, transfers and similar transactions and to the stock or securities of any other organizations that are at the time
receivable upon the exercise of this Warrant. If the per-share consideration payable to the Registered Holder for shares in connection with any such transaction is in a form other than cash, then the provisions of Section 1.2(b) shall be
applied except that 

  
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each reference to Warrant Stock shall be replaced by the consideration payable in connection with such transaction. If the provisions of Section 1.2(b) cannot be applied to value such
consideration, then the value of such consideration shall be determined in good faith by the Company’s Board of Directors. In all events, appropriate adjustment, as determined in good faith by the Company’s Board of Directors, shall be
made in the application of the provisions of this Warrant with respect to the rights and interests of the Registered Holder after the transaction, to the end that the provisions of this Warrant shall be applicable after that event, as near as
reasonably may be, in relation to any shares or other property deliverable after that event upon exercise of this Warrant. Notwithstanding the foregoing, if the Company’s Board of Directors and a two-thirds majority of the holders of Warrants
issued pursuant to the Agreement then outstanding agree, in any such Acquisition or any other acquisition, reorganization, merger, consolidation, sale or transfer described above, the Warrants issued pursuant to the Agreement will be converted into
the right to receive the consideration that the Warrant Stock would receive in such transaction and upon the consummation of such transaction the Warrants will cease to be outstanding. 

Section 2.5 Certificate as to Adjustments. When any adjustment in the Exercise Price or the number or type of shares issuable upon
exercise of this Warrant is required to be made pursuant to this Section 2, an authorized officer of the Company shall compute such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth (a) a brief
statement of the facts upon which such adjustment is based, (b) the Exercise Price after such adjustment and (c) the kind and amount of stock into which this Warrant shall be exercisable after such adjustment. The Company shall promptly
send (by facsimile and by either first class mail, postage prepaid or overnight delivery) a copy of each such certificate to the Registered Holder. 
 3.
TRANSFERS 
 Section 3.1 Unregistered Securities. Each holder of this Warrant acknowledges that this Warrant and the Warrant
Stock have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and agrees not to sell, offer for sale, pledge, hypothecate, distribute, transfer or otherwise dispose of this Warrant or any
Warrant Stock issued upon its exercise in the absence of (a) an effective registration statement under the Securities Act as to this Warrant or such Warrant Stock and registration or qualification of this Warrant or such Warrant Stock under any
applicable U.S. federal or state securities law then in effect, or (b) an opinion of counsel (which may be counsel for the Company), satisfactory to the Company, that such registration and qualification are not required. Each certificate or
other instrument for Warrant Stock issued upon the exercise of this Warrant pursuant to Section 1.6(a), or in the case of uncertificated shares, the ledger entry reflecting the issuance of such Warrant Stock, shall bear a legend substantially
as follows: 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR
DISTRIBUTION THEREOF AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. SUCH SHARES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, 

  
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DISTRIBUTED, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE OR
TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 
 THE SALE, ASSIGNMENT, HYPOTHECATION, PLEDGE, ENCUMBRANCE OR
OTHER DISPOSITION AND VOTING OF SUCH SHARES ARE RESTRICTED BY THE TERMS OF THE SIXTH AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT, DATED AS OF MARCH 28, 2013, AMONG THE COMPANY AND CERTAIN OF ITS STOCKHOLDERS. THE COMPANY WILL NOT REGISTER THE
TRANSFER OF SUCH SHARES ON THE BOOKS OF THE COMPANY UNLESS AND UNTIL THE TRANSFER HAS BEEN MADE IN COMPLIANCE WITH THE TERMS OF THE STOCKHOLDERS’ AGREEMENT, A COPY OF WHICH WILL BE PROVIDED AT NO COST TO THE HOLDER HEREOF UPON WRITTEN REQUEST
TO THE COMPANY.” 
 Section 3.2 Transferability. 

(a) Subject to the provisions of this Warrant, including Sections 3.1 and 6.5, and the Stockholders’ Agreement and compliance with all
applicable securities laws, this Warrant and all rights and obligations hereunder may be transferred to any person, in whole or in part, on the books of the Company maintained pursuant to Section 3.3 upon surrender of the Warrant with a
properly executed form of Assignment attached hereto as Exhibit B (the “Form of Assignment”) at the principal office of the Company. Upon the proper surrender by the Registered Holder of the Warrant, the Company will
issue and deliver to or upon the order of the Registered Holder a new Warrant or Warrants of like tenor as such Registered Holder may direct, calling in the aggregate on the face or faces thereof for the number of shares of Warrant Stock called for
on the face of the Warrant so surrendered; provided, however, that no such transfer may be made to any direct competitor of the Company, which shall mean a Person engaged in the research, manufacture or sale of aerogels, aerogel based products or
insulation products, other than in connection with a Sale of the Corporation (as defined in the Certificate of Incorporation). The Company may issue stop transfer instructions to its transfer agent in connection with the foregoing restrictions. 

(b) Each taker and holder of this Warrant, by taking or holding the same, consents and agrees that when this Warrant shall have been so
endorsed, the person in possession of this Warrant may be treated by the Company, and all other persons dealing with this Warrant, as the absolute owner hereof and as the Registered Holder for any purpose and as the person entitled to exercise the
rights represented hereby, any notice to the contrary notwithstanding. 
 Section 3.3 Warrant Register. The Company will
maintain a register containing the names and addresses of the Registered Holder of this Warrant, and will promptly update such register to reflect any transfers in compliance with the terms hereof. Any Registered Holder may change such Registered
Holder’s address as shown on the warrant register by written notice to the Company requesting such change. 

  
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 4. COVENANTS OF THE COMPANY 

Section 4.1 Reservation of Capital Stock. The Company hereby covenants that at all times there shall be reserved for issuance and
delivery upon exercise of this Warrant such number of shares of Underlying Stock as may be issuable from time to time upon exercise hereof in full and any common stock of the Company issuable from time to time upon conversion of such Underlying
Stock and, from time to time, will take all steps necessary to amend its Certificate of Incorporation to provide sufficient reserves of shares of Underlying Stock and common stock of the Company. 

Section 4.2 No Impairment. The Company will not, by amendment of its Certificate of Incorporation or Bylaws, or through
reorganization, consolidation, merger, dissolution, issue or sale of securities, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good
faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Registered Holder against impairment. 

Section 4.3 Replacement Warrants. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant, and, in the case of loss, theft or destruction, of such bond or indemnification as the Company may reasonably require, and, in the case of such mutilation, upon surrender and cancellation of this Warrant, the Company
will issue, in lieu thereof, a new Warrant of like tenor. 

 5. NOTICES 

 Section 5.1 Record Dates. Notwithstanding the provisions of Section 1.3, in case: 

(a) the Company shall set a record date for the holders of the Underlying Stock for the purpose of entitling or enabling them to receive any
dividend or other distribution (excluding cash dividends paid or payable solely out of retained earnings), or to receive any right to subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right;

 (b) of any capital reorganization of the Company, any reclassification of the capital stock of the Company, any consolidation or merger
of the Company with or into another organization (other than a consolidation or merger in which the Company is the surviving entity), or any transfer of all or substantially all of the assets of the Company; or 

(c) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company, 

  
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 then, and in each such case, the Company will mail or cause to be mailed to the Registered Holder of this Warrant
a notice specifying, as the case may be, (i) the record date for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, or (ii) the effective date on which such
reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is to take place, and the time, if any is to be fixed, as of which the holders of record of capital stock of the Company (or such other
securities at the time deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up) are to be determined and the material terms and conditions of the impending transaction. In each
such case, the notice shall be provided at least five business days prior to the record date or effective date for the event specified in such notice, in each case in accordance with the provisions of Section 5.2. 

Section 5.2 Generally. Unless otherwise provided herein, any notice required or permitted by this Warrant shall be in writing and
shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by facsimile or electronic mail, or 48 hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, addressed
to the party to be notified at such party’s address as set forth on the signature page, or as subsequently modified by written notice. 
 6.
MISCELLANEOUS 
 Section 6.1 No Rights or Liabilities as a Stockholder. This Warrant shall not entitle the Registered Holder
to any voting rights or other rights as a stockholder of the Company. In the absence of affirmative action by the Registered Holder to purchase Warrant Stock by exercise of this Warrant, no provisions of this Warrant, and no enumeration herein of
the rights or privileges of the Registered Holder hereof, shall cause the Registered Holder to be or have any rights of a stockholder of the Company for any purpose. 

Section 6.2 Survival of Representations and Warranties. Unless otherwise set forth in this Warrant, the warranties,
representations and covenants of the Company and the Registered Holder contained in or made pursuant to this Warrant shall survive the execution and delivery of this Warrant. 

Section 6.3 Amendment and Modification. This Warrant is one in a series of Warrants issued pursuant to the Agreement and this
Warrant may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed by the Company and a two-thirds majority of the
holders of Warrants issued pursuant to the Agreement outstanding at the time of the amendment. Notwithstanding the foregoing, this Warrant may not be amended or terminated with respect to the Registered Holder without the written consent of the
Registered Holder unless such amendment or termination applies to all holders of Warrants issued pursuant to the Agreement in the same fashion. 

