Document:

EX-10.1

 Exhibit 10.1 

INDUCEMENT AGREEMENT 

THIS INDUCEMENT AGREEMENT, dated as of the 15th day of February, 2016, is hereby entered into by and among the DEVELOPMENT AUTHORITY OF
BULLOCH COUNTY, a public body corporate and politic created pursuant to the laws of the State of Georgia (the “Development Authority”), the CITY OF STATESBORO, GEORGIA, a municipal corporation created and existing under the laws
of the State of Georgia (the “City”), BULLOCH COUNTY, GEORGIA, a county created and existing under the laws of the State of Georgia (the “County”) and ASPEN AEROGELS, INC., a Delaware corporation (said corporation,
together with its successors and assigns, hereinafter called the “Company”). 
 W I T N E
S S E T H: 
 WHEREAS, the Company currently is considering acquiring, constructing and equipping a new
project for the production of various insulation products on site located in the Gateway Industrial Park II (the “Industrial Park”) located in Bulloch County, Georgia (the “Project”); and 

WHEREAS, the Company estimates that the total capital investment to be made in connection with the Project will be approximately $70,000,000
and that the Project will create a total of up to 106 jobs; and 
 WHEREAS, the Development Authority, the City and the County
(collectively, the “Local Governmental Entities”) are desirous of inducing the Company to locate the Project in Bulloch County and believe that in assisting with the acquisition, construction and equipping of the Project they will promote
and expand for the public good and welfare industry and trade in Bulloch County and its vicinity and will reduce unemployment to the greatest extent possible; and 

WHEREAS, the Company is considering alternative sites for the Project located in other states and the economic incentives described herein are
critical component to the Company’s decision whether to locate the Project in Bulloch County (the “County”). 
 NOW,
THEREFORE, in order to induce the Company to undertake and locate the Project within the County, the Local Governmental Entities make the following agreements with the Company: 

ARTICLE I 
 LEASE; PURCHASE OPTIONS

 Section 1.01. Lease; Purchase Option. The Development Authority represents and warrants that it holds marketable, fee simple
title to the property described on Exhibit A attached hereto containing approximately 43.2 acres (the “Project Site”) located in the 

 
Industrial Park. The Development Authority agrees (i) at the request of the Company, to enter into an interim lease of the Project Site pursuant to an Interim Lease Agreement in which shall
be in form and substance satisfactory to both parties (the “Interim Lease”) between the Development Authority, as lessor, and the Company, as lessee, and (ii) at the request of the Company, enter into a final lease agreement (the
“Lease”) with respect to the Project Site and all improvements located thereon, as well as the machinery, equipment and other personal property installed therein or located thereon (the “Project”)between the Development
Authority, as lessor, and the Company, as lessee. The Lease shall contain the provisions described on Exhibit C attached hereto and such other terms and provisions as may be acceptable to the Development Authority and the Company. The
Development Authority further agrees that the Company shall have the right and option to (i) purchase the Project site during the period beginning on the date hereof and until the earlier of the third anniversary of the date hereof or the date
of the execution and delivery of the Lease for a purchase price of $30,000 per acre (the “Project Site Purchase Option”) and (ii) to purchase the Project from the Development Authority following the expiration or sooner termination of
the Lease for a purchase price of $10.00 (the “Purchase Option”). The Purchase Option shall either be incorporated in the Interim Lease and the Lease or set forth in a separate Purchase Option Agreement and the documents required to
evidence the Project Site Purchase Option and the Purchase Option shall be recorded in the real estate records of the County. 

Section 1.02. Environmental Representation. The Development Authority has had prepared, at its expense, an environmental
assessment of the Project Site and has provided a report of that assessment to the Company. To the best of the Development Authority’s knowledge, no portion of the Project Site is affected by any hazardous waste or regulated substance. 

Section 1.03. Expansion Property. The Development Authority agrees to enter into a separate purchase option with the Company
relating to two parcels of land located adjacent to the Project Site which are described on Exhibit B attached hereto (the “Expansion Property”) and which shall grant to the Company the right or option to purchase all or any portion
of such property under which the Company shall have the right or option to purchase said Expansion Property during the first three years following the date the Company receives a certificate of occupancy with respect to the Project (the “Option
Period”) for a purchase price mutually agreed by the parties, but in any event no more than the appraised value of the property as determined by a certified appraisal thereof. Following the Option Period, the Development Authority agrees to
notify the Company if any third party expresses an interest in acquiring one or both the Expansion Property parcels in order to give the Company an opportunity to discuss with the Development Authority the Company’s interest in acquiring such
parcels. The purchase option shall be in form and substance reasonably satisfactory to the Company and the Development Authority and shall provide that upon the purchase by the Company of one of the Expansion Property parcels, such option to
purchase and other obligations related to such Expansion Property shall terminate. 
  

  
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 ARTICLE II 

BOND FINANCING 

Section 2.01. Issuance of Bonds. At the request of the Company, the Development Authority will issue its taxable revenue bonds in
one or more series in a principal amount not presently anticipated to exceed $125,000,000 (the “Bonds”) with respect to the Project for the purpose of paying all or a portion of the costs of (i) acquiring, constructing and equipping
the Project and (ii) issuing the Bonds. The Company is hereby authorized to commence the planning, design, acquisition, construction, equipping and carrying out of the proposed Project in advance of the issuance of the Bonds and the Company
shall be reimbursed for all expenditures made for such purposes from the proceeds of the Bonds when the same are issued and delivered. 

Section 2.02. Terms of Bonds. The terms of the Bonds (maturity schedule, interest rates, denominations, redemption provisions,
etc.) will be determined by a bond purchase contract to be entered into among the Development Authority, the Company and the purchaser or purchasers of the Bonds, subject to the approval of the Company. At the request of the Company, the Bonds may
be issued as “draw down” Bonds under which installment payments are to be made by the purchaser or purchasers thereof when and as needed to pay the costs of the Project. 

Section 2.03. Trust Indenture; Security Deed. At the request of the Company, the Development Authority shall enter into a trust
indenture with a corporate trustee to be named by the Company or to adopt a bond resolution, which sets forth the terms of the Bonds and the security therefore. If a trust indenture is utilized, the Development Authority will pledge its interest in
the Lease and the rentals, revenues and receipts due thereunder to the corporate trustee for the benefit of the Bondholders, and the terms of such trust indenture shall be agreed upon by the Development Authority, the Company and said corporate
trustee. In addition, at the request of the Company, the Development Authority shall convey any title which it may hold in and to the Project to said corporate trustee or directly to the holder(s) of the Bonds by a deed to secure debt, security
agreement, assignment of leases and rents or any combination thereof for the benefit of the Bondholders. 
 Section 2.04.
Appointment of Bond Counsel and Development Authority Counsel; Preparation of Documents. The parties hereto acknowledge and agree that Alston & Bird LLP shall serve as bond counsel (the “Bond Counsel”) and as counsel to the
Company in connection with the issuance of the Bonds. Bond Counsel shall prepare the Lease, Option Agreement, the bond resolution, the trust indenture, if any, and any and all other documents with respect to the security for the bonds and the
judicial validation thereof. The Development Authority has retained Steve Rushing to represent it in connection with the issuance of the Bonds and the transactions described herein. Counsel to the Development Authority shall be required to give a
standard legal opinion at the closing of the issuance and sale of the Bonds which shall be in form and substance satisfactory to the Company and Bond Counsel. The Company agrees to pay the reasonable fees and expenses of counsel to the Development
Authority at the closing of the issuance of the Bonds and the execution and delivery of the Lease (the “Closing Date”) not to exceed $20,000 and which may be paid, at the option of the Company, from the proceeds from the sale or transfer
of the Bonds or separately from other Company funds. 

  
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 ARTICLE III 

TAX RELATED MATTERS 

Section 3.01. Ad Valorem Taxation on Project and Inventory. The Development Authority hereby represents and warrants that it is
exempt from property taxation and agrees to hold title to any and all real and personal property which is included in the Project. The Governmental Entities hereby represent and warrant that there exists a Level One Freeport in Bulloch County which
exempts 100% of property taxation on (i) inventory of goods in the process of being manufactured or produced including raw materials and partly finished goods, (ii) inventory of finished goods manufactured or produced in Georgia held by
the manufacturer or producer for a period not to exceed 12 months, and (iii) inventory of finished goods that are stored in a warehouse, dock, or wharf that are destined for shipment outside of Georgia for a period not to exceed 12 months. 

Section 3.02. Usufruct Treatment and PILOT Payments. The parties hereto understand and agree that the interest of the Company in
the Project is intended and shall be treated as a usufruct and that as such the Company shall not be subject to ad valorem property taxation on the property titled in the name of the Development Authority and leased to the Company pursuant to the
Interim Lease and the Lease. However, the Company shall agree to make payments-in-lieu-of property taxes (“PILOT Payments”) and Community Recovery Payments in accordance with the PILOT Agreement attached hereto as Exhibit E. The Local
Governmental Entities shall enter into the PILOT Agreement when requested by the Company on or prior to the Closing Date. 

Section 3.02. Jobs Tax Credit. The Development Authority hereby represents and warrants that Bulloch County is a Tier 1 County,
and that qualifying business enterprises located within Bulloch County are eligible for a job tax credit equal to $4,000 for each new full-time employee per year for five consecutive years and that the Company may elect to apply up to $3,500 of that
amount to reduce the Company’s payroll withholding tax. 
 Section 3.03. Sales Tax Exemption. 

