Document:

exv10w1w1

Exhibit 10.1.1

ASPEN AEROGELS, INC.

2001 EQUITY INCENTIVE PLAN, AS AMENDED THROUGH May 16, 2011

     SECTION 1. Purpose; Definitions. The purposes of the Aspen Aerogels, Inc. 2001 Equity Incentive
Plan (the “Plan”) are to: (a) assist Aspen Aerogels, Inc., a Delaware corporation (the “Company”),
and its affiliated companies in recruiting and retaining highly qualified employees, directors and
consultants; (b) provide those employees, directors and consultants with an incentive for
productivity; and (c) provide those employees, directors and consultants with an opportunity to
share in the growth and value of the Company.

          For purposes of the Plan, the following initially capitalized words and phrases will be
defined as set forth below, unless the context clearly requires a different meaning:

          a. “Affiliate” means, with respect to a person or entity, a person that directly or
indirectly controls, or is controlled by, or is under common control with such person or entity.

          b. “Award” means a grant of Options or Restricted Shares pursuant to the provisions of
this Plan.

          c. “Award Agreement” means, with respect to any particular Award, the written document
that sets forth the terms of that particular Award.

          d. “Board” means the Board of Directors of the Company, as constituted from time to
time; provided, however, that if the Board appoints a Committee to perform some or all of the
Board’s administrative functions hereunder pursuant to Section 2, references in this Plan
to the “Board” will be deemed to also refer to that Committee in connection with administrative
matters to be performed by that Committee.

          e. “Cause” exists when the Participant (as determined by the Board, in its sole
discretion):

               (i) engages in any type of disloyalty to the Company or any of its Affiliates, including
without limitation, fraud, embezzlement, theft, or dishonesty in the course of his employment or
engagement, or otherwise breaches any fiduciary duty owed to the Company or any of its Affiliates;

               (ii) is convicted of a felony or a misdemeanor involving moral turpitude;

               (iii) enters a plea of guilty or nolo contendere to a felony or a misdemeanor involving moral
turpitude;

               (iv) discloses any confidential, proprietary, business or technical information or trade
secret of the Company or of any of its
Affiliates; or

               (v) breaches any agreement with or duty to the Company.

 

 

          “Cause” is not limited to events which have occurred prior to a Participant’s termination of
service, nor is it necessary that the Board’s finding of “Cause” occur prior to termination. If
the Board determines, subsequent to a Participant’s termination of service but prior to the
exercise of an Option, that either prior or subsequent to the Participant’s termination the
Participant engaged in conduct which would constitute “Cause,” then the right to exercise any
Option is forfeited.

          f. “Code” means the Internal Revenue Code of 1986, as amended from time to time, and
any successor thereto.

          g. “Committee” will mean a committee appointed by the Board in accordance with
Section 2 of this Plan.

          h. “Common Stock” means the Company’s Common Stock, $0.001 par value.

          i. “Director” means a member of the Board.

          j. “Disability” will mean a disability which renders an individual unable to perform
the full extent of his duties and responsibilities to the Company or its subsidiaries by reason of
his illness or incapacity which would entitle that employee or Director to receive Social Security
Disability Income under the Social Security Act, as amended, and the regulations promulgated
thereunder. “Disabled” will mean having a Disability. The determination of whether a Participant
is Disabled will be made by the Board, whose determination will be conclusive; provided, however,
that if a Participant is bound by the terms of an employment or consulting agreement between the
Participant and the Company, whether the Participant is “Disabled” for purposes of the Plan will be
determined in accordance with the procedures set forth in said employment agreement, if such
procedures are therein provided.

          k. “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          l. “Fair Market Value” means, as of any date: (i) if the Shares are not listed or
admitted to unlisted trading privileges on a nationally recognized stock exchange, the value of
such Shares on that date, as determined by the Board in good faith; or (ii) if the Shares are
listed or admitted to unlisted trading privileges on a nationally recognized stock exchange, the
closing price of the Shares as reported on the principal nationally recognized stock exchange on
which the Shares are traded on such date, or if no Share prices are reported on such date, the
closing price of the Shares on the next preceding date on which there were reported Share prices.

          m. “Incentive Stock Option” means any Option intended to be and designated as an
“Incentive Stock Option” within the meaning of Section 422 of the Code.

          n. “Non-Employee Director” will have the meaning set forth in Rule 16b-3(b)(3)(i)
promulgated by the Securities and Exchange Commission under the Exchange Act, or any successor
definition adopted by the Securities and Exchange Commission; provided, however, that the Board or
the Committee may, to the extent that it deems necessary to comply with Section 162(m) of the Code
or regulations thereunder, require that each “Non-Employee Director” also be an “outside director”
as that term is defined in regulations under Section 162(m).

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          o. “Non-Qualified Stock Option” means any Option that is not an Incentive Stock
Option.

          p. “Option” means any option to purchase Shares (including Restricted Shares, if the
Committee so determines) granted pursuant to Section 5 hereof.

          q. “Participant” means an employee, consultant or Director of the Company or any of
its Affiliates to whom an Award is granted.

          r. “Person” means an individual, partnership, corporation, limited liability company,
trust, joint venture, unincorporated association, or other entity or association.

          s. “Restricted Shares” means Shares that are subject to restrictions pursuant to
Section 9 hereof.

          t. “Share” means a share of Common Stock, $0.001 par value, of the Company, subject to
substitution or adjustment as provided in Section 3(c) hereof.

          u. “Subsidiary” means, in respect of the Company, a subsidiary company, whether now or
hereafter existing, as defined in Sections 424(f) and (g) of the Code.

          v. “Survivors” means a deceased Participant’s legal representatives and/or any person
or persons who acquired the Participant’s rights to an Option by will or by the laws of descent and
distribution.

     SECTION 2. Administration. The Plan will be administered by the Board; provided, however, that
the Board may at any time appoint a Committee to perform some or all of the Board’s administrative
functions hereunder; and provided further, that the authority of any Committee appointed pursuant
to this Section 2 will be subject to such terms and conditions as the Board may prescribe
and will be coextensive with, and not in lieu of, the authority of the Board hereunder.

          Any Committee established under this Section 2 will be composed of not fewer than two
members, each of whom will serve for such period of time as the Board determines; provided,
however, that if the Company has a class of securities required to be registered under Section 12
of the Securities Exchange Act of 1934, all members of any Committee established pursuant to this
Section 2 will be Non-Employee Directors. From time to time the Board may increase the
size of the Committee and appoint additional members thereto, remove members (with or without
cause) and appoint new members in substitution therefor, fill vacancies however caused, or remove
all members of the Committee and thereafter directly administer the Plan.

          Members of the Board who are eligible for Awards or have received Awards may vote on any
matters affecting the administration of the Plan or the grant of Awards, except that no such member
will act upon the grant of an Award to himself or herself, but any such member may be counted in
determining the existence of a quorum at any meeting of the Board during which action is taken with
respect to the grant of Awards to himself or herself.

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          The Board will have full authority to grant Awards under this Plan. In particular, the Board
will have the authority:

          a. to select the persons to whom Awards may from time to time be granted hereunder (consistent
with the eligibility conditions set forth in Section 4);

          b. to determine the type of Award to be granted to any person hereunder;

          c. to determine the number of Shares, if any, to be covered by each such Award;

          d. to establish the terms and conditions of each Award Agreement;

          e. to determine whether and under what circumstances an Option may be exercised without a
payment of cash under Section 5(d); and

          f. to determine whether, to what extent and under what circumstances Shares and other amounts
payable with respect to an Award may be deferred either automatically or at the election of the
Participant.

