Document:

EX-10.3

 Exhibit 10.3 

LEASE 
 TMT 290
INDUSTRIAL PARK, INC., 
 Landlord, 

and 
 ASPEN AEROGELS, INC.,

 Tenant 

							
	TABLE OF CONTENTS	  
			
	 1.
	 	USE AND RESTRICTIONS ON USE	  	 	1	 
			
	 2.
	 	TERM	  	 	4	 
			
	 3.
	 	RENT	  	 	4	 
			
	 4.
	 	RENT ADJUSTMENTS	  	 	5	 
			
	 5.
	 	SECURITY DEPOSIT	  	 	7	 
			
	 6.
	 	ALTERATIONS	  	 	9	 
			
	 7.
	 	REPAIR	  	 	10	 
			
	 8.
	 	LIENS	  	 	11	 
			
	 9.
	 	ASSIGNMENT AND SUBLETTING	  	 	11	 
			
	 10.
	 	INDEMNIFICATION	  	 	13	 
			
	 11.
	 	INSURANCE	  	 	14	 
			
	 12.
	 	WAIVER OF SUBROGATION	  	 	14	 
			
	 13.
	 	SERVICES AND UTILITIES	  	 	14	 
			
	 14.
	 	HOLDING OVER	  	 	14	 
			
	 15.
	 	SUBORDINATION	  	 	15	 
			
	 16.
	 	RULES AND REGULATIONS	  	 	15	 
			
	 17.
	 	REENTRY BY LANDLORD	  	 	15	 
			
	 18.
	 	DEFAULT	  	 	16	 
			
	 19.
	 	REMEDIES	  	 	16	 
			
	 20.
	 	TENANT’S BANKRUPTCY OR INSOLVENCY	  	 	19	 
			
	 21.
	 	QUIET ENJOYMENT	  	 	19	 
			
	 22.
	 	DAMAGE BY FIRE, ETC.	  	 	19	 
			
	 23.
	 	EMINENT DOMAIN	  	 	21	 
			
	 24.
	 	SALE BY LANDLORD	  	 	21	 
			
	 25.
	 	ESTOPPEL CERTIFICATES	  	 	21	 
			
	 26.
	 	SURRENDER OF PREMISES	  	 	21	 
			
	 27.
	 	NOTICES	  	 	22	 
			
	 28.
	 	TAXES PAYABLE BY TENANT	  	 	22	 
			
	 29.
	 	RELOCATION OF TENANT	  	 	22	 
			
	 30.
	 	DEFINED TERMS AND HEADINGS	  	 	22	 
			
	 31.
	 	TENANT’S AUTHORITY	  	 	23	 

  
 i 

							
	 32.
	 	COMMISSIONS	  	 	23	  
			
	 33.
	 	TIME AND APPLICABLE LAW	  	 	23	 
			
	 34.
	 	SUCCESSORS AND ASSIGNS	  	 	23	 
			
	 35.
	 	ENTIRE AGREEMENT	  	 	23	 
			
	 36.
	 	EXAMINATION NOT OPTION	  	 	23	 
			
	 37.
	 	RECORDATION	  	 	23	 
			
	 38.
	 	RENT SCHEDULE	  	 	23	 
			
	 39.
	 	RENEWAL OPTION	  	 	24	 
			
	 40.
	 	PARKING AND LOADING	  	 	24	 
			
	 41.
	 	LIMITATION OF LANDLORD’S LIABILITY	  	 	25	 
		
	 EXHIBIT A — PREMISES
	  			
		
	 EXHIBIT B — INITIAL ALTERATIONS
	  			
		
	 EXHIBIT C — RULES AND REGULATIONS
	  	 	C-1	  
		
	 EXHIBIT D — HAZARDOUS MATERIALS EXHIBIT
	  			
		
	 EXHIBIT E — FORM OF LETTER OF CREDIT
	  			
		
	 EXHIBIT F — ROOFTOP LICENSE AGREEMENT
	  	 	F-1	  

  
 ii 

 MULTI-TENANT INDUSTRIAL NET LEASE 

REFERENCE PAGE 
  

			
	BUILDING:	  	30 Forbes Road
		  	I-290 Industrial Park, Northborough, MA
		
	LANDLORD:	  	TMT 290 INDUSTRIAL PARK, INC., a Delaware nonprofit corporation
		
	LANDLORD’S ADDRESS:	  	c/o RREEF Management Company
		  	600 Unicorn Park Drive, Woburn, MA 01801
		
	LEASE REFERENCE DATE:	  	August 20, 2001
		
	TENANT:	  	ASPEN AEROGELS, INC., a Delaware corporation
		
	TENANT’S ADDRESS:	  	
	(a) As of beginning of Term:	  	184 Cedar Hill Street, Marlborough, MA 10752
	(b) Prior to beginning of Term	  	
	(if different):	  	  

		
	PREMISES IDENTIFICATION:	  	Suite Number          (for outline of Premises see Exhibit A)
		
	PREMISES RENTABLE AREA:	  	Approximately 31,119 sq. ft.
		
	USE:	  	Manufacture of aerogel related products, and related storage and office. Tenant is responsible to obtain any necessary business licenses or permits.
		
	SCHEDULED COMMENCEMENT DATE:	  	October 1, 2001
		
	RENT COMMENCEMENT DATE:	  	October 15, 2001
		
	TERMINATION DATE:	  	October 31, 2006
		
	TERM OF LEASE:	  	Five (5) years and one (1) month beginning on the Commencement Date and ending on the Termination Date (unless sooner terminated pursuant to the Lease)
		
	INITIAL ANNUAL RENT (Article 3):	  	See Rent Schedule, Article 38
		
	INITIAL MONTHLY INSTALLMENT OF ANNUAL RENT (Article 3):	  	See Rent Schedule, Article 38
		
	INITIAL ESTIMATED RENT ADJUSTMENTS (Article 4)	  	$1.70 psf/yr
		
	TENANT’S PROPORTIONATE SHARE:	  	27.74%
		
	SECURITY DEPOSIT:	  	Letter of Credit in initial amount of $171,154.50; see Article 5
		
	ASSIGNMENT/SUBLETTING FEE	  	$750.00
		
	REAL ESTATE BROKER DUE COMMISSION:	  	Spaulding & Slye Colliers and CB Richard Ellis/Whittier

  
 iii 

 The Reference Page information is incorporated into and made a part of the Lease. In the event of any conflict
between any Reference Page information and the Lease, the Lease shall control. This Lease includes Exhibits A through F, all of which are made a part of this Lease. 
  

									
	LANDLORD:	  		  	TENANT:
			
	TMT 290 INDUSTRIAL PARK, INC., a Delaware nonprofit corporation	  		  	ASPEN AEROGELS, INC., a Delaware corporation
					
	By:	  	RREEF Management Company, a Delaware corporation	  		  		  	
					
	By:	  	 /s/ Eric Berke

Eric Berke, District Manager
	  		  	By:	  	 /s/ Patrick J. Piper

		  		  		  	Title:	  	CFO
					
	Dated:	  	10/11, 2001	  		  	Date:	  	10/9, 2001

  
 iv 

 LEASE 

By this Lease Landlord leases to Tenant and Tenant leases from Landlord the Premises in the Building as set forth and described on the
Reference Page. The Reference Page, including all terms defined thereon, is incorporated as part of this Lease. 
 1. USE AND RESTRICTIONS ON USE.

 1.1 The Premises are to be used solely for the purposes stated on the Reference Page. Tenant shall not do or permit anything to be
done in or about the Premises which will in any way obstruct or interfere with the rights of other tenants or occupants of the Building or injure, annoy, or disturb them or allow the Premises to be used for any improper, immoral, unlawful, or
objectionable purpose. Tenant shall not do, permit or suffer in, on, or about the Premises the sale of any alcoholic liquor without the written consent of Landlord first obtained, or the commission of any waste. Tenant shall comply with all
governmental laws, ordinances and regulations applicable to the use of the Premises and its occupancy and shall promptly comply with all governmental orders and directions for the correction, prevention and abatement of any violations in or upon, or
in connection with, the Premises, all at Tenant’s sole expense. Tenant shall not do or permit anything to be done on or about the Premises or bring or keep anything into the Premises which will in any way increase the rate of, invalidate or
prevent the procuring of any insurance protecting against loss or damage to the Building or any of its contents by fire or other casualty or against liability for damage to property or injury to persons in or about the Building or any part thereof.

