Document:

EX-10.15

 Exhibit 10.15 

ASPEN AEROGELS, INC. 

BONUS PLAN 
 ARTICLE 1 

Purpose 
 1.1
Purpose. The purpose of the Bonus Plan (the “Plan”) is to promote the creation of value for shareholders of Aspen Aerogels, Inc. (the “Company”) by closely aligning the interests of Participants with those
goals and expectations established for the Company by the Board of Directors of the Company (the “Board”). 
 ARTICLE 2 

Eligibility 
 2.1
Eligibility. Each individual who has been selected to participate in the Plan (the “Participants”) shall be issued a participation letter (a “Participation Letter”) setting forth the terms and conditions of
such Participant’s participation in the Plan as determined by the Administrator in its sole discretion. 
 ARTICLE 3 

Bonus Opportunity 
 3.1
Bonus Opportunity. Each Participation Letter shall set forth a target bonus opportunity level for each Participant (whether as a percentage of a Participant’s then current base salary or as a dollar amount or otherwise as determined by
the Administrator). The incentive bonus opportunity represents a target cash award (“Target Award”) with payment contingent upon achievement of specified performance metrics set forth in the Participation Letter over the applicable
performance period set forth in the Participation Letter (the “Performance Period”). 
 3.2 Performance Metrics.

 3.2.1 Participant Designations. Each Participation Letter shall classify a Participant as either a sales representative, technical
support personnel, corporate personnel or other. 
 3.2.2 Performance Metrics. Each Participation Letter shall set forth and
establish the performance metrics or goals to be applicable for a Participant. Performance metrics shall be established by the Administrator and may include, but are not limited to, attaining a “segment revenue” goal as set forth in a
Participation letter (the “Segment Goal”), attaining a Company revenue goal as set forth in a Participation Letter (the “Company Goal”), attaining individual “motivation by objective goals” as set forth in
a Participation Letter (the “MBO Goals”, attaining a Company EBITDA goal as set forth in a Participation Letter (the “EBITDA Goal”) and collectively with the Segment Goal, the Company Goal and the MBO Goals and such
other performance metrics that will be established from time to time, “Goals”). “Segment revenue” means that portion of Company revenue derived from the geographical region and/or business group assigned to a Participant
or group of Participants as detailed on a Participation Letter. “Company revenue” and “EBITDA” shall be based upon and conclusively determined by reference to the Company’s unaudited financials. 

 3.2.3 Allocation of Performance Metrics. Each Participation Letter shall set forth and
establish a percentage allocation of a Target Award that will correlate to the Goals set forth in a Participation Letter. The designated percentage of the Target Award will be achieved based on achievement of the applicable Goals. 

3.2.4 Thresholds. Each Participation Letter shall set forth and establish minimum threshold achievement levels applicable to one or
more Goals, with such thresholds expressed as a percentage achievement of the underlying Goal. Partial payments of a Target Award allocated to such a Goal shall be made above such thresholds. Certain Goals may have 100% thresholds, in which case,
the Goal must be achieved in order for a Target Award allocated to such a Goal to be payable. 
 3.2.5 Upside Payouts. The
Participation Letter may also set forth additional payments above the Target Award in the event that one or more Goals are exceeded. 
 3.3
Additional Goals/Special Awards. The Administrator may in its sole discretion include such other goals and awards in the Participation Letter. 

3.4 Payment. Following the completion of the Performance Period, the Administrator shall determine the level of performance achieved in
respect of the Goals set forth in a Participation Letter for the Performance Period. Upon approval and certification by the Administrator of the achieved performance, payment in cash, less any applicable tax withholdings, shall be made to each
eligible Participant as soon as practicable but no later than March 15 of the calendar year immediately following the Performance Period in a single lump sum. 

3.5 Continued Service. Except as described in the following sentence, if a Participant voluntarily terminates employment during a
Performance Period, the Participant will not be eligible for a payment. If a Participant is terminated by the Company other than for cause, or “retires” from the Company, as contemplated by the Company’s retirement policy as then in
effect, the Participant will receive a prorated payout based on the date of termination of employment and achievement of Goals at such time as payment is otherwise made to other Participants under the Plan. 