  
 12 

 Section 6.4 Waiver. No failure or delay of any party in exercising any right or
remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or
further exercise thereof or the exercise of any other right or power. Any agreement on the part of a party hereto to waive any right or power hereunder shall be valid only if set forth in a written instrument executed and delivered by the Company
and a two-thirds majority of the holders of Warrants issued pursuant to the Agreement outstanding at the time of the waiver. Notwithstanding the foregoing and except as provided otherwise herein, no provision, right or power under this Warrant may
be waived with respect to the Registered Holder without the written consent of the Registered Holder unless such waiver applies to all holders of Warrants issued pursuant to the Agreement in the same fashion. The rights and remedies of the parties
hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder. 
 Section 6.5
Assignment; Successors and Assigns. This Warrant and any of the rights, interests or obligations under this Warrant may be assigned or delegated, in whole or in part, by operation of law or otherwise, by the Registered Holder in compliance
with the terms of this Warrant, applicable securities laws and the Stockholders’ Agreement. Subject to the preceding sentence, this Warrant will be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective
successors and assigns. 
 Section 6.6 Interpretation. When a reference is made in this Warrant to a Section or Exhibit such
reference shall be to a Section or Exhibit of this Warrant unless otherwise indicated. The headings contained in this Warrant or in any Exhibit are for convenience of reference purposes only and shall not affect in any way the meaning or
interpretation of this Warrant. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. Any capitalized terms used in any Exhibit but not otherwise defined therein shall have the meaning as
defined in this Warrant. All Exhibits annexed hereto or referred to herein are hereby incorporated in and made a part of this Warrant as if set forth herein. The word “including” and words of similar import when used in this Agreement will
mean “including, without limitation,” unless otherwise specified. 
 Section 6.7 Governing Law. This Warrant and all
disputes or controversies arising out of or relating to this Warrant or the transactions contemplated hereby shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without regard to the laws of any other
jurisdiction that might be applied because of the conflicts of laws principles of the State of Delaware. 
 Section 6.8
Severability. Whenever possible, each provision or portion of any provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision or portion of any provision of this
Warrant is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision in such
jurisdiction, and this Warrant shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein. 

  
 13 

 Section 6.9 Counterparts. This Warrant may be executed in two or more counterparts,
all of which shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties. 

[The remainder of this page is intentionally left blank.] 

  
 14 

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

			
	ASPEN AEROGELS, INC.
		
	By:	 	  

	Name:
	Title:
	Address:
	
	Attention:
	Facsimile:
	E-mail:

  

			
	Acknowledged and Agreed:
	
	REGISTERED HOLDER:
	
	  
 Name of Registered
Holder (Print or Type)

		
	By:	 	              

		 	Name of Entity
		 	Its:
	(Complete above if another entity signs for Registered Holder listed above)
		
	By:	 	              

		 	Name:
		 	Title:
	(Signature, name and title for individuals signing for entity)
	
	Address:
	
	Attention:
	Facsimile:
	E-mail:

 Signature Page to Series C Preferred Stock Purchase Warrant 

Warrant No.              

 EXHIBIT A 

NOTICE OF EXERCISE 

SERIES C PREFERRED STOCK PURCHASE WARRANT 

(To be executed upon exercise of Warrant No.     ) 

The undersigned hereby irrevocably elects to exercise the right of purchase represented by Warrant No.      for, and to
purchase thereunder, the securities of ASPEN AEROGELS, INC. as provided for therein, and (check the applicable box(es)): 
  

	 	 ̈	Tenders herewith payment of the Purchase Price in the form of cash or a certified or official bank check in same-day funds (or has initiated a wire) in the amount of
$            for             shares of Warrant Stock. 

 

	 	 ̈	Elects a Net Issue Exercise pursuant to Section 1.2 (or Section 1.3), and accordingly requests delivery of a net of             shares of Warrant
Stock, calculated in accordance with Section 1.2. 

 Such Notice is being provided in response to (if applicable): 

 

											
		 	 ̈	  	IPO Notice	  	 ̈	  	Acquisition Notice	  	

 Note: The above signature must correspond to the name as written upon the face of the Warrant in every particular, without
alteration or any change whatsoever. If said number of Warrant Shares shall not be all of the Warrant Shares purchasable under the Warrant, a new Warrant is to be issued in the name of said undersigned for the balance remaining of the Warrant Shares
purchasable thereunder. 
 Notice of Exercise 

 EXHIBIT B 

ASSIGNMENT 
 SERIES C
PREFERRED STOCK PURCHASE WARRANT 
 (To be executed upon assignment of Warrant No.     ) 

For value received, the undersigned hereby sells, assigns and transfers unto
                                the within Warrant, together with all right, title and
interest therein, and does hereby irrevocably constitute and appoint
                                attorney, to transfer said Warrant on the books of ASPEN
AEROGELS, INC. with respect to the number of shares of Warrant Stock set forth below, with full power of substitution in the premises: 
  

							
	 Name(s) of Assignee(s)
	 	 	 	 Address
	 	 # of Shares of Warrant Stock

	  
	 	 	 	  
	 	  

 And if said number of shares of Warrant Stock
shall not be all the number of shares of Warrant Stock represented by the Warrant, a new Warrant is to be issued in the name of said undersigned for the balance remaining of the Warrants registered by said Warrant. 

Dated:
                                        
                         

Signature:                        
                                   

Note: The signature to the foregoing Assignment must correspond to the name as written upon the face of the Warrant in every particular, without alteration or
any change whatsoever. 
 Form of Assignment 

 ASPEN AEROGELS, INC. 

AMENDMENT AND WAIVER NO. 1 

TO 
 SERIES C PREFERRED
STOCK PURCHASE WARRANTS 
 This Amendment and Waiver No. 1 to Series C Preferred Stock Purchase Warrants, dated March 28,
2013, and May 6, 2013 (this “Amendment”), is entered into as of August 7, 2013, by and between Aspen Aerogels, Inc., a Delaware corporation (the “Company”), and the parties listed on the signature pages
hereto, constituting the holders of at least a two-thirds majority of the Warrants (as defined below) currently outstanding (the “Requisite Holders”). Capitalized terms used in this Amendment and not otherwise defined herein shall
have the meanings ascribed thereto in the Warrants (as defined below). 
 WHEREAS, the Company issued certain Series C Preferred
Stock Purchase Warrants, dated March 28, 2013, and May 6, 2013 (the “Warrants”), pursuant to that certain Note and Warrant Purchase Agreement, dated as of March 28, 2013, by and among the Company and the purchasers
signature thereto (the “Agreement”), to purchase shares of the Company’s Series C Convertible Preferred Stock, par value $0.00001 per share (the “Series C Preferred Stock”); 

WHEREAS, the Company will engage in a 1-for-10 reverse stock split (the “Reverse Stock Split”), effective as of
August 20, 2013, of each issued and outstanding share of the capital stock of the Company; and 
 WHEREAS, the Company and the
Requisite Holders, individually and on behalf of all holders of Warrants issued pursuant to the Agreement (the “Holders”), wish to amend and waive certain rights under each of the Warrants in accordance with Sections 6.3 and 6.4,
respectively, thereof. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the parties hereto
agree as follows: 
 1. Amendment. 

(a) Section 1.6(b) of the Warrants is hereby amended to append the following sentence to such section: 

“Notwithstanding the foregoing sentence, the Company shall issue one (1) whole share of Warrant Stock in lieu of payment by the
Company for any fractional share otherwise issuable upon the exercise of this Warrant after giving effect to the one-for-ten (1-for-10) combination of the Underlying Stock effective as of August     , 2013, in accordance with
Section 2.1 hereof.” 
 2. Waivers. 

(a) The Holders hereby waive in all respects any rights under Section 1.6(b) of the Warrants to receive cash from the Company in lieu of
fractional shares which would otherwise be issuable upon exercise of such warrants after giving effect to the Reverse Stock Split. 

 (b) The Holders hereby waive in all respects any rights to a certificate of adjustment from the
Company regarding the effect of the Reverse Stock Split on such warrants as may be required under the provisions of Section 2.5 of the Warrants. 
 3.
Except to the extent amended hereby, all of the terms, provisions and conditions of the Warrants are hereby ratified and confirmed and shall remain in full force and effect. 

4. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party under any Warrant, nor
constitute an amendment of any provision of any Warrant, except as specifically set forth herein. 
 5. This Amendment may be executed in any number of
counterparts, each of which shall be deemed to be an original instrument and all which together shall constitute one and the same agreement. This Amendment may be executed by facsimile or by electronic or PDF file. 

[Signature Pages Follow] 

  
 - 2 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment and Waiver No. 1 to
Series C Preferred Stock Purchase Warrants as of the date first written above. 
  

					
	ASPEN AEROGELS, INC.
		
	By:	 	 /s/ John F. Fairbanks

		 	Name:	 	John F. Fairbanks
		 	Title:	 	Chief Financial Officer

  
 [Signature Page to
Aspen Aerogels, Inc. 
 Amendment and Waiver No. 1 to Series C Preferred Stock Purchase Warrants] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment and Waiver No. 1 to
Series C Preferred Stock Purchase Warrants as of the date first written above. 
  