 1.2 Hazardous Materials. 

1.2.1 Tenant agrees that Tenant, its agents and contractors, licensees, or invitees shall not handle, use, manufacture, store or dispose of any
flammables, explosives, radioactive materials, hazardous wastes or materials, toxic wastes or materials, or other similar substances, petroleum products or derivatives (collectively “Hazardous Materials”) on, under, or about the Premises,
without Landlord’s prior written consent (which consent shall not be unreasonably withheld as long as Tenant demonstrates and documents to Landlord’s reasonable satisfaction (i) that such Hazardous Materials (A) are necessary or
useful to Tenant’s business; and (B) will be used, kept, and stored in compliance with all laws relating to any Hazardous Materials so brought or used or kept in or about the Premises; and (ii) that Tenant will give all required
notices concerning the presence in or on the Premises or the release of such Hazardous Materials from the Premises). In addition, without limiting Paragraph 1.2.3.1 below, and without the necessity of Landlord’s consent, 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. 

1.2.2 Tenant further agrees that Tenant will not permit any substance to come into contact with groundwater under the Premises. Any such
substance coming into contact with groundwater shall, regardless of its inherent hazardous characteristics, be considered a Hazardous Material for purposes of this Paragraph 1.2. 

1.2.3 
 1.2.3.1 Notwithstanding
the provisions of Paragraph 1.2.1, Tenant may at any time handle, store, and use Hazardous Materials, limited to the types, amounts, and use identified in the Hazardous Materials Exhibit D attached hereto. If no Hazardous Materials Exhibit
is attached to this Lease, then this Paragraph 1.2.3.1 shall be of no force and effect. Tenant hereby certifies to Landlord that the information provided by Tenant pursuant to this Paragraph is true, correct, and complete. Tenant covenants to
comply with the use restrictions shown on the attached Hazardous Materials Exhibit. 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 Paragraph, Tenant shall immediately notify Landlord in writing of such noncompliance. 

  
 1 

 1.2.3.2 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, 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 limitation contained in Paragraph 1.2 above, such use, placement, or storage of a
Hazardous Material on the Premises. Landlord warrants that it has received Material Data Sheets for the Materials listed on the Hazardous Materials Exhibit and has approved such materials. 

1.2.3.3 Tenant shall not store hazardous wastes on the Premises for more than 90 days; “hazardous waste” has the meaning given
it by the Resource Conservation and Recovery Act of 1976, as amended. The forgoing 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 or solid waste on the Premises. It is agreed by Landlord that
the Tenant will install storage containers or “storage tanks” for those Hazardous Materials listed on Exhibit D [Alterations], 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 consent of Landlord attached as an exhibit to this Lease. 

1.2.3.4 Any increase in the premiums for necessary insurance on the Property which directly arises from Tenant’s use and/or storage of
Hazardous Materials shall be solely at Tenant’s expense. Tenant shall procure and maintain at its sole expense such additional insurance as may be necessary to comply with any requirement of any Federal, State or local governmental agency with
jurisdiction. 
 1.2.4 If Landlord, in its reasonable discretion, believes that the Premises or the environment have become contaminated
with Hazardous Materials or similar materials that must be removed under the laws of the state where the Premises are located, in breach of the provisions of this Lease, Landlord, in addition to its other rights under this Lease, may enter upon the
Premises and obtain samples from the Premises, including without limitation the soil and groundwater under the Premises, for the purposes of analyzing the same to determine whether and to what extent the Premises or the environment have become so
contaminated. Tenant shall reimburse Landlord for the costs of any inspection, sampling and analysis that discloses contamination for which Tenant is liable under the terms of this Paragraph 1.2. Tenant may not perform any sampling, testing, or
drilling to locate any Hazardous Materials on the Premises without Landlord’s prior written consent, not to be unreasonably withheld or delayed. 

1.2.5 Without limiting the above, Tenant shall reimburse, defend, indemnify and hold Landlord harmless from and against any and all claims,
losses, liabilities, damages, costs and expenses, including without limitation, loss of rental income, loss due to business interruption, and attorneys fees and costs, arising out of or in any way connected with the use, manufacture, storage, or
disposal of Hazardous Materials by Tenant, its agents or contractors on, under or about the Premises including, without limitation, the costs of any required or necessary investigation, repair, cleanup or detoxification and the preparation of any
closure or other required plans in connection herewith, whether voluntary or compelled by governmental authority. The indemnity obligations of Tenant under this clause shall survive any termination of the Lease. At Landlord’s option, Tenant
shall perform any required or necessary investigation, repair, cleanup, or detoxification of the Premises. In such case, Landlord shall have the right, in its reasonable discretion, to approve all plans, consultants, and cleanup standards. Tenant
shall provide Landlord on a timely basis with (i) copies of all documents, reports, and communications with governmental authorities; and (ii) notice and an opportunity to attend all meetings with regulatory authorities. Tenant shall
comply with all notice requirements and Landlord and Tenant agree to cooperate with governmental authorities seeking access to the Premises for purposes of sampling or inspection. Absent Landlord’s gross negligence or willful misconduct, no
disturbance of Tenant’s use of the Premises resulting from activities conducted pursuant to this Paragraph shall constitute an actual or constructive eviction of Tenant from the Premises. In the event that such cleanup extends beyond the
termination of the Lease, Tenant’s obligation to pay rent (including additional rent and 

  
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percentage rent, if any) shall continue until (x) such cleanup is completed and any certificate of clearance or similar document has been delivered to Landlord, or (y) the Premises is
re-leased and the replacement tenant has taken occupancy and has commenced the payment of rent, whichever is earlier. Rent during such holdover period shall be at market rent; if the parties are unable to agree upon the amount of such market rent,
then Landlord shall have the option of (a) increasing the rent for the period of such holdover based upon the increase in the cost-of-living from the third month preceding the commencement date to the third month preceding the start of the
holdover period, using such indices and assumptions and calculations as Landlord in its sole reasonable judgment shall determine are necessary; or (b) having Landlord and Tenant each appoint a qualified MAI appraiser doing business in the area;
in turn, these two independent MAI appraisers shall appoint a third MAI appraiser and the majority shall decide upon the fair market rental for Premises as of the expiration of the then current term. Landlord and Tenant shall equally share in the
expense of this appraisal except that in the event the rent is found to be within fifteen percent of the original rate quoted by Landlord, then Tenant shall bear the full cost of all the appraisal process. In no event shall the rent be subject to
determination or modification by any person, entity, court, or authority other than as set forth expressly herein, and in no event shall the rent for any holdover period be less that the rent due in the preceding period. 

1.2.6 Notwithstanding anything set forth in this Lease, Tenant shall only be responsible for contamination of Hazardous Materials or any
cleanup resulting directly therefrom, resulting directly from matters occurring or Hazardous Materials deposited (other than by contractors, agents or representatives controlled by Landlord) during the Lease term as a result of the act of omission
of Tenant, its agents, employees, representatives or contractors, and any other period of time during which Tenant is in actual or constructive occupancy of the Premises. Tenant shall take reasonable precautions to prevent the contamination of the
Premise with Hazardous Materials by third parties. 
 1.2.7 It shall not be unreasonable for Landlord to withhold its consent to any
proposed Assignment or Sublease if (i) the proposed Assignee’s or Sublessee’s anticipated use of the Premises involves the generation, storage, use, treatment or disposal of Hazardous Materials different from Tenant’s use;
(ii) the proposed Assignee or Sublessee has been required by any prior landlord, lender, or governmental authority to take remedial action in connection with Hazardous Materials contaminating a property if the contamination resulted from such
Assignee’s or Sublessee’s actions or use of the property in question; or (iii) the proposed Assignee or Sublessee is subject to a violation order issued by any governmental authority in connection with the use, disposal, or storage of
a hazardous material. 
 1.2.8 Any of Tenant’s insurance insuring against claims of the type dealt with in this Paragraph 1.2
shall be considered primary coverage for claims against the Property arising out of or under this paragraph. 
 1.2.9 In the event of
(i) any transfer of Tenant’s interest under this Lease; or (ii) the termination of this Lease, by lapse of time or otherwise, Tenant shall be solely responsible for compliance with any and all then effective federal, state or local
laws concerning (i) the presence of hazardous or toxic materials in or on the Premises, Building, or Property (for example, the New Jersey Environmental Cleanup Responsibility Act, the Illinois Responsible Property Transfer Act, or similar
applicable state laws), including but not limited to any reporting or filing requirements imposed by such laws. Tenant’s duty to pay rent, additional rent, and percentage rent shall continue until the obligations imposed by such laws are
satisfied in full and any certificate of clearance or similar document has been delivered to Landlord. 
 1.2.10 All consents given by
Landlord pursuant to this Paragraph 1.2 shall be in writing and shall be attached as amendments to this Lease. 
 1.2.11 Landlord
represents to Tenant that, to Landlord’s knowledge, the Premises and Building do not contain any Hazardous Materials. The foregoing representation is wholly subject to and qualified by (i) any matters disclosed in any materials (e.g.,
existing environmental reports) made available by Landlord for Tenant’s inspection, (ii) any matters disclosed in any environmental reports or studies obtained by Tenant prior to the Commencement Date, and (iii) any other matters
known to Tenant. “Landlord’s knowledge” means the actual knowledge, without duty of investigation, of the employees of Landlord’s property manager having day-to-day responsibility for the management and leasing of the Premises.
The breach or inaccuracy of such representation shall in no event give rise to any right of termination. 

