Document:

EX-4.7

 Exhibit 4.7 

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

 

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

                          
            (subject to adjustment)

  
  

ASPEN AEROGELS, INC. 
 SERIES C
PREFERRED STOCK PURCHASE WARRANT 
  
  

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

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

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

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

  
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 Section 1.2. Net Issue Exercise. 

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

X =       Y (A - B) 

                    A 

 

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

 

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

 

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

 

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

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

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

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

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

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

Section 1.3 Significant Transactions. 

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

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

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

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

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

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

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

2. ADJUSTMENT OF NUMBER OF SHARES AND EXERCISE PRICE 

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

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

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

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

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

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

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

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

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

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

  
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 4. COVENANTS OF THE COMPANY 

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

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

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

 5. NOTICES 

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

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

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

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

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

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

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

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

  
 12 

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

  
 13 

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

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

  
 14 

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

			
	ASPEN AEROGELS, INC.
		
	By:	 	  

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

  

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

		
	By:	 	              

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

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

 Signature Page to Series C Preferred Stock Purchase Warrant 

Warrant No.              

 EXHIBIT A 

NOTICE OF EXERCISE 

SERIES C PREFERRED STOCK PURCHASE WARRANT 

(To be executed upon exercise of Warrant No.     ) 

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

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

 

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

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

 

											
		 	 ̈	  	IPO Notice	  	 ̈	  	Acquisition Notice	  	

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

 EXHIBIT B 

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

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

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

	  
	 	 	 	  
	 	  

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

Dated:
                                        
                         

Signature:                        
                                   

Note: The signature to the foregoing Assignment must correspond to the name as written upon the face of the Warrant in every particular, without alteration or
any change whatsoever. 
 Form of AssignmentEX-4.8

 Exhibit 4.8 

ASPEN AEROGELS, INC. 

SIXTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

THIS SIXTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (“Agreement”), dated as of June 11, 2012, is by and among
Aspen Aerogels, Inc., a Delaware corporation (the “Company”), and the Investors set forth on Schedule A hereto (the “Investors”). 

Recitals: 

A. The Company was formed as Aspen Merger Sub, Inc. on May 16, 2008 by filing its Certificate of Incorporation with the Secretary
of the State of Delaware. The Company entered into an Agreement and Plan of Merger with Aspen Aerogels, Inc., a Delaware corporation (the “Predecessor Entity”), on June 10, 2008, pursuant to which the Predecessor Entity merged
with and into the Company (the “Merger”), with the Company surviving the Merger, and the Company changed its name to “Aspen Aerogels, Inc.” as part of the Merger. 

B. In connection with the issuance of the Predecessor Entity’s Series A Convertible Preferred Stock on May 17, 2001, the
Predecessor Entity and certain Stockholders entered into that certain Registration Rights Agreement dated as of such date (the “Original Agreement”). 

C. In connection with the issuance of the Predecessor Entity’s Series C Convertible Preferred Stock on December 9, 2003, the
Predecessor Entity and certain Stockholders entered into that certain First Amended and Restated Registration Rights Agreement dated as of such date, as amended on October 20, 2004 (as so amended, the “Amended Agreement”)
replacing the Original Agreement in its entirety. 
 D. In connection with the issuance of the Predecessor Entity’s Series D
Preferred Stock on March 23, 2005, the Predecessor Entity and certain Stockholders entered into that certain Second Amended and Restated Registration Rights Agreement dated as of such date (the “Second Amended Agreement”)
replacing the Amended Agreement in its entirety. 
 E. In connection with the issuance of the Company’s formerly outstanding
Series B-1 Preferred Stock on June 10, 2008, the Company and certain Stockholders entered into that certain Third Amended and Restated Registration Rights Agreement dated as of such date (the “Third Amended Agreement”)
replacing the Second Amended Agreement in its entirety. 
 F. In connection with the issuance of the Company’s Series A
Preferred Stock on August 14, 2009, the Company and certain Stockholders entered into that certain Fourth Amended and Restated Registration Rights Agreement dated as of such date (the “Fourth Amended Agreement”) replacing the
Third Amended Agreement in its entirety. 
 G. In connection with the issuance of the Company’s Series B Preferred Stock on
September 22, 2010, the Company and certain Stockholders entered into that certain Fifth Amended and Restated Registration Rights Agreement dated as of such date (the “Fifth Amended Agreement”) replacing the Fourth Amended
Agreement in its entirety. 

 H. The Fifth Amended Agreement was further amended on December 29,
2010, June 1, 2011, June 14, 2011 and on December 6, 2011. 
 I. Certain Investors (the
“Purchasers”) will purchase June 2012 Notes (defined below) pursuant to a Note Purchase Agreement, dated as of the date hereof, by and among the Company and the Purchasers (the “Purchase Agreement”). 

J. The Company and the Majority Holders under the Fifth Amended Agreement, together with the Purchasers, desire to amend and restate
the Fifth Amended Agreement by deleting it in its entirety and replacing it with this Agreement. 
 K. The Company and the Investors
desire to enter into this Agreement for the purpose of establishing the registration rights of the Common Stock. 
 L. The execution
and delivery of this Agreement is a condition to the Purchasers’ purchase of June 2012 Notes pursuant to the Purchase Agreement. 

Agreement: 

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

	 	Section 1.	Definitions. 

 As used in this Agreement, the following terms shall
have the following meanings: 
 “2005 Warrants” means those warrants to purchase Common Stock listed on Annex A
hereto. 
 “2005 Warrant Stock” means all shares of Common Stock which may be issued upon exercise of the rights
represented by the 2005 Warrants. 
 “Arcapita Equity Letters” means, collectively, that certain Letter Agreement, dated as
of December 6, 2011 between the Company and Arcapita Ventures I Limited, a Caymen Islands corporation (“Arcapita”), and that certain Letter Agreement, dated as of June 11, 2012 between the Company and Arcapita. 

“Affiliate” means, (1) with respect to any Person, any of (a) a director, officer or stockholder holding 5% or more
of the capital stock (on a fully diluted basis) of such Person, (b) a spouse, parent, sibling or descendant of such Person (or a spouse, parent, sibling or descendant of any director or officer of such Person) and (c) any other Person
that, directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, another Person or (2) in any event, any Person meeting the definition of “Affiliate” set forth in Rule
405 under the Securities Act. The term “control” includes, without limitation, the possession, directly or indirectly, of the power to direct the management and policies of a Person, whether through the ownership of voting securities, by
contract or otherwise. 
 “Board” means the Board of Directors of the Company. 

  
 -2- 

 “Charter” means the Third Amended and Restated Certificate of Incorporation of
the Company, as amended from time to time. 
 “Commission” means the Securities and Exchange Commission or any other
federal agency at the time administering the Securities Act. 
 “Common Stock” means the common stock, $0.001 par value per
share, of the Company. 
 “Conversion True-Up Shares” has the meaning set forth in the Charter. 

“December 2011 Notes” means the certain convertible promissory notes convertible into shares of Common Stock issued by the
Company to certain purchasers pursuant to that certain note purchase agreement dated as of December 6, 2011 by and among the Company and the “Purchasers” named therein (as may be further amended from time to time, the
“December 2011 Purchase Agreement”), together with any December 2011 Notes issued upon the transfer or division of, or in exchange or substitution for any such December 2011 Notes. For the avoidance of doubt, “December 2011
Notes” shall include only the Convertible Notes (as defined in the December 2011 Purchase Agreement) and not the Arcapita Note (as defined in the December 2011 Purchase Agreement). 

“December 2011 Note Shares” means all shares of Common Stock which may be issued upon conversion of the December 2011 Notes
pursuant to the terms thereof. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor
Federal statute, and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect from time to time. 

“FINRA” has the meaning set forth in Section 6(n). 

“Holders” means Investors holding Registrable Shares or their transferees. 

“Information” has the meaning set forth in Section 6(i). 

“Inspectors” has the meaning set forth in Section 6(i). 

“Investors” shall mean the parties to this Agreement who are designated as Investors as set forth on Schedule A to the
Agreement. 
 “Investors Counsel” has the meaning set forth in Section 6(b). 

“IPO” has the meaning set forth in the Charter. 

“June 2011 Notes” means those certain convertible promissory notes convertible into shares of Common Stock issued by the
Company to certain purchasers pursuant to that certain Note Purchase Agreement dated as of June 1, 2011 by and among the Company and the “Purchasers” named therein (as amended on June 14, 2011, and as may be further amended from
time to time, the “June 2011 Purchase Agreement”), together with any June 2011 Notes issued 

  
 -3- 

 
upon the transfer or division of, or in exchange or substitution for any such June 2011 Notes. For the avoidance of doubt, “June 2011 Notes” shall include the Additional Notes
(as defined in the June 2011 Purchase Agreement). 
 “June 2011 Note Shares” means all shares of Common Stock which may be
issued upon conversion of the June 2011 Notes pursuant to the terms thereof. 
 “June 2012 Notes” means those certain
convertible promissory notes convertible into shares of Common Stock issued by the Company to certain purchasers pursuant to the Purchase Agreement, together with any June 2012 Notes issued upon the transfer or division of, or in exchange or
substitution for any such June 2012 Notes. For the avoidance of doubt, “June 2012 Notes” shall include only the Convertible Notes (as defined in the Purchase Agreement) and not the Arcapita Note (as defined in the Purchase Agreement). 

“June 2012 Note Shares” means all shares of Common Stock which may be issued upon conversion of the June 2012 Notes pursuant
to the terms thereof. 
 “Notes Shares” means, collectively, the December 2011 Note Shares, June 2011 Note Shares and the
June 2012 Note Shares. 
 “Other Shares” means at any time those shares of Common Stock which do not constitute Primary
Shares or Registrable Shares. 
 “Person” means any individual, partnership, corporation, group, trust or other legal
entity. 
 “Preferred Stock” means the Series A Preferred Stock, the Series B Preferred Stock and any other series of the
Company’s preferred stock. 
 “Primary Shares” means at any time the authorized, but unissued, shares of Common Stock
and shares of Common Stock held by the Company in its treasury. 
 “Purchase Agreement” has the meaning set forth in the
Recitals. 
 “Purchasers” has the meaning set forth in the Recitals. 

“QPO” has the meaning set forth in the Charter. 

“Records” has the meaning set forth in Section 6(i). 

