Document:

aspn-ex1021_163.htm

 

Exhibit 10.21

ASPEN AEROGELS, INC.

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY1

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

Applicable Persons

This Policy shall apply to each director of the Company who is not an employee of, or consultant to, the Company or any Affiliate (each, an “Outside Director”). “Affiliate” shall mean a corporation which is a direct or indirect parent or subsidiary of the Company, as determined pursuant to Section 424 of the Internal Revenue Code of 1986, as amended.

Equity Grants

All equity grant amounts set forth herein shall be subject to automatic adjustment in the event of any stock split or other recapitalization affecting the Company’s common stock.

Annual Restricted Stock Grants

Commencing in calendar year 2015, each Outside Director shall be granted (i) restricted shares of the Company’s common stock (the “Annual Stock Grant”) equal in value to $51,000 under the Company’s 2014 Employee, Director and Consultant Equity Incentive Plan or such plan in effect on the date of grant (the “Stock Plan”) and (ii) stock options to purchase shares of the Company’s common stock (the “Annual Option Grant”, and together with the Annual Stock Grant, the “Annual Equity Grant”) equal in value to $34,000 under the Stock Plan each year on or about the time of the annual meeting of the Board of Directors following the Company’s annual meeting of stockholders; provided that if there has been no annual meeting of stockholders held by the first day of the third fiscal quarter, each Outside Director will still receive any Annual Equity Grant provided for under this Policy on the first day of the third fiscal quarter of such year. The number of shares of common stock to be granted to each Outside Director as his or her Annual Stock Grant shall be calculated using the fair market value of the Company’s common stock as of the grant date, which shall be deemed to be the closing price on such date of the Company’s common stock on a national securities exchange. The number of shares of common stock subject to the Annual Option Grant to be granted to each Outside Director as his or her Annual Option Grant shall be calculated using the fair value of the dollar amount of the Annual Option Grant computed in accordance with FASB ASC Topic 718. For any new Outside Director joining the Board of Directors after the date of the Annual Equity Grant, such new Outside Director shall receive equity grants on the first day of his or her service on the Board of Directors equal to the pro rata share of that year’s (i) Annual Stock Grant calculated by multiplying the number of days of such year that the such new director will serve by the quotient of $51,000 divided by 365 and (ii) Annual Option Grant calculated by multiplying the number of days of such year that the such new director will serve by the quotient of $34,000 divided by 365 and in each case calculating the number of shares using the methodology set forth above for Annual Equity Grants but calculated using the closing stock price and other values on such new Outside Director’s first day of service on the Board of Directors.

Terms for All Equity Awards

Unless otherwise specified by the Board of Directors or the Compensation and Leadership Development Committee (the “Compensation Committee”) at the time of grant, all equity awards granted under this Policy shall

	
 
	
	
1
	
This revised Non-Employee Director Compensation Policy replaces and supersedes the Company’s prior Non-Employee Director Compensation Policy, and became effective on February 23, 2022.

 

 

 

(i) vest on the earlier of (a) one year from the date of the grant with respect to an Annual Equity Grant or (b) the day prior to the annual meeting for the fiscal year following the date of grant, subject to the Outside Director’s continued service on the Board of Directors, (ii) each stock option shall terminate ten years from the date of grant of such stock option, and (iii) each equity award shall be granted under the Company’s standard form of agreement unless on or prior to the date of grant the Board of Directors or the Compensation Committee shall determine that other terms or conditions shall be applicable prior to the grant of such equity award.

 

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

Notwithstanding the foregoing, in the event that an Outside Director departs from the Board of Directors other than as a result of removal from the Board of Directors for cause (as defined in the Stock Plan)  (the “Departing Director”), the Departing Director will have two years from the date of departure to exercise all stock options, to the extent vested and exercisable as of the date of departure, subject to the provisions of the Stock Plan, and provided, however, that in no event shall the Departing Director be permitted to exercise such stock options following the expiration of the term of such stock options. The Board of Directors retains the discretion to add additional time to such exercise period when considering each such departure.  In addition, if the Departing Director has served on the Board of Directors for at least three years at the time of departure, the Board of Directors retains the discretion to provide for the acceleration of vesting of some or all of the Departing Director’s unvested stock options or restricted stock.