          The Board will have the authority to adopt, alter and repeal such administrative rules,
guidelines and practices governing the Plan as it, from time to time, deems advisable; to interpret
the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreement);
to amend the terms of any Award Agreement, provided that the Participant consents to such
amendment; and to otherwise supervise the administration of the Plan. The Board may correct any
defect, supply any omission or reconcile any inconsistency in the Plan or in any Award in the
manner and to the extent it deems necessary to carry out the intent of the Plan.

          All decisions made by the Board pursuant to the provisions of the Plan will be final and
binding on all persons, including the Company and Participants. No member of the Board will be
liable for any good faith determination, act or omission in connection with the Plan or any Award.

     SECTION 3. Shares Subject to the Plan.

          a. Shares Subject to the Plan. The Shares to be subject to Options or Restricted
Shares under the Plan will be authorized and unissued Shares of the Company, whether or not
previously issued and subsequently acquired by the Company. The maximum number of Shares that may
be subject to Options or Restricted Shares under the Plan is 15,845,806 subject to adjustment by
the Board, and the Company will reserve for the purposes of the Plan, out of its authorized but
unissued Shares, such number of Shares. Notwithstanding anything to the contrary in this Section
3(a) or this Plan, upon exercise of any Option the Shares issuable therefore shall be issued from
the treasury stock of the Company.

          b. Effect of the Expiration or Termination of Awards. If and to the extent that an
Option expires, terminates or is canceled or forfeited for any reason without having been exercised
in full, the Shares associated with that Option will again become available for grant

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under the
Plan. Similarly, if and to the extent that any Restricted Share is canceled, repurchased or
forfeited for any reason, that Share will again become available for grant under the Plan.

          c. Other Adjustment. Upon the occurrence of any of the following events, a
Participant’s rights with respect to any Option granted to him or her hereunder which has not
previously been exercised in full shall be adjusted as hereinafter provided, unless otherwise
specifically provided in the pertinent Award Agreement:

               (i) Stock Dividends and Stock Splits. If the Shares shall be subdivided or combined
into a greater or smaller number of shares or if the Company shall issue any shares of Common Stock
as a stock dividend on its outstanding Common Stock, the number of Shares deliverable upon the
exercise of such Option shall be appropriately increased or decreased proportionately, and
appropriate adjustments shall be made in the purchase price per share to reflect such subdivision,
combination or stock dividend.

               (ii) Consolidations or Mergers. If the Company is to be consolidated with or acquired
by another entity in a merger, sale of all or substantially all of the Company’s assets or
otherwise (an “Acquisition”), the Board or the board of directors of any entity assuming the
obligations of the Company hereunder (the “Successor Board”), shall, as to outstanding Options,
either (i) make appropriate provision for the continuation of such Options by substituting on an
equitable basis for the Shares then subject to such Options either the consideration payable with
respect to the outstanding shares of Common Stock in connection with the Acquisition or securities
of any successor or acquiring entity; or (ii) upon written notice to the Participants, provide that
all Options must be exercised (either to the extent then exercisable or, at the discretion of the
Board, all Options being made fully exercisable for purposes of this Subparagraph), within a
specified number of days of the date of such notice, at the end of which period the Options shall
terminate; or (iii) terminate all Options in exchange for a cash payment equal to the excess of the
Fair Market Value of the shares subject to such Options (either to the extent then exercisable or,
at the discretion of the Board, all Options being made fully exercisable for purposes of this
Subparagraph) over the exercise price thereof.

               (iii) Recapitalization or Reorganization. In the event of a recapitalization or
reorganization of the Company (other than a transaction described in Subparagraph (ii) above)
pursuant to which securities of the Company or of another corporation are issued with respect to
the outstanding shares of Common Stock, a Participant upon exercising an Option shall be entitled
to receive for the purchase price paid upon such exercise the securities which would have been
received if such Option had been exercised prior to such recapitalization or reorganization.

               (iv) Modification of Incentive Stock Options. Notwithstanding the foregoing, any
adjustments made pursuant to Subparagraph (i), (ii) or (iii) with respect to Incentive Stock
Options shall be made only after the Board, after consulting with counsel for the Company,
determines whether such adjustments would constitute a “modification” of such Options (as that term
is defined in Section 424(h) of the Code) or would cause any adverse tax consequences for the
holders of such Incentive Stock Options. If the Board determines that such adjustments made with
respect to Incentive Stock Options would constitute a modification of such Options, it may refrain
from making such adjustments, unless the holder of an Incentive

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Stock Options specifically requests
in writing that such adjustment be made and such writing indicates that the holder has full
knowledge of the consequences of such “modification” on his or her income tax treatment with
respect to the Incentive Stock Options.

     SECTION 4. Eligibility. Employees, directors, consultants, and other individuals who
provide services to the Company or its Affiliates are eligible to be granted Awards under the Plan.
Persons who are not employees of the Company or a Subsidiary are eligible to be granted Awards,
but are not eligible to be granted Incentive Stock Options.

     SECTION 5. Options. Options granted under the Plan may be of two types: (i) Incentive
Stock Options or (ii) Non-Qualified Stock Options. Options may be granted alone or in addition to
other Awards. Any Option granted under the Plan will be in such form as the Board may from time to
time approve.

          The Award Agreement evidencing any Option will incorporate the following terms and conditions
and will contain such additional terms and conditions, not inconsistent with the terms of the Plan,
as the Board deems appropriate in its sole and absolute discretion:

          a. Option Price. The exercise price per Share purchasable under a Non-Qualified Stock
Option will be determined by the Board. The exercise price per Share purchasable under an
Incentive Stock Option will be not less than 100% of the Fair Market Value of the Share on the date
of the grant. However, any Incentive Stock Option granted to any Participant who, at the time the
Option is granted, owns more than 10% of the voting power of all classes of shares of the Company
or of a Subsidiary will have an exercise price per Share of not less than 110% of Fair Market Value
per Share on the date of the grant.

          b. Option Term. The term of each Option will be fixed by the Board, but no Option
will be exercisable more than ten (10) years after the date the Option is granted. However, any
Incentive Stock Option granted to any Participant who, at the time such Option is granted, owns
more than 10% of the voting power of all classes of shares of the Company or of a Subsidiary may
not have a term of more than five (5) years. No Option may be exercised by any person after
expiration of the term of the Option.

          c. Exercisability. Options will vest and be exercisable at such time or times and
subject to such terms and conditions as determined by the Board at the time of grant. If the Board
provides, in its discretion, that any Option is exercisable only in installments, the Board may
waive such installment exercise provisions at any time at or after grant, in whole or in part,
based on such factors as the Board determines, in its sole and absolute discretion.

          d. Method of Exercise. Subject to the exercise provisions under Section 5(c)
and the termination provisions set forth in Section 6, Options may be exercised in whole or
in part at any time and from time to time during the term of the Option, by giving written notice
of exercise to the Company specifying the number of Shares to be purchased. Such notice will be
accompanied by payment in full of the purchase price, either by certified or bank check, or such
other means as the Board may accept. As determined by the Board, in its sole discretion, at or
after grant, payment in full or in part of the exercise price of an Option may be made in the form
of previously acquired Shares based on the Fair Market Value of the Shares on the date the

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Option is exercised; provided, however, that unless the Company’s accountants advise it that no
adverse accounting treatment will result from the payment of the exercise price in the form of
previously acquired Shares, previously acquired Shares may not be used to pay such exercise price
with respect to any Shares issued pursuant to this Agreement until six months have elapsed from the
issuance of such previously acquired Shares; and provided, further, that, in the case of an
Incentive Stock Option, the right to make a payment in the form of previously acquired Shares may
be authorized only at the time the Option is granted.

