Document:

EX-10.3

 Exhibit 10.3 

JOINT DEVELOPMENT AGREEMENT 

This JOINT DEVELOPMENT AGREEMENT (the “Agreement”) is entered into as of the latest date set forth below (the “Effective
Date”), by and between Aspen Aerogels, Inc., a Delaware corporation with offices at 30 Forbes Road, Building B, Northborough, MA 01532, U.S.A. (“Aspen”), and BASF SE, a European corporation with offices at Carl-Bosch-Straße 38,
67056 Ludwigshafen, Germany (“BASF”). Aspen and BASF are each a “Party” and collectively, the “Parties.” 

WHEREAS, BASF, among other businesses, conducts research and development activities, holds intellectual property rights, and is a manufacturer
and supplier of various chemicals, materials and components and has developed know-how and expertise in the synthesis, development, manufacture, marketing and application of said products. 

WHEREAS, Aspen, among other businesses, conducts research and development activities, holds intellectual property rights, and is a
manufacturer and supplier of specialty products has developed know-how and expertise in the synthesis, development, manufacture, marketing and application of thermal performance products, including aerogel based products and insulation for
industrial settings and building and construction and related composite products. 
 WHEREAS, contemporaneously with the execution of this
Agreement, the Parties have entered into a Supply Agreement setting out the terms of Aspen’s supply of its Spaceloft A2 product to BASF. 

WHEREAS, BASF and Aspen anticipate and desire to collaborate on the development, manufacture and the separate commercialization of new
products and materials. 
 NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1. Definitions. 

1.1 Defined Terms. For purposes of this Agreement, the following capitalized terms shall have the meanings specified in
this Section 1.1 unless the context requires otherwise. 
 “Affiliates” is any company controlling, controlled by, or under
common control with a Party, with “control” meaning directly or indirectly owning or controlling at least fifty percent (50%) of such companies voting stock, or possessing the power to direct or cause the direction of its management
and policies. 
 “Aspen Background IP” means (i) any and all Background IP of Aspen or its Affiliates which Aspen
specifically identifies in a Project Charter as being contributed to a Project, and (ii) Intellectual Property developed by either Party in connection with Joint Development Activities which is an Improvement of the Aspen Background IP. Aspen
Background IP may include (but is not limited to) Intellectual Property related to the composition of Materials or Products and uses thereof. 

  
 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. 

 “Background IP” means the Intellectual Property belonging to a Party which was
developed prior to or outside the scope of this Agreement and which is deemed by the Party which owns such Intellectual Property to be relevant to the Joint Development Activities (as defined below), and which is not subject to any restriction on
disclosure and use. Unless the Parties expressly agree otherwise, Background IP does not include: [***]. With respect to any Intellectual Property that is owned by a third party and controlled by a Party under the terms of a license or other
agreement, the Parties shall only agree to include such Intellectual Property in Background IP to the extent the licensed Party holds the right (other than pursuant to this Agreement) to grant a sublicense to such Intellectual Property as provided
herein without violating the terms of any agreement with any third party and without violating any applicable laws. Should the Parties agree to include such Intellectual Property in the Background IP licensed hereunder, such agreement shall be made
solely subject to any restrictions on use of such Intellectual Property established in the applicable license agreement which permits such sublicense, and subject to the assumption of the Party sublicensed rights in such Intellectual Property of all
obligations, including payment obligations, which the relevant license or other agreement imposes as a result of such Party’s use of such Intellectual Property. 

“BASF Background IP” means (i) any and all Background IP of BASF or its Affiliates which BASF specifically identifies in a
Project Charter as being contributed to a Project, and (ii) Intellectual Property developed by either Party in connection with Joint Development Activities which is an Improvement of the BASF Background IP. BASF Background IP may include (but
is not limited to) Intellectual Property related to the composition of Materials or Products and uses thereof. 
 “Commercialize”
or “Commercialization” means any and all activities other than Joint Development Activities with respect to the manufacture, marketing, distribution, importing and exporting, offering for sale, selling, of Products or providing services.

 “Commercialization Plan” shall have the meaning set forth in Section 3.8, below. 

“Confidential Information” mean this Agreement and the Parties’ discussions hereunder, and all information (regardless of form)
disclosed by the Disclosing Party to the Receiving Party, including but not limited to Foreground IP disclosed in the course of discussions of a potential Project, provided that: (i) such information, if disclosed in writing, is at the time of
disclosure marked as confidential; (ii) such information, if disclosed in any other manner, is at the time of disclosure designated in writing as confidential; or (iii) the nature of the information makes it reasonably clear that the
Disclosing Party considers it to be confidential, and the confidential nature of the information is confirmed in writing by the Disclosing Party following such disclosure. Notwithstanding the foregoing, Confidential Information will not include
information which (a) is generally known to the public at the time of disclosure by or on behalf of the Disclosing Party or later becomes so generally known through no fault of the Receiving Party; (b) was known to the Receiving Party, or
otherwise in its possession, prior to disclosure by the Disclosing Party; (c) is disclosed to the Receiving Party by a third party who did not obtain such information, directly or indirectly, from the Disclosing Party subject to any
confidentiality 

  
 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. 

 
obligation; or (d) is at any time independently developed by the Receiving Party without the use of any Confidential Information of the Disclosing Party. The Party using or disclosing any
information with reference to any of these exceptions bears the burden of proof to establish that the relevant exception applies. The Confidential Information disclosed pursuant to this Agreement shall not be construed to be within the foregoing
exclusions merely because such items are embraced by more general publically known information or information in Receiving Party’s possession. Additionally, any combination of features shall not be construed within the foregoing exclusions, but
only the combination itself and its principle of operation are within the foregoing exclusions. 
 “Disclosing Party” means the
Party, or Affiliate of such Party, from time to time disclosing Confidential Information to the Receiving Party or its Affiliates. 

“Field of Use” means [***]. 

“Foreground IP” means any and all Intellectual Property that is conceived or created by the Parties, either solely or jointly, in
the performance of the Joint Development Activities, other than Intellectual Property developed by either Party, or the Parties jointly, which is an Improvement of either the Aspen Background IP or the BASF Background IP. 

“Improvement” means an improvement, enhancement or modification of Intellectual Property which relates solely to such Intellectual
Property and is not severable from or useful other than in connection with such Intellectual Property. 
 “Intellectual Property”
means: (A) patents, patent applications of any kind, patent rights, inventions, discoveries and invention disclosures (whether or not patented or patentable); (B) registered and unregistered trademarks, service marks, trade names, trade
dress, logos, packaging design, slogans and Internet domain names, and registrations and applications for registration of any of the foregoing; (C) copyrights in both published and unpublished works, including, without limitation, all
compilations, databases and computer programs, manuals and other documentation and all copyright registrations and applications, and all derivatives, translations, adaptations and combinations of the above; (D) all know-how, trade secrets,
confidential or proprietary information, research in progress, algorithms, data, designs, processes, formulae, drawings, schematics, blueprints, flow charts, models, strategies, prototypes, techniques, beta testing procedures and beta testing
results; and (E) any and all other intellectual property rights and/or proprietary rights relating to any of the foregoing in any jurisdiction throughout the world. 

“Joint Development Activities” [***]. 

“Materials” means physical samples exchanged between the Parties or developed in the course of a Project, except to the extent that
the supply of such Materials to the other Party would violate the terms of any agreement with any third party or violate any applicable laws. 

“Products” means any product or service developed in the course of a Project. 

“Project” means a joint effort of the Parties or their respective Affiliates to develop one or more products or services under the
terms of this Agreement and a Project Charter. 

  
 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. 

 “Project Charter” means a separate document substantially in the form set out on
Exhibit A pursuant to which the Project is carried out. The Parties acknowledge that Exhibit A attached hereto is for illustration purposes only, and is not to be deemed a Project Charter and does not establish a Project for purposes of this
Agreement. 
 “Receiving Party” means the Party, or an Affiliate of such Party, from time to time receiving Confidential
Information from the Disclosing Party or its Affiliates. 
 “Rights Owner” means [***]. 

“Statement of Work” means a written description of the Joint Development Activities to be undertaken by the Parties as a part of a
Project, and the schedule on which such Joint Development Activities will be performed. 
 1.2 Other Definitions. Other
capitalized terms used in this Agreement shall have the meanings respectively ascribed to them herein. 
 2. Development Program. 

2.1 Development Proposals. Either Party may, at any time during the term of this Agreement, propose that the
Parties engage in a Project. In making such proposal, the proposing Party will propose to the other party the Joint Development Activities to be under taken by each Party, and an outline of the basic terms it envisions for such Project. Should the
Parties have a mutual interest in pursuing such Project, the Parties will enter into discussions with a view toward reaching agreement on the following matters with respect to such Project: 

(a) A Statement of Work setting forth the Joint Development Activities to be undertaken by the Parties; 

(b) The Background IP, if any, to be contributed by each Party to the Project, and the permitted Field of Use of the Background IP
contributed by each Party by the other Party (which may include limitations on the scope of licensed rights in Intellectual Property); 

(c) [***]; 
 (d)
The resources to be contributed to the Project by each Party; 
 (e) The time and manner of exchanges of information related to the
Joint Development Activities. 
 (f) The respective rights of the Parties in Foreground IP; 

(g) [***]; 
 (h)
The compensation payable in connection with the exercise of rights licensed hereunder; and 
 (i) The development schedule and
Project Completion Date. 

  
 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. 

 On agreement of the Parties to each of the foregoing, the Parties will execute a written Project Charter
recording their agreement with respect to such Project, and the Project described in such Project Charter will be deemed to have commenced. 

2.2 No Obligation. The proposal of a Project, or commencement of discussions of the terms of a Project,
will not create a legally binding obligation to enter into a Project. Other than obligations of confidentiality and nonuse with respect to Confidential Information disclosed in such proposal or in the course of such discussions, no liability or
obligation of any nature is created hereby with respect to a Project prior to the signing and delivery of a Project Charter setting forth all the matters described in Section 2.1. Either Party may decline to consider a proposed Project or
unilaterally terminate discussions of the terms of a proposed Project at any time, and the terminating Party will have no liability of any kind to the other Party resulting from such termination. 

2.3 Development Activities. Subject to the terms and conditions of this Agreement, with respect to any Project, the
Parties agree to use commercially reasonable efforts to perform their Joint Development Activities in accordance with the Project Charter and the Statement of Work. No change to the Statement of Work shall be implemented unless and until mutually
agreed upon and the corresponding Project Charter is so amended in writing. Each change agreed upon shall be referenced in all appropriate sections of the Project Charter including adjustments, if applicable, to the development schedule, development
costs and expenses, if any. 
 2.4 Exchanges of Information. Except as expressly set forth in any Project Charter, each
Party will provide the other Party information related to and results of the Joint Development Activities at a time and in a manner reasonably intended to allow the other Party to fully exercise its rights and to perform its obligations hereunder.

 2.5 Standards of Performance. The Parties undertake to: 

(a) perform their obligations under this Joint Development Agreement with that degree of care and professionalism as used in their own
development efforts; and 
 (b) provide trained and appropriately qualified staff for the performance of its obligations under the
Joint Development Agreement. 
 2.6 No Guarantee of Success. None of the Parties provides any guarantee or assurance
that any Project will be successful or will result in a marketable Product or service. 
 2.7 Expenses. Except
as expressly set forth in the Project Charter, each Party will bear its own expenses in connection with the performance of Joint Development Activities in connection with any Project. 

2.8 Materials. All Materials furnished by one Party to the other Party hereunder are developmental materials and are not
to be used except for internal evaluation directly in connection with Joint Development Activities. It is further agreed that a furnishing Party shall not be liable to the other Party for any damages arising out of or resulting from use of any
Materials provided to the other Party hereunder. 

  
 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. 

 3. Joint Steering Committee. 

3.1 Joint Steering Committee. BASF and Aspen shall establish a Joint Steering Committee (“JSC”) to oversee the
conduct of any Project within 30 days of the Effective Date, by which time each Party shall notify the other Party in writing of its initial representatives on the JSC. The JSC shall have and perform the responsibilities set forth in
Section 3.7. Some, but not all, of the responsibilities of the JSC may be delegated to one or more working groups comprised of representatives of the Parties and other employees of the Parties, provided that decisions of the working groups will
be made as provided in Section 3.4. 
 3.2 Membership. Each of BASF and Aspen shall designate in writing an equal
(not less than two (2) or more than three (3)) number of representatives to the JSC, who shall be senior level personnel. One (1) representative of Aspen shall be designated as the initial chairman (the “Chair”) of the JSC.
The Chair will be assumed by BASF on the first anniversary of the Effective Date, and the Chair shall alternate between BASF and Aspen on each anniversary of the Effective Date thereafter. Each Party shall have the right at any time to substitute
individuals, on a permanent or temporary basis, for any of its previously designated representatives to the JSC by giving written notice to the other Party. 

3.3 Schedule of Meetings; Agenda. The JSC shall establish a schedule of times for regular meetings, taking into account,
without limitation, whether any Project proposals are pending, the planning needs of all Joint Development Activities under any Project and the responsibilities of the JSC. Special meetings of the JSC may be convened by any member upon not less than
[***] (or, if such meeting is proposed to be conducted by teleconference, upon not less than [***]) written notice to the other members; provided that (i) notice of any such special meeting may be waived at any time, either before or after such
meeting and (ii) attendance of any member at a special meeting shall constitute a valid waiver of notice from such member. Regular and special meetings of the JSC may be held in person at locations mutually agreeable to the JSC members or by
teleconference or videoconference. The Chair shall have the responsibility for preparing and circulating to each JSC member an agenda for each JSC meeting not later than one (1) week prior to such meeting. 

3.4 Quorum; Voting; Decisions. At each JSC meeting, the presence in person of at least one (1) member designated by
each Party shall constitute a quorum. All decisions of the JSC shall be made by unanimous vote, with each Party’s representatives having collectively one vote. Alternatively, the JSC may act by written consent signed by at least one
(1) member designated by each Party. Representatives of each Party or of its Affiliates who are not members of the JSC may attend JSC meetings as non-voting observers. 

3.5 Minutes. The JSC shall keep minutes in reasonable detail of its meetings that record all decisions and all actions
recommended or taken. Drafts of the minutes shall be prepared by the Chair of such meeting and circulated to the members of the JSC within a reasonable time after the meeting, not to exceed [***]. The Chair may delegate responsibility for the
preparation and circulation of draft minutes. Each member of the JSC shall have the opportunity to provide comments on the draft minutes. Draft minutes shall be approved, disapproved and revised as soon as practicable. Upon approval, final minutes
of each meeting shall be circulated to the members of the JSC by the member with responsibility for drafting the minutes. 

  
 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. 

 3.6 Expenses. BASF and Aspen shall each bear all expenses of their
respective JSC representatives related to their participation on the JSC and attendance at JSC meetings. 
 3.7
Responsibilities. The JSC shall be responsible for overseeing the conduct and progress of Joint Development Activities. Without limiting the generality of the foregoing, the JSC shall have the following responsibilities: 

(a) reviewing data, reports or other information submitted to it resulting from the Joint Development Activities from time to time;

 (b) determine whether to recommend that the Parties terminate the Project; 

(c) approving amendments to the Statement of Work (provided that the JSC shall not have the right to amend in any way the terms of this
Agreement or of any Project Charter); 
 (d) assure that sufficient resources and personnel are assigned to the Joint Development
Activities; 
 (e) establishing guidelines and procedures for allocating personnel to the Joint Development Activities; 

(f) monitoring the progress of Joint Development Activities under each Statement of Work and of each Party’s activities
thereunder; 
 (g) coordinate patent filings as set forth in Article 9; 

(h) coordinate maintenance and enforcement of patents as set forth in Article 10; 

(i) attempting to resolve all matters that are in dispute related to such Project; 

(j) designate and define the responsibilities of working groups and the patent coordinators; and 

(k) making such other decisions as may be delegated to the JSC pursuant to this Agreement or by mutual written agreement of the Parties
during the Term. 
 3.8 Commercialization. The primary objective of this Agreement is to jointly develop and to
subsequently Commercialize Products for the mutual benefit of the Parties. To the extent not set forth in the corresponding Project Charter, the Parties shall reasonably and in good faith discuss and endeavor to agree on the manner and the business
and legal structure in which any Product is to be Commercialized by the Parties, and the respective roles of the Parties with respect to such Commercialization (the “Commercialization Plan”). Unless expressly set forth in the Project
Charter, neither Party shall have right to practice any Foreground IP until the Parties 

  
 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. 

 
have agreed in writing on the Commercialization of a Product, except as set forth in Section 4.2, below. The JSC will facilitate any discussions and negotiations to arrive at a mutually
agreeable Commercialization Plan. 
 3.9 Dispute Resolution. The JSC members shall use reasonable efforts to reach
agreement on any and all matters. Either Party may provide to the other written notice of a dispute hereunder, together with a summary of the substance of the dispute. Within [***] of receipt of such notice, the JSC members will decide either to
attempt to resolve such dispute, or to refer such dispute to the Chief Executive Officer of Aspen and the President of the BASF Performance Materials division for resolution. If the members of the JSC attempt to resolve such dispute but are unable
to reach, despite reasonable efforts, agreement on a particular matter cannot be reached by the JSC within [***] after the JSC first meets to consider such matter or such later date as may be mutually acceptable to the Parties, then the matter will
be referred to the Chief Executive Officer of Aspen and the President of the BASF Performance Materials division for resolution. 
 4. Intellectual
Property 
 4.1 Ownership 

(a) All Background IP owned by a Party prior to execution of this Agreement or developed outside the scope of this Agreement shall be
and remain the sole and exclusive property of that Party. 
 (b) All Intellectual Property that is not Foreground IP generated by one
Party during the term of this Agreement shall be the sole and exclusive property of that Party. 
 (c) Unless agreed otherwise in a
Project Charter and subject to Section 3.8, all Foreground IP shall be jointly owned by the Parties. 
 4.2 Rights,
Licenses 
 (a) Subject to the terms and conditions of this Agreement, Aspen hereby grants to BASF a non-exclusive, world-wide,
license to practice Aspen Background IP solely for the purpose of performing its duties and obligations related to Joint Development Activities in connection with a Project. 

(b) Subject to the terms and conditions of this Agreement, BASF hereby grants to Aspen a non-exclusive, world-wide, license to practice
BASF Background IP solely for the purpose of performing its duties and obligations related to Joint Development Activities in connection with a Project. 

(c) If either Party notifies the other Party in writing, that it is unwilling to jointly Commercialize a Product with the other Party,
the notified Party will have a non-exclusive, worldwide license, including the right to grant sublicenses to its customers for use of the Products, to practice (i) the Foreground IP, and (ii) the Background IP of the notifying Party
required to practice the Foreground IP, subject to any Fields of Use restrictions, to make, have made, use and sell Products and to perform services using Products in a manner consistent with 

  
 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. 

 
the Project Charter. Such license will be effective on the agreement of the Parties on the compensation payable in connection with the exercise of such rights (if such compensation is not
stipulated in the Project Charter) or, on the Parties’ failure to reach such agreement, the resolution of the terms of such compensation pursuant to Section 4.2(d). Absent the agreement of the Parties on the Commercialization Plan and the
resolution of the terms of compensation, neither Party may use the Background IP of the other Party, or the Foreground IP, to develop, make, have made, use or sell any Product or to perform services using Products. 