Cash Fees

Annual Cash Payments

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

			
	
 
	
 
	
 

	
Board of Directors or Committee of Board of Directors
	
Annual Retainer
Amount for Chair
(in lieu of the annual retainer
amount for a member)
	
Annual Retainer
Amount for Member

	
Board of Directors
	
$70,000
	
$35,000

	
Audit Committee
	
$15,000
	
$7,500

	
Compensation Committee
	
$10,000
	
$5,000

	
Nominating and Governance Committee
	
$8,000
	
$4,000

 

If the Company holds more than 12 board meetings in a calendar year, each Outside Director will receive a fee of $1,500 for each additional board meeting attended in person and a fee of $1,500 for each additional board meeting attended by telephone or by other means of communication. If the Company holds more than 12 meetings of the Audit Committee in a calendar year, each member of such committee will receive a fee of $1,500 for each additional committee meeting attended in person and a fee of $1,500 for each additional committee meeting attended by telephone or by other means of communication. If the Company holds more than 8 meetings of either of the Compensation Committee or the Nominating and Governance Committee in a calendar year, each member of such 

 

 

committee will receive a fee of $1,500 for each additional committee meeting attended in person and a fee of $1,500 for each additional committee meeting attended by telephone or by other means of communication.

Payment Terms for All Cash Fees

Cash payments payable to Outside Directors shall be paid quarterly in arrears as of the last day of each fiscal quarter.

Following an Outside Director’s first election or appointment to the Board of Directors, such Outside Director shall receive his or her cash compensation pro rated beginning on the date he or she was initially appointed or elected. If an Outside Director dies, resigns or is removed during any quarter, he or she shall be entitled to a cash payment on a pro rated basis through his or her last day of service.

Maximum Compensation

In any fiscal year that ends on or after December 31, 2018, the sum of the grant date fair value (determined as of the date of grant in accordance with FASB ASC Topic 718) of all awards made pursuant to the Stock Plan, to an individual as compensation for service as a non-employee director, together with cash compensation earned by the non-employee director during any fiscal year, shall not exceed $500,000.

In a fiscal year in which a non-employee director serves the Company in another capacity (including as an interim officer), the non-employee director compensation limit shall not apply to any compensation arrangements established with respect to such service.

Expenses

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

Amendments

The Nominating and Governance Committee or the Board of Directors shall review this Policy from time to time to assess whether any amendments in the type and amount of compensation provided herein should be adjusted in order to fulfill the objectives of this Policy.aspn-ex10292_48.htm

 

 

Exhibit 10.29.2

FIRST AMENDMENT TO THE AMENDED AND RESTATED SUPPLY AGREEMENT, AND TERMINATION OF THE SIDE AGREEMENT

This First Amendment to the Amended and Restated Supply Agreement and termination of the Side Agreement (this “1st Amendment”) is effective December 15, 2021 (the “Effective Date”) and is entered into by and between Aspen Aerogels, Inc, a Delaware corporation with a principal place of business at 30 Forbes Road, Bldg. B, Northborough, MA 01532  ("ASPEN"), BASF Polyurethanes GmbH, with a pricinpal place of business at Elastogranstraße 60, 49448 Lemförde, Germany ("BASF PU"), BASF SE, Carl-Bosch-Straße 38, 37056 Ludwigshafen, German (individually “BASF SE” and collectively BASF PU and BASF SE are referred to as "BASF", and together with ASPEN, the "Parties", and each a "Party").

