Document:

Exhibit 10.1

LEUCADIA NATIONAL CORPORATION  520 Madison Avenue/New York, New York  10022

 

 

July 2, 2014

Teresa S. Gendron

2108 Tyson’s Executive Court

Dunn Loring, VA 22027

Dear Teri:

Leucadia National Corporation (“Leucadia”) is pleased to offer you a position as its Chief Financial Officer at our New York office under the terms and conditions described in this agreement (“Agreement”).  Your employment with Leucadia will commence at a mutually agreeable time, on or before September 1, 2014 (“Start Date”).

I.            COMPENSATION

A.            You will receive a salary at the annualized rate of $500,000, payable in accordance with Leucadia's payroll practices.  You are also eligible to be considered for a discretionary bonus.

B.            Signing Bonus.

1.    If you are an employee of Leucadia for at least ten (10) business days after your Start Date, you will receive a signing cash bonus of $600,000 (“Signing Bonus”) no later than that tenth day that will be subject to a service period.  If Leucadia terminates your employment for Cause (as defined in Section III) prior to Leucadia paying the Signing Bonus, you shall not be eligible to receive the Signing Bonus.

2.    If, during the periods set out below, you give notice of your intent to resign or if Leucadia terminates your employment for Cause, you must repay the gross, before-tax amount of the Signing Bonus in accordance with the schedule below within ten (10) business days of your termination date.

3.    Notwithstanding the above, if Leucadia terminates your employment without Cause, provided you sign (and do not revoke, if applicable) a separation agreement including a release in the form requested by Leucadia, Leucadia will pay you the Signing Bonus if not already paid to you and, if paid to you, you will not be required to repay any portion of the Signing Bonus.

	
On or prior to the first anniversary of the Start Date

	
$600,000

	
After the first anniversary of the Start Date and on or prior to the second anniversary

of the Start Date

	
$400,000

	
After the second anniversary of the Start Date and on or prior to the third anniversary

of the Start Date

	
$200,000

	
After the third anniversary of the Start Date

	
Zero

C.            2014 Bonus.   For fiscal year 2014, you will receive a guaranteed bonus of $500,000 (“2014 Bonus”) in cash, payable at the time annual bonuses are paid to similarly situated employees, if you are an employee on the payment date.  If Leucadia terminates your employment without Cause (as defined in Section III) prior to paying the 2014 Bonus, Leucadia shall pay it to you in cash on the effective date of such termination the outstanding unpaid portion of the bonus payments, provided that you sign (and do not revoke, if applicable) a separation agreement including a release in the form requested by Leucadia.

D.            2015 Bonus.   For fiscal year 2015, you will receive a guaranteed bonus of $750,000 (“2015 Bonus”) in cash, payable at the time annual bonuses are paid to similarly situated employees, if you are an employee on the payment date.  If Leucadia terminates your employment without Cause (as defined in Section III) prior to paying the 2015 Bonus, Leucadia shall pay it to you in cash on the effective date of such termination the outstanding unpaid portion of the bonus payments, provided that you sign (and do not revoke, if applicable) a separation agreement including a release in the form requested by Leucadia.

E.            Relocation Assistance.   To assist with your relocation from Virginia to the New York area, you will receive relocation benefits up to $100,000 (the “Relocation Package”), which is subject to the policies and practices in effect for such assistance.

F.            Reimbursement For Loss Incurred In Connection With The Sale Of Your Home.   To assist you with your relocation, Leucadia will indemnify your for any loss you incur in connection with the sale of your newly purchased home in Virginia (the “Home”).  If the price at which you sell the Home is less than the price at which you purchased it, Leucadia will reimburse you for any loss (the “Home Reimbursement”) subject to your providing documentation (in a form acceptable to Leucadia) evidencing the loss.  The Home Reimbursement shall include the reasonable fees or other costs associated with a real-estate agent retained to sell the Home.  If you give notice of your intent to resign or Leucadia terminates your employment for Cause on or prior to the first anniversary of the Start Date, you must immediately repay the gross, before-tax amount of the Home Reimbursement to Leucadia within ten (10) business days of your termination date.  If Leucadia terminates your employment without Cause, provided you sign (and do not revoke, if applicable) a separation agreement including a release in the form requested by Leucadia, Leucadia will pay you the Home Reimbursement, if not already paid to you and, if paid to you, you will not be required to repay any portion of the Home Reimbursement

