Document:

EX-10.23

 Exhibit 10.23 

2015 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. Bonus Plan 
  

			
	Name: Donald R. Young	  	Date: February 12, 2015

 The outline below describes your participation for the 2015 Fiscal Year in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”). This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. References to “EBITDA” in this Participation Letter shall be deemed to refer to “Adjusted
EBITDA” as such term is used in and defined the Plan. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 75% of base salary or $432,000.00 [revised to 90% on 3/11/2015 by the Board] 

  

	3.	Performance Period: 2015 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:    $117.0 million 

  

	 	•	 	EBITDA Goal:                     $ 10.0 million 

 

	5.	Allocation of Target Award to Goals 

  

	 	•	 	25% or $108,000.00 based on Company Revenue Goal 

  

	 	•	 	75% or $324,000.00 based on EBITDA Goal 

  

	6.	Thresholds 

  

	 	•	 	Revenue > $107M for the Company Revenue Goal (“Revenue Goal Threshold”) 

  

	 	•	 	EBITDA > $7.0M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	 	•	 	Payments under this Participation Letter shall not exceed an amount equal to 225% of the Target Award. No bonus will be paid for amounts above this cap. 

 

	7.	MBO 

  

	 	•	 	Except as determined by the Board, the bonus amount otherwise payable under this Participation Letter shall be reduced by 25%, if, prior to December 31, 2015, Aspen Aerogels, Inc. or an affiliate thereof has not
consummated a Board approved acquisition (or other reasonably appropriate control) of a site for Plant 2. Board approval of the site acquisition would imply that management has developed a comprehensive plan for (i) financing all or
substantially all of the acquisition and construction costs for Plant 2 which management and the Board believes has a reasonable chance of being consummated on a timely basis, and (ii) the supply of essential raw materials and utilities for the
operation of Plant 2. 

	8.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal:    $ 10,800.00 per $1M 
 EBTIDA
Goal:                    $108,000.00 per $1M 
  

	9.	Examples 

  

	 	•	 	Revenue of $103M and EBITDA of $6.5M, MBO Goal Achieved: 

 No payout under either
goal as EBITDA Goal Threshold not achieved. 
  

	 	•	 	Revenue of $120M and EBITDA of $11.0M, MBO Goal Achieved: 

 Revenue exceeds
Target by $3.0M 
 Payout of Target Award plus 3.0 * $10,800.00 

= $108,000.00 + $32,400.00 
 =
$140,400.00 
 EBITDA exceeds Target by $ 1.0M 

Payout of Target Award plus 1.0 * $108,000.00 

= $324,000.00 + $108,000.00 
 =
$432,000.00 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * MBO Factor 

= ($140,400.00 + $432,000.00) * 100% 

= $572,400.00 
  

	 	•	 	Revenue of $112.320M and EBITDA of $7.5M, MBO Goal Not Achieved: 

 Revenue exceeds
Threshold by $5.32M 
 Payout of Target Award * $5.32M/($117.0M-$107.0M) 

= $108,000.00 * 0.532 
 =
$57,456.00 
 EBITDA exceeds Threshold by $0.5M 

Payout of Target Award * $0.5M/($10.0M-$7.0M) 

=$324,000.00 * 0.16667 
 =
$54,001.08 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * MBO Factor 

= ($57,456.00 + $54,001.08) * .75 

= $83,592.81 
 All amounts shown are based on
current base salary. However, actual bonus will be calculated and paid based on actual base salary in effect at December 31, 2015. 
 Accepted: I
hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my participation in the Plan confidential and not to divulge such terms and conditions. 

 

					
	Signature:	 	     /s/ Donald R. Young
	  	Dated: 2-24-2015

  
 - 2 - 

 2015 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. Bonus Plan 
  

			
	Name: Corby Whitaker	  	Date: February 12, 2015

 The outline below describes your participation for the 2015 Fiscal Year in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”). This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. References to “EBITDA” in this Participation Letter shall be deemed to refer to “Adjusted
EBITDA” as such term is used in and defined the Plan. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 50% of base salary or $145,874.00 

  

	3.	Performance Period: 2015 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:    $117.0 million 

  

	 	•	 	EBITDA Goal:                     $ 10.0 million 

 

	5.	Allocation of Target Award to Goals 

  

	 	•	 	25% or $36,468.50 based on Company Revenue Goal 

	 	•	 	75% or $109,405.50 based on EBITDA Goal 

  

	6.	Thresholds 

  

	 	•	 	Revenue > $107M for the Company Revenue Goal (“Revenue Goal Threshold”) 

  

	 	•	 	EBITDA > $7.0M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	 	•	 	Payments under this Participation Letter shall not exceed an amount equal to 225% of the Target Award. No bonus will be paid for amounts above this cap. 

 

	7.	MBO 

  

	 	•	 	 Except as determined by the Board, the bonus amount otherwise payable under this Participation Letter shall be reduced by 25%, if, prior to
December 31, 2015, Aspen Aerogels, Inc. or an affiliate thereof has not consummated a Board approved acquisition (or other reasonably appropriate control) of a site for Plant 2. Board approval of the site acquisition would imply that management
has developed a comprehensive plan for (i) financing all or substantially all of the acquisition and construction costs for Plant 2 which 

  
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management and the Board believes has a reasonable chance of being consummated on a timely basis, and (ii) the supply of essential raw materials and utilities for the operation of Plant 2.

  

	8.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal:    $3,646.85 per $1M 
 EBTIDA
Goal:                    $36,468.50 per $1M 
  

	9.	Examples 

  

	 	•	 	Revenue of $103M and EBITDA of $6.5M, MBO Goal Achieved: 

 No payout under either
goal as EBITDA Goal Threshold not achieved. 
  

	 	•	 	Revenue of $120M and EBITDA of $11.0M, MBO Goal Achieved: 

 Revenue exceeds Target by
$3.0M 
 Payout of Target Award plus 3.0 * $3,646.85 

= $36,468.50 + $10,940.55 
 =
$47,409.05 
 EBITDA exceeds Target by $ 1.0M 

Payout of Target Award plus 1.0 * $36,468.50 

= $109,405.50 + $36,468.50 
 =
$145,874.00 
 Total Payout: 

Revenue Payout + EBITDA Payout * MBO Factor 

= ($47,409.05 + $145,874.00) * 100% 

= $193,283.05 
  

	 	•	 	Revenue of $112.320M and EBITDA of $7.5M, MBO Goal Not Achieved: 

 Revenue exceeds
Threshold by $5.32M 
 Payout of Target Award * $5.32M/($117.0M-$107.0M) 

= $36,468.50 * 0.532 
 =
$19,401.24 
 EBITDA exceeds Threshold by $0.5M 

Payout of Target Award * $0.5M/($10.0M-$7.0M) 

=$109,405.50 * 0.16667 
 =
$18,234.61 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * MBO Factor 

= ($19,401.24+ $18,234.61) * .75 

= $28,226.89 
 All amounts shown are based on
current base salary. However, actual bonus will be calculated and paid based on actual base salary in effect at December 31, 2015. 
 Accepted: I
hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my participation in the Plan confidential and not to divulge such terms and conditions. 