          No Shares will be issued upon exercise of an Option until full payment therefor has been made.
A Participant will not have the right to distributions or dividends or any other rights of a
shareholder with respect to Shares subject to the Option until the Participant has given written
notice of exercise, has paid in full for such Shares, and, if requested, has given the
representation described in Section 10(a) hereof.

          e. Incentive Stock Option Limitations.. In the case of an Incentive Stock Option, the
aggregate Fair Market Value (determined as of the time of grant) of the Shares with respect to
which Incentive Stock Options are exercisable for the first time by the Participant during any
calendar year under the Plan and/or any other plan of the Company, its parent or any Subsidiary of
the Company will not exceed $100,000. For purposes of applying the foregoing limitation, Incentive
Stock Options will be taken into account in the order granted. Any Option not meeting such
limitation will be treated for all purposes as a Non-Qualified Stock Option.

          f. Termination of Employment. Unless otherwise specified in the Award Agreement,
Options will be subject to the terms of Section 6 with respect to exercise upon termination
of employment.

     SECTION
6. Termination of Service. Unless otherwise specified with respect to a
particular Award, Options granted hereunder will remain exercisable after termination of employment
only to the extent specified in this Section 6.

          a. Termination by Reason of Death. In the event of the death of the Participant while
an employee of the Company or of an Affiliate, the Option shall be exercisable by the Participant’s
Survivors within one (1) year after the date of death of the Participant or, if earlier, within the
originally prescribed term of the Option.

          b. Termination by Reason of Disability. In the event of the Disability of the
Participant, as determined in accordance with the Plan, the Option shall be exercisable within one
(1) year after the Participant’s termination of employment or, if earlier, within the term
originally prescribed by the Option.

          c. Cause. In the event a Participant’s service to the Company or one of its
Affiliates is terminated by the Company or such an Affiliate for “Cause”, the Participant’s right
to exercise any unexercised portion of Options shall cease as of such termination, and such
Options shall thereupon terminate. Notwithstanding anything herein to the contrary, if
subsequent to the Participant’s termination of service to the Company or one of its Affiliates for
“Cause”, but prior to the exercise of the Option, the Board determines that, either prior or
subsequent to the Participant’s termination, the Participant engaged in conduct which would

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constitute “Cause,” then the Participant shall immediately cease to have any right to exercise the
Option and this Option shall thereupon terminate.

          d. Other Termination. If a Participant’s service with the Company or any Affiliate
terminates for any reason other than death, Disability or Cause, any Option held by such
Participant may thereafter be exercised by the Participant, to the extent it was exercisable at the
time of such termination, or on such accelerated basis as the Board may determine at or after
grant, for a period expiring (i) at such time as may be specified by the Board at or after the time
of grant, or (ii) if not specified by the Board, then 90 days from the date of termination of
service, or (iii) if sooner than the applicable period specified under (i) or (ii) above, then upon
the expiration of the stated term of such Option.

     SECTION 7. Restricted Shares.

          a. Issuance. Restricted Shares may be issued either alone or in conjunction with
other Awards. The Board will determine the time or times within which Restricted Shares may be
subject to forfeiture, and all other conditions of such Awards.

          b. Awards and Certificates. The Award Agreement evidencing the grant of any
Restricted Shares will contain such terms and conditions, not inconsistent with the terms of the
Plan, as the Board deems appropriate in its sole and absolute discretion. The prospective
recipient of an Award of Restricted Shares will not have any rights with respect to such Award,
unless and until such recipient has executed an Award Agreement and has delivered a fully executed
copy thereof to the Company, and has otherwise complied with the applicable terms and conditions of
such Award. The purchase price for Restricted Shares may, but need not, be zero.

          A share certificate will be issued in connection with each Award of Restricted Shares. Such
certificate will be registered on the Company’s books in the name of the Participant receiving the
Award, and will bear the following legend as well as any other legend required by this Plan, the
Award Agreement, the Company’s shareholders’ agreement, or by applicable law:

THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED
HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING
FORFEITURE) OF THE ASPEN AEROGELS, INC. 2001 EQUITY INCENTIVE PLAN
AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND ASPEN
AEROGELS, INC. COPIES OF SUCH PLAN AND AGREEMENT ARE ON FILE IN THE
PRINCIPAL OFFICES OF ASPEN AEROGELS, INC. AND WILL BE MADE AVAILABLE
TO ANY
SHAREHOLDER WITHOUT CHARGE UPON REQUEST TO THE SECRETARY OF THE
COMPANY.

          Share certificates evidencing Restricted Shares be held in custody by the Company or in escrow
by an Escrow Agent until the restrictions thereon have lapsed, and that, as

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a condition of any
Restricted Share Award, the Participant deliver to the Company a share power, endorsed in blank,
relating to the Shares covered by such Award.

          c. Restrictions and Conditions. The Restricted Shares awarded pursuant to this
Section 7 will be subject to the following restrictions and conditions:

               (i) During a period commencing with the date of grant of an Award of Restricted Shares and
ending at such time or times as specified by the Board (the “Restriction Period”), the
Participant will not be permitted to sell, transfer, pledge, assign or otherwise encumber
Restricted Shares awarded under the Plan. The Board may condition the lapse of restrictions on
Restricted Shares upon the continued employment or service of the recipient, the attainment of
specified individual or corporate performance goals, or such other factors as the Board may
determine, in its sole and absolute discretion.

               (ii) Prior to the expiration of the Restriction Period, the Participant will not be entitled
to receive any cash distributions or dividends paid with respect to Restricted Shares and will not
be entitled to vote such Restricted Shares. A Participant will be entitled to receive any
distributions or dividends paid in the form of securities with respect to Restricted Shares, but
such securities will be subject to the same terms and conditions as the Restricted Shares with
respect to which they were paid, including, without limitation, the same Restriction Period.

               (iii) Subject to the applicable provisions of the Award Agreement, if a Participant’s service
with the Company terminates prior to the expiration of the Restriction Period for reasons other
than death or Disability, all of that Participant’s Restricted Shares which then remain subject to
forfeiture will be forfeited.

               (iv) Upon the death or Disability of a Participant during the Restriction Period:

                    (A) restrictions based on continued employment will lapse with respect to a percentage of the
Restricted Shares granted to the Participant that is equal to the percentage of the Restriction
Period that has elapsed as of the date of death or the date on which such Disability commenced (as
determined by the Board in its sole discretion), and

                    (B) restrictions based on individual or corporate performance will lapse to the extent
determined by the Board in its sole discretion.