(a) The Development Authority hereby acknowledges the applicability of the exemption from State of Georgia sales and use tax for manufacturing
and production equipment, primary material handling equipment and computer hardware and software which qualifies for such exemption under applicable law and, at the request of the Company, agrees to assist the Company in order to obtain any such
exemption. 
 (b) It is the understanding and intent of the parties that the Development Authority’s acquisition of title to the
Project shall be solely for the purpose of leasing the same to the Company pursuant to the terms of the Lease. It is further the understanding 

  
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and intent of the parties that, for purposes of the sales and use taxes imposed by Chapter 8 of Title 48 of the Official Code of Georgia Annotated, the conveyance to the Development Authority of
title to the Project, the lease of the Project to the Company and any purchase of the Project or any portion thereof by the Company as contemplated under the Lease shall not be deemed taxable transactions for sales and use tax purposes in accordance
with the holding in Footpress Corporation v. Strickland, 242 Ga. 686, S.E.2d 278 (1978). If requested by the Company, the Development Authority agrees to join with the Company in submitting a ruling request to the Georgia Department of
Revenue in order to confirm such sales and use tax treatment. 
 ARTICLE IV 

UTILITIES; RAIL LINE EXTENSION 

Section 4.01. Water, Sewer and Natural Gas Rates. The City agrees to charge the Company for water and sewer services the rates,
fees, tolls and charges applied to industrial customers of the City located in the unincorporated areas of the County. The City agrees to charge the Company for natural gas services the rates, fees, tolls and charges applicable to the Company’s
natural gas classification for rates, fees, tolls and charges. The City further agrees to waive all water, sewer and gas tap fees and related meter vaults otherwise payable with respect to the connection of water, sewer and gas to the Project. 

Section 4.02. Infrastructure Requirements. The following infrastructure improvements shall be provided to the Company in
connection with the Project at no cost to the Company. 
 (a) Earthwork Projects. The County agrees to provide sufficient labor and
earth moving equipment, at its own expense, to provide earthwork activities with a value of $195,000 to (i) prepare the Project Site for any storm water detention ponds to be constructed on the Project Site as designated and specified by the
Company pursuant to a site map provided by the Company to the Development Authority and the City, (ii) prepare the foundation for construction of the railroad spur, and (iii) provide erosion/sediment control procedures at the Project Site
while County forces are present and working on the Project Site. Upon receipt by the County of the location and specification for any of the foregoing earthwork projects and written direction from the Company to proceed with such earthwork project,
the County shall diligently proceed to commence such earthwork project and to use its best efforts to progress with such earthwork project within the required period for such work as may be required to accommodate the overall Project construction
schedule. The parties hereto agree that the County’s financial obligation to construct all of the foregoing earthwork projects shall be limited to $195,000 and that County forces shall not provide any additional work on the earthwork projects
beyond that amount. The costs of the earthwork projects shall be calculated based on the amount of cubic yards of soil required to be moved in connection therewith priced at $5.00 per cubic yard. If any of the earthwork projects are incomplete when
County forces have provided work valued at $195,000, it shall be the Company’s responsibility to complete the projects at the Company’s expense through some means other than use of County forces 

  
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 (b) Utility Extensions. The City agrees to design, construct and extend all
(i) offsite water and sanitary sewer and natural gas utilities and (ii) to construct and extend all water, sanitary sewer and natural gas utilities to the location on the Project Site which shall be designated by the Company pursuant to a
site map provided by the Company to the Development Authority and the City (the “Utility Extensions”). Said utilities shall have the respective capacities and features described on Exhibit D attached hereto. Upon receipt by the City
of the desired location for the extension of the on-site utilities and direction from the Company to proceed with such the extensions, the City shall diligently proceed to commence such utility extensions and to use its best efforts to complete such
utility extensions within the period as may be required to accommodate the overall Project construction schedule. 
 The site preparation
and utility extensions described in subparagraphs (a) and (b) above (collectively, the “Infrastructure Improvements”) shall be designed and constructed in compliance with all applicable federal state and local laws and
regulations. The plans and specifications for such Infrastructure Improvements shall be submitted as soon as practicable to the Company for the Company’s review and approval. The Local Governmental Entities agree to use their best efforts to
obtain in a timely manner any and all easements, rights-of-way and property, through condemnation or otherwise, which may be necessary or desirable in order to complete the Infrastructure Improvements as and when required under this
Section 4.02. 
 Section 4.03. Construction of Pretreatment Plant. The parties hereto acknowledge that it is contemplated
that the Company will construct a wastewater pretreatment plant on the Project Site and a sampling station capable of building a flow based composite sample for daily testing. It is understood that an industrial pretreatment permit will be required
for such construction and will include limits on biological, chemical and metals concentrations as well as a maximum daily flow which shall be reasonable based on the related treatment plant capacity and requirements and will provide for
commercially reasonable testing and reporting schedules and commercially reasonable non-exclusive remedies for violations of the terms of the pretreatment permit. The City agrees that it and its engineering firm will coordinate on a timely basis
with the Company and its advisors in connection with the design and construction of such pretreatment plant and that the Company will be permitted to extend payment of the Aid to Construction (“ATC”) fee with respect to the City’s
wastewater treatment plant for 24 months. 
 Section 4.04. Rail Line Extension. The County agrees to promptly apply for, and use
its best efforts to obtain, a federal Employment Incentive Program (“EIP”) grant in the amount of $480,000 in order to construct a rail spur from the main Norfolk and Southern to the Project Site (the “Rail Spur”) at a location
designated by the Company and to obtain or assist the Company to obtain all necessary permits, approvals, easements, licenses or rights-of-way reasonably necessary or desirable to complete and permit the Company to use the Rail Spur. The Development
Authority shall pay for administrative costs of the grant. The Company shall be responsible for paying any costs relating to the 

  
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construction of the Rail Spur in excess of available grant funds. The construction of the Rail Spur as described herein must be finally completed not later than a date required by the Company in
order to accommodate its construction schedule; provided, however, the completion date must reasonable in light of when applicable approvals by the railroad or any other third parties may be obtained. 

Section 4.05. Building and Land Disturbance Permit Fee Waivers. The County agrees to waive any and all building, land use and land
disturbance fees required in connection with the construction of the Project, the Infrastructure Improvements and the Rail Spur. 
 ARTICLE V

 STATE GRANT; EMPLOYEE TRAINING 

Section 5.01. State Grant. The parties hereto acknowledge that the State of Georgia (the “State”) has agreed to provide
a grant to the Development Authority in the amount of $250,000 to be applied against the costs of site and infrastructure improvements to be incurred by the Company in connection with the construction of the Project (the “State Grant”).
The Development Authority agrees to promptly take any and all actions required in order to obtain the State Grant, including, without limitation, preparing and filing an application for the State Grant and all other documents as may be requested by
the Department of Economic Development and the Department of Community Affairs in order to be able to obtain and provide to the Company the amount of the State Grant with a target date of December 31, 2016. 

Section 5.02. Employee Training. The Development Authority hereby agrees to assist the Company to obtain from the State of
Georgia’s “Quick Start Program”, administered by the Georgia Department of Technical and Adult Education (“GDTAE”), a written commitment to (i) design a training program or programs specifically suited for the
particular jobs to be created at the Project, (iii) advertise for and interview prospective employees and (iv) conduct training programs for the Company’s employees, all at no cost to the Company. In addition, the Development
Authority agrees to provide up to $20,000 of additional private training for Company employees through the Ogeechee Technical College which is specifically suited for employees to be designated by the Company. 

ARTICLE VI 
 LOCAL PERMITS; ONE
STOP PERMITTING; TEMPORARY OFFICES 
 Section 6.01. Permits. Each of the Local Governmental Entities hereby agrees to cooperate
with and to use its best efforts to assist the Company in order to obtain in a timely fashion all building permits, licenses, variances, special use permits, site plan and other approvals that the Development Authority or the Company deem to be
necessary or desirable in connection with the construction and operation of the Project, including, without limitation, any such permits pertaining to buildings or other improvements, occupancy, signage, curb cuts, driveways (including ingress and
egress to public thoroughfares), parking and environmental controls (herein collectively referred to as the “Permits”). 

  
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 Section 6.02. One-Stop Permitting. The Local Governmental Entities hereby agree
designate a single point of contact to assist the Company to obtain any and all Permits. In this regard, the Development Authority acknowledges that the Company or its agents are authorized to purchase equipment and obtain permits and licenses in
order to acquire, construct, install and equip the Project. 
 Section 6.03. Temporary Office Space. Upon request of the
Company, the Development Authority agrees to provide the Company and its employees and agents office space for use in connection with the design, construction and equipping of the Project (the “Temporary Office Space”); provided that the
total cost to the Development Authority to provide such Temporary Office Space shall not exceed $24,000. Such Temporary Office Space shall be within 4 miles of the Project Site, shall have a meeting room of sufficient size to accommodate meetings of
at least 10 people, and shall have at least two hard walled offices and six work cubicles. The Temporary Office Space shall be equipped with phone and internet connections. 