 

 

	
On or prior to the first anniversary of the Home Reimbursement payment date

	
100%

	
After the first anniversary of the Home Reimbursement payment date and on or prior to the second anniversary thereof

	
66%

	
After the second anniversary of the Home Reimbursement payment date and on or prior to the third anniversary thereof

	
33%

	
After the third anniversary of the Home Reimbursement payment date

	
Zero

G.            Benefits.  You will be entitled to receive a benefits package commensurate with that offered to similarly situated employees.

H.            Statutory and Other Deductions. Any salary, bonuses, stock grants and/or other compensation described in this Agreement will be subject to all applicable statutory deductions and other withholdings. 

II.            STOCK GRANT

A.            You will receive $750,000 worth of Leucadia restricted stock (“Restricted Shares”) within ten (10) business days of your Start Date.  The number of Restricted Shares you are  granted will be based on the closing price of Leucadia common stock on the grant date.  The grant of Restricted Shares is subject to the execution of an agreement governing the grant, in such form as is requested by Leucadia.

B.            Provided that you remain in the employ of Leucadia on the grant date and each of the vesting dates, the Restricted Shares will vest at 33.33% on each anniversary of the date of grant.  However, if you resign or are terminated by Leucadia for Cause prior to the last vesting date, the Restricted Shares that have not yet vested will be immediately forfeited.

C.            Notwithstanding the above, if Leucadia terminates your employment without Cause, the Restricted Shares that remain unvested as of the date your employment terminates will not be forfeited but will continue to vest provided: (i) you comply with all of the requirements for continued vesting and any continuing employee obligations (as set forth in the agreement governing the grant of the Restricted Shares) prior to the last vesting date; and (ii) you sign (and do not revoke, if applicable) a separation agreement including a release in the form requested by Leucadia. 

III.            TERMINATION

A.            Notice Period.  During your employment either party may terminate this Agreement.  You are required to provide Leucadia with six (6) months’ written notice of your intention to terminate your employment (the “Notice Period”); provided, however, that, if both Rich Handler and Brian Friedman are no longer the senior-most executives of Leucadia, the Notice Period shall be three (3) months’ written notice.  For the avoidance of doubt, as long as one of either Rich Handler or Brian Friedman is a Leucadia executive, the Notice Period will continue to be six (6) months’ written notice.  During the Notice Period, you will continue to receive your salary payments at the rate then in effect, but not any bonus, at the regular payroll dates, your fiduciary duties and your obligations to Leucadia as an employee of Leucadia will continue, and you will cooperate in the transition of your responsibilities.  Leucadia shall have the right, in its sole discretion, to direct that you no longer come in to the office during the Notice Period or to shorten the Notice Period.  In determining whether to exercise this right, Leucadia will act solely in its own best interests, and under no circumstances will it take into consideration any request by you that Leucadia directs you to cease coming into the office or shorten the Notice Period

B.            Employment-At-Will.  Your employment with Leucadia is “at will,” and Leucadia may terminate your employment at any time, with or without Cause or notice.  You may voluntarily terminate your employment subject to applicable notice periods.