(d) Should the exercise of the grant of rights under Section 4.2(c) be subject to a payment obligation which remains to be
negotiated, and the Parties be unable to reach agreement on such payment terms, either Party may declare an impasse to such negotiations, and the matter of the appropriate payment shall be referred to and resolved by binding arbitration through the
dispute resolution process established in Exhibit B. 
 4.3 Omitted Patents. Should the development, manufacture, use
or sale of a Product or the provision of a service by a Party as contemplated by the Project Charter infringe or necessarily make use of any Background IP of the other Party not listed in the Project Charter, the Parties shall reasonably amend the
Project Charter to include such Intellectual Property within the scope of the Background IP licensed under Section 4.2(c), above, except to the extent that the use of such Background IP is expressly excluded by such Project Charter. 

4.4 No Rights in Existing Products. Except as expressly set forth in a Project Charter, nothing in this Agreement shall
grant rights or licenses in any Aspen Background IP, BASF Background IP or other Intellectual Property in any product of a Party or the related manufacturing processes in existence as of the Effective Date of this Agreement. 

5. Representations and Warranties. 

5.1 By BASF. BASF represents, warrants and covenants the following to Aspen: 

(a) BASF is duly organized and validly existing under the laws of Germany and has the full right, power and authority to enter into
this Agreement and to perform all of its obligations hereunder; and 
 (b) This Agreement has been duly and validly executed and
delivered by BASF and constitutes its valid and legally binding obligation enforceable in accordance with its terms. 
 (c) To its
knowledge, the BASF Background IP does not misappropriate or infringe any third party Intellectual Property rights. 
 (d) BASF will
not incorporate into the Foreground IP any subject matter that infringes or misappropriates any third party copyright or trade secret, or knowingly incorporate any subject matter that infringes any third party patent. 

5.2 By Aspen. Aspen represents, warrants and covenants the following to BASF: 

  
 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. 

 (a) Aspen is a corporation duly organized and validly existing under the laws of the State
of Delaware and has the full right, power and authority to enter into this Agreement and to perform all of its obligations hereunder; and 

(b) This Agreement has been duly and validly executed and delivered by Aspen and constitutes its valid and legally binding obligation
enforceable in accordance with its terms. 
 (c) To its knowledge, the Aspen Background IP does not misappropriate or infringe any
third party Intellectual Property rights. 
 (d) Aspen will not incorporate into the Foreground IP any subject matter that infringes
or misappropriates any third party copyright or trade secret, or knowingly incorporate any subject matter that infringes any third party patent. 

5.3 Disclaimer of Warranties. 

(a) Except as expressly set forth above, neither Party makes any representation that any Product developed in the course of a Project
can be made, used or sold without infringing the intellectual property rights of a third party, and each Party assumes no liability for any such infringement. 

(b) EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY PROVIDES ANY WARRANTIES, WHETHER WRITTEN OR ORAL, EXPRESS OR IMPLIED,
AND EACH PARTY HEREBY DISCLAIMS ALL OTHER WARRANTIES, WHETHER WRITTEN OR ORAL, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. 

6. Term; Termination. 
 6.1
Term. Unless terminated earlier in accordance with Section 6.2 or 6.3, this Agreement shall remain in effect for the longer of two years or the duration of any Project then in process. The Parties may extend the term of this Agreement by
mutual consent. 
 6.2 Termination without Cause. 

(a) Either Party may terminate this Agreement for any reason or no reason on ninety (90) days’ notice to the other Party,
provided that such termination will not terminate any Project then in progress. 
 (b) Either Party may terminate a Project under
this Agreement for any reason or no reason on ninety (90) days’ written notice to the other Party. 

  
 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. 

 6.3 Termination for Cause. Either party, as applicable, shall have the
right, in addition and without prejudice to any other rights or remedies, to terminate this Agreement and any Project then in effect as follows: 

(a) for any material breach of this Agreement which is not cured within thirty (30) days of receipt by the party in default of a
notice specifying the breach and requesting its cure; or 
 (b) By either party, effective immediately upon written notice if
(a) all or a substantial portion of the assets of the other party are transferred to an assignee for the benefit of creditors to a receiver or to a trustee in bankruptcy; (b) a proceeding is commenced by or against the other party for
relief under the bankruptcy or similar laws, and such proceeding is not dismissed within thirty (30) days; (c) the other party is adjudged bankrupt; or (d) the other Party is otherwise prevented from performing its commercially
reasonable or material obligations under this Agreement. 
 6.4 Survival; Effect of Expiration or Termination. 

 (a) On expiration of this Agreement, all rights under Sections 4.2(a) and 4.2(b) shall terminate, except for Projects which have
not been terminated, for which the licenses under Sections 4.2(a) and 4.2(b) shall remain in effect for the duration of such Project, and any license granted under Section 4.2(c) shall go into effect or remain in effect. 

(b) On termination of this Agreement or any Project by a Party (the “Terminating Party”) under Section 6.2(a) or 6.2(b),
or termination of a Terminating Party by the other Party (the party not terminating under Section 6.2(a) or (b), or terminating under Section 6.3, being the “Aggrieved Party”) under Section 6.3: (i) all rights and
licenses granted to the Terminating Party under Sections 4.2(a), 4.2(b) and 4.2(c) shall terminate (except that with respect to termination of a Project under Section 6.2(b), rights and licenses under Sections 4.2(a), 4.2(b) and 4.2(c) relating
to Projects which are continuing will remain in effect); (ii) all licenses granted to the Aggrieved Party under Sections 4.2(c) shall remain in effect, subject to any payment obligations associated with such licensed rights; and (iii) the
Aggrieved Party may, at its election to be a notified Party under Section 4.2(c), continue with the performance of any Project in process on its own, and shall be entitled to exercise the rights granted to it under Section 4.2(a) or 4.2(b)
(as the case may be), to continue such Project and under Section 4.2(c) to engage in Commercialization of products or services comprising Products, subject to any payment obligations associated with such licensed rights. 

(c) Articles 3 and 4 and Articles 6 through 13 shall survive the expiration or any termination of this Agreement or Statement of Work
hereunder. Article 1 shall survive to the extent necessary to properly interpret or implement the provisions of Articles 6 through 13. 
 7. Protection
of Confidential Information 
 7.1 Restrictions of Disclosure and Use. The Receiving Party shall use
Confidential Information only in furtherance of the conduct of a Project and keep it strictly confidential and not (except as explicitly permitted by this Agreement) disclose it to anyone without the prior written consent of the Disclosing Party.
The Receiving Party shall restrict access to Confidential 

  
 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. 

 
Information to those of the Receiving Party’s Affiliates and personnel required to have knowledge thereof for the exercise of right or performance of obligations under this Agreement. The
Receiving Party shall procure that the Receiving Party’s Affiliates and personnel will act in accordance with the confidentiality and non-use provisions of this Agreement as if each of them were a party hereto. Any non-compliance with any of
the provisions of this Agreement by any Receiving Party’s Affiliates or personnel shall be deemed a breach of this Agreement by the Receiving Party. 

7.2 No Reproduction or Export in Violation of Law. The Receiving Party shall not copy, reproduce or reduce to writing any
Confidential Information of the Disclosing Party unless and to the extent reasonably required for the Purpose. Without prejudice to the other provisions of this Agreement, the Receiving Party shall not export or re-export any Confidential
Information of the Disclosing Party to any person or country to which such export or re-export is prohibited or restricted by applicable law, regulation or any competent government or other authority. 

7.3 Compelled Disclosure. If the Receiving Party becomes compelled by judicial or administrative process or required by
applicable law or any governmental or other authority or by any applicable contract or regulations of any applicable stock exchange to disclose any Confidential Information of the Disclosing Party, the Receiving Party shall promptly notify the
Disclosing Party in order for the Disclosing party to seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this Agreement, and the Receiving Party shall co-operate, with the Disclosing Party regarding
any action which the Disclosing Party may decide to take to challenge the validity of such requirement or the manner of disclosure. 
 8. Indemnification

 8.1 Indemnification. Each Party (the “Indemnifying Party”) shall indemnify, defend and hold harmless
the other Party, its Affiliates, their respective directors, officers, employees and agents, and their respective successors, heirs and assigns (each, an “Indemnified Party”) from and against all costs, fees, damage, loss, liability,
expense or judgment (including attorneys’ fees and expenses of litigation if assessed against the indemnified Party by a court of competent jurisdiction) (collectively “Losses”) incurred by or imposed upon the Indemnified Parties, or
any of them, as a direct result of (i) third party claims arising out of the development, manufacture, use or sale of any Product by the Indemnifying Party or any of its Affiliates, sublicensees, distributors or agents, or (ii) the use of
the Intellectual Property of the Indemnified Parties by the Indemnifying Party or any of its Affiliates, sublicensees, distributors or agents other than as expressly permitted by this Agreement; in either case except to the extent any Losses result
from a material breach of this Agreement by, or the gross negligence or willful misconduct of, an Indemnified Party. 
 8.2
Procedure. An Indemnified Party that intends to claim indemnification under Section 8.1 shall promptly notify the Indemnifying Party of any claim, loss, damage or expense in respect of which the Indemnified Party intends to claim such
indemnification reasonably promptly after the Indemnified Party is aware thereof, and the Indemnifying Party shall assume the defense of any related third party action, suit or proceeding with counsel mutually satisfactory to the parties; provided,
however, that an Indemnified Party shall have the right to retain its own counsel to participate in such action at its own expense. The Indemnified Party shall not settle or 

  
 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. 

 
in any way compromise any claim covered by the indemnification provisions of this Section, and the indemnity agreement in this Section shall not apply to amounts paid in settlement of any claim,
loss, damage or expense if such settlement is effected without the written consent of the Indemnifying Party, which consent shall not be unreasonably withheld. The Indemnifying Party shall not settle or in any way compromise any claim covered by the
indemnification provisions of this Section, and the indemnity agreements in this Section shall not apply to any amounts paid in settlement of any claim, loss, damage or expense if such settlement is effected, without, in both of the foregoing
instances, the written agreement and consent of the Indemnified Party, which consent shall not be unreasonably withheld. The failure of an Indemnified Party to deliver notice to the Indemnifying Party within a reasonable time after becoming aware of
any such matter, if legally prejudicial to the Indemnifying Party’s ability to defend such action, shall relieve the Indemnifying Party of any liability to the Indemnified Party under this Section. The Indemnified Party under this Section and
its employees and agents shall cooperate fully with the Indemnifying Party and its legal representatives in the investigation of any matter covered by this indemnification; provided that any out of pocket costs incurred by the Indemnified Party and
its employees and agents in order to provide such cooperation shall be reimbursed by the Indemnifying Party promptly upon request by the Indemnified Party. The Indemnifying Party shall additionally be liable to pay the reasonable legal costs and
attorneys’ fees incurred by the Indemnified Party in establishing a successful claim for indemnity hereunder. 
 9. Patent Filing, Prosecution and
Maintenance. 
 9.1 Prosecution Rights.  

(a) [***]. 
 (b)
The Parties will, through the JSC, designate which of them shall be the Rights Owner with respect to Foreground IP. The Rights Owner will, acting through patent counsel or agents mutually acceptable to the Parties, shall be responsible for the
preparation, filing, prosecution and maintenance of such Patent Rights, with the expense of such preparation, filing, prosecution and maintenance shared by the Parties equally. 

(c) At the Rights Owner’s request, the other Party shall cooperate with and assist the Rights Owner in all reasonable respects, in
connection with the Rights Owner’s preparation, filing, prosecution (including review and comments regarding responses to office actions and/or official actions from worldwide patent offices) and maintenance of such Patent Rights. 

9.2 Information and Cooperation. With respect to Patent Rights which are or could be (as a result of a pending
Project) licensed to the other Party under Section 4.2(c) or claiming Foreground IP (the “Licensed Patent(s)”), (a) each Rights Owner shall promptly notify the other Party, through the JSC, of any Patent Rights and discuss with
the other Party the filing of any patent application with respect to a Licensed Patent; (b) the Rights Owner shall regularly provide the other Party with copies of all patent applications filed hereunder for any Licensed Patent and other
material submissions and correspondence with the patent offices, in sufficient time to allow for review and comment by such Party; and (c) Rights Owner shall provide the other Party and its patent counsel with an opportunity to consult with
Rights Owner and its patent counsel regarding 

  
 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. 

 
the filing and contents of any such application, amendment, submission or response, and the advice and suggestions of such Party and its patent counsel shall be taken into consideration in good
faith by Rights Owner and its patent counsel in connection with such filing. Rights Owner shall pursue in good faith all reasonable claims requested by the other Party in the prosecution of any Licensed Patent under this Section 9.2. 

9.3 Abandonment. If Rights Owner (or, in the case of Patent Rights claiming Foreground IP, either Party) decides to
forego prosecution of or cease prosecution on, to abandon or to allow to lapse any Licensed Patent in any country or region, Rights Owner (or the joint owner) shall inform the other Party of such decision promptly and, in any event, so as to provide
such Party a reasonable amount of time to meet any applicable deadline to establish or preserve such Licensed Patent in such country or region. Such Party shall have the right to assume responsibility for continuing the prosecution of such Licensed
Patent in such country or region and paying any required fees to maintain such Licensed Patent in such country or region or defending such Licensed Patent, all at its sole expense, through patent counsel or agents of its choice. With respect to
Foreground IP, the Party transferring responsibility for such Patent Rights shall assign all of its right, title and interest in such Patent Rights to the Party assuming responsibility for such Patent Rights, provided that the party transferring
responsibility shall retain a nonexclusive, worldwide license, without the right to grant sublicenses, in such Patent Rights to develop, make, have made, use and sell goods and perform services, subject to any limitations, restrictions or payment
obligations as may be provided in a Project Charter. Upon transfer of responsibility for prosecuting, maintaining and defending any of the Licensed Patents to the other Party under this Section 9.3, the Party transferring responsibility for
such Licensed Patent shall promptly deliver to such Party copies of all necessary files related to the Licensed Patent with respect to which responsibility has been transferred and shall take all actions and execute all documents reasonably
necessary for the other Party to assume such prosecution, maintenance and defense. 
 10. Third Party Infringement. 

10.1 Notice. In the event either Party becomes aware of any suspected third party infringement of any Patent Rights (an
“Infringement”), that Party shall promptly notify the other Party through the JSC and provide it with all details of such Infringement of which it is aware (each, an “Infringement Notice”). The Parties shall promptly meet to
discuss the Infringement and to determine the collective overall strategy for patent enforcement. 
 10.2 Right to
Enforce. Unless otherwise determined by the Parties, in the event that an Infringement occurs the Rights Owner shall have the first right and option to address such Infringement by taking reasonable steps, which may include the institution of
legal proceedings or other action. All costs, including, without limitation, attorneys’ fees, relating to such legal proceedings or other action shall be borne by [***]. [***]. 

10.3 Right to Representation. Each Party shall have the right to participate and be represented by counsel that it
selects, in any legal proceedings or other action instituted under Section 10.2 by the other Party to address the Infringement of a Licensed Patent. [***]. 

  
 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. 

 10.4 Cooperation. In any action, suit or proceeding instituted under this
Article 10, the Parties shall cooperate with and assist each other in all reasonable respects. Upon the reasonable request of the Party instituting such action, suit or proceeding, the other Party shall join such action, suit or proceeding and shall
be represented using counsel of its own choice, at the requesting Party’s expense. 
 10.5 Allocation of Proceeds.
Any amounts recovered by either Party pursuant to actions under this Article 10 with respect to any Infringement, whether by settlement or judgment, shall be allocated in the following order: [***]. 

10.6 Defense of Claims. In the event that any action, suit or proceeding is brought against either Party or any Affiliate
of either Party alleging the infringement of the Intellectual Property of a third party by reason of the development or Commercialization of any Product, such Party shall notify the other Party within [***] of the earlier of (i) receipt of
service of process in such action, suit or proceeding, or (ii) the date such Party becomes aware that such action, suit or proceeding has been instituted, and the Parties shall meet as soon as possible to discuss the overall strategy for
defense of such matter. Each Party shall have the right to defend against actions brought against the Party. [***]. Each Party shall promptly furnish the other Party with a copy of each communication relating to the alleged infringement that is
received by such Party including all documents filed in any litigation. [***]. 
 11. Limitations of Liability 

EXCEPT WITH RESPECT FOR LIABILITY ARISING UNDER CONFIDENTIALITY AND INDEMNIFICATION OBLIGATIONS UNDER THIS AGREEMENT, NO PARTY SHALL BE LIABLE TO THE OTHER
PARTY UNDER THIS AGREEMENT FOR ANY INCIDENTAL OR CONSEQUENTIAL DAMAGES, OR DAMAGES RESULTING FROM THE PERMITTED USE OF ANY INTELLECTUAL PROPERTY OR PROPRIETARY INFORMATION CREATED OR RECEIVED HEREUNDER, INCLUDING BUT NOT LIMITED TO LOST PROFITS, OR
OTHER INDIRECT LOSS OR DAMAGE ARISING OUT OF THIS AGREEMENT AND/OR, OR ARISING OUT OF NEGLIGENCE OR WILLFUL CONDUCT CAUSING PERSONAL INJURY OR TANGIBLE PROPERTY DAMAGE OF A THIRD PARTY OR ANY RESULTING OBLIGATION, WHETHER IN AN ACTION FOR OR ARISING
OUT OF BREACH OF CONTRACT, TORT, OR ANY OTHER CAUSE OF ACTION AND WHETHER OR NOT SUCH DAMAGES ARE FORESEEABLE. 
 12. Nonsolicitation. During the
term of this Agreement and for a period of twelve (12) months after termination of this Agreement (for any reason or no reason) or a Project, to the extent a Project survives termination of the Agreement, each Party covenants and agrees that it
will not, directly or indirectly for itself or on behalf of another entity (a) solicit, recruit, induce, attempt to solicit, recruit or induce any employee of the other Party to leave his or her employment with the such Party; provided that,
notwithstanding the foregoing, each Party shall be permitted to engage in general recruitment through advertisements or recruiting through head-hunters, so long as the other Party’s employees and personnel are not specifically targeted. 

  
 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. 

 13. General Terms. 

13.1 Entire Agreement. This Agreement supersedes all prior and contemporaneous agreements, written or oral, between Aspen
and BASF relating to the subject matter of this Agreement, provided that the Parties agree that confidentiality agreements between them remain in effect according to their terms with respect to obligations of confidentiality and non-use with respect
to information exchanged thereunder, and rights of ownership in intellectual property established under the terms of a Joint Development Agreement dated March 1, 2010 between ASPEN and BASF Construction Chemicals GmbH remain in effect. This
Agreement may not be modified, changed or discharged, in whole or in part, except by an agreement in writing signed by the parties hereto. 

13.2 Section Headings. The headings herein are inserted as a matter of convenience only, and do not define, limit, or
describe the scope of this Agreement or the intent of the provisions hereof. 
 13.3 Compliance with Laws. Each party
will comply with all applicable laws, regulations and guidelines during the course of performance of this Agreement and any Project. 