ARTICLE 4 
 Administration

 4.1 Administration. The Compensation Committee of the Board shall be the administrator of the Plan until such time as the
Board shall otherwise determine. The Administrator may delegate such of its duties to officers of the Company as it shall determine. 
 4.2
Authority of Administrator. The Administrator shall have authority, duty and power to interpret and construe the provisions of the Plan as it deems appropriate, to adopt, establish and revise rules, procedures and regulations relating to the
Plan, to determine the conditions subject to which any benefits may be payable, to resolve all factual and legal 

 
questions concerning the status of the Participants and others under the Plan, including but not limited to, eligibility for benefits and to make any other determinations which it believes
necessary or advisable for the administration of the Plan. Benefits under this Plan will be payable only if the Administrator decides in its sole discretion that the applicant is entitled to them under the Plan. The determinations, interpretations,
and regulations of the Administrator and the calculations of the Administrator shall be final and binding on all persons and parties concerned. 

ARTICLE 5 
 Amendment and
Termination of the Plan 
 5.1 Amendment and Termination of the Plan. The Administrator reserves the power to alter, amend,
wholly revise or terminate the Plan at any time and from time to time and the interest of each Participant is subject to the powers so reserved; provided, however, that no amendment or termination shall be effective without the consent of a
Participant to the extent that it would have a materially adverse impact on a Participant’s economic benefit under any Participation Letter. 

ARTICLE 6 
 Miscellaneous

 6.1 Unsecured General Creditor. Participants and their beneficiaries, heirs, successors and assigns shall have no legal or
equitable rights, interests or claims in any property or assets of the Company. For purposes of the payment of benefits under this Plan, any and all of the Company’s assets shall be, and remain, the general, unpledged unrestricted assets of the
Company. The Company’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future. 

6.2 Nonassignability. Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge,
anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be,
unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a
Participant or any other person, be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement or otherwise. 

6.3 Not a Contract of Employment. The terms and conditions of this Plan shall not be deemed to constitute a contract of employment
between the Company and the Participant. Nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of the Company. 

6.4 Governing Law. All issues concerning this Agreement shall be governed by and construed in accordance with the laws of the
Commonwealth of Massachusetts, without giving effect to any choice of law or conflict of law provision or rule (whether of the Commonwealth of Massachusetts or any other jurisdiction) that would cause the application of the law of any jurisdiction
other than the Commonwealth of Massachusetts. 

 6.5 Waiver of Jury Trial. The parties to this Agreement each hereby waives, to the fullest
extent permitted by law, any right to trial by jury of any claim, demand, action, or cause of action (i) arising under this Agreement or (ii) in any way connected with or related or incidental to the dealings of the parties hereto in
respect of this Agreement or any of the transactions related hereto, in each case whether now existing or hereafter arising, and whether in contract, tort, equity, or otherwise. The parties to this Agreement each hereby agrees and consents that any
such claim, demand, action, or cause of action shall be decided by court trial without a jury and that the parties to this Agreement may file an original counterpart or a copy of this Agreement with any court as written evidence of the consent of
the parties hereto to the waiver of their right to trial by jury. 

 2014 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. 
 Bonus Plan 
  

					
	Name: Donald R. Young	 		 	Date: February 7, 2014

 The outline below describes your participation for the 2014 Fiscal Year in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”). This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 75% of base salary or $337,500.00 

  

	3.	Performance Period: 2014 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:    $97.5 million 

  

	 	•	 	EBITDA Goal:                     $ 2.0 million 

 

	5.	Allocation of Target Award to Goals 

  

	 	•	 	33% or $111,375.00 based on Company Revenue Goal 

  

	 	•	 	67% or $226,125.00 based on EBITDA Goal 

  

	6.	Thresholds 

  

	 	•	 	90% of the Company Revenue Goal 

  

	 	•	 	EBITDA 3 $0M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	7.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal:    $11,423.08 per $1M 
 EBTIDA
Goal:                    $113,062.50 per $1M 

	8.	Examples 

  

	 	•	 	Revenue of $86.5M and EBITDA of ($1.0)M: 

 No payout under either goal as EBITDA
Goal Threshold not achieved. 
  

	 	•	 	Revenue of $99.5M and EBITDA of 2.5M: 

 Revenue exceeds Target by $2.0M

 Payout of Target Award plus 2.0 * $11,423.08 

= $111,375.00 + $22,846.16 
 =
$134,221.16 
 EBITDA exceeds Target by $ 0.5M 

Payout of Target Award plus 0.5 * $113,062.50 

= $226,125.00 + $56,531.25 
 =
$282,656.25 
 Total Payout: 

Revenue Payout + EBITDA Payout 
 =
$134,221.16 + $282,656.25 
 = $416,877.41 
  

	 	•	 	Revenue of $93.6M and EBITDA of $1.5M: 

 Revenue exceeds Threshold and is equal to 96%
of Target 
 Payout of (96% - 90%) / (100% - 90%) * Target Award 

= 60% * $111,375 = $66,825.00 

EBITDA exceeds Threshold and is equal to 75% of Target 

Payout of $1.5M / $2.0M * Target Award 

= 75% * $226,125.00 
 =
$169,593.75 
 Total Payout: 

Revenue Payout + EBITDA Payout 
 =
$66,825.00 + $169,593.75 
 = $236,418.75 
 All
amounts shown are based on current base salary. However, actual bonus will be calculated and paid based on actual base salary in effect at December 31, 2014. 