					
	GKFF VENTURES I, LLC
		
	By:	 	 /s/ Robert Thomas

		 	Name:	 	Robert Thomas
		 	Title:	 	Manager

  
 [Signature Page to
Aspen Aerogels, Inc. 
 Amendment and Waiver No. 1 to Series C Preferred Stock Purchase Warrants] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment and Waiver No. 1 to
Series C Preferred Stock Purchase Warrants as of the date first written above. 
  

					
	RESERVOIR CAPITAL PARTNERS, L.P.
		
	By:	 	RCP GP, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Craig A. Huff

		 	Name:	 	Craig A. Huff
		 	Title:	 	Co-Chief Executive Officer
	
	RESERVOIR CAPITAL MASTER FUND, L.P.
		
	By:	 	Reservoir Capital Group, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Craig A. Huff

		 	Name:	 	Craig A. Huff
		 	Title:	 	Co-Chief Executive Officer

  
 [Signature Page to
Aspen Aerogels, Inc. 
 Amendment and Waiver No. 1 to Series C Preferred Stock Purchase Warrants] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment and Waiver No. 1 to
Series C Preferred Stock Purchase Warrants as of the date first written above. 
  

					
	ARCAPITA VENTURES I LIMITED
		
	By:	 	 /s/ John Huntz

		 	Name:	 	John Huntz
		 	Title:	 	Executive Director

  
 [Signature Page to
Aspen Aerogels, Inc. 
 Amendment and Waiver No. 1 to Series C Preferred Stock Purchase Warrants] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment and Waiver No. 1 to
Series C Preferred Stock Purchase Warrants as of the date first written above. 
  

					
	ROCKPORT CAPITAL PARTNERS, L.P.
		
	By:	 	RockPort Capital, L.L.C.
	Its:	 	General Partner
		
	By:	 	 /s/ Stoddard M. Wilson

		 	Name:	 	Stoddard M. Wilson
		 	Title:	 	Managing Member
	
	ROCKPORT CAPITAL PARTNERS II, L.P.
		
	By:	 	RockPort Capital II, L.L.C.
	Its:	 	General Partner
		
	By:	 	 /s/ Stoddard M. Wilson

		 	Name:	 	Stoddard M. Wilson
		 	Title:	 	Managing Member
	
	RP CO-INVESTMENT FUND I, L.P.
		
	By:	 	RP Co-Investments Fund I, GP, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Stoddard M. Wilson

		 	Name:	 	Stoddard M. Wilson
		 	Title:	 	Managing Member
	
	ROCKPORT SII, LLC
		
	By:	 	RockPort SGII, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Stoddard M. Wilson

		 	Name:	 	Stoddard M. Wilson
		 	Title:	 	Managing Member

  
 [Signature Page to
Aspen Aerogels, Inc. 
 Amendment and Waiver No. 1 to Series C Preferred Stock Purchase Warrants]EX-10.2.1

 Exhibit 10.2.1 

ASPEN AEROGELS, INC. 

2014 EMPLOYEE, DIRECTOR AND CONSULTANT EQUITY INCENTIVE PLAN 
  

	 	1.	DEFINITIONS. 

 Unless otherwise specified or unless the context otherwise requires, the
following terms, as used in this Aspen Aerogels, Inc. 2014 Employee, Director and Consultant Equity Incentive Plan, have the following meanings: 

Administrator means the Board of Directors, unless it has delegated power to act on its behalf to the Committee, in which case the
Administrator means the Committee. 
 Affiliate means a corporation which, for purposes of Section 424 of the Code, is a parent
or subsidiary of the Company, direct or indirect. 
 Agreement means an agreement between the Company and a Participant delivered
pursuant to the Plan and pertaining to a Stock Right, in such form as the Administrator shall approve. 
 Board of Directors means
the Board of Directors of the Company. 
 Cause means, with respect to a Participant (a) dishonesty with respect to the Company
or any Affiliate, (b) insubordination, substantial malfeasance or non-feasance of duty, (c) unauthorized disclosure of confidential information, (d) breach by a Participant of any provision of
any employment, consulting, advisory, nondisclosure, non-competition or similar agreement between the Participant and the Company or any Affiliate, and (e) conduct substantially prejudicial to the business of the Company or any Affiliate;
provided, however, that any provision in an agreement between a Participant and the Company or an Affiliate, which contains a conflicting definition of Cause for termination and which is in effect at the time of such termination, shall supersede
this definition with respect to that Participant. The determination of the Administrator as to the existence of Cause will be conclusive on the Participant and the Company. 

Code means the United States Internal Revenue Code of 1986, as amended including any successor statute, regulation and guidance
thereto. 
 Committee means the committee of the Board of Directors to which the Board of Directors has delegated power to act under
or pursuant to the provisions of the Plan the composition of which shall at all times satisfy the provisions of Section 162(m) of the Code. 

Common Stock means shares of the Company’s common stock, $0.00001 par value per share. 

 Company means Aspen Aerogels, Inc., a Delaware corporation. 

Consultant means any natural person who is an advisor or consultant that provides bona fide services to the Company or its Affiliates,
provided that such services are not in connection with the offer or sale of securities in a capital raising transaction, and do not directly or indirectly promote or maintain a market for the Company’s or its Affiliates’ securities. 

Disability or Disabled means permanent and total disability as defined in Section 22(e)(3) of the Code. 

Employee means any employee of the Company or of an Affiliate (including, without limitation, an employee who is also serving as an
officer or director of the Company or of an Affiliate), designated by the Administrator to be eligible to be granted one or more Stock Rights under the Plan. 

Exchange Act means the Securities Exchange Act of 1934, as amended. 

Fair Market Value of a Share of Common Stock means: 

(1) If the Common Stock is listed on a national securities exchange or traded in the over-the-counter market and sales prices are regularly reported for the Common Stock, the closing or, if not applicable, the last price of the Common Stock on the composite tape or other comparable reporting
system for the trading day on the applicable date and if such applicable date is not a trading day, the last market trading day prior to such date; 

(2) If the Common Stock is not traded on a national securities exchange but is traded on the over-the-counter market, if sales prices are not regularly reported for the Common Stock for the trading day referred to in clause (1), and if bid and asked prices for the Common Stock are regularly
reported, the mean between the bid and the asked price for the Common Stock at the close of trading in the over-the-counter market for the trading day on which Common Stock was traded on the applicable date and if such applicable date is not a
trading day, the last market trading day prior to such date; and 
 (3) If the Common Stock is neither listed on a national
securities exchange nor traded in the over-the-counter market, such value as the Administrator, in good faith, shall determine. 

ISO means an option intended to qualify as an incentive stock option under Section 422 of the Code. 

Non-Qualified Option means an option which is not intended to qualify as an ISO. 

Option means an ISO or Non-Qualified Option granted under the Plan. 

  
 2 

 Participant means an Employee, director or Consultant of the Company or an Affiliate to
whom one or more Stock Rights are granted under the Plan. As used herein, “Participant” shall include “Participant’s Survivors” where the context requires. 

Performance Based Award means a Stock Grant or Stock-Based Award as set forth in Paragraph 9 hereof. 

Performance Goals means performance goals based on one or more of the following criteria: (i) revenue; (ii) gross profit;
(iii) pre-tax income or after-tax income; (iv) income or earnings including operating income, earnings before or after taxes, interest, depreciation, amortization, and/or extraordinary or special items; (v) net income excluding
amortization of intangible assets, depreciation and impairment of goodwill and intangible assets and/or excluding charges attributable to the adoption of new accounting pronouncements; (vi) earnings or book value per share (basic or diluted);
(vii) return on assets (gross or net), return on investment, return on capital, or return on equity; (viii) return on revenues; (ix) cash flow, free cash flow, cash flow return on investment (discounted or otherwise), net cash
provided by operations, or cash flow in excess of cost of capital; (x) economic value created; (xi) operating margin or profit margin; (xii) stock price or total stockholder return; (xiii) income or earnings from continuing
operations; (xiv) cost targets, reductions and savings, expense management, productivity and efficiencies; and (xv) strategic business criteria, consisting of one or more objectives based on meeting specified market penetration or market
share, geographic business expansion, customer satisfaction, employee satisfaction, human resources management, supervision of litigation, information technology, and goals relating to divestitures, joint ventures and similar transactions. Where
applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criterion or the attainment of a percentage increase or decrease in the particular criterion, and may be applied to one or more of the
Company or an Affiliate of the Company, or a division or strategic business unit of the Company, all as determined by the Committee. The Performance Goals may include a threshold level of performance below which no Performance-Based Award will be
issued or no vesting will occur, levels of performance at which Performance-Based Awards will be issued or specified vesting will occur, and a maximum level of performance above which no additional issuances will be made or at which full vesting
will occur. Each of the foregoing Performance Goals shall be evaluated in accordance with generally accepted accounting principles, where applicable, and shall be subject to certification by the Committee. The Committee shall have the authority to
make equitable adjustments to the Performance Goals in recognition of unusual or non-recurring events affecting the Company or any Affiliate or the financial statements of the Company or any Affiliate, in response to changes in applicable laws or
regulations, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles
provided that any such change shall at all times satisfy the provisions of Section 162(m) of the Code. 