“Registrable Shares” means (i) the Common Stock issuable or issued upon the voluntary conversion on August 14, 2009
of the Company’s formerly outstanding Series A-1, A-2, A-3, B1, B-2 and B-3 Preferred Stock; (ii) the Common Stock issuable or issued upon conversion of the Preferred Stock, (iii) any True-Up Shares, (iv) any Note Shares,
(v) the Common Stock issuable or issued pursuant to Section 2 of the Arcapita Equity Letters, (vi) any Warrant Stock, (vii) solely with respect to the rights granted in Sections 3 and 4, the 2005 Warrant Stock, and
(viii) any other shares of Common Stock issued as a dividend or other distribution with respect to, or in exchange for or replacement of, any of the shares of Common Stock referred to in clauses (i),

  
 -4- 

 
(ii), (iii), (iv), (v), (vi) or (vii). As to any particular Registrable Shares, once issued, such Registrable Shares shall cease to be Registrable Shares when (i) they have been
registered under the Securities Act, the registration statement in connection therewith has been declared effective and they have been disposed of pursuant to such effective registration statement, or (ii) such Registrable Shares are held by an
Investor (together with its affiliates) if (A) as reflected on the Company’s books and records, such Investor (together with its affiliates) holds less than 1% of the Company’s outstanding Common Stock (on an as-if-converted to Common
Stock basis), (B) the Company has completed a QPO and (C) all shares of Common Stock issued or issuable upon conversion of such Registrable Shares held by and issuable to such Investor (and its affiliates) may be sold without limitation
pursuant to Rule 144 during any ninety (90) day period. 
 “Rule 144” means Rule 144 promulgated under the Securities
Act or any successor rule thereto or any complementary rule thereto (such as Rule 144A). 
 “Sale of the Company” has the
meaning set forth in the Charter. 
 “Securities Act” means the Securities Act of 1933, as amended, or any successor
Federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect from time to time. 

“Series A Preferred Stock” means the Company’s Series A Preferred Stock, par value $0.001 per share. 

“Series B Preferred Stock” has the meaning set forth in the Recitals. 

“True-Up Shares” has the meaning set forth in the Charter. 

“Warrants” means those certain warrants to initially subscribe for and purchase an aggregate of 1,496,107 shares of Common
Stock issued by the Company to certain purchasers pursuant to a Subordinated Note and Warrant Purchase Agreement dated as of December 29, 2010 by and among the Company and the “Purchasers” named therein, together with any warrants
issued upon the transfer or division of, or in exchange or substitution for any such Warrants. 
 “Warrant Stock” means all
shares of Common Stock which may be issued upon the exercise of the rights represented by the Warrants. 
  

	 	Section 2.	Demand Registration. 

 (a) At any time from the earlier of
(i) six (6) months following the completion of an IPO or (ii) the third (3rd) anniversary of the date of this Agreement, if the Holders representing at least a majority of the Registrable Shares then outstanding (the
“Initiating Holders”) shall state in writing that such Holders desire to sell Registrable Shares in the public securities markets and request the Company to effect the registration of Registrable Shares under the Securities Act, the
Company shall promptly use its best efforts to effect the registration under the Securities Act of the Registrable Shares which the Company has been so requested to register by the Holders. For the avoidance of doubt, the Company shall not be
required to register the sale or re-sale of any True-Up Shares or Conversion True-Up Shares in an IPO. 

  
 -5- 

 (b) Notwithstanding anything contained in this Section 2 to the contrary, the Company
shall not be obligated to effect any registration under the Securities Act except in accordance with the following provisions: 
 (i) The
Company shall not be obligated to use its best efforts to file and cause to become effective (A) more than two (2) long-form registration statements initiated pursuant to Section 2(a) (other than those on form S-3 as set forth
in Section 4) at the Company’s expense; (B) more than two (2) long-form registration statements initiated pursuant to Section 2(a) at the Holders’ expense; (C) any demand registration statement
pursuant to Section 2(a) with an anticipated aggregate offering price of less than $10,000,000; nor (D) any registration statement during any period in which any other registration statement (other than on Form S-8 promulgated under
the Securities Act or any successor form thereto) pursuant to which Primary Shares are to be or were sold has been filed and not withdrawn or has been declared effective within the prior one hundred eighty (180) days. 

(ii) The Company may delay the filing or effectiveness of any registration statement for a period of up to ninety (90) days after the
date of a request for registration pursuant to this Section 2 if at the time of such request the Company furnishes to the Holders requesting such registration statement pursuant to this Section 2, a certificate signed by the
Chief Executive Officer of the Company stating that (i) the Company is engaged, or has fixed plans to engage within thirty (30) days of the time of such request, in a firm commitment underwritten public offering of Primary Shares in which
the holders of Registrable Shares may include Registrable Shares pursuant to Section 3 or (ii) the Board has reasonably determined in its good faith judgment that it would be seriously detrimental to the Company and its stockholders
for such registration statement to be filed, provided, however, that the Company may only delay the filing or effectiveness of a registration statement pursuant to this Section 2(b) for a total of one hundred and twenty
(120) days after the date of a request for registration pursuant to this Section 2. 
 (iii) With respect to any
registration pursuant to this Section 2, the Company shall give notice of such registration to all Holders that are not Initiating Holders and the holders of all Other Shares that are entitled to registration rights and the Company may
include in such registration any Primary Shares or Other Shares and shall include all Registrable Shares that Holders that are not Initiating Holders request to be registered within 20 days of the mailing of the foregoing notice by the Company;
provided, however, that if the managing underwriter advises the Company that the inclusion of all Registrable Shares, Primary Shares and/or Other Shares proposed to be included in such registration would interfere with the successful
marketing (including pricing) of the Registrable Shares proposed to be included in such registration, then the number of Registrable Shares, Primary Shares and/or Other Shares proposed to be included in such registration shall be included in the
following order: 
 (A) first, all the Registrable Shares that are issued or issuable upon conversion of the Series B
Preferred Stock and any True-Up Shares (collectively, “Series B Registrable Shares”), subject to the last sentence of Section 2(a), requested to be included in such registration (or, if necessary, such Series B Registrable
Shares pro rata among the Holders thereof based upon the number of Series B Registrable Shares requested to be registered by each such Holder); 

  
 -6- 

 (B) second, all the Registrable Shares that are not Series B Registrable shares
(“Non-Series B Registrable Shares”) requested to be included in such registration (or, if necessary, such Non-Series B Registrable Shares pro rata among the Holders thereof based upon the number of Non-Series B
Registrable Shares requested to be registered by each such Holder); 
 (C) third, the Primary Shares; and 

(D) fourth, the Other Shares that are entitled to registration rights requested to be included in such registration (or, if
necessary, such Other Shares pro rata among the holders thereof based upon the number of Other Shares requested to be registered by each such holder). 

(iv) If the Initiating Holders so elect, the offering of such Registrable Shares pursuant to such registration shall be in the form of an
underwritten offering. The Initiating Holders shall, at their option, select one or more nationally prominent firms of investment bankers reasonably acceptable to the Company to act as the lead managing underwriter or underwriters in connection with
such offering. In such event, the right of any Person to include such Person’s Registrable Shares or Other Shares in such registration shall be conditioned upon such Person’s participation in such underwriting. All Holders proposing to
distribute their securities through such underwriting shall (together with the Company) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. 

 

	 	Section 3.	Piggyback Registration. 

 If the Company at any time proposes for
any reason to register Primary Shares or Other Shares under the Securities Act (other than on Form S-4 or Form S-8 promulgated under the Securities Act or any successor forms thereto), it shall give written notice to the holders of Registrable
Shares of its intention to so register such Primary Shares or Other Shares at least thirty (30) days before the initial filing of such registration statement and, upon the written request, delivered to the Company within twenty (20) days
after delivery of any such notice by the Company, of the holders of Registrable Shares to include in such registration Registrable Shares (which request shall specify the number of Registrable Shares proposed to be included in such registration and
shall state that such holder of Registrable Shares desires to sell such Registrable Shares in the public securities markets), the Company shall use its best efforts to cause all such Registrable Shares to be included in such registration on the same
terms and conditions as the securities otherwise being sold in such registration; provided, however, that if the managing underwriter advises the Company that the inclusion of some or all Registrable Shares requested to be included in
such registration would interfere with the successful marketing (including pricing) of the Primary Shares or Other Shares proposed to be registered by the Company, then the number of Primary Shares and Registrable Shares and Other Shares proposed to
be included in such registration shall be included in the following order: 
 (i) first, the Primary Shares; 

  
 -7- 

 (ii) second, the Series B Registrable Shares (or, if necessary, such Series B Registrable Shares
will be cutback pro rata among the holders thereof based upon the number of Series B Registrable Shares requested to be registered by each such holder (or Series B Registrable Shares issued in respect thereof)); 

(iii) third, the Non-Series B Registrable Shares (or, if necessary, such Non-Series B Registrable Shares will be cutback pro
rata among the holders thereof based upon the number of Non-Series B Registrable Shares requested to be registered by each such holder (or Non-Series B Registrable Shares issued in respect thereof), provided, however, that in no
event will Registrable Shares be cut back pursuant to this clause (iii) or clause (ii) above to the point that Registrable Shares in aggregate constitute less than thirty five percent (35%) of the total number of shares registered in
any registration under this Section 3); and 
 (iv) fourth, the Other Shares requested to be included in such registration (or,
if necessary, such Other Shares pro rata among the holders thereof based upon the number of Other Shares requested to be registered by each such holder); 

provided, however, that no Registrable Shares or Other Shares shall be required to be included in any registration pursuant to this
Section 3 in connection with the Company’s initial public offering if the Company and the underwriters determine, in their sole discretion, not to include any shares other than Primary Shares. 

 

	 	Section 4.	Registrations on Form S-3. 

 Anything contained in
Section 2 to the contrary notwithstanding, at such time as the Company shall have qualified for the use of Form S-3 promulgated under the Securities Act or any successor form thereto, holders of the Registrable Shares then outstanding
shall have the right to request in writing an unlimited number of registrations of Registrable Shares on Form S-3 or such successor form, which request or requests shall (i) specify the number of Registrable Shares intended to be sold or
disposed of and the holders thereof, (ii) state the intended method of disposition of such Registrable Shares and (iii) relate to Registrable Shares having an aggregate offering price of at least $2,000,000. A requested registration on
Form S-3 or any such successor form in compliance with this Section 4 shall not count as a registration statement initiated pursuant to Section 2, but shall otherwise be treated as a registration initiated pursuant to, and
shall, except as otherwise expressly provided in this Section 4, be subject to Section 2; provided, however, that the Company shall not be obligated to (a) effect more than two registrations pursuant to
this Section 3 in any twelve (12) month period or (b) keep effective at any one time more than one registration statement on Form S-3 with respect to Registrable Shares requested to be registered in accordance with this
Section 4, and if the Company is requested to effect the registration of Registrable Shares on Form S-3 at a time when it is keeping such a registration statement effective, it may delay effecting such requested registration until it is
no longer required in accordance with Section 6(a) hereof to keep effective the then effective registration statement on Form S-3, except the Company shall not be permitted to so delay any then effective registration on Form S-3 that is
a “shelf” registration or a Rule 415 continuous offering. 

  
 -8- 

	 	Section 5.	Market “Stand-Off” Agreement. 