RECITALS

WHEREAS, the Parties, and certain other identified related entities, are parties to and entered into the agreements (collectively, the “Agreements” or an “Agreement” if singular) listed on Exhibit 1, and unless defined specifically herein, capitalized terms used herein shall have the meaning as ascribed in Exhibit 1 and the relevant Agreements unless any such Agreement has a conflicting definition with any other such Agreement, in which case the Definition of the AR Agreement shall be controlling if applicable; and,

WHEREAS, ASPEN desires to sell the Products and New Product directly to customers and BASF desires to discontinue marketing, market development and sale of Products and New Product, and BASF agrees that ASPEN should have the right to sell the Products and New Products in all markets (including, but not limited to, the BASF Markets and the BASF Restated Core Markets), and effective as of the Effective Date, BASF will discontinue further marketing of the Products and the New Product; and,

WHEREAS, in order to ensure a smooth transition for current and prospective BASF customers, BASF wishes for ASPEN to sell the SLENTEX® brand direct to certain limited customers for a limited period.

NOW THEREFORE, in consideration of the mutual covenants and agreements as set forth herein and for good and valuable consideration, the receipt and sufficiency of which Parties hereby acknowledge, the Parties agree as follows:

	
 
	
1.
	
The Recitals set forth above are hereby incorporated into this amendment by reference as if fully stated herein.

Section I: Deletion of Certain Provisions in the AR Agreement and First Addendum as of the Effective Date

	
 
	
2.
	
The following sections of the AR Agreement are stricken in their entirety: Sections 1, 2, 3, 4, 6, 9.1. 

	
 
	
3.
	
The following sections of the First Addendum are stricken in their entirety: Sections 2, 3, 4, 5, 6

	
 
	
4.
	
The Side Agreement is hereby terminated in its entirety.

 

Section II: Clarification; License

	
 
	
5.
	
All terms related to ASPEN’s repayment of any Pre-Payment Balance to BASF shall be governed by the existing terms of AR Agreement. 

	
 
	
6.
	
The Parties affirm that ASPEN has any and all rights to sell, manufacture, market, develop the market or take any other action necessary or desired by ASPEN to sell the Products or New Product in any market, including, but not limited to, any previously specified BASF Markets and BASF Restated Core Markets.  

	
 
	
7.
	
Effective as of the Effective Date, BASF grants to ASPEN a royalty free, non-exclusive, limited-time license to use, any intellectual property rights necessary for ASPEN to sell the SLENTEX® branded product to only those customers BASF identified on Exhibit 2 (“BASF Customers”) for the period of time as identified 

	
 
		
Exhibit 2 (“Period”), which shall be amended from from-to-time if the Parties mutually agree to add or remove such additional BASF Customers. Included in this limited license shall be the right to create and/or distribute any documents/materials necessary to effectuate any such sale, including, but not limited to, Safety Data Sheets. The products delivered by Aspen hereunder to BASF Customers must comply with the Specification. Together with the execution of each delivery Aspen will provide the respective quality certificates to BASF. Further, BASF reserves the right to employ an independent third-party auditor to examine whether Aspen complies with the stipulations herein, especially with the limitation to use the SLENTEX® brand only for sales to BASF Customers during the Period.

Section III: BASF Obligations Post Prepayment

	
 
	
8.
	
Upon final repayment of any Pre-Payment Balance by ASPEN pursuant to Section 5 of the AR Agreement, BASF PU shall within five (5) business days take all necessary steps to the discharge any Security Interest in ASPEN’s assets in accordance with Annex 4 of the AR Agreement, including, but not limited to:

	
 
	
a.
	
Termination of the RI UCC.

	
 
	
b.
	
Termination of the ASPEN UCC.

	
 
	
c.
	
Termination of the Security Agreement.

	
 
	
d.
	
Discharge of the Mortgage by executing the Form Discharge attached hereto as Exhibit 3.

	
 
	
e.
	
Termination of the Intercreditor Agreement.

Section IV: Miscellaneous

	
 
	
9.
	