C.            Cause.  Leucadia in its sole discretion may terminate your employment for “Cause,” which shall mean your: (a) material breach of  any  written agreement between you and Leucadia; (b) material violation of any policy or procedure of Leucadia, that could result in harm to Leucadia, its reputation or employees; (c) violation of any Leucadia policy against discrimination or harassment; (d) violation of any federal, state, local, or foreign securities law, rule, or regulation; (e) arrest for, conviction of, or plea of guilty or nolo contendere to, a crime that could reasonably be expected to result in material and manifest harm to Leucadia, its reputation, or employees, and which Leucadia brings to your attention in writing not more than 30-days from the date of its discovery by Leucadia specifying in detail the nature of such matter; (f) engaging in criminal, illegal, dishonest, immoral, or unethical conduct related to your employment at Leucadia and that results in material and manifest harm to Leucadia, its reputation, or employees, and which Leucadia brings to your attention in writing not more than 30-days from the date of its discovery by Leucadia and specifying in detail the nature of such act; (g) failure to obtain or maintain any registration, license, or other authorization or approval reasonably required by Leucadia after receiving written notice from Leucadia and failing to cure such failure within 30-days after receiving such written notice; (h) engaging in any act constituting a breach of fiduciary duty, gross negligence, or willful misconduct in connection with your employment and failing to cure such act within 30-days after receipt of written notice from the Company specifying in detail the nature of such act; or (i) refusal or failure to comply with any of the reasonable directions of or procedures established by the Board of Directors of Leucadia or your supervisor (unless such directions would result in the commission of an act that is illegal or unethical) after receiving written notice of such refusal or failure and failing to cure such failure within 30-days after receiving such written notice.

An act, or failure to act, by you shall not be deemed “willful” for purposes of this paragraph III.D. if done or omitted to be done by you (a) upon the advice of counsel for the Leucadia, and (b) based upon the direction or instruction of the Leucadia Board or the President or CEO of Leucadia.

D.            You set over and assign to Leucadia all of your right, title, and interest in and to: a) all discretionary amounts Leucadia owes you or otherwise might have awarded to you at the time your employment terminates; b) sums or assets in which you have a direct interest that are held in a brokerage account at Leucadia or in an investment fund for which Leucadia or its affiliates serve as a sponsor manager; or c) deferrals of compensation under any Leucadia deferred compensation plan.  Such assignment shall be up to an amount equal to the sum of any amounts owed by you to Leucadia, including, without limitation, any unvested portions of the Signing Bonus or Home Reimbursement.   This set-over and assignment shall be effective only at such time(s), in such amounts, and otherwise to the extent as may be permitted without tax penalties to you under Section 409A of the Internal Revenue Code. You acknowledge such set-overs and assignments are for your benefit and therefore authorize Leucadia to the extent permitted by law to deduct the amount of such set-overs and assignments from Leucadia’s payments to you, and to apply them in payment of the amount due and owing to Leucadia.  Leucadia’s right to set over is in addition to its rights and remedies to the repayment of any such amounts due and owing to Leucadia.

E.            You will pay all costs associated with the collection by Leucadia of any amounts owed by you under this Agreement, including reasonable attorneys’ fees.  You will not assert any defenses, rights of set-off, or counterclaims as a reason for not fully repaying any amounts due under this Agreement.

F.            Each amount or benefit payable under this Agreement shall be deemed a separate payment for purposes of Internal Revenue Code Section 409A (“409A”).  You understand and agree that Leucadia does not make any representation and is not providing any advice regarding the taxation of the payments hereunder, including, but not limited to taxes, interest, and penalties under 409A and similar liabilities under state tax laws.  No indemnification or gross-up is payable under this Agreement with respect to any such tax, interest, penalty or similar liability, and no interest is payable on any payment or benefit which is subject to a six (6) month delay hereunder.   The parties hereto believe that no items of compensation other than electively deferred compensation under any deferred compensation plan are “deferrals of compensation” under 409A.  Any terms relating to those items of compensation, including any authority of Leucadia and your rights with respect thereto, shall be limited to those terms permitted under 409A, and any terms not permitted under 409A shall be modified and limited to the extent necessary to conform with 409A to the maximum extent possible.

IV.            OTHER IMPORTANT PROVISIONS

 

A.            Your employment will continue to be subject to Leucadia’s policies and procedures, all of which may be amended from time to time.   As a condition of your continued employment, you must review and comply with all of Leucadia’s policies, including, without limitation, the policies regarding notice periods, non-competition, non-solicitation, confidential information, and intellectual property.