 (a) Solely in connection
with an IPO (including an IPO pursuant to Section 2 hereof), if so requested by the underwriters, the Investors shall not sell publicly, make any short sale of, grant any option for the purchase of, or otherwise dispose publicly of, any
capital stock of the Company (other than those shares of Common Stock included in such registration pursuant to Section 2, hereof) without the prior written consent of the Company, for a period designated by the Company in writing to the
Investors, which period shall begin upon the effectiveness of the registration statement pursuant to which such IPO shall be made and shall not last more than one hundred and eighty (180) days (or such other period, not to exceed two hundred
and ten (210) days, as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports or (ii) analyst recommendations and opinions, including
but not limited to the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f) or any successor provisions or amendments thereto) after the effective date of such registration statement. The Company shall obtain the agreement of any
person permitted to sell shares of stock in a registration to be bound by and to comply with this Section 5 as if such person was an Investor hereunder. In the event (a) the Company fails to attain an agreement from all of the
Company’s directors and officers to be bound by and to comply with this Section 5 as if such person were an Investor hereunder or (b) the Company fails to attain such agreement from all holders of more than one percent
(1%) of the Company’s outstanding capital stock, on a fully-diluted basis, the restrictions set forth in this Section 5 shall cease to apply to the Investors. The foregoing provisions of this Section 5 shall not
apply to distributions or other transfers to Affiliates, partners, members, stockholders or other equity holders of an Investor, provided, that the recipient agrees to be similarly bound by this Section 5. Any discretionary
waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all parties subject to such agreements, based on the number of shares subject to such agreements. 

 

	 	Section 6.	Preparation and Filing. 

 If and whenever the Company is under an
obligation pursuant to the provisions of this Agreement to effect the registration of any Registrable Shares, the Company shall, as expeditiously as practicable: 

(a) use its best efforts to cause a registration statement that registers such Registrable Shares to become and remain effective for a period
of ninety (90) days or until all of such Registrable Shares have been disposed of (if earlier); 
 (b) furnish, at least ten
(10) business days before filing a registration statement that registers such Registrable Shares, a prospectus relating thereto or any amendments or supplements relating to such a registration statement or prospectus, to one counsel selected by
the Investors whose reasonable fees and expenses (subject to the cap set forth in Section 7) shall be borne by the Company (the “Investors Counsel”), copies of all such documents proposed to be filed (it being understood
that such ten (10) business-day period need not apply to successive drafts of the same document proposed to be filed so long as such successive drafts are supplied to the Investors Counsel in advance of the proposed filing by a period of time
that is customary and reasonable under the circumstances); 

  
 -9- 

 (c) prepare and file with the Commission such amendments and supplements to such registration
statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for at least a period of ninety (90) days or until all of such Registrable Shares have been disposed of (if earlier) and
to comply with the provisions of the Securities Act with respect to the sale or other disposition of such Registrable Shares; 
 (d) notify
in writing the Investors Counsel (i) of the receipt by the Company of any notification with respect to any comments by the Commission with respect to such registration statement or prospectus or any amendment or supplement thereto or any
request by the Commission for the amending or supplementing thereof or for additional information with respect thereto, (ii) of the receipt by the Company of any notification with respect to the issuance by the Commission of any stop order
suspending the effectiveness of such registration statement or prospectus or any amendment or supplement thereto or the initiation or threatening of any proceeding for that purpose and (iii) of the receipt by the Company of any notification
with respect to the suspension of the qualification of such Registrable Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purposes; 

(e) use its best efforts to register or qualify such Registrable Shares under such other securities or blue sky laws of such jurisdictions as
the Investors reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable the Investors to consummate the disposition in such jurisdictions of the Registrable Shares owned by the Investors;
provided, however, that the Company will not be required to qualify generally to do business, subject itself to general taxation or consent to general service of process in any jurisdiction where it would not otherwise be required to
do so but for this paragraph (e) or to provide any material undertaking or make any changes in its Bylaws or Certificate of Incorporation which the Board determines to be contrary to the best interests of the Company or to modify any of its
contractual relationships then existing; 
 (f) furnish to the Investors holding such Registrable Shares such number of copies of a summary
prospectus, if any, or other prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as the Investors may reasonably request in order to facilitate the public sale or other
disposition of such Registrable Shares; 
 (g) without limiting subsection (e) above, use its best efforts to cause such Registrable
Shares to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the Holders holding such Registrable Shares to consummate the
disposition of such Registrable Shares; 
 (h) notify the Holders holding such Registrable Shares on a timely basis at any time when a
prospectus relating to such Registrable Shares is required to be delivered under the Securities Act within the appropriate period mentioned in subparagraph (a) of this Section 6, of the happening of any event as a result of which
the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not

  
 -10- 

 
misleading in light of the circumstances then existing and, at the request of the Investors, prepare and furnish to the Investors a reasonable number of copies of a supplement to or an amendment
of such prospectus as may be necessary so that, as thereafter delivered to the offerees of such shares, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the circumstances then existing; 
 (i) subject to the execution of
confidentiality agreements in form and substance satisfactory to the Company, make available upon reasonable notice and during normal business hours, for inspection by any Investor holding such Registrable Shares, any underwriter participating in
any disposition pursuant to such registration statement and any attorney, accountant or other agent retained by the Investor or underwriter (collectively, the “Inspectors”), all pertinent financial and other records, pertinent
corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and
employees to supply all information (together with the Records, the “Information”) reasonably requested by any such Inspector in connection with such registration statement. Any of the Information which the Company determines in
good faith to be confidential, and of which determination the Inspectors are so notified, shall not be disclosed by the Inspectors unless (i) the disclosure of such Information is necessary to avoid or correct a misstatement or omission in the
registration statement, (ii) the release of such Information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction or (iii) such Information has been made generally available to the public; the Investors
agree that they will, upon learning that disclosure of such Information is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at the Company’s expense, to undertake appropriate action to prevent
disclosure of the Information deemed confidential; 
 (j) in the event of an underwritten offering pursuant to this Agreement, use its best
efforts to obtain from its independent certified public accountants “comfort” letters in customary form and at customary times and covering matters of the type customarily covered by comfort letters at the request of the lead
underwriter; 
 (k) in the event of an underwritten offering pursuant to this Agreement, use its best efforts to obtain from its counsel an
opinion or opinions in customary form at the request of the lead underwriter; 
 (l) provide a transfer agent and registrar (which may be
the same entity and which may be the Company) for such Registrable Shares; 
 (m) issue certificates evidencing such Registrable Shares to
any underwriter (at the request of such underwriter) to which the Investors holding such Registrable Shares may sell shares in such offering; 

(n) list such Registrable Shares on any national securities exchange on which any shares of the Common Stock are listed or, if the Common
Stock is not listed on a national securities exchange, use its best efforts (or in the case of a registration under Section 3 hereof, reasonable best efforts) to qualify such Registrable Shares for inclusion on such national securities
exchange as the holders of a majority of such Registrable Shares shall reasonably request; 

  
 -11- 

 (o) otherwise use its best efforts to comply with all applicable rules and regulations of the
Commission and make available to its securityholders, as soon as reasonably practicable, earnings statements (which need not be audited) covering a period of twelve (12) months beginning within three (3) months after the effective date of
the registration statement, which earnings statements shall satisfy the provisions of Section 11(a) of the Securities Act; 
 (p)
subject to all the other provisions of this Agreement, use its best efforts to take all other steps necessary to effect the registration of such Registrable Shares contemplated hereby; and 

(q) in the event of any underwritten public offering, cooperate with the selling Holders, the underwriters participating in the offering and
their counsel in any due diligence investigation reasonably requested by the selling Holders or the underwriters in connection therewith, and participate, to the extent reasonably requested by the managing underwriter for the offering or the selling
Holder, in efforts to sell the Registrable Securities under the offering (including, without limitation, participating in “roadshow” meetings with prospective investors) that would be customary for underwritten primary offerings of
a comparable amount of equity securities by the Company. 
 Each holder of the Registrable Shares, upon receipt of any notice from the
Company of any event of the kind described in Section 6(h) hereof, shall forthwith discontinue disposition of the Registrable Shares pursuant to the registration statement covering such Registrable Shares until such holder’s receipt
of the copies of the supplemented or amended prospectus contemplated by Section 6(h) hereof, and, if so directed by the Company, such holder shall deliver to the Company all copies, other than permanent file copies then in such
holder’s possession, of the prospectus covering such Registrable Shares at the time of receipt of such notice. 
  

	 	Section 7.	Expenses. 

 All expenses (other than stock transfer taxes and
underwriting discounts and commissions relating to the Registrable Shares, as provided below) incurred by the Company in complying with Section 6, including, without limitation, all registration and filing fees (including all expenses incident
to filing with the FINRA), fees and expenses of complying with securities and blue sky laws, printing expenses, fees and expenses of the Company’s counsel and accountants and reasonable fees and expenses of the Investors Counsel shall be paid
by the Company (which fees and expenses of Investors Counsel shall not exceed one hundred thousand dollars ($100,000) with respect to a registration under Section 3 hereof); provided, however, that all underwriting
discounts and selling commissions applicable to Primary Shares shall be borne by the Company; and provided, further, that all underwriting discounts and selling commissions applicable to Registrable Shares and Other Shares shall be borne by
the holders selling such Registrable Shares and Other Shares, in proportion to the number of Registrable Shares and Other Shares, if any, sold thereby; and provided, further, that the Company shall not be obligated to pay fees or
expenses of the Investors Counsel in connection with any registration requested by the Investors and later terminated, withdrawn or suspended at the request of the Investors (other than as a result of any material adverse change or event involving
the Company). 

  
 -12- 

	 	Section 8.	Indemnification. 

 (a) In connection with any registration of any
Registrable Shares under the Securities Act pursuant to this Agreement or otherwise, the Company shall indemnify and hold harmless the holders of Registrable Shares, each underwriter, broker or any other person acting on behalf of the holders of
Registrable Shares and each other person, if any, who controls any of the foregoing persons within the meaning of the Securities Act against any losses, claims, damages or liabilities, joint or several (or actions in respect thereof), to which any
of the foregoing persons may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or allegedly untrue
statement of a material fact contained in the registration statement under which such Registrable Shares were registered under the Securities Act, any preliminary prospectus or final prospectus contained therein or otherwise filed with the
Commission, any amendment or supplement thereto or any document incident to registration or qualification of any Registrable Shares, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading or, with respect to any prospectus, necessary to make the statements therein in light of the circumstances under which they were made not misleading, or arise out of or are
based on any violation by the Company of the Securities Act or state securities or blue sky laws applicable to the Company and relating to action or inaction required of the Company in connection with such registration or qualification under such
state securities or blue sky laws; and shall reimburse the holders of Registrable Shares, such underwriter, such broker or such other person acting on behalf of the holders of Registrable Shares and each such controlling person for any legal or
other expenses reasonably incurred by any of them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company shall not be liable in any such case to the extent
that any such loss, claim, damage, liability or action (including any legal or other expenses incurred) arises out of or is based upon an untrue statement or allegedly untrue statement or omission or alleged omission made in said registration
statement, preliminary prospectus, final prospectus, amendment, supplement or document incident to registration or qualification of any Registrable Shares in reliance upon and in conformity with written information furnished to the Company by the
holders of Registrable Shares or their counsel or underwriter specifically for use in the preparation thereof. 
 (b) In connection with any
registration of Registrable Shares under the Securities Act pursuant to this Agreement, each holder of Registrable Shares shall severally, and not jointly, indemnify and hold harmless (in the same manner and to the same extent as set forth in the
preceding paragraph of this Section 8) the Company, each director of the Company, each officer of the Company who shall sign such registration statement, each underwriter, broker or other person acting on behalf of the holders of
Registrable Shares and each person who controls any of the foregoing persons within the meaning of the Securities Act with respect to any statement or omission from such registration statement, any preliminary prospectus or final prospectus
contained therein or otherwise filed with the Commission, any amendment or supplement thereto or any document incident to registration or qualification of any Registrable 

  
 -13- 

 
Shares, if such statement or omission was made in reliance upon and in conformity with written information furnished to the Company or such underwriter by such holder of Registrable Shares
specifically for use in connection with the preparation of such registration statement, preliminary prospectus, final prospectus, amendment, supplement or document; provided, however, that the maximum amount of liability in respect of
such indemnification shall be limited, in the case of each seller of Registrable Shares, to an amount equal to the net proceeds actually received by such Seller from the sale of Registrable Shares effected pursuant to such registration. 