Accepted: I hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my participation in the Plan confidential
and not to divulge such terms and conditions. 
  

									
	Signature:	 	 /s/ Donald R. Young
	  		  	Dated:	 	 February 7, 2014

 2014 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. 
 Bonus Plan 
  

					
	Name: John Fairbanks	 		 	Date: February 7, 2014

 The outline below describes your participation for the 2014 Fiscal Year in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”). This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 35% of base salary or $93,486.30 

  

	3.	Performance Period: 2014 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:  $97.5 million 

  

	 	•	 	EBITDA Goal:                   $ 2.0 million 

 

	5.	Allocation of Target Award to Goals 

  

	 	•	 	33% or $30,850.48 based on Company Revenue Goal 

  

	 	•	 	67% or $62,635.82 based on EBITDA Goal 

  

	6.	Thresholds 

  

	 	•	 	90% of the Company Revenue Goal 

  

	 	•	 	EBITDA 3 $0M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	7.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal:    $3,164.15 per $1M 
 EBTIDA
Goal:                    $31,317.91 per $1M 

	8.	Examples 

  

	 	•	 	Revenue of $86.5M and EBITDA of ($1.0)M: 

 No payout under either goal as EBITDA
Goal Threshold not achieved. 
  

	 	•	 	Revenue of $99.5M and EBITDA of 2.5M: 

 Revenue exceeds Target by $2.0M

 Payout of Target Award plus 2.0 * $3,164.15 

= $30,850.48 + $6,328.30 
 =
$37,178.78 
 EBITDA exceeds Target by $ 0.5M 

Payout of Target Award plus 0.5 * $31,317.91 

= $62,635.82 + $15,658.96 
 =
$78,294.78 
 Total Payout: 

Revenue Payout + EBITDA Payout 
 =
$37,178.78 + $78,294.78 
 = $115,473.56 
  

	 	•	 	Revenue of $93.6M and EBITDA of $1.5M: 

 Revenue exceeds Threshold and is equal to 96%
of Target 
 Payout of (96% - 90%) / (100% - 90%) * Target Award 

= 60% * $30,850.48 
 = $18,510.29

 EBITDA exceeds Threshold and is equal to 75% of Target 

Payout of $1.5M / $2.0M * Target Award 

= 75% * $62,635.82 
 = $46,976.87

 Total Payout: 

Revenue Payout + EBITDA Payout 
 =
$18,510.29 + $46,976.87 
 = $65,487.15 
 All
amounts shown are based on current base salary. However, actual bonus will be calculated and paid based on actual base salary in effect at December 31, 2014. 

Accepted: I hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my participation in the Plan confidential
and not to divulge such terms and conditions. 
  

									
	Signature:	 	 /s/ John Fairbanks
	  		  	Dated:	 	 February 7, 2014

 2014 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. 
 Bonus Plan 
  

					
	Name: George Gould	 		 	Date: February 7, 2014

 The outline below describes your participation for the 2014 Fiscal Year in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”). This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 35% of base salary or $80,850.00 

  

	3.	Performance Period: 2014 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:   $97.5 million 

  

	 	•	 	EBITDA Goal:                    $ 2.0 million 

 

	5.	Allocation of Target Award to Goals 

  

	 	•	 	33% or $26,680.50 based on Company Revenue Goal 

  

	 	•	 	67% or $54,169.50 based on EBITDA Goal 

  

	6.	Thresholds 

  

	 	•	 	90% of the Company Revenue Goal 

  

	 	•	 	EBITDA 3 $0M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	7.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal:    $2,736.46 per $1M 
 EBTIDA
Goal:                    $27,084.75 per $1M 

	8.	Examples 

  

	 	•	 	Revenue of $86.5M and EBITDA of ($1.0)M: 

 No payout under either goal as EBITDA
Goal Threshold not achieved. 
  