 

					
	Signature:	 	     /s/ Corby Whitaker
	  	Dated: 2-13-2015

  
 - 4 - 

 2015 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. Bonus Plan 
  

			
	Name: John Fairbanks	  	Date: February 12, 2015

 The outline below describes your participation for the 2015 Fiscal Year in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”). This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. References to “EBITDA” in this Participation Letter shall be deemed to refer to “Adjusted
EBITDA” as such term is used in and defined the Plan. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 35% of base salary or $96,290.95 

  

	3.	Performance Period: 2015 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:    $117.0 million 

  

	 	•	 	EBITDA Goal:                     $ 10.0 million 

 

	5.	Allocation of Target Award to Goals 

  

	 	•	 	25% or $24,072.74 based on Company Revenue Goal 

  

	 	•	 	75% or $72,218.21 based on EBITDA Goal 

  

	6.	Thresholds 

  

	 	•	 	Revenue > $107M for the Company Revenue Goal (“Revenue Goal Threshold”) 

  

	 	•	 	EBITDA > $7.0M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	 	•	 	Payments under this Participation Letter shall not exceed an amount equal to 225% of the Target Award amount. No bonus will be paid for amounts above this cap. 

 

	7.	MBO 

 Except as determined by the Board, the bonus amount otherwise payable under this
Participation Letter shall be reduced by 25%, if, prior to December 31, 2015, Aspen Aerogels, Inc. or an affiliate thereof has not consummated a Board approved acquisition (or other reasonably appropriate control) of a site for Plant 2. Board
approval of the site acquisition would imply that management has developed a comprehensive plan for (i) financing all or substantially all of the 

  
 - 5 - 

 
acquisition and construction costs for Plant 2 which management and the Board believes has a reasonable chance of being consummated on a timely basis, and (ii) the supply of essential raw
materials and utilities for the operation of Plant 2. 
  

	8.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal: $2,407.27 per $1M 
 EBTIDA Goal: $24,072.74 per $1M 
  

	9.	Examples 

  

	 	•	 	Revenue of $103M and EBITDA of $6.5M, MBO Goal Achieved: 

 No payout under either goal as
EBITDA Goal Threshold not achieved. 
  

	 	•	 	Revenue of $120M and EBITDA of $11.0M, MBO Goal Achieved: 

 Revenue exceeds Target by
$3.0M 
 Payout of Target Award plus 3.0 * $2,407.27 

= $24,072.74 + $7,221.82 
 =
$31,294.56 
 EBITDA exceeds Target by $ 1.0M 

Payout of Target Award plus 1.0 * $24,072.74 

= $72,218.21 + $24,072.74 
 =
$96,290.95 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * MBO Factor 

= ($31,294.56 + $96,290.95) * 100% 

= $127,585.51 
  

	 	•	 	Revenue of $112.320M and EBITDA of $7.5M, MBO Goal Not Achieved: 

 Revenue exceeds
Threshold by $5.32M 
 Payout of Target Award * $5.32M/($117.0M-$107.0M) 

= $24,072.74 * 0.532 
 =
$12,806.70 
 EBITDA exceeds Threshold by $0.5M 

Payout of Target Award * $0.5M/($10.0M-$7.0M) 

=$72,218.21 * 0.16667 
 =
$12,036.61 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * MBO Factor 

= ($12,806.70 + $12,036.61) * .75 

= $18,632.48 
 All amounts shown are based on
current base salary. However, actual bonus will be calculated and paid based on actual base salary in effect at December 31, 2015. 
 Accepted: I
hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my participation in the Plan confidential and not to divulge such terms and conditions. 

 

					
	Signature:	 	     /s/ John Fairbanks
	  	Dated: 2-13-2015

  
 - 6 - 

 2015 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. Bonus Plan 
  

			
	Name: Jeffrey Ball	  	Date: February 12, 2015 (revised 12/31/15)

 The outline below describes your participation for the 2015 Fiscal Year in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”). This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. References to “EBITDA” in this Participation Letter shall be deemed to refer to “Adjusted
EBITDA” as such term is used in and defined the Plan. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 35% of base salary or $105,000 

  

	3.	Performance Period: 2015 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:    $117.0 million 

  

	 	•	 	EBITDA Goal:                     $ 10.0 million 

 

	5.	Allocation of Target Award to Goals 

  

	 	•	 	25% or $26,250.00 based on Company Revenue Goal 

  

	 	•	 	75% or $78,750.00 based on EBITDA Goal 

  

	6.	Thresholds 

  

	 	•	 	Revenue > $107M for the Company Revenue Goal (“Revenue Goal Threshold”) 

  

	 	•	 	EBITDA > $7.0M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	 	•	 	Payments under this Participation Letter shall not exceed an amount equal to 225% of the Target Award amount. No bonus will be paid for amounts above this cap. 

 

	7.	MBO 

  

	 	•	 	 Except as determined by the Board, the bonus amount otherwise payable under this Participation Letter shall be reduced by 25%, if, prior to
December 31, 2015, Aspen Aerogels, Inc. or an affiliate thereof has not consummated a Board approved acquisition (or 

  
 - 7 - 

	 	 
other reasonably appropriate control) of a site for Plant 2. Board approval of the site acquisition would imply that management has developed a comprehensive plan for (i) financing all or
substantially all of the acquisition and construction costs for Plant 2 which management and the Board believes has a reasonable chance of being consummated on a timely basis, and (ii) the supply of essential raw materials and utilities for the
operation of Plant 2. 

  

	8.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal:    $2,625.00 per $1M 
 EBTIDA
Goal:                    $26,250.00 per $1M 
  

	9.	Examples 

  

	 	•	 	Revenue of $103M and EBITDA of $6.5M, MBO Goal Achieved: 

 No payout under either goal as
EBITDA Goal Threshold not achieved. 
  