 

B.            This Agreement constitutes the entire agreement between you and Leucadia with respect to the subject matters in this Agreement, and supersedes all prior or contemporaneous negotiations, promises, agreements and representations, all of which have become merged and integrated into this Agreement.  The provisions in this Agreement are severable.  Any provisions in this Agreement held to be unenforceable or invalid in any jurisdiction shall not affect the enforceability the remaining provisions.  In addition, any provision of this Agreement held to be excessively broad as to degree, duration, geographical scope, activity or subject, shall be construed by limiting and reducing it to be enforceable to the extent compatible with the applicable law.  Leucadia reserves the right to amend the terms of this Agreement relating to fixed and/or variable compensation as it considers necessary to comply with legal or regulatory obligations in force from time to time.

C.            This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to its principles or rules of conflicts of laws, to the extent that such principles or rules would require or permit the application of the law of another jurisdiction.  You hereby consent to the personal jurisdiction of the state and federal courts sitting in the City and State of New York with respect to matters related to your employment or this Agreement, and agree that any action with respect thereto shall be brought in such courts.

D.            Leucadia’s rights under this Agreement shall inure to the benefit of Leucadia’s successors and assigns.  This Agreement is not assignable by you.

E.            You will be designated as a named insured on any directors’ and officers’ liability insurance Leucadia may have.  To the extent permitted by law and Leucadia’s certificate of incorporation and bylaws, Leucadia will indemnify you against any actual or threatened action, suit or proceeding against you, whether civil, criminal, administrative or investigative, arising by reason of your status as a director, officer, employee and/or agent of Leucadia during your employment.  In addition, to the extent permitted by law, Leucadia will advance or reimburse any expenses, including reasonable attorney’s fees, you incur in investigating and defending any actual or threatened action, suit or proceeding for which you may be entitled to indemnification under this Section IV.E.

        F.            You acknowledge and agree that you have read and understand this Agreement, you voluntarily agree to the terms and conditions in this Agreement, and you have been provided with the opportunity to consult with independent legal counsel of your choice prior to executing this Agreement.

If the above terms are acceptable to you, we request that you accept this Agreement by signing and dating it and returning your executed version to Mike Sharp.

Sincerely,

/s/ Richard B. Handler

Richard B. Handler

Chief Executive Officer

AGREED TO AND ACCEPTED BY:

/s/ Teresa S. Gendron                                                                                                                July 2, 2014

________________________________                                               _____________________________

Teresa S. Gendron                                                                                                                              DATEEX-10.3

 Exhibit 10.3 

Restricted Stock Unit
No.                     

ASPEN AEROGELS, INC. 

Restricted Stock Unit Award Grant Notice for Employees, Directors and Consultants 

Restricted Stock Unit Award Grant under the Company’s 

2014 Employee, Director and Consultant Equity Incentive Plan 
  

					
	1.	  	Name and Address of Participant:	  	 
		  		  	 
		  		  	 
			
	2.	  	 Date of Grant of
 Restricted Stock Unit
Award:
	  	 
			
	3.	  	 Maximum Number of Shares underlying
 Restricted
Stock Unit Award:
	  	 
		
	4.	  	Vesting of Award: [This Restricted Stock Unit Award shall vest in [                    ] installments (provided
that the number of shares vesting on each date shall be rounded down to the nearest whole number, whilst the number of shares vesting on the final vesting date shall be the remaining unvested balance of the Shares) as follows provided the
Participant is an Employee, director or Consultant of the Company or of an Affiliate on the applicable vesting date:]

 [Insert Vesting Schedule] 