  
 3 

 Plan means this Aspen Aerogels, Inc. 2014 Employee, Director and Consultant Equity
Incentive Plan. 
 Securities Act means the Securities Act of 1933, as amended. 

Shares means shares of the Common Stock as to which Stock Rights have been or may be granted under the Plan or any shares of capital
stock into which the Shares are changed or for which they are exchanged within the provisions of Paragraph 3 of the Plan. The Shares issued under the Plan may be authorized and unissued shares or shares held by the Company in its treasury, or
both. 
 Stock-Based Award means a grant by the Company under the Plan of an equity award or an equity based award which is not an
Option or a Stock Grant, which the Committee may, in its sole discretion, structure to qualify in whole or in part as “performance-based compensation” under Section 162(m) of the Code. 

Stock Grant means a grant by the Company of Shares under the Plan, which the Committee may, in its sole discretion, structure to
qualify in whole or in part as “performance-based compensation” under Section 162(m) of the Code. 
 Stock Right means
a right to Shares or the value of Shares of the Company granted pursuant to the Plan — an ISO, a Non-Qualified Option, a Stock Grant or a Stock-Based Award. 

Survivor means a deceased Participant’s legal representatives and/or any person or persons who acquired the Participant’s
rights to a Stock Right by will or by the laws of descent and distribution. 
  

	 	2.	PURPOSES OF THE PLAN. 

 The Plan is intended to encourage ownership of Shares by
Employees and directors of and certain Consultants to the Company and its Affiliates in order (i) to attract and retain such people, (ii) to induce them to work for the benefit of the Company or of an Affiliate, (iii) to provide
additional incentive for them to promote the success of the Company or of an Affiliate and (iv) to encourage them to take into account and align with the longer term interests of the Company and it’s stockholders. The Plan provides for the
granting of ISOs, Non-Qualified Options, Stock Grants and Stock-Based Awards. 
 3.
ADMINISTRATION OF THE PLAN. 
 The Administrator of the Plan will be the Board of Directors, except to the extent the Board of
Directors delegates its authority to the Committee, in which case the Committee shall be the Administrator. Subject to the provisions of the Plan, the Administrator is authorized to: 

(a) Interpret the provisions of the Plan and all Stock Rights and to make all rules and determinations which it deems necessary or advisable
for the administration of the Plan; 

  
 4 

 (b) Determine which Employees, directors and Consultants shall be granted Stock Rights; 

(c) Determine the number of Shares for which a Stock Right or Stock Rights shall be granted, provided, however, that in no event shall
Stock Rights with respect to more than [            ] Shares be granted to any Participant in any fiscal year; 

(d) Specify the terms and conditions upon which a Stock Right or Stock Rights may be granted; 

(e) Determine Performance Goals no later than such time as required to ensure that a Performance-Based Award which is intended to comply with
the requirements of Section 162(m) of the Code so complies; 
 (f) Amend any term or condition of any outstanding Stock Right,
including, without limitation, to reduce or increase the exercise price or purchase price, accelerate the vesting schedule or extend the expiration date, provided that (i) such term or condition as amended is permitted by the Plan;
(ii) any such amendment shall not impair the rights of a Participant under any Stock Right previously granted without such Participant’s consent or in the event of death of the Participant the Participant’s Survivors; and
(iii) any such amendment shall be made only after the Administrator determines whether such amendment would cause any adverse tax consequences to the Participant, including, but not limited to, the annual vesting limitation contained in
Section 422(d) of the Code and described in Paragraph 6(b)(iv) below with respect to ISOs and pursuant to Section 409A of the Code; 

(g) Make any adjustments in the Performance Goals included in any Performance-Based Awards provided that such adjustments comply with the
requirements of Section 162(m) of the Code; 
 (h) Buy out for a payment in cash or Shares, a Stock Right previously granted and/or
cancel any such Stock Right and grant in substitution therefor other Stock Rights, covering the same or a different number of Shares and having an exercise price or purchase price per share which may be lower or higher than the exercise price or
purchase price of the cancelled Stock Right, based on such terms and conditions as the Administrator shall establish and the Participant shall accept; and 

(i) Adopt any sub-plans applicable to residents of any specified jurisdiction as it deems necessary or appropriate in order to comply with or
take advantage of any tax or other laws applicable to the Company, any Affiliate or to Participants or to otherwise facilitate the administration of the Plan, which sub-plans may include additional restrictions or conditions applicable to Stock
Rights or Shares issuable pursuant to a Stock Right; provided, however, that all such interpretations, rules, determinations, terms and conditions shall be made and prescribed in the context of not causing any adverse tax consequences under
Section 409A of the Code and preserving the tax status under Section 422 of the Code of those Options which are designated as ISOs and in accordance with Section 162(m) of the Code for all other Stock Rights to which the Committee has
determined Section 162(m) is applicable. 

  
 5 

 Subject to the foregoing, the interpretation and construction by the Administrator of any
provisions of the Plan or of any Stock Right granted under it shall be final, unless otherwise determined by the Board of Directors, if the Administrator is the Committee. In addition, if the Administrator is the Committee, the Board of Directors
may take any action under the Plan that would otherwise be the responsibility of the Committee. Notwithstanding the foregoing, the Board of Directors may not take any action that would cause any outstanding Stock Right that would otherwise qualify
as performance-based compensation under Section 162(m) of the Code to fail to so qualify. 
 To the extent permitted under applicable
law, the Board of Directors or the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any portion of its responsibilities and powers to any other person selected by
it. The Board of Directors or the Committee may revoke any such allocation or delegation at any time. Notwithstanding the foregoing, only the Board of Directors or the Committee shall be authorized to grant a Stock Right to any director of the
Company or to any “officer” of the Company as defined by Rule 16a-1 under the Exchange Act. 
 No member of the of the Board of
Directors or the Committee shall be liable for any action, failure to act, determination or interpretation made in good faith with respect to this Plan or any transactions hereunder. The Company hereby agrees to indemnify each member of the Board
and of the Committee for all costs and expenses and, to the fullest extent permitted by applicable law, any liability incurred in connection with defending against, responding to, negotiating for the settlement of or otherwise dealing with any
claim, cause of action or dispute of any kind arising in connection with any actions administering this Plan. 
  

	 	4.	SHARES SUBJECT TO THE PLAN. 

 (a) The number of Shares which may be issued from time to
time pursuant to this Plan shall be the sum of: (i) [            ] shares of Common Stock and (ii) any shares of Common Stock that are represented by awards granted under the
Company’s 2001 Equity Incentive Plan, as amended, that are forfeited, expire or are cancelled without delivery of shares of Common Stock or which result in the forfeiture of shares of Common Stock back to the Company on or after the date of
termination of the Company’s 2001 Equity Incentive Plan, as amended, or the equivalent of such number of Shares after the Administrator, in its sole discretion, has interpreted the effect of any stock split, stock dividend, combination,
recapitalization or similar transaction in accordance with Paragraph 25 of this Plan; provided, however, that no more than [            ] Shares shall be added to the Plan pursuant to
subsection (ii). 
 (b) Notwithstanding Subparagraph (a) above, on the first day of each fiscal year of the Company during the period
beginning in fiscal year 2015, and ending on the second day of fiscal year 2024, the number of Shares that may be issued from time to time pursuant to the Plan, shall be increased by an amount equal to the lesser of
(i) [            ] or the equivalent of such number of Shares after the Administrator, in its sole discretion, has interpreted the effect of

  
 6 

 
any stock split, stock dividend, combination, recapitalization or similar transaction in accordance with Paragraph 25 of the Plan; (ii) [    ]% of the number of
outstanding shares of Common Stock on such date; and (iii) an amount determined by the Board. 
 (c) If an Option ceases to be
“outstanding”, in whole or in part (other than by exercise), or if the Company shall reacquire (at not more than its original issuance price) any Shares issued pursuant to a Stock Grant or Stock-Based Award, or if any Stock Right expires
or is forfeited, cancelled, or otherwise terminated or results in any Shares not being issued, the unissued or reacquired Shares which were subject to such Stock Right shall again be available for issuance from time to time pursuant to this Plan.
Notwithstanding the foregoing, if a Stock Right is exercised, in whole or in part, by tender of Shares or if the Company or an Affiliate’s tax withholding obligation is satisfied by withholding Shares, the number of Shares deemed to have been
issued under the Plan for purposes of the limitation set forth in Paragraph 3(a) above shall be the number of Shares that were subject to the Stock Right or portion thereof, and not the net number of Shares actually issued. However, in the case of
ISOs, the foregoing provisions shall be subject to any limitations under the Code. 
  