	 	•	 	Revenue of $120M and EBITDA of $11.0M, MBO Goal Achieved: 

 Revenue exceeds
Target by $3.0M 
 Payout of Target Award plus 3.0 * $2,625.00 

= $26,250.00 + $7,875.00 
 =
$34,125.00 
 EBITDA exceeds Target by $ 1.0M 

Payout of Target Award plus 1.0 * $26,250.00 

= $78,750.00 + $26,250.00 
 =
$105,000.00 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * MBO Factor 

= ($34,125.00 + $105,000.00) * 100% 

= $139,125.00 
  

	 	•	 	Revenue of $112.320M and EBITDA of $7.5M, MBO Goal Not Achieved: 

 Revenue exceeds
Threshold by $5.32M 
 Payout of Target Award * $5.32M/($117.0M-$107.0M) 

= $26,250.00 * 0.532 
 =
$13,965.00 
 EBITDA exceeds Threshold by $0.5M 

Payout of Target Award * $0.5M/($10.0M-$7.0M) 

=$78,750.00 * 0.16667 
 =
$13,125.26 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * MBO Factor 

= ($13,965.00 + $13,125.26) * .75 

= $20,317.69 
 All amounts shown are based on
current base salary. However, actual bonus will be calculated and paid based on actual base salary in effect at December 31, 2015. 
 Accepted: I
hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my participation in the Plan confidential and not to divulge such terms and conditions. 

 

					
	Signature:	 	     /s/ Jeffrey Ball
	  	Dated: 12/31/2015

  
 - 8 - 

 2015 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. Bonus Plan 
  

			
	Name: George Gould	  	Date: February 12, 2015

 The outline below describes your participation for the 2015 Fiscal Year in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”). This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. References to “EBITDA” in this Participation Letter shall be deemed to refer to “Adjusted
EBITDA” as such term is used in and defined the Plan. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 35% of base salary or $83,275.50 

  

	3.	Performance Period: 2015 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:    $117.0 million 

  

	 	•	 	EBITDA Goal:                     $ 10.0 million 

 

	5.	Allocation of Target Award to Goals 

  

	 	•	 	25% or $20,818.88 based on Company Revenue Goal 

  

	 	•	 	75% or $62,456.63 based on EBITDA Goal 

  

	6.	Thresholds 

  

	 	•	 	Revenue > $107M for the Company Revenue Goal (“Revenue Goal Threshold”) 

  

	 	•	 	EBITDA > $7.0M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	 	•	 	Payments under this Participation Letter shall not exceed an amount equal to 225% of the Target Award amount. No bonus will be paid for amounts above this cap. 

  
 - 9 - 

	7.	MBO 

 Except as determined by the Board, the bonus amount otherwise payable under this
Participation Letter shall be reduced by 25%, if, prior to December 31, 2015, Aspen Aerogels, Inc. or an affiliate thereof has not consummated a Board approved acquisition (or other reasonably appropriate control) of a site for Plant 2. Board
approval of the site acquisition would imply that management has developed a comprehensive plan for (i) financing all or substantially all of the acquisition and construction costs for Plant 2 which management and the Board believes has a
reasonable chance of being consummated on a timely basis, and (ii) the supply of essential raw materials and utilities for the operation of Plant 2. 
  

	8.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal:    $2,081.89 per $1M 
 EBTIDA
Goal:                    $20,818.88 per $1M 
  

	9.	Examples 

  

	 	•	 	Revenue of $103M and EBITDA of $6.5M, MBO Goal Achieved: 

 No payout under either goal as
EBITDA Goal Threshold not achieved. 
  

	 	•	 	Revenue of $120M and EBITDA of $11.0M, MBO Goal Achieved: 

 Revenue exceeds Target by
$3.0M 
 Payout of Target Award plus 3.0 * $2,081.89 

= $20,818.88 + $6,245.66 
 =
$27,064.54 
 EBITDA exceeds Target by $ 1.0M 

Payout of Target Award plus 1.0 * $20,818.88 

= $62,456.63 + $20,818.88 
 =
$83,275.50 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * MBO Factor 

= ($27,064.54 + $83,275.50) * 100% 

= $110,340.04 
  

	 	•	 	Revenue of $112.320M and EBITDA of $7.5M, MBO Goal Not Achieved: 

 Revenue exceeds
Threshold by $5.32M 
 Payout of Target Award * $5.32M/($117.0M-$107.0M) 

= $20,818.88 * 0.532 
 =
$11,075.64 
 EBITDA exceeds Threshold by $0.5M 

Payout of Target Award * $0.5M/($10.0M-$7.0M) 

=$62,456.63 * 0.16667 
 =
$10,409.65 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * MBO Factor 

= ($11,075.64 + $10,409.65) * .75 

= $16,113.97 
 All amounts shown are based on
current base salary. However, actual bonus will be calculated and paid based on actual base salary in effect at December 31, 2015. 
 Accepted: I
hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my participation in the Plan confidential and not to divulge such terms and conditions. 

 

					
	Signature:	 	     /s/ George Gould
	  	Dated: 4-26-2015

  
 - 10 - 

 2015 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. Bonus Plan 
  

			
	Name: Kevin Schmidt	  	Date: February 12, 2015

 The outline below describes your participation for the 2015 Fiscal Year in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”). This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. References to “EBITDA” in this Participation Letter shall be deemed to refer to “Adjusted
EBITDA” as such term is used in and defined the Plan. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 35% of base salary or $101,465.70 

  

	3.	Performance Period: 2015 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:    $117.0 million 

  

	 	•	 	EBITDA Goal:                     $ 10.0 million 

 

	5.	Allocation of Target Award to Goals 

  

	 	•	 	25% or $25,366.43 based on Company Revenue Goal 

  

	 	•	 	75% or $76,099.28 based on EBITDA Goal 

  

	6.	Thresholds 

  

	 	•	 	Revenue > $107M for the Company Revenue Goal (“Revenue Goal Threshold”) 

  

	 	•	 	EBITDA > $7.0M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	 	•	 	Payments under this Participation Letter shall not exceed an amount equal to 225% of the Target Award amount. No bonus will be paid for amounts above this cap. 

  
 - 11 - 

	7.	MBO 

 Except as determined by the Board, the bonus amount otherwise payable under this
Participation Letter shall be reduced by 25%, if, prior to December 31, 2015, Aspen Aerogels, Inc. or an affiliate thereof has not consummated a Board approved acquisition (or other reasonably appropriate control) of a site for Plant 2. Board
approval of the site acquisition would imply that management has developed a comprehensive plan for (i) financing all or substantially all of the acquisition and construction costs for Plant 2 which management and the Board believes has a
reasonable chance of being consummated on a timely basis, and (ii) the supply of essential raw materials and utilities for the operation of Plant 2. 
  

	8.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal:    $2,536.64 per $1M 
 EBTIDA
Goal:                    $25,366.43 per $1M 
  

	9.	Examples 

  

	 	•	 	Revenue of $103M and EBITDA of $6.5M, MBO Goal Achieved: 

 No payout under either
goal as EBITDA Goal Threshold not achieved. 
  