13.4 Waiver. Failure by either party to enforce any provision of this Agreement shall not be deemed a waiver of future
enforcement of that or any other provision. 
 13.5 Severability. If for any reason a court of competent jurisdiction
finds any provision of this Agreement, or portion thereof, to be unenforceable, that provision of this Agreement shall be enforced to the maximum extent permissible so as to affect the intent of the parties, and the remainder of this Agreement shall
continue in full force and effect. 
 13.6 Governing Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the state of New York, United States of America, other than choice of law rules, applicable to agreements made and to be performed therein. Exclusive jurisdiction of any disputes shall lie in the state and
Federal courts located in New York, New York, borough of Manhattan, and each party waives any objection to such venue and irrevocably submits to the jurisdiction of such courts. Notwithstanding the foregoing, the Parties recognize that a Party may
suffer immediate, irreparable harm in certain circumstances, including a breach or threatened or anticipated breach of obligations hereunder; accordingly, each Party is entitled, in addition to any other remedy available at law or in equity, to
injunctive relief to specifically enforce the terms of this Agreement in a court of competent jurisdiction. 
 13.7
Notices. Notices and other formal communications under this Agreement shall be sent to the contact persons and addresses set forth below or otherwise notified by such Party, and shall be effective (i) if sent by reputable international
courier, two days after dispatch, and (ii) if sent by registered mail, on confirmation of receipt, and (iii) if sent by e-mail, on receipt or a response indicating that such transmission was successful. 

  
 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. 

 For BASF SE: 

[***] 

[***] 

BASF SE 

ZRX/FB- C006 

67056 Ludwigshafen 

Germany 

e-mail: [***] 

For Aspen Aerogels, Inc.: 

Donald R. Young 

President and CEO 

30 Forbes Road, Building B 

Northborough, MA 01532 

U.S.A. 

e-mail: [***] with a copy to [***] 

13.8 Assignment. This Agreement may not be assigned by either party without the prior written consent of the other party, such
consent not to be unreasonably withheld or delayed; provided that either Party may convey this Agreement without such consent (i) to a successor in interest of substantially all of the business to which this Agreement relates, whether by
assignment, merger, consolidation or otherwise, or (ii) to an Affiliate. 
 13.9 Counterparts. This Agreement may be
executed in any number of counterparts, which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page by facsimile shall be effective as delivery of a manually executed counterpart. 

13.10 Further Assurances. The parties, without further consideration of any kind, shall each execute and deliver, or cause to be
executed and delivered, such other instruments, and take, or cause to be taken, such other action, as shall reasonably be requested by another party hereto to more effectively carry out the terms and provisions of this Agreement. 

13.11 Relationship of the Parties. Neither party shall represent itself as a partner, joint-venturer, agent, employee or general
representative of the other. Each party acknowledges that it shall have no right, power or authority to obligate in any way the other to any contract or other obligation. 

13.12 Rights and Remedies. All rights and remedies of either party hereunder shall be cumulative and may be exercised singularly
or concurrently. The failure of either party, in any one or more instances, to enforce any of the terms of this Agreement shall not be construed as a waiver of future enforcement of that or any other term. 

13.13 Force Majeure. Neither party shall be held liable or responsible to the other party, nor be deemed to have defaulted under
or breached this Agreement, for failure or delay in fulfilling or performing any term of this Agreement when such failure or delay is caused by or results from causes beyond the reasonable control of the affected party, including but not limited to
fire, floods, embargoes, war, acts of war (whether war is declared or not), insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, acts of God or acts, omissions or delays in acting by any governmental authority or
the other party. 

  
 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. 

 13.14 Provisions. 

(a) When a reference is made in this Agreement to an “Article,” “Section,” “Exhibit” or “Schedule,”
such reference shall be to an Article or Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated. 
 (b) The
table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

(c) Whenever the words “include,” “includes,” or “including” are used in this Agreement, such words shall be
deemed to be followed by the words “without limitation.” 
 (d) The words “hereof,” “herein,” and
“hereunder” and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement unless otherwise expressly indicated in the accompanying text. 

(e) The use of “or” is not intended to be exclusive unless otherwise expressly indicated in the accompanying text. 

(f) The defined terms contained in this Agreement are applicable to the singular as well as the plural forms of such terms. Reference to the
masculine gender shall be deemed to also refer to the feminine gender and vice versa. 
 (g) A reference to documents, instruments or
agreements also refers to all addenda, exhibits or schedules thereto. 
 [Signature page follows] 

  
 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. 

 IN WITNESS WHEREOF, the parties have executed this Joint Development Agreement as of the dates
set forth above. 
  

			
	Aspen Aerogels, Inc.
		
	By:	 	/s/ Donald R. Young
	Name: Donald R. Young
	Title: President and Chief Executive Officer
	Date:	 	21st June, 2016
	
	BASF SE
		
	By:	 	[***]
	Name: [***]
	Title: [***]
	Date:	 	13th June 2016
		
	By:	 	[***]
	Name: [***]
	Title: [***]
	Date:	 	09 June 2016

  
 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 A 

[NOTE: The following template is provided solely as an example of the form of a Project Charter, and the types of issues to be addressed in a Project Charter.
It does not establish a Project, and the Parties acknowledge that any future Project Charter may have terms that vary substantially from the terms set forth below.] 

PROJECT CHARTER TEMPLATE 
 Aspen Aerogels,
Inc. (“ASPEN”) and BASF SE (“BASF”) have entered into a Joint Development Agreement effective March            , 2016 (the “JDA”). Capitalized terms not
otherwise defined herein have the meanings defined in the JDA. The Parties hereby agree to undertake a Project as described in this Project Charter. 

[***] 

  
 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. 

 Appendix 1 

Statement of Work 

  
 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 B 

DISPUTE RESOLUTION 
 In the event of the
inability of the Parties to resolve any dispute, difference or question regarding [***], then on written notice of such impasse given by one Party to the other (the “Dispute Resolution Notice”), such dispute shall be resolved as follows:

 Senior officers of the Parties will meet face-to-face to discuss the dispute, difference, or questions and attempt in good faith to reach a resolution
(“Informal Resolution”). If [***] have elapsed after the Dispute Resolution Notice without a resolution, then either Party by notice to the other Party may have the dispute conclusively determined by binding arbitration conducted in the
following manner (“Dispute Resolution”): 
 (a) The Dispute Resolution shall be held in a location mutually agreeable to the Parties, or if no
such location can be agreed, in London, England, according to the then-current non-administered arbitration rules of the International Institute for Conflict Prevention and Resolution (“CPR”), except to the extent such rules are
inconsistent with this Exhibit B. 
 (b) The Dispute Resolution will be conducted by one (1) arbitrator who shall be reasonably acceptable to the
Parties and who shall be appointed in accordance with CPR rules. If the Parties are unable to select an arbitrator within [***] following the notice from a Party invoking the right to pursue Dispute Resolution, then the arbitrator shall be appointed
by CPR in accordance with CPR rules. Any arbitrator chosen hereunder shall have educational training and industry experience sufficient to demonstrate a reasonable level of scientific, financial and industry knowledge relevant to the particular
dispute. 
 (c) Each Party will bear its own attorneys’ fees, costs, and expenses for the Informal Resolution and the Dispute Resolution and the fees
of the arbitrator shall be borne by the Party [***]. 
 (d) The proceedings and decisions of the arbitrator shall be confidential unless and to the extent
they become the subject of a public proceeding (e.g., a law suit or an action to enforce a judgment). 
 (e) Within [***] after the designation of the
arbitrator pursuant to Paragraph (b) above, each Party shall provide to the arbitrator and the other Party its [***] in writing, together with a brief or other written memorandum supporting the merits of its [***]. The Parties and the
arbitrator shall meet within [***] thereafter, at which time each Party shall have [***] to argue in support of its [***] (or such other period of time as allowed by the arbitrator). The Parties shall not call any witnesses in support of their
arguments. The arbitrator in its sole discretion may request additional briefing on any matters argued in such proceeding within thirty (30) days of such hearing. 

(f) Within [***] following the hearing set forth in Paragraph (e) above or the receipt of any additional briefing materials requested by the arbitrator,
the arbitrator shall select as the final resolution of the matter under dispute [***]. In making such selection and ruling, the arbitrator shall [***]. If a Party fails to submit to the arbitrator any proposal on [***] in accordance with the terms
of Paragraph (e) above, the arbitrator shall [***]. On the selection of the arbitrator of [***] under this Paragraph (f), such [***] shall be deemed the agreement of the parties [***]. 

  
 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.EX-10.4

 Exhibit 10.4 

CABOT PROPERTIES, INC. 

INDUSTRIAL REAL ESTATE LEASE 

Multi-Tenant Net Form 

Landlord: Cabot II – MA1M03, LLC 

Tenant: Aspen Aerogels, Inc. 

Property Address: 30 Forbes Road, Northborough, Massachusetts 

TABLE OF CONTENTS 
  

					
	 ARTICLE ONE - BASIC TERMS
	  	 	1	  
	 ARTICLE TWO - PREMISES
	  	 	2	  
	 ARTICLE THREE - LEASE TERM
	  	 	3	  
	 ARTICLE FOUR - RENT
	  	 	3	  
	 ARTICLE FIVE - PROPERTY TAXES
	  	 	5	  
	 ARTICLE SIX - UTILITIES
	  	 	6	  
	 ARTICLE SEVEN - INSURANCE
	  	 	6	  
	 ARTICLE EIGHT - COMMON AREAS
	  	 	9	  
	 ARTICLE NINE - USE OF PREMISES
	  	 	12	  
	 ARTICLE TEN - CONDITION AND MAINTENANCE OF PREMISES
	  	 	15	  
	 ARTICLE ELEVEN - DAMAGE OR DESTRUCTION
	  	 	19	  
	 ARTICLE TWELVE - CONDEMNATION
	  	 	19	  
	 ARTICLE THIRTEEN - ASSIGNMENT AND SUBLETTING
	  	 	20	  
	 ARTICLE FOURTEEN - DEFAULTS AND REMEDIES
	  	 	21	  
	 ARTICLE FIFTEEN - PROTECTION OF LENDERS
	  	 	24	  
	 ARTICLE SIXTEEN - LEGAL COSTS
	  	 	25	  
	 ARTICLE SEVENTEEN - MISCELLANEOUS PROVISIONS
	  	 	25	  
	 EXHIBIT A - THE PROPERTY
	  	 	A-1	  
	 EXHIBIT B - THE PREMISES
	  	 	B-1	  
	 EXHIBIT C - RULES AND REGULATIONS
	  	 	C-1	  
	 EXHIBIT D – HAZARDOUS MATERIALS
	  	 	D-1	  
	 EXHIBIT E - SUMMARY OF INSURANCE REQUIREMENTS
	  	 	E-1	  
	 EXHIBIT F - HVAC UNITS TO BE REPLACED BY TENANT
	  	 	F-1	  

 ARTICLE ONE - BASIC TERMS 

The following terms used in this Lease shall have the meanings set forth below. 
  

			
	1.01 Date of Lease:	  	June 29, 2016
		
	1.02 Landlord (legal entity):	  	Cabot II – MA1M03, LLC, a Delaware limited liability company
		
	1.03 Tenant (legal entity):	  	Aspen Aerogels, Inc., a Delaware corporation
		
	1.04 Tenant’s Guarantor:	  	N/A
		
	1.05 Address of Property:	  	30 Forbes Road, Northborough, Massachusetts
		
	1.06 Property Rentable Area:	  	Approximately 111,577 rentable square feet
		
	1.07 Premises Rentable Area:	  	Approximately 51,650 rentable square feet
		
	1.08 Tenant’s Initial Pro Rata Share:	  	46.29%
		
	1.09 Lease Term:	  	Ten (10) years, beginning on the Lease Commencement Date.
		
	1.10 Lease Commencement Date:	  	January 1, 2017
		
	1.11 Permitted Uses:	  	Manufacture of aerogel related products, research and development activities related thereto, and storage and administrative office. Tenant is responsible for obtaining any necessary business licenses or permits.
		
	1.12 Broker(s):	  	CBRE, Inc. and Newmark Grubb Knight Frank
		
	1.13 Initial Security Deposit:	  	N/A (See Section 17.16(b))
		
	1.14 Parking Spaces Allocated to Tenant:	  	135

															
	1.15 Base Rent:	  	 Time Period
	  	Annual
Rent p.s.f.	 	  	Annual Base
Rent	 	  	Monthly
Base Rent	 
		  	 1/1/17–12/31/17
	  	$	7.90	  	  	$	408,035.00	  	  	$	34,002.92	  
		  	 1/1/18–12/31/18
	  	$	8.14	  	  	$	420,431.00	  	  	$	35,035.92	  
		  	 1/1/19–12/31/19
	  	$	8.38	  	  	$	432,827.00	  	  	$	36,068.92	  
		  	 1/1/20–12/31/20
	  	$	8.63	  	  	$	445,739.50	  	  	$	37,144.96	  
		  	 1/1/21–12/31/21
	  	$	8.89	  	  	$	459,168.50	  	  	$	38,264.04	  
		  	 1/1/22–12/31/22
	  	$	9.16	  	  	$	473,114.00	  	  	$	39,426.17	  
		  	 1/1/23–12/31/23
	  	$	9.43	  	  	$	487,059.50	  	  	$	40,588.29	  
		  	1/1/24–12/31/24	  	$	9.72	  	  	$	502,038.00	  	  	$	41,836.50	  
		  	1/1/25–12/31/25	  	$	10.01	  	  	$	517,016.50	  	  	$	43,084.71	  
		  	1/1/26–12/31/26	  	$	10.31	  	  	$	532,511.50	  	  	$	44,375.96	  

			
	1.16 Other Charges Payable by Tenant:	  	 (i) Real Property Taxes (Article Five);

(ii) Utilities (Article Six);

(iii) Insurance Premiums (Article Seven);

(iv) CAM Expenses (Article Eight)

		
	1.17 Address of Landlord for Notices:	  	 c/o Cabot Properties, Inc.
 One Beacon Street,
Suite 1700
 Boston, MA 02108
 Attn: Asset
Management

		
	1.18 Address of Landlord for Rent Payments:	  	 Cabot Industrial Value Fund II Operating Partnership, L.P.

P.O. Box 535220
 Atlanta, GA 30353-5220

		
	1.19 Address of Tenant for Notices:	  	 30 Forbes Road, Building B
 Northborough, MA
01532

		
	1.20 Fiscal Year:	  	January - December
		
	1.21 Mortgagee:	  	Wells Fargo Bank, National Association
		
	1.22 Exhibits:	  	

 Exhibit A - The Property 

Exhibit B - The Premises 
 Exhibit
C - Rules & Regulations 
 Exhibit D – Hazardous Materials 

Exhibit E - Summary of Insurance Requirements 

Exhibit F – HVAC Units to be Replaced by Tenant 

ARTICLE TWO - PREMISES 

2.01 Premises. The Premises are described in Exhibit B and are a part of the Property, which is described in Exhibit
A. The Property includes all the land, building(s), and all other improvements located on the land including the common areas described in Article Eight. 

  
 2 

 ARTICLE THREE - LEASE TERM 

3.01 Lease of Premises for Lease Term. Landlord leases the Premises to Tenant and Tenant leases the Premises from Landlord for the
Lease Term. The Lease Term shall begin on the Lease Commencement Date. This Lease supersedes that certain Multi-Tenant Industrial Net Lease dated for reference as of August 20, 2001, by and between TMT 290 Industrial Park, Inc.,
Landlord’s predecessor-in-interest, as landlord, and Aspen Aerogels, Inc., Tenant’s predecessor-in-interest, as tenant, as amended by (i) that certain First Amendment to Lease dated as of March 25, 2004 (the “First Amendment to
Original Lease”); (ii) that certain Second Amendment to Lease dated as of November 5, 2009; (iii) that certain Third Amendment to Lease (the dated as of August 19, 2013 and (iv) that certain letter from Tenant dated as of February 24, 2016
(as amended, the “Original Lease”) with respect to the Premises. Effective upon the Lease Commencement Date, (a) Tenant’s tenancy of the Premises shall be governed by the terms of this Lease, and the Original Lease, which expires by
its terms on December 31, 2016, shall be of no further force and effect; (b) Tenant shall be released and discharged from its obligation to maintain the Security Deposit letter of credit pursuant to Paragraph 5.2 of the Original Lease; (c) Tenant
shall be released and discharged from its obligation to maintain the Restoration LOC pursuant to Section 5 of the First Amendment to Original Lease, and (d) Landlord shall promptly return both the Security Deposit letter of credit and the
Restoration LOC to Tenant. 
 3.02 Extension. Upon expiration of the Lease Term, Tenant shall have a right to extend this Lease for
an additional term of three years (“Extended Term”), provided Tenant provided a notice to exercise such option to Landlord at least six (6) months before the expiration. The rent payable during Extended Term may be increased from the rent
for the last Time Period identified in Section 1.16. However, such increase shall be no more than the increase in the last Time Period compared to the prior Time Period in Section 1.16.  

3.03 Intentionally Omitted. 

3.04 Holding Over. Tenant shall vacate the Premises upon the expiration or earlier termination of this Lease. Tenant shall
reimburse Landlord for and indemnify Landlord against all damages, costs, liabilities and expenses, including attorneys’ fees, which Landlord shall incur on account of Tenant’s delay in so vacating the Premises. If Tenant shall not vacate
the Premises upon the expiration or earlier termination of this Lease, the Base Rent shall be increased to 150% of the Base Rent then in effect and Tenant’s obligation to pay Additional Rent shall continue, but nothing herein shall limit any of
Landlord’s rights or Tenant’s obligations arising from Tenant’s failure to vacate the Premises, including, without limitation, Landlord’s right to repossess the Premises and remove Tenant therefrom at any time after the
expiration or earlier termination of this Lease and Tenant’s obligation to reimburse and indemnify Landlord as provided in the preceding sentence. 