	 	5.	ELIGIBILITY FOR PARTICIPATION. 

 The Administrator will, in its sole discretion, name the
Participants in the Plan; provided, however, that each Participant must be an Employee, director or Consultant of the Company or of an Affiliate at the time a Stock Right is granted. Notwithstanding the foregoing, the Administrator may authorize the
grant of a Stock Right to a person not then an Employee, director or Consultant of the Company or of an Affiliate; provided, however, that the actual grant of such Stock Right shall be conditioned upon such person becoming eligible to become a
Participant at or prior to the time of the execution of the Agreement evidencing such Stock Right. ISOs may be granted only to Employees who are deemed to be residents of the United States for tax purposes.
Non-Qualified Options, Stock Grants and Stock-Based Awards may be granted to any Employee, director or Consultant of the Company or an Affiliate. The granting of any Stock Right to any individual shall neither
entitle that individual to, nor disqualify him or her from, participation in any other grant of Stock Rights or any grant under any other benefit plan established by the Company or any Affiliate for Employees, directors or Consultants. 

 

	 	6.	TERMS AND CONDITIONS OF OPTIONS. 

 Each Option shall be set forth in writing in an Option
Agreement, duly executed by the Company and, to the extent required by law or requested by the Company, by the Participant. The Administrator may provide that Options be granted subject to such terms and conditions, consistent with the terms and
conditions specifically required under this Plan, as the Administrator may deem appropriate including, without limitation, subsequent approval by the shareholders of the Company of this Plan or any amendments thereto. The Option Agreements shall be
subject to at least the following terms and conditions: 
 (a) Non-Qualified Options: Each
Option intended to be a Non-Qualified Option shall be subject to the terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company, subject to the following
minimum standards for any such Non-Qualified Option: 
  

	 	(i)	Exercise Price: Each Option Agreement shall state the exercise price (per share) of the Shares covered by each Option, which exercise price shall be determined by the Administrator and shall be at least equal to
the Fair Market Value per share of Common Stock on the date of grant of the Option. 

  
 7 

	 	(ii)	Number of Shares: Each Option Agreement shall state the number of Shares to which it pertains. 

  

	 	(iii)	Option Periods: Each Option Agreement shall state the date or dates on which it first is exercisable and the date after which it may no longer be exercised, and may provide that the Option rights accrue or become
exercisable in installments over a period of months or years, or upon the occurrence of certain conditions or the attainment of stated goals or events. 

  

	 	(iv)	Option Conditions: Exercise of any Option may be conditioned upon the Participant’s execution of a Share purchase agreement in form satisfactory to the Administrator providing for certain protections for the
Company and its other shareholders, including requirements that: 

  

	 	A.	The Participant’s or the Participant’s Survivors’ right to sell or transfer the Shares may be restricted; and 

  

	 	B.	The Participant or the Participant’s Survivors may be required to execute letters of investment intent and must also acknowledge that the Shares will bear legends noting any applicable restrictions.

  

	 	(v)	Term of Option: Each Option shall terminate not more than ten years from the date of the grant or at such earlier time as the Option Agreement may provide. 

(b) ISOs: Each Option intended to be an ISO shall be issued only to an Employee who is deemed to be a resident of the United States for
tax purposes, and shall be subject to the following terms and conditions, with such additional restrictions or changes as the Administrator determines are appropriate but not in conflict with Section 422 of the Code and relevant regulations and
rulings of the Internal Revenue Service: 
  

	 	(i)	Minimum standards: The ISO shall meet the minimum standards required of Non-Qualified Options, as described in Paragraph 6(a) above, except clause (i) and
(v) thereunder. 

  

	 	(ii)	Exercise Price: Immediately before the ISO is granted, if the Participant owns, directly or by reason of the applicable attribution rules in Section 424(d) of the Code: 

 

	 	A.	 10% or less of the total combined voting power of all classes of stock of the Company or an Affiliate, the exercise price per share

  
 8 

	 	
of the Shares covered by each ISO shall not be less than 100% of the Fair Market Value per share of the Common Stock on the date of grant of the Option; or 

 

	 	B.	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate, the exercise price per share of the Shares covered by each ISO shall not be less than 110% of the Fair Market
Value per share of the Common Stock on the date of grant of the Option. 

  

	 	(iii)	Term of Option: For Participants who own: 

  

	 	A.	10% or less of the total combined voting power of all classes of stock of the Company or an Affiliate, each ISO shall terminate not more than ten years from the date of the grant or at such earlier time as the
Option Agreement may provide; or 

  

	 	B.	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate, each ISO shall terminate not more than five years from the date of the grant or at such earlier time as the Option
Agreement may provide. 

  

	 	(iv)	Limitation on Yearly Exercise: The Option Agreements shall restrict the amount of ISOs which may become exercisable in any calendar year (under this or any other ISO plan of the Company or an Affiliate) so that
the aggregate Fair Market Value (determined on the date each ISO is granted) of the stock with respect to which ISOs are exercisable for the first time by the Participant in any calendar year does not exceed $100,000. 

 

	 	7.	TERMS AND CONDITIONS OF STOCK GRANTS. 

 Each Stock Grant to a Participant shall state the
principal terms in an Agreement duly executed by the Company and, to the extent required by law or requested by the Company, by the Participant. The Agreement shall be in a form approved by the Administrator and shall contain terms and conditions
which the Administrator determines to be appropriate and in the best interest of the Company, subject to the following minimum standards: 

(a) Each Agreement shall state the purchase price per share, if any, of the Shares covered by each Stock Grant, which purchase price shall be
determined by the Administrator but shall not be less than the minimum consideration required by the Delaware General Corporation Law, if any, on the date of the grant of the Stock Grant; 

(b) Each Agreement shall state the number of Shares to which the Stock Grant pertains; and 

(c) Each Agreement shall include the terms of any right of the Company to restrict or reacquire the Shares subject to the Stock Grant,
including the time or attainment of Performance Goals or such other performance criteria upon which such rights shall accrue and the purchase price therefor, if any. 

  
 9 

	 	8.	TERMS AND CONDITIONS OF OTHER STOCK-BASED AWARDS.  

 The Administrator shall have the
right to grant other Stock-Based Awards based upon the Common Stock having such terms and conditions as the Administrator may determine, including, without limitation, the grant of Shares based upon certain conditions, the grant of securities
convertible into Shares and the grant of stock appreciation rights, phantom stock awards or stock units. The principal terms of each Stock-Based Award shall be set forth in an Agreement, duly executed by the Company and, to the extent required by
law or requested by the Company, by the Participant. The Agreement shall be in a form approved by the Administrator and shall contain terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company.

 The Company intends that the Plan and any Stock-Based Awards granted hereunder be exempt from the application of Section 409A of the
Code or meet the requirements of paragraphs (2), (3) and (4) of subsection (a) of Section 409A of the Code, to the extent applicable, and be operated in accordance with Section 409A so that any compensation deferred under
any Stock-Based Award (and applicable investment earnings) shall not be included in income under Section 409A of the Code. Any ambiguities in the Plan shall be construed to effect the intent as described in this Paragraph 8. 

 

	 	9.	PERFORMANCE BASED AWARDS. 

 Notwithstanding anything to the contrary herein, during any
period when Section 162(m) of the Code is applicable to the Company and the Plan, Stock Rights granted under Paragraph 7 and Paragraph 8 may be granted by the Committee in a manner which is deductible by the Company under Section 162(m) of
the Code (“Performance-Based Awards”). A Participant’s Performance-Based Award shall be determined based on the attainment of written Performance Goals, which must be objective and approved by the Committee for a performance period of
between one and five years established by the Committee (I) while the outcome for that performance period is substantially uncertain and (II) no more than 90 days after the commencement of the performance period to which the Performance Goal
relates or, if less, the number of days which is equal to 25% of the relevant performance period. The Committee shall determine whether, with respect to a performance period, the applicable Performance Goals have been met with respect to a given
Participant and, if they have, to so certify and ascertain the amount of the applicable Performance-Based Award. No Performance-Based Awards will be issued for such performance period until such certification is made by the Committee. The number of
shares issued in respect of a Performance-Based Award to a given Participant may be less than the amount determined by the applicable Performance Goal formula, at the discretion of the Committee. The number of shares issued in respect of a
Performance-Based Award determined by the Committee for a performance period shall be paid to the Participant at such time as determined by the Committee in its sole discretion after the end of such performance period. Nothing in this Section shall
prohibit the Company from granting Stock-Based Awards subject to performance criteria that do not comply with this Paragraph. 

  
 10 

	 	10.	EXERCISE OF OPTIONS AND ISSUE OF SHARES. 

 An Option (or any part or installment thereof)
shall be exercised by giving written notice to the Company or its designee (in a form acceptable to the Administrator, which may include electronic notice), together with provision for payment of the aggregate exercise price in accordance with this
Paragraph for the Shares as to which the Option is being exercised, and upon compliance with any other condition(s) set forth in the Option Agreement. Such notice shall be signed by the person exercising the Option (which signature may be provided
electronically in a form acceptable to the Administrator), shall state the number of Shares with respect to which the Option is being exercised and shall contain any representation required by the Plan or the Option Agreement. Payment of the
exercise price for the Shares as to which such Option is being exercised shall be made (a) in United States dollars in cash or by check, or (b) at the discretion of the Administrator, through delivery of shares of Common Stock held for at
least six months (if required to avoid negative accounting treatment) having a Fair Market Value equal as of the date of the exercise to the aggregate cash exercise price for the number of Shares as to which the Option is being exercised, or
(c) at the discretion of the Administrator, by having the Company retain from the Shares otherwise issuable upon exercise of the Option, a number of Shares having a Fair Market Value equal as of the date of exercise to the aggregate exercise
price for the number of Shares as to which the Option is being exercised, or (d) at the discretion of the Administrator, in accordance with a cashless exercise program established with a securities brokerage firm, and approved by the
Administrator, or (e) at the discretion of the Administrator, by any combination of (a), (b), (c) and (d) above or (f) at the discretion of the Administrator, by payment of such other lawful consideration as the Administrator may
determine. Notwithstanding the foregoing, the Administrator shall accept only such payment on exercise of an ISO as is permitted by Section 422 of the Code. 