	 	•	 	Revenue of $120M and EBITDA of $11.0M, MBO Goal Achieved: 

 Revenue exceeds Target by
$3.0M 
 Payout of Target Award plus 3.0 * $2,536.64 

= $25,366.43 + $7,609.93 
 =
$32,976.35 
 EBITDA exceeds Target by $ 1.0M 

Payout of Target Award plus 1.0 * $25,366.43 

= $76,099.28 + $25,366.43 
 =
$101,465.70 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * MBO Factor 

= ($32,976.35 + $101,465.70) * 100% 

= $134,442.05 
  

	 	•	 	Revenue of $112.320M and EBITDA of $7.5M, MBO Goal Not Achieved: 

 Revenue exceeds
Threshold by $5.32M 
 Payout of Target Award * $5.32M/($117.0M-$107.0M) 

= $25,366.43 * 0.532 
 =
$13,494.94 
 EBITDA exceeds Threshold by $0.5M 

Payout of Target Award * $0.5M/($10.0M-$7.0M) 

=$76,099.28 * 0.16667 
 =
$12,683.47 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * MBO Factor 

= ($13,494.94 + $12,683.47) * .75 

= $19,633.81 
 All amounts shown are based on
current base salary. However, actual bonus will be calculated and paid based on actual base salary in effect at December 31, 2015. 
 Accepted: I
hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my participation in the Plan confidential and not to divulge such terms and conditions. 

 

					
	Signature:	 	     /s/ Kevin Schmidt
	  	Dated: 4-24-2015

  
 - 12 - 

 2015 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. Bonus Plan 
  

			
	Name: Kelley Conte	  	Date: September 8, 2015

 The outline below describes your participation for the 2015 Fiscal Year in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”). This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. References to “EBITDA” in this Participation Letter shall be deemed to refer to “Adjusted
EBITDA” as such term is used in and defined the Plan. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 35% of base salary or $77,000 (prorated based on date of hire) 

  

	3.	Performance Period: 2015 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:    $117.0 million 

  

	 	•	 	EBITDA Goal:                     $ 10.0 million 

 

	5.	Allocation of Target Award to Goals 

  

	 	•	 	25% or $19,250.00 based on Company Revenue Goal 

	 	•	 	75% or $57,750.00 based on EBITDA Goal 

  

	6.	Thresholds 

  

	 	•	 	Revenue > $107M for the Company Revenue Goal (“Revenue Goal Threshold”) 

  

	 	•	 	EBITDA > $7.0M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	7.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal:    $ 1,925.00 per $1M 
 EBTIDA
Goal:                    $19,250.00 per $1M 

  
 - 13 - 

	8.	Examples (based on full year participation) 

  

	 	•	 	Revenue of $103M and EBITDA of $6.5M: 

 No payout under either goal as EBITDA Goal
Threshold not achieved. 
  

	 	•	 	Revenue of $120M and EBITDA of $11.0M: 

 Revenue exceeds Target by $3.0M 

Payout of Target Award plus 3.0 * $1,925.00 

= $19,250.00 + $5,775.00 
 =
$25,025 
 EBITDA exceeds Target by $ 1.0M 

Payout of Target Award plus 1.0 * $11,272.06 

= $57,500.00 + $19,250.00 
 =
$76,750 
 Total Payout: 

Revenue Payout + EBITDA Payout 
 =
$25,025.00 + $76,750.00 
 = $101,775.00 
  

	 	•	 	Revenue of $112.320M and EBITDA of $7.5M: 

 Revenue exceeds Threshold by $5.32M

 Payout of Target Award * $5.32/($117.0M - $107.0M) 

= $19,250.00 * 0.532 
 =
$10,241.00 
 EBITDA exceeds Threshold by $.5M 

Payout of Target Award * $0.5M/($10.0M - $7.0M) 

= $57,500.00 * 0.16667 
 =
$9,583.52 
 Total Payout: 

Revenue Payout + EBITDA Payout 
 =
$10,241.00 + $9,583.52 
 = $19,824.52 
 All
amounts shown are based on current base salary and examples are based on full year participation – all payouts are prorated, based on date of hire. The bonus will be calculated and paid based on actual base salary in effect at December 31,
2015. 
 Accepted: I hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my participation in the Plan
confidential and not to divulge such terms and conditions. 
  

					
	Signature:	 	     /s/ Kelley Conte
	  	Dated: 9-8-2015

  
 - 14 -EX-10.24

 Exhibit 10.24 

2016 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. Bonus Plan 
  

			
	Name: Don Young	  	Date: January 6, 2016

 This Participation Letter describes the terms of your participation in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”) during fiscal year 2016. This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. References to “EBITDA” in this Participation Letter shall be deemed to refer
to “Adjusted EBITDA” as such term is used in and defined in the Plan. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 90% of base salary or $480,000.00 

  

	3.	Performance Period: 2016 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:     $122.0 million 

  

	 	•	 	EBITDA Goal:                      $ 12.5 million 

 

	5.	Allocation of Target Award to Goals 

  

	 	•	 	25% or $108,000.00 based on Company Revenue Goal 

  

	 	•	 	75% or $324,000.00 based on EBITDA Goal 

  

	6.	Thresholds, Floors and Caps 

  

	 	•	 	Revenue > $112M for the Company Revenue Goal (“Revenue Goal Threshold”) 

  

	 	•	 	EBITDA > $8.5M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	 	•	 	Payments under this Participation Letter shall not exceed an amount equal to 225% of the Target Award amount. 

  

	7.	MBO Goals 

  

	 	•	 	Finished Goods Goal: Except as determined by the Board, the bonus amount otherwise payable under this Participation Letter shall be reduced if, on December 31, 2016, the Finished Goods Inventory is less than
$4 million. The Adjusted EBITDA used to calculate bonus payouts shall be reduced by 32.5% of any shortfall to the $4 million Finished Goods Inventory target. The Revenue used to calculate the bonus payouts shall be reduced by 132.5% of any shortfall
to the $4 million Finished Goods Inventory target. 

	 	•	 	Plant 2 Goal: Except as determined by the Board, the bonus amount otherwise payable under this Participation Letter shall be reduced by 25%, if, prior to December 31, 2016, Aspen Aerogels, Inc. has not
(i) received financing commitments necessary to fund fully the first phase of the Plant 2 capital project, and (ii) completed the related Board Decision Package for Major Capital Investments in a manner satisfactory to the Board.

  

	8.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal:         $10,800.00 per $1M 
 EBITDA Goal:
                        $81,000.00 per $1M 
  

	9.	Examples 

  

	 	•	 	Revenue of $115.0M, EBITDA of $7.5M, Fin Goods of $6.0M, P2 Goal Met: 

 No payout
under either goal as EBITDA Goal Threshold not achieved. 
  