ARTICLE VII 
 JOBS AND INVESTMENT
GOALS 
 Section 7.01 Inducement. If the Company agrees to locate the Project at the Project Site, nothing herein contained
shall obligate the Company to make any particular level of investment or create any particular level of jobs. Rather, the Company’s responsibilities regarding such matters shall be governed exclusively by a separate PILOT Agreement in the form
attached hereto as Exhibit E. The Company’s agreement to locate the Project at the Project Site is based, in part, on the incentives being offered by the Local Government Entities as described herein. Such incentives are being offered to induce
the Company to locate the Project at the Project Site, with attendant job creation and investment on the part of the Company, all of which constitutes valuable, non-cash consideration to the Local Government Entities and the citizens of the City, of
the County and of the State. The Parties acknowledge that the incentives provided for in this Agreement serve a public purpose through the job creation and investment generation represented by the Project. The Parties further acknowledge that the
cost/benefit requirements applicable to the Local Government Entities in the course of providing such incentives dictate that some measure of recovery must be applied in the event that the anticipated jobs and investment do not for any reason fully
materialize. 
 ARTICLE VIII 

MISCELLANEOUS 

Section 8.01. Performance of Agreements by Company. The Local Governmental Entities hereby acknowledges and agree that, if any of
the Local Governmental Entities shall default in any of its covenants hereunder, including without limitation the provision of the Infrastructure Improvements or the Rail Spur as, when and where required hereunder, the Company shall have the right
(but not the obligation) to 

  
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undertake and perform such covenant or work on behalf of the Local Governmental Entity involved and all funds advanced or costs incurred by the Company in connection therewith shall be deemed an
obligation of the defaulting Local Governmental Entity and that Local Governmental Entity agrees to pay upon demand with interest calculated at the rate of interest per annum from time to time published in the money rates section of The Wall Street
Journal or any successor publication thereto as the “prime rate” then in effect; provided that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any
reason as determined by the Company, the “Prime Rate” shall mean the announced prime rate of interest of Bank of America, N.A.. 

Section 8.02. Representations and Warranties. The representations and warranties in this Inducement Agreement shall survive the
execution and delivery of this Inducement Agreement and the consummation of the transactions contemplated by this Inducement Agreement. 

Section 8.03. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original,
and all of which together shall be deemed one and the same instrument. 
 Section 8.04. No Personal Liability. It is understood
and agreed that no present or future member, director, commissioner, officer or employee of any of the Local Governmental Entities shall be liable hereunder or under the Lease or any other agreement executed in connection herewith. 

Section 8.05. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of
Georgia. 
 Section 8.06. Amendments. This Agreement may only be amended in a writing executed by all of the parties hereto.

 Section 8.07. Assignment. This Agreement may not be assigned by any of the parties hereto without the prior written consent
of the others, except that the rights, benefits and obligations of the Company under this Agreement may be transferred and assigned by the Company, in whole or in part, to any one or more individuals, corporations, partnerships (general or limited),
joint ventures, or other entities which propose to acquire the Project in whole or in part, with the same effect as if such individuals, corporations, partnership, joint ventures, or other entities were named as the Company in this Agreement. Unless
otherwise agreed in writing by the Authority, the assignment of the Company’s rights shall not release the Company from its obligations for costs and indemnification accruing prior to the date of such assignment, but shall release the Company
from any further obligations or liabilities under this Agreement, provided the assignee of Company has assumed all of the Company’s obligations hereunder in writing. Notwithstanding the foregoing, the Company’s rights under this Agreement
shall be deemed to have been assigned automatically and without the necessity of any further actions or consents to any assignee of the Lease in accordance 

  
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with the terms of the Lease and any release of the Company from its obligations under the Lease will likewise release, and to the same extent, release the Company from its obligations hereunder
to the extent such obligations are assumed in writing by such assignee. 
 Section 8.08. Binding Effect; Third- Party
Beneficiaries. This Agreement shall inure to the exclusive benefit of, and be binding upon, the parties hereto and their respective successors and permitted assigns. Nothing expressed or mentioned herein is intended or shall be construed to give
any person other than the parties hereto and their permitted assigns any legal or equitable rights, remedies or claims under or with respect to any covenants, conditions or provisions herein contained. 

Section 8.09. Confidentiality. The Local Governmental Entities understand the importance to the Company of keeping matters
relating to the Project and this Agreement strictly confidential until such matters are publicized with the consent of the Company. Accordingly, each of the Local Governmental Entities hereto agrees to treat, and cause their respective officers,
directors, employees and agents to treat, as strictly confidential to the fullest extent permitted by law, the contents of this Agreement and all information provided with respect to the Project, including, without limitation, the location, size,
type and ownership or operation of the Project. If a Local Governmental Entity is requested to provide a copy of this Agreement or other documents with respect to the transactions described herein and such Local Governmental Entity determines that
it would be compelled to do so under applicable law, such Local Governmental Entity shall give the Company not less than two days prior notice before releasing any such documentation. The Local Governmental Entities further agree to fully corporate
and coordinate with the Company in connection with all press releases and other notices or publications concerning the Project and this Agreement proposed to be made by any Local Governmental Entity which shall in each instance be approved by the
Company in advance. 
 Section 8.10. Entire Agreement. Other than the Confidential and Proprietary Information Non-Disclosure
Agreement dated December 16, 2014 between Company and the Authority, this Agreement constitutes and represents the entire agreement and understanding between the parties hereto in reference to all matters referred to herein and all previous
discussions and promises, representations and understandings relative thereto, if any, between the parties hereto, the same being merged. 

Section 8.11. Force Majeure. No party hereto shall be liable for any failure or delay in performance if caused, in whole or in
part, by any circumstance or events beyond the reasonable control of such party, including, without limitation, fire; flood; earthquake; acts of God; strikes, boycotts, riots or civil disorders; declared or undeclared wars; casualty; delays in
obtaining governmental permits; compliance with government orders; acts of civil or military authority; accidents; industrial disturbances; interruptions of transportation facilities or delays in transit; delays, curtailment or shortages of
construction, production, manufacturing or other materials, equipment, raw materials or supplies; failure of any party hereunder to perform, or any delays in the performance of, 

  
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any commitment to such other party relating to the performance of its obligations; or any other cause, whether similar or dissimilar to the foregoing causes (including, without limitation,
general, macro or special economic circumstances that adversely affects net revenues or sales volumes), beyond the reasonable control of such party. In the event of any such contingency, the affected party shall notify the other parties of the
contingency within a reasonable period of time and shall make commercially reasonable efforts promptly to remove the contingency such that performance may be resumed; provided, however, no party shall be obligated to settle any labor
dispute. If as a result of the occurrence of any such contingency, such party’s performance hereunder cannot be completed within the original period for performance, the period for performance shall be extended for a period of time equal
to the duration of such contingency and a reasonable period thereafter to allow for completion of performance without prejudice to any of the other rights of such party under this Agreement. 

Section 8.12. Termination. So long as none of the Local Governmental Entities is in default of its obligations hereunder, the
Development Authority may terminate this Agreement by written notice to the Company if the construction of the Project has not been commenced prior to the third anniversary of the date of this Agreement, or construction of the Project has not been
completed prior to the fifth anniversary of the commencement of construction of the Project. So long as the Company is not in default of its obligations hereunder, it may terminate this Agreement at any time by written notice to the Development
Authority. 
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 IN WITNESS WHEREOF, the parties hereto have executed this Inducement Agreement as of the date
first above written. 
  

							
		 		 	DEVELOPMENT AUTHORITY OF BULLOCH COUNTY
				
	[SEAL]	 		 		 	
				
		 		 	By:	 	 /s/ L. Bruce Yawn

		 		 	Name:	 	L. Bruce Yawn
		 		 	Title:	 	Chair

  
 [Signature Page –
Inducement Agreement] 

							
		 		 	CITY OF STATESBORO, GEORGIA
				
	[SEAL]	 		 		 	
				
		 		 	By:	 	 /s/ J. Garret Nevil

		 		 	Name:	 	J. Garret Nevil
		 		 	Title:	 	Chairman

  
 [Signature Page –
Inducement Agreement] 

							
		 		 	BULLOCH COUNTY, GEORGIA
				
	[SEAL]	 		 		 	
				
		 		 	By:	 	 /s/ Jan J. Moore

		 		 	Name:	 	Jan J. Moore
		 		 	Title:	 	Mayor

  
 [Signature Page –
Inducement Agreement] 

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

		 		 	Name:	 	John F. Fairbanks
		 		 	Title:	 	Chief Financial Officer

  
 [Signature Page –
Inducement Agreement] 

 EXHIBIT A 

DESCRIPTION OF PROJECT SITE 
 Riggs Rail Site;
Subject property is located in Gateway Industrial Park II and is off of U.S. Highway 301 South (4 lane) and 6 miles from Interstate 16, in Statesboro, Bulloch County, Georgia. 