The Company shall then reasonably promptly deliver the Shares as to which such Option was exercised to the Participant (or to the
Participant’s Survivors, as the case may be). In determining what constitutes “reasonably promptly,” it is expressly understood that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law
or regulation (including, without limitation, state securities or “blue sky” laws) which requires the Company to take any action with respect to the Shares prior to their issuance. The Shares shall, upon delivery, be fully paid,
non-assessable Shares. 
  

	 	11.	PAYMENT IN CONNECTION WITH THE ISSUANCE OF STOCK GRANTS AND STOCK-BASED AWARDS AND ISSUE OF SHARES. 

Any Stock Grant or Stock-Based Award requiring payment of a purchase price for the Shares as to which such Stock Grant or Stock-Based Award is
being granted shall be made (a) in United States dollars in cash or by check, or (b) at the discretion of the Administrator, through delivery of shares of Common Stock held for at least six months (if required to avoid negative accounting
treatment) and having a Fair Market Value equal as of the date of payment to the purchase price of the Stock Grant or Stock-Based Award, or (c) at the discretion of the Administrator, by any combination of (a) and (b) above; or
(d) at the discretion of the Administrator, by payment of such other lawful consideration as the Administrator may determine. 

  
 11 

 The Company shall when required by the applicable Agreement, reasonably promptly deliver the
Shares as to which such Stock Grant or Stock-Based Award was made to the Participant (or to the Participant’s Survivors, as the case may be), subject to any escrow provision set forth in the applicable Agreement. In determining what constitutes
“reasonably promptly,” it is expressly understood that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law or regulation (including, without limitation, state securities or “blue
sky” laws) which requires the Company to take any action with respect to the Shares prior to their issuance. 
  

	 	12.	RIGHTS AS A SHAREHOLDER. 

 No Participant to whom a Stock Right has been granted shall
have rights as a shareholder with respect to any Shares covered by such Stock Right except after due exercise of an Option or issuance of Shares as set forth in any Agreement (including with respect to dividends), tender of the aggregate exercise or
purchase price, if any, for the Shares being purchased and registration of the Shares in the Company’s share register in the name of the Participant. 
  

	 	13.	ASSIGNABILITY AND TRANSFERABILITY OF STOCK RIGHTS. 

 By its terms, a Stock Right granted
to a Participant shall not be transferable by the Participant other than (i) by will or by the laws of descent and distribution, or (ii) as approved by the Administrator in its discretion and set forth in the applicable Agreement provided
that no Stock Right may be transferred by a Participant for value. Notwithstanding the foregoing, an ISO transferred except in compliance with clause (i) above shall no longer qualify as an ISO. The designation of a beneficiary of a Stock Right
by a Participant, with the prior approval of the Administrator and in such form as the Administrator shall prescribe, shall not be deemed a transfer prohibited by this Paragraph. Except as provided above during the Participant’s lifetime a
Stock Right shall only be exercisable by or issued to such Participant (or his or her legal representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to
execution, attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of any Stock Right or of any rights granted thereunder contrary to the provisions of this Plan, or the levy of any attachment or
similar process upon a Stock Right, shall be null and void. 
  

	 	14.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE OR DEATH OR DISABILITY. 

Except as otherwise provided in a Participant’s Option Agreement, in the event of a termination of service (whether as an Employee,
director or Consultant) with the Company or an Affiliate before the Participant has exercised an Option, the following rules apply: 
 (a) A
Participant who ceases to be an Employee, director or Consultant of the Company or of an Affiliate (for any reason other than termination for Cause, Disability, or death for which events there are special rules in Paragraphs 15, 16, and 17,
respectively), may exercise any Option granted to him or her to the extent that the Option is exercisable on the date of such termination of service, but only within such term as the Administrator has designated in a Participant’s Option
Agreement. 

  
 12 

 (b) Except as provided in Subparagraph (c) below, or Paragraph 16 or 17, in no event may an
Option intended to be an ISO, be exercised later than three months after the Participant’s termination of employment. 
 (c) The
provisions of this Paragraph, and not the provisions of Paragraph 16 or 17, shall apply to a Participant who subsequently becomes Disabled or dies after the termination of employment, director status or consultancy; provided, however, in the case of
a Participant’s Disability or death within three months after the termination of employment, director status or consultancy, the Participant or the Participant’s Survivors may exercise the Option within one year after the date of the
Participant’s termination of service, but in no event after the date of expiration of the term of the Option. 
 (d) Notwithstanding
anything herein to the contrary, if subsequent to a Participant’s termination of employment, termination of director status or termination of consultancy, but prior to the exercise of an Option, the Administrator determines that, either prior
or subsequent to the Participant’s termination, the Participant engaged in conduct which would constitute Cause, then such Participant shall forthwith cease to have any right to exercise any Option. 

(e) A Participant to whom an Option has been granted under the Plan who is absent from the Company or an Affiliate because of temporary
disability (any disability other than a Disability as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose, shall not, during the period of any such absence, be deemed, by virtue of such absence alone, to have terminated
such Participant’s employment, director status or consultancy with the Company or with an Affiliate, except as the Administrator may otherwise expressly provide; provided, however, that, for ISOs, any leave of absence granted by the
Administrator of greater than ninety days, unless pursuant to a contract or statute that guarantees the right to reemployment, shall cause such ISO to become a Non-Qualified Option on the 181st
day following such leave of absence. 
 (f) Except as required by law or as set forth in a Participant’s Option Agreement, Options
granted under the Plan shall not be affected by any change of a Participant’s status within or among the Company and any Affiliates, so long as the Participant continues to be an Employee, director or Consultant of the Company or any Affiliate.

  

	 	15.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR CAUSE. 

 Except as otherwise provided in
a Participant’s Option Agreement, the following rules apply if the Participant’s service (whether as an Employee, director or Consultant) with the Company or an Affiliate is terminated for Cause prior to the time that all his or her
outstanding Options have been exercised: 
 (a) All outstanding and unexercised Options as of the time the Participant is notified his or
her service is terminated for Cause will immediately be forfeited. 
 (b) Cause is not limited to events which have occurred prior to a
Participant’s termination of service, nor is it necessary that the Administrator’s finding of Cause occur prior to termination. If the Administrator determines, subsequent to a Participant’s termination of service but prior to the
exercise of an Option, that either prior or subsequent to the Participant’s termination the Participant engaged in conduct which would constitute Cause, then the right to exercise any Option is forfeited. 

  
 13 

	 	16.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR DISABILITY. 

 Except as otherwise
provided in a Participant’s Option Agreement: 
 (a) A Participant who ceases to be an Employee, director or Consultant of the Company
or of an Affiliate by reason of Disability may exercise any Option granted to such Participant: 
  

	 	(i)	To the extent that the Option has become exercisable but has not been exercised on the date of the Participant’s termination of service due to Disability; and 

 

	 	(ii)	In the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of the Participant’s termination of service due to Disability of any additional vesting rights
that would have accrued on the next vesting date had the Participant not become Disabled. The proration shall be based upon the number of days accrued in the current vesting period prior to the date of the Participant’s termination of service
due to Disability. 

 (b) A Disabled Participant may exercise the Option only within the period ending one year after the date
of the Participant’s termination of service due to Disability, notwithstanding that the Participant might have been able to exercise the Option as to some or all of the Shares on a later date if the Participant had not been terminated due to
Disability and had continued to be an Employee, director or Consultant or, if earlier, within the originally prescribed term of the Option. 

(c) The Administrator shall make the determination both of whether Disability has occurred and the date of its occurrence (unless a procedure
for such determination is set forth in another agreement between the Company and such Participant, in which case such procedure shall be used for such determination). If requested, the Participant shall be examined by a physician selected or
approved by the Administrator, the cost of which examination shall be paid for by the Company. 
  

	 	17.	EFFECT ON OPTIONS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT. 

 Except as
otherwise provided in a Participant’s Option Agreement: 
 (a) In the event of the death of a Participant while the Participant is an
Employee, director or Consultant of the Company or of an Affiliate, such Option may be exercised by the Participant’s Survivors: 
  

	 	(i)	To the extent that the Option has become exercisable but has not been exercised on the date of death; and 

  

	 	(ii)	In the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of death of any additional vesting rights that would have accrued on the next vesting date had the
Participant not died. The proration shall be based upon the number of days accrued in the current vesting period prior to the Participant’s date of death. 