(c) Promptly after receipt by an indemnified party of notice of the commencement of any action involving a claim referred to in the preceding
paragraphs of this Section 8, such indemnified party will, if a claim in respect thereof is made against an indemnifying party, give written notice to the latter of the commencement of such action. The failure of any indemnified party to
notify an indemnifying party of any such action shall not (unless such failure shall have a material adverse effect on the indemnifying party) relieve the indemnifying party from any liability in respect of such action that it may have to such
indemnified party on account of this Section 8. In case any such action is brought against an indemnified party, the indemnifying party will be entitled to participate in and to assume the defense thereof, jointly with any other
indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense
thereof, the indemnifying party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof; provided, however, that if any indemnified party shall have
reasonably concluded that there may be one or more legal or equitable defenses available to such indemnified party which are additional to or conflict with those available to the indemnifying party, or that such claim or litigation involves or could
have an effect upon matters beyond the scope of the indemnity agreement provided in this Section 8, the indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party (but shall have
the right to participate therein with counsel of its choice) and such indemnifying party shall reimburse such indemnified party and any person controlling such indemnified party for that portion of the fees and expenses of any counsel retained by
the indemnified party which is reasonably related to the matters covered by the indemnity agreement provided in this Section 8. If the indemnifying party is not entitled to, or elects not to, assume the defense of a claim, it will not be
obligated to pay the fees and expenses of more than one counsel with respect to such claim. 
 (d) If the indemnification provided for in
this Section 8 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, claim, damage, liability or action referred to herein, then the indemnifying party, in lieu of indemnifying
such indemnified party hereunder, shall contribute to the amounts paid or payable by such indemnified party as a result of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions which resulted in such loss, claim, damage, liability or action as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ 

  
 -14- 

 
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties agree that it would not be just and equitable if contribution
pursuant hereto were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to herein. No person guilty of fraudulent misrepresentation shall be
entitled to contribution from any person. 
 (e) The obligations of the Company and Holders under this Section 8 shall survive
completion of any offering of Registrable Shares in a registration statement and the termination of this Agreement. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party,
consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or
litigation. 
  

	 	Section 9.	Underwriting Agreement. 

 Notwithstanding the provisions of
Sections 5, 6, 7 and 8, to the extent that the Company and the Investors shall enter into an underwriting or similar agreement, which agreement contains provisions covering one or more issues addressed in such Sections,
the provisions contained in such agreement addressing such issue or issues shall control. Each Holder further agrees to execute such customary lock-up agreements as may be reasonably requested by the underwriters in connection with an underwritten
offering. 
  

	 	Section 10.	Information by Holders. 

 Each Investor shall furnish to the Company
such written information regarding such Investor and the distribution proposed by such Investor as the Company may reasonably request in writing and as shall be reasonably required in connection with any registration, qualification or compliance
referred to in this Agreement. 
  

	 	Section 11.	Exchange Act Compliance. 

 With a view to making available to the
Holders the benefits of certain rules and regulations of the Commission which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its best efforts to: 

(a) make and keep public information available, as those terms are understood and defined in Commission Rule 144 or any similar or analogous
rule promulgated under the Securities Act, at all times after the effective date of the IPO; 
 (b) take such action, including the
voluntary registration of its Common Stock under Section 12 of the Exchange Act, as is necessary to enable the Holders to utilize Form S-3 for the sale of their Registrable Securities, such action to be taken as soon as practicable after the
end of the fiscal year in which the first registration statement filed by the Company for the offering of its securities to the general public is declared effective; 

(c) file with the Commission, in a timely manner, all reports and other documents required of the Company under the Exchange Act; and 

  
 -15- 

 (d) furnish to such Holder forthwith upon request: (i) a written statement by the Company as
to its compliance with the reporting requirements of said Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company), of the Securities Act, and of the Exchange Act (at any
time after it has become subject to such reporting requirements); (ii) a copy of the most recent annual or quarterly report of the Company and such other forms and reports filed by the Company with the Commission; and (iii) such other
reports and documents as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing it to sell any such securities without registration. 

 

	 	Section 12.	No Conflict of Rights. 

 Without the consent of the holders of at
least a majority of the Registrable Shares then outstanding which are issued or issuable upon conversion of Preferred Stock, the Company shall not, after the date hereof, grant any registration rights that are not subordinate to or that conflict
with or impair the registration rights granted hereby. 
  

	 	Section 13.	Termination. 

 This Agreement shall terminate and be of no further
force or effect (except as to such provisions which expressly survive the termination of the Agreement) upon the earlier of (a) the seventh (7th) anniversary of the Company’s first QPO or (b) as to each Holder the date upon which
such Holder ceases to hold Registrable Shares. 
  

	 	Section 14.	Successors and Assigns. 

 This Agreement shall bind and inure to the
benefit of the Company, the Investors and, subject to Section 15, the respective successors and assigns of the Company and the Investors. 
  

	 	Section 15.	Assignment. 

 An Investor may assign its rights hereunder to an
Affiliate of such Investor or to any other purchaser or transferee of (a) at least 333,333 (or, if less, all) of such Investor’s Registrable Shares (as adjusted for stock splits, dividends, recapitalizations and the like) or (b) at
least $1,000,000 principal amount of the Notes; provided, however, that (i) such purchaser or transferee may not be a competitor of the Company; (ii) such purchaser or transferee shall, as a condition to the effectiveness of
such assignment, be required to execute a counterpart to this Agreement agreeing to be treated as an “Investor” hereunder; (iii) such purchaser or transferee shall be subject to the restrictions contained in this Agreement as if such
purchaser or transferee was originally included in the definition of Investors herein and had originally been a party hereto; and (iv) such assignment must be made in compliance with Article II of the Settlement Agreement and First Amendment to
Cross License Agreement dated as of September 21, 2007 by and between Cabot Corporation and the Company. 

  
 -16- 

	 	Section 16.	Entire Agreement. 

 This Agreement, and the other writings referred
to herein or therein or delivered pursuant hereto or thereto, contains the entire agreement between the Investors and the Company with respect to the subject matter hereof and supersede all prior and contemporaneous arrangements or understandings
with respect thereto. 
  

	 	Section 17.	Notices. 

 All notices, requests, consents and other communications
hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person or sent by telecopy, nationally-recognized overnight courier or first class registered or certified mail, return receipt requested,
postage prepaid, addressed to such party at the address set forth below or such other address as may hereafter be designated in writing by such party to the other parties: 
  

	 	(i)	If to the Company: 

  

	 	•	 	Aspen Aerogels, Inc. 

 30 Forbes Road, Building B 

Northborough, Massachusetts 01532 

			
	Telephone:	  	(508) 691-1111
	Facsimile:	  	(508) 691-1200
	Attention:	  	Chief Financial Officer

  

	 	•	 	with a copy to: 

 Edwards Angell Palmer & Dodge, LLP 

111 Huntington Avenue 
 Boston,
MA 02199 

			
	Telephone:	  	(617) 951-2207
	Facsimile:	  	(888) 325-9513
	Attention:	  	Christopher W. Nelson, Esq.

  

	 	(ii)	If to any Investor: 

  

	 	•	 	To their address set forth on Schedule A hereto. 

 All such notices, requests, consents
and other communications shall be deemed to have been delivered (a) in the case of personal delivery or delivery by telecopy, on the date of such delivery, (b) in the case of dispatch by nationally-recognized overnight courier, on the next
business day following such dispatch and (c) in the case of mailing, on the third business day after the posting thereof. 
  

	 	Section 18.	Modifications; Amendments; Waivers. 

 The terms and provisions of
this Agreement may not be modified or amended, nor may any provision be waived, except pursuant to a writing signed by the Company and the holders of at least a majority of the Registrable Shares then outstanding which are issued or issuable upon
conversion of the Preferred Stock, provided, however, that at any time when shares of Series B Preferred Stock are outstanding, no amendment or waiver of Section 2(b)(iii) or Section 3 hereof,

  
 -17- 

 
which would change the priority of the Series B Registrable Shares relative to the Non-Series B Registrable Shares with respect to cut-backs, may be made without the written consent of the
holders of two-thirds of the then outstanding shares of the Series B Preferred Stock, provided, further, that at any time when any Warrants or Warrant Stock are outstanding, no amendment or waiver of any term or provision of this
Agreement that is disproportionately adverse to the holders of the Warrants or Warrant Stock, as compared to the holders of the Registrable Shares, may be made without the written consent of the holders of two-thirds of the then outstanding Warrants
and Warrant Stock; provided, further, that at any time when any June 2011 Notes or June 2011 Note Shares are outstanding, no amendment or waiver of any term or provision of this Agreement that is disproportionately adverse to the
holders of the June 2011 Notes or June 2011 Note Shares, as compared to the holders of the Registrable Shares, may be made without the written consent of the holders of two-thirds of the then outstanding June 2011 Notes and June 2011 Note Shares;
provided, further, that at any time when any December 2011 Notes or December 2011 Note Shares are outstanding, no amendment or waiver of any term or provision of this Agreement that is disproportionately adverse to the holders of the
December 2011 Notes or December 2011 Note Shares, as compared to the holders of the Registrable Shares, may be made without the written consent of the holders of two-thirds of the then outstanding December 2011 Notes and December 2011 Note Shares;
provided, further, that at any time when any June 2012 Notes or June 2012 Note Shares are outstanding, no amendment or waiver of any term or provision of this Agreement that is disproportionately adverse to the holders of the June 2012
Notes or June 2012 Note Shares, as compared to the holders of the Registrable Shares, may be made without the written consent of the holders of two-thirds of the then outstanding June 2012 Notes or June 2012 Note Shares. 

 

	 	Section 19.	Counterparts; Facsimile Signatures. 

 This Agreement may be executed
in any number of counterparts, including by an omnibus signature page that also constitutes the signature page to other agreements, each of which shall be deemed to be an original instrument and all which together shall constitute one and the same
agreement. This Agreement may be executed by facsimile or by electronic or PDF file. 
  

	 	Section 20.	Headings. 

 The headings of the various sections of this Agreement
have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement. 
  

	 	Section 21.	Aggregation of Stock. 

 All shares of Registrable Shares held or
acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate.