Also described as: 
 All that parcel of land lying and being in
the 1209th G.M.D., Bulloch County, Georgia containing 43.2 acres and being more particularly described as follows: 

BEGINNING at a point located at the intersection of the northwestern right-of-way of the Norfolk Southern Railroad and the northeastern right-of-way of A.J.
Riggs Road; THENCE along the right-of-way of A.J. Riggs Road clockwise along the arc of a curve (Radius = 22501.538’) which subtends a chord of N 38°35’07” W a length of 137.83’ to a point; THENCE along the right-of-way of
A.J. Riggs Road N 38°24’37” W a distance of 307.42’ to a point; THENCE along the right-of-way of A.J. Riggs Road N 51°35’24” E a distance of 10.00’ to a point; THENCE along the right-of-way of A.J. Riggs Road N
38°24’36” W a distance of 143.16’ to a point; THENCE along the right-of-way of A.J. Riggs Road counterclockwise on the arc of a curve (Radius = 4002.728’) which subtends a chord of N 39°48’28” W a length of
195.36’ to a point; THENCE along the right-of-way of A.J. Riggs Road N 41°16’53” W a distance of 147.85’ to a point; THENCE along the right-of-way of A.J. Riggs Road clockwise on the arc of a curve (Radius = 5610.466’)
which subtends a chord of N 40°25’20” W a distance of 161.70’ to a point at the southern end of a right-of-way miter with Gateway Boulevard ; THENCE along said right-of-way miter N 06°39’23” E a distance of
68.83’ to a point; THENCE along the southeastern right-of-way of Gateway Boulevard N 51°39’32” E a distance of 2224.97’ to point in the run of a branch; THENCE along the run of said branch which meanders along a traverse line
of S 38°34’13” E a distance of 67.66’ to a point; THENCE along the run of said branch which meanders along a traverse line of S 32°08’50” E a distance of 146.44’ to a point; THENCE along the run of said branch
which meanders along a traverse line of S 09°54’32” E a distance of 119.41’; THENCE along the run of said branch which meanders along a traverse line of S 15°59’45” E a distance of 149.31’ to a point; THENCE
along the run of said branch which meanders along a traverse line of S 39°59’11” W a distance of 112.20’ to a point; THENCE along the run of said branch which meanders along a traverse line of S 74°53’31” W a
distance of 191.36’ to a point; THENCE along the run of said branch which meanders along a traverse line of S 17°19’47” W a distance of 121.60’ to a point; THENCE along the run of said branch which meanders along a traverse
line of S 02°28’57” E a distance of 89.85’ to a point; THENCE S 41°16’36” E a distance of 340.59’ to a point on the northwestern right-of-way of the Norfolk Southern Railroad; THENCE along said right-of-way S
48°40’09” W a distance of 687.09’ to a point; THENCE along said right-of-way counterclockwise on 

 
the arc of a curve (Radius = 2899.778’) which subtends a chord of S 41°54’35” W a length of 683.12’; THENCE along said right-of-way S 35°08’43” W a distance
of 369.39’ to the POINT OF BEGINNING. 
 Said parcel bound as follows: 

NORTHWEST by Gateway Boulevard. 
 NORTHEAST by the Development
Authority of Bulloch County and Barney L. Allen, Jr. 
 SOUTHEAST by the northwest right-of-way of Norfolk Southern Railroad. 

SOUTHWEST by the northeast right-of-way of A. J. Riggs Road. 

 EXHIBIT B 

DESCRIPTION OF EXPANSION PROPERTY 

Parcel One 
 All that certain parcel of land
located in the 1209th G.M.D., Bulloch County, Georgia containing 
 29.05 acres: 

COMMENCING at an iron pipe on the 90 degree bend of the right-of-way of Zell Miller Parkway, at the northwest corner of the property of
Viracon of Georgia, Inc.; THENCE South 22°58’02” West for a distance of 140.36 feet to a one-half inch capped rebar (1/2” CRB) on the western right-of-way of Zell Miller Parkway (80’ R/W); THENCE along the western
right-of-way of Zell Miller Parkway South 11°47’24” East a distance of 394.71’ to a point which is the POINT OF BEGINNING. 

BEGINNING at said point; THENCE along the western right-of-way of Zell Miller Parkway South 11°47’24” East a distance of
633.51’ to a point; THENCE along the western right-of-way of Zell Miller Parkway clockwise on the arc of a curve (Radius 1787.058’) which subtends a chord of South 06°53’33” East a distance of 305.12’ to a point; THENCE
North 89°57’37” West a distance of 840.00’ to a point; THENCE North 89°57’37” West a distance of 795.04’ to a point; THENCE North 42°13’46” East a distance of 231.89’ to a point; THENCE North
24°32’00” East a distance of 218.94’ to a point; THENCE North 18°54’38” West a distance of 261.71’ to a point; THENCE 

North 27°18’16” East a distance of 343.66’ to a point; THENCE South 89°54’17” East a distance of 1149.39’ to a point
which is POINT OF BEGINNING. 
 Parcel Two 
 ALL that
certain parcel of land located in the 1209th G.M.D., Bulloch County, Georgia and being more particularly described as follows: 

COMMENCING at a point located at the intersection of southwestern right-of-way of J.C. Cannady Road and the northwestern right-of-way of the Norfolk Southern
Railroad; THENCE counterclockwise along the southwestern right-of-way of J.C. Cannady Road on the arc of a curve (Radius = 1157.12’) which subtends a chord of North 39°09’34” West a distance of 85.43’ to a point; THENCE
counterclockwise along the right-of-way 

 
of J.C. Cannady Road on the arc of a curve (Radius = 1157.12’) which subtends a chord of North 43°52’53” West a distance of 105.94’; THENCE along the right-of-way of J.C.
Cannady Road North 46°30’57” West a distance of 140.83’ to a point which is the POINT OF BEGINNING. 
 BEGINNING at said point; THENCE
North 42°42’19” West a distance of 1044.43’ to a point; THENCE North 41°56’30” West a distance of 1044.43’ to a point; THENCE South 89°53’38” East a distance of 1177.67’ to a point; THENCE
South32°33’38” East a distance of 377.83’ to a point; THENCE South 24°46’22” West a distance of 333.40’ to a point; THENCE South 67°51’40” East a distance of 784.66’ to a point; THENCE South
32°04’21” West a distance of 84.98’ to a point; THENCE South 32°08’51” West a distance of 125.07’ to a point; THENCE South 32°07’47” West a distance of 126.98’ to a point; THENCE South
32°08’05” West a distance of 22.94’ to a point; THENCE South 32°05’47” West a distance of 76.73’ to a point; THENCE 32°04’37” West a distance of 68.08’ to a point; THENCE South
32°09’08” West a distance of 32.22’ to a point; THENCE South 32°07’05” West a distance of 117.97’ to a point; THENCE South 32°08’47” West a distance of 120.48’ to a point on the northeastern
right-of-way of J.C. Cannady Road; THENCE along the right-of-way of J.C. Cannady Road North 46°30’57” West a distance of 130.00’ to a point; THENCE along the right-of-way of J.C. Cannady Road South 43°29’03” West a
distance of 80.00’ to a point which is the POINT OF BEGINNING. 
 Said parcel contains 30.00 acres. 

 EXHIBIT C 

DESCRIPTION OF LEASE AGREEMENT 

The Lease Agreement (the “Lease”) between the Development Authority and the Company shall include the following general provisions:

 1. Term. The basic term of the Lease will commence as of its date of execution and expire day before the fifth (5th) anniversary of the commencement date, subject to renewals thereafter at the option of the Company; provided, however, in no event shall the basic term of the Lease extend beyond the
thirty-first (31st) day of December of the tenth (10th) year following the year in which the Project was completed and available for
occupancy (the “Lease Term”), or upon earlier termination as provided therein. 
 2. Rent. The amounts payable under the
Lease as rent will be paid directly to the Bondholders or to a corporate trustee to be selected by the Company for the benefit of the Bondholders, as the case may be, at such times and in such amounts as shall be timely and sufficient to pay the
principal of, premium, if any, and interest on the Bonds as the same shall become due and payable. The obligation of the Company to make all payments required under the Lease shall be absolute and unconditional after the delivery of the Bonds. 

3. Net Lease. The Lease shall be deemed a “net lease” and the Company will pay all customary assessments or utility charges
which may be lawfully levied, assessed or charged upon the Company or the Project or the payments derived from the Lease if failure to pay would result in a lien or charge upon the Project or the revenues of the Development Authority therefrom. 

4. Bond Proceeds. The proceeds from the sale of the Bonds shall be used to finance the Project in accordance with the requirements of
the Lease. To the extent moneys representing bond proceeds are held in any fund or account pending their disbursement to pay acquisition, construction or equipping costs, such moneys may be invested in obligations which represent legal investments
for bond proceeds of the Development Authority. 
 5. Maintenance; Repair; Modifications. The Company shall agree to keep the Project
in reasonably safe condition as its operations shall permit and to keep the Project in good repair and in good operating condition as is consistent with its normal operating policies. The Company shall be permitted to make additions, modifications
and improvements to the Project so long as the Project shall continue to be a project which may be financed by the Development Authority under applicable law. 

6. Equipment. The Company shall be permitted in its sole discretion to replace, substitute, dispose of or transfer obsolete, worn-out,
unsuitable or unwanted 

 
machinery, equipment and related personal property included in the Project. At the request of the Company, the Development Authority shall execute and deliver any and all bills of sale, releases
or other documents which may be required in connection with any such replacement, substitution, disposition or transfer. All equipment so substituted shall be transferred to the Development Authority and included under the Lease. 

7. Insurance. The Company shall keep the Project insured against loss, damage or perils, and will carry public liability insurance
covering personal injury, death or property damage with respect to the Project, consistent with its normal operating policies, but the Company may at any time elect to be self-insured. 