  
 3 

 2. TERM. 

2.1 The Term of this Lease shall begin on the date (“Commencement Date”) which shall be the later of the Scheduled Commencement Date
as shown on the Reference Page or the date that Landlord shall tender possession of the Premises to Tenant. Landlord shall tender possession of the Premises free of any tenants or occupants and in broom clean condition, with all the work, if any, to
be performed by Landlord pursuant to Exhibit B to this Lease substantially completed. Tenant shall deliver a punch list of items not completed within 30 days after Landlord tenders possession of the Premises and Landlord agrees to proceed
with due diligence to perform its obligations regarding such items. Landlord and Tenant shall execute a memorandum setting forth the actual Commencement Date and Termination Date. 

2.2 Tenant agrees that in the event of the inability of Landlord to deliver possession of the Premises on the Scheduled Commencement Date,
Landlord shall not be liable for any damage resulting from such inability, but Tenant shall not be liable for any rent until the time when Landlord can, after notice to Tenant, deliver possession of the Premises to Tenant. No such failure to give
possession on the Scheduled Commencement Date shall affect the other obligations of Tenant under this Lease, except that if Landlord is unable to deliver possession of the Premises within sixty (60) days of the Scheduled Commencement Date
(other than as a result of strikes, shortages of materials or similar matters beyond the reasonable control of Landlord and Tenant is notified by Landlord in writing as to such delay), Tenant shall have the option to terminate this Lease unless said
delay is as a result of: (a) Tenant’s failure to agree to plans and specifications; (b) Tenant’s request for materials, finishes or installations other than Landlord’s standard except those, if any, that Landlord shall have
expressly agreed to furnish without extension of time agreed by Landlord; (c) Tenant’s change in any plans or specifications; or, (d) performance or completion by a party employed by Tenant. If any delay is the result of any of the
foregoing, the Commencement Date and the payment of rent under this Lease shall be accelerated by the number of days of such delay. 
 2.3
In the event Landlord shall permit Tenant to occupy the Premises prior to the Commencement Date, such occupancy shall be subject to all the provisions of this Lease. Said early possession shall not advance the Termination Date. 

3. RENT. 
 3.1 Effective as of the Rent
Commencement Date, Tenant agrees to pay to Landlord the Annual Rent in effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Term, except that the first
month’s rent shall be paid upon the execution of this Lease. The Monthly Installment of Rent in effect at any time shall be one-twelfth of the Annual Rent in effect at such time. Rent for any period during the Term which is less than a full
month shall be a prorated portion of the Monthly Installment of Rent based upon a thirty (30) day month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the Landlord’s address, as set forth
on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in writing. 
 3.2 Tenant
recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore
agrees that if rent or any other sum is not paid when due and payable pursuant to this Lease, a late charge shall be imposed in an amount equal to the greater of: (a) Fifty Dollars ($50.00), or (b) a sum equal to five percent (5%) per
month of the unpaid rent or other payment. The amount of the late charge to be paid by Tenant shall be reassessed and added to Tenant’s obligation for each successive monthly period until paid. The provisions of this Section 3.2 in no way
relieve Tenant of the obligation to pay rent or other payments on or before the date on which they are due, nor do the terms of this Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 in the event said rent or
other payment is unpaid after date due. 

  
 4 

 Notwithstanding the foregoing, Tenant shall be entitled, not more than once per calendar year, to a notice of
non-payment and a five-day grace period thereafter before a late charge may be assessed. 
 4. RENT ADJUSTMENTS. 

4.1 For the purpose of this Article 4, the following terms are defined as follows: 

4.1.1 Lease Year: Each calendar year falling partly or wholly within the Term. 

4.1.2 Direct Expenses: All direct costs of operation, maintenance, repair and management of the Building (including the amount of any
credits which Landlord may grant to particular tenants of the Building in lieu of providing any standard services or paying any standard costs described in this Section 4.1.2 for similar tenants), as determined in accordance with generally
accepted accounting principles, including the following costs by way of illustration, but not limitation: water and sewer charges; insurance charges of or relating to all insurance policies and endorsements deemed by Landlord to be reasonably
necessary or desirable and relating in any manner to the protection, preservation, or operation of the Building or any part thereof; utility costs, including, but not limited to, the cost of heat, light, power, steam, gas, and waste disposal; the
cost of janitorial services; the cost of security and alarm services (including any central station signaling system); window cleaning costs; labor costs; costs and expenses of managing the Building including management fees; air conditioning
maintenance costs; elevator maintenance fees and supplies; material costs; equipment costs including the cost of maintenance, repair and service agreements and rental and leasing costs; purchase costs of equipment other than capital items; current
rental and leasing costs of items which would be amortizable capital items if purchased; tool costs; licenses, permits and inspection fees; wages and salaries; employee benefits and payroll taxes; accounting and legal fees; any sales, use or service
taxes incurred in connection therewith. Direct Expenses shall not include depreciation or amortization of the Building or equipment in the Building except as provided herein, loan principal payments, costs of alterations of tenants’ premises,
leasing commissions, interest expenses on long-term borrowings, advertising costs or management salaries for executive personnel other than personnel located at the Building. If, during the Term of this Lease, Landlord shall make a capital
expenditure, the total cost of which is not properly includable in Direct Expenses for the Lease Year in which it was made, there shall nevertheless be included in such Direct Expenses for the Lease Year in which it was made and in Direct Expenses
for each succeeding Lease Year an annual amount which would amortize such cost over the useful life of the expenditure in question. All such costs shall be amortized over the reasonable life of such expenditures in accordance with such reasonable
life and amortization schedules as shall be determined by Landlord in accordance with generally accepted accounting principles, with interest on the unamortized amount at one percent (1%) in excess of the prime lending rate announced from time
to time as such by The Northern Trust Company of Chicago, Illinois. Without limiting the generality of the foregoing, Landlord shall be entitled to amortize and include as an additional rental adjustment: (i) an allocable portion of the cost of
capital improvement items which are reasonably calculated to reduce operating expenses; (ii) fire sprinklers and suppression systems and other life safety systems; and (iii) other capital expenses which are required under any governmental
laws, regulations or ordinances which were not applicable to the Building at the time it was constructed. The following items are not included in Direct Expenses: 

4.1.2.1 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 Building; 
 4.1.2.2 Advertising and promotional expenditures incurred to lease space to
new tenants or retain existing tenants; 
 4.1.2.3 Legal fees and expenses incurred by Landlord to resolve disputes with tenants; 

4.1.2.4 Cost of replacement of any items covered under warranty; 

4.1.2.5 Cost to correct or any penalty or fine incurred by Landlord due to Landlord’s violation of any federal, stated or local law or
regulation; 
 4.1.2.6 The Landlord’s general corporate overhead and administrative expenses; 

  
 5 

 4.1.2.7 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; 
 4.1.2.8
Cost of repairs caused by the Landlord’s negligence; 
 4.1.2.9 Interest or penalties for any late payments by Landlord; 

4.1.2.10 Costs (including, without limitation, attorneys’ fees and disbursements) incurred in connection with any judgment, settlement
or arbitration award resulting from any tort liability; 
 4.1.2.11 Compensation paid to any Building employee to the extent that the same
is not fairly allocable to the work or service provided by such employee to the Building; 
 4.1.2.12 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); 
 4.1.2.13 Costs of any heating, ventilating, air conditioning, janitorial or other Building services provided to other
tenants during other than Building business hours; 
 4.1.2.14 Rent or other charges payable under any ground or underlying lease; 

4.1.2.15 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 in the Building (if any); 
 4.1.2.16 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); 
 4.1.2.17 The cost of furnishing and installing
replacement light bulbs and ballasts in any tenant areas of the Building, excluding the Premises; 
 4.1.2.18 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; 

4.1.2.19 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 building project; 
 4.1.2.20 Costs of any work or service performed for any facility
or property other than the Building; 
 4.1.2.21 Any expenses related exclusively to any retail or storage space in, on or about the
Building or appurtenant or adjacent thereto; and 
 4.1.2.22 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 Building’s HVAC system. 
 All Direct Expenses
shall be entirely net of rebates, credits and similar items of which Landlord receives the benefit.” 