	 	•	 	Revenue of $131.975M, EBITDA of $14.475M, Fin Goods of $1.0M, P2 Goal Met: 

Revenue for Bonus Payouts 

Actual Revenue minus [$4.0M minus Actual Fin Goods] * 132.5% 

= $131.975M – [$4.0M - $1.0M] *132.5% 

= $131.975M - $3.975M 
 = $128.0M

 Revenue exceeds Target by $6.0M 

Payout of Target Award plus 6.0 * $10,800.00 

= $108,000.00 + $64,800.00 
 =
$172,800.00 
 EBITDA for Bonus Payouts 

Actual EBITDA minus [$4.0M minus Actual Fin Goods] * 32.5% 

= $14.475M - [$4.0M - $1.0M] * 32.5% 

= $14.475M - $0.975M 
 = $13.5M

 EBITDA above Target by $ 1.0M 

Payout of Target Award plus 1.0 * $81,000.00 

= $324,000.00 + $81,000.00 
 =
$405,000.00 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * Plant 2 Factor 

= ($172,800.00 + $405,000.00) * 100% 

= $577,800.00 

  
 - 2 - 

	 	•	 	Revenue of $118.6M and EBITDA of $10.0M, Fin Goods of $9.0M, P2 Goal Not Met : 

Revenue for Bonus Payouts 

Fin Goods > $4.0M, No Adjustment to Revenue Necessary 

= $118.6M 
 Revenue exceeds
Threshold by $6.6M 
 Payout of Target Award * $6.6M / ($122.0M-$112.0M) 

= $108,000.00 * 0.66 
 =
$71,280.00 
 EBITDA for Bonus Payouts 

Fin Goods > $4.0M, No Adjustment to EBITDA Necessary 

= $10.0M 
 EBITDA exceeds
Threshold by $1.5M 
 Payout of Target Award * $1.5M / ($12.5M-$8.5M) 

= $324,000.00 * 0.375 
 =
$121,500.00 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * Plant 2 Factor 

= ($71,280.00 + $121,500.00) * .75 

= $192,780.00 * .75 
 =
$144,585.00 
 All amounts shown are based on current base salary. However, actual bonus will be calculated and paid based on actual base salary in effect
at December 31, 2016. 
 Accepted: I hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my
participation in the Plan confidential and not to divulge such terms and conditions. 
  

					
	Signature:	 	   /s/Donald R. Young
	  	Dated: 2-1-2016

  
 - 3 - 

 2016 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. Bonus Plan 
  

			
	Name: Corby Whitaker	  	Date: January 6, 2016

 This Participation Letter describes the terms of your participation in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”) during fiscal year 2016. This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. References to “EBITDA” in this Participation Letter shall be deemed to refer
to “Adjusted EBITDA” as such term is used in and defined in the Plan. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 50% of base salary or $300,500.00 

  

	3.	Performance Period: 2016 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:         $122.0 million 

  

	 	•	 	EBITDA Goal:                          $ 12.5 million

  

	5.	Allocation of Target Award to Goals 

  

	 	•	 	25% or $37,562.50 based on Company Revenue Goal 

  

	 	•	 	75% or $112,687.50 based on EBITDA Goal 

  

	6.	Thresholds, Floors and Caps 

  

	 	•	 	Revenue > $112M for the Company Revenue Goal (“Revenue Goal Threshold”) 

  

	 	•	 	EBITDA > $8.5M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	 	•	 	Payments under this Participation Letter shall not exceed an amount equal to 225% of the Target Award amount. 

  

	7.	MBO Goals 

  

	 	•	 	Finished Goods Goal: Except as determined by the Board, the bonus amount otherwise payable under this Participation Letter shall be reduced if, on December 31, 2016, the Finished Goods Inventory is less than
$4 million. The Adjusted EBITDA used to calculate bonus payouts shall be reduced by 32.5% of any shortfall to the $4 million Finished Goods Inventory target. The Revenue used to calculate the bonus payouts shall be reduced by 132.5% of any shortfall
to the $4 million Finished Goods Inventory target. 

	 	•	 	Plant 2 Goal: Except as determined by the Board, the bonus amount otherwise payable under this Participation Letter shall be reduced by 25%, if, prior to December 31, 2016, Aspen Aerogels, Inc. has not
(i) received financing commitments necessary to fund fully the first phase of the Plant 2 capital project, and (ii) completed the related Board Decision Package for Major Capital Investments in a manner satisfactory to the Board.

  

	8.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal:    $3,756.25 per $1M 
 EBITDA
Goal:                    $28,171.88 per $1M 
  

	9.	Examples 

  

	 	•	 	Revenue of $115.0M, EBITDA of $7.5M, Fin Goods of $6.0M, P2 Goal Met: 

 No payout
under either goal as EBITDA Goal Threshold not achieved. 
  

	 	•	 	Revenue of $131.975M, EBITDA of $14.475M, Fin Goods of $1.0M, P2 Goal Met: 

Revenue for Bonus Payouts 

Actual Revenue minus [$4.0M minus Actual Fin Goods] * 132.5% 

= $131.975M – [$4.0M - $1.0M] *132.5% 

= $131.975M - $3.975M 
 = $128.0M

 Revenue exceeds Target by $6.0M 

Payout of Target Award plus 6.0 * $3,756.25 

= $37,562.50 + $22,537.50 
 =
$60,100.00 
 EBITDA for Bonus Payouts 

Actual EBITDA minus [$4.0M minus Actual Fin Goods] * 32.5% 

= $14.475M - [$4.0M - $1.0M] * 32.5% 

= $14.475M - $0.975M 
 = $13.5M

 EBITDA above Target by $ 1.0M 

Payout of Target Award plus 1.0 * $28,171.88 

= $112,687.50 + $28,171.88 
 =
$140,859.38 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * Plant 2 Factor 

= ($60,100.00 + $140,859.38) * 100% 

= $200,959.38 

  
 - 2 - 

	 	•	 	Revenue of $118.6M and EBITDA of $10.0M, Fin Goods of $9.0M, P2 Goal Not Met : 

Revenue for Bonus Payouts 

Fin Goods > $4.0M, No Adjustment to Revenue Necessary 

= $118.6M 
 Revenue exceeds
Threshold by $6.6M 
 Payout of Target Award * $6.6M / ($122.0M-$112.0M) 

= $37,562.50 * 0.66 
 = $24,791.25

 EBITDA for Bonus Payouts 

Fin Goods > $4.0M, No Adjustment to EBITDA Necessary 

= $10.0M 
 EBITDA exceeds
Threshold by $1.5M 
 Payout of Target Award * $1.5M / ($12.5M-$8.5M) 

= $112,687.50 * 0.375 
 =
$42,257.81 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * Plant 2 Factor 

= ($24,791.25 + $42,257.81) * .75 

= $67,049.06 * .75 
 = $50,286.80

 All amounts shown are based on current base salary. However, actual bonus will be calculated and paid based on actual base salary in effect at
December 31, 2016. 
 Accepted: I hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my
participation in the Plan confidential and not to divulge such terms and conditions. 
  