               (v) In the event of hardship or other special circumstances of a Participant whose service
with the Company is involuntarily terminated (other than for Cause), the Board may, in its sole
discretion, waive in whole or in part any or all remaining restrictions with respect to such
Participant’s Restricted Shares, based on such factors as the Board may deem appropriate.

               (vi) If and when the Restriction Period expires without a prior forfeiture of the Restricted
Shares subject to such Restriction Period (or if and when the restrictions applicable to Restricted
Shares lapse pursuant to Sections 7(c)(iv) or 7(c)(v)), the certificates for such Shares
will be replaced with new certificates, without the restrictive legend

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described in Section
7(b), and such new certificates will be promptly delivered to the Participant, the
Participant’s representative (if the Participant has suffered a Disability), or the Participant’s
Survivors (if the Participant has died).

     SECTION
8. Amendments and Termination. The Board may amend, alter or discontinue the
Plan at any time, but no amendment, alteration or discontinuation will be made which would impair
the rights of a Participant with respect to an Award that is outstanding under the Plan, without
the Participant’s consent, or which, without the approval of such amendment within one year (365
days) of its adoption by the Board, by a majority of the votes cast at a duly held shareholder
meeting at which a quorum representing a majority of the Company’s outstanding voting shares is
present (either in person or by proxy), would: (i) increase the total number of Shares reserved for
the purposes of the Plan (except as otherwise provided in Section 3(c)), or (ii) change the
persons or class of persons eligible to receive Awards.

     SECTION
9. Unfunded Status of Plan. The Plan is intended to be “unfunded.” With
respect to any payments not yet made to a Participant by the Company, nothing contained herein will
give any such Participant any rights that are greater than those of a general creditor of the
Company. In its sole discretion, the Board may authorize the creation of grantor trusts or other
arrangements to meet the obligations created under the Plan to deliver Shares or payments in lieu
of Shares or with respect to other Awards hereunder.

     SECTION 10. General Provisions.

          a. The Board may require each Participant to represent to and agree with the Company in
writing that the Participant is acquiring securities of the Company for investment purposes and
without a view to distribution thereof and as to such other matters as the Board believes are
appropriate. The certificate evidencing any Award and any securities issued pursuant thereto may
include any legend which the Board deems appropriate to reflect any restrictions on transfer and
compliance with securities laws.

          All certificates for Shares or other securities delivered under the Plan will be subject to
such share-transfer orders and other restrictions as the Board may deem advisable under the rules,
regulations, and other requirements of the Securities Act of 1933, as amended, the Exchange Act,
any stock exchange upon which the Shares are then listed, and any other applicable Federal or state
securities laws, and the Board may cause a legend or legends to be put on any such certificates to
make appropriate reference to such restrictions.

          b. Nothing contained in the Plan will prevent the Board from adopting other or additional
compensation arrangements, subject to shareholder approval if such approval is
required; and such arrangements may be either generally applicable or applicable only in
specific cases.

          c. The adoption of the Plan will not confer upon any employee of the Company or a Subsidiary
any right to continued employment with the Company or such Subsidiary, nor will it interfere in any
way with the right of the Company or such Subsidiary to terminate the employment of any of its
employees at any time.

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          d. No later than the date as of which an amount first becomes includible in the gross income
of the Participant for Federal income tax purposes with respect to any Award under the Plan, the
Participant will pay to the Company, or make arrangements satisfactory to the Board regarding the
payment of, any Federal, state or local taxes of any kind required by law to be withheld with
respect to such amount. Unless otherwise determined by the Board, the minimum required withholding
obligations may be settled with Shares, including Shares that are part of the Award that gives rise
to the withholding requirement. The obligations of the Company under the Plan will be conditioned
on such payment or arrangements and the Company will, to the extent permitted by law, have the
right to deduct any such taxes from any payment of any kind otherwise due to the Participant.

          e. The Board will establish such procedures as it deems appropriate for a Participant to
designate a beneficiary to whom any amounts payable in the event of the Participant’s death are to
be paid.

          f. Except as may otherwise be specifically determined by the Board with respect to a
particular Award, no Award will be transferable by the Participant otherwise than by will or by the
laws of descent and distribution, and all Awards will be exercisable, during the Participant’s
lifetime, only by the Participant or, in the event of his Disability, by his personal
representative.

     SECTION 11. Effective Date of Plan. This Plan will become effective on the date that
it is approved by a majority of the votes cast at a duly held shareholder meeting at which a quorum
representing a majority of Company’s outstanding voting shares is present, either in person or by
proxy.

     SECTION 12. Term of Plan. This Plan will continue in effect until terminated in
accordance with Section 8; provided, however, that no Incentive Stock Option will be granted
hereunder on or after the tenth (10th) anniversary of the date of shareholder approval of the Plan;
but provided further, that Incentive Stock Options granted prior to such tenth anniversary may
extend beyond that date.

     SECTION 13. Invalid Provisions. In the event that any provision of this Plan is found
to be invalid or otherwise unenforceable under any applicable law, such invalidity or
unenforceability will not be construed as rendering any other provisions contained herein as
invalid or unenforceable, and all such other provisions will be given full force and effect to the
same extent as though the invalid or unenforceable provision was not contained herein.

     SECTION 14. Governing Law. This Plan and all Awards granted hereunder will be
governed by and construed in accordance with the laws and judicial decisions of the State of
Delaware, without regard to the application of the principles of conflicts of laws.

     SECTION 15. Board Action. Notwithstanding anything to the contrary set forth in this
Plan, any and all actions of the Board or Committee, as the case may be, taken under or in
connection with this Plan and any agreements, instruments, documents, certificates or other
writings entered into, executed, granted, issued and/or delivered pursuant to the terms hereof,

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will be subject to and limited by any and all votes, consents, approvals, waivers or other actions
of all or certain stockholders of the Company or other persons required by:

          a. the Company’s governing documents (as the same may be amended and/or restated from time to
time); and

          b. any other agreement, instrument, document or writing now or hereafter existing, between or
among the Company and its stockholders or other persons (as the same may be amended from time to
time).

     SECTION 16. Notices. Any notice to be given to the Company pursuant to the provisions
of the Plan shall be addressed to the Company in care of its Secretary (or such other person as the
Company may designate from time to time) at its principal executive office, and any notice to be
given to a Participant shall be delivered personally or addressed to him or her at the address
given beneath his or her signature on his or her Award Agreement, or at such other address as such
Participant may hereafter designate in writing to the Company. Any such notice shall be deemed
duly given on the date and at the time delivered via personal, courier or recognized overnight
delivery service or, if sent via telecopier, on the date and at the time telecopied with
confirmation of delivery or, if mailed, on the date five (5) days after the date of the mailing
(which shall be by regular, registered or certified mail). Delivery of a notice by telecopy (with
confirmation) shall be permitted and shall be considered delivery of a notice notwithstanding that
it is not an original that is received.

     SECTION 17. Dissolution or Liquidation of the Company. Upon the dissolution or
liquidation of the Company, all Options granted under this Plan which as of such date shall not
have been exercised will terminate and become null and void; provided, however, that if the rights
of a Participant or a Participant’s Survivors have not otherwise terminated and expired, the
Participant or the Participant’s Survivors will have the right immediately prior to such
dissolution or liquidation to exercise any Option to the extent that the Option is exercisable as
of the date immediately prior to such dissolution or liquidation.