[Notwithstanding the foregoing vesting schedule, 100% of the then unvested portion of this Restricted Stock Unit Award shall vest in the event
of a Change of Control, unless the Participant receives an offer to remain employed by the Company in the position specified in his or her employment agreement (and lacking one, in the position held by such person immediately prior to the Change of
Control) (or equivalent position) at a comparable rate of compensation, bonus, benefits and other material terms as contained herein for at least two years following the Change of Control event. In addition, 100% of the then unvested portion of this
Restricted Stock Unit Award shall vest in the event of a termination of the Participant’s employment with the Company without Cause or by the Participant for Good Reason at any time during the two (2) year period following the consummation
of a Change of Control transaction.] 
 [As used herein, “Cause” means: (i) willful misconduct, dishonesty, fraud or breach
of fiduciary duty to the Company; (ii) deliberate disregard of the lawful rules or policies of the Company, or breach of an employment or other agreement with the Company, which results in direct or indirect loss, damage or injury to the
Company; (iii) the unauthorized disclosure of any trade secret or confidential information of the Company; (iv) the commission of an act which constitutes unfair competition with the Company or which induces any customer or supplier to
breach a contract with the Company or (v) conduct substantially prejudicial to the business of the Company or any Affiliate.] 
 [As
used herein a “Change of Control” means any of the following: (i) any Person or Group (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934) (other than a Person or Group which is a shareholder of the
Company on March 17, 2010) is or becomes the beneficial owner, directly or indirectly, through a purchase, merger or other acquisition transaction or series of 

 
transactions, of capital stock of the Company entitling such Person or Group to control 50% or more of the total voting power of the capital stock of the Company entitled to vote generally in the
election of directors, where any voting capital stock of which such Person or Group is the beneficial owner that are not then outstanding are deemed outstanding for purposes of calculating such percentage; other than in connection with the
Company’s issuance of its capital stock in a bona-fide financing transaction the proceeds of which are to be utilized for its general corporate purposes (including without limitation the retirement or repayment of outstanding debt obligations),
or (ii) any sale or transfer of all or substantially all of the assets of the Company to another Person. “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a
trust, a joint venture, an unincorporated organization or any other entity, including a governmental entity or any department, agency or political subdivision thereof.] 

[As used herein, “Good Reason” means: (i) any material breach by the Company of any employment agreement with the Participant
that is not cured by the Company within thirty (30) days after written notice specifying in reasonable detail the nature of such material breach is provided to the Company by the Participant; (ii) the demotion of the Participant such that
the Participant no longer serves in the position specified in his or her employment agreement (and lacking one, in the position held by such person on the Date of Grant) or a material reduction in the Participant’s current duties and authority
in such position, in each case, without his or her consent; (iii) the written demand by the Company for the Participant to relocate or commute more than 40 miles from Northborough, Massachusetts without his or her consent; or (iv) any
reduction by the Company in the Participant’s base salary without his or her consent.] 
 Notwithstanding the foregoing, in the event
the Participant ceases to be an Employee, director or Consultant of the Company or of an Affiliate by reason of Disability while the Participant is an Employee, director or Consultant of the Company or of an Affiliate, the then unvested portion of
this Restricted Stock Unit Award shall vest to the extent of a pro rata portion through the date of the Participant’s termination of service due to Disability of the number of shares that would have vested on the next vesting date had the
Participant not become Disabled. The proration shall be based upon the number of days accrued in the current vesting period prior to the date of the Participant’s termination of service due to Disability. 

Notwithstanding the foregoing, in the event of the death of the Participant while an Employee, director or Consultant of the Company or of an
Affiliate, the then unvested portion of this Restricted Stock Unit Award shall vest to the extent of a pro rata portion through the date of death of the number of shares that would have vested on the next vesting date had the Participant not died.
The proration shall be based upon the number of days accrued in the current vesting period prior to the Participant’s date of death. 

  
 2 

 The Company and the Participant acknowledge receipt of this Restricted Stock Unit Award Grant
Notice and agree to the terms of the Restricted Stock Unit Agreement attached hereto and incorporated by reference herein, the Company’s 2014 Employee, Director and Consultant Equity Incentive Plan and the terms of this Restricted Stock Unit
Award as set forth above. 
  

			
	ASPEN AEROGELS, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 
		 	
		 	
	 
	Participant

  
 3 

 ASPEN AEROGELS, INC. 