	 	•	 	Revenue of $99.5M and EBITDA of 2.5M: 

 Revenue exceeds Target by $2.0M

 Payout of Target Award plus 2.0 * $2,736.46 

= $26,680.50 + $5,472.92 
 =
$32,153.42 
 EBITDA exceeds Target by $ 0.5M 

Payout of Target Award plus 0.5 * $27,084.75 

= $54,169.50 + $13,542.38 
 =
$67,711.88 
 Total Payout: 

Revenue Payout + EBITDA Payout 
 =
$32,153.42 + $67,711.88 
 = $99,865.30 
  

	 	•	 	Revenue of $93.6M and EBITDA of $1.5M: 

 Revenue exceeds Threshold and is equal to 96%
of Target 
 Payout of (96% - 90%) / (100% - 90%) * Target Award 

= 60% * $26,680.50 
 = $16,008.30

 EBITDA exceeds Threshold and is equal to 75% of Target 

Payout of $1.5M / $2.0M * Target Award 

= 75% * $54,169.50 
 = $40,627.13

 Total Payout: 

Revenue Payout + EBITDA Payout 
 =
$16,008.30 + $40,627.13 
 = $56,635.43 
 All
amounts shown are based on current base salary. However, actual bonus will be calculated and paid based on actual base salary in effect at December 31, 2014. 

Accepted: I hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my participation in the Plan confidential
and not to divulge such terms and conditions. 
  

									
	Signature:	 	 /s/ George Gould
	  		  	Dated:	 	 2/7/14

 2014 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. 
 Bonus Plan 
  

					
	Name: Kevin Schmidt	 		 	Date: February 7, 2014

 The outline below describes your participation for the 2014 Fiscal Year in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”). This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 35% of base salary or $98,510.23 

  

	3.	Performance Period: 2014 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:    $97.5 million 

  

	 	•	 	EBITDA Goal:                     $  2.0 million 

 

	5.	Allocation of Target Award to Goals 

  

	 	•	 	33% or $32,508.38 based on Company Revenue Goal 

  

	 	•	 	67% or $66,001.85 based on EBITDA Goal 

  

	6.	Thresholds 

  

	 	•	 	90% of the Company Revenue Goal 

  

	 	•	 	EBITDA 3 $0M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	7.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal:         $3,334.19 per $1M 
 EBTIDA
Goal:                         $33,000.93 per $1M 

	8.	Examples 

  

	 	•	 	Revenue of $86.5M and EBITDA of ($1.0)M: 

 No payout under either goal as EBITDA Goal
Threshold not achieved. 
  

	 	•	 	Revenue of $99.5M and EBITDA of 2.5M: 

 Revenue exceeds Target by $2.0M 

Payout of Target Award plus 2.0 * $3,334.19 

= $32,508.38 + $6,668.38 
 =
$39,176.76 
 EBITDA exceeds Target by $ 0.5M 

Payout of Target Award plus 0.5 * $33,000.93 

= $66,001.85 + $16,500.46 
 =
$82,502.32 
 Total Payout: 

Revenue Payout + EBITDA Payout 
 =
$39,176.76 + $82,502.32 
 = $121,679.08 
  

	 	•	 	Revenue of $93.6M and EBITDA of $1.5M: 

 Revenue exceeds Threshold and is equal to 96%
of Target 
 Payout of (96% - 90%) / (100% - 90%) * Target Award 

= 60% * $32,508.38 
 = $19,505.03

 EBITDA exceeds Threshold and is equal to 75% of Target 

Payout of $1.5M / $2.0M * Target Award 

= 75% * $66,001.85 
 = $49,501.39

 Total Payout: 

Revenue Payout + EBITDA Payout 
 =
$19,505.03 + $49,501.39 
 = $69,006.42 
 All
amounts shown are based on current base salary. However, actual bonus will be calculated and paid based on actual base salary in effect at December 31, 2014. 

Accepted: I hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my participation in the Plan confidential
and not to divulge such terms and conditions. 
  