     SECTION 18. Issuances of Securities. Except as expressly provided herein, no issuance
by the Company of shares of stock of any class, or securities convertible into shares of
stock of any class, shall affect, and no adjustment by reason thereof shall be made with
respect to, the number or price of shares subject to Options. Except as expressly provided herein,
no adjustments shall be made for dividends paid in cash or in property (including without
limitation, securities) of the Company.

     SECTION 19. Fractional Shares. No fractional shares shall be issued under the Plan
and the person exercising such right shall receive from the Company cash in lieu of such fractional
shares equal to the Fair Market Value thereof.

     SECTION 20. Conversion of Incentive Stock Options into Non-Qualified Stock Options;
Termination of Incentive Stock Options. The Board, at the written request of any Participant,
may in its discretion take such actions as may be necessary to convert such Participant’s Incentive
Stock Options (or any portions thereof) that have not been exercised on the date of conversion into
Non-Qualified Stock Options at any time prior to the expiration of

- 12 -

 

such Incentive Stock Options,
regardless of whether the Participant is an employee of the Company or an Affiliate at the time of
such conversion. Such actions may include, but not be limited to, extending the exercise period or
reducing the exercise price of the appropriate installments of such Options. At the time of such
conversion, the Board (with the consent of the Participant) may impose such conditions on the
exercise of the resulting Non-Qualified Stock Options as the Board in its discretion may determine,
provided that such conditions shall not be inconsistent with this Plan. Nothing in the Plan shall
be deemed to give any Participant the right to have such Participant’s Incentive Stock Options
converted into Non-Qualified Stock Options, and no such conversion shall occur until and unless the
Board takes appropriate action. The Board, with the consent of the Participant, may also terminate
any portion of any Incentive Stock Option that has not been exercised at the time of such
conversion.

     SECTION 21. Notice to Company of Disqualifying Disposition. Each Participant who
receives an Incentive Stock Option must agree to notify the Company in writing immediately after
the Key Employee makes a “Disqualifying Disposition” of any Shares acquired pursuant to the
exercise of an Incentive Stock Option. A “Disqualifying Disposition” is any disposition (including
any sale) of such shares before the later of (a) two years after the date the Participant was
granted the Incentive Stock Option, or (b) one year after the date Participant acquired Shares by
exercising the Incentive Stock Option. If the Participant has died before such stock is sold,
these holding period requirements do not apply and no Disqualifying Disposition can occur
thereafter.

- 13 -exv10w1w2

Exhibit 10.1.2

Aspen Aerogels, Inc.

2001 Equity Incentive Plan (as amended through May 18, 2011)

Incentive Stock Option Certificate

     Aspen Aerogels, Inc., a Delaware corporation (the “Company”), hereby grants to the
person named below (the “Optionee”) an option (the “Option”) to purchase shares of
its Common Stock (the “Shares”) under and for the purposes set forth in the Company’s 2001
Equity Incentive Plan, as amended through May 18, 2011 (the “Plan”), exerciseable on the
following terms and conditions and those set forth in the Incentive Stock Option Agreement (the
“Agreement”) attached to this Incentive Stock Option Certificate (this
“Certificate”).

	 	 	 
	Name of Optionee:

	 	_________________________
	 
	 	 
	Address:

	 	_________________________
	 
	 	 
	Social Security Number:

	 	_________________________
	 
	 	 
	Number of Shares:

	 	_________________________
	 
	 	 
	Purchase Price:

	 	$[___] per share
	 
	 	 
	Date of Grant:

	 	________________________
	 
	 	 
	Exercisability Schedule:

	 	25% of the Shares will vest and become
exerciseable on the first anniversary of the Date
of Grant, and the remaining 75% shall vest and
become exerciseable in equal monthly installments
over the 36 months following the first
anniversary of the Date of Grant.
	 
	 	 
	Expiration Date:

	 	______________________

This Option is intended to be treated as an Incentive Stock Option under section 422 of the
Internal Revenue Code of 1986, as amended (the “Code”). By acceptance of this Option, the
Optionee agrees to the terms and conditions set forth in this Certificate, the Agreement, and the
Plan. This Certificate shall serve as the signature page of the Optionee and the Company to the
Agreement.

	 	 	 
	OPTIONEE

	 	ASPEN AEROGELS, INC.
	 
	 	 
	By: ____________________________

	 	By: ________________________
	 
	 	 
	Name:

	 	Name: Donald R. Young
	 

	 	Title: President & Chief Executive Officer

 

 

INCENTIVE STOCK OPTION AGREEMENT

ASPEN AEROGELS, INC.

     AGREEMENT made as of the Date of Grant (as defined in the Incentive Stock Option Certificate
to which this Incentive Stock Option Agreement is attached (the “Certificate”)) between
Aspen Aerogels, Inc., a Delaware corporation (the “Company”), and the Optionee (as defined
in the Certificate).

     WHEREAS, the Company desires to grant to the Optionee an option (the “Option”) to
purchase shares of its Common Stock (the “Shares”), under and for the purposes set forth in
the Company’s 2001 Equity Incentive Plan, as amended through May 18, 2011 (the “Plan”); and

     WHEREAS, the Company and the Optionee understand and agree that any terms used and not defined
herein have the same meanings as in the Plan; and

     WHEREAS, the Company and the Optionee each intend that the Option granted herein qualify as an
Incentive Stock Option.

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration, the parties hereto agree as follows:

     1. GRANT OF OPTION. The Company hereby grants to the Optionee the right and option to
purchase all or any part of that number of Shares set forth in the Certificate, on the terms and
conditions and subject to all the limitations set forth herein and in the Certificate and the Plan,
which are incorporated herein by reference. The Optionee acknowledges receipt of a copy of the
Certificate and the Plan.

     2. PURCHASE PRICE. The purchase price of the Shares covered by the Option is set
forth in the Certificate. Payment shall be made in accordance with Section 5(d). of the
Plan.

     3. EXERCISABILITY OF OPTION. Subject to the terms and conditions set forth in this
Agreement and the Plan, the Option granted hereby shall become exercisable only with respect to
Shares that have vested as set forth in the Certificate.

     4. TERM OF OPTION. The Option shall terminate ten (10) years from the date of this
Agreement or, if the Optionee owns as of the date hereof more than 10% of the total combined voting
power of all classes of capital stock of the Company or an Affiliate, five (5) years from the date
of this Agreement, but shall be subject to earlier termination as provided herein or in the Plan.
If the Optionee ceases to be an employee of the Company or of an Affiliate (for any reason other
than the death or Disability of the Optionee or termination by the Optionee’s employer for Cause),
the Option may be exercised, if it has not previously terminated, within ninety (90) days after the
date the Optionee ceases to be an employee of the Company or an Affiliate, at such time as may be
specified by the Board at or after the time of grant or within the originally prescribed term of
the Option, whichever is earlier, but may not be exercised thereafter

- 2 -

 

     In the event the Optionee’s employment is terminated by the Optionee’s employer for Cause, the
Optionee’s right to exercise any unexercised portion of this Option shall cease as of such
termination, and this Option shall thereupon terminate. Notwithstanding anything herein to the
contrary, if subsequent to the Optionee’s termination as an employee, but prior to the exercise of
the Option, the Board determines that, either prior or subsequent to the Optionee’s termination,
the Optionee engaged in conduct which would constitute Cause, then the Optionee shall immediately
cease to have any right to exercise the Option and this Option shall thereupon terminate.