RESTRICTED STOCK UNIT AGREEMENT - 

INCORPORATED TERMS AND CONDITIONS 

AGREEMENT made as of the date of grant set forth in the Restricted Stock Unit Award Grant Notice between Aspen Aerogels, Inc. (the
“Company”), a Delaware corporation, and the individual whose name appears on the Restricted Stock Unit Award Grant Notice (the “Participant”). 

WHEREAS, the Company has adopted the Aspen Aerogels, Inc. 2014 Employee, Director and Consultant Equity Incentive Plan (the “Plan”),
to promote the interests of the Company by providing an incentive for Employees, directors and Consultants of the Company and its Affiliates; 

WHEREAS, pursuant to the provisions of the Plan, the Company desires to grant to the Participant restricted stock units (“RSUs”)
related to the Company’s common stock, par value $0.00001 per share (“Common Stock”), in accordance with the provisions of the Plan, all on the terms and conditions hereinafter set forth; and 

WHEREAS, the Company and the Participant understand and agree that any terms used and not defined herein have the meanings ascribed to such
terms in the Plan. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1.
Grant of Award. The Company hereby grants to the Participant the number of RSUs set forth in the Restricted Stock Unit Award Grant Notice (the “Award”) which represents a contingent entitlement of the Participant to receive shares
of Common Stock, on the terms and conditions and subject to all the limitations set forth herein and in the Plan, which is incorporated herein by reference. The Participant acknowledges receipt of a copy of the Plan. 

2. Vesting of Award. 
 (a)
Subject to the terms and conditions set forth in this Agreement and the Plan, the Award granted hereby shall vest as set forth in the Restricted Stock Unit Award Grant Notice and is subject to the other terms and conditions of this Agreement and the
Plan. On each vesting date set forth in the Restricted Stock Unit Award Grant Notice, the Participant shall be entitled to receive such number of shares of Common Stock equivalent to the number of RSUs set forth opposite such vesting date provided
that, on such vesting date, the Participant is a director, Employee or Consultant of the Company or an Affiliate. Such shares of Common Stock shall thereafter be delivered by the Company to the Participant within five days of the applicable vesting
date and in accordance with this Agreement and the Plan. The purchase price is $0.00001 per share payable if and when shares of Common Stock are issued by the Company, which payment will be made by the Company on behalf of the Participant as
compensation for the Participant’s prior service to the Company and which amount will be reported as income on the Participant’s W-2 (or other applicable form) in the year of payment. 

(b) Except as otherwise set forth in this Agreement, if the Participant ceases to be, for any reason, a director, Employee or Consultant of the
Company or an Affiliate (the “Termination”) prior to a vesting date set forth in the Restricted Stock Unit Award Grant Notice, then as of the date on which such relationship is terminated with the Participant, all unvested RSUs shall
immediately be forfeited to the Company and this Agreement shall terminate and be of no further force or effect. 
 3. Prohibitions on
Transfer and Sale. This Award (including any additional RSUs received by the Participant as a result of stock dividends, stock splits or any other similar transaction affecting the Company’s securities without receipt of consideration)
shall not be transferable by the Participant otherwise than (i) by will or by the laws of descent and distribution, or (ii) pursuant to a qualified domestic relations 

 
order as defined by the Internal Revenue Code or Title I of the Employee Retirement Income Security Act or the rules thereunder. Except as provided in the previous sentence, the shares of Common
Stock to be issued pursuant to this Agreement shall be issued, during the Participant’s lifetime, only to the Participant (or, in the event of legal incapacity or incompetence, to the Participant’s guardian or representative). This Award
shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation or other disposition
of this Award or of any rights granted hereunder contrary to the provisions of this Section 3, or the levy of any attachment or similar process upon this Award shall be null and void. 