					
	Signature:	 	   /s/ Corby Whitaker
	  	Dated: 1-29-2016

  
 - 3 - 

 2016 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. Bonus Plan 
  

			
	Name: John Fairbanks	  	Date: January 6, 2016

 This Participation Letter describes the terms of your participation in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”) during fiscal year 2016. This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. References to “EBITDA” in this Participation Letter shall be deemed to refer
to “Adjusted EBITDA” as such term is used in and defined in the Plan. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 50% of base salary or $283,371.00 

  

	3.	Performance Period: 2016 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:         $122.0 million 

  

	 	•	 	EBITDA Goal:                          $ 12.5 million 

 

	5.	Allocation of Target Award to Goals 

  

	 	•	 	25% or $35,421.38 based on Company Revenue Goal 

  

	 	•	 	75% or $106,264.13 based on EBITDA Goal 

  

	6.	Thresholds, Floors and Caps 

  

	 	•	 	Revenue > $112M for the Company Revenue Goal (“Revenue Goal Threshold”) 

  

	 	•	 	EBITDA > $8.5M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	 	•	 	Payments under this Participation Letter shall not exceed an amount equal to 225% of the Target Award amount. 

  

	7.	MBO Goals 

  

	 	•	 	Finished Goods Goal: Except as determined by the Board, the bonus amount otherwise payable under this Participation Letter shall be reduced if, on December 31, 2016, the Finished Goods Inventory is less than
$4 million. The Adjusted EBITDA used to calculate bonus payouts shall be reduced by 32.5% of any shortfall to the $4 million Finished Goods Inventory target. The Revenue used to calculate the bonus payouts shall be reduced by 132.5% of any shortfall
to the $4 million Finished Goods Inventory target. 

	 	•	 	Plant 2 Goal: Except as determined by the Board, the bonus amount otherwise payable under this Participation Letter shall be reduced by 25%, if, prior to December 31, 2016, Aspen Aerogels, Inc. has not
(i) received financing commitments necessary to fund fully the first phase of the Plant 2 capital project, and (ii) completed the related Board Decision Package for Major Capital Investments in a manner satisfactory to the Board.

  

	8.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal:    $3,542.14 per $1M 
 EBITDA
Goal:                    $26,566.03 per $1M 
  

	9.	Examples 

  

	 	•	 	Revenue of $115.0M, EBITDA of $7.5M, Fin Goods of $6.0M, P2 Goal Met: 

 No payout
under either goal as EBITDA Goal Threshold not achieved. 
  

	 	•	 	Revenue of $131.975M, EBITDA of $14.475M, Fin Goods of $1.0M, P2 Goal Met: 

Revenue for Bonus Payouts 

Actual Revenue minus [$4.0M minus Actual Fin Goods] * 132.5% 

= $131.975M – [$4.0M - $1.0M] *132.5% 

= $131.975M - $3.975M 
 = $128.0M

 Revenue exceeds Target by $6.0M 

Payout of Target Award plus 6.0 * $3,542.14 

= $35,421.38 + $21,252.83 
 =
$56,674.20 
 EBITDA for Bonus Payouts 

Actual EBITDA minus [$4.0M minus Actual Fin Goods] * 32.5% 

= $14.475M - [$4.0M - $1.0M] * 32.5% 

= $14.475M - $0.975M 
 = $13.5M

 EBITDA above Target by $ 1.0M 

Payout of Target Award plus 1.0 * $26,566.03 

= $106,264.13 + $26,566.03 
 =
$132,830.16 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * Plant 2 Factor 

= ($56,674.20 + $132,830.16) * 100% 

= $189,504.36 

  
 - 2 - 

	 	•	 	Revenue of $118.6M and EBITDA of $10.0M, Fin Goods of $9.0M, P2 Goal Not Met : 

Revenue for Bonus Payouts 

Fin Goods > $4.0M, No Adjustment to Revenue Necessary 

= $118.6M 
 Revenue exceeds
Threshold by $6.6M 
 Payout of Target Award * $6.6M / ($122.0M-$112.0M) 

= $35,421.38 * 0.66 
 = $23,378.11

 EBITDA for Bonus Payouts 

Fin Goods > $4.0M, No Adjustment to EBITDA Necessary 

= $10.0M 
 EBITDA exceeds
Threshold by $1.5M 
 Payout of Target Award * $1.5M / ($12.5M-$8.5M) 

= $106,264.13 * 0.375 
 =
$39,849.05 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * Plant 2 Factor 

= ($23,378.11 + $39,849.05) * .75 

= $63,227.15 * .75 
 = $47,420.37

 All amounts shown are based on current base salary. However, actual bonus will be calculated and paid based on actual base salary in effect at
December 31, 2016. 
 Accepted: I hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my
participation in the Plan confidential and not to divulge such terms and conditions. 
  

					
	Signature:	 	   /s/ John Fairbanks
	  	Dated: 1-27-2016

  
 - 3 - 

 2016 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. Bonus Plan 
  

			
	Name: Jeffrey Ball 	  	Date: January 6, 2016

 This Participation Letter describes the terms of your participation in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”) during fiscal year 2016. This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. References to “EBITDA” in this Participation Letter shall be deemed to refer
to “Adjusted EBITDA” as such term is used in and defined in the Plan. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 35% of base salary or $300,000.00 

  

	3.	Performance Period: 2016 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:    $122.0 million 

  

	 	•	 	EBITDA Goal:                     $ 12.5 million 

 

	5.	Allocation of Target Award to Goals 

  

	 	•	 	25% or $26,250.00 based on Company Revenue Goal 

  

	 	•	 	75% or $78,750.00 based on EBITDA Goal 

  

	6.	Thresholds, Floors and Caps 

  

	 	•	 	Revenue > $112M for the Company Revenue Goal (“Revenue Goal Threshold”) 

  

	 	•	 	EBITDA > $8.5M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	 	•	 	Payments under this Participation Letter shall not exceed an amount equal to 225% of the Target Award amount. 

  

	7.	MBO Goals 

  

	 	•	 	Finished Goods Goal: Except as determined by the Board, the bonus amount otherwise payable under this Participation Letter shall be reduced if, on December 31, 2016, the Finished Goods Inventory is less than
$4 million. The Adjusted EBITDA used to calculate bonus payouts shall be reduced by 32.5% of any shortfall to the $4 million Finished Goods Inventory target. The Revenue used to calculate the bonus payouts shall be reduced by 132.5% of any shortfall
to the $4 million Finished Goods Inventory target. 

	 	•	 	Plant 2 Goal: Except as determined by the Board, the bonus amount otherwise payable under this Participation Letter shall be reduced by 25%, if, prior to December 31, 2016, Aspen Aerogels, Inc. has not
(i) received financing commitments necessary to fund fully the first phase of the Plant 2 capital project, and (ii) completed the related Board Decision Package for Major Capital Investments in a manner satisfactory to the Board.