     In the event of the Disability of the Optionee, as determined in accordance with the Plan, or
if the Optionee is determined to be disabled under the Company’s long-term disability plan, the
Option shall be exercisable within one (1) year after the termination of Optionee’s employment or,
if earlier, within the term originally prescribed by the Option.

     In the event of the death of the Optionee while an employee of the Company or of an Affiliate,
the Option shall be exercisable by the Optionee’s Survivors within one (1) year after the date of
death of the Optionee or, if earlier, within the originally prescribed term of the Option.

     5. METHOD OF EXERCISING OPTION.

     (a) Subject to the terms and conditions of this Agreement, the Option may be exercised by
written notice to the Company at its principal executive office in substantially the form of
Exhibit A attached hereto. Such notice shall state the number of Shares with respect to
which the Option is being exercised and shall be signed by the person so exercising the Option.
Payment of the purchase price for such Shares shall be made in accordance with Section
5(d). of the Plan. The Company shall deliver a certificate or certificates representing such
Shares to the Escrow Agent as set forth below as soon as practicable after the notice shall be
received, provided, however, that the Company may delay issuance of such Shares until completion of
any action or obtaining of any consent, which the Company deems necessary under any applicable law
(including, without limitation, state securities or “blue sky” laws). The certificate or
certificates for the Shares as to which the Option shall have been so exercised shall be registered
in the name of the person or persons so exercising the Option (or, if the Option shall be exercised
by the Optionee and if the Optionee shall so request in the notice exercising the Option, shall be
registered in the name of the Optionee and another person jointly, with right of survivorship) and
shall be delivered to the Escrow Agent as provided below. In the event the Option shall be
exercised, pursuant to Section 5 hereof, by any person or persons other than the Optionee,
such notice shall be accompanied by appropriate proof of the right of such person or persons to
exercise the Option. All Shares that shall be purchased upon the exercise of the Option as
provided herein shall be fully paid and non-assessable.

     (b) As security for the faithful performance of the terms of this Agreement and to insure the
availability for delivery of the Optionee’s Shares pursuant to this Agreement, the Optionee agrees
to deliver to and deposit with the Secretary of the Company, or such other person designated by the
Company, as escrow agent (the “Escrow Agent”), a stock assignment duly endorsed (with date
and number of Shares in blank) in the form prescribed by the Escrow Agent together with any
certificate or certificates evidencing Shares. The Escrow Agent shall

- 3 -

 

hold such documents in escrow pursuant to the terms of this Agreement, including without limitation
this Section 5(b).

     6. PARTIAL EXERCISE. Exercise of this Option to the extent above stated may be made
in part at any time and from time to time within the above limits, except that no fractional share
shall be issued pursuant to this Option.

     7. NON-ASSIGNABILITY. The Option shall not be transferable by the Optionee other than
(i) by will or by the laws of descent and distribution, (ii) to such Optionee’s spouse or children
(or step-children) or to a trust the sole beneficiaries of which are the Optionee’s spouse and/or
children (or step-children), provided that all voting rights with respect to any Shares remain with
the Optionee, or (iii) to irrevocable trusts or other estate planning entities for tax or estate
planning purposes; provided that in each case the transferee(s) shall hold the Option or any Shares
subject to the same restrictions applicable hereunder to the Optionee and shall agree in writing to
be bound by the terms of the Stockholders’ Agreement. Except as provided in the preceding
sentence, the Option shall be exercisable, during the Optionee’s lifetime, only by the Optionee
(or, in the event of legal incapacity or incompetency, by the Optionee’s guardian or
representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation
of law or otherwise) and shall not be subject to execution, attachment or similar process. Any
attempted transfer, assignment, pledge, hypothecation or other disposition of the Option or of any
rights granted hereunder contrary to the provisions of this Section 7, or the levy of any
attachment or similar process upon the Option shall be null and void.

     8. NO RIGHTS AS STOCKHOLDER UNTIL EXERCISE. The Optionee shall have no rights as a
stockholder with respect to Shares subject to this Agreement until registration of the Shares in
the Company’s share register in the name of the Optionee. Except as is expressly provided in the
Plan with respect to certain changes in the capitalization of the Company, no adjustment shall be
made for dividends or similar rights for which the record date is prior to the date of such
registration.

     9. CAPITAL CHANGES AND BUSINESS SUCCESSIONS. The Plan contains provisions covering
the treatment of Options in a number of contingencies such as stock splits and mergers. Provisions
in the Plan for adjustment with respect to stock subject to Options and the related provisions with
respect to successors to the business of the Company are hereby made applicable hereunder and are
incorporated herein by reference.

     10. TAXES. The Optionee acknowledges that any income or other taxes due from him or
her with respect to this Option or the Shares issuable pursuant to this Option shall be the
Optionee’s responsibility. In the event of a Disqualifying Disposition (as defined in Section
15 below) or if the Option is converted into a Non-Qualified Stock Option and such
Non-Qualified Stock Option is exercised, the Company may withhold from the Optionee’s remuneration,
if any, the minimum required federal, state and local withholding taxes attributable to such amount
that is considered compensation includable in such person’s gross income. At the Company’s
discretion, the amount required to be withheld may be withheld in cash from such remuneration, or
in kind from the Shares otherwise deliverable to the Optionee on exercise of the Option. The
Optionee further agrees that, if the Company does not withhold an amount from the Optionee’s

- 4 -

 

remuneration sufficient to satisfy the Company’s income tax withholding obligation, the Optionee
will reimburse the Company on demand, in cash, for the amount under-withheld.

     11. PURCHASE FOR INVESTMENT. Unless the offering and sale of the Shares to be issued
upon the particular exercise of the Option shall have been effectively registered under the
Securities Act of 1933, as now in force or hereafter amended (the “1933 Act”), the Company
shall be under no obligation to issue the Shares covered by such exercise unless and until the
following conditions have been fulfilled:

     (a) The person(s) who exercise the Option shall warrant to the Company, at the time of such
exercise, that such person(s) are acquiring such Shares for their own respective accounts, for
investment, and not with a view to, or for sale in connection with, the distribution of any such
Shares, in which event the person(s) acquiring such Shares shall be bound by the provisions of the
following legend which shall be endorsed upon the certificate(s) evidencing the Shares issued
pursuant to such exercise:

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN TAKEN FOR INVESTMENT AND THEY
MAY NOT BE SOLD OR OTHERWISE TRANSFERRED BY ANY PERSON, INCLUDING A PLEDGEE, UNLESS
(1) EITHER (A) A REGISTRATION STATEMENT WITH RESPECT TO SUCH SHARES SHALL BE
EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) THE COMPANY SHALL
HAVE RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO IT THAT AN EXEMPTION FROM
REGISTRATION UNDER SUCH ACT IS THEN AVAILABLE, AND (2) THERE SHALL HAVE BEEN
COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES LAWS;” and

     (b) If the Company so requires, the Company shall have received an opinion of its counsel that
the Shares may be issued upon such particular exercise in compliance with the 1933 Act without
registration thereunder. Without limiting the generality of the foregoing, the Company may delay
issuance of the Shares until completion of any action or obtaining of any consent, which the
Company deems necessary under any applicable law (including without limitation state securities or
“blue sky” laws).