8. Compliance with Laws. The Company will agree to endeavor to construct, occupy and maintain the Project in accordance with all
applicable federal, state, county and municipal laws, ordinances, rules and regulations, including, without limitation, all environmental laws; provided, however, the Company shall be permitted to contest in good faith, at its expense and in its
name or in the name of the Development Authority, the validity or application of any such laws, ordinances, rules or regulations. 
 9.
Limited Obligations of the Development Authority. The Lease shall provide that in the performance of the agreements contained therein on the part of the Development Authority, any obligation it may incur for the payment of money shall not be
a general debt on its part or of the City, the County or the State of Georgia, but shall be payable solely from the payments received under the Lease or from bond proceeds and, under certain circumstances, insurance proceeds and condemnation awards.

 10. Indemnification. The Lease shall contain agreements providing for the indemnification of the Development Authority and the
individual directors, officers, agents and employees thereof for all expenses incurred by them and for any claim of loss suffered or damage to property or any injury or death by any person incurred in connection with the planning, design,
acquisition, construction, equipping, installation, financing and carrying out of the Project or the operation of the Project, including but not limited to violations of state or federal environmental laws, except any loss resulting from the
negligence, willful misconduct or bad faith of such indemnified parties. 
 11. Termination. The Company shall have the option
exercisable at any time to terminate the Lease provided that it shall have paid (or caused the same to have been paid) the outstanding principal amount of the Bonds and all accrued and unpaid interest thereon. 

12, Subordination of Fee. Under the Lease, if requested by the Company the Development Authority shall subordinate its interest in the
Project to any loans to the Company that are secured by the Project, so long as the liability of the Development Authority shall be absolutely limited to its interest in the Project. 

 EXHIBIT D 

UTILITY REQUIREMENTS 
  

	1.	Water – The main water line shall be a six inch PVC portable water main with a six inch water meter and reduced pressure zone backflow assembly, together with a ten inch double check valve. Said water lines
shall be extended to a maximum of 390 feet or to within five feet of the proposed building, whichever is less. There shall also be included a maximum of 50 feet of two inch PVC irrigation main with a two inch meter and backflow preventer.

  

	2.	Sewer – The sewer line shall be an eight inch pipe and shall be extended a maximum of 750 feet or to within five feet of the proposed building, whichever is less. 

 

	3.	Natural Gas – The gas main shall be of a sufficient size and pressure required by the Company and shall be extended to a maximum of 390 feet or to within five feet of the proposed building, whichever is
less. 

 EXHIBIT E 

PILOT AGREEMENTEX-10.2

 EXHIBIT 10.2 

PILOT AGREEMENT 
 THIS
PILOT AGREEMENT (this “Agreement” or “PILOT Agreement”) is dated February 15, 2016, and is entered into by and between the DEVELOPMENT AUTHORITY OF BULLOCH COUNTY, a public body corporate and politic
created and existing under the Constitution and laws of the State of Georgia (the “Authority”) and ASPEN AEROGELS, INC., a Delaware corporation (the “Company”), in order to evidence their agreements as the
respective parties hereto. BULLOCH COUNTY, GEORGIA (the “County”), the CITY OF STATESBORO, GEORGIA (the “City”), and the BOARD OF TAX ASSESSORS OF BULLOCH COUNTY (the “Board of
Assessors”), are each executing an Acknowledgment hereof attached to this Agreement in order to acknowledge its agreement to the provisions hereof which are applicable to it. 

The Authority has been duly created and is validly existing as an instrumentality of the County, and is a public body corporate and
politic, all as more particularly set forth in O.C.G.A. § 36-62-1 et seq. (the “Development Authorities Law”). Pursuant to the Development Authorities Law, the Authority is created for the purpose of
developing and promoting trade, commerce, industry, and employment opportunities for the public good and the general welfare and to promote the general welfare of the State of Georgia (the “State”). Pursuant to the public purposes
for which it has been created, the Authority agrees to the provision to the Company of the incentives described below in consideration of the Company’s agreement, as set forth below, to locate the Project (as hereinafter defined) within the
borders of the County, with attendant job creation and investment on the part of the Company, all of which constitutes valuable, non-cash consideration to the Authority, the County, the City, and their citizens. All capitalized terms defined herein
shall have the meanings so provided throughout this Agreement. 
  

	1.	THE PROJECT. 

 1.1 The Project. The Company currently is
considering acquiring, constructing and equipping a new project for the production of various insulation products on site located in the Gateway Industrial Park II (the “Industrial Park”) located in Bulloch County, Georgia (the
“Project”). The Company estimates that the total capital investment to be made in connection with the Project will be approximately $70,000,000 and that the Project will create a total of up to 106 jobs. 

 

	2.	BOND FINANCING. 

 2.1 The Bonds. The Authority shall initially
issue its economic development revenue bonds (the “Bonds”) in a principal amount not to exceed $125,000,000 (the “Maximum Bond Amount”), to pay or to reimburse the Company or the Authority, or both,
for costs of the Project as permitted by the Development Authorities Law. It is acknowledged by the parties hereto that the anticipated amount of the capital investment with respect to the Project exceeds the limits in the Internal Revenue Code of
1986, as amended (the “Code”) applicable to the issuance of tax-exempt bonds and therefore the Bonds will not qualify for tax-exempt status under the applicable provisions of the Code. The Company shall be responsible for the
arrangements pertaining to the sale of the Bonds. 

 2.2 Project Site; Lease. The Authority represents and warrants that it
holds marketable, fee simple title to the property described on Exhibit A attached hereto containing approximately 43.2 acres (the “Project Site”) located in the Industrial Park. The Authority agrees (i) at the request
of the Company, to enter into a lease agreement (the “Lease”) with respect to the Project Site and all improvements located thereon, as well as the machinery, equipment and other personal property installed therein or located
thereon as part of the Project between the Authority, as lessor, and the Company, as lessee. The Lease shall contain the provisions described on Exhibit B attached hereto and such other terms and provisions as may be acceptable to the
Authority and the Company. 
  

	3.	AD VALOREM TAX SAVINGS; ORDINARY PILOT PAYMENTS.  

3.1 Project Exempt from Property Taxation. The parties to this Agreement understand and agree that the Authority is not
subject to ad valorem taxation on its interest in either the real property or the personal property of the Project. The parties further acknowledge and agree that (i) the interest of the Company in the real property portions of the
Project is intended and shall be treated as a usufruct, (ii) the interest of the Company in the personal property portions of the Project is intended and shall be treated as a bailment for hire. As a result, the Project shall not be subject to
ad valorem property taxation on the property titled in the name of the Development Authority and leased to the Company pursuant to the Lease. The Board of Assessors acknowledges and attests to its familiarity with the form of the Lease, and
expressly confirms that neither the interest of the Authority nor the interest of the Company in the real and personal property portions of the Project will be subject to ad valorem taxation. This Agreement shall be among the documents that are
judicially validated in connection with the validation of the Bonds. 
 3.2 Tax Filings; Determination of Tax Values.
During the first calendar year following the completion of the Project and issuance of the certificate of occupancy with respect thereto (the “Tax Commencement Year”) and for each calendar year thereafter, (i) the Company
agrees to file with the Board of Tax Assessors a personal property tax return identifying all of the personal property located in the County as of January 1 of that year which is titled in the name of the Authority, and (ii) the Board of
Tax Assessors shall determine the fair market value of the real property portions of the Project using its standard assessment policies and procedures applicable to industrial property. Based on the foregoing and the mileage rate applicable to the
Bulloch County School System (the “School System”), the County shall prepare or cause to be prepared and submitted to the Company a bill indicating the portion of the property taxes that would have been due and payable with respect
to School System and the Statesboro Fire District if the Company held full legal title to the Project as of January 1 of that year (the “PILOT Payment Bill”). 

3.3 Tax Value Contest Rights. Notwithstanding the foregoing, the parties hereto acknowledge and agree that the Company
shall have the right, at its own expense 

  
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and in its own name or in the name and on the behalf of the Authority, to contest the determination of the fair market value of the real and/or personal property portions of the Project or the
calculation of such PILOT payments. The Company shall have all of the same rights and remedies as it would have in the case of a dispute over ad valorem property taxes, including, without limitation, the right to dispute the valuation used by
the Board of Assessors. Without limitation, the Authority, the Board of Assessors and the Company agree that the Company shall have the right of arbitration provided in O.C.G.A. Sec. 48-5-311(f) and the right of appeal to the Superior Court provided
in O.C.G.A. Sec. 48-5-311(g). 
 3.4 PILOT Payments. The Company expressly acknowledges and agrees that commencing
with the Tax Commencement Year and for each calendar year thereafter during the term of the Lease it shall be obligated to make annual payments in lieu of taxes in the amount set forth in the PILOT Payment Bill prepared by the Board of Tax Assessors
in accordance with Section 3.2 hereof, subject to the right of the Company to contest the same as described in Section 3.3 hereof (the “PILOT Payments”). Such PILOT Payments will be due and payable at the same time as
property taxes would ordinarily be payable in each year. Failure to make such PILOT Payments in accordance with this Agreement after the notice and cure rights provided therein) will constitute an event of default under the Lease and will permit the
Authority to terminate the Lease. 
 3.5 Reversion to Normal Taxability. If the option to purchase the Project set
forth in the Purchase Option Agreement between the Authority and the Company is exercised by the Company or if the Lease is otherwise terminated or expires, the Project will be taxable according to normal ad valorem property taxation rules
that are applicable to privately-owned property. 
 3.6 Board of Tax Assessors. The provisions of this Agreement
relative to the assessment and taxability of the Project for ad valorem property tax purposes are the obligation and responsibility of the Board of Assessors. By its Acknowledgement, the Board of Tax Assessors is joining in this Agreement to
acknowledge that this Agreement is consistent with applicable requirements and that the Board of Tax Assessors intends and agrees to classify, for taxation purposes, the respective interests of the Authority and the Company in the Project as
contemplated in this Agreement. The County and the City also acknowledge and agree to such provisions, and agree that the Board of Tax Assessors shall comply with the foregoing. 