  

	8.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal:    $2,625.00 per $1M 
 EBITDA
Goal:                    $19,687.50 per $1M 
  

	9.	Examples 

  

	 	•	 	Revenue of $115.0M, EBITDA of $7.5M, Fin Goods of $6.0M, P2 Goal Met: 

 No payout
under either goal as EBITDA Goal Threshold not achieved. 
  

	 	•	 	Revenue of $131.975M, EBITDA of $14.475M, Fin Goods of $1.0M, P2 Goal Met: 

 Revenue
for Bonus Payouts 
 Actual Revenue minus [$4.0M minus Actual Fin Goods] * 132.5% 

= $131.975M – [$4.0M - $1.0M] *132.5% 

= $131.975M - $3.975M 
 = $128.0M

 Revenue exceeds Target by $6.0M 

Payout of Target Award plus 6.0 * $2,625.00 

= $26,250.00 + $15,750.00 
 =
$42,000.00 
 EBITDA for Bonus Payouts 

Actual EBITDA minus [$4.0M minus Actual Fin Goods] * 32.5% 

= $14.475M - [$4.0M - $1.0M] * 32.5% 

= $14.475M - $0.975M 
 = $13.5M

 EBITDA above Target by $ 1.0M 

Payout of Target Award plus 1.0 * $19,687.50 

= $78,750.00 + $19,687.50 
 =
$98,437.50 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * Plant 2 Factor 

= ($42,000.00 + $98,437.50) * 100% 

= $140,437.50 

  
 - 2 - 

	 	•	 	Revenue of $118.6M and EBITDA of $10.0M, Fin Goods of $9.0M, P2 Goal Not Met : 

Revenue for Bonus Payouts 

Fin Goods > $4.0M, No Adjustment to Revenue Necessary 

= $118.6M 
 Revenue exceeds
Threshold by $6.6M 
 Payout of Target Award * $6.6M / ($122.0M-$112.0M) 

= $26,250.00 * 0.66 
 = $17,325.00

 EBITDA for Bonus Payouts 

Fin Goods > $4.0M, No Adjustment to EBITDA Necessary 

= $10.0M 
 EBITDA exceeds
Threshold by $1.5M 
 Payout of Target Award * $1.5M / ($12.5M-$8.5M) 

= $78,750.00 * 0.375 
 =
$29,531.25 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * Plant 2 Factor 

= ($17,325.00 + $29,531.25) * .75 

= $46,856.25 * .75 
 = $35,142.19

 All amounts shown are based on current base salary. However, actual bonus will be calculated and paid based on actual base salary in effect at
December 31, 2016. 
 Accepted: I hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my
participation in the Plan confidential and not to divulge such terms and conditions. 
  

					
	Signature:	 	   /s/ Jeffrey Ball
	  	Dated: 2-3-2016

  
 - 3 - 

 2016 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. Bonus Plan 
  

			
	Name: George Gould	  	Date: January 6, 2016

 This Participation Letter describes the terms of your participation in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”) during fiscal year 2016. This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. References to “EBITDA” in this Participation Letter shall be deemed to refer
to “Adjusted EBITDA” as such term is used in and defined in the Plan. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 35% of base salary or $245,068.00 

  

	3.	Performance Period: 2016 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:         $122.0 million 

  

	 	•	 	EBITDA Goal:                          $ 12.5 million 

 

	5.	Allocation of Target Award to Goals 

  

	 	•	 	25% or $21,443.45 based on Company Revenue Goal 

  

	 	•	 	75% or $64,330.35 based on EBITDA Goal 

  

	6.	Thresholds, Floors and Caps 

  

	 	•	 	Revenue > $112M for the Company Revenue Goal (“Revenue Goal Threshold”) 

  

	 	•	 	EBITDA > $8.5M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	 	•	 	Payments under this Participation Letter shall not exceed an amount equal to 225% of the Target Award amount. 

  

	7.	MBO Goals 

  

	 	•	 	Finished Goods Goal: Except as determined by the Board, the bonus amount otherwise payable under this Participation Letter shall be reduced if, on December 31, 2016, the Finished Goods Inventory is less than
$4 million. The Adjusted EBITDA used to calculate bonus payouts shall be reduced by 32.5% of any shortfall to the $4 million Finished Goods Inventory target. The Revenue used to calculate the bonus payouts shall be reduced by 132.5% of any shortfall
to the $4 million Finished Goods Inventory target. 

	 	•	 	Plant 2 Goal: Except as determined by the Board, the bonus amount otherwise payable under this Participation Letter shall be reduced by 25%, if, prior to December 31, 2016, Aspen Aerogels, Inc. has not
(i) received financing commitments necessary to fund fully the first phase of the Plant 2 capital project, and (ii) completed the related Board Decision Package for Major Capital Investments in a manner satisfactory to the Board.

  

	8.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal:    $2,144.35 per $1M 
 EBITDA
Goal:                    $16,082.59 per $1M 
  

	9.	Examples 

  

	 	•	 	Revenue of $115.0M, EBITDA of $7.5M, Fin Goods of $6.0M, P2 Goal Met: 

 No payout
under either goal as EBITDA Goal Threshold not achieved. 
  

	 	•	 	Revenue of $131.975M, EBITDA of $14.475M, Fin Goods of $1.0M, P2 Goal Met: 

 Revenue
for Bonus Payouts 
 Actual Revenue minus [$4.0M minus Actual Fin Goods] * 132.5% 

= $131.975M – [$4.0M - $1.0M] *132.5% 

= $131.975M - $3.975M 
 = $128.0M

 Revenue exceeds Target by $6.0M 

Payout of Target Award plus 6.0 * $2,144.35 

= $21,443.45 + $12,866.07 
 =
$34,309.52 
 EBITDA for Bonus Payouts 

Actual EBITDA minus [$4.0M minus Actual Fin Goods] * 32.5% 

= $14.475M - [$4.0M - $1.0M] * 32.5% 

= $14.475M - $0.975M 
 = $13.5M

 EBITDA above Target by $ 1.0M 

Payout of Target Award plus 1.0 * $16,082.59 

= $64,330.35 + $16,082.59 
 =
$80,412.94 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * Plant 2 Factor 

= ($34,309.52 + $80,412.94) * 100% 

= $114,722.46 

  
 - 2 - 

	 	•	 	Revenue of $118.6M and EBITDA of $10.0M, Fin Goods of $9.0M, P2 Goal Not Met : 

Revenue for Bonus Payouts 

Fin Goods > $4.0M, No Adjustment to Revenue Necessary 

= $118.6M 
 Revenue exceeds
Threshold by $6.6M 
 Payout of Target Award * $6.6M / ($122.0M-$112.0M) 

= $21,443.45 * 0.66 
 = $14,152.68

 EBITDA for Bonus Payouts 

Fin Goods > $4.0M, No Adjustment to EBITDA Necessary 

= $10.0M 
 EBITDA exceeds
Threshold by $1.5M 
 Payout of Target Award * $1.5M / ($12.5M-$8.5M) 

= $64,330.35 * 0.375 
 =
$24,123.88 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * Plant 2 Factor 

= ($14,152.68 + $24,123.88) * .75 

= $38,276.56 * .75 
 = $28,707.42

 All amounts shown are based on current base salary. However, actual bonus will be calculated and paid based on actual base salary in effect at
December 31, 2016. 
 Accepted: I hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my
participation in the Plan confidential and not to divulge such terms and conditions. 
  