ARTICLE FOUR - RENT 
 4.01
Base Rent. On the first day of each month during the Lease Term, Tenant shall pay to Landlord the Base Rent in lawful money of the United States, in advance and without offset, deduction, or prior demand provided, however, that upon
execution of this Lease Tenant shall pay to Landlord the monthly Base Rent payment for the first month of the Lease Term, plus one month’s Additional Rent (defined below) as estimated by Landlord. The Base Rent shall be payable at
Landlord’s address or at such other place or to such other person as Landlord may designate in writing from time to time. 
 4.02
Additional Rent. All sums payable by Tenant under this Lease other than Base Rent shall be deemed “Additional Rent;” the term “Rent” shall mean Base Rent and Additional Rent. Landlord shall estimate in advance and
charge to Tenant the following costs, to be paid with the Base Rent on a monthly 

  
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basis throughout the Lease Term: (i) all Real Property Taxes for which Tenant is liable under Section 5.01 and 5.02 of the Lease, (ii) all utility costs (if utilities are not separately
metered) for which Tenant is liable under Section 6.01 of the Lease, (iii) all insurance premiums for which Tenant is liable under Sections 7.01 and 7.07 of the Lease and (iv) all CAM Expenses for which Tenant is liable under Section 8.04 of the
Lease. Collectively, the aforementioned Real Property Taxes, insurance, utility, and CAM Expenses shall be referred to as the “Total Operating Costs”. Landlord may adjust its estimates of Total Operating Costs at any time based
upon Landlord’s experience and reasonable anticipation of costs. Such adjustments shall be effective as of the next Rent payment date after notice to Tenant. Within one hundred twenty (120) days after the end of each Fiscal Year
during the Lease Term, Landlord shall deliver to Tenant a statement prepared in accordance with generally accepted accounting principles setting forth, in reasonable detail, the Total Operating Costs paid or incurred by Landlord during the preceding
fiscal year and Tenant’s Pro Rata Share of such expenses. Tenant may review Landlord’s books and records supporting such statement in the office of Landlord, or Landlord’s agent, during normal business hours, upon giving Landlord
five (5) days advance written notice within sixty (60) days after receipt of such statement, but in no event more often than once in any one year period. Within sixty (60) days after Tenant’s receipt of Landlord’s statement or
thirty (30) days following Tenant’s review of Landlord’s books and records, there shall be an adjustment between Landlord and Tenant, with payment to or credit given by Landlord (as the case may be) in order that Landlord shall receive the
entire amount of Tenant’s share of such costs and expenses for such period. Notwithstanding the foregoing, in the event Landlord fails to deliver its statement within two hundred seventy (270) days after the end of each Fiscal Year,
Landlord shall have no right to collect an additional payment for the actual amount of Tenant’s Pro Rata Share of Total Operating Costs. In addition to its obligation to pay Base Rent and its Pro Rata Share of Total Operating Costs, Tenant
is required hereunder to pay directly to suppliers, vendors, carriers, contractors, etc. certain insurance premiums, utility costs, personal property taxes, maintenance and repair costs and other expenses, collectively “Additional
Expenses.” If Landlord pays for any Additional Expenses in accordance with the terms of this Lease, Tenant’s obligation to reimburse such costs shall be an Additional Rent obligation payable in full with the next monthly Rent payment.
Unless this Lease provides otherwise, Tenant shall pay all Additional Rent then due with the next monthly installment of Base Rent. 
 4.03
Late Charge. Tenant hereby acknowledges that late payment by Tenant to Landlord of Rent and other amounts due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely
difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any loan secured by the Property. Accordingly, if any installment of
Rent or any other sums due from Tenant shall not be received by Landlord within five (5) days following the due date, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such overdue amount. The parties hereby agree that
such late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant’s default with
respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder. Notwithstanding the foregoing, Tenant shall be entitled, not more than once in any twelve (12) month period, to a
notice of non-payment and a five (5) day grace period thereafter before a late charge may be assessed.
 4.04 Interest. Any Rent
or other amount due to Landlord or any amount due to Tenant pursuant to this Lease, if not paid when due, shall bear interest from the date due until paid at the rate of twelve percent (12%) per annum or, if a higher rate is legally permissible, at
the highest rate legally permitted, provided that interest shall not be payable on late charges incurred by Tenant nor on any amounts upon which late charges are paid by Tenant to the extent such interest would cause the total interest to be in
excess of that legally permitted. Payment of interest shall not excuse or cure any default hereunder by Tenant. 

  
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 4.05 Tenant’s Pro Rata Share. Tenant’s Pro Rata Share shall be calculated
by dividing the Premises Rentable Area by the Property Rentable Area, which is leased or held for lease by tenants, as of the date on which the computation shall be made. Tenant’s Initial Pro Rata Share is set forth in Section 1.08 and is
subject to adjustment based on the aforementioned formula.
 4.06 Independent Covenants. Tenant hereby agrees that Tenant’s
obligation to pay Rent is independent of any obligation of Landlord hereunder and every other covenant in this Lease and shall be made without set-off or reduction whatsoever, except as otherwise expressly provided herein. 

ARTICLE FIVE - PROPERTY TAXES 

5.01 Real Property Taxes. Tenant shall pay Tenant’s Pro Rata Share of Real Property Taxes on the Property payable during the
Lease Term. Tenant shall make such payments in accordance with Section 4.02. If Landlord shall receive a refund of any Real Property Taxes with respect to which Tenant shall have paid Tenant’s Pro Rata Share, Landlord shall refund to
Tenant Tenant’s Pro Rata Share of such refund after deducting therefrom the costs and expenses incurred in connection therewith. 

5.02 Definition of “Real Property Tax”. “Real Property Tax” shall mean taxes, assessments (special,
betterment, or otherwise), levies, fees, rent taxes, excises, impositions, charges, water and sewer rents and charges, and all other government levies and charges, general and special, ordinary and extraordinary, foreseen and unforeseen, which are
imposed or levied upon or assessed against the Property or any Rent or other sums payable by any tenants or occupants thereof. Real Property Tax shall include Landlord’s costs and expenses of contesting any Real Property Tax but only to
the extent that the same does not exceed the actual amount of Real Property Tax saved in contesting the validity or amount of the same. If at any time during the term the present system of ad valorem taxation of real property shall be changed
so that in lieu of the whole or any part of the ad valorem tax on real property, or in lieu of increases therein, there shall be assessed on Landlord a capital levy or other tax on the gross rents received with respect to the Property or a federal,
state, county, municipal, or other local income, franchise, excise or similar tax, assessment, levy, or charge (distinct from any now in effect) measured by or based, in whole or in part, upon gross rents, then all of such taxes, assessments,
levies, or charges, to the extent so measured or based, shall be deemed to be a Real Property Tax. 
 Notwithstanding anything to the
contrary in this Section, if (i) Landlord does not intend to file an application with applicable governmental authorities for reduction of the assessed valuation of the Property and/or the Building (any such application being hereafter called a
“Tax Protest”), or (ii) after filing a Tax Protest, Landlord does not intend to commence an action or proceeding in a court of appropriate jurisdiction seeking judicial review of the denial of any Tax Protest (any such action or proceeding
being hereafter called a “Tax Proceeding”), then Landlord will notify Tenant of such intention at least fifteen (15) days prior to the latest date on which such a Tax Protest validly may be filed or such a Tax Proceeding validly may be
commenced, as the case may be; and Tenant shall have the right to diligently prosecute such a Tax Proceeding, as the case may be, provided and upon the condition that (y) Tenant exercises such right by notice to Landlord given not more than ten (10)
days after Landlord has so notified Tenant of Landlord’s intention and (z) Tenant’s notice is accompanied by a signed statement agreeing that all costs and expenses incurred by Landlord in connection with such Tax Protest or Tax Proceeding
shall be paid by Tenant within ten (10) days after demand by Landlord (Landlord agreeing, however, that such costs and expenses shall be reimbursed to Tenant from and to the extent of any refund of Taxes received by Landlord as a result of such Tax
Protest or Tax Proceeding). Upon Tenant’s request, Landlord shall provide Tenant with a copy of any notice of the assessed valuation of the Property and/or the Building received by Landlord, as well as copies of all tax bills and tax
notices received by Landlord, and copies of all papers filed by Landlord in connection with any such Tax Protest or Tax Proceeding.

  
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 5.03 Personal Property Taxes. Tenant shall pay directly all taxes charged against
trade fixtures, furnishings, equipment, inventory, or any other personal property belonging to Tenant. Tenant shall use its best efforts to have personal property taxed separately from the Property. If any of Tenant’s personal
property shall be taxed with the Property, Tenant shall pay Landlord the taxes for such personal property within fifteen (15) days after Tenant receives a written statement from Landlord for such personal property taxes. 

ARTICLE SIX - UTILITIES 

6.01 Utilities. Tenant shall promptly pay, directly to the appropriate supplier, the cost of all natural gas, heat, cooling,
energy, light, power, sewer service, telephone, water, refuse disposal and other utilities and services supplied to the Premises, allocable to the period from the time Tenant shall first enter the Premises, throughout the Lease Term and thereafter
as long as Tenant shall remain in the Premises (collectively, the “Occupancy Period”), together with any related installation or connection charges or deposits (collectively “Utility Costs”). Landlord shall cause the Premises to
be separately metered for all such utilities on or prior to the Lease Commencement Date. Landlord shall not be liable for damages, consequential or otherwise, nor shall there be any rent abatement arising out of any curtailment or interruption
whatsoever in utility services. Utilities serving the Common Areas (as defined in Article Eight) exclusively shall be accounted for as described in Article Eight. 

Tenant shall install, at its sole cost and expense, any and all telephone, communications and other data lines and equipment to serve the
Premises (the “Data Equipment”). Tenant shall be responsible for obtaining and maintaining all approvals, permits and licenses required by any federal, state or local government for installation, maintenance and operation of
the Data Equipment and for paying all fees attendant thereto and for complying with all other legal requirements relating to the Data Equipment.

ARTICLE SEVEN - INSURANCE 

7.01. Liability Insurance. During the Occupancy Period, Tenant shall maintain in effect Commercial General Liability insurance
insuring Tenant against liability for bodily injury, property damage and personal injury at the Premises. Such insurance shall name Landlord, its property manager, any mortgagee, and Cabot Industrial Properties, L.P., as additional
insureds. Such insurance shall be for a limit of not less than One Million Dollars ($1,000,000) per occurrence and Two Million Dollars ($2,000,000) annual aggregate. Coverage shall also be included for fire damage (damage to rented premises)
for a limit of $300,000 any one fire, medical expense coverage in the amount of $10,000 any one person, and $1,000,000 products/completed operations aggregate. The liability insurance obtained by Tenant under this Section 7.01 and Section 7.04 shall
(i) be primary and (ii) insure Tenant’s obligations to Landlord under Section 7.09. The amount and coverage of such insurance shall not limit Tenant’s liability nor relieve Tenant of any other obligation under this
Lease. Landlord may also obtain commercial general liability insurance in an amount and with coverage determined by Landlord insuring Landlord against liability with respect to the Premises and the Property. The policy obtained by Landlord
shall not provide primary insurance, shall not be contributory and shall be excess over any insurance maintained by Tenant. 
 7.02
Worker’s Compensation Insurance. During the Occupancy Period, Tenant shall maintain in effect Worker’s Compensation Insurance (including Employers’ Liability Insurance) in the statutory amount covering all employees of
Tenant employed or performing services at the Premises, in order to 

  
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provide the statutory benefits required by the laws of the state in which the Premises are located. Employer’s Liability Insurance in the amount of $500,000 each accident/$500,000
disease-policy limit/$500,000 disease-each employee shall also be maintained. 
 7.03 Automobile Liability Insurance. During the
Occupancy Period, Tenant shall maintain in effect Automobile Liability Insurance, including but not limited to, passenger liability, on all owned, non-owned, and hired vehicles used in connection with the Premises, with a combined single limit per
occurrence of not less than One Million Dollars ($1,000,000) for Bodily Injury and Property Damage. 
 7.04 Umbrella Liability
Insurance. The initial amount of such insurance shall be Five Million Dollars ($5,000,000) per occurrence and Five Million Dollars ($5,000,000) annual aggregate and shall be subject to periodic increases based upon inflation, increased
liability awards, recommendation of Landlord’s professional insurance advisers, and other relevant factors. Such insurance shall name Landlord, its property manager, any mortgagee and Cabot Industrial Properties, L.P., as additional
insureds. 
 At all times when any work is in process in connection with any change or alteration being made by Tenant, Tenant shall require
all contractors and subcontractors to maintain the insurance described in Sections 7.01, 7.02, 7.03 and 7.04.
 7.05 Personal Property
Insurance. During the Occupancy Period, Tenant shall maintain in effect Personal Property Insurance covering leasehold improvements paid for by Tenant and Tenant’s personal property and fixtures from time to time in, on, or at the
Premises, in an amount not less than 100% of the full replacement cost, without deduction for depreciation, providing protection against events protected under “Special Risk Coverage”, as well as against sprinkler damage, vandalism, and
malicious mischief. Any proceeds from the Personal Property Insurance shall be used for the repair or replacement of the property damaged or destroyed, unless this Lease is terminated under an applicable provision herein. 

7.06 Business Interruption Insurance. During the Occupancy Period, Tenant shall maintain in effect Business Interruption
Insurance, providing in the event of damage or destruction of the Premises an amount sufficient to sustain Tenant for a period of not less than one (1) year for: (i) the net profit that would have been realized had Tenant’s business
continued; and (ii) such fixed charges and expenses as must necessarily continue during a total or partial suspension of business to the extent to which they would have been incurred had no business interruption occurred, including, but not limited
to, interest on indebtedness of Tenant, salaries of executives, foremen, and other employees under contract, charges under noncancelable contracts, charges for advertising, legal or other professional services, taxes and rents that may still
continue, trade association dues, insurance premiums, and depreciation. 
 7.07 Landlord’s Property and Rental Income
Insurance. During the Lease Term, Landlord shall maintain in effect all risk insurance covering loss of or damage to the Property in the amount of its replacement value with such endorsements and deductibles as Landlord shall determine from
time to time. Landlord shall have the right to obtain flood, earthquake, and such other insurance as Landlord shall determine from time to time or shall be required by any lender holding a security interest in the Property. Landlord shall
not obtain insurance for Tenant’s fixtures or equipment or building improvements installed by Tenant. During the Lease Term, Landlord shall also maintain a rental income insurance policy, with loss payable to Landlord, in an amount equal
to one (1) year’s Base Rent, plus estimated Real Property Taxes, CAM Expenses, Utility Costs and insurance premiums for one (1) year. Tenant shall be liable for the payment of its Pro Rata Share of any deductible amount under
Landlord’s insurance maintained pursuant to this Article Seven, in an amount not to exceed Twenty-Five Thousand Dollars ($25,000). Tenant will follow reasonable instructions from Landlord, which are necessary to keep any such insurance
valid. Any increase in the cost of Landlord’s insurance due to Tenant’s use or activities at the Premises shall be paid by Tenant to Landlord as Additional Rent hereunder. 

  
 7 

 Exhibit E attached hereto is a summary of the insurance coverages required by this Article Seven. 

7.08 Payment of Insurance Premiums. Landlord shall pay the premiums of the insurance policies maintained by Landlord under
Section 7.07 and Section 7.01 (if applicable), and Tenant shall reimburse Landlord for Tenant’s Pro Rata Share of such premiums in accordance with Section 4.02. Tenant shall pay directly the premiums of the insurance policies
maintained by Tenant under Sections 7.01, 7.02, 7.03, 7.04, 7.05 and 7.06. 
 7.09 General Insurance Provisions. 

7.09 (a) Prior to the earlier of Tenant’s entry into the Premises or the Commencement Date and prior to the expiration of any
policy, Tenant shall furnish Landlord certificates evidencing that all required insurance is in force and providing that such insurance may not be cancelled or changed without at least thirty (30) days prior written notice to Tenant (unless such
cancellation is due to nonpayment of premiums, in which event ten (10) days’ prior notice shall be provided). If Tenant shall fail to deliver any certificate or renewal certificate to Landlord required under this Lease within the
prescribed time period or if any such policy shall be canceled or modified during the Lease Term without Landlord’s consent or without Tenant provided prompt written notice of such cancellation or modification, Landlord may obtain such
insurance, in which case Tenant shall reimburse Landlord, as Additional Rent, for the cost of such insurance within ten (10) days after receipt of a statement of the cost of such insurance. 

7.09 (b) Tenant shall maintain all insurance required under this Lease with insurers having a Best’s Insurance Reports rating of A-
X or better. 
 7.09 (c) Landlord and Tenant, on behalf of themselves and their insurers, each hereby waive any and all rights of
recovery against the other, the officers, members, partners, employees, agents, or representatives of the other and the officers, members, partners, employees, agents or representatives of each of the foregoing, for loss of or damage to its property
or the property of others under its control, if such loss or damage shall be covered by any insurance policy in force (whether or not described in this Lease) at the time of such loss or damage, or required to be carried under this Article
Seven. All property insurance carried by either party shall contain a waiver of subrogation against the other party to the extent such right shall have been waived by the insured party prior to the occurrence of loss or injury. 

7.09 (d) Tenant shall comply with all applicable laws and ordinances, all orders and decrees of court and all requirements of other
governmental authority and shall not directly or indirectly make any use of the Premises which may thereby be prohibited or be dangerous to person or property or which may jeopardize any insurance coverage, or may increase the cost of insurance or
require additional insurance coverage. 
 7.10 Indemnity. Except for any claims arising from the gross negligence or willful
misconduct of Landlord, its agents, employees or contractors, Tenant hereby waives all claims against Landlord, its agents, advisors, employees, members, officers, directors, partners, trustees, beneficiaries and shareholders (each a “Landlord
Party”) and the agents, advisors, employees, members, officers, directors, partners, trustees, beneficiaries and shareholders of each Landlord Party (collectively “the Indemnitees”) for damage to any property or injury to or death of
any person in, upon or about the Premises or the Property arising at any time and from any cause, and Tenant shall hold Indemnitees harmless from and defend Indemnitees from and against all claims, liabilities, judgments, demands,

  
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causes of action, losses, damages, costs and expenses including reasonable attorney’s fees for damage to any property or injury to or death of any person arising in or from (i) the use or
occupancy of the Premises by Tenant or persons claiming under Tenant, except such as and to the extent is caused by the negligence or willful misconduct of Landlord, its agents, employees or contractors, or (ii) arising from the negligence or
willful misconduct of Tenant, its employees, agents, contractors, or invitees in, upon or about the Property, or (iii) arising out of any breach or default by Tenant under this Lease, and Landlord shall indemnify and hold Tenant harmless from and
against any such claims to the extent caused by or arising from the gross negligence or willful misconduct of Landlord or its agents, employees or contractors. The foregoing shall include investigation costs and expenses incurred by Landlord or
Tenant in connection with any claim or demand made under this Section. The provisions of this Section 7.10 shall survive the expiration or termination of this Lease with respect to any damage, injury, or death occurring prior to such time. 

ARTICLE EIGHT - COMMON AREAS 

8.01 Common Areas. As used in this Lease, “Common Areas” shall mean all areas within the Property which are available
for the common use of tenants of the Property and which are not leased or held for the exclusive use of Tenant or other tenants, including, but not limited to, mechanical and electrical equipment room, parking areas, driveways, sidewalks, access
roads, landscaping, and planted areas. Landlord, from time to time, may change the size, location, nature, and use of any of the Common Areas, convert Common Areas into leasable areas, construct additional parking facilities (including parking
structures) in the Common Areas, and increase or decrease Common Area land or facilities. Tenant acknowledges that such activities may result in inconvenience to Tenant. Such activities and changes are permitted if they do not materially affect
Tenant’s use of the Premises. 
 8.02 Use of Common Areas. Tenant shall have the non-exclusive right (in common with other
tenants and all others to whom Landlord has granted or may grant such rights) to use the Common Areas for the purposes intended, subject to such reasonable rules and regulations (“Rules and Regulations”) as Landlord may establish or modify
from time to time and as initially set forth in Exhibit C. Tenant shall abide by all such Rules and Regulations and shall use its best efforts to cause others who use the Common Areas with Tenant’s express or implied permission to
abide by Landlord’s Rules and Regulations. At any time, Landlord may close any Common Areas to perform any acts in the Common Areas as, in Landlord’s reasonable judgment, are desirable to maintain or improve the Property. Tenant
shall not interfere with the rights of Landlord, other tenants, or any other person entitled to use the Common Areas. 
 8.03 Vehicle
Parking. Tenant shall be entitled to use the Parking Spaces Allocated to Tenant without paying any additional Rent. Tenant’s parking shall not be reserved and shall be limited to vehicles used for business purposes only, which are no
larger than standard size automobiles or pickup utility vehicles. Tenant shall not cause large trucks or other large vehicles to be parked within the Property or on the adjacent public streets except in accordance with the Rules and
Regulations. Parking shall be at Tenant’s risk and Landlord shall not be responsible for any damage or theft to vehicles parking at the Property. Landlord shall not be responsible for policing the parking areas. Vehicles shall be
parked only in striped parking spaces and not in driveways or other locations not specifically designated for parking. Handicapped spaces shall only be used by those legally permitted to use them. Tenant shall not park at any time more
vehicles in the parking area than the number of Parking Spaces Allocated to Tenant. 
 8.04 Common Area Maintenance.