  

	 	Section 22.	Additional Investors. 

 Notwithstanding anything to the contrary
contained herein, if the Company issues additional June 2012 Notes after the date hereof, pursuant to the Purchase Agreement any 

  
 -18- 

 
purchaser of such June 2012 Notes may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be deemed an
“Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in writing to be bound by all of
the obligations as an “Investor” hereunder. 
  

	 	Section 23.	Governing Law. 

 THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY THEREIN. 

[THIS SPACE INTENTIONALLY LEFT BLANK] 

  
 -19- 

 IN WITNESS WHEREOF, the parties hereto have executed this Sixth Amended and Restated Registration
Rights Agreement as of the date first written above. 
  

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

	Name:	 	John F. Fairbanks
	Title:	 	Chief Financial Officer

  
 Signature Page to
Sixth Amended and Restated Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties hereto have executed this Sixth Amended and Restated Registration
Rights Agreement as of the date first written above. 
  

			
	ARCAPITA VENTURES I LIMITED
		
	By:	 	 /s/ John Huntz

	Name:	 	John Huntz
	Title:	 	Executive Director

  
 Signature Page to
Sixth Amended and Restated Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties hereto have executed this Sixth Amended and Restated Registration
Rights Agreement as of the date first written above. 
  

			
	ARGONAUT VENTURES I, LLC
		
	By:	 	Argonaut Private Equity, LLC, its Manager
		
	By:	 	 /s/ Steve R. Mitchell

	Name:	 	Steve R. Mitchell
	Title:	 	Managing Director

  
 Signature Page to
Sixth Amended and Restated Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties hereto have executed this Sixth Amended and Restated Registration
Rights Agreement as of the date first written above. 
  

			
	BASF VENTURE CAPITAL GMBH
		
	By:	 	 /s/ Dirk Nachtigal

	Name:	 	Dirk Nachtigal
	Title:	 	Managing Director

  
 Signature Page to
Sixth Amended and Restated Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties hereto have executed this Sixth Amended and Restated Registration
Rights Agreement as of the date first written above. 
  

			
	CONTRA COSTA CAPITAL, LLC
		
	By:	 	 /s/ Alexander Weiss

	Name:	 	Alexander Weiss
	Title:	 	Vice President

  
 Signature Page to
Sixth Amended and Restated Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties hereto have executed this Sixth Amended and Restated Registration
Rights Agreement as of the date first written above. 
  

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

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

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

  
 Signature Page to
Sixth Amended and Restated Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties hereto have executed this Sixth Amended and Restated Registration
Rights Agreement as of the date first written above. 
  

			
	ROCKPORT CAPITAL PARTNERS II, L.P.
		
	By:	 	RockPort Capital II, L.L.C.
	Its:	 	General Partner
		
	By:	 	 /s/ David J. Prend

	Name:	 	David J. Prend
	Title:	 	Managing Member
	
	ROCKPORT CAPITAL PARTNERS, L.P.
		
	By:	 	RockPort Capital, L.L.C.
	Its:	 	General Partner
		
	By:	 	 /s/ David J. Prend

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

	Name:	 	David J. Prend
	Title:	 	Managing Member
	
	ROCKPORT SII, LLC
		
	By:	 	RockPort SGII, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ David J. Prend

	Name:	 	David J. Prend
	Title:	 	Managing Member

  
 Signature Page to
Sixth Amended and Restated Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties hereto have executed this Sixth Amended and Restated Registration
Rights Agreement as of the date first written above. 
  

			
	TENAYA CAPITAL IV-C, L.P.
	
	By: Tenaya Capital IV GP L.P., its General Partner
	
	By: Tenaya Capital IV GP LLC, its General Partner
		
	By:	 	 /s/ Dave Markland

		
		 	Dave Markland
		
		 	Attorney-In-Fact
	
	TENAYA CAPITAL IV-P, L.P.
	
	By: Tenaya Capital IV GP L.P., its General Partner
	
	By: Tenaya Capital IV GP LLC, its General Partner
		
	By:	 	 /s/ Dave Markland

		
		 	Dave Markland
		
		 	Attorney-In-Fact
	
	TENAYA CAPITAL IV, L.P.
	
	By: Tenaya Capital IV Annex GP LLC, its General Partner
		
	By:	 	 /s/ Dave Markland

		
		 	Dave Markland
		
		 	Attorney-In-Fact

  
 Signature Page to
Sixth Amended and Restated Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties hereto have executed this Sixth Amended and Restated Registration
Rights Agreement as of the date first written above. 
  

			
	FIDELITY SELECT PORTFOLIOS: ENVIRONMENT AND ALTERNATIVE ENERGY PORTFOLIO
		
	By:	 	 /s/ Kenneth Robins

	Name:	 	Kenneth Robins
	Title:	 	Treasurer
	
	FIDELITY PURITAN TRUST: FIDELITY PURITAN FUND
		
	By:	 	 /s/ Kenneth Robins

	Name:	 	Kenneth Robins
	Title:	 	Treasurer
	
	VARIABLE INSURANCE PRODUCTS FUND III: BALANCED PORTFOLIO
		
	By:	 	 /s/ Kenneth Robins

	Name:	 	Kenneth Robins
	Title:	 	Treasurer
	
	FIDELITY SECURITIES FUND: FIDELITY DIVIDEND GROWTH FUND
		
	By:	 	 /s/ Kenneth Robins

	Name:	 	Kenneth Robins
	Title:	 	Treasurer
	
	FIDELITY ADVISOR SERIES I: FIDELITY ADVISOR DIVIDEND GROWTH FUND
		
	By:	 	 /s/ Kenneth Robins

	Name:	 	Kenneth Robins
	Title:	 	Treasurer

  
 Signature Page to
Sixth Amended and Restated Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties hereto have executed this Sixth Amended and Restated Registration
Rights Agreement as of the date first written above. 
  

			
	FIDELITY CENTRAL INVESTMENT PORTFOLIOS LLC: FIDELITY MATERIALS CENTRAL FUND
		
	By:	 	 /s/ Kenneth Robins

	Name:	 	Kenneth Robins
	Title:	 	Treasurer
	
	VARIABLE INSURANCE PRODUCTS FUND IV: MATERIALS PORTFOLIO
		
	By:	 	 /s/ Kenneth Robins

	Name:	 	Kenneth Robins
	Title:	 	Treasurer
	
	FIDELITY SELECT PORTFOLIOS: MATERIALS
		
	By:	 	 /s/ Kenneth Robins

	Name:	 	Kenneth Robins
	Title:	 	Treasurer
	
	FIDELITY SELECT PORTFOLIOS: INDUSTRIALS PORTFOLIO
		
	By:	 	 /s/ Kenneth Robins

	Name:	 	Kenneth Robins
	Title:	 	Treasurer

  
 Signature Page to
Sixth Amended and Restated Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties hereto have executed this Sixth Amended and Restated Registration
Rights Agreement as of the date first written above. 
  

			
	FIDELITY ADVISOR SERIES VII: FIDELITY
	ADVISOR INDUSTRIALS FUND
		
	By:	 	 /s/ Kenneth Robins

	Name:	 	Kenneth Robins
	Title:	 	Treasurer
	
	VARIABLE INSURANCE PRODUCTS
	FUND IV: INDUSTRIALS PORTFOLIO
		
	By:	 	 /s/ Kenneth Robins

	Name:	 	Kenneth Robins
	Title:	 	Treasurer
	
	FIDELITY CENTRAL INVESTMENT
	PORTFOLIOS LLC: FIDELITY INDUSTRIALS
	CENTRAL FUND
		
	By:	 	 /s/ Kenneth Robins

	Name:	 	Kenneth Robins
	Title:	 	Treasurer

  
 Signature Page to
Sixth Amended and Restated Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties hereto have executed this Sixth Amended and Restated Registration
Rights Agreement as of the date first written above. 
  

			
	NICHIAS CORPORATION
		
	By:	 	 /s/ Kunihiko Yano

	Name:	 	Mr. Kunihiko Yano
	Title:	 	President and Chief Executive Officer

  
 Signature Page to
Sixth Amended and Restated Registration Rights Agreement 

 Annex A 

2005 Warrants 
  

									
	 Warrant Holder
	  	Issue Date	  	Expiration
Date	  	Number of
Shares	 
	 Heller Financial Leasing, Inc.
	  	20-Oct-04	  	20-Oct-14	  	 	56	  
	 Atel Ventures, Inc.
	  	28-Oct-04	  	28-Oct-14	  	 	28	  
	 Massachusetts Development Finance Agency
	  	12-Jan-05	  	12-Jan-15	  	 	25	  
	 Reservoir Capital Partners, L.P.
	  	24-Feb-05	  	24-Feb-13	  	 	198	  
	 Reservoir Capital Master Fund, L.P.
	  	24-Feb-05	  	24-Feb-13	  	 	26	  
	 Reservoir Capital Partners, L.P.
	  	23-Mar-05	  	23-Mar-13	  	 	128	  
	 Reservoir Capital Master Fund, L.P.
	  	23-Mar-05	  	23-Mar-13	  	 	17	  
	 RP Co-Investment Fund I, L.P.
	  	23-Mar-05	  	23-Mar-13	  	 	15	  
	 RockPort Capital Partners, L.P.
	  	23-Mar-05	  	23-Mar-13	  	 	14	  
	 Tenaya Capital IV-P, L.P.
	  	23-Mar-05	  	23-Mar-13	  	 	6	  
	 Tenaya Capital IV-C, L.P.
	  	23-Mar-05	  	23-Mar-13	  	 	6	  
	 Sun Young Park
	  	23-Mar-05	  	23-Mar-13	  	 	6	  
	 Aerogel Korea Co., Ltd.
	  	23-Mar-05	  	23-Mar-13	  	 	5	  
	 Lehman Brothers Venture Capital Partners II, L.P.
	  	23-Mar-05	  	23-Mar-13	  	 	3	  
	 Tenaya Capital IV, L.P.
	  	23-Mar-05	  	23-Mar-13	  	 	3	  
	 Lehman Brother P.A. LLC
	  	23-Mar-05	  	23-Mar-13	  	 	2	  
	 Thomas L. Cunningham
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Dalsuk Youn
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Lehman Brothers Partnerhsip Account 2000/2001, L.P.
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 J. Christopher Young
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 James P. Manzi
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Heller Financial Leasing, Inc.
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Soo Young & Myung Sook Chung
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Star Faith Holdings Ltd.
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Nancy L. and F. Lester Fraser
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Protos, LLC
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Michael H. Koegler
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Lehman Brothers Offshore Partnership Account 2000/2001, L.P.
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Dong W. Cho
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Charles C. Cunningham, Jr.
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Jonathan F. P. Rose
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Bonwan Koo
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Sung Choi
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Melissa D. Kaplan
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Maricamp, LLC
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Richard and Kristina Han
	  	23-Mar-05	  	23-Mar-13	  	 	1	  

  
 Signature Page to
Sixth Amended and Restated Registration Rights Agreement 

									
	 Warrant Holder
	  	Issue Date	  	Expiration
Date	  	Number of
Shares	 
	 Paul and Marie Jo
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Edward Lamont
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Douglas A. Muller
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Key-Hyup Kim
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Ariel Flores 1999 Trust
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Jean-Paul Benveniste
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Fred Smithson
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Jamie McCourt
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Roger J. Herz
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Robert D. Batting
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 James J. Childress
	  	23-Mar-05	  	23-Mar-13	  	 	1	  
	 Richard M. C. Glenn III
	  	23-Mar-05	  	23-Mar-13	  	 	1	  

  
 Signature Page to
Sixth Amended and Restated Registration Rights Agreement 

 ASPEN AEROGELS, INC. 