     12. RESTRICTIONS ON TRANSFER OF SHARES.

     (a) The Shares acquired by the Optionee pursuant to the exercise of the Option granted hereby
shall not be transferred by the Optionee except as permitted under the terms of the Fifth Amended
and Restated Stockholders’ Agreement among the Company and the Stockholders (as defined therein)
dated as of September 22, 2010, and all amendments, modifications, substitutions and replacements
thereto (the “Stockholders’ Agreement”). The Optionee agrees to become a party to the
Stockholders’ Agreement upon acquiring any Shares by exercise of the Option.

     (b) In the event of the Optionee’s termination of employment for any reason, the Company shall
have the option, but not the obligation, to repurchase all or any
part of the Shares issued pursuant to this Agreement (including, without limitation, Shares purchased after

- 5 -

 

termination of employment, Disability or death in accordance with Section 4 hereof). In
the event the Company does not exercise its option pursuant to this Section 12(b), the
restrictions set forth in the balance of this Agreement shall not thereby lapse, and the Optionee
for himself or herself, his or her heirs, legatees, executors, administrators and other successors
in interest, agrees that the Shares shall remain subject to such restrictions. The following
provisions shall apply to a repurchase under this Section 12(b):

     (i) The per share repurchase price of the Shares to be sold to the Company upon
exercise of its option under this Section 12(b) shall be equal to the Fair Market
Value of each such Share determined in accordance with the Plan as of the date of the
Company’s notice of repurchase;

     (ii) The Company’s option to repurchase the Optionee’s Shares in the event of
termination of employment shall be valid for a period ending on the later of twelve (12)
months commencing with the date of such termination of employment; or thirteen (13) months
following such Optionee’s exercise of the Option.

     (iii) In the event the Company shall be entitled to and shall elect to exercise its
option to repurchase the Optionee’s Shares under this Section 12(b), the Company
shall notify the Optionee, or in case of death, his or her representative, in writing of its
intent to repurchase the Shares. Such written notice may be mailed by the Company up to and
including the last day of the time period provided for in Section 12(b)(ii) for
exercise of the Company’s option to repurchase.

     (iv) The written notice to the Optionee shall specify the address at, and the time and
date on, which payment of the repurchase price is to be made (the “Closing”). The
date specified shall not be less than ten (10) days nor more than sixty (60) days from the
date of the mailing of the notice, and the Optionee or his or her successor in interest
with respect to the Shares shall have no further rights as the owner thereof from and after
the date specified in the notice. At the Closing, the repurchase price shall be delivered
to the Optionee or his or her successor in interest and the Shares being purchased, duly
endorsed for transfer, shall, to the extent that they are not then in the possession of the
Company, be delivered to the Company by the Optionee or his or her successor in interest.

     (c) The provisions of Sections 12(a) and 12(b) shall terminate upon the
consummation of a public offering of the securities of the Company pursuant to a registration
statement filed with the Securities and Exchange Commission pursuant to the 1933 Act.

     (d) The Optionee acknowledges and agrees that neither the Company, its shareholders nor its
directors and officers, has any duty or obligation to disclose to the Optionee any material
information regarding the business of the Company or affecting the value of the Shares before, at
the time of, or following a termination of the employment of the
Optionee by the Company, including, without limitation, any information concerning plans for the Company to make a public
offering of its securities or to be acquired by or merged with or into another firm or entity.

- 6 -

 

     13. NO OBLIGATION TO EMPLOY. The Company is not by the Plan or this Option obligated
to continue the Optionee as an employee of the Company.

     14. OPTION IS INTENDED TO BE AN INCENTIVE STOCK OPTION. The parties each intend that
the Option be an Incentive Stock Option so that the Optionee (or in the event of Optionee’s death,
Optionee’s legal representatives and/or any person who acquired Optionee’s rights to an Option in
accordance with Section 7 hereof) may qualify for the favorable tax treatment provided to
holders of Options that meet the standards of Section 422 of the Code. Nonetheless, if all or any
part of the Option is determined not to be an Incentive Stock Option, the Optionee understands that
neither the Company nor any Affiliate is responsible to compensate him or her or otherwise make up
for the treatment of the Option as a Non-qualified Stock Option and not as an Incentive Stock
Option. The Optionee should consult with the Optionee’s own tax advisors regarding the tax effects
of the Option and the requirements necessary to obtain favorable tax treatment under Section 422 of
the Code, including, but not limited to, holding period requirements.

     15. NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION. The Optionee agrees to notify
the Company in writing immediately after the Optionee makes a Disqualifying Disposition of any of
the Shares acquired pursuant to the exercise of the Option. A Disqualifying Disposition is defined
in Section 424(c) of the Code and includes any disposition (including any sale) of such Shares
before the later of (a) two years after the date the Optionee was granted the Option or (b) one
year after the date the Optionee acquired Shares by exercising the Option, except as otherwise
provided in Section 424(c) of the Code. If the Optionee has died before the Shares are sold, these
holding period requirements do not apply and no Disqualifying Disposition can occur thereafter.

     16. HOLDBACK AGREEMENT. The Optionee agrees, if so requested by the managing
underwriter in each underwritten registration of the Company’s capital stock or other securities,
not to effect (except as part of such underwritten registration if included therein) any sale,
distribution, short sale, loan, grant of options for the purchase of, or otherwise dispose of, any
Shares for such period as such underwriter requests, such period in no event to commence earlier
than ten (10) days prior to, or to end more than 180 days after, the effective date of such
registration. If the managing underwriter advises the Company that, in its opinion, no sale,
distribution, short sale, loan, grant of options for the purchase of, or after disposition of, any
shares of the Company’s common stock should be effected for a period of not more than 180 days
after the effective date of such underwritten registration in order to complete the sale and
distribution of the securities included therein and the Company gives notice to such effect to the
Optionee, the Optionee shall not (except as part of such underwritten registration if included
therein) effect any sale, distribution, short sale, loan, grant of options for the purchase of or
otherwise dispose of shares of the Company’s common stock for such period as such managing
underwriter advises, such period in no event to commence earlier than ten (10) days prior to, or to
end more than 180 days after, the effective date of such registration. The Optionee further
agrees that the Company may instruct its transfer agent to place stop transfer notations in
its records to enforce the provisions of this Section 16.

- 7 -

 

     17. NOTICES. Any notices required or permitted by the terms of this Agreement or the
Plan shall be given by recognized courier service, facsimile, registered or certified mail, return
receipt requested, addressed as follows:

	 	 	 
	If to the Company:

	 	Aspen Aerogels, Inc.
	 

	 	30 Forbes Road, Bldg B
	 

	 	Northborough, MA 01532
	 

	 	Telephone:   (508) 691-1150
	 

	 	Facsimile:     (508) 691-1200
	 

	 	Attention:     Chief Financial Officer
	 
	 	 
	If to the Optionee:

	 	At the address of the Optionee as set forth in the
records of the Company

or to such other address or addresses of which notice in the same manner has previously been given.
Any such notice shall be deemed to have been given upon the earlier of receipt, one business day
following delivery to a recognized courier service or five (5) business days following mailing by
registered or certified mail.