Subject to Articles Eleven and Twelve, Landlord shall maintain the Common Areas in good order, condition, and repair. Common Area Maintenance
expenses (“CAM Expenses”) are all costs 

  
 9 

 
and expenses associated with the operation and maintenance of the Common Areas and the repair and maintenance of the heating, ventilation, air conditioning, plumbing, electrical, utility, and
safety systems (to the extent not performed by Tenant), including, but not limited to, the following: gardening and landscaping; snow removal; utility, water and sewage services for the Common Area; maintenance of signs (other than
tenants’ signs); worker’s compensation insurance; personal property taxes; rentals or lease payments paid by Landlord for rented or leased personal property used in the operation or maintenance of the Common Areas; fees for required
licenses and permits; routine maintenance and repair of roof membrane, flashings, gutters, downspouts, roof drains, skylights and waterproofing; maintenance of paving (including sweeping, striping, repairing, resurfacing, and repaving); general
maintenance; painting; lighting; cleaning; refuse removal; security and similar items; and a property management fee (not to exceed five percent (5%) of the gross rents of the Property for the calendar year). Landlord may cause any or all of
such services to be provided by third parties and the cost of such services shall be included in CAM Expenses. With respect to any CAM Expenses which are included for the benefit of the Property and other property, Landlord shall make a
reasonable allocation of such cost between the Property and such other property.
 CAM Expenses shall not include the following: 

(a) the cost of capital repairs and replacements, provided, however, that the annual depreciation (based on the useful life of the item
under generally accepted accounting principles) of any such capital repair or replacement to the Common Areas or the heating, ventilating, air-conditioning, plumbing, electrical, utility and safety systems serving the Property shall be included in
the CAM Expenses each year during the term of this Lease; 
 (b) the cost of capital improvements, provided, however, that the annual
depreciation (based on the useful life of the item under generally accepted accounting principles) of any capital improvement undertaken to reduce CAM Expenses or made in order to comply with legal requirements shall be included in CAM Expenses each
year during the term of this Lease; 
 (c) cost of permits, licenses and inspection fees incurred by Landlord to prepare, renovate,
repaint, or redecorate any space leased to any existing tenant or prospective tenant of the Property; 
 (d) advertising and
promotional expenditures incurred to lease space to new tenants or retain existing tenants; 
 (e) legal fees and expenses incurred by
Landlord to resolve disputes with tenants; 
 (f) cost of replacement of any items covered under warranty; 

(g) cost to correct or any penalty or fine incurred by Landlord due to Landlord’s violation of any federal, state or local law or
regulation; 
 (h) the Landlord’s general corporate overhead and administrative expenses; 

(i) any cost to test, survey, cleanup, contain, abate, remove or otherwise remedy hazardous waste or asbestos containing materials unless
they are in or on the Premises due to tenant’s negligence or intentional act; 
 (j) cost of repairs caused by the Landlord’s
negligence; 
 (k) interest or penalties for any late payments by Landlord; 

  
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 (l) costs (including, without limitation, attorneys’ fees and disbursements) incurred
in connection with any judgment, settlement or arbitration award resulting from any tort liability; 
 (m) compensation paid to any
Property employee to the extent that the same is not fairly allocable to the work or service provided by such employee to the Property; 

(n) costs of repairs or replacements incurred by reason of fire or other casualty or caused by the exercise of the right of eminent
domain, whether or not insurance proceeds or a condemnation award are recovered or adequate for such purposes (however, deductibles are includable in Direct Expenses); 

(o) costs of any heating, ventilating, air conditioning, janitorial or other services provided to other tenants during other than
Property business hours; 
 (p) rent or other charges payable under any ground or underlying lease; 

(q) costs of any item which are reimbursable to Landlord by other tenants or third parties other than through operating costs
pass-through provisions in the leases of other tenants of the Property (if any); 
 (r) except for normal office equipment and
short-term rentals of machines or equipment, lease payments for rented equipment, the cost of which equipment would constitute a capital expenditure if the equipment were to have been purchased (except to the extent that amortization of any such
capital expenditure would be permitted as a Direct Expense pursuant to the Lease); 
 (s) the cost of furnishing and installing
replacement light bulbs and ballasts in any tenant areas of the Property, excluding the Premises; 
 (t) an amount equal to all amounts
received by Landlord through proceeds of insurance to the extent the proceeds are compensation for expenses which (i) previously were included in operating costs hereunder, (ii) are included in operating costs for the comparative year in which the
insurance proceeds are received or (iii) will be included as operating costs in a subsequent comparative year; 
 (u) costs and
expenses of governmental licenses and permits, or renewals thereof, unless the same are for governmental licenses or permits normal to the operation or maintenance of the Property; 

(v) costs of any work or service performed for any facility or property other than the Property; 

(w) any expenses related exclusively to any retail or storage space in, on or about the Property or appurtenant or adjacent thereto; 

(x) costs of electrical energy furnished directly to any Premises of other tenants, or to other rentable areas, of the Building, other
than costs of electrical energy for the Property’s HVAC system; 
 (y) any expense paid to Landlord or subsidiaries or affiliates
of Landlord for goods and/or services in or to any portion of the Building to the extent that such expense exceeds the costs of such goods and/or services rendered by unaffiliated third parties on a competitive basis;

(z) costs related to maintaining Landlord’s existence, either as a corporation, partnership, or other entity, or costs incurred by
Landlord relative to any debt, which encumbers the property. By example these costs shall include, but not be limited to tax return preparation, filing costs, legal costs; 

  
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 (aa) audited financial statements if these are required by an agreement between Landlord and
another party, which shall include, but not be limited to a lender, partner or ground lessor; 
 (bb) costs related to events for other
tenants of the Property including, but not limited to parties, holiday gifts and tenants welcoming gifts; 
 (cc) costs arising
from Landlord’s charitable or political contribution; and, 
 (dd) costs for reserves of any kind. 

8.05 Tenant’s Payment of CAM Expenses. Tenant shall pay Tenant’s Pro Rata Share of all CAM Expenses in accordance with
Section 4.02. 
 ARTICLE NINE - USE OF PREMISES 

9.01 Permitted Uses. Tenant may use the Premises only for the Permitted Uses. 

9.02 Manner of Use. Tenant shall not cause or permit the Premises to be used in any way which shall constitute a violation of any
law, ordinance, restrictive covenants, or governmental regulation or order, which shall annoy or interfere with the rights of tenants of the Property, or which shall constitute a nuisance or waste. Tenant shall obtain and pay for all permits,
including a certificate of occupancy and shall promptly take all actions necessary to comply with all applicable statutes, ordinances, notes, regulations, orders, covenants and requirements regulating the use by Tenant of the Premises, including the
Occupational Safety and Health Act. 
 The parties acknowledge that the Americans With Disabilities Act of 1990 (49 U.S.C. Section 12101
et seq.) and regulations and guidelines promulgated thereunder, as all of the same may be amended from time to time (collectively, the “ADA”), establish requirements under Title III of the ADA (“Title III”)
pertaining to business operations, accessibility and barrier removal, and that such requirements may be unclear and may or may not apply to the Premises or Property depending on, among other things: (1) whether Tenant’s business operations
are deemed a “place of public accommodation” or a “commercial facility”; (2) whether compliance with such requirements is “readily achievable” or “technically infeasible”; and (3) whether a given alteration
affects a “primary function area” or triggers so-called “path of travel” requirements. The parties acknowledge and agree that Tenant has been provided an opportunity to inspect the Premises and the Property to a degree
sufficient to determine whether or not the Premises and the Property, in their condition as of the date hereof, deviate in any manner under the ADA Accessibility guidelines (“ADAAG”) or any other requirements under the ADA pertaining to
the accessibility of the Premises or Property. Tenant further acknowledges and agrees that, except as may otherwise be specifically provided below, Tenant accepts the Premises and the Property in “as is” condition and agrees that
Landlord is making no representation or warranty as to whether the Premises or the Property conform to the requirements of the ADAAG or any other requirements under the ADA. Tenant has prepared or reviewed any plans and specifications for
improvements for construction in the Premises and has independently determined that such plans and specifications are in conformance with the ADAAG and other requirements of the ADA. Tenant further acknowledges and agrees that to the extent
that Landlord has prepared, reviewed or approved any of Tenant’s plans and specifications, such action shall in no event be deemed a representation or warranty that the same comply with the requirements of the ADA. Tenant shall be
responsible for the cost of all Title III compliance and costs in connection with the Premises, including structural work, if any, and any leasehold improvements or other work to be performed in the Premises under or in connection with this Lease
and shall also be responsible for the cost of any so-called Title III “path of travel” requirements triggered by construction activities or alterations in the Premises. Tenant shall be solely responsible for all other requirements
under the ADA 

  
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relating to Tenant or any affiliates or persons or entities related to Tenant, operations of any of them, or the Premises, including, without limitation, requirements under Title I of the ADA
pertaining to Tenant’s employees. 
 9.03 Hazardous Materials. Tenant covenants, represents and warrants that it will not
use or store any Hazardous Materials on or about the Premises without obtaining Landlord’s prior written consent, which consent shall not be unreasonably withheld. If Tenant wishes to use or store any Hazardous Materials on or about the
Premises, prior to doing so, Tenant shall also complete and deliver to Landlord Landlord’s form of Hazardous Materials Disclosure Certificate. 

Notwithstanding the foregoing paragraph, (a) Tenant may handle, store, use or dispose of products containing small quantities of Hazardous
Materials, which products are of a type customarily found in offices and households (such as aerosol cans containing insecticides, toner for copies, paints, paint remover, and the like), provided that Tenant shall handle, store, use and dispose of
any such Hazardous Materials in a safe and lawful manner and shall not allow such Hazardous Materials to contaminate the Premises or the environment; and (b) Tenant may handle, store, and use Hazardous Materials, limited to the types, amounts, and
use identified on Exhibit D attached hereto and made a part hereof. Tenant hereby certifies to Landlord that the information provided by Tenant pursuant to this Section 9.03 is true, correct, and complete. Tenant covenants to comply with the
use restrictions shown on Exhibit D. Tenant’s business and operations, and more especially its handling, storage, use and disposal of Hazardous Materials shall at all times comply with all applicable laws pertaining to Hazardous
Materials. Tenant shall secure and abide by all permits necessary for Tenant’s operations on the Premises. Tenant shall give or post all notices required by all applicable laws pertaining to Hazardous Materials. If Tenant shall at any time
knowingly fail to comply with this Section 9.03, Tenant shall immediately notify Landlord in writing of such noncompliance. 
 Tenant shall
provide Landlord with copies of any Material Safety Data Sheets (as required by the Occupational Safety and Health Act) relating to any Hazardous Materials to be used, kept, or stored at or on the Premises in excess of lab quantities, at least 30
days prior to the first use, placement, or storage of such Hazardous Material on the Premises. Landlord shall have 10 days following delivery of such Material Safety Data Sheets to approve or forbid, in its sole discretion subject to the exceptions
set forth in clauses (a) and (b) in the immediately preceding paragraph, such use, placement, or storage of a Hazardous Material on the Premises. 

Tenant shall not store hazardous wastes on the Premises in excess of any period required by the Massachusetts Department of Environmental
Protection or other applicable governmental agency; “hazardous waste” has the meaning given to it by the Resource Conservation and Recovery Act of 1976, as amended. The foregoing restriction shall in no way impair or limit the
Tenant’s ability to store the Hazardous Materials listed on Exhibit D on the Premises for any length of time during the Term in compliance with all laws and regulations. Tenant shall not install any underground storage tanks on the
Premises. Tenant shall not dispose of any Hazardous Material, hazardous waste, or solid waste on the Premises. Tenant shall maintain the storage containers or “storage tanks” installed by Tenant under the Original Lease for those Hazardous
Materials listed on Exhibit D in compliance with all applicable statutes, codes, and ordinances. In performing any alterations of the Premises permitted by the Lease, Tenant shall not install any Hazardous Material in the Premises without the
specific written consent of the Landlord. 
 As used in this Lease, the term “Hazardous Material” shall mean any flammable items,
explosives, radioactive materials, oil, hazardous or toxic substances, material or waste or related materials, including any substances defined as or included in the definition of “hazardous substances”, “hazardous wastes”,
“hazardous materials” or “toxic substances” now or subsequently regulated under 

  
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any applicable federal, state or local laws or regulations, including without limitation petroleum-based products, paints, solvents, lead, cyanide, DDT, printing inks, acids, pesticides, ammonia
compounds and other chemical products, asbestos, PCBs and similar compounds, and including any different products and materials which are subsequently found to have adverse effects on the environment or the health and safety of persons. Tenant
shall not cause or permit any Hazardous Material to be generated, produced, brought upon, used, stored, treated or disposed of in or about the Property by Tenant, its agents, employees, contractors, sublessees or invitees without (a) the prior
written consent of Landlord, and (b) complying with all applicable Federal, State and Local laws or ordinances pertaining to the transportation, storage, use or disposal of such Hazardous Materials, including but not limited to obtaining proper
permits. Landlord shall be entitled to take into account such other factors or facts as Landlord may reasonably determine to be relevant in determining whether to grant or withhold consent to Tenant’s proposed activity with respect to
Hazardous Material. In no event, however, shall Landlord be required to consent to the installation or use of any storage tanks on the Property. 

If Tenant’s transportation, storage, use or disposal of Hazardous Materials on the Premises results in the contamination of the soil or
surface or ground water or loss or damage to person(s) or property, then Tenant agrees to: (a) notify Landlord immediately of any contamination, claim of contamination, loss or damage, (b) after consultation with the Landlord, clean up the
contamination in full compliance with all applicable statutes, regulations and standards and (c) indemnify, defend and hold Landlord harmless from and against any claims, suits, causes of action, costs and fees, including attorney’s fees and
costs, arising from or connected with any such contamination, claim of contamination, loss or damage. Tenant agrees to fully cooperate with Landlord and provide such documents, affidavits and information as may be requested by Landlord (i) to
comply with any environmental law, (ii) to comply with the request of any lender, purchaser or tenant, and/or (iii) for any other reason deemed necessary by Landlord in its sole discretion. Tenant shall notify Landlord promptly in the event of
any spill or other release of any Hazardous Material at, in, on, under or about the Premises which is required to be reported to a governmental authority under any environmental law, will promptly forward to Landlord copies of any notices received
by Tenant relating to alleged violations of any environmental law and will promptly pay when due any fine or assessment against Landlord, Tenant or the Premises relating to any violation of an environmental law during the term of this Lease. If
a lien is filed against the Premises by any governmental authority resulting from the need to expend or the actual expending of monies arising from an act or omission, whether intentional or unintentional, of Tenant, its agents, employees or
invitees, or for which Tenant is responsible, resulting in the releasing, spilling, leaking, leaching, pumping, emitting, pouring, emptying or dumping of any Hazardous Material into the waters or onto land located within or without the State where
the Premises is located, then Tenant shall, within thirty (30) days from the date that Tenant is first given notice that such lien has been placed against the Premises (or within such shorter period of time as may be specified by Landlord if such
governmental authority has commenced steps to cause the Premises to be sold pursuant to such lien) either (i) pay the claim and remove the lien, or (ii) furnish a cash deposit, bond, or such other security with respect thereto as is satisfactory in
all respects to Landlord and is sufficient to effect a complete discharge of such lien on the Premises. Landlord shall have the right, but not the obligation, without in any way limiting Landlord’s other rights and remedies under this Lease, to
enter upon the Premises, or to take such other actions as it deems necessary or advisable, to investigate, clean up, remove or remediate any Hazardous Materials or contamination by Hazardous Materials present on, in, at, under or emanating from the
Premises or the Property in violation of Tenant’s obligations under this Lease or under any laws regulating Hazardous Materials. Notwithstanding any other provision of this Lease, Landlord shall have the right, at its election, in its own
name or as Tenant’s agent, to negotiate, defend, approve and appeal, at Tenant’s expense, any action taken or order issued by any governmental agency or authority with any governmental agency or authority against Tenant, Landlord or the
Premises or Property relating to any Hazardous Materials or under any related law or the occurrence of any event or existence of any condition that would cause a breach of any of the covenants set forth in this Section 9.03. Prior to or promptly
after the expiration or termination of this Lease, 

  
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Landlord may require a reasonable environmental audit of the Premises by a qualified environmental consultant. Tenant shall pay the reasonable costs of such an environmental audit and shall,
at its sole cost and expense, take all reasonable actions pursuant to such audit to remediate any unacceptable environmental conditions resulting from Tenant’s use of the Premises. The provisions of this Section 9.03 shall survive the
expiration or earlier termination of this Lease. 
 9.04 Signs and Auctions. Tenant shall not place any signs on the Property
without Landlord’s prior written consent. Tenant shall not conduct or permit any auctions or sheriff’s sales at the Property. 

9.05 Landlord’s Access. Landlord or its agents may enter the Premises at all reasonable times to show the Premises to
potential buyers, investors or tenants or other parties; to do any other act or to inspect and conduct tests in order to monitor Tenant’s compliance with all applicable environmental laws and all laws governing the presence and use of Hazardous
Material; or for any other purpose Landlord deems necessary. Landlord shall give Tenant at least twenty-four (24) hours’ prior notice (which may be oral) of such entry, except in the case of an emergency, in which event Landlord shall make
reasonable efforts to notify Tenant. Landlord may place customary “For Sale” or “For Lease” signs on the Premises. 

ARTICLE TEN - CONDITION AND MAINTENANCE OF PREMISES 

10.01 Existing Conditions. Tenant shall accept the Property and the Premises in their “as is” condition as of the
execution of the Lease, subject to all recorded matters, laws, ordinances, and governmental regulations and orders. Except as provided herein, Tenant acknowledges that neither Landlord nor any agent of Landlord has made any representation as to
the condition of the Property or the suitability of the Property for Tenant’s intended use. Tenant represents and warrants that Tenant has made its own inspection of and inquiry regarding the condition of the Property and is not relying on
any representations of Landlord or any Broker with respect thereto.
 10.02 Exemption of Landlord from Liability. 

10.02 (a) Damage to Tenant’s Property. Tenant shall insure its personal property under an all risk full replacement cost
property insurance policy as provided in Section 7.05. Except for Landlord’s gross negligence or willful misconduct, Landlord shall not be liable for any damage or injury to the person, business (or any loss of income therefrom), goods,
wares, merchandise or other property of Tenant, Tenant’s employees, invitees, customers or any other person or about the Property, whether such damage or injury is caused by or results from: (a) fire, steam, electricity, water, gas or rain; (b)
the breakage, leakage, obstruction or other defects of pipes, sprinklers, wires, appliances, plumbing, air conditioning or lighting fixtures or any other cause; (c) conditions arising in or about Property, or from other sources or places; or (d) any
act or omission of any other tenant of the Property. Tenant shall give Landlord prompt notice upon the occurrence of any accident or casualty at the Premises. Landlord shall not be liable for any such damage or injury even though the cause
of or the means of repairing such damage or injury are not accessible to Tenant. The provisions of this Section 10.02 shall not, however, exempt Landlord from liability for Landlord’s gross negligence or willful misconduct. 

10.02 (b) Theft or Burglary. Tenant expressly acknowledges that whether or not Landlord, from time to time, elects to provide
security services, Landlord has not, nor will Landlord be deemed to have, warranted the efficiency of any security personnel, service, procedures or equipment and Landlord is not liable in any manner for the failure of any of the foregoing to
prevent, control or apprehend anyone suspected of theft, personal injury, property damage or any criminal conduct in, on or around the Property. Tenant shall be responsible for repairs of damage and restoration of the Premises, personal property or
equipment servicing the Premises following any such act. All property of Tenant kept or stored on the Property shall be so kept or stored at the risk of Tenant only.