									
	Signature:	 	 /s/ Kevin Schmidt
	  		  	Dated:	 	 3/21/14

 2014 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. 
 Bonus Plan 
  

					
	Name: Corby Whitaker	 		 	Date: February 7, 2014

 The outline below describes your participation for the 2014 Fiscal Year in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”). This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 35% of base salary or $99,137.50 

  

	3.	Performance Period: 2014 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:    $97.5 million 

  

	 	•	 	EBITDA Goal:                     $  2.0 million 

 

	5.	Allocation of Target Award to Goals 

  

	 	•	 	33% or $32,715.38 based on Company Revenue Goal 

  

	 	•	 	67% or $66,422.13 based on EBITDA Goal 

  

	6.	Thresholds 

  

	 	•	 	90% of the Company Revenue Goal 

  

	 	•	 	EBITDA 3 $0M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	7.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal:         $3,355.42 per $1M 
 EBTIDA
Goal:                         $33,211.06 per $1M 

	8.	Examples 

  

	 	•	 	Revenue of $86.5M and EBITDA of ($1.0)M: 

 No payout under either goal as EBITDA
Goal Threshold not achieved. 
  

	 	•	 	Revenue of $99.5M and EBITDA of 2.5M: 

 Revenue exceeds Target by $2.0M

 Payout of Target Award plus 2.0 * $3,355.42 

= $32,715.38 + $6,710.85 
 =
$39,426.22 
 EBITDA exceeds Target by $ 0.5M 

Payout of Target Award plus 0.5 * $33,211.06 

= $66,422.13 + $16,605.53 
 =
$83,027.66 
 Total Payout: 

Revenue Payout + EBITDA Payout 
 =
$39,426.22 + $83,027.66 
 = $122,453.88 
  

	 	•	 	Revenue of $93.6M and EBITDA of $1.5M: 

 Revenue exceeds Threshold and is equal to 96%
of Target 
 Payout of (96% - 90%) / (100% - 90%) * Target Award 

= 60% * $32,715.38 
 = $19,629.23

 EBITDA exceeds Threshold and is equal to 75% of Target 

Payout of $1.5M / $2.0M * Target Award 

= 75% * $66,422.13 
 = $49,816.59

 Total Payout: 

Revenue Payout + EBITDA Payout 
 =
$19,629.23 + $49,816.59 
 = $69,445.82 
 All
amounts shown are based on current base salary. However, actual bonus will be calculated and paid based on actual base salary in effect at December 31, 2014. 

Accepted: I hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my participation in the Plan confidential
and not to divulge such terms and conditions. 
  

									
	Signature:	 	 /s/ Corby Whitaker
	  		  	Dated:	 	 2/10/2014EX-10.16

 Exhibit 10.16 

ASPEN AEROGELS, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY 

The Board of Directors of Aspen Aerogels, Inc. (the “Company”) has approved the following Non-Employee Director Compensation
Policy (this “Policy”) which establishes compensation to be paid to non-employee directors of the Company, effective as of the closing of the Company’s initial public offering of common stock (the “Effective
Time”), to provide an inducement to obtain and retain the services of qualified persons to serve as members of the Company’s Board of Directors. 

Applicable Persons 
 This Policy shall
apply to each director of the Company who is not an employee of, or consultant to, the Company or any Affiliate (each, an “Outside Director”). “Affiliate” shall mean a corporation which is a direct or indirect
parent or subsidiary of the Company, as determined pursuant to Section 424 of the Internal Revenue Code of 1986, as amended. 
 Restricted Stock
Grants 
 All restricted stock grant amounts set forth herein shall be subject to automatic adjustment in the event of any stock split or
other recapitalization affecting the Company’s common stock. 
 Annual Restricted Stock Grants 

Commencing in calendar year 2015, each Outside Director shall be granted restricted shares of the Company’s common stock (the
“Annual Stock Grant”) equal in value to $85,000 under the Company’s 2014 Employee, Director and Consultant Equity Incentive Plan (the “Stock Plan”) each year on or about the time of the annual meeting of the
Board of Directors following the Company’s annual meeting of stockholders; provided that if there has been no annual meeting of stockholders held by the first day of the third fiscal quarter, each Outside Director will still receive any
annual grants of restricted stock provided for under this Policy on the first day of the third fiscal quarter of such year. The number of shares of common stock to be granted to each Outside Director as their Annual Stock Grant shall be calculated
using fair market value of the Company’s common stock as of the grant date, which shall be deemed to be the closing price on such date of the Company’s common stock on a national securities exchange. For any new Outside Director joining
the Board of Directors after the grant of the Annual Stock Grant in 2015, such new Outside Director shall receive a grant on the first day of his or her service on the Board of Directors equal to the pro rata share of that year’s Annual Stock
Grant calculated by multiplying the number of days of such year that the such new director will serve by the quotient of $85,000 divided by 365. 