     18. GOVERNING LAW. This Agreement shall be construed and enforced in accordance with
the law of the State of Delaware, without giving effect to the conflict of law principles thereof.

     19. BENEFIT OF AGREEMENT. Subject to the provisions of the Plan and the other
provisions hereof, this Agreement shall be for the benefit of and shall be binding upon the heirs,
executors, administrators, successors and assigns of the parties hereto.

     20. ENTIRE AGREEMENT. This Agreement, together with the Plan, embodies the entire
agreement and understanding between the parties hereto with respect to the subject matter hereof
and supersedes all prior oral or written agreements and understandings relating to the subject
matter hereof. No statement, representation, warranty, covenant or agreement not expressly set
forth in this Agreement shall affect or be used to interpret, change or restrict the express terms
and provisions of this Agreement, provided, however, in any event, this Agreement shall be subject
to and governed by the Plan.

     21. MODIFICATIONS AND AMENDMENTS. The terms and provisions of this Agreement may be
modified or amended as provided in the Plan or in Section 22 below.

     22. WAIVERS AND CONSENTS. Except as provided in the Plan, the terms and provisions of
this Agreement may be waived, or consent for the departure therefrom granted, only by written
document executed by the party entitled to the benefits of such terms or provisions.
Notwithstanding anything to the contrary in the preceding sentence, holders representing a majority
of the Shares subject to an Option under the Plan may waive or grant a
consent to the departure from the provisions of this Agreement so long as such waiver or consent
applies to all holders of Shares subject to an Option under the Plan in the same fashion. No such
waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any
other terms or provisions of this Agreement, whether or not similar. Each such waiver or

- 8 -

 

consent shall be effective only in the specific instance and for the purpose for which it was given, and
shall not constitute a continuing waiver or consent.

[remainder of page intentionally left blank]

- 9 -

 

EXHIBIT
A

NOTICE OF EXERCISE OF INCENTIVE STOCK OPTION

[Form For Unregistered Shares]

	 	 	 

	To:

	 	Aspen Aerogels, Inc.
	 

	 	30 Forbes Road, Bldg B
	 

	 	Northborough, MA 01532
	 

	 	Attention: Chief Financial Officer

Ladies and Gentlemen:

     I hereby exercise my Incentive Stock Option to purchase                     shares (the
“Shares”) of the common stock, par value $.001 per share, of Aspen Aerogels, Inc. (the
“Company”) at the exercise price of $0.22 per share, pursuant to and subject to the terms
of that certain Incentive Stock Option Agreement between the undersigned and the Company dated as
of                     , 2011.

     I am aware that the Shares have not been registered under the Securities Act of 1933, as
amended (the “1933 Act”), or any state securities laws. I understand that the reliance by
the Company on exemptions under the 1933 Act is predicated in part upon the truth and accuracy of
the statements by me in this Notice of Exercise.

     I hereby represent and warrant that (1) I have been furnished with all information which I
deem necessary to evaluate the merits and risks of the purchase of the Shares; (2) I have had the
opportunity to ask questions concerning the Shares and the Company and all questions posed have
been answered to my satisfaction; (3) I have been given the opportunity to obtain any additional
information I deem necessary to verify the accuracy of any information obtained concerning the
Shares and the Company; and (4) I have such knowledge and experience in financial and business
matters that I am able to evaluate the merits and risks of purchasing the Shares and to make an
informed investment decision relating thereto.

     I hereby represent and warrant that I am purchasing the Shares for my own personal account for
investment and not with a view to the sale or distribution of all or any part of the Shares. I
understand that because the Shares have not been registered under the 1933 Act, I must continue to
bear the economic risk of the investment for an indefinite time and the Shares cannot be sold
unless the Shares are subsequently registered under applicable federal and state securities laws or
an exemption from such registration requirements is available.

     I agree that I will in no event sell or distribute or otherwise dispose of all or any part of
the Shares unless (1) there is an effective registration statement under the 1933 Act and
applicable state securities laws covering any such transaction involving the Shares or (2) the
Company receives an opinion of my legal counsel (concurred in by legal counsel for the Company)
stating that such transaction is exempt from registration or the Company otherwise satisfies itself
that such transaction is exempt from registration.

- 10 -

 

     I consent to the placing of a legend on my certificate for the Shares stating that the Shares
have not been registered and setting forth the restriction on transfer contemplated hereby and to
the placing of a stop transfer order on the books of the Company and with any transfer agents
against the Shares until the Shares may be legally resold or distributed without restriction. I
understand that at the present time Rule 144 of the Securities and Exchange Commission (the
“SEC”) may not be relied on for the resale or distribution of the Shares by me. I
understand that the Company has no obligation to me to register the sale of the Shares with the SEC
and has not represented to me that it will register the sale of the Shares. I understand the terms
and restrictions on the right to dispose of the Shares set forth in the 2001 Equity Incentive Plan,
the Incentive Stock Option Agreement and the Fifth Amended and Restated Stockholders’ Agreement
among the Company and the Stockholders (as defined therein) dated as of September 22, 2010, and all
amendments, modifications, substitutions and replacements thereto (the “Stockholders’
Agreement”), all of which I have carefully reviewed. I agree to become a party to the
Stockholders’ Agreement by executing the Joinder attached hereto as Annex 1. I consent to
the placing of a legend on my certificate for the Shares referring to such restrictions and the
placing of stop transfer orders until the Shares may be transferred in accordance with the terms of
such restrictions.

     I have considered the Federal, state and local income tax implications of the exercise of my
Option and the purchase and subsequent sale of the Shares.

     I am paying the option exercise price for the Shares as follows: _____________________

     Please issue the stock certificate for the Shares in the name of ___________________________________________, and deliver to the Escrow Agent.

     My mailing address for shareholder communications is:________________________.

	 	 	 	 	 

	 

	 	Very truly yours,	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 

Optionee (signature)
	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 

Print Name
	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 

Date
	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 

Social Security Number
	 	 

- 11 -

 

ANNEX 1

JOINDER TO FIFTH AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT OF ASPEN AEROGELS, INC.

As of ________________ ___, _____

     The undersigned, ____________________, having a principal business address of
______________________, hereby acknowledges that the undersigned has become a Stockholder of Aspen
Aerogels, Inc., a Delaware corporation (the “Company”), as of the date first written above,
and hereby joins in the execution of that certain Fifth Amended and Restated Stockholders’
Agreement of the Company, dated as of September 22, 2010 (the “Stockholders Agreement”).

By executing this Joinder, the undersigned hereby:

1. Agrees and acknowledges that the undersigned is a Stockholder of the Company, as such term is
defined and used in the Stockholders Agreement, a copy of which has been furnished to the
undersigned, with the same force and effect as if originally named therein as a Stockholder and
that each reference to a Stockholder in the Stockholders Agreement shall be deemed to include the
undersigned; and

2. Agrees to be bound by, and agrees that the undersigned is bound by, all of the terms and
provisions of the Stockholders Agreement for all purposes.

	 	 	 	 	 
	 	 
	
 	 
	Name:  	 	 
	Title:  	 	 
	 

ACKNOWLEDGED AND ACCEPTED:

	 	 	 	 	 
	ASPEN AEROGELS, INC.

 	 
	By:  	 	 
	Name:  	 	 
	Title:  	 	 
	 

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