  
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 10.03 Landlord’s Obligations. Subject to the provisions of Article Eleven
(Damage or Destruction) and Article Twelve (Condemnation), and except for damage caused by any act or omission of Tenant, or Tenant’s employees, agents, contractors or invitees, Landlord shall keep the foundation, roof, building systems (other
than the heating, ventilating and air conditioning system), structural supports and exterior walls of the improvements on the Property in good order, condition and repair. However, Landlord shall not be obligated to maintain or repair windows,
doors, plate glass or the surfaces of walls. Tenant shall promptly report in writing to Landlord any defective condition known to it which Landlord is required to repair. Tenant hereby waives the benefit of any present or future law which
provides Tenant the right to repair the Premises or Property at Landlord’s expense or to terminate this Lease because of the condition of the Property or Premises. Notwithstanding the foregoing, Landlord shall also be obligated to provide
the following services: (1) to plow snow and treat ice on sidewalks, roadways and loading areas, (2) to maintain and clean all outdoor facilities including, without limitation, to maintain all lawns, landscaping, and repave and
restripe the parking lot when reasonably necessary and to install, maintain or replace when necessary the outdoor lighting systems for the parking areas, (3) to maintain common area lights in good working order and condition, (4) to cause the
boiler system providing baseboard heat to the Premises to be cleaned and maintained regularly, and (5) to the extent Landlord’s responsibility as set forth in this Lease, maintain and repair the Property as necessary to comply with all
applicable government requirements, provided Tenant notifies Landlord of any such requirements that the Tenant is aware of and that the applicable governmental authority requires such maintenance or repair. The cost of performance of
Landlord’s obligations under this paragraph shall be included in CAM Expenses as provided in Section 8.04. 
 10.04 Tenant’s
Obligations. 
 10.04 (a) Repair and Maintenance. Except as provided in Section 10.03, Article Eleven (Damage or
Destruction) and Article Twelve (Condemnation), Tenant shall keep all portions of the Premises, including, without limitation, plumbing, restrooms, lighting, man doors, dock doors, levelers, shelters, seals and bumpers (if any), windows, floors,
fire/life safety systems, air rotation equipment and electrical items, in a clean and orderly condition and good repair. Tenant shall arrange and pay for its own janitorial service, trash removal, security system, telecommunication systems, and
any and all other services that Tenant desires. Tenant shall enter into a preventative maintenance contract with a reputable HVAC service company, such contract and contractor to be approved by Landlord, to provide for routine maintenance of
the HVAC systems serving the Premises. If any portion of the Premises or any system or equipment in the Premises which Tenant shall be obligated to repair cannot be fully repaired or restored, Tenant shall promptly replace such portion of the
Premises or system or equipment, regardless of whether the benefit of such replacement extends beyond the Lease Term; but if the benefit or useful life of such replacement extends beyond the Lease Term, Tenant shall only be responsible for the
portion attributable to the remaining portion of the Lease Term. Landlord shall have the right, upon reasonable advance written notice to Tenant, to undertake the responsibility for maintenance of the heating and air conditioning system at
Tenant’s expense if Tenant has failed to maintain such system as required by this Lease. Landlord shall, at Tenant’s expense, repair any damage to the portions of the Property Landlord shall be required to maintain caused by
Tenant’s acts or omissions. There are nine (9) HVAC units that serve the Premises. Notwithstanding the foregoing, Tenant shall, at its sole cost and expense, be responsible for the repair and/or replacement of the two (2) HVAC units that
serve the lab of the Premises and the replacement of the four (4) other HVAC units that serve the Premises and are identified as Tenant’s responsibility in Exhibit F. As to the remaining three (3) HVAC units, if such units need to
be replaced during the Lease Term, but the benefit of such replacement extends beyond the Lease Term, Tenant shall only be responsible for the pro rata portion of the cost attributable to the remaining portion of the Lease Term. 

  
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 10.04 (b) Tenant’s Expense. Tenant shall fulfill all of Tenant’s
obligations under this Section 10.04 at Tenant’s sole expense. If Tenant shall fail to maintain, repair or replace the Premises as required by this Section 10.04, Landlord may, upon ten (10) days’ prior notice to Tenant (except that
no notice shall be required in the case of an emergency), enter the Premises and perform such maintenance or repair (including replacement, as needed) on behalf of Tenant. In such case, Tenant shall reimburse Landlord for all costs reasonably
incurred in performing such maintenance, repair or replacement immediately upon demand. 
 10.05 Alterations, Additions, and
Improvements. 
 10.05 (a) Tenant’s Work. Tenant shall not make any installations, alterations, additions, or
improvements in or to the Premises, including, without limitation, any apertures in the walls, partitions, ceilings or floors, without on each occasion obtaining the prior written consent of Landlord. Any such work so approved by Landlord shall
be performed only in accordance with plans and specifications therefor approved by Landlord. Notwithstanding the foregoing, Landlord’s consent shall not be required (but prior written notice to Landlord shall be required) with respect to
de minimis alterations which (i) are not structural in nature, (ii) are not visible from the exterior of the building of which the Premises are a part, (iii) do not affect or require modification of the building’s electrical, mechanical,
plumbing, HVAC or other systems, and (iv) do not cost more than $25,000 in aggregate in any calendar year. Tenant shall procure at Tenant’s sole expense all necessary permits and licenses before undertaking any work on the Premises and shall
perform all such work in a good and workmanlike manner employing materials of good quality and so as to conform with all applicable zoning, building, fire, health and other codes, regulations, ordinances and laws and with all applicable insurance
requirements. If requested by Landlord, Tenant shall furnish to Landlord prior to commencement of any such work a bond or other security acceptable to Landlord assuring that any work by Tenant will be completed in accordance with the approved plans
and specifications and that all subcontractors will be paid. Tenant shall employ for such work only contractors approved by Landlord and shall require all contractors employed by Tenant to carry worker’s compensation insurance in
accordance with statutory requirements and commercial general liability insurance covering such contractors on or about the Premises with a combined single limit not less than $3,000,000 and shall submit certificates evidencing such coverage to
Landlord prior to the commencement of such work. Tenant shall indemnify and hold harmless Landlord from all injury, loss, claims or damage to any person or property occasioned by or growing out of such work. Landlord may inspect the work
of Tenant at reasonable times and given notice of observed defects. Upon completion of any such work, Tenant shall provide Landlord with “as built” plans, copies of all construction contracts and proof of payment for all labor and
materials. 
 10.05 (b) No Liens. Tenant shall pay when due all claims for labor and material furnished to the Premises and
shall give Landlord at least twenty (20) days’ prior written notice of the commencement of any work on the Premises, regardless of whether Landlord’s consent to such work is required. Landlord may record and post notices of
non-responsibility on the Premises. Tenant shall at all times keep the Property free from liens claims of liens arising out of work performed, material furnished, or obligations incurred due to the actions of Tenant or Tenant’s permittees
or the failure of Tenant to comply with any law, rule, regulation, or ordinance. If any such lien does attach against the Premises, the building of which the Premises are a part, or the Property, and Tenant does not discharge the lien or post
statutorily acceptable bond, which under law would prevent foreclosure execution under the lien, within ten (10) days after Tenant shall receive written notice of the filing thereof, such event shall be a default by Tenant under this Lease and, in
addition to Landlord’s other rights and remedies, Landlord may take any action necessary or appropriate to discharge the lien, all such costs and expenses to be immediately reimbursed by Tenant to Landlord. 

  
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 10.05 (c) Notwithstanding anything in this Section 10 to the contrary, provided Tenant is
not then in default of any of the terms, conditions, and covenants of the Lease, Landlord shall contribute up to $800,000.00 (the “Allowance”) toward the cost of the following improvement work to the Premises to be performed by Tenant (the
“Improvements”) in accordance with the terms and provisions of this Lease: (i) improvement of the front entrance to the Premises; (ii) installation of a new loading dock and shipping/receiving area; (iii) renovation of the existing
bathroom cores; and (iv) installation of new HVAC and VAV controls. Prior to commencing the Improvements, Tenant shall submit to Landlord, for Landlord’s approval, plans and budget for said improvements that specifically detail the amounts
of the Allowance that are being allocated toward the different portions of the Improvements (collectively, the “Plans”). In addition to the Allowance, Landlord will also provide up to $400,000.00 toward the cost of other improvements
to be performed by Tenant (the “Additional Improvements”) at Tenant’s discretion, but which improvements shall specifically not include data cabling or similar wiring work, and shall be performed in accordance with terms and
provisions of this Lease ( the “Additional Allowance”). Upon Tenant’s presentation to Landlord, no later than the December 31, 2017, of customary documentation supporting the charges for completion of the Improvements and/or the
Additional Improvements, which documentation is of a scope and detail sufficient to satisfy a commercial construction lender operating in the market area in which the Property is located and which shall include copies of paid invoices from
Tenant’s contractor and lien waivers, as well as documentation evidencing the nature of the applicable improvements, Landlord shall reimburse Tenant for the cost of the completed Improvements and/or Additional Improvements, up to the amount of
the Allowance or Additional Allowance, as applicable. Tenant may submit monthly invoices for costs already paid and Landlord shall reimburse Tenant within thirty (30) days of receipt of such invoices and any required documentation. Tenant
shall not be entitled to a credit for any portion of the Allowance or Additional Allowance not used. All costs of any Tenant Improvements in excess of the Allowance and/or the Additional Allowance, as applicable, shall be borne by Tenant.

10.06 Condition upon Termination. Upon the expiration or termination of this Lease, Tenant shall surrender the Premises to
Landlord broom clean and in the condition which Tenant shall have been required to maintain the Premises under this Lease with the heating, ventilation, air-conditioning, plumbing, electrical systems, lighting, man doors, dock doors, levelers,
shelters, seals and bumpers (if any), windows, floors, fire/life safety systems, air rotation equipment and electrical items serving the Premises in operating condition, and all chemistry laboratories certified as clean by a mutually agreeable
certified industrial hygienist. Tenant shall not be obligated to repair any damage which Landlord is required to repair under Article Eleven (Damage or Destruction). Notwithstanding anything in this Section 10.06 to the contrary, Landlord
may require Tenant to remove any alterations, additions or improvements made by Tenant during the Lease Term without Landlord’s consent, including, without limitation, the Data Equipment, prior to the expiration of the Lease and to restore the
Premises to their condition prior to such alterations, additions, or improvements, all at Tenant’s expense. With respect to any such alterations, additions or improvements which require Landlord’s approval, at the time of such
approval Landlord shall specify if Tenant shall not be required to remove the same, and such items shall become Landlord’s property and shall be surrendered to Landlord upon the expiration or earlier termination of the Lease, except that Tenant
may remove any of Tenant’s machinery or equipment which can be removed without damage to the Property. Tenant shall repair, at Tenant’s expense, any damage to the Property caused by the removal of any such machinery or
equipment. In no event, however, shall Tenant remove any of the following materials or equipment (which shall be deemed Landlord’s property), without Landlord’s prior written consent; unless the same shall have been installed by
Tenant at its expense: any power wiring or wiring panels; lighting or lighting fixtures; wall coverings; drapes, blinds or other window coverings; carpets or other floor coverings; heaters, air conditioners or any other heating or air conditioning
equipment; fencing or security gates; or other similar building operating equipment. Tenant and Landlord shall, at least ninety (90) days before the last day of the Lease Term, arrange to meet for a joint inspection of the Premises to determine
Tenant’s final repair and restoration obligations. 

  
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 ARTICLE ELEVEN - DAMAGE OR DESTRUCTION 

11.01 Damage to Premises. 

11.01 (a) If the Premises shall be destroyed or rendered untenantable, either wholly or in part, by fire or other casualty
(“Casualty”), Tenant shall immediately notify Landlord in writing upon the occurrence of such Casualty. In the event of any Casualty, Landlord may elect either to (i) repair the damage caused by such casualty as soon as reasonably
possible, in which case this Lease shall remain in full force and effect, or (ii) terminate this Lease as of the date the casualty occurred. Landlord shall notify Tenant within thirty (30) days after receipt of notice of the occurrence of the
casualty whether Landlord elects to repair the damage or terminate this Lease. If Landlord shall elect to repair the damage, Tenant shall pay Landlord the portion of the “deductible amount” (if any) under Landlord’s insurance
allocable to the damage to the Premises and, if the damage shall have been due to an act or omission of Tenant, or Tenant’s employees, agents, contractors or invitees, the difference between the actual cost of repair and any insurance proceeds
received by Landlord. 
 11.01 (b) If the casualty to the Premises shall occur during the last six (6) months of the Lease Term and the
damage shall be estimated by Landlord to require more than thirty (30) days to repair, either Landlord or Tenant may elect to terminate this Lease as of the date the casualty shall have occurred, regardless of the sufficiency of any insurance
proceeds. The party electing to terminate this Lease shall give written notification to the other party of such election within ten (10) days after Tenant’s notice to Landlord of the occurrence of the casualty. 

11.01 (c) In the event Landlord elects to repair any damage caused by a Casualty, and should Landlord fail to complete such repairs
within one hundred eighty (180) days after the occurrence of the Casualty, Tenant may at its option and as its sole remedy terminate this Lease by delivering written notice to Landlord, within fifteen (15) days after the expiration of said period of
time, whereupon the Lease shall end on the date of such notice or such later date fixed in such notice as if the date of such notice was the date originally fixed in this Lease for the expiration of the Term; provided, however, that if
construction is delayed because of changes, deletions or additions in construction requested by Tenant, strikes, lockouts, casualties, Acts of God, war, material or labor shortages, government regulation or control or other causes beyond the
reasonable control of Landlord, the period for restoration, repair or rebuilding shall be extended for the amount of time Landlord is so delayed. 

11.02 Temporary Reduction of Rent. If the Property shall be destroyed or damaged by casualty and Landlord shall determine to
repair or restore the Property pursuant to the provisions of this Article Eleven, any Rent payable during the period of such damage, repair and/or restoration shall be reduced according to the degree, if any, to which Tenant’s use of the
Premises shall be impaired. Such reduction shall not exceed the sum of one year’s payment of Base Rent, insurance premiums and Real Property Taxes. Except for such possible reduction in Base Rent, insurance premiums and Real Property
Taxes, Tenant shall not be entitled to any compensation, reduction or reimbursement from Landlord as a result of any damage, destruction, repair, or restoration of the Property. 

ARTICLE TWELVE - CONDEMNATION 

12.01 Condemnation. If more than twenty percent (20%) of the floor area of the Premises or more than twenty-five percent (25%) of
the parking on the Property shall be taken by eminent domain either Landlord or Tenant may terminate this Lease as of the date the condemning authority takes title or possession, by delivering notice to the other within ten (10) days after receipt
of written notice of such taking (or in the absence of such notice, within ten (10) days after the condemning authority shall take 

  
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title or possession). If neither Landlord nor Tenant shall terminate this Lease, this Lease shall remain in effect as to the portion of the Premises not taken, except that the Base Rent
shall be reduced in proportion to the reduction in the floor area of the Premises. If this Lease shall be terminated, any condemnation award or payment shall be distributed to the Landlord. Tenant shall have no claim against Landlord for
the value of the unexpired lease term or otherwise. 
 ARTICLE THIRTEEN - ASSIGNMENT AND SUBLETTING 

13.01 Landlord’s Consent Required. No portion of the Premises or of Tenant’s interest in this Lease shall be acquired by
any other person or entity, whether by sale, assignment, mortgage, sublease, transfer, operation of law, or act of Tenant, without Landlord’s prior written consent, except as provided in Section 13.02 below. Landlord shall have the right
to grant or withhold its consent as provided in Section 13.04 below. Any attempted transfer without consent that remains in place for five (5) days after written notice from Landlord objecting to same, shall be void and shall constitute a non
curable breach of this Lease. 
 13.02 No Release of Tenant. No assignment or transfer shall release Tenant or change
Tenant’s primary liability to pay the Rent and to perform all other obligations of Tenant under this Lease. Landlord’s acceptance of Rent from any other person shall not be a waiver of any provision of this Article
Thirteen. Consent to one transfer shall not be deemed a consent to any subsequent transfer or a waiver of the obligation to obtain consent on subsequent occasions. If Tenant’s assignee or transferee shall default under this Lease,
Landlord may proceed directly against Tenant without pursuing remedies against the assignee or transferee. Landlord may consent to subsequent assignments or modifications of this Lease by Tenant’s transferee without notifying Tenant or
obtaining its consent, and such action shall not release Tenant from any of its obligations or liabilities under this Lease as so assigned or modified. 

13.03 INTENTIONALLY OMITTED. 

13.04 Landlord’s Consent. Tenant’s request for consent under Section 13.01 shall set forth the details of the proposed
sublease, assignment or transfer, including the name, business and financial condition of the prospective transferee, financial details of the proposed transaction (e.g., the term of and the rent and security deposit payable under any proposed
assignment or sublease), and any other information Landlord reasonably deems relevant. Landlord shall not unreasonably withhold, condition or delay its consent to any proposed sublease or assignment. Notwithstanding, the foregoing,
Landlord’s refusal to grant consent shall not be unreasonable if the proposed assignee or sublessee is an entity: (a) whose net worth and financial condition, in Landlord’s reasonable judgment, does not meet the credit standards applied by
Landlord for other tenants under leases with comparable terms (b) with which Landlord is already in negotiation as evidenced by the issuance of a written proposal; (c) is already an occupant of the Property unless Landlord is unable to provide
the amount of space required by such occupant; (d) is a governmental agency; (e) is incompatible with the character of occupancy of the Property; or (f) would subject the Premises to a use which would: (i) involve excessive wear upon
the Premises; (ii) violate any exclusive right granted to another tenant of the property; (iii) require any addition to or modification of the Premises or the Property in order to comply with building code or other
governmental requirements. If Tenant shall assign or sublease, the following shall apply: Tenant shall pay to Landlord as Additional Rent fifty (50%) percent of the Proceeds (defined below) on such transaction (such amount being Landlord’s
share) as and when received by Tenant, unless Landlord shall give notice to Tenant and the assignee or subtenant that Landlord’s Share shall be paid by the assignee or subtenant to Landlord directly. Proceeds shall mean (a) all rent and
all fees and other consideration paid for or in respect of the assignment or sublease, including fees under any collateral agreements less (b) the rent and other sums payable under this Lease (in the case of a sublease of less than all of the
Premises, allocable to the subleased premises) and all costs and expenses directly incurred by Tenant in connection 

  
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with the execution and performance of such assignment or sublease for reasonable real estate broker’s commissions and reasonable costs of renovation or construction of tenant improvements
required under such assignment or sublease. Tenant shall be entitled to recover such reasonable costs and expenses before Tenant shall be obligated to pay Landlord’s Share to Landlord. Tenant shall provide Landlord a written statement
certifying all amounts to be paid from any assignment or sublease of the Premises within thirty (30) days after the transaction shall be signed and from time to time thereafter on Landlord’s request, and Landlord may inspect Tenant’s books
and records to verify the accuracy of such statement. On written request, Tenant shall promptly furnish to Landlord copies of all the transaction documentation, all of which shall be certified by Tenant to be complete, true and
correct. Tenant shall promptly reimburse Landlord for all legal costs and expenses incurred by Landlord in connection with a request for a sublease or assignment of this Lease. 