 

	4.	RECOUPMENT OF INCENTIVES: 

 4.1 Inducement. The Company’s
agreement to consider locating the Project at the Project Site is based, in part, on the incentives being provided by the Development Authority, the State of Georgia and by the other public bodies signing Acknowledgements hereof. Such incentives are
being provided to induce the Company to make capital investments of $70,000,000 in connection with the Project (the “Community Investment Goal”) and to create 106 full-time jobs in connection with the Project (the “Community
Jobs Goal”). The making of such capital investments in the County and the creation of such local jobs by the Company constitutes valuable, non-cash 

  
 -3- 

 
consideration to the Authority and the citizens of the County and of the State. The parties acknowledge that the incentives provided for in this Agreement serve a public purpose through the
estimated job creation and investment generation in connection with the Project. The parties further acknowledge that the cost/benefit requirements applicable to the Authority in the course of providing such incentives dictate that some measure of
recovery must be applied in the event that a significant portion of the anticipated jobs and investment do not for any reason fully materialize. It is the intention of the parties hereto that the Company will within 36 months following the earlier
to occur of (i) the completion and issuance of the certificate of occupancy with respect to the Project or (ii) June 30, 2018 (the “Commencement Date”) achieve 80% of the average of the Community
Investment and Jobs Goals actually achieved and maintain such level for the next 84 months (said 84 month period herein described as the “Performance Period” and said period commencing on the Commencement Date and continuing to the
end of the Performance Period is herein called the “Goal Period”). If the Company does not achieve 80% of the average of the Community Investment and Jobs Goals in any Goal Year (as hereinafter described), then the Company may be required
to repay all or a portion of the property tax savings and other incentives otherwise offered to the Company in this Agreement for such Goal Year in accordance with the provisions of this Article 4. The following provisions of this Agreement,
together with the Schedules attached hereto, are intended to further prescribe and define the foregoing intentions of the parties. 

4.2 Community Jobs Goal. For purposes of this Agreement, the types of jobs that would qualify to be counted against the
Community Jobs Goal shall be defined and determined, from time to time, as provided on Schedule B-1 attached hereto (and by reference made a part hereof). Schedule B-1 also determines how the number of full-time jobs shall be calculated. 

4.3 Community Jobs Percentage. At the end of each 12-month period during the Goal Period (each a “Goal
Year”), the number of full-time jobs at the Project shall be calculated and shall be divided by the applicable Community Jobs Goal and converted to a percentage to determine the “Community Jobs Percentage.” 

4.4 Community Investment Goal. For purposes of the Community Investment Goal the investment at the Project shall be
calculated on a cumulative basis from July 21, 2015 to the end of the Reporting Period. Schedule B-2 attached hereto (and by reference made a part hereof) provides rules that shall apply to satisfying the Community Investment Goal. 

4.5 Community Investment Shortfall Percentage. At the end of each Goal Year during the Goal Period, the Company shall
calculate the cumulative amount of capital investment by the Company with respect to the Project and shall divide such amount by the applicable Community Investment Goal and convert the result to a percentage to determine the “Community
Investment Percentage.” 
 4.6 Annual Report. The Company agrees to file with the Authority an annual report
(the “Annual Report”) within 60 days of the end of each Goal Year during the 

  
 -4- 

 
Goal Period (each such year, an “Annual Report Year”) containing the calculation of the Community Investment Percentage and the Community Jobs Percentage. The average of the
Community Jobs Percentage and the Community Investment Percentage shall be the “Project Goals Percentage,” which shall also be calculated and stated in the Annual Report; provided, however, for purposes of calculating the Project
Goals Percentage neither the Community Jobs Percentage nor the Community Investment Percentage may exceed 110%. Each Annual Report shall be in substantially the form of Schedule B-3 attached hereto (and by reference made a part hereof), as
revised for the matters being reported. 
 4.7 Community Recovery Payments. If the Annual Report for any Goal Year
during the Performance Period shows that, for such Goal Year, the Project Goals Percentage is less than 80% (a “Shortfall Year”), then the Company, in such Annual Report, shall calculate the amount of the “Community Recovery
Payments.” If the Project Goals Percentage as shown in the Annual Report for the Goal Year immediately succeeding a Shortfall Year is less than 80%, then the Company shall pay the Community Recovery Payments for the prior Shortfall Year.

 4.8 Failure to Make Required Payments; Failure to File Report. If the Company fails to pay any Community Recovery
Payment when due, interest shall be paid by the Company thereon at the rate of 6% per annum from the thirtieth (30th) day following the date of the Authority notice to the Company of a
failure to make such payment until paid. If there has been a failure to pay any Community Recovery Payment which is not cured within thirty (30) days following a written notice from the Authority, the Authority shall be entitled to enforce its
rights under this Article 4, and the Company shall indemnify the Authority for all costs of enforcement, including reasonable and actual attorneys’ fees and court costs. 

If the Company fails to provide to the Authority an Annual Report for any year as required pursuant to Section 4.6 and
such failure continues for thirty (30) days following a written notice from the Authority, the Authority shall have the right to inspect the books and records of the Company regarding employment and capital investment in connection with the
Project (subject to the confidentiality policies of the Company) in order to calculate the Project Goals Percentage and to determine the amount of Community Recovery Payments, if any, due from the Company hereunder. 

4.9 Extension of Deadlines Not Unreasonably Withheld. Notwithstanding anything herein to the contrary, in the event that
an extension of the Performance Period or the due date of any Annual Report is needed in order to permit the Company to satisfy its obligations hereunder, and the Company has shown diligence in attempting to timely meet such obligations, the
Authority agrees to not unreasonably withhold its consent to the extension of the period to time required to satisfy such obligations. 
  

	5.	DELAY; TERMINATION OF AGREEMENT. 

 5.1 Delay. No party hereto
shall be liable for any failure or delay in performance if caused, in whole or in part, by any circumstance or events beyond the 

  
 -5- 

 
reasonable control of such party, including, without limitation, fire; flood; earthquake; acts of God; strikes, boycotts, riots or civil disorders; declared or undeclared wars; casualty; delays
in obtaining governmental permits; compliance with government orders; acts of civil or military authority; accidents; industrial disturbances; interruptions of transportation facilities or delays in transit; delays, curtailment or shortages of
construction, production, manufacturing or other materials, equipment, raw materials or supplies; failure of any party hereunder to perform, or any delays in the performance of, any commitment to such other party relating to the performance of its
obligations; or any other cause, whether similar or dissimilar to the foregoing causes (including, without limitation, general, macro or special economic circumstances that adversely affects net revenues or sales volumes), beyond the reasonable
control of such party. In the event of any such contingency, the affected party shall notify the other parties of the contingency within a reasonable period of time and shall make commercially reasonable efforts promptly to remove the contingency
such that performance may be resumed; provided, however, no party shall be obligated to settle any labor dispute. If as a result of the occurrence of any such contingency, such party’s performance hereunder cannot be completed within the
original period for performance, the period for performance shall be extended for a period of time equal to the duration of such contingency and a reasonable period thereafter to allow for completion of performance without prejudice to any of the
other rights of such party under this Agreement. 
 5.2 Termination Rights. 

(a) So long as none of the Local Governmental Entities is in default of its obligations hereunder, the Development Authority may
terminate this Agreement by written notice to the Company if the acquisition, construction and equipping of the Project (the “Construction”) has not been commenced prior to the third anniversary of the date of this Agreement, or
Construction has not been completed prior to the fifth anniversary of the commencement of Construction. Any such termination shall be evidenced by a written notice from the terminating party to the other parties hereto. 

(b) So long as the Company is not in default under this Agreement, the Company may terminate this Agreement at any time by written notice to
the Development Authority; provided, that upon such termination the Company shall reimburse the Local Governmental Entities for their actual costs in providing the incentives described in the Incentives Table appearing on Schedule B hereto. If the
Company has exercised its right to purchase the Project site, it shall also pay to the Development Authority the cost of such property as described on Schedule B. 

5.3 Effect of Termination. If any party terminates this Agreement pursuant to a right provided herein or if this
Agreement expires, this Agreement shall terminate or expire as to all parties without any further liability on the part of any party, except as may theretofore have accrued, or except as otherwise expressly provided in this Agreement, or shall exist
as a result of any prior breach hereof. 

  
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	6.	MISCELLANEOUS. 