  
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 4.1.3 Taxes: Real estate taxes and any other taxes, charges and assessments which are
levied with respect to the Building or the land appurtenant to the Building, or with respect to any improvements, fixtures and equipment or other property of Landlord, real or personal, located in the Building and used in connection with the
operation of the Building and said land, any payments to any ground lessor in reimbursement of tax payments made by such lessor; and all fees, expenses and costs incurred by Landlord in investigating, protesting, contesting or in any way seeking to
reduce or avoid increase in any assessments, levies or the tax rate pertaining to any Taxes to be paid by Landlord in any Lease Year. Taxes shall not include any corporate franchise, or estate, inheritance or net income tax, or tax imposed upon any
transfer by Landlord of its interest in this Lease or the Building. 
 4.2 Tenant shall pay as additional rent for each Lease Year
Tenant’s Proportionate Share of Direct Expenses and Taxes incurred for such Lease Year. 
 4.3 The annual determination of Direct
Expenses shall be made by Landlord and, if certified by a nationally recognized firm of public accountants selected by Landlord, shall be binding upon Landlord and Tenant. Tenant may review the books and records supporting such determination 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 determination, but in no event more often than once in any
one year period. In the event that during all or any portion of any Lease Year, the Building is not fully rented and occupied Landlord may make any appropriate adjustment in occupancy-related Direct Expenses for such year for the purpose of avoiding
distortion of the amount of such Direct Expenses to be attributed to Tenant by reason of variation in total occupancy of the Building, by employing sound accounting and management principles to determine Direct Expenses that would have been paid or
incurred by Landlord had the Building been fully rented and occupied, and the amount so determined shall be deemed to have been Direct Expenses for such Lease Year. 

4.4 Prior to the actual determination thereof for a Lease Year, Landlord may from time to time reasonably estimate, using the prior
year’s costs and expenses as a guide, Tenant’s liability for Direct Expenses and/or Taxes under Section 4.2, Article 6 and Article 29 for the Lease Year or portion thereof. Landlord will give Tenant written notification of
the amount of such estimate and Tenant agrees that it will pay, by increase of its Monthly Installments of Rent due in such Lease Year, additional rent in the amount of such estimate. Any such increased rate of Monthly Installments of Rent pursuant
to this Section 4.4 shall remain in effect until further written notification to Tenant pursuant hereto. 
 4.5 When the above
mentioned actual determination of Tenant’s liability for Direct Expenses and/or Taxes is made for any Lease Year and when Tenant is so notified in writing, then: 

4.5.1 If the total additional rent Tenant actually paid pursuant to Section 4.3 on account of Direct Expenses and/or Taxes for the Lease
Year is less than Tenant’s liability for Direct Expenses and/or Taxes, then Tenant shall pay such deficiency to Landlord as additional rent in one lump sum within thirty (30) days of receipt of Landlord’s bill therefor; and 

4.5.2 If the total additional rent Tenant actually paid pursuant to Section 4.3 on account of Direct Expenses and/or Taxes for the Lease
Year is more than Tenant’s liability for Direct Expenses and/or Taxes, then Landlord shall credit the difference against the then next due payments to be made by Tenant under this Article 4. 

4.6 If the Commencement Date is other than January 1 or if the Termination Date is other than December 31, Tenant’s liability
for Direct Expenses (estimated or otherwise) and Taxes for the Lease Year in which said Date occurs shall be prorated based upon a three hundred sixty-five (365) day year. 

5. SECURITY DEPOSIT. 
 5.1 Tenant shall
deposit the Security Deposit with Landlord upon the execution of this Lease. Said sum shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by
Tenant and not as an advance rental deposit or as a measure of 

  
 7 

 
Landlord’s damage in case of Tenant’s default. If an Event of Default occurs with respect to any provision of this Lease, Landlord may use any part of the Security Deposit for the
payment of any rent or any other sum in default, or for the payment of any amount which Landlord may spend or become obligated to spend by reason of Tenant’s default, or to compensate Landlord for any other loss or damage which Landlord may
suffer by reason of Tenant’s default. If any portion is so used, Tenant shall within five (5) days after written demand therefor, deposit with Landlord an amount sufficient to restore the Security Deposit to its original amount and
Tenant’s failure to do so shall be a material breach of this Lease unless Tenant provides a good faith basis to dispute the charge to be applied against the Security Deposit, but this right to dispute shall not apply where the Security
Deposit is applied against unpaid amounts of the Monthly Installment of Rent. Except to such extent, if any, as shall be required by law, Landlord shall not be required to keep the Security Deposit separate from its general funds, and Tenant shall
not be entitled to interest on such deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant at such time within thirty
(30) days after termination of this Lease when Landlord shall have determined that all of Tenant’s obligations under this Lease have been fulfilled. 

5.2 The Security Deposit provided for above shall be in the form of a letter of credit consistent with the terms of this paragraph 5.2.
Simultaneously with the execution and delivery of this Lease, Tenant shall deliver to Landlord an Irrevocable Standby Letter of Credit (the “letter of credit”) in the amount of $171,154.50 (eleven months of rent) and in favor of Landlord
as beneficiary. 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 draw down the full balance of the letter of credit, retain the proceeds
and/or apply said proceeds as provided in said paragraph 5.1. The following terms and conditions shall govern the letter of credit: 
 5.2.1
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: 

5.2.1.1 The letter of credit amount may be reduced to $93,357 (six months of 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. 
 5.2.1.2 The letter of credit amount may be
reduced to $46,678.50 (three months of 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. 

5.2.1.3 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. 
 5.2.2 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 paragraph 5.2 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 Commencement Date. 

5.2.3 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 Termination Date (“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. 

5.2.4 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 

  
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 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 August 20, 2001, between TMT 290 INDUSTRIAL PARK, INC., Landlord, and ASPEN AEROGELS, INC.., Tenant, as amended from time to time.” 

5.2.5 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. 

5.2.6 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. 
 5.2.7 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 of 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 paragraph
5.2 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 by as a Security Deposit under paragraph 5.1. So long as no Event of Default occurs, the amount so retained by Landlord will be reduced as set forth in paragraph 5.2.1 above, with the final balance to be released when
Tenant is entitled to the return of its Security Deposit. 
 5.2.8 The letter of credit form attached hereto as Exhibit E is
hereby approved. 
 6. ALTERATIONS. 

6.1 Except for those, if any, specifically provided for in Exhibit B to this Lease, Tenant shall not make or suffer to be made any
alterations, additions, or improvements, including, but not limited to, the attachment of any fixtures or equipment in, on, or to the Premises or any part thereof or the making of any improvements as required by Article 7, without the prior
written consent of Landlord. When applying for such consent, Tenant shall, if requested by Landlord, furnish complete plans and specifications for such alterations, additions and improvements. Landlord’s consent shall not be required (but
notice to Landlord shall be required) with respect to de minimus alterations which (i) are not structural in nature, (ii) are not visible from the exterior of the Building, (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 $10,000 in aggregate in any calendar year. 

6.2 Except for those alterations listed on Exhibit B, in the event Landlord consents to the making of any such alteration, addition or
improvement by Tenant, the same shall be made using a licensed contractor reasonably approved by Landlord at Tenant’s sole cost and expense. If Tenant shall employ any Contractor and such Contractor or any Subcontractor of such Contractor shall
employ any non-union labor or supplier, Tenant shall be responsible for any and all delays, damages and extra costs suffered by Landlord as a result of any dispute with any labor unions concerning the wage, hours, terms or conditions of the
employment of any such labor. In any event Landlord may charge Tenant a reasonable charge to cover its direct out-of-pocket overhead as it relates to such proposed work. 

  
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 6.3 All alterations, additions or improvements proposed by Tenant shall be constructed in
accordance with all government laws, ordinances, rules and regulations and Tenant shall, prior to construction, provide the additional insurance required under Article 11 in such case, and also all such assurances to Landlord, including but not
limited to, waivers of lien, surety company performance bonds and personal guaranties of individuals of substance as Landlord shall reasonably require to assure payment of the costs thereof and to protect Landlord and the Building and appurtenant
land against any loss from any mechanic’s, materialmen’s or other liens. Tenant shall pay in addition to any sums due pursuant to Article 4, any increase in real estate taxes attributable to any such alteration, addition or
improvement for so long, during the Term, as such increase is ascertainable; at Landlord’s election said sums shall be paid in the same way as sums due under Article 4. 

6.4 All alterations, additions, and improvements, except any manufacturing equipment, whether attached to the Premises or not, in, on, or to
the Premises made or installed by Tenant, including carpeting, shall be and remain the property of Tenant during the Term but, excepting furniture, furnishings, movable partitions of less than full height from floor to ceiling and other trade
fixtures, shall become a part of the realty and belong to Landlord without compensation to Tenant upon the expiration or sooner termination of the Term, at which time title shall pass to Landlord under this Lease as by a bill of sale, unless
Landlord elects otherwise. Upon such election by Landlord, Tenant shall upon demand by Landlord, at Tenant’s sole cost and expense, forthwith and with all due diligence remove any such alterations, additions or improvements which are designated
by Landlord to be removed, and Tenant shall forthwith and with all due diligence, at its sole cost and expense, repair and restore the Premises to their original condition, reasonable wear and tear and damage by fire or other casualty excepted. 