13.05 Affiliate Transfers. Notwithstanding the foregoing provisions of this Article to the contrary, Tenant shall be permitted to
assign this Lease, or sublet all or a portion of the Premises, to an Affiliate of Tenant without the prior consent of Landlord, if all of the following conditions are first satisfied: 

(a) Tenant shall not then be in default under this Lease; 

(b) a fully executed copy of such assignment or sublease, the assumption of this Lease by the assignee or acceptance of the sublease by
the sublessee, and such other information regarding the assignment or sublease as Landlord may reasonably request, shall have been delivered to Landlord; 

(c) the Premises shall continue to be operated solely for the Permitted Uses or other use acceptable to Landlord in its sole discretion;

 (d) any guarantor of this Lease reaffirms that its Guaranty remains in full force and effect; and 

(e) Tenant shall pay all costs reasonably incurred by Landlord in connection with such assignment or subletting, including without
limitation attorneys’ fees. 
 Tenant acknowledges (and, at Landlord’s request, at the time of such assignment or subletting shall confirm) that
in each instance Tenant shall remain liable for performance of the terms and conditions of the Lease despite such assignment or subletting. As used herein the term “Affiliate” shall mean an entity which (i) directly or indirectly controls
Tenant or (ii) is under the direct or indirect control of Tenant or (iii) is under common direct or indirect control with Tenant, (iv) is the successor in interest to Tenant by way of merger or consolidation, or by sale of all of the stock of Tenant
or of all of the assets of Tenant, so long as the net worth of the surviving or successor entity following such transaction is at least as much as the net worth of Tenant immediately preceding the transaction or at the Lease Commencement Date,
whichever is higher. Control shall mean ownership of fifty-one percent (51%) or more of the voting securities or rights of the controlled entity. 

ARTICLE FOURTEEN - DEFAULTS AND REMEDIES 

14.01 Covenants and Conditions. Tenant’s performance of each of Tenant’s obligations under this Lease is a condition as
well as a covenant. Tenant’s right to continue in possession of the Premises is conditioned upon such performance. Time is of the essence in the performance by Tenant of all covenants and conditions. 

  
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 14.02 Defaults. Each of the following shall be an event of default under this Lease:

 14.02 (a) Tenant shall abandon the Premises; 

14.02 (b) Tenant shall fail to pay Rent or any other sum payable under this Lease when due and such failure continues for five (5) days
after written notice from Landlord of such failure; 
 14.02 (c) Tenant shall fail to perform any of Tenant’s other material
obligations under this Lease and such failure shall continue for a period of thirty (30) days after notice from Landlord; provided that if more than thirty (30) days shall be required to complete such performance, Tenant shall not be in default if
Tenant shall commence such performance within the thirty (30) day period and shall thereafter diligently pursue its completion. 
 14.02
(d) (i) Tenant shall make a general assignment or general arrangement for the benefit of creditors; (ii) a petition for adjudication of bankruptcy or for reorganization or rearrangement shall be filed by or against Tenant and shall not be
dismissed within sixty (60) days; (iii) a trustee or receiver shall be appointed to take possession of substantially all of Tenant’s assets located at the Premises or Tenant’s interest in this Lease and possession shall be subjected to
attachment, execution or other judicial seizure which shall not be discharged within sixty (60) days. If a court of competent jurisdiction shall determine that any of the acts described in this subsection (d) is not a default under this Lease,
and a trustee shall be appointed to take possession (or if Tenant shall remain a debtor in possession) and such trustee or Tenant shall assign, sublease, or transfer Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent,
the excess, if any, of the rent (or any other consideration) paid in connection with such assignment, transfer or sublease over the rent payable by Tenant under this Lease. 

14.03 Remedies. On the occurrence of an event of default by Tenant, Landlord may, at any time thereafter, with or without notice
or demand (except as provided in Section 14.02) and without limiting Landlord in the exercise of any right or remedy which Landlord may have: 

14.03 (a) Terminate this Lease by written notice to Tenant or by entry, at Landlord’s option. Tenant shall then immediately
quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided. Following termination, without prejudice to other remedies Landlord may have by reason of Tenant’s default or of such termination,
Landlord may (i) peaceably reenter the Premises upon voluntary surrender by Tenant or remove Tenant therefrom and any other persons occupying the Premises, using such legal proceedings as may be available; (ii) repossess the Premises or relet the
Premises or any part thereof for such term (which may be for a term extending beyond the Lease Term), at such rental and upon such other terms and conditions as Landlord in Landlord’s sole discretion shall determine, with the right to make
alterations and repairs to the Premises; and (iii) remove all personal property therefrom. Following termination, Landlord shall have all the rights and remedies of a landlord provided at law and in equity. The amount of damages Tenant
shall pay to Landlord following termination shall include all Rent unpaid up to the termination of this Lease, costs and expenses incurred by Landlord due to such Event of Default and, in addition, Tenant shall pay to Landlord as damages, at the
election of Landlord (if Landlord shall elect subsection (y) below, it may cease such election at any time), either (x) the discounted present value (at the then Federal Reserve Bank discount rate) of the aggregate Rent and other charges due during
the period commencing with such termination and ending on the expiration date of this Lease, or (y) amounts equal to the Rent and other charges which would have been payable by Tenant had this Lease or Tenant’s right to possession not been so
terminated, payable upon the due dates therefor specified herein following such termination and until the expiration date of this Lease, provided, however, that if Landlord shall re-let the Premises during such period, Landlord shall credit Tenant
with the net rents received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses incurred or paid by Landlord in terminating this
Lease, and the expenses of re-letting, including, without limitation, altering and preparing the Premises for new tenants, brokers’ 

  
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commissions, legal fees and all other similar and dissimilar expenses properly chargeable against the Premises and the rental therefrom, it being understood that any such reletting may be for a
period equal to or shorter or longer than the remaining Lease Term; and provided, further, that (i) in no event shall Tenant be entitled to receive any excess of such net rents over the sums payable by Tenant to Landlord hereunder and (ii) in no
event shall Tenant be entitled in any suit for the collection of damages pursuant to this subsection (y) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to
the commencement of such suit. If the Premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the
expenses of re-letting. In calculating the Rent and other charges under subsection (x) above, there shall be included, in addition to the Rent other considerations agreed to be paid or performed by Tenant, on the assumption that all such
considerations would have remained constant (except as herein otherwise provided) for the balance of the full Term hereby granted. Landlord may, but need not, re-let the Premises or any part thereof for such rent and on such terms as it shall
determine (including the right to re-let the Premises for a greater or lesser term than the Lease Term, the right to re-let the Premises as part of a larger area and the right to change the character or use made of the Premises). Suit or suits for
the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the Term of this Lease
would have expired if it had not been terminated hereunder. In lieu of any other damages or indemnity and in lieu of full recovery by Landlord of all sums payable under the foregoing provisions of this Section 14.03 (a), Landlord may, by notice to
Tenant, at any time after this Lease shall be terminated under this Article Fourteen or shall be otherwise terminated for breach of any obligation of Tenant and before such full recovery, elect to recover, and Tenant shall thereupon pay, as
liquidated damages, an amount equal to the aggregate of the Base Rent and Additional Rent due for the twelve (12) months ended immediately prior to such termination plus the amount of Base Rent and Additional Rent of any kind accrued and unpaid at
the time of termination. 
 14.03 (b) Maintain Tenant’s right to possession, in which case this Lease shall continue in effect whether
or not Tenant has abandoned the Premises. In such event, Landlord shall be entitled to enforce all of Landlord’s rights and remedies under this Lease, including the right to recover the rent as it becomes due. 

14.03 (c) Pursue any other remedy now or hereafter available to Landlord under the laws or judicial decisions of the state in which the
Property is located. 
 14.04 Repayment of “Free” Rent. If this Lease provides for a postponement of any Base Rent or
Additional Rent, a period of “free” Rent, reduced Rent, early occupancy, or other Rent concession, such postponed Rent, “free” Rent, reduced Rent or other Rent concession shall be referred to herein as the “Abated
Rent”. Tenant shall be credited with having paid all of the Abated Rent on the expiration of the Lease Term only if Tenant has fully, faithfully, and punctually performed all of Tenant’s obligations hereunder, including the payment of
all Rent (other than the Abated Rent) and all other monetary obligations and the surrender of the Premises in the physical condition required by this Lease. Tenant acknowledges that its right to receive credit for the Abated Rent is absolutely
conditioned upon Tenant’s full, faithful and punctual performance of its obligations under this Lease. If an event of default shall occur, the Abated Rent shall immediately become due and payable in full and this Lease shall be enforced as
if there were no such Rent abatement or other Rent concession. In such case Abated Rent shall be calculated based on the full initial rent payable under this Lease. 

14.05 Automatic Termination; Damages. Notwithstanding any other term or provision hereof to the contrary, this Lease shall terminate on
the occurrence of any act which affirms the Landlord’s intention to terminate the Lease as provided in Section 14.03 hereof, including the filing of an unlawful 

  
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detainer action against Tenant. On any termination, Landlord’s damages for default shall include all costs and fees, including reasonable attorneys’ fees that Landlord shall incur in
connection with the filing, commencement, pursuing and/or defending of any action in any bankruptcy court or other court with respect to the Lease, the obtaining of relief from any stay in bankruptcy restraining any action to evict Tenant, or the
pursuing of any action with respect to Landlord’s right to possession of the Premises. All such damages suffered (apart from Base Rent and other Rent payable hereunder) shall constitute pecuniary damages which shall be reimbursed to Landlord
prior to assumption of the Lease by Tenant or any successor to Tenant in any bankruptcy or other proceedings. 
 14.06 Cumulative
Remedies. Except as otherwise expressly provided herein, any and all rights and remedies which Landlord may have under this Lease and at law and equity shall be cumulative and shall not be deemed inconsistent with each other, and any two or more
of all such rights and remedies may be exercised at the same time to the greatest extent permitted by law. 
 ARTICLE FIFTEEN - PROTECTION
OF LENDERS 
 15.01 Subordination. Subject to the finalization of the non-disturbance agreement described below, this Lease shall
be subordinate to any ground lease, deed of trust or mortgage encumbering the Property as of the date of this Lease or later placed against the Property or any portion thereof, any advances made on the security thereof and any renewals,
modifications, consolidations, replacements or extensions thereof, whenever made or recorded. Landlord shall request from any mortgagee a commercially reasonable non-disturbance agreement in favor of Tenant. Landlord and Tenant shall work together
in good faith with such mortgagee to obtain such non-disturbance agreement. Tenant shall cooperate with Landlord and any lender which shall acquire a security interest in the Property or the Lease. Tenant shall execute such further documents
and assurances as such lender may require, provided that Tenant’s obligations under this Lease shall not be increased in any material way (the performance of ministerial acts shall not be deemed material), and Tenant shall not be deprived of
its rights under this Lease. If any ground lessor, beneficiary or mortgagee elects to have this Lease prior to the lien of its ground lease, deed of trust or mortgage and gives written notice thereof to Tenant, this Lease shall be deemed prior
to such ground lease, deed of trust or mortgage whether this Lease is dated prior or subsequent to the date of said ground lease, deed of trust or mortgage or the date of recording thereof. 

15.02 Attornment. If Landlord’s interest in the Property is acquired by any ground lessor, beneficiary under a deed of trust,
mortgagee, or purchaser at a foreclosure sale, Tenant shall attorn to the transferee of or successor to Landlord’s interest in the Property and recognize such transferee or successor as Landlord under this Lease. Tenant waives the protection of
any statute or rule of law which shall give Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord’s interest. From and after any such attornment, mortgagee or any such transferee shall
not be: (a) liable for any act or omission of any prior landlord (including Landlord); or (b) liable for or incur any obligation with respect to the construction of the Property or any improvements of the Property except as set forth in this lease;
or (c) subject to any offsets or defenses which Tenant might have against any prior landlord (including Landlord); or (d) bound by any rent or additional rent which Tenant might have paid more than one month in advance to any prior landlord
(including Landlord); or (e) bound by any amendment or modification of the Lease, or any consent to any assignment or sublease, made without the mortgagee’s prior written consent if such consent is required under the applicable loan documents;
or (f) responsible for the return of any security deposit not actually received by such mortgagee; or (g) liable for any obligation with respect to any breach of warranties or representations made by any prior landlord (including Landlord), or its
agents or representatives, of any nature under the lease or otherwise; or (h) liable for consequential damages. 

  
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 15.03 Signing of Documents. Tenant shall sign and deliver any instrument or documents
necessary or appropriate to evidence any such attornment or subordination or agreement to do so. 
 15.04 Estoppel Certificates.
Within ten (10) days after Landlord’s request, Tenant shall execute, acknowledge and deliver to Landlord a written statement certifying: (i) that none of the terms or provisions of this Lease have been changed (or if they have been changed,
stating how they have been changed); (ii) that this Lease has not been canceled or terminated; (iii) the last date of payment of the Base Rent and other charges and the time period covered by such payment; (iv) that Landlord is not in default under
this Lease (or if Landlord is claimed to be in default, setting forth such default in reasonable detail); and (v) such other information with respect to Tenant or this Lease as Landlord may reasonably request or which any prospective purchaser or
encumbrancer of the Property may require. Landlord may deliver any such statement by Tenant to any prospective purchaser or encumbrancer of the Property, and such purchaser or encumbrancer may rely conclusively upon such statement as true and
correct. If Tenant shall not deliver such statement to Landlord within such ten (10) day period, Landlord, and any prospective purchaser or encumbrancer, may conclusively presume and rely upon the following facts: (i) that the terms and
provisions of this Lease have not been changed except as otherwise represented by Landlord; (ii) that this Lease has not been canceled or terminated except as otherwise represented by Landlord; (iii) that not more than one month’s Base Rent or
other charges have been paid in advance; and (iv) that Landlord is not in default under this Lease. In such event, Tenant shall be estopped from denying the truth of such facts. 

15.05 Tenant’s Financial Condition. At any time that Tenant is no longer a publicly traded company with publically available
financial statements, within ten (10) days after request from Landlord, Tenant shall deliver to Landlord Tenant’s audited financial statements for the latest available two (2) fiscal years (the latest year ending no more than six (6) months
prior to Landlord’s request). Such financial statements shall be delivered to Landlord’s mortgagees and lenders and prospective mortgagees, lenders and purchasers. Tenant represents and warrants to Landlord that each such
financial statement shall be true and accurate as of the date of such statement. Landlord shall ensure that all such financial statements are treated as confidential and used only for the purposes set forth in this Lease. 

ARTICLE SIXTEEN - LEGAL COSTS 

16.01 Legal Proceedings. If Tenant be in breach or default of a material obligation under this Lease, Tenant shall reimburse Landlord
upon demand for any costs or expenses that Landlord shall incur in connection with any breach or default of Tenant, as provided in this Section. Such costs shall include legal fees and costs incurred for the negotiation of a settlement, enforcement
of rights or otherwise.
 16.02 Landlord’s Consent. Tenant shall pay Landlord’s reasonable fees and expenses,
including, without limitation, legal, engineering and other consultants’ fees and expenses, incurred in connection with Tenant’s request for Landlord’s consent under Article Thirteen (Assignment and Subletting) or in connection with
any other act by Tenant which requires Landlord’s consent or approval under this Lease. 
 ARTICLE SEVENTEEN - MISCELLANEOUS
PROVISIONS 
 17.01 Non-Discrimination. Tenant agrees that it will not permit any discrimination against, or segregation of, any
person or group of persons on the basis of race, color, sex, creed, national origin or ancestry in the leasing, subleasing, transferring, occupancy, tenure or use of the Premises or any portion thereof. 

  
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 17.02 Landlord’s Liability; Certain Duties. 

17.02 (a) Bind and Inure; Limitation of Landlord’s Liability. The obligations of this Lease shall run with the land, and this
Lease shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. No owner of the Property shall be liable under this Lease except for breaches of Landlord’s obligations occurring while
owner of the Property. The obligations of Landlord shall be binding upon the assets of Landlord which comprise the Property but not upon other assets of Landlord. No individual partner, trustee, stockholder, officer, member, director, employee,
advisor or beneficiary of Landlord or any partner, trustee, stockholder, officer, member, director, employee, advisor or beneficiary of any of the foregoing, shall be personally liable under this Lease and Tenant shall look solely to Landlord’s
interest in the Property in pursuit of its remedies upon an event of default hereunder, and the general assets of Landlord, its partners, trustees, stockholders, members, officers, employees, advisors or beneficiaries, and the partners, trustees,
stockholders, members, officers, employees, advisors or beneficiaries of any of the foregoing, shall not be subject to levy, execution or other enforcement procedure for the satisfaction of the remedies of Tenant. 

17.02 (b) Notice. Tenant shall give written notice of any failure by Landlord to perform any of its obligations under this Lease to
Landlord and to any ground lessor, mortgagee or beneficiary under any deed of trust encumbering the Property whose name and address shall have been furnished to Tenant. Landlord shall not be in default under this Lease unless Landlord (or such
ground lessor, mortgagee or beneficiary) shall fail to cure such non-performance within thirty (30) days after receipt of Tenant’s notice. However, if such non-performance shall reasonably require more than thirty (30) days to cure, Landlord
shall not be in default if such cure shall be commenced within such thirty (30) day period and thereafter diligently pursued to completion. Tenant acknowledges that it has been advised, that as of the date hereof, the mortgagee is as referenced in
Article One – Basic Terms. 
 17.03 Severability. A determination by a court of competent jurisdiction that any provision of
this Lease or any part thereof is illegal or unenforceable shall not cancel or invalidate the remainder of such provision of this Lease, which shall remain in full force and effect. 

17.04 Interpretation. The captions of the Articles or Sections of this Lease are not a part of the terms or provisions of this Lease.
Whenever required by the context of this Lease, the singular shall include the plural and the plural shall include the singular. The masculine, feminine and neuter genders shall each include the other, in any provision relating to the conduct, acts
or omissions of Tenant, the term “Tenant” shall include Tenant’s agents, employees, contractors, invitees, successors or others using the Premises with Tenant’s expressed or implied permission. This Lease shall not, and nothing
contained herein, shall create a partnership or other joint venture between Landlord and Tenant. 
 17.05 Incorporation of Prior
Agreements; Modifications. This Lease is the only agreement between the parties pertaining to the lease of the Premises and no other agreements shall be effective. All amendments to this Lease shall be in writing and signed by all parties. Any
other attempted amendment shall be void. 
 17.06 Notices. All notices, requests and other communications required or permitted under
this Lease shall be in writing and shall be personally delivered or sent by facsimile with confirmation of delivery and a hard copy to follow by mail or by certified mail, return receipt requested, postage prepaid or by a national overnight delivery
service which maintains delivery records. Notices to Tenant shall be delivered to Tenant’s Address for Notices. Notices to Landlord shall be delivered to Landlord’s Address for Notices. All notices shall be effective upon delivery (or
refusal to accept delivery). Either party may change its notice address upon written notice to the other party. 

  
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 17.07 Waivers. All waivers shall be in writing and signed by the waiving party.
Landlord’s failure to enforce any provision of this Lease or its acceptance of Rent shall not be a waiver and shall not prevent Landlord from enforcing that provision or any other provision of this Lease in the future. No statement on a payment
check from Tenant or in a letter accompanying a payment check shall be binding on Landlord. Landlord may, with or without notice to Tenant, negotiate such check without being bound by to the conditions of such statement. 