Entire Agreement. This 1st Amendment constitutes the sole and entire agreement of the Parties with respect to the subject matter contained herein and therein, and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, regarding such subject matter. 

	
 
	
10.
	
Severability. If any term or provision of this 1st Amendment is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this 1st Amendment.

	
 
	
11.
	
Section 14 of the AR Agreement (Law and Jurisdiction) is hereby incorporated into this 1st Amendment as if fully stated herein.

	
 
	
12.
	
Any alterations or amendments to any provision of this 1st Amendment, including amendments to the Exhibits hereto, shall only be valid if made in writing by authorized representatives of the Parties.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this 1st Amendment as of the Effective Date.

 

 

 

 

 

 

	
ASPEN
	
 

	
By /s/John F. Fairbanks

Name: John Fairbanks

Title: Chief Financial Officer

 
	
 

	
BASF 
	
 

	
By /s/Jens Goeker

Name: Jens Goeker

Title: Chief Financial Officer
	
By /s/Burchard Graf. V. Westerholt

Name: Burchard Graf. V. Westerholt

Title: General Counsel

	
 
	
 

	
 
	
 

	
 
	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 1

	
 
	
1.
	
ASPEN and BASF entered into an Amended and Restated Supply Agreement with an effective date of February 16, 2018 (the “AR Agreement”).

	
 
	
2.
	
ASPEN and BASF SE entered into an Amended and Restated Side Agreement dated February 16, 2018 (the “Side Agreement”).

	
 
	
3.
	
ASPEN and ASPEN Aerogels Rhode Island, LLC and BASF entered into a Security Agreement dated February 16, 2018 (the “Security Agreement”).

	
 
	
4.
	
Silicon Valley Bank and BASF entered into an Intercreditor Agreement with an effective date of February 16, 2018 (the “Intercreditor Agreement”).

	
 
	
5.
	
Aspen Aerogels Rhode Island, LLC executed a Mortgage Deed, Security Agreement and Fixture Filing dated February 16, 2018 and recorded at Book 3995, Page 164 in the County of Providence in the State of Rhode Island (the “Mortgage”).

	
 
	
6.
	
BASF is a Secured Party and ASPEN is a Debtor in a UCC Financing Statement filed on February 21, 2018 (the “ASPEN UCC”).

	
 
	
7.
	
BASF is a Secured Party and Aspen Aerogels Rhode Island, LLC is a Debtor in a UCC-1 filed on February 22, 2018 (the “RI UCC”).

	
 
	
8.
	
ASPEN and BASF entered into a First Addendum to the AR Agreement dated January 14, 2019 (the “First Addendum”).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 2

BASF Customers

 

BASF Customer

	
 
	
1.
	
[***]

 

Period:
[***]

Max. Quantity:

[***]

 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

 

 

 

 

 

 

Exhibit 3

DISCHARGE OF MORTGAGE

 

Address of Premises:3 Dexter Road, East Providence, Rhode Island 02914

 

[Name], [title] of the [entity], holder of a Mortgage Deed, Security Agreement and Fixture Filing from ASPEN AEROGELS RHODE ISLAND, LLC to BASF POLYURETHANES GMBH, a company organized under the

laws of Germany having an address at Elastogranstraße 60, 49443 Lemforde, Germany, 

 

dated February 16, 2018

 

and recorded with the County of Providence in the State of Rhode Island Registry of Deeds in Book 3995, Page 164 

 

hereby acknowledges satisfaction of same and releases all interest acquired under said Mortgage.

 

Executed as a sealed instrument this ___ day of _____, 20___. 

 

 

 

________________________________

[Name]

[Title]

 

 

[Notary]

 

 

 

On this __ day of ___, 20__, before me, the undersigned notary public, personally appeared _________________, [_Title_] of BASF Polyurethanes GmbH, personally known to me to be the person whose name is signed on the preceding or attached document, and acknowledged to me that he signed it voluntarily for its stated purpose.

 

 

 

_______________________________

Notary Public:

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