  
 14 

 (b) If the Participant’s Survivors wish to exercise the Option, they must take all necessary
steps to exercise the Option within one year after the date of death of such Participant, notwithstanding that the decedent might have been able to exercise the Option as to some or all of the Shares on a later date if he or she had not died and had
continued to be an Employee, director or Consultant or, if earlier, within the originally prescribed term of the Option. 
  

	 	18.	EFFECT OF TERMINATION OF SERVICE ON STOCK GRANTS AND STOCK-BASED AWARDS. 

 In the event
of a termination of service (whether as an Employee, director or Consultant) with the Company or an Affiliate for any reason before the Participant has accepted a Stock Grant or a Stock-Based Award and paid the purchase price, if required, such
grant shall terminate. 
 For purposes of this Paragraph 18 and Paragraph 19 below, a Participant to whom a Stock Grant has been issued
under the Plan who is absent from work with the Company or with an Affiliate because of temporary disability (any disability other than a Disability as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose, shall not, during
the period of any such absence, be deemed, by virtue of such absence alone, to have terminated such Participant’s employment, director status or consultancy with the Company or with an Affiliate, except as the Administrator may otherwise
expressly provide. 
 In addition, for purposes of this Paragraph 18 and Paragraph 19 below, any change of employment or other service
within or among the Company and any Affiliates shall not be treated as a termination of employment, director status or consultancy so long as the Participant continues to be an Employee, director or Consultant of the Company or any Affiliate. 

 

	 	19.	EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE OR DEATH OR DISABILITY. 

Except as otherwise provided in a Participant’s Stock Grant Agreement, in the event of a termination of service (whether as an Employee,
director or Consultant), other than termination for Cause, Disability, or death for which events there are special rules in Paragraphs 20, 21, and 22, respectively, before all forfeiture provisions or Company rights of repurchase shall have lapsed,
then the Company shall have the right to cancel or repurchase that number of Shares subject to a Stock Grant as to which the Company’s forfeiture or repurchase rights have not lapsed. 

  
 15 

	 	20.	EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE FOR CAUSE. 

 Except as otherwise
provided in a Participant’s Stock Grant Agreement, the following rules apply if the Participant’s service (whether as an Employee, director or Consultant) with the Company or an Affiliate is terminated for Cause: 

(a) All Shares subject to any Stock Grant that remain subject to forfeiture provisions or as to which the Company shall have a repurchase
right shall be immediately forfeited to the Company as of the time the Participant is notified his or her service is terminated for Cause at par value. 

(b) Cause is not limited to events which have occurred prior to a Participant’s termination of service, nor is it necessary that the
Administrator’s finding of Cause occur prior to termination. If the Administrator determines, subsequent to a Participant’s termination of service, that either prior or subsequent to the Participant’s termination the Participant
engaged in conduct which would constitute Cause, then all Shares subject to any Stock Grant that remained subject to forfeiture provisions or as to which the Company had a repurchase right on the date of termination shall be immediately forfeited to
the Company. 
  

	 	21.	EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE FOR DISABILITY. 

 Except as otherwise
provided in a Participant’s Stock Grant Agreement, the following rules apply if a Participant ceases to be an Employee, director or Consultant of the Company or of an Affiliate by reason of Disability: to the extent the forfeiture provisions or
the Company’s rights of repurchase have not lapsed on the date of Disability, they shall be exercisable; provided, however, that in the event such forfeiture provisions or rights of repurchase lapse periodically, such provisions or rights shall
lapse to the extent of a pro rata portion of the Shares subject to such Stock Grant through the date of Disability as would have lapsed had the Participant not become Disabled. The proration shall be based upon the number of days accrued prior to
the date of Disability. 
 The Administrator shall make the determination both as to whether Disability has occurred and the date of its
occurrence (unless a procedure for such determination is set forth in another agreement between the Company and such Participant, in which case such procedure shall be used for such determination). If requested, the Participant shall be examined by
a physician selected or approved by the Administrator, the cost of which examination shall be paid for by the Company. 
  

	 	22.	EFFECT ON STOCK GRANTS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT. 

 Except as
otherwise provided in a Participant’s Stock Grant Agreement, the following rules apply in the event of the death of a Participant while the Participant is an Employee, director or Consultant of the Company or of an Affiliate: to the extent the
forfeiture provisions or the Company’s rights of repurchase have not lapsed on the date of death, they shall be exercisable; provided, however, that in the event such forfeiture provisions or rights of repurchase lapse periodically, such
provisions or rights shall lapse to the extent of a pro rata portion of the Shares subject to such Stock Grant through the date of death as would have lapsed had the Participant not died. The proration shall be based upon the number of days accrued
prior to the Participant’s date of death. 

  
 16 

	 	23.	PURCHASE FOR INVESTMENT. 

 Unless the offering and sale of the Shares shall have been
effectively registered under the Securities Act, the Company shall be under no obligation to issue Shares under the Plan unless and until the following conditions have been fulfilled: 

(a) The person who receives a Stock Right shall warrant to the Company, prior to the receipt of Shares, that such person is acquiring such
Shares for his or her own account, for investment, and not with a view to, or for sale in connection with, the distribution of any such Shares, in which event the person acquiring such Shares shall be bound by the provisions of the following legend
(or a legend in substantially similar form) which shall be endorsed upon the certificate evidencing the Shares issued pursuant to such exercise or such grant: 

“The shares represented by this certificate have been taken for investment and they may not be sold or otherwise transferred by any
person, including a pledgee, unless (1) either (a) a Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as amended, or (b) the Company shall have received an opinion of counsel
satisfactory to it that an exemption from registration under such Act is then available, and (2) there shall have been compliance with all applicable state securities laws.” 

(b) At the discretion of the Administrator, the Company shall have received an opinion of its counsel that the Shares may be issued in
compliance with the Securities Act without registration thereunder. 
  

	 	24.	DISSOLUTION OR LIQUIDATION OF THE COMPANY. 

 Upon the dissolution or liquidation of the
Company, all Options granted under this Plan which as of such date shall not have been exercised and all Stock Grants and Stock-Based Awards which have not been accepted, to the extent required under the applicable Agreement, will terminate and
become null and void; provided, however, that if the rights of a Participant or a Participant’s Survivors have not otherwise terminated and expired, the Participant or the Participant’s Survivors will have the right immediately prior to
such dissolution or liquidation to exercise or accept any Stock Right to the extent that the Stock Right is exercisable or subject to acceptance as of the date immediately prior to such dissolution or liquidation. Upon the dissolution or liquidation
of the Company, any outstanding Stock-Based Awards shall immediately terminate unless otherwise determined by the Administrator or specifically provided in the applicable Agreement. 

  
 17 

	 	25.	ADJUSTMENTS. 

 Upon the occurrence of any of the following events, a Participant’s
rights with respect to any Stock Right granted to him or her hereunder shall be adjusted as hereinafter provided, unless otherwise specifically provided in a Participant’s Agreement: 

(a) Stock Dividends and Stock Splits. If (i) the shares of Common Stock shall be subdivided or combined into a greater or smaller
number of shares or if the Company shall issue any shares of Common Stock as a stock dividend on its outstanding Common Stock, or (ii) additional shares or new or different shares or other securities of the Company or other non-cash assets are
distributed with respect to such shares of Common Stock, each Stock Right and the number of shares of Common Stock deliverable thereunder shall be appropriately increased or decreased proportionately, and appropriate adjustments shall be made
including, in the exercise or purchase price per share, to reflect such events. The number of Shares subject to the limitations in Paragraph 3(a), 3(b) and 4(c) shall also be proportionately adjusted upon the occurrence of such events and the
Performance Goals applicable to outstanding Performance-Based Awards. 
 (b) Corporate Transactions. If the Company is to be
consolidated with or acquired by another entity in a merger, consolidation, or sale of all or substantially all of the Company’s assets other than a transaction to merely change the state of incorporation (a “Corporate Transaction”),
the Administrator or the board of directors of any entity assuming the obligations of the Company hereunder (the “Successor Board”), shall, as to outstanding Options, either (i) make appropriate provision for the continuation of such
Options by substituting on an equitable basis for the Shares then subject to such Options either the consideration payable with respect to the outstanding shares of Common Stock in connection with the Corporate Transaction or securities of any
successor or acquiring entity; or (ii) upon written notice to the Participants, provide that such Options must be exercised (either (A) to the extent then exercisable or, (B) at the discretion of the Administrator, any such Options
being made partially or fully exercisable for purposes of this Subparagraph), within a specified number of days of the date of such notice, at the end of which period such Options which have not been exercised shall terminate; or
(iii) terminate such Options in exchange for payment of an amount equal to the consideration payable upon consummation of such Corporate Transaction to a holder of the number of shares of Common Stock into which such Option would have been
exercisable (either (A) to the extent then exercisable or, (B) at the discretion of the Administrator, any such Options being made partially or fully exercisable for purposes of this Subparagraph) less the aggregate exercise price
thereof. For purposes of determining the payments to be made pursuant to Subclause (iii) above, in the case of a Corporate Transaction the consideration for which, in whole or in part, is other than cash, the consideration other than cash shall
be valued at the fair value thereof as determined in good faith by the Board of Directors. 
 With respect to outstanding Stock Grants, the
Administrator or the Successor Board, shall make appropriate provision for the continuation of such Stock Grants on the same terms and conditions by substituting on an equitable basis for the Shares then subject to such Stock Grants either the
consideration payable with respect to the outstanding Shares of Common Stock in connection with the Corporate Transaction or securities of any successor or acquiring entity. In lieu of the foregoing, in connection with any Corporate Transaction, the
Administrator may provide that, upon consummation of the Corporate Transaction, each outstanding Stock Grant shall be terminated in exchange for payment of an amount equal to the consideration payable upon consummation of such Corporate Transaction
to a holder of the number of shares of Common Stock comprising such Stock Grant (to the extent such Stock Grant is no longer subject to any forfeiture or repurchase rights then in effect or, at the discretion of the Administrator, all forfeiture and
repurchase rights being waived upon such Corporate Transaction). 