17.08 No Recordation. Tenant shall not record this Lease. Either Landlord or Tenant may require that a notice, short form or memorandum
of this Lease executed by both parties be recorded. The party requiring such recording shall pay all transfer taxes and recording fees. 

17.09 Binding Effect; Choice of Law. This Lease shall bind any party who shall legally acquire any rights or interest in this Lease
from Landlord or Tenant, provided that Landlord shall have no obligation to Tenant’s successor unless the rights or interests of Tenant’s successor are acquired in accordance with the terms of this Lease. The laws of the state in which the
Property is located shall govern this Lease. 
 17.10 Corporate Authority; Partnership Authority. If Tenant is a corporation, each
person signing this Lease on behalf of Tenant represents and warrants that (s)he has full authority to do so and that this Lease binds the corporation. Within thirty (30) days after this Lease is signed, Tenant shall deliver to Landlord a certified
copy of a resolution of Tenant’s Board of Directors authorizing the execution of this Lease or other evidence of such authority reasonably acceptable to Landlord. If Tenant is a partnership or limited liability company, each person or entity
signing this Lease for Tenant represents and warrants that he or it is a general partner of the partnership or a manager or managing member of the company, that he or it has full authority to sign for the partnership or the company and that this
Lease binds the partnership or company and all general partners of the partnership or the company and its members. Within thirty (30) days after this Lease is signed, Tenant shall deliver to Landlord a copy of Tenant’s recorded statement of
partnership or certificate of limited partnership or certificate of formation or organization. 
 17.11 Joint and Several Liability.
All parties signing this Lease as Tenant shall be jointly and severally liable for all obligations of Tenant. 
 17.12 Force Majeure.
If Landlord cannot perform any of its obligations due to events beyond Landlord’s reasonable control, the time provided for performing such obligations shall be extended by a period of time equal to the duration of such events. Events beyond
Landlord’s reasonable control include, but are not limited to, acts of God, war, civil commotion, labor disputes, strikes, fire, flood or other casualty, shortages of labor or material, government regulation or restriction and weather
conditions. 
 17.13 Execution of Lease. This Lease may be executed in counterparts and, when all counterpart documents are executed,
the counterparts shall constitute a single binding instrument. Landlord’s delivery of this Lease to Tenant shall not be deemed to be an offer to lease and shall not be binding upon either party until executed and delivered by both parties. 

17.14 Survival. All representations and warranties of Landlord and Tenant, and all obligation of Tenant to pay Additional Rent
hereunder, shall survive the termination of this Lease. 
 17.15 Examination of Lease. Submission of this Lease to Tenant shall not
constitute an option to lease, and this Lease shall not be effective until execution and delivery by both Landlord and Tenant. 

  
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 17.16 Security Deposit.

17.16 (a) Upon the execution of this Lease, Tenant shall deposit with Landlord the Security Deposit. Landlord may, at its option, apply all or
part of the Security Deposit to any unpaid Rent or other charges due from Tenant, cure any other defaults of Tenant, or compensate Landlord for any loss or damage which Landlord may suffer due to Tenant’s default. If Landlord shall so use any
part of the Security Deposit, Tenant shall restore the Security Deposit to its full amount within ten (10) days after Landlord’s request. No interest shall be paid on the Security Deposit, no trust relationship is created herein between
Landlord and Tenant with respect to the Security Deposit, and the Security Deposit may be commingled with other funds of Landlord. Upon expiration or termination of this Lease not resulting from Tenant’s default and after Tenant shall have
vacated the Premises in the manner required by this Lease, Landlord shall pay to Tenant any balance of the Security Deposit not applied pursuant to this Section 17.16. 

17.16 (b) Notwithstanding Section 17.16(a), Tenant shall not be required to deposit the Security Deposit with Landlord so long as Tenant is
the publicly traded company traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “ASPN.” If at any point during the Lease Term Tenant ceases to be publicly traded on the NYSE under the ticker symbol
“ASPN,” then Tenant shall promptly deposit the Security Deposit with Landlord, in an amount equal to four (4) months’ then current Monthly Base Rent, and such Security Deposit shall thereafter be held by Landlord in accordance with
the terms of Section 17.16(a) hereof. 
 17.16 (c) In the event that Tenant is required to deposit the Security Deposit with Landlord
pursuant to Section 17.16(b) hereof, the Security Deposit may be, at Tenant’s option, in the form of a letter of credit consistent with the terms of this Section 17.16(c). Upon occurrence of an Event of Default under this Lease, Landlord, in
addition to all other rights and remedies provided under the Lease, shall have the right to draw down the full balance of the letter of credit, retain the proceeds and/or apply said proceeds as provided in Section 17.16(a). The following terms and
conditions shall govern the letter of credit: 
 (i) Provided that Tenant is not then in default, the amount of the letter of credit may be
reduced (or a replacement letter of credit may be issued in such lesser amount) as follows: 
 (A) The letter of credit amount may be
reduced to three (3) months’ then current Base Rent when Tenant has achieved $10,000,000 in revenue and a 10% net operating margin, and has sustained same for a twelve (12) consecutive month period. 

(B) The letter of credit amount may be reduced to one (1) months’ then current Base Rent when Tenant has achieved $50,000,000 in revenue
and a 10% net operating margin, and has sustained same for a twelve (12) consecutive month period. 
 (C) If Tenant requests a reduction in
the letter of credit amount per the foregoing, it must present audited financial statements confirming that the above requirements have been satisfied. 

(ii) The letter of credit shall be in favor of Landlord, shall be issued by a commercial bank reasonably acceptable to Landlord having a
Standard & Poors rating of “A” or better, shall comply with all of the terms and conditions of this Section 17.16(c) and shall otherwise be in form reasonably acceptable to Landlord. The initial letter of credit shall have an
expiration date not earlier than eighteen (18) months after the date of issuance of such letter of credit. 

  
 28 

 (iii) The letter of credit or any replacement letter of credit shall be irrevocable for the term
thereof and shall automatically renew on a year to year basis until a period ending not earlier than three (3) months after the expiration date of the Lease Term (“End Date”) without any action whatsoever on the part of Landlord; provided
that the issuing bank shall have the right not to renew the letter of credit by giving written notice to Landlord not less than sixty (60) days prior to the expiration of the then current term of the letter of credit that it does not intend to renew
the letter of credit. Tenant understands that the election by the issuing bank not to renew the letter of credit shall not, in any event, diminish the obligation of Tenant to maintain such an irrevocable letter of credit in favor of Landlord
through such date. 
 (iv) Landlord, or its then managing agent, shall have the right from time to time to make one or more draws on the
letter of credit at any time that an Event of Default has occurred. Funds may be drawn down on the letter of credit upon presentation to the issuing bank of Landlord’s (or Landlord’s then managing agent’s) certificate stating as
follows: 
 “The Landlord is entitled to draw on this Credit pursuant to that certain Lease dated for reference
                         , 2016, between CABOT II – MA1M03, LLC, Landlord, and ASPEN AEROGELS, INC., Tenant, as amended from
time to time.” 
 (v) It is understood that if Landlord or its managing agent be a corporation, partnership or other entity, then such
statement shall be signed by an officer (if a corporation), a general partner (if a partnership), or any authorized party (if another entity). Tenant acknowledges and agrees (and the letter of credit shall so state) that the letter of credit
shall be honored by the issuing bank without inquiry as to the truth of the statements set forth in such draw request and regardless of whether the Tenant disputes the content of such statement. 

(vi) In the event of a transfer of Landlord’s interest in the Premises, Landlord shall have the right to transfer the letter of credit
to the transferee and thereupon the Landlord shall, without any further agreement between the parties, be released by Tenant from all liability therefor, and it is agreed that the provisions hereof shall apply to every transfer or assignment of said
letter of credit to a new landlord. The letter of credit must specifically provide that it is transferable by Landlord. 
 (vii)
Without limiting the generality of the foregoing, if the letter of credit expires earlier than the End Date, or the issuing bank notifies Landlord that it shall not renew the letter of credit, Landlord shall accept a renewal thereof or substitute
letter credit (such renewal or substitute letter of credit to be in effect not later than thirty (30) days prior to the expiration thereof), irrevocable and automatically renewable as above provided to the End Date upon the same terms as the
expiring letter of credit or upon such other terms as may be acceptable to Landlord. However, if (i) the letter of credit is not timely renewed, or (ii) a substitute letter of credit, complying with all of the terms and conditions of this
Section 17.16(c) is not timely received, Landlord may present such letter of credit to the issuing bank, and the entire sum so obtained shall be paid to Landlord, to be held by Landlord until Tenant would otherwise be entitled to the return of the
letter of credit and to be retained as a Security Deposit under Section 17.16(a). So long as no Event of Default occurs, the amount so retained by Landlord will be reduced as set forth in Section 17.16(c)(i) above, with the final balance to be
released when Tenant is entitled to the return of its Security Deposit. 
 17.17 Limitation of Warranties. Landlord and Tenant
expressly agree that there are and shall be no implied warranties of merchantability, habitability, suitability, fitness for a particular purpose or of any other kind arising out of this Lease, and there are no warranties which extend beyond those
expressly set forth in this Lease. Without limiting the generality of the foregoing, Tenant expressly acknowledges 

  
 29 

 
that Landlord has made no warranties or representations concerning any hazardous materials or other environmental matters affecting any part of the Property and Landlord hereby expressly
disclaims and Tenant waives any express or implied warranties with respect to any such matters. 
 17.18 No Other Brokers. Tenant
represents and warrants to Landlord that the Brokers are the only agents, brokers, finders or other parties with whom Tenant has dealt who may be entitled to any commission or fee with respect to this Lease or the Premises or the Property. Tenant
agrees to indemnify and hold Landlord harmless from any claim, demand, cost or liability, including, without limitation, attorneys’ fees and expenses, asserted by any party other than the Brokers based upon dealings of that party with Tenant.
The Brokers will be compensated in accordance with the terms of a separate agreement. 
 REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

  
 30 

 IN WITNESS WHEREOF, the undersigned Landlord and Tenant have caused this Lease to be duly
executed by their duly authorized representatives as of the date first above written. 
  

									
	LANDLORD:
	
	CABOT II – MA1M03, LLC
		
	By:	 	Cabot II Secured Pool I, LLC
		 	a Delaware limited liability company,
		 	its sole member
			
		 	By:	 	Cabot Industrial Value Fund II Operating Partnership, L.P.,
		 		 	 a Delaware limited partnership,
 its
sole member

				
		 		 	By:	 	 /s/ Neil S. Raymond Jr

		 		 		 	Name:	 	Neil S. Raymond Jr
		 		 		 	Title:	 	Vice President, Asset Management
	
	TENANT:
	
	ASPEN AEROGELS, INC.
		
	By:	 	 /s/ Donald R. Young

		 	Name:	 	Donald R. Young
		 	Title:	 	President, Chief Executive Officer

  
 31 

 EXHIBIT A - THE PROPERTY 

Lot 325B – 30 Forbes Road: 
 Being the
parcel numbered 30 Forbes Road located on the westerly side of Forbes Road, and the southerly side of Lot 322A, as said Lot 325B is shown on a plan dated March 17, 1984, entitled “Plan of Land in Northborough, Mass. Hi Tech Realty Limited
Partnership” drawn by MacCarthy & Sullivan Engineering Inc. recorded in Plan Book 526, as Plan 81 (the “Hi-Tech Plan”). Also being shown on a plan dated January 29, 1982 and recorded in Plan Book 495, as Plan 29. 

  
 A - 1 

 EXHIBIT B - THE PREMISES 

 
  
 

 

  
 B - 1 

 EXHIBIT C - RULES AND REGULATIONS 

1. No advertisements, pictures or signs of any sort shall be displayed outside the Premises without the prior written consent of Landlord. Landlord shall
have the right to remove any such unapproved item without notice and at Tenant’s expense. 
 2. All window coverings and window films or coatings
installed by Tenant and visible from outside of the building require the prior written approval of Landlord. Except for dock shelters and seals as may be expressly permitted by Landlord, no awnings or other projections shall be attached to the
outside walls of the building. 
 3. Tenant shall not use, keep or permit to be used or kept any foul or noxious gas or substance on, in or around the
Premises unless approved by Landlord. Tenant shall not use, keep or permit to be used or kept any flammable or combustible materials without proper governmental permits and approvals. 

4. Tenant shall not use, keep or permit to be used or kept food or other edible materials in or around the Premises in such a manner as to attract rodents,
vermin or other pests. Tenant shall not permit cooking in or about the Premises other than in microwave ovens. 
 5. Tenant shall not use or permit the
use of the Premises for lodging or sleeping, for public assembly, or for any illegal or immoral purpose. 
 6. Tenant shall not use the general parking or
loading areas for the purposes of cleaning or maintaining motor vehicles. 
 7. Tenant shall park motor vehicles only in those general parking areas as
designated by Landlord except for active loading and unloading. Tenant shall not unreasonably interfere with traffic flow within the business park, public streets or loading areas of other tenants. 

8. Storage of propane tanks, whether interior or exterior, shall be in secure and protected storage enclosures approved by the local fire department and, if
exterior, shall be located in areas specifically designated by Landlord. Safety equipment, including eye wash stations and approved neutralizing agents, shall be provided in areas used for the maintenance and charging of lead-acid
batteries. Tenant shall protect electrical panels and building mechanical equipment from damage from forklift trucks. 
 9. Tenant shall not disturb,
solicit or canvas any occupant of the Property or business park and shall cooperate to prevent same. 
 10. Except for service and maintenance of
Tenant’s equipment, no person shall go on the roof of the Property without Landlord’s permission. 
 11. No animals (other than fish and
seeing-eye dogs) or birds of any kind may be brought into or kept in or about the Premises. 
 12. Machinery, equipment and apparatus belonging to Tenant
which cause noise or vibration that may be transmitted to the structure of the building of which the Premises are a part to such a degree as to be objectionable to Landlord or other tenants or to cause harm to the building shall be placed and
maintained by Tenant, at Tenant’s expense, on vibration eliminators or other devices sufficient to eliminate the transmission of such noise and vibration. Tenant shall cease using any such machinery which causes objectionable noise and
vibration which cannot be sufficiently mitigated. 

  
 C - 1 

 13. All goods, including material used to store goods, delivered to the Premises of Tenant shall be immediately
moved into the Premises and shall not be left in parking or exterior loading areas overnight. 
 14. Tractor trailers must be parked in a way to prevent
damage to the asphalt paving surfaces. No parking or storing of such trailers will be permitted in the auto parking areas of the business park, on streets adjacent thereto or loading areas of other tenants. 

15. Forklifts which operate on asphalt paving areas shall not have solid rubber tires and shall use only tires that do not damage the asphalt. 

16. Tenant shall be responsible for the safe storage and removal of all pallets. Pallets shall not be stored outside the Premises unless it’s behind
screened enclosures at locations approved by the Landlord. 
 17. Tenant shall be responsible for the storage and removal of all trash and refuse. All
such trash and refuse shall be contained in suitable receptacles stored behind screened enclosures at locations approved by Landlord. Landlord reserves the right to remove, at Tenant’s expense and without further notice, any trash or
refuse left elsewhere outside of the Premises or in the industrial park. 
 18. Tenant shall not store or permit the storage or placement of goods or
merchandise in or around the common areas surrounding the Premises. No displays or sales of merchandise shall be allowed in the parking lots or other common areas. 

19. Tenant shall appoint an Emergency Coordinator who shall be responsible for assuring notification of the local fire department in the event of an
emergency. If fire safety or sprinkler equipment is located within the Premises, Tenant shall not store or permit the storage or placement of goods or merchandise in or around fire safety or sprinkler equipment. 

 

					
		 	 NSR
	  	Landlord
			
		 	 DRY
	  	Tenant

  
 C - 2 

 EXHIBIT D – HAZARDOUS MATERIALS 

 

			
	Chemicals	  	(gallons)
		
	Tetraethylorthosilicate (or partially hydrolyzed oligomers thereof) or similar	  	5,000
	Waterglass (NA Silicate)	  	8,500
	Ethanol, Denatured ethanol or similar	  	17,300
	NH4OH conc. (ammonia)	  	55
	Alcoblak 300A or similar	  	110
	2-propanol or similar	  	2,500
	THF, Hexane or similar	  	250
	Methyltriethoxysilane, PDMS or similar	  	500
	HCL	  	960
	Hexamethyldisilazane (HMDS),	  	
	Hexamethyldisiloxane (HMDSO) or similar	  	500
	Carbon Dioxide	  	4 metric tons
		
	Also Various Standard Laboratory Chemicals	  	
		
	Alcohols	  	Standard Lab Quantities
	Acids	  	Standard Lab Quantities
	Chemicals	  	Standard Lab Quantities
	Bases	  	Standard Lab Quantities
	Alkoxides	  	Standard Lab Quantities
	Chlorides	  	Standard Lab Quantities
	Silanes	  	Standard Lab Quantities
	Compressed gases (e.g. nitrogen, oxygen, air etc.)	  	Standard Lab Quantities

 Note: All materials and the quantities thereof are subject to Tenant’s obtaining any required federal, state and/or local
approvals and compliance with all applicable statutes, regulations, codes and ordinances. 

  
 D - 1 

 EXHIBIT E - SUMMARY OF INSURANCE REQUIREMENTS 

(For summary information purposes only. The applicable provisions of this Lease shall be controlling as to specific obligations.) 

 

					
	Location:	 		  	
	Street, Suite #:	 	30 Forbes Road	  	
	City, State, Zip Code:	 	Northborough, MA 01532	  	
			
	Certificate Holder:	 		  	
		 	Cabot II – MA1M03, LLC	  	
		 	c/o EBIX BPO	  	
		 	PO Box 12012-21	  	
		 	Helmet, CA 92546-8010	  	
	Additional Insureds:	 		  	
		 	Cabot II – MA1M03, LLC	  	Landlord Entity
		 	 Cabot Industrial Value Fund II
	  	
		 	 Operating Partnership, L.P.
	  	
		 	Cabot Properties, Inc.	  	
			
		 	CB Richard Ellis – NE Partners	  	Property Manager
			
		 	Wells Fargo Banks, N.A.	  	Mortgagee
			
	Coverage:	 	$ Limits	  	
	Commercial General Liability 	 		  	
		 	$1,000,000 each occurrence	  	
		 	$2,000,000 annual aggregate	  	
			
	Worker’s Compensation Insurance	 	Statutory Amount	  	
	Employers’ Liability Insurance	 	$500,000 each accident/ $500,000 each employee – disease/ $500,000 policy limit - disease	  	
	Automobile Liability Insurance	 	$1,000,000 combined single limit	  	
			
	Umbrella Liability Insurance 	 	 $5,000,000 each occurrence/ $5,000,000 annual aggregate excess of General Liability, Employer’s Liability & Automobile
Liability
	  	
			
	Personal Property Insurance	 	100% of Replacement Cost; Coverage extends to additions, improvements & alterations	  	
	Business Interruption Insurance 	 	1 year of net profit plus fixed expenses	  	
	Notice of Cancellation	 	30 Days	  	
	Tenant Contact for Insurance Matters:	 	(After Lease Commencement Date)	  	
	Street	 		  	
	City, State, Zip Code	 		  	
	Attn:	 		  	
	Tel. No.	 		  	

  
 E - 1 

 EXHIBIT F – HVAC UNITS THAT TENANT HAS RESPONSIBILITY TO REPAIR 

Tenant is responsible for the HVAC units associated with the Premises (i.e. Building B) 

  
 F - 1

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