 6.1 Intergovernmental Agreement. By their
respective Acknowledgements at the end hereof, the City, the County and the Board of Tax Assessors agree to the provisions applicable to them. The Agreement shall also constitute an intergovernmental agreement under Georgia Constitution Art. IX,
Sec. III, Para. I between and among the Authority, the City, the County and the Board of Tax Assessors. Such intergovernmental agreement is subject to the 50-year term limit contained in such provision of the Georgia Constitution, but shall expire
earlier upon its complete performance. 
 6.2 Assignment 

6.2.1 By the Authority. The Authority may not assign its rights and obligations hereunder except to another public body
of the State which has the power to perform the Authority’s obligations hereunder and which assumes all the Authority’s obligations hereunder either in writing or by operation of law. 

6.2.2 By the Company. All rights and benefits of the Company under this Agreement and the Authority’s resolution
authorizing this Agreement may be transferred and assigned by the Company, in whole or in part, to any one or more individuals, corporations, partnerships (general or limited), joint ventures, or other entities which propose to acquire the Project
in whole or in part, with the same effect as if such individuals, corporations, partnership, joint ventures, or other entities were named as the Company in this Agreement. Unless otherwise agreed in writing by the Authority, the assignment of the
Company’s rights shall not release the Company from its obligations for costs and indemnification accruing prior to the date of such assignment, but shall release the Company from any further obligations or liabilities under this Agreement,
provided the assignee of Company has assumed all of the Company’s obligations hereunder in writing. Notwithstanding the foregoing, the Company’s rights under this Agreement shall be deemed to have been assigned automatically and without
the necessity of any further actions or consents to any assignee of the Lease in accordance with the terms of the Lease and any release of the Company from its obligations under the Lease will likewise release, and to the same extent, release the
Company from its obligations hereunder to the extent such obligations are assumed in writing by such assignee. 
 6.3
Notices. Any notice required to be given by any party pursuant to this Agreement, shall be in writing and shall be deemed to have been properly given, rendered or made only if personally delivered, or if sent by Federal Express or other
comparable commercial overnight delivery service, addressed to each other party at the addresses set forth below (or to such other address as the Authority or the Company may designate to each other from time to time by written notice), and shall be
deemed to have been given, rendered or made on the day so delivered or on the first business day after having been deposited with the courier service: 
  

			
	If to the Authority:	  	 Development Authority of Bulloch County
 Post
Office Box 303
 Statesboro, Georgia 30459
 Attention:
Chairman

  
 -7- 

			
		
	with a copy to:	  	 Stephen T. Rushing, Esq.
 Taulbee, Rushing,
Snipes, Marsh & Hodgin, LLC
 Post Office Box 327

Statesboro, Georgia 30459

		
	If to the Board of Assessors:	  	 Bulloch County Board of Assessors
 Statesboro,
Georgia                     
 Attention: Chief
Appraiser

		
	If to the Board of Commissioners:	  	 Bulloch County Board of Commissioners
 115 North
Main Street
 Statesboro, Georgia 30459
 Attention:
Chairman

		
	If to the Company:	  	 Aspen Aerogels, Inc.
 30 Forbes Road, Building
B
 Northborough, MA 01532
 Attention: President

		
	with a copy to:	  	 Glenn R. Thomson, Esq.
 Alston & Bird
LLP
 1201 West Peachtree Street
 Atlanta, Georgia
30309-3424

 6.4 Confidential Information. All confidential information acquired by the Authority,
the City, the County or the Board of Assessors relating to the Company, shall be held in confidence by them, subject to their legal obligations as public bodies, including, without limitation O.C.GA. § 15-18-70, et seq. and §
50-14-1, et seq. The Company and its advisors shall, prior to the execution and delivery hereof, treat the contents of this Agreement as confidential, and, without limitation, shall not disclose such contents to competing communities or
States. 
 6.5 No Partnership or Agency. No partnership or agency relationship between or among the parties shall be
created as a result of this Agreement. 
 6.6 Survival of Agreement. This Agreement shall survive the issuance of the
Bonds and the expiration or termination of the Lease but may be modified or superseded in whole or in part by the Lease or any of the other documents and agreements executed in connection with the issuance of the Bonds (collectively, the
“Definitive Documents”) to the extent that the Definitive Documents expressly so provide. 

  
 -8- 

 6.7 Governing Law; Jurisdiction and Venue. The transactions contemplated
hereunder and the validity and effect of this Agreement are exclusively governed by, and shall be exclusively construed and enforced in accordance with, the laws of the State of Georgia, except for the state’s conflict of law rules. 

6.8 Amendments. Any amendments, deletions, additions, changes or corrections hereto must be in writing executed by the
parties hereto. 
 6.9 Entire Agreement. This Agreement, together with the Definitive Documents, constitutes the
entire agreement between the parties with respect to the subject matter hereof. 
 6.10 Counterparts. This Agreement
may be signed in counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument. 

6.11 No Personal Liability of Representatives of Public Bodies. No official, member, director, officer, agent, or
employee of the Authority, the City, the County or the Board of Tax Assessors shall have any personal liability under or relating to this Agreement. Rather, the agreements, undertakings, representations, and warranties contained herein are and shall
be construed only as corporate agreements, undertakings, representations, and warranties, as appropriate, of such public bodies. Without limitation, and without implication to the contrary, all parties hereto waive and release any and all claims
against each such official, member, director, officer, agent, or employee, personally, under or relating to this Agreement, in consideration of the entry of such public bodies into this Agreement. 

6.12 No Personal Liability of Representatives of Company. No official, member, manager, director, officer, agent, or
employee of the Company shall have any personal liability under or relating to this Agreement. Rather, the agreements, undertakings, representations, and warranties contained herein are and shall be construed only as corporate agreements,
undertakings, representations, and warranties, as appropriate, of such entity. Without limitation, and without implication to the contrary, all parties hereto waive and release any and all claims against each such official, member, manager,
director, officer, agent, or employee, personally, under or relating to this Agreement, in consideration of the entry of such entity into this Agreement. 

6.13 Captions. The captions and title heading included in this Agreement are for convenience only and in no way define,
limit or describe the scope or intent of any provisions of this Agreement. 
 6.14 Time is of the Essence. Time is of
the essence for this Agreement. 
 [Signature Pages Follow] 

  
 -9- 

 IN WITNESS WHEREOF, the parties have executed this PILOT Agreement and caused it to be
delivered as of the date first above written. 
 AUTHORITY: 

DEVELOPMENT AUTHORITY OF BULLOCH COUNTY 
  

			
	By:	 	 /s/ L. Bruce Yawn

		 	Chairman

  
 -10- 

			
	COMPANY:
	
	ASPEN AEROGELS, INC.,
	a Delaware corporation
		
	By:	 	 /s/ John F. Fairbanks

	Name:	 	John F. Fairbanks
	Title:	 	Chief Financial Officer

  
 -11- 

 ACKNOWLEDGED 

The undersigned acknowledges this Agreement and agrees to the provisions hereof that are applicable to it. 

BULLOCH COUNTY, GEORGIA 
  

			
	By:	 	 /s/ J. Garret Nevil

		 	Chairman, Board of Commissioners
		
	Attest:	 	 /s/ Olympia Gaines

		 	Clerk, Board of Commissioners

 (SEAL) 

  
 -12- 

 ACKNOWLEDGED 

The undersigned acknowledges this Agreement and agrees to the provisions hereof that are applicable to it. 

 

			
	CITY OF STATESBORO, GEORGIA
		
	By:	 	 /s/ Jan J. Moore

		 	Mayor

  

			
	Attest:	 	 /s/ Sue Starling

		 	Clerk

 (SEAL) 

  
 -13- 

 ACKNOWLEDGED 

The undersigned acknowledges this Agreement and agrees to the provisions hereof that are applicable to it. 

 

			
	 BOARD OF TAX ASSESSORS OF

BULLOCH COUNTY

		
	By:	 	 /s/ M. Hulsey

	Title:	 	Chairman

  
 -14- 

 SCHEDULE A 

DESCRIPTION OF THE PREMISES 

Riggs Rail Site; Subject property is located in Gateway Industrial Park II and is off of U.S. Highway 301 South (4 lane) and 6 miles from
Interstate 16, in Statesboro, Bulloch County, Georgia. 
 Also described as: 