AMENDMENT NO. 1 TO 

SIXTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

This Amendment No. 1 to Sixth Amended and Restated Registration Rights Agreement (this “Amendment”) is entered into as
of September 26, 2012, by and among Aspen Aerogels, Inc., a Delaware corporation (the “Company”), and the Investors set forth on the signature pages hereto, constituting the holders of at least a majority of the Registrable
Shares currently outstanding which are issued or issuable upon conversion of the Preferred Stock (the “Requisite Holders”). Capitalized terms used herein but not defined shall have the meanings ascribed to them in the Sixth Amended
and Restated Registration Rights Agreement of the Company dated June 11, 2012 (the “Registration Rights Agreement”). 

WHEREAS, the Company and the Requisite Holders wish to amend the Registration Rights Agreement in accordance with Section 18
thereof. 
 NOW, THEREFORE, for valid and adequate consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows: 
 1. Recital “I” of the Registration Rights Agreement is hereby deleted in its entirety and the
following new Recital “I” is substituted in lieu thereof: 
 “Certain Investors (the “Purchasers”) will
purchase June 2012 Notes (defined below) pursuant to a Note Purchase Agreement, dated as of June 11, 2012 as amended by Amendment No. 1 to Note Purchase Agreement dated September 26, 2012, by and among the Company and the Purchasers
(as may be amended from time to time, the “Purchase Agreement”). 
 2. Section 1 of the Registration Rights Agreement
is hereby amended by deleting the definition of “Arcapita Equity Letters” in its entirety and the following new definition of “Arcapita Equity Letters” is substituted in lieu thereof: 

“Arcapita Equity Letters” means, collectively, that certain Letter Agreement, dated as of December 6, 2011 between the
Company and Arcapita Ventures I Limited, a Cayman Islands corporation (“Arcapita”), that certain Letter Agreement, dated as of June 11, 2012, between the Company and Arcapita, and that certain Letter Agreement, dated as of
September 26, 2012, between the Company and Arcapita. 
 3. Except to the extent amended hereby, all of the terms, provisions and
conditions of the Registration Rights Agreement are hereby ratified and confirmed and shall remain in full force and effect. 
 4. This
Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original instrument and all which together shall constitute one and the same agreement. This Amendment may be executed by facsimile or by electronic or
PDF file. 
 [Signature pages to follow] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

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

	Name:	 	John F. Fairbanks
	Title:	 	Chief Financial Officer

  
 [Signature Page to
Amend. No. 1 to Sixth Amended and Restated Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	ARCAPITA VENTURES I LIMITED
		
	By:	 	 /s/ John Huntz

	Name:	 	John Huntz
	Title:	 	Executive Director

  
 [Signature Page to
Amend. No. 1 to Sixth Amended and Restated Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	ARGONAUT VENTURES I, LLC
	
	By: Argonaut Private Equity, LLC, its Manager
		
	By:	 	 /s/ Steve R. Mitchell

	Name:	 	Steve R. Mitchell
	Title:	 	Managing Director

  
 [Signature Page to
Amend. No. 1 to Sixth Amended and Restated Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	CONTRA COSTA CAPITAL, LLC
		
	By:	 	 /s/ Alexander Weiss

	Name:	 	Alexander Weiss
	Title:	 	Vice President

  
 [Signature Page to
Amend. No. 1 to Sixth Amended and Restated Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

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

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

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

  
 [Signature Page to
Amend. No. 1 to Sixth Amended and Restated Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	ROCKPORT CAPITAL PARTNERS II, L.P.
		
	By:	 	RockPort Capital II, L.L.C.
	Its:	 	General Partner
		
	By:	 	 /s/ Janet James

	Name:	 	Janet James
	Title:	 	Managing Member
	
	ROCKPORT CAPITAL PARTNERS, L.P.
		
	By:	 	RockPort Capital, L.L.C.
	Its:	 	General Partner
		
	By:	 	 /s/ Janet James

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

	Name:	 	Janet James
	Title:	 	Managing Member
	
	ROCKPORT SII, LLC
		
	By:	 	RockPort SGII, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Janet James

	Name:	 	Janet James
	Title:	 	Managing Member

  
 [Signature Page to
Amend. No. 1 to Sixth Amended and Restated Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	TENAYA CAPITAL IV-C, L.P.
	
	By: Tenaya Capital IV GP L.P., its General Partner
	
	By: Tenaya Capital IV GP LLC, its General Partner
		
	By:	 	 /s/ Dave Markland

		
		 	Dave Markland
		
		 	Attorney-In-Fact
	
	TENAYA CAPITAL IV-P, L.P.
	
	By: Tenaya Capital IV GP L.P., its General Partner
	
	By: Tenaya Capital IV GP LLC, its General Partner
		
	By:	 	 /s/ Dave Markland

		
		 	Dave Markland
		
		 	Attorney-In-Fact
	
	TENAYA CAPITAL IV, L.P.
	
	By: Tenaya Capital IV Annex GP LLC, its General Partner
		
	By:	 	 /s/ Dave Markland

		
		 	Dave Markland
		
		 	Attorney-In-Fact

  
 [Signature Page to
Amend. No. 1 to Sixth Amended and Restated Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	FIDELITY SELECT PORTFOLIOS: ENVIRONMENT AND ALTERNATIVE ENERGY PORTFOLIO
		
	By:	 	 /s/ Joseph Zambello

	Name:	 	Joseph Zambello
	Title:	 	Deputy Treasurer
	
	FIDELITY PURITAN TRUST: FIDELITY PURITAN FUND
		
	By:	 	 /s/ Joseph Zambello

	Name:	 	Joseph Zambello
	Title:	 	Deputy Treasurer
	
	VARIABLE INSURANCE PRODUCTS FUND III: BALANCED PORTFOLIO
		
	By:	 	 /s/ Joseph Zambello

	Name:	 	Joseph Zambello
	Title:	 	Deputy Treasurer
	
	FIDELITY SECURITIES FUND: FIDELITY DIVIDEND GROWTH FUND
		
	By:	 	 /s/ Joseph Zambello

	Name:	 	Joseph Zambello
	Title:	 	Deputy Treasurer
	
	FIDELITY ADVISOR SERIES I: FIDELITY ADVISOR DIVIDEND GROWTH FUND
		
	By:	 	 /s/ Joseph Zambello

	Name:	 	Joseph Zambello
	Title:	 	Deputy Treasurer

  
 [Signature Page to
Amend. No. 1 to Sixth Amended and Restated Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	FIDELITY CENTRAL INVESTMENT PORTFOLIOS LLC: FIDELITY MATERIALS CENTRAL FUND
		
	By:	 	 /s/ Joseph Zambello

	Name:	 	Joseph Zambello
	Title:	 	Deputy Treasurer
	
	VARIABLE INSURANCE PRODUCTS FUND IV: MATERIALS PORTFOLIO
		
	By:	 	 /s/ Joseph Zambello

	Name:	 	Joseph Zambello
	Title:	 	Deputy Treasurer
	
	FIDELITY SELECT PORTFOLIOS: MATERIALS
		
	By:	 	 /s/ Joseph Zambello

	Name:	 	Joseph Zambello
	Title:	 	Deputy Treasurer
	
	FIDELITY SELECT PORTFOLIOS: INDUSTRIALS PORTFOLIO
		
	By:	 	 /s/ Joseph Zambello

	Name:	 	Joseph Zambello
	Title:	 	Deputy Treasurer

  
 [Signature Page to
Amend. No. 1 to Sixth Amended and Restated Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	FIDELITY ADVISOR SERIES VII: FIDELITY ADVISOR INDUSTRIALS FUND
		
	By:	 	 /s/ Joseph Zambello

	Name:	 	Joseph Zambello
	Title:	 	Deputy Treasurer
	
	VARIABLE INSURANCE PRODUCTS FUND IV: INDUSTRIALS PORTFOLIO
		
	By:	 	 /s/ Joseph Zambello

	Name:	 	Joseph Zambello
	Title:	 	Deputy Treasurer
	
	FIDELITY CENTRAL INVESTMENT PORTFOLIOS LLC: FIDELITY INDUSTRIALS CENTRAL FUND
		
	By:	 	 /s/ Joseph Zambello

	Name:	 	Joseph Zambello
	Title:	 	Deputy Treasurer

  
 [Signature Page to
Amend. No. 1 to Sixth Amended and Restated Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	NICHIAS CORPORATION
		
	By:	 	 /s/ Kunihiko Yano

	Name:	 	Mr. Kunihiko Yano
	Title:	 	President and Chief Executive Officer

  
 [Signature Page to
Amend. No. 1 to Sixth Amended and Restated Registration Rights Agreement] 

 EXECUTION COPY 

ASPEN AEROGELS, INC. 

AMENDMENT NO. 2 TO 

SIXTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

This Amendment No. 2 to Sixth Amended and Restated Registration Rights Agreement (this “Amendment”) is entered into as
of March 28, 2013, by and among Aspen Aerogels, Inc., a Delaware corporation (the “Company”), and the Investors set forth on the signature pages hereto, constituting the holders of at least a majority of the Registrable Shares
currently outstanding which are issued or issuable upon conversion of the Preferred Stock (the “Requisite Holders”). Capitalized terms used herein but not defined shall have the meanings ascribed to them in the Sixth Amended and
Restated Registration Rights Agreement of the Company dated June 11, 2012, as amended by Amendment No. 1 dated September 26, 2012 (the “Registration Rights Agreement”). 

WHEREAS, the Company and the Requisite Holders wish to amend the Registration Rights Agreement in accordance with Section 18
thereof. 
 NOW, THEREFORE, for valid and adequate consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows: 
 1. Recitals “I” through “L” of the Registration Rights Agreement are hereby deleted
in their entirety and the following new Recitals are substituted in lieu thereof: 
 I. Certain Investors (the “June 2012
Purchasers”) purchased June 2012 Notes (defined below) pursuant to a Note Purchase Agreement, dated as of June 11, 2012, as amended by Amendment No. 1 to Note Purchase Agreement dated September 26, 2012, by and among the
Company and the June 2012 Purchasers (as may be amended from time to time, the “June 2012 Purchase Agreement”). 
 J.
Certain Investors (the “March 2013 Purchasers” and together with the June 2012 Purchasers the “Purchasers”) will purchase March 2013 Notes (defined below) and Series C Warrants (defined below) pursuant to a Note
and Warrant Purchase Agreement, dated as of March 28, 2013, by and among the Company and the March 2013 Purchasers (as may be amended from time to time, the “March 2013 Purchase Agreement”). 