7. REPAIR. 
 7.1 Landlord shall have no
obligation to alter, remodel, improve, repair, decorate or paint the Premises, except as specified in Exhibit B if attached to this Lease and except that Landlord shall repair and maintain the structural portions of the roof, walls and
foundation of the Building. By taking possession of the Premises, Tenant accepts them as being in good order, condition and repair and in the condition in which Landlord is obligated to deliver them. It is hereby understood and agreed that no
representations respecting the condition of the Premises or the Building have been made by Landlord to Tenant, except as specifically set forth in this Lease. Landlord shall not be liable for any failure to make any repairs or to perform any
maintenance unless such failure shall persist for an unreasonable time after written notice of the need of such repairs or maintenance is given to Landlord by Tenant. 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 and the Building to be cleaned and maintained regularly, and (5) to maintain and repair the Building as necessary to apply with all applicable government requirements, including without limitation the make-up air system.
The cost of performance of Landlord’s obligations under this paragraph is included in Direct Expenses as provided in Paragraph 4.1.2. 

7.2 Tenant shall at its own cost and expense keep and maintain all parts of the Premises and such portion of the Building and improvements as
are within the exclusive control of Tenant in good condition, promptly making all necessary repairs and replacements, whether ordinary or extraordinary, with materials and workmanship of the same character, kind and quality as the original
(including, but not limited to, repair and replacement of all fixtures installed by Tenant, water heaters serving the Premises, windows, glass and plate glass, doors, skylights, any special office entries, interior walls and finish work, floors and
floor coverings, heating and air conditioning systems serving the Premises, electrical systems and fixtures, sprinkler systems, dock boards, truck doors, dock bumpers, plumbing work and fixtures, and performance of regular removal of trash and
debris). Tenant as part of its obligations hereunder shall keep the Premises in a clean and sanitary condition. Tenant will, as far as possible keep all such parts of the Premises from deterioration due to ordinary wear and from falling temporarily
out of repair, and upon termination of this Lease in any way Tenant will yield up the Premises to Landlord in good condition and repair, loss by fire or other casualty excepted (but not excepting any damage to glass). Tenant shall, at its own cost
and expense, repair any damage to the Premises or the Building resulting from and/or caused in whole or in part by the negligence or misconduct of Tenant, its agents, employees, invitees, or any other person entering upon the Premises as a result of
Tenant’s business activities or caused by Tenant’s default hereunder. 

  
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 7.3 Except as provided in Article 22, there shall be no abatement of rent and no liability
of Landlord by reason of any injury to or interference with Tenant’s business arising from the making of any repairs, alterations or improvements in or to any portion of the Building or the Premises or to fixtures, appurtenances and equipment
in the Building. Except to the extent, if any, prohibited by law, Tenant waives the right to make repairs at Landlord’s expense under any law, statute or ordinance now or hereafter in effect. 

7.4 Tenant shall, at its own cost and expense, enter into a regularly scheduled preventive maintenance/service contract with a maintenance
contractor reasonably approved by Landlord for servicing all heating and air conditioning systems and equipment exclusively serving the Premises (and a copy thereof shall be furnished to Landlord). The service contract must include all services
suggested by the equipment manufacturer in the operation/maintenance manual and must become effective within thirty (30) days of the date Tenant takes possession of the Premises. Landlord may, upon notice to Tenant, enter into such a
maintenance/ service contract on behalf of Tenant or perform the work and in either case, charge Tenant the cost thereof along with a reasonable amount for Landlord’s overhead. 

7.5 If by reason of the failure of Landlord to furnish electrical, plumbing, HVAC or water service (“Critical Services”) required to
be provided by Landlord and without fault of Tenant, whether such failure is excused by reason of force majeure or constitutes an unexcused default, and if Tenant’s ability to conduct business at the Premises is materially and adversely
affected for five (5) consecutive days or more and notice thereof has been given to Landlord (and whether or not Tenant elects to exercise its rights of self-help) Tenant shall have the right to a full abatement of Rent, Direct Expenses and
other charges payable by Tenant hereunder retroactively from the date Critical Services (or any of them) have ceased until such time as such Critical Service(s) have been restored. If Critical Service(s) can not be restored and Tenant’s ability
to conduct business at the Premises has been materially and adversely affected for a period of one hundred twenty (120) days after notice thereof to Landlord, Tenant may terminate this Lease upon no less than fifteen (15) days notice to
Landlord unless such Critical Services are restored during said 15 day period. 
 7.6 If necessary by reason of an emergency, or by
reason of an imminent threat of injury to persons or damage to property, Tenant may cure a failure by Landlord to perform its obligations under Paragraph 7.1, at the expense and for the account of Landlord, but only after oral or written notice
and such opportunity as is reasonable under the circumstances to cause the cure thereof by Landlord. 
 8. LIENS. Tenant shall keep the Premises, the
Building and appurtenant land and Tenant’s leasehold interest in the Premises free from any liens arising out of any services, work or materials performed, furnished, or contracted for by Tenant, or obligations incurred by Tenant. In the event
that Tenant shall not, within ten (10) days following the imposition of any such lien, either cause the same to be released of record or provide Landlord with insurance against the same issued by a major title insurance company or such other
protection against the same as Landlord shall accept, Landlord shall have the right to cause the same to be released by such means as it shall deem proper, including payment of the claim giving rise to such lien. All such sums paid by Landlord and
all expenses incurred by it in connection therewith shall be considered additional rent and shall be payable to it by Tenant on demand. 
 9. ASSIGNMENT
AND SUBLETTING. 
 9.1 Tenant shall not have the right to assign or pledge this Lease or to sublet the whole or any part of the Premises
whether voluntarily or by operation of law, or permit the use or occupancy of the Premises by anyone other than Tenant, and shall not make, suffer or permit such assignment, subleasing or occupancy, without the prior written consent of Landlord,
such consent not to be unreasonably withheld, and said restrictions shall be binding upon any and all assignees of the Lease and subtenants of the Premises. In the event Tenant desires to sublet, or permit such occupancy of, the Premises, or any
portion thereof, or assign this Lease, Tenant shall give written notice thereof to Landlord at least thirty (30) days but no more than one hundred eighty (180) days prior to the proposed commencement date of such subletting or assignment,
which notice shall set forth the name of the proposed subtenant or assignee, the relevant terms of any sublease or assignment and copies of financial reports and other relevant financial reports and other relevant financial information of the
proposed subtenant or assignee. 
 9.2 Notwithstanding any assignment or subletting, permitted or otherwise, Tenant shall at all times
remain directly, primarily and fully responsible and liable for the payment of the rent specified in this Lease and for 

  
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compliance with all of its other obligations under the terms, provisions and covenants of this Lease. Upon the occurrence of an Event of Default, if the Premises or any part of them are then
assigned or sublet, Landlord, in addition to any other remedies provided in this Lease or provided by law, may, at its option, collect directly from such assignee or subtenant all rents due and becoming due to Tenant under such assignment or
sublease and apply such rent against any sums due to Landlord from Tenant under this Lease, and no such collection shall be construed to constitute a novation or release of Tenant from the further performance of Tenant’s obligations under this
Lease. 
 9.3 In addition to Landlord’s right to approve of any subtenant or assignee, Landlord shall have the option, in its sole
discretion, in the event of any proposed subletting or assignment, to terminate this Lease, or in the case of a proposed subletting of less than the entire Premises, to recapture the portion of the Premises to be sublet, as of the date the
subletting or assignment is to be effective. The option shall be exercised, if at all, by Landlord giving Tenant written notice given by Landlord to Tenant within sixty (60) days following Landlord’s receipt of Tenant’s written notice
as required above. If this Lease shall be terminated with respect to the entire Premises pursuant to this Section, the Term of this Lease shall end on the date stated in Tenant’s notice as the effective date of the sublease or assignment as if
that date had been originally fixed in this Lease for the expiration of the Term. If Landlord recaptures under this Section only a portion of the Premises, the rent to be paid from time to time during the unexpired Term shall abate proportionately
based on the proportion by which the approximate square footage of the remaining portion of the Premises shall be less than that of the Premises as of the date immediately prior to such recapture. Tenant shall, at Tenant’s own cost and expense,
discharge in full any outstanding commission obligation on the part of Landlord with respect to this Lease, and any commissions which may be due and owing as a result of any proposed assignment or subletting, whether or not the Premises are
recaptured pursuant to this Section 9.3 and rented by Landlord to the proposed tenant or any other tenant. 
 9.4 In the event that
Tenant sells, sublets, assigns or transfers this Lease, Tenant shall pay to Landlord as additional rent an amount equal to seventy-five percent (75%) of any Increased Rent (as defined below) when and as such Increased Rent is received by
Tenant, but after Tenant has first recovered, out of 100% of increased rent, its reasonable attorneys’ fees, leasing commissions and tenant improvement costs incurred in connection with such transfer. As used in this Section, “Increased
Rent” shall mean the excess of (i) all rent and other consideration which Tenant is entitled to receive by reason of any sale, sublease, assignment or other transfer of this Lease, over (ii) the rent otherwise payable by Tenant under
this Lease at such time. For purposes of the foregoing, any consideration received by Tenant in form other than cash shall be valued at its fair market value as determined by Landlord in good faith. 