					
	Signature:	  	 /s/ George Gould
	  	Dated: 2-9-2016

  
 - 3 - 

 2016 Participation Letter 

Corporate Personnel 
 Aspen
Aerogels, Inc. Bonus Plan 
  

			
	Name: Kelley Conte	  	Date: January 6, 2016

 This Participation Letter describes the terms of your participation in the Aspen Aerogels, Inc. Bonus Plan (the
“Plan”) during fiscal year 2016. This Participation Letter is subject to the terms and conditions of the Plan, a copy of which has been provided to you. References to “EBITDA” in this Participation Letter shall be deemed to refer
to “Adjusted EBITDA” as such term is used in and defined in the Plan. 
  

	1.	Designation: Corporate Participant 

  

	2.	Target Award: 35% of base salary or $220,000.00 

  

	3.	Performance Period: 2016 Fiscal Year 

  

	4.	Performance Metrics 

  

	 	•	 	Company Revenue Goal:     $122.0 million 

  

	 	•	 	EBITDA Goal:                      $ 12.5 million 

 

	5.	Allocation of Target Award to Goals 

  

	 	•	 	25% or $19,250.00 based on Company Revenue Goal 

  

	 	•	 	75% or $57,750.00 based on EBITDA Goal 

  

	6.	Thresholds, Floors and Caps 

  

	 	•	 	Revenue > $112M for the Company Revenue Goal (“Revenue Goal Threshold”) 

  

	 	•	 	EBITDA > $8.5M for the EBITDA Goal (“EBITDA Goal Threshold”) 

  

	 	•	 	If the Revenue or EBITDA Threshold is achieved, you will earn a bonus equal to a pro rata portion of such goal’s target award based on a straight line interpolation between the applicable threshold and related
goal. 

  

	 	•	 	THERE WILL BE NO PAYOUT UNDER EITHER GOAL UNLESS EBITDA GOAL THRESHOLD IS ACHIEVED. 

  

	 	•	 	Payments under this Participation Letter shall not exceed an amount equal to 225% of the Target Award amount. 

  

	7.	MBO Goals 

  

	 	•	 	Finished Goods Goal: Except as determined by the Board, the bonus amount otherwise payable under this Participation Letter shall be reduced if, on December 31, 2016, the Finished Goods Inventory is less than
$4 million. The Adjusted EBITDA used to calculate bonus payouts shall be reduced by 32.5% of any shortfall to the $4 million Finished Goods Inventory target. The Revenue used to calculate the bonus payouts shall be reduced by 132.5% of any shortfall
to the $4 million Finished Goods Inventory target. 

	 	•	 	Plant 2 Goal: Except as determined by the Board, the bonus amount otherwise payable under this Participation Letter shall be reduced by 25%, if, prior to December 31, 2016, Aspen Aerogels, Inc. has not
(i) received financing commitments necessary to fund fully the first phase of the Plant 2 capital project, and (ii) completed the related Board Decision Package for Major Capital Investments in a manner satisfactory to the Board.

  

	8.	Payouts above Threshold 

  

	 	•	 	You will earn a bonus for actual Company Revenue and EBITDA above Threshold equal to: 

 Company
Revenue Goal:    $1,925.00 per $1M 
 EBITDA
Goal:                    $14,437.50 per $1M 
  

	9.	Examples 

  

	 	•	 	Revenue of $115.0M, EBITDA of $7.5M, Fin Goods of $6.0M, P2 Goal Met: 

 No payout
under either goal as EBITDA Goal Threshold not achieved. 
  

	 	•	 	Revenue of $131.975M, EBITDA of $14.475M, Fin Goods of $1.0M, P2 Goal Met: 

 Revenue
for Bonus Payouts 
 Actual Revenue minus [$4.0M minus Actual Fin Goods] * 132.5% 

= $131.975M – [$4.0M - $1.0M] *132.5% 

= $131.975M - $3.975M 
 = $128.0M

 Revenue exceeds Target by $6.0M 

Payout of Target Award plus 6.0 * $1,925.00 

= $19,250.00 + $11,550.00 
 =
$30,800.00 
 EBITDA for Bonus Payouts 

Actual EBITDA minus [$4.0M minus Actual Fin Goods] * 32.5% 

= $14.475M - [$4.0M - $1.0M] * 32.5% 

= $14.475M - $0.975M 
 = $13.5M

 EBITDA above Target by $ 1.0M 

Payout of Target Award plus 1.0 * $14,437.50 

= $57,750.00 + $14,437.50 
 =
$72,187.50 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * Plant 2 Factor 

= ($30,800.00 + $72,187.50) * 100% 

= $102,987.50 

  
 - 2 - 

	 	•	 	Revenue of $118.6M and EBITDA of $10.0M, Fin Goods of $9.0M, P2 Goal Not Met : 

Revenue for Bonus Payouts 

Fin Goods > $4.0M, No Adjustment to Revenue Necessary 

= $118.6M 
 Revenue exceeds
Threshold by $6.6M 
 Payout of Target Award * $6.6M / ($122.0M-$112.0M) 

= $19,250.00 * 0.66 
 = $12,705.00

 EBITDA for Bonus Payouts 

Fin Goods > $4.0M, No Adjustment to EBITDA Necessary 

= $10.0M 
 EBITDA exceeds
Threshold by $1.5M 
 Payout of Target Award * $1.5M / ($12.5M-$8.5M) 

= $57,750.00 * 0.375 
 =
$21,656.25 
 Total Payout: 

(Revenue Payout + EBITDA Payout) * Plant 2 Factor 

= ($12,705.00 + $21,656.25) * .75 

= $34,361.25 * .75 
 = $25,770.94

 All amounts shown are based on current base salary. However, actual bonus will be calculated and paid based on actual base salary in effect at
December 31, 2016. 
 Accepted: I hereby accept my designation as a Participant in the Plan. I agree to keep the terms and conditions of my
participation in the Plan confidential and not to divulge such terms and conditions. 
  

					
	Signature:	 	 /s/ Kelley Conte
	  	Dated: 1-27-2016

  
 - 3 -

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