K. The Company and the Majority Holders under the Fifth Amended Agreement, together with the Purchasers, desire to amend and restate the
Fifth Amended Agreement by deleting it in its entirety and replacing it with this Agreement. 
 L. The Company and the Investors
desire to enter into this Agreement for the purpose of establishing the registration rights of the Common Stock. 
 M. The execution
and delivery of this Agreement was a condition to the June 2012 Purchasers’ purchase of June 2012 Notes pursuant to the June 2012 Purchase Agreement and is a condition to the March 2013 Purchasers’ purchase of March 2013 Notes pursuant to
the March 2013 Purchase Agreement. 

 2. Section 1 of the Registration Rights Agreement is hereby amended by deleting the
definition of “Purchase Agreement” in its entirety, and each reference to “Purchase Agreement” throughout the Registration Rights Agreement shall be deleted and replaced by the words “June 2012 Purchase Agreement.” 

3. Section 1 of the Registration Rights Agreement is hereby amended by deleting the definition of “Arcapita Equity Letters” in
its entirety and the following new definition of “Arcapita Equity Letters” is substituted in lieu thereof: 
 “Arcapita
Equity Letters” means, collectively, that certain Letter Agreement, dated as of December 6, 2011, between the Company and Arcapita Ventures I Limited, a Cayman Islands corporation (“Arcapita”), that certain Letter
Agreement, dated as of June 11, 2012, between the Company and Arcapita, that certain Letter Agreement, dated as of September 26, 2012, between the Company and Arcapita and that certain Letter Agreement, dated as of January 9, 2013,
between the Company and Arcapita. 
 4. Section 1 of the Registration Rights Agreement is hereby amended by deleting the definition of
“Charter” in its entirety and the following new definition of “Charter” is substituted in lieu thereof: 

“Charter” means the Fourth Amended and Restated Certificate of Incorporation of the Company, as amended from time to time.

 5. Section 1 of the Registration Rights Agreement is hereby amended by deleting the definition of “Common Stock” in its
entirety and the following new definition of “Common Stock” is substituted in lieu thereof: 
 “Common Stock”
means the common stock, $0.00001 par value per share, of the Company. 
 6. Section 1 of the Registration Rights Agreement is hereby
amended by deleting the definition of “Note Shares” in its entirety and the following new definition of “Note Shares” is substituted in lieu thereof: 

“Note Shares” means, collectively, the June 2011 Note Shares, December 2011 Note Shares, June 2012 Note Shares and March 2013
Note Shares. 
 7. Section 1 of the Registration Rights Agreement is hereby amended by deleting the definition of “Preferred
Stock” in its entirety and the following new definition of “Preferred Stock” is substituted in lieu thereof: 

“Preferred Stock” means the Series A Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock and any other
series of the Company’s preferred stock (including any Series C Warrant Stock). 
 8. Section 1 of the Registration Rights
Agreement is hereby amended by deleting the definition of “Registrable Shares” in its entirety and the following new definition of “Registrable Shares” is substituted in lieu thereof: 

 “Registrable Shares” means (i) the Common Stock issuable or issued upon the
voluntary conversion on August 14, 2009, of the Company’s formerly outstanding Series A-1, A-2, A-3, B1, B-2 and B-3 Preferred Stock; (ii) the Common Stock issuable or issued upon conversion of the Preferred Stock, (iii) any
True-Up Shares, (iv) any Note Shares, (v) the Common Stock issuable or issued pursuant to Section 2 of the Arcapita Equity Letters, (vi) any Warrant Stock, (vii) solely with respect to the rights granted in Sections 3 and 4,
the 2005 Warrant Stock, (viii) any Series C Warrant Stock and (ix) any other shares of Common Stock issued as a dividend or other distribution with respect to, or in exchange for or replacement of, any of the shares of Common Stock
referred to in clauses (i), (ii), (iii), (iv), (v), (vi) or (viii). As to any particular Registrable Shares, once issued, such Registrable Shares shall cease to be Registrable Shares when (i) they have been registered under the Securities
Act, the registration statement in connection therewith has been declared effective and they have been disposed of pursuant to such effective registration statement, or (ii) such Registrable Shares are held by an Investor (together with its
affiliates) if (A) as reflected on the Company’s books and records, such Investor (together with its affiliates) holds less than 1% of the Company’s outstanding Common Stock (on an as-if-converted to Common Stock basis), (B) the
Company has completed a QPO and (C) all shares of Common Stock issued or issuable upon conversion of such Registrable Shares held by and issuable to such Investor (and its affiliates) may be sold without limitation pursuant to Rule 144 during
any ninety (90) day period. 
 9. Section 1 of the Registration Rights Agreement is hereby amended by deleting the definition of
“Series A Preferred Stock” in its entirety and the following new definition of “Series A Preferred Stock” is substituted in lieu thereof: 

“Series A Preferred Stock” means the Company’s Series A Preferred Stock, par value $0.00001 per share. 

10. Section 1 of the Registration Rights Agreement is hereby amended by deleting the definition of “Series B Preferred Stock”
in its entirety and the following new definition of “Series B Preferred Stock” is substituted in lieu thereof: 
 “Series B
Preferred Stock” means the Company’s Series B Preferred Stock, par value $0.00001 per share. 
 11. Section 1 of the
Registration Rights Agreement is hereby amended by adding six new definitions as follows: 
 “March 2013 Notes” means those
certain convertible promissory notes convertible into shares of Common Stock issued by the Company to certain purchasers pursuant to the March 2013 Purchase Agreement, together with any March 2013 Notes issued upon the transfer or division of, or in
exchange or substitution for any such March 2013 Notes. For the avoidance of doubt, “March 2013 Notes” shall include only the Convertible Notes (as defined in the March 2013 Purchase Agreement) and not the Arcapita Note (as defined in the
March 2013 Purchase Agreement). 

 “March 2013 Note Shares” means all shares of Common Stock which may be issued
upon conversion of the March 2013 Notes pursuant to the terms thereof. 
 “Notes” means, collectively, the June 2011 Notes,
December 2011 Notes, June 2012 Notes and March 2013 Notes. 
 “Series C Preferred Stock” means the Company’s Series C
Preferred Stock, par value $0.00001 per share. 
 “Series C Warrants” means those certain warrants to initially subscribe
for and purchase an aggregate of 870,181,654 shares of Series C Preferred Stock issued by the Company to the March 2013 Purchasers pursuant to the March 2013 Purchase Agreement, together with any warrants issued upon the transfer or division of, or
in exchange or substitution for any such Series C Warrants. 
 “Series C Warrant Stock” means all shares of Series C
Preferred Stock which may be issued upon the exercise of the rights represented by the Series C Warrants. 
 12. Section 2(b)(iii) of
the Registration Rights Agreement is hereby amended by deleting subsections (A) through (D) in their entirety and the following new subsections are substituted in lieu thereof: 

(A) first, all the Registrable Shares that are issued or issuable upon conversion of the Series C Preferred Stock (including any Series C
Warrant Stock, collectively, “Series C Registrable Shares”) or March 2013 Note Shares (“March 2013 Note Registrable Shares”) requested to be included in such registration (or, if necessary, such Series C Registrable
Shares and March 2013 Note Registrable Shares pro rata among the Holders thereof based upon the aggregate number of Series C Registrable Shares and March 2013 Note Registrable Shares requested to be registered by each such Holder); 

(B) second, all the Registrable Shares that are issued or issuable upon conversion of the Series B Preferred Stock and any True-Up Shares
(collectively, “Series B Registrable Shares”), subject to the last sentence of Section 2(a), requested to be included in such registration (or, if necessary, such Series B Registrable Shares pro rata among the Holders thereof
based upon the number of Series B Registrable Shares requested to be registered by each such Holder); 
 (C) third, all the Registrable
Shares that are not Series C Registrable Shares, Series B Registrable Shares or March 2013 Note Registrable Shares (“Non-Series B/C March 2013 Note Registrable Shares”) requested to be included in such registration (or, if
necessary, such Non-Series B/C March 2013 Note Registrable Shares pro rata among the Holders thereof based upon the number of Non-Series B/C March 2013 Note Registrable Shares requested to be registered by each such Holder); 

(D) fourth, the Primary Shares; and 

(E) fifth, the Other Shares that are entitled to registration rights requested to be included in such registration (or, if necessary, such
Other Shares pro rata among the holders thereof based upon the number of Other Shares requested to be registered by each such holder). 

 13. Section 3 of the Registration Rights Agreement is hereby amended by deleting subsections
(ii) through (iv) in their entirety and the following new subsections are substituted in lieu thereof: 
 (ii) second, the Series C
Registrable Shares and March 2013 Note Registrable Shares (or, if necessary, such Series C Registrable Shares and March 2013 Note Registrable Shares will be cut back pro rata among the holders thereof based upon the aggregate number of Series C
Registrable Shares and March 2013 Note Registrable Shares requested to be registered by each such holder (or Series C Registrable Shares or March 2013 Note Registrable Shares issued in respect thereof)); 

(iii) third, the Series B Registrable Shares (or, if necessary, such Series B Registrable Shares will be cut back pro rata among the holders
thereof based upon the number of Series B Registrable Shares requested to be registered by each such holder (or Series B Registrable Shares issued in respect thereof)); 

(iv) fourth, the Non-Series B/C March 2013 Note Registrable Shares (or, if necessary, such Non-Series B/C March 2013 Note Registrable Shares
will be cut back pro rata among the holders thereof based upon the number of Non-Series B/C March 2013 Note Registrable Shares requested to be registered by each such holder (or Non-Series B/C March 2013 Note Registrable Shares issued in respect
thereof), provided, however, that in no event will Registrable Shares be cut back pursuant to this clause (iv) or clauses (ii) or (iii) above to the point that Registrable Shares in aggregate constitute less than thirty five percent
(35%) of the total number of shares registered in any registration under this Section 3); and 
 (v) fifth, the Other Shares
requested to be included in such registration (or, if necessary, such Other Shares pro rata among the holders thereof based upon the number of Other Shares requested to be registered by each such holder); 

14. The figure “333,333” in Section 15 of the Registration Rights Agreement is hereby deleted and replaced with the figure
“3,000,000.” 
 15. The reference to “Edwards Angell Palmer & Dodge, LLP” in Section 17(i) of the
Registration Rights Agreement is hereby deleted and replaced by the words “Edwards Wildman Palmer LLP.” 
 16. Section 18 of
the Registration Rights Agreement is hereby deleted in its entirety and the following new Section 18 is substituted in lieu thereof: 

The terms and provisions of this Agreement may not be modified or amended, nor may any provision be waived, except pursuant to a writing signed
by the Company and the holders of at least a majority of the Registrable Shares then outstanding which are issued or issuable upon conversion of the Preferred Stock; provided, however, that at any time when shares of Series C Preferred
Stock are outstanding, no amendment or waiver of 