 Initial Restricted Stock Grant at the Time of the Initial Public Offering 

Each Outside Director as of the closing of the Company’s initial public offering shall be granted restricted shares of the Company’s
common stock at the time of the pricing of the Company’s initial public offering, or as soon thereafter as practicable, equal in value to $85,000 under the Stock Plan (the “IPO Stock Grant”). The number of shares of common
stock to be granted to each Outside Director as their IPO Stock Grant shall be calculated using the price to the public of the Company’s common stock at its initial public offering. For any new Outside Director joining the Board of Directors
subsequent to the closing of the Company’s initial public offering but prior to the grant of the Annual Stock Grant in 2015, such new Outside Director shall receive a grant on the first day of his or her service on the Board of Directors equal
to the pro rata share of the IPO Stock Grant calculated by multiplying the number of days remaining prior to the one-year anniversary of the Company’s initial public offering by the quotient of $85,000 divided by 365. 

Terms for All Restricted Stock Grants 

Unless otherwise specified by the Board of Directors or the Compensation Committee at the time of grant, all restricted stock granted under
this Policy shall (i) vest on the earlier of (a) one year from the date of the grant with respect to an Annual Stock Grant or an IPO Stock Grant or (b) the day prior to the annual meeting for such fiscal year, each subject to the
Outside Director’s continued service on the Board of Directors and (ii) contain such other terms and conditions as the Board of Directors or the Compensation Committee shall determine prior to the grant of the restricted stock. 

Such restricted stock shall become fully vested immediately prior to a Change of Control. “Change of Control” means the occurrence
of any of the following events: (i)Any “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) becomes the “Beneficial Owner” (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities (excluding for this purpose
any such voting securities held by the Company or its affiliates or by any employee benefit plan of the Company) pursuant to a transaction or a series of related transactions; or (ii)(a) a merger or consolidation of the Company whether or not
approved by the Board of Directors, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity or the parent of such corporation) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity or parent of such corporation, as the case may be,
outstanding immediately after such merger or consolidation; or (b) the sale or disposition by the Company of all or substantially all of the Company’s assets in a transaction requiring stockholder approval. 

  
 2 

 Cash Fees 

Annual Cash Payments 
 The
following annual cash fees shall be paid to the Outside Directors serving on the Board of Directors and the Audit Committee, Compensation Committee and Nominating and Governance Committee, as applicable. 

 

									
	 Board of Directors or Committee of Board of Directors
	  	Annual Retainer Amount for
Chair
(in lieu of the annual retainer
amount for a
member)	 	  	Annual Retainer Amount
for Member	 
	 Board of Directors
	  	$	65,000	  	  	$	35,000	  
	 Audit Committee
	  	$	15,000	  	  	$	7,500	  
	 Compensation Committee
	  	$	10,000	  	  	$	5,000	  
	 Nominating and Governance Committee
	  	$	8,000	  	  	$	4,000	  

 If the Company holds more than 12 board meetings in a calendar year, each Outside Director will receive a fee
of $1,500 for each additional board meeting attended in person and a fee of $1,000 for each additional board meeting attended by telephone or by other means of communication. If the Company holds more than 12 meetings of the Audit Committee in a
calendar year, each member of such committee will receive a fee of $1,500 for each additional committee meeting attended in person and a fee of $1,000 for each additional committee meeting attended by telephone or by other means of communication. If
the Company holds more than 8 meetings of either of the Compensation Committee or the Nominating and Governance Committee in a calendar year, each member of such committee will receive a fee of $1,500 for each additional committee meeting attended
in person and a fee of $1,000 for each additional committee meeting attended by telephone or by other means of communication. 
 Payment
Terms for All Cash Fees 
 Cash payments payable to Outside Directors shall be paid quarterly in arrears as of the last day of each
fiscal quarter commencing as of the Effective Time. 
 Following an Outside Director’s first election or appointment to the Board of
Directors, such Outside Director shall receive his or her cash compensation pro rated beginning on the date he or she was initially appointed or elected. If an Outside Director dies, resigns or is removed during any quarter, he or she shall be
entitled to a cash payment on a pro rated basis through his or her last day of service. 
 Expenses 

Upon presentation of documentation of such expenses reasonably satisfactory to the Company, each Outside Director shall be reimbursed for his
or her reasonable out-of-pocket business expenses incurred in connection with attending meetings of the Board of Directors and Committees thereof or in connection with other business related to the Board of Directors. 

  
 3 

 Amendments 

The Nominating and Governance Committee or the Board of Directors shall review this Policy from time to time to assess whether any amendments
in the type and amount of compensation provided herein should be adjusted in order to fulfill the objectives of this Policy. 

  
 4

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