9.5 Notwithstanding any other provision hereof, Tenant shall have no right to make (and Landlord shall have the absolute right to refuse
consent to) any assignment of this Lease or sublease of any portion of the Premises if at the time of either Tenant’s notice of the proposed assignment or sublease or the proposed commencement date thereof, there shall exist any uncured default
of Tenant or matter which will become a default of Tenant with passage of time unless cured, or if the proposed assignee or sublessee is an entity: (a) with which Landlord is already in negotiation as evidenced by the issuance of a written
proposal; (b) is already an occupant of the Building unless Landlord is unable to provide the amount of space required by such occupant; (c) is a governmental agency; (d) is incompatible with the character of occupancy of the
Building; or (e) would subject the Premises to a use which would: (i) involve increased personnel or wear upon the Building; (ii) violate any exclusive right granted to another tenant of the Building; (iii) require any addition
to or modification of the Premises or the Building in order to comply with building code or other governmental requirements; or, (iv) involve a violation of Section 1.2. Tenant expressly agrees that Landlord shall have the absolute right
to refuse consent to any such assignment or sublease and that for the purposes of any statutory or other requirement of reasonableness on the part of Landlord such refusal shall be reasonable. 

9.6 Upon any request to assign or sublet, Tenant will pay to Landlord the Assignment/Subletting Fee plus, on demand, a sum equal to all of
Landlord’s reasonable costs, including reasonable attorney’s fees, incurred in investigating and considering any proposed or purported assignment or pledge of this Lease or sublease of any of the Premises, regardless of whether Landlord
shall consent to, refuse consent, or determine that Landlord’s consent is not required for, such assignment, pledge or sublease. Any purported sale, assignment, mortgage, transfer of this Lease or subletting which does not comply with the
provisions of this Article 9 shall be void. 

  
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 9.7 If Tenant is a corporation, partnership or trust, any transfer or transfers of or change or
changes within any twelve month period in the number of the outstanding voting shares of the corporation, the general partnership interests in the partnership or the identity of the persons or entities controlling the activities of such partnership
or trust resulting in the persons or entities owning or controlling a majority of such shares, partnership interests or activities of such partnership or trust at the beginning of such period no longer having such ownership or control shall be
regarded as equivalent to an assignment of this Lease to the persons or entities acquiring such ownership or control and shall be subject to all the provisions of this Article 9 to the same extent and for all intents and purposes as though such
an assignment. 
 9.8 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: 

9.8.1 Tenant shall not then be in default under this Lease; 

9.8.2 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; 

9.8.3 the Premises shall continue to be operated solely for the use specified in the Reference Page or other use acceptable to Landlord in its
sole discretion; 
 9.8.4 any guarantor of this Lease reaffirms that its Guaranty remains in full force and effect; and 

9.8.5 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
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. 

10. INDEMNIFICATION. None of the Landlord Entities shall be liable and Tenant hereby waives all claims against them for any damage to any property or
any injury to any person in or about the Premises or the Building by or from any cause whatsoever (including without limiting the foregoing, rain or water leakage of any character from the roof, windows, walls, basement, pipes, plumbing works or
appliances, the Building not being in good condition or repair, gas, fire, oil, electricity or theft), except that 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. Tenant shall protect, indemnify and hold the Landlord Entities harmless from and against any and all loss, claims, liability or costs (including court costs and
attorney’s fees) incurred by reason of (a) any damage to any property (including but not limited to property of any Landlord Entity) or any injury (including but not limited to death) to any person occurring in, on or about the Premises or
the Building to the extent that such injury or damage shall be caused by or arise from any actual or alleged act, neglect, fault, or omission by or of Tenant, its agents, servants, employees, invitees, or visitors to meet any standards imposed by
any duty with respect to the injury or damage; (b) the conduct or management of any work or thing whatsoever done by the Tenant in or about the Premises or from transactions of the Tenant concerning the Premises; (c) Tenant’s failure
to comply with any and all governmental laws, ordinances and regulations applicable to the condition or use of the Premises or its occupancy; or (d) any breach or default on the part of Tenant in the performance of any covenant or agreement on
the part of the Tenant to be performed pursuant to this Lease. The provisions of this Article shall survive the termination of this Lease with respect to any claims or liability accruing prior to such termination. 

  
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 11. INSURANCE. 

11.1 Tenant shall keep in force throughout the Term: (a) a Commercial General Liability insurance policy or policies to protect the
Landlord Entities against any liability to the public or to any invitee of Tenant or a Landlord Entity incidental to the use of or resulting from any accident occurring in or upon the Premises with a limit of not less than $1,000,000.00 per
occurrence and not less than $2,000,000.00 in the annual aggregate, or such larger amount as Landlord may prudently require from time to time, covering bodily injury and property damage liability and $1,000,000 products/completed operations
aggregate; (b) Business Auto Liability covering owned, non-owned and hired vehicles with a limit of not less than $1,000,000 per accident; (c) insurance protecting against liability under Worker’s Compensation Laws with limits at
least as required by statute; (d) Employers Liability with limits of $500,000 each accident, $500,000 disease policy limit, $500,000 disease—each employee; (e) All Risk or Special Form coverage protecting Tenant against loss of or
damage to Tenant’s alterations, additions, improvements, carpeting, floor coverings, panelings, decorations, fixtures, inventory and other business personal property situated in or about the Premises to the full replacement value of the
property so insured; and, (f) Business Interruption Insurance with limit of liability representing loss of at least approximately six months of income. 

11.2 Each of the aforesaid policies shall (a) be provided at Tenant’s expense; (b) name the Landlord and building management
company, if any, as additional insureds; (c) be issued by an insurance company with a minimum Best’s rating of “A:VII” during the Term; and (d) provide that said insurance shall not be canceled unless thirty (30) days
prior written notice (ten days for non-payment of premium) shall have been given to Landlord; and said policy or policies or certificates thereof shall be delivered to Landlord by Tenant upon the Commencement Date and at least thirty (30) days
prior to each renewal of said insurance. 
 11.3 Whenever Tenant shall undertake any alterations, additions or improvements in, to or about
the Premises (“Work”) the aforesaid insurance protection must extend to and include injuries to persons and damage to property arising in connection with such Work, without limitation including liability under any applicable structural
work act, and such other insurance as Landlord shall require; and the policies of or certificates evidencing such insurance must be delivered to Landlord prior to the commencement of any such Work. 

12. WAIVER OF SUBROGATION. So long as their respective insurers so permit, Tenant and Landlord hereby mutually waive their respective rights of
recovery against each other for any loss insured by fire, extended coverage, All Risks or other insurance now or hereafter existing for the benefit of the respective party but only to the extent of the net insurance proceeds payable under such
policies. Each party shall obtain any special endorsements required by their insurer to evidence compliance with the aforementioned waiver. 
 13.
SERVICES AND UTILITIES. Tenant shall pay for all water, gas, heat, light, power, telephone, sewer, sprinkler system charges and other utilities and services used on or from the premises, together with any taxes, penalties, and surcharges or the
like pertaining thereto and any maintenance charges for utilities. Tenant shall furnish all electric light bulbs, tubes and ballasts, battery packs for emergency lighting and fire extinguishers for the Premises. If any such services are not
separately metered to Tenant, Tenant shall pay such proportion of all charges jointly metered with other premises as determined by Landlord, in its sole discretion, to be reasonable. Any such charges paid by Landlord and assessed against Tenant
shall be immediately payable to Landlord on demand and shall be additional rent hereunder. Landlord shall in no event be liable for any interruption or failure of utility services on or to the Premises. Landlord represents that 1,000 amp electrical
service is available to the Premises. 
 14. HOLDING OVER. Tenant shall pay Landlord for each day Tenant retains possession of the Premises or part
of them after termination of this Lease by lapse of time or otherwise at the rate (“Holdover Rate”) which shall be 150% of the greater of: (a) the amount of the Annual Rent for the last period prior to the date of such termination
plus all Rent Adjustments under Article 4; and, (b) the then market rental value of the Premises as determined by Landlord assuming a new lease of the Premises of the then usual duration and other terms, in either case prorated on a daily
basis, and also pay all damages sustained by Landlord by reason of such retention. If Landlord gives notice to Tenant of Landlord’s election to that effect, such holding over shall constitute renewal of this Lease for a period from month to
month or one year, whichever shall be specified in such notice, in either case at the Holdover Rate, 

  
 14 

 
but if the Landlord does not so elect, no such renewal shall result notwithstanding acceptance by Landlord of any sums due hereunder after such termination; and instead, a tenancy at sufferance
at the Holdover Rate shall be deemed to have been created. In any event, no provision of this Article 14 shall be deemed to waive Landlord’s right of reentry or any other right under this Lease or at law. 