 
Section 2(b)(iii) or Section 3 hereof, which would change the priority of the Series C Registrable Shares relative to the Series B Registrable Shares and/or Non-Series B/C March 2013
Note Registrable Shares with respect to cut-backs, may be made without the written consent of the holders of two-thirds of the aggregate of the then outstanding shares of the Series C Preferred Stock; provided, further, that at any
time when any Warrants or Warrant Stock are outstanding, no amendment or waiver of any term or provision of this Agreement that is disproportionately adverse to the holders of the Warrants or Warrant Stock, as compared to the holders of the
Registrable Shares, may be made without the written consent of the holders of two-thirds of the then outstanding Warrants and Warrant Stock; provided, further, that at any time when any June 2011 Notes or June 2011 Note Shares are
outstanding, no amendment or waiver of any term or provision of this Agreement that is disproportionately adverse to the holders of the June 2011 Notes or June 2011 Note Shares, as compared to the holders of the Registrable Shares, may be made
without the written consent of the holders of two-thirds of the then outstanding June 2011 Notes and June 2011 Note Shares; provided, further, that at any time when any December 2011 Notes or December 2011 Note Shares are outstanding,
no amendment or waiver of any term or provision of this Agreement that is disproportionately adverse to the holders of the December 2011 Notes or December 2011 Note Shares, as compared to the holders of the Registrable Shares, may be made without
the written consent of the holders of two-thirds of the then outstanding December 2011 Notes and December 2011 Note Shares; provided, further, that at any time when any June 2012 Notes or June 2012 Note Shares are outstanding, no
amendment or waiver of any term or provision of this Agreement that is disproportionately adverse to the holders of the June 2012 Notes or June 2012 Note Shares, as compared to the holders of the Registrable Shares, may be made without the written
consent of the holders of two-thirds of the then outstanding June 2012 Notes or June 2012 Note Shares; provided, further, that at any time when any March 2013 Notes or March 2013 Note Shares are outstanding, no amendment or waiver of
any term or provision of this Agreement that is disproportionately adverse to the holders of the March 2013 Notes or March 2013 Note Shares, as compared to the holders of the Registrable Shares, may be made without the written consent of the holders
of two-thirds of the then outstanding March 2013 Notes or March 2013 Note Shares. 
 17. Section 22 of the Registration Rights
Agreement is hereby amended to insert the following sentence at the beginning: 
 Notwithstanding anything to the contrary contained herein,
if the Company issues additional March 2013 Notes after the date hereof pursuant to the March 2013 Purchase Agreement, any purchaser of such March 2013 Notes may become a party to this Agreement by executing and delivering an additional counterpart
signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. 
 18. Except to the
extent amended hereby, all of the terms, provisions and conditions of the Registration Rights Agreement are hereby ratified and confirmed and shall remain in full force and effect. 

19. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original instrument and all which
together shall constitute one and the same agreement. This Amendment may be executed by facsimile or by electronic or PDF file. 

[Signature pages to follow] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	ASPEN AEROGELS, INC.
		
	By:	 	/s/ John F. Fairbanks
	Name:	 	John F. Fairbanks
	Title:	 	Chief Financial Officer

 [Signature Page to Amend. No. 2 to Sixth Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	 GKFF VENTURES I, LLC
 (f/k/a
Argonaut Ventures I, LLC)

		
	By:	 	/s/ Robert Thomas
	Name:	 	Robert Thomas
	Title:	 	Manager and Vice President

 [Signature Page to Amend. No. 2 to Sixth Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	RESERVOIR CAPITAL MASTER FUND, L.P.
		
	By:	 	Reservoir Capital Group, L.L.C.
	Its:	 	General Partner

  

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

  

			
	RESERVOIR CAPITAL PARTNERS, L.P.
		
	By:	 	RCP GP, LLC
	Its:	 	General Partner

  

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

 [Signature Page to Amend. No. 2 to Sixth Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	ARCAPITA VENTURES I LIMITED
		
	By:	 	/s/ John Huntz
	Name:	 	John Huntz
	Title:	 	Executive Director

 [Signature Page to Amend. No. 2 to Sixth Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	BASF VENTURE CAPITAL GMBH
		
	By:	 	/s/ Dirk Nachtigal
	Name:	 	Dirk Nachtigal
	Title:	 	Managing Director

 [Signature Page to Amend. No. 2 to Sixth Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	TENAYA CAPITAL IV, L.P.
	By: Tenaya Capital IV Annex GP, LLC, its General Partner

  

			
	By:	 	/s/ Dave Markland
	Dave Markland
	Attorney-In-Fact

  

			
	TENAYA CAPITAL IV-C, L.P.
	By:	 	Tenaya Capital IV GP, LP, its General Partner
	By:	 	Tenaya Capital IV GP, LLC, its General Partner

  

			
	By:	 	/s/ Dave Markland
	Dave Markland
	Attorney-In-Fact

  

			
	TENAYA CAPITAL IV-P, L.P.
	By:	 	Tenaya Capital IV GP, LP, its General Partner
	By:	 	Tenaya Capital IV GP, LLC, its General Partner

  

			
	By:	 	/s/ Dave Markland
	Dave Markland
	Attorney-In-Fact

 [Signature Page to Amend. No. 2 to Sixth Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	LEHMAN BROTHERS OFFSHORE
PARTNERSHIP ACCOUNT 2000/2001, L.P.
		
	By:	 	Lehman Brothers Offshore Partners Ltd
	Its:	 	General Partner

  

			
	By:	 	/s/ Ashvin Rao
	Name:	 	Ashvin Rao
	Title:	 	Authorized Signatory

  

			
	LEHMAN BROTHERS PARTNERSHIP
ACCOUNT 2000/2001, L.P.
		
	By:	 	LBI Group Inc.
	Its:	 	General Partner

  

			
	By:	 	/s/ Ashvin Rao
	Name:	 	Ashvin Rao
	Title:	 	Authorized Signatory

  

			
	LEHMAN BROTHERS VENTURE CAPITAL
PARTNERS II, L.P.
		
	By:	 	Venture Associates II GP LP
	Its:	 	General Partner
		
	By:	 	Lehman Brothers Venture Associates II LLC
	Its:	 	General Partner

  

			
	By:	 	/s/ Ashvin Rao
	Name:	 	Ashvin Rao
	Title:	 	Authorized Signatory

 [Signature Page to Amend. No. 2 to Sixth Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	ROCKPORT CAPITAL PARTNERS, L.P.
		
	By:	 	RockPort Capital, L.L.C.
	Its:	 	General Partner

  

			
	By:	 	/s/ David J. Prend
	Name:	 	David J. Prend
	Title:	 	Managing General Partner

  

			
	ROCKPORT CAPITAL PARTNERS II, L.P.
		
	By:	 	RockPort Capital II, L.L.C.
	Its:	 	General Partner

  

			
	By:	 	/s/ David J. Prend
	Name:	 	David J. Prend
	Title:	 	Managing General Partner

  

			
	RP CO-INVESTMENT FUND I, L.P.
		
	By:	 	RP Co-Investments Fund I, GP, LLC
	Its:	 	General Partner

  

			
	By:	 	/s/ David J. Prend
	Name:	 	David J. Prend
	Title:	 	Managing General Partner

 [Signature Page to Amend. No. 2 to Sixth Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	FIDELITY SELECT PORTFOLIOS: MATERIALS
		
	By:	 	/s/ Stephen Sadoski
	Name:	 	Stephen Sadoski
	Title:	 	Deputy Treasurer

  

			
	VARIABLE INSURANCE PRODUCTS FUND III:
BALANCED PORTFOLIO
		
	By:	 	/s/ Stephen Sadoski
	Name:	 	Stephen Sadoski
	Title:	 	Deputy Treasurer

  

			
	VARIABLE INSURANCE PRODUCTS FUND IV:
INDUSTRIALS PORTFOLIO
		
	By:	 	/s/ Stephen Sadoski
	Name:	 	Stephen Sadoski
	Title:	 	Deputy Treasurer

  

			
	VARIABLE INSURANCE PRODUCTS FUND IV: MATERIALS PORTFOLIO
		
	By:	 	/s/ Stephen Sadoski
	Name:	 	Stephen Sadoski
	Title:	 	Deputy Treasurer

 [Signature Page to Amend. No. 2 to Sixth Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	FIDELITY ADVISOR SERIES I: FIDELITY
ADVISOR DIVIDEND GROWTH FUND
		
	By:	 	/s/ Stephen Sadoski
	Name:	 	Stephen Sadoski
	Title:	 	Deputy Treasurer

  

			
	FIDELITY ADVISOR SERIES VII: FIDELITY
ADVISOR INDUSTRIALS FUND
		
	By:	 	/s/ Stephen Sadoski
	Name:	 	Stephen Sadoski
	Title:	 	Deputy Treasurer

  

			
	FIDELITY CENTRAL INVESTMENT
PORTFOLIOS LLC: FIDELITY INDUSTRIALS
CENTRAL FUND
		
	By:	 	/s/ Stephen Sadoski
	Name:	 	Stephen Sadoski
	Title:	 	Deputy Treasurer

  

			
	FIDELITY CENTRAL INVESTMENT
PORTFOLIOS LLC: FIDELITY MATERIALS
CENTRAL FUND
		
	By:	 	/s/ Stephen Sadoski
	Name:	 	Stephen Sadoski
	Title:	 	Deputy Treasurer

 [Signature Page to Amend. No. 2 to Sixth Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	FIDELITY PURITAN TRUST: FIDELITY
PURITAN FUND
		
	By:	 	/s/ Stephen Sadoski
	Name:	 	Stephen Sadoski
	Title:	 	Deputy Treasurer

  

			
	FIDELITY SECURITIES FUND: FIDELITY
DIVIDEND GROWTH FUND
		
	By:	 	/s/ Stephen Sadoski
	Name:	 	Stephen Sadoski
	Title:	 	Deputy Treasurer

  

			
	FIDELITY SELECT PORTFOLIOS:
ENVIRONMENTAL AND ALTERNATIVE
ENERGY PORTFOLIO
		
	By:	 	/s/ Stephen Sadoski
	Name:	 	Stephen Sadoski
	Title:	 	Deputy Treasurer

  

			
	FIDELITY SELECT PORTFOLIOS:
INDUSTRIALS PORTFOLIO
		
	By:	 	/s/ Stephen Sadoski
	Name:	 	Stephen Sadoski
	Title:	 	Deputy Treasurer

 [Signature Page to Amend. No. 2 to Sixth Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	CONTRA COSTA CAPITAL, LLC
		
	By:	 	/s/ James Huff
	Name:	 	James Huff
	Title:	 	Vice President

 [Signature Page to Amend. No. 2 to Sixth Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	MOUNT HOPE ASPEN, LLC
		
	By:	 	/s/ Brian Scanlan
	Name:	 	Brian Scanlan
	Title:	 	Manager

 [Signature Page to Amend. No. 2 to Sixth Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2 to Sixth Amended
and Restated Registration Rights Agreement as of the date first written above. 
  

			
	NICHIAS CORPORATION
		
	By:	 	/s/ Kunihiko Yano
	Name:	 	Kunihiko Yano
	Title:	 	 President and Chief Executive
 Officer

NICHIAS Corporation

 [Signature Page to Amend. No. 2 to Sixth Amended and Restated Registration Rights
Agreement]

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