4. Adjustments. The Plan contains provisions covering the treatment of RSUs and shares of Common Stock in a number of contingencies
such as stock splits. Provisions in the Plan for adjustment with respect to this Award and the related provisions with respect to successors to the business of the Company are hereby made applicable hereunder and are incorporated herein by
reference. 
 5. Securities Law Compliance. The Participant specifically acknowledges and agrees that any sales of shares of Common
Stock shall be made in accordance with the requirements of the Securities Act of 1933, as amended. The Company currently has an effective registration statement on file with the Securities and Exchange Commission with respect to the Common Stock to
be granted hereunder. The Company intends to maintain this registration statement but has no obligation to do so. If the registration statement ceases to be effective for any reason or there is a restriction under foreign law, a Participant will not
be able to transfer or sell any of the shares of Common Stock issued to the Participant pursuant to this Agreement unless exemptions from registration or filings under applicable securities laws are available. Furthermore, despite registration,
applicable securities laws may restrict the ability of the Participant to resell his or her Common Stock, including due to the Participant’s affiliation with the Company. The Company shall not be obligated to either issue the Common Stock or
permit the resale of any shares of Common Stock if such issuance or resale would violate any applicable securities law, rule or regulation. 

6. Rights as a Stockholder. The Participant shall have no right as a stockholder, including voting and dividend rights, with respect to
the RSUs subject to this Agreement. 
 7. Incorporation of the Plan. The Participant specifically understands and agrees that the
RSUs and the shares of Common Stock to be issued under the Plan will be issued to the Participant pursuant to the Plan, a copy of which Plan the Participant acknowledges he or she has read and understands and by which Plan he or she agrees to be
bound. The provisions of the Plan are incorporated herein by reference. 
 8. Tax Liability of the Participant and Payment of Taxes.
The Participant acknowledges and agrees that any income or other taxes due from the Participant with respect to this Award or the shares of Common Stock to be issued pursuant to this Agreement or otherwise sold shall be the Participant’s
responsibility. Without limiting the foregoing, the Participant agrees that if under applicable law the Participant will owe taxes at each vesting date on the portion of the Award then vested the Company shall be entitled to immediate payment from
the Participant of the amount of any tax required to be withheld by the Company. Any taxes due shall be paid, at the option of the Company as follows: 

(a) through reducing the number of shares of Common Stock entitled to be issued to the Participant on the applicable vesting date in an amount
equal to the amount of minimum withholding tax due and payable by the Company. Fractional shares will not be retained to satisfy any portion of the withholding tax. Accordingly, the Participant agrees that in the event that the amount of withholding
tax owed would result in a fraction of a share being owed, that amount will be satisfied by withholding the fractional amount from the Participant’s paycheck; 

(b) requiring the Participant to deposit with the Company an amount of cash equal to the amount determined by the Company to be required with
respect to the statutory minimum of the Participant’s estimated total federal, state and local tax obligations or otherwise withholding from the Participant’s paycheck an amount equal to the withholding tax due and payable; or 

  
 2 

 (c) if the Company believes that the sale of shares can be made in compliance with applicable
securities laws, authorizing, at a time when the Participant is not in possession of material nonpublic information, the sale by the Participant on the applicable vesting date of such number of shares of Common Stock as the Company instructs a
registered broker to sell to satisfy the Company’s withholding obligation, after deduction of the broker’s commission, and the broker shall be required to remit to the Company the cash necessary in order for the Company to satisfy its
withholding obligation. To the extent the proceeds of such sale exceed the Company’s tax withholding obligation the Company agrees to pay such excess cash to the Participant as soon as practicable. In addition, if such sale is not sufficient to
pay the Company’s tax withholding obligation the Participant agrees to pay to the Company as soon as practicable, including through additional payroll withholding, the amount of any tax withholding obligation that is not satisfied by the sale
of shares of Common Stock. The Participant agrees to hold the Company and the broker harmless from all costs, damages or expenses relating to any such sale. The Participant acknowledges that the Company and the broker are under no obligation to
arrange for such sale at any particular price. In connection with such sale of shares of Common Stock, the Participant shall execute any such documents requested by the broker in order to effectuate the sale of shares of Common Stock and payment of
the withholding obligation to the Company. The Participant acknowledges that this paragraph is intended to comply with Section 10b5-1(c)(1(i)(B) under the Exchange Act. 