All that parcel of land lying and being in the 1209th G.M.D., Bulloch County, Georgia
containing 43.2 acres and being more particularly described as follows: 
 BEGINNING at a point located at the intersection of the
northwestern right-of-way of the Norfolk Southern Railroad and the northeastern right-of-way of A.J. Riggs Road; THENCE along the right-of-way of A.J. Riggs Road clockwise along the arc of a curve (Radius = 22501.538’) which subtends a chord of
N 38°35’07” W a length of 137.83’ to a point; THENCE along the right-of-way of A.J. Riggs Road N 38°24’37” W a distance of 307.42’ to a point; THENCE along the right-of-way of A.J. Riggs Road N
51°35’24” E a distance of 10.00’ to a point; THENCE along the right-of-way of A.J. Riggs Road N 38°24’36” W a distance of 143.16’ to a point; THENCE along the right-of-way of A.J. Riggs Road counterclockwise on
the arc of a curve (Radius = 4002.728’) which subtends a chord of N 39°48’28” W a length of 195.36’ to a point; THENCE along the right-of-way of A.J. Riggs Road N 41°16’53” W a distance of 147.85’ to a
point; THENCE along the right-of-way of A.J. Riggs Road clockwise on the arc of a curve (Radius = 5610.466’) which subtends a chord of N 40°25’20” W a distance of 161.70’ to a point at the southern end of a right-of-way miter
with Gateway Boulevard ; THENCE along said right-of-way miter N 06°39’23” E a distance of 68.83’ to a point; THENCE along the southeastern right-of-way of Gateway Boulevard N 51°39’32” E a distance of 2224.97’
to point in the run of a branch; THENCE along the run of said branch which meanders along a traverse line of S 38°34’13” E a distance of 67.66’ to a point; THENCE along the run of said branch which meanders along a traverse line
of S 32°08’50” E a distance of 146.44’ to a point; THENCE along the run of said branch which meanders along a traverse line of S 09°54’32” E a distance of 119.41’; THENCE along the run of said branch which
meanders along a traverse line of S 15°59’45” E a distance of 149.31’ to a point; THENCE along the run of said branch which meanders along a traverse line of S 39°59’11” W a distance of 112.20’ to a point;
THENCE along the run of said branch which meanders along a traverse line of S 74°53’31” W a distance of 191.36’ to a point; THENCE along the run of said branch which meanders along a traverse line of S 17°19’47” W a
distance of 121.60’ to a point; THENCE along the run of said branch which meanders along a traverse line of S 02°28’57” E a distance of 89.85’ to a point; THENCE S 41°16’36” E a distance of 340.59’ to a
point on the northwestern right-of-way of the Norfolk Southern Railroad; THENCE along said right-of-way S 48°40’09” W 

 
a distance of 687.09’ to a point; THENCE along said right-of-way counterclockwise on the arc of a curve (Radius = 2899.778’) which subtends a chord of S 41°54’35” W a
length of 683.12’; THENCE along said right-of-way S 35°08’43” W a distance of 369.39’ to the POINT OF BEGINNING. 

Said parcel bound as follows: 

NORTHWEST by Gateway Boulevard. 

NORTHEAST by the Development Authority of Bulloch County and Barney L. Allen, Jr. 

SOUTHEAST by the northwest right-of-way of Norfolk Southern Railroad. 

SOUTHWEST by the northeast right-of-way of A. J. Riggs Road. 

  
 -16- 

 SCHEDULE B 

COMMUNITY INCENTIVES SCHEDULE 
  

	1.	The recovery value (“Recovery Value”) of the Community Incentive identified below shall be as specified below (the “Incentives Table”), with any payments to be made as provided in this
Community Incentives Schedule to the public bodies indicated as follows: 

 Incentives Table 

 

							
	 Community

Incentive
	  	 Recovery Value
	  	 Recovery

Factor
	  	 Recovery Paid To

	Property Tax Savings on Project	  	Actual amount of ad valorem property taxes on Project saved, less any payments in lieu of taxes paid pursuant to Section 4.7 of this Agreement	  	100% for each Goal Year	  	Appropriate Taxing Authorities, Pro Rata in Proportion to Applicable Millage Rates
				
	 Project Site
  

(Approx. 43.2 acres
	  	The lesser of $30,000 per acre (pro-rated for fractions of an acre) or the fair market value of the property as of the date of this Agreement	  	12.5% for Goals Years 3-10.	  	Authority
				
	Local Building Permit Fees	  	Actual amount saved, presently estimated at $0.27 per square foot	  	12.5% for Goal Years 3-10.	  	City and County, as applicable
				
	Water, Sewer and Gas Tap Fees	  	Actual amount saved, presently estimated at $    *        	  	12.5% for Goal Years 3-10.	  	City
				
	Storm water, detention pond and rail spur bed earthworks construction	  	Actual cost of the site work calculated at $5.00 per square yard, presently estimated at $195,000	  	12.5% for Goal Years 3-10	  	County
				
	Infrastructure and Utility extensions	  	Actual cost of such work presently estimated at $415,800	  	12.5% for Goal Years 3-10	  	City

  

	*	Included in Infrastructure and Utility extension figure 

	2.	If the Annual Report for any Goal Year during the Performance Period shows that, for such Goal Year, the Project Goals Percentage is less than 80% (a “Shortfall Year”), then the Company, in such Annual Report,
shall calculate the amount of the “Community Recovery Payments” with respect to the incentive listed in the Incentives Table above. If the Project Goals Percentage as shown in the Annual Report for the Goal Year immediately
succeeding a Shortfall Year is less than 80%, then the Company shall pay the Community Recovery Payments for the prior Shortfall Year. The Community Recovery Payment for any Goal Year shall be calculated as follows: the Recovery Values as so
determined for such year shall be multiplied by the Recovery Factors which shall produce the Recovery Amounts. The Recovery Amounts shall be multiplied by the difference between one hundred percent (100%) minus the Project Goals
Percentage which shall produce the Community Recovery Payment. The Company shall pay the amount of the Community Recovery Payment to the appropriate public body specified above simultaneously with its delivery of the applicable Annual Report as
required by this Agreement. If the Project Goals Percentage for any Goal Year is 80% or more, there shall be no Community Recovery Payment due for that Goal Year or the immediately preceding Goal Year. In not event shall there be a Community
Recovery Payment with respect to any Goal Year prior to the Performance Period. However, notwithstanding the foregoing, in calculating the potential Community Recovery Payment for the first Goal Year during the Performance Period, the Recovery
Amount with respect to property tax savings shall equal the total actual amount of ad valorem property taxes saved with respect to the Project (less the amount of any payments in lieu of taxes paid pursuant to Section 4.7 of this
Agreement) during the first three Goal Years. 

 SCHEDULE B-1 

RULES FOR SATISFYING THE COMMUNITY JOBS GOAL 
  

	1.	For purposes of this Agreement and satisfaction of the Community Jobs Goal, the number of new “full-time jobs” shall be defined and determined, from time to time, as follows: 

Full-time job – means a job with no predetermined end date, with a regular work week of 35 hours or more for the period in
question; leased, contract, or third party jobs will be considered full-time employees of the Company if such jobs are created in connection with the Project. 
  

	2.	The number of full-time jobs shall be calculated as provided below. 

  

	 	a)	The number of jobs shall be determined based on the number of full-time employees subject to Georgia income tax withholding as of December 31 of such calendar year. 

 

	 	b)	The monthly average number of full-time employees in the Annual Report Year shall be determined by the following method: 

  

	 	(i)	for each month of the Annual Report Year, count the total number of full-time employees of the business enterprise that are subject to Georgia income tax withholding as of the last payroll period of the month or as of
the payroll period during each month used for the purpose of reports to the Georgia Department of Labor; 

  

	 	(ii)	add the monthly totals of full-time employees; and 

  

	 	(iii)	divide the result by the number of months the business enterprise was in operation during the Annual Report Year. Transferred jobs and replacement jobs may not be included in the monthly totals. 

 SCHEDULE B-2 

RULES FOR SATISFYING THE COMMUNITY INVESTMENT GOAL 
  

	1.	Capital investments in the Project by the Company shall be counted regardless of whether or not the property financed by such capital investment is leased to the Company under the Lease. 

 

	2.	Original cost, without regard to depreciation, shall be used in calculating whether the Community Investment Goal is met, except as provided in 3, below. 

 

	3.	Transferred equipment relocated by the Company to the Project may be counted at the greater of net book value, or fair market value. 

 

	4.	Machinery and equipment leased to the Company under an operating lease (even though such property is not titled to the Authority and is not leased to the Company under the Lease) and other machinery and equipment owned
or beneficially owned by the Company but not leased to it under the Lease, shall be counted. 

  

	5.	All expenditures in connection with the Project that under any generally accepted accounting principles or applicable federal tax laws and regulations may be capitalized by the Company shall count as capital
expenditures. 

 SCHEDULE B-3 

FORM OF ANNUAL REPORT 

[DATE] 
 Development Authority of Bulloch County

 Statesboro, Georgia 
  

	 	Re:	PILOT Agreement (the “Agreement”) between the Development Authority of Bulloch County and Aspen Aerogels, Inc. (“Company”) regarding the capital project located in Bulloch County, Georgia (the
“Project”) – 20     Annual Report 

 Dear
                    : 
 This
letter shall serve as the                      Goal Year Annual Report, as required under the Agreement. 

 

	1.	Community Jobs Report 

 As of the end of the Goal Year, the total number of full-time
jobs located at the Project was                     . 

The Community Jobs Goal is 106 jobs. The Community Jobs as of the end of such Goal Year was
                     jobs. The Community Jobs Percentage is     %* (     ÷ 106).

  

	2.	Community Investment Report 

 During the period from July 21, 2015 through the end
of the Goal Year, the Company has invested a total of $         with respect to the Project. 

The Community Investment Goal is $70,000,000. Therefore, the Community Investment Percentage is     %*
($         ÷ $70,000,000). 
  

	3.	Community Recovery Payments 

 The Project Goals Percentage for the Global Year is
    % ((    % +     %) ÷ 2). [IF SUCH PROJECT GOALS PERCENTAGE IS LESS THAN 80% A COMMUNITY RECOVERY PAYMENT IS DUE, THAT PAYMENT SHOULD BE CALCULATED HERE BASED
ON THE RECOVERY SCHEDULE IN THE AGREEMENT.] 
  
  

	*	Neither the Community Jobs Percentage nor the Community Investment Percentage may exceed 110% for purposes of these calculations. 

Please do not hesitate to let us know if you require any additional information. 

Sincerely,

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