  
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 In taking any of the actions permitted under this Paragraph 25(b), the Administrator shall not be
obligated by the Plan to treat all Stock Rights, all Stock Rights held by a Participant, or all Stock Rights of the same type, identically. 

(c) Recapitalization or Reorganization. In the event of a recapitalization or reorganization of the Company other than a Corporate
Transaction pursuant to which securities of the Company or of another corporation are issued with respect to the outstanding shares of Common Stock, a Participant upon exercising an Option or accepting a Stock Grant after the recapitalization or
reorganization shall be entitled to receive for the price paid upon such exercise or acceptance if any, the number of replacement securities which would have been received if such Option had been exercised or Stock Grant accepted prior to such
recapitalization or reorganization. 
 (d) Adjustments to Stock-Based Awards. Upon the happening of any of the events described in
Subparagraphs (a), (b) or (c) above, any outstanding Stock-Based Award shall be appropriately adjusted to reflect the events described in such Subparagraphs. The Administrator or the Successor Board shall determine the specific adjustments
to be made under this Paragraph 25, including, but not limited to the effect of any, Corporate Transaction and, subject to Paragraph 4, its determination shall be conclusive. 

(e) Modification of Options. Notwithstanding the foregoing, any adjustments made pursuant to Subparagraph (a), (b) or
(c) above with respect to Options shall be made only after the Administrator determines whether such adjustments would (i) constitute a “modification” of any ISOs (as that term is defined in Section 424(h) of the Code) or
(ii) cause any adverse tax consequences for the holders of Options, including, but not limited to, pursuant to Section 409A of the Code. If the Administrator determines that such adjustments made with respect to Options would constitute a
modification or other adverse tax consequence, it may refrain from making such adjustments, unless the holder of an Option specifically agrees in writing that such adjustment be made and such writing indicates that the holder has full knowledge of
the consequences of such “modification” on his or her income tax treatment with respect to the Option. This paragraph shall not apply to the acceleration of the vesting of any ISO that would cause any portion of the ISO to violate the
annual vesting limitation contained in Section 422(d) of the Code, as described in Paragraph 6(b)(iv). 
 (f) Modification of
Performance-Based Awards. Notwithstanding the foregoing, with respect to any Performance-Based Award that is intended to comply as “performance based compensation” under Section 162(m) of the Code, the Committee may adjust
downwards, but not upwards, the number of Shares payable pursuant to a Performance-Based Award, and the Committee may not waive the achievement of the applicable Performance Goals except in the case of death or disability of the Participant. 

 

	 	26.	ISSUANCES OF SECURITIES. 

 Except as expressly provided herein, no issuance by the
Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares subject to Stock Rights. Except as
expressly provided herein, no adjustments shall be made for dividends paid in cash or in property (including without limitation, securities) of the Company prior to any issuance of Shares pursuant to a Stock Right. 

  
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	 	27.	FRACTIONAL SHARES. 

 No fractional shares shall be issued under the Plan and the person
exercising a Stock Right shall receive from the Company cash in lieu of such fractional shares equal to the Fair Market Value thereof. 
  

	 	28.	CONVERSION OF ISOs INTO NON-QUALIFIED OPTIONS; TERMINATION OF ISOs. 

The Administrator, at the written request of any Participant, may in its discretion take such actions as may be necessary to convert such
Participant’s ISOs (or any portions thereof) that have not been exercised on the date of conversion into Non-Qualified Options at any time prior to the expiration of such ISOs, regardless of whether the
Participant is an Employee of the Company or an Affiliate at the time of such conversion. At the time of such conversion, the Administrator (with the consent of the Participant) may impose such conditions on the exercise of the resulting Non-Qualified Options as the Administrator in its discretion may determine, provided that such conditions shall not be inconsistent with this Plan. Nothing in the Plan shall be deemed to give any Participant the
right to have such Participant’s ISOs converted into Non-Qualified Options, and no such conversion shall occur until and unless the Administrator takes appropriate action. The Administrator, with the
consent of the Participant, may also terminate any portion of any ISO that has not been exercised at the time of such conversion. 
  

	 	29.	WITHHOLDING. 

 In the event that any federal, state, or local income taxes, employment
taxes, Federal Insurance Contributions Act (“F.I.C.A.”) withholdings or other amounts are required by applicable law or governmental regulation to be withheld from the Participant’s salary, wages or other remuneration in connection
with the issuance of a Stock Right or Shares under the Plan or for any other reason required by law, the Company may withhold from the Participant’s compensation, if any, or may require that the Participant advance in cash to the Company, or to
any Affiliate of the Company which employs or employed the Participant, the statutory minimum amount of such withholdings unless a different withholding arrangement, including the use of shares of the Company’s Common Stock or a promissory
note, is authorized by the Administrator (and permitted by law). For purposes hereof, the fair market value of the shares withheld for purposes of payroll withholding shall be determined in the manner set forth under the definition of Fair Market
Value provided in Paragraph 1 above, as of the most recent practicable date prior to the date of exercise. If the Fair Market Value of the shares withheld is less than the amount of payroll withholdings required, the Participant may be required to
advance the difference in cash to the Company or the Affiliate employer. The Administrator in its discretion may condition the exercise of an Option for less than the then Fair Market Value on the Participant’s payment of such additional
withholding. 

  
 20 

	 	30.	NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION. 

 Each Employee who receives an ISO must
agree to notify the Company in writing immediately after the Employee makes a Disqualifying Disposition of any Shares acquired pursuant to the exercise of an ISO. A Disqualifying Disposition is defined in Section 424(c) of the Code and includes
any disposition (including any sale or gift) of such Shares before the later of (a) two years after the date the Employee was granted the ISO, or (b) one year after the date the Employee acquired Shares by exercising the ISO, except as
otherwise provided in Section 424(c) of the Code. If the Employee has died before such Shares are sold, these holding period requirements do not apply and no Disqualifying Disposition can occur thereafter. 

 

	 	31.	TERMINATION OF THE PLAN. 

 The Plan will terminate on
[            ], 2024, the date which is ten years from the earlier of the date of its adoption by the Board of Directors and the date of its approval by the shareholders of the
Company. The Plan may be terminated at an earlier date by vote of the shareholders or the Board of Directors of the Company; provided, however, that any such earlier termination shall not affect any Agreements executed prior to the effective date of
such termination. Termination of the Plan shall not affect any Stock Rights theretofore granted. 
  

	 	32.	AMENDMENT OF THE PLAN AND AGREEMENTS. 

 The Plan may be amended by the shareholders of
the Company. The Plan may also be amended by the Administrator, including, without limitation, to the extent necessary to qualify any or all outstanding Stock Rights granted under the Plan or Stock Rights to be granted under the Plan for favorable
federal income tax treatment as may be afforded incentive stock options under Section 422 of the Code (including deferral of taxation upon exercise), and to the extent necessary to qualify the Shares issuable under the Plan for listing on any
national securities exchange or quotation in any national automated quotation system of securities dealers and in order to continue to comply with Section 162(m) of the Code; provided that any amendment approved by the Administrator which the
Administrator determines is of a scope that requires shareholder approval shall be subject to obtaining such shareholder approval. Any modification or amendment of the Plan shall not, without the consent of a Participant, adversely affect his or her
rights under a Stock Right previously granted to him or her. With the consent of the Participant affected, the Administrator may amend outstanding Agreements in a manner which may be adverse to the Participant but which is not inconsistent with the
Plan. In the discretion of the Administrator, outstanding Agreements may be amended by the Administrator in a manner which is not adverse to the Participant. Nothing in this Paragraph 32 shall limit the Administrator’s authority to take any
action permitted pursuant to Paragraph 25. 
  

	 	33.	EMPLOYMENT OR OTHER RELATIONSHIP. 

 Nothing in this Plan or any Agreement shall be deemed
to prevent the Company or an Affiliate from terminating the employment, consultancy or director status of a Participant, nor to prevent a Participant from terminating his or her own employment, consultancy or director status or to give any
Participant a right to be retained in employment or other service by the Company or any Affiliate for any period of time. 
  

	 	34.	GOVERNING LAW. 

 This Plan shall be construed and enforced in accordance with the law of
the State of Delaware. 

  
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