The Company shall not deliver any shares of Common Stock to the Participant until it is satisfied that all required withholdings have been
made. 
 9. Participant Acknowledgements and Authorizations. 

The Participant acknowledges the following: 

(a) The Company is not by the Plan or this Award obligated to continue the Participant as an Employee, director or Consultant of the Company or
of an Affiliate. 
 (b) The Plan is discretionary in nature and may be suspended or terminated by the Company at any time. 

(c) The grant of this Award is considered a one-time benefit and does not create a contractual or other right to receive any other award under
the Plan, benefits in lieu of awards or any other benefits in the future. 
 (d) The Plan is a voluntary program of the Company and future
awards, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of any grant, the amount of any award, vesting provisions and the purchase price, if any. 

(e) The value of this Award is an extraordinary item of compensation outside of the scope of any employment or service. As such, the Award is
not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments. The future value of the shares
of Common Stock is unknown and cannot be predicted with certainty. 
 (f) The Participant (i) authorizes the Company and its Affiliates
or, if the Participant is not employed by the Company or an Affiliate, his or her employer, to furnish the Company and its Affiliates (and any agent administering the Plan or providing recordkeeping services) with such information and data as it
shall request in order to facilitate the grant of the Award and the administration of the Plan, (ii) waives any data privacy rights he or she may have with respect to such information or the sharing of such information, and
(iii) authorizes the Company and its Affiliates to store and transmit such information in electronic form. 

  
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 10. Notices. Any notices required or permitted by the terms of this Agreement or the Plan
shall be given by recognized courier service, facsimile, registered or certified mail, return receipt requested, addressed as follows: 
 If
to the Company: 
 Aspen Aerogels, Inc. 

30 Forbes Road, Building B 

Northborough, MA 01532 

Attention: Chief Financial Officer 

If to the Participant at the address set forth on the Restricted Stock Unit Award Grant Notice or to such other address or addresses of which
notice in the same manner has previously been given. Any such notice shall be deemed to have been given on the earliest of receipt, one business day following delivery by the sender to a recognized courier service, or three business days following
mailing by registered or certified mail. 
 11. Assignment and Successors. 

(a) This Agreement is personal to the Participant and without the prior written consent of the Company shall not be assignable by the
Participant otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Participant’s legal representatives. 

(b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. 

12. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the Delaware, without giving effect to
the conflict of law principles thereof. For the purpose of litigating any dispute that arises under this Agreement, whether at law or in equity, the parties hereby consent to exclusive jurisdiction in the Commonwealth of Massachusetts and agree that
such litigation shall be conducted in the state courts of Middlesex County, Massachusetts or the federal courts of the United States for the District of Massachusetts. 

13. Severability. If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, then
such provision or provisions shall be modified to the extent necessary to make such provision valid and enforceable, and to the extent that this is impossible, then such provision shall be deemed to be excised from this Agreement, and the validity,
legality and enforceability of the rest of this Agreement shall not be affected thereby. 
 14. Entire Agreement. This Agreement,
together with the Plan, constitutes the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter
hereof. No statement, representation, warranty, covenant or agreement not expressly set forth in this Agreement shall affect or be used to interpret, change or restrict the express terms and provisions of this Agreement provided, however, in any
event, this Agreement shall be subject to and governed by the Plan. 
 15. Modifications and Amendments; Waivers and Consents. The
terms and provisions of this Agreement may be modified or amended as provided in the Plan. Except as provided in the Plan, the terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written
document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or
not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent. 

16. Section 409A. The Award of RSUs evidenced by this Agreement is intended to be exempt from the nonqualified deferred
compensation rules of Section 409A of the Code as a “short term deferral” (as that term is used in the final regulations and other guidance issued under Section 409A of the Code, including Treasury Regulation
Section 1.409A-1(b)(4)(i)), and shall be construed accordingly. 
  

  
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