15. SUBORDINATION. Without the necessity of any additional document being executed by Tenant for the purpose of effecting a subordination, this Lease
shall be subject and subordinate at all times to ground or underlying leases and to the lien of any mortgages or deeds of trust now or hereafter placed on, against or affecting the Building, Landlord’s interest or estate in the Building, or any
ground or underlying lease; provided, however, that if the lessor, mortgagee, trustee, or holder of any such mortgage or deed of trust elects to have Tenant’s interest in this Lease be superior to any such instrument, then, by notice to Tenant,
this Lease shall be deemed superior, whether this Lease was executed before or after said instrument. Notwithstanding the foregoing, Tenant covenants and agrees to execute and deliver upon demand such further instruments evidencing such
subordination or superiority of this Lease as may be required by Landlord. Tenant’s subordination to any future mortgage may be conditioned upon Tenant’s receipt of a commercially reasonable nondisturbance agreement. 

16. RULES AND REGULATIONS. Tenant shall faithfully observe and comply with all the rules and regulations as set forth in Exhibit C to this Lease
and all reasonable modifications of and additions to them from time to time put into effect by Landlord. Landlord shall not be responsible to Tenant for the non-performance by any other tenant or occupant of the Building of any such rules and
regulations. 
 17. REENTRY BY LANDLORD. 

17.1 Landlord reserves and shall at all times have the right (except in an emergency, on at least 48 hours prior notice and during normal
business hours) to re-enter the Premises to inspect the same, to show said Premises to prospective purchasers, mortgagees or, during the last six months of the Term, tenants, and to alter, improve or repair the Premises that is not being utilized by
a Tenant and any portion of the Building, without abatement of rent, and may for that purpose erect, use and maintain scaffolding, pipes, conduits and other necessary structures and open any wall, ceiling or floor in and through the Building and
Premises where reasonably required by the character of the work to be performed, provided entrance to the Premises shall not be blocked thereby, and further provided that the business of Tenant shall not be interfered with unreasonably. 

17.2 Landlord shall have the right at any time to change the arrangement and/or locations of entrances, or passageways, doors and doorways,
and corridors, windows, elevators, stairs, toilets or other public parts of the Building and to change the name, number or designation by which the Building is commonly known. However, Landlord shall have no right to alter the entrances to the
Premises. In the event that Landlord damages any portion of any wall or wall covering, ceiling, or floor or floor covering within the Premises, Landlord shall repair or replace the damaged portion to match the original as nearly as commercially
reasonable but shall not be required to repair or replace more than the portion actually damaged. 
 17.3 Except to the extent resulting
from Landlord’s negligence or willful misconduct, Tenant hereby waives any claim for damages for any injury or inconvenience to or interference with Tenant’s business, any loss of occupancy or quiet enjoyment of the Premises, and any other
loss occasioned by any action of Landlord authorized by this Article 17. Tenant agrees to reimburse Landlord, on demand, as additional rent, for any expenses which Landlord may incur in thus effecting compliance with Tenant’s obligations
under this Lease. 
 17.4 For each of the aforesaid purposes, Landlord shall at all times have and retain a key with which to unlock all of
the doors in the Premises, excluding Tenant’s vaults and safes or special security areas (designated in advance), and Landlord shall have the right to use any and all means which Landlord may deem proper to open said doors in an emergency to
obtain entry to any portion of the Premises. As to any portion to which access cannot be had by means of a key or keys in Landlord’s possession, Landlord is authorized to gain access by such means as Landlord shall elect and the cost of
repairing any damage occurring in doing so shall be borne by Tenant and paid to Landlord as additional rent upon demand in the event such entry is warranted by an emergency. 

  
 15 

 18. DEFAULT. 

18.1 Except as otherwise provided in Article 20, the following events shall be deemed to be Events of Default under this Lease: 

18.1.1 Tenant shall fail to pay when due any sum of money becoming due to be paid to Landlord under this Lease, whether such sum be any
installment of the rent reserved by this Lease, any other amount treated as additional rent under this Lease, or any other payment or reimbursement to Landlord required by this Lease, whether or not treated as additional rent under this Lease, and
such failure shall continue for a period of five days after written notice that such payment was not made when due, but if any such notice shall be given, for the twelve month period commencing with the date of such notice, the failure to pay within
five days after due any additional sum of money becoming due to be paid to Landlord under this Lease during such period shall be an Event of Default, without notice. 

18.1.2 Tenant shall fail to comply with any term, provision or covenant of this Lease which is not provided for in another Section of this
Article and shall not cure such failure within thirty (30) days (forthwith, if the failure involves a hazardous condition) after written notice of such failure to Tenant. 

18.1.3 Tenant shall fail to vacate the Premises immediately upon termination of this Lease, by lapse of time or otherwise, or upon termination
of Tenant’s right to possession only. 
 18.1.4 Tenant shall become insolvent, admit in writing its inability to pay its debts
generally as they become due, file a petition in bankruptcy or a petition to take advantage of any insolvency statute, make an assignment for the benefit of creditors, make a transfer in fraud of creditors, apply for or consent to the appointment of
a receiver of itself or of the whole or any substantial part of its property, or file a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws, as now in effect or hereafter amended, or any other applicable law or
statute of the United States or any state thereof. 
 18.1.5 A court of competent jurisdiction shall enter an order, judgment or decree
adjudicating Tenant bankrupt, or appointing a receiver of Tenant, or of the whole or any substantial part of its property, without the consent of Tenant, or approving a petition filed against Tenant seeking reorganization or arrangement of Tenant
under the bankruptcy laws of the United States, as now in effect or hereafter amended, or any state thereof, and such order, judgment or decree shall not be vacated or set aside or stayed within thirty (30) days from the date of entry thereof.

 19. REMEDIES 
 19.1 Except as
otherwise provided in Article 20, upon the occurrence of any of the Events of Default described or referred to in Article 18, Landlord shall have the option to pursue any one or more of the following remedies without any notice or demand
whatsoever, concurrently or consecutively and not alternatively: 
 19.1.1 Landlord may, at its election, terminate this Lease or terminate
Tenant’s right to possession only, without terminating the Lease. 
 19.1.2 Upon any termination of this Lease, whether by lapse of
time or otherwise, or upon any termination of Tenant’s right to possession without termination of the Lease, Tenant shall surrender possession and vacate the Premises immediately, and deliver possession thereof to Landlord, and Tenant hereby
grants to Landlord full and free license to enter into and upon the Premises in such event and to repossess Landlord of the Premises as of Landlord’s former estate and to expel or remove Tenant and any others who may be occupying or be within
the Premises and to remove Tenant’s signs and other evidence of tenancy and all other property of Tenant therefrom without being deemed in any manner guilty of trespass, eviction or forcible entry or detainer, and without incurring any
liability for any damage resulting therefrom, Tenant waiving any right to claim damages for such re-entry and expulsion, and without relinquishing Landlord’s right to rent or any other right given to Landlord under this Lease or by operation of
law. 

  
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 19.1.3 Upon any termination of this Lease, whether by lapse of time or otherwise, Landlord shall
be entitled to recover as damages, all rent, including any amounts treated as additional rent under this Lease, and other sums due and payable by Tenant on the date of termination, plus as liquidated damages and not as a penalty, an amount equal to
the sum of: (a) an amount equal to the then present value of the rent reserved in this Lease for the residue of the stated Term of this Lease including any amounts treated as additional rent under this Lease and all other sums provided in this
Lease to be paid by Tenant, minus the fair rental value of the Premises for such residue; (b) the value of the time and expense necessary to obtain a replacement tenant or tenants, and the estimated expenses described in Section 19.1.4
relating to recovery of the Premises, preparation for reletting and for reletting itself; and (c) the cost of performing any other covenants which would have otherwise been performed by Tenant. Landlord agrees to use commercially reasonable
efforts to mitigate its damages. 
 19.1.4 Upon any termination of Tenant’s right to possession only without termination of the Lease:

 19.1.4.1 Neither such termination of Tenant’s right to possession nor Landlord’s taking and holding possession thereof as
provided in Section 19.1.2 shall terminate the Lease or release Tenant, in whole or in part, from any obligation, including Tenant’s obligation to pay the rent, including any amounts treated as additional rent, under this Lease for the
full Term, and if Landlord so elects Tenant shall pay forthwith to Landlord the sum equal to the entire amount of the rent, including any amounts treated as additional rent under this Lease, for the remainder of the Term plus any other sums provided
in this Lease to be paid by Tenant for the remainder of the Term. 
 19.1.4.2 Landlord may, but need not, relet the Premises or any part
thereof for such rent and upon such terms as Landlord, in its sole discretion, shall determine (including the right to relet the premises for a greater or lesser term than that remaining under this Lease, the right to relet the Premises as a part of
a larger area, and the right to change the character or use made of the Premises). In connection with or in preparation for any reletting, Landlord may, but shall not be required to, make repairs, alterations and additions in or to the Premises and
redecorate the same to the extent Landlord deems necessary or desirable, and Tenant shall, upon demand, pay the cost thereof, together with Landlord’s expenses of reletting, including, without limitation, any commission incurred by Landlord. If
Landlord decides to relet the Premises or a duty to relet is imposed upon Landlord by law, Landlord and Tenant agree that nevertheless Landlord shall at most be required to use only the same efforts Landlord then uses to lease premises in the
Building generally and that in any case that Landlord shall not be required to give any preference or priority to the showing or leasing of the Premises over any other space that Landlord may be leasing or have available and may place a suitable
prospective tenant in any such other space regardless of when such other space becomes available. Landlord shall not be required to observe any instruction given by Tenant about any reletting or accept any tenant offered by Tenant unless such
offered tenant has a creditworthiness acceptable to Landlord and leases the entire Premises upon terms and conditions including a rate of rent (after giving effect to all expenditures by Landlord for tenant improvements, broker’s commissions
and other leasing costs) all no less favorable to Landlord than as called for in this Lease, nor shall Landlord be required to make or permit any assignment or sublease for more than the current term or which Landlord would not be required to permit
under the provisions of Article 9. 
 19.1.4.3 Until such time as Landlord shall elect to terminate the Lease and shall thereupon be
entitled to recover the amounts specified in such case in Section 19.1.3, Tenant shall pay to Landlord upon demand the full amount of all rent, including any amounts treated as additional rent under this Lease and other sums reserved in this
Lease for the remaining Term, together with the costs of repairs, alterations, additions, redecorating and Landlord’s expenses of reletting and the collection of the rent accruing therefrom (including attorney’s fees and broker’s
commissions), as the same shall then be due or become due from time to time, less only such consideration as Landlord may have received from any reletting of the Premises; and Tenant agrees that Landlord may file suits from time to time to recover
any sums falling due under this Article 19 as they become due. Any proceeds of reletting by Landlord in excess of the amount then owed by Tenant to Landlord from time to time shall be credited against Tenant’s future obligations under this
Lease but shall not otherwise be refunded to Tenant or inure to Tenant’s benefit. 

  
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 19.2 Landlord may, at Landlord’s option, enter into and upon the Premises if Landlord
determines in its sole discretion that Tenant is not acting within a commercially reasonable time to maintain, repair or replace anything for which Tenant is responsible under this Lease and correct the same, without being deemed in any manner
guilty of trespass, eviction or forcible entry and detainer and without incurring any liability for any damage or interruption of Tenant’s business resulting therefrom. If Tenant shall have vacated the Premises, Landlord may at Landlord’s
option re-enter the Premises at any time during the last six months of the then current Term of this Lease and make any and all such changes, alterations, revisions, additions and tenant and other improvements in or about the Premises as Landlord
shall elect, all without any abatement of any of the rent otherwise to be paid by Tenant under this Lease. 
 19.3 If, on account of any
breach or default by Tenant in Tenant’s obligations under the terms and conditions of this Lease, it shall become necessary or appropriate for Landlord to employ or consult with an attorney concerning or to enforce or defend any of
Landlord’s rights or remedies arising under this Lease, Tenant agrees to pay all Landlord’s attorney’s fees so incurred which are reasonable and customary. Tenant expressly waives any right to trial by jury. 

19.4 Pursuit of any of the foregoing remedies shall not preclude pursuit of any of the other remedies provided in this Lease or any other
remedies provided by law (all such remedies being cumulative), nor shall pursuit of any remedy provided in this Lease constitute a forfeiture or waiver of any rent due to Landlord under this Lease or of any damages accruing to Landlord by reason of
the violation of any of the terms, provisions and covenants contained in this Lease. 
 19.5 No act or thing done by Landlord or its agents
during the Term shall be deemed a termination of this Lease or an acceptance of the surrender of the Premises, and no agreement to terminate this Lease or accept a surrender of said Premises shall be valid, unless in writing signed by Landlord. No
waiver by Landlord of any violation or breach of any of the terms, provisions and covenants contained in this Lease shall be deemed or construed to constitute a waiver of any other violation or breach of any of the terms, provisions and covenants
contained in this Lease. Nothing herein shall limit restrict or prevent in any way Tenant from bringing an action against Landlord for constructive eviction or breach of violation of the covenant of quiet enjoyment. Landlord’s acceptance of the
payment of rental or other payments after the occurrence of an Event of Default shall not be construed as a waiver of such Default, unless Landlord so notifies Tenant in writing. Forbearance by Landlord in enforcing one or more of the remedies
provided in this Lease upon an Event of Default shall not be deemed or construed to constitute a waiver of such Default or of Landlord’s right to enforce any such remedies with respect to such Default or any subsequent Default. 

19.6 To secure the payment of all rentals and other sums of money becoming due from Tenant under this Lease, Landlord shall have and Tenant
grants to Landlord a first lien upon the leasehold interest of Tenant under this Lease, which lien may be enforced in equity, and a continuing security interest upon all goods, wares, equipment, fixtures, furniture, inventory, accounts, contract
rights, chattel paper and other personal property of Tenant situated on the Premises, and such property shall not be removed therefrom without the consent of Landlord until all arrearages in rent as well as any and all other sums of money then due
to Landlord under this Lease shall first have been paid and discharged. In the event of a Default under this Lease, Landlord shall have, in addition to any other remedies provided in this Lease or by law, all rights and remedies under the Uniform
Commercial Code, including without limitation the right to sell the property described in this Section 19.6 at public or private sale upon five (5) days’ notice to Tenant. Tenant shall execute all such financing statements and other
instruments as shall be deemed necessary or desirable in Landlord’s discretion to perfect the security interest hereby created. Notwithstanding the foregoing, Landlord shall subordinate to any traditional third party lender any and all liens
and all rights which Landlord now has or may hereinafter require by levy, distraint, security interest or other interest with respect to the items of Tenant’s personal property and assets contained in the Premises, and Landlord will execute any
usual and customary documents in connection with such financing memorializing its subordination of a security interest in Tenant’s property, with modifications to such documents as Landlord may reasonably require. 

19.7 Any and all property which may be removed from the Premises by Landlord pursuant to the authority of this Lease or of law, to which
Tenant is or may be entitled, may be handled, removed and/or stored, as the case may be, by or at the direction of Landlord but at the risk, cost and expense of Tenant, and Landlord shall in no event be responsible for the value, preservation or
safekeeping thereof. Tenant shall pay to Landlord, upon 

  
 18 

 demand, any and all expenses incurred in such removal and all storage charges against such property so long as
the same shall be in Landlord’s possession or under Landlord’s control. Any such property of Tenant not retaken by Tenant from storage within thirty (30) days after removal from the Premises shall, at Landlord’s option, be deemed
conveyed by Tenant to Landlord under this Lease as by a bill of sale without further payment or credit by Landlord to Tenant. 
 20. TENANT’S
BANKRUPTCY OR INSOLVENCY. 
 20.1 If at any time and for so long as Tenant shall be subjected to the provisions of the United States
Bankruptcy Code or other law of the United States or any state thereof for the protection of debtors as in effect at such time (each a “Debtor’s Law”): 

20.1.1 Tenant, Tenant as debtor-in-possession, and any trustee or receiver of Tenant’s assets (each a “Tenant’s
Representative”) shall have no greater right to assume or assign this Lease or any interest in this Lease, or to sublease any of the Premises than accorded to Tenant in Article 9, except to the extent Landlord shall be required to permit such
assumption, assignment or sublease by the provisions of such Debtor’s Law. Without limitation of the generality of the foregoing, any right of any Tenant’s Representative to assume or assign this Lease or to sublease any of the Premises
shall be subject to the conditions that: 
 20.1.1.1 Such Debtor’s Law shall provide to Tenant’s Representative a right of
assumption of this Lease which Tenant’s Representative shall have timely exercised and Tenant’s Representative shall have fully cured any default of Tenant under this Lease. 

20.1.1.2 Tenant’s Representative or the proposed assignee, as the case shall be, shall have deposited with Landlord as security for the
timely payment of rent an amount equal to the larger of: (a) three months’ rent and other monetary charges accruing under this Lease; and (b) any sum specified in Article 5; and shall have provided Landlord with adequate other
assurance of the future performance of the obligations of the Tenant under this Lease. Without limitation, such assurances shall include, at least, in the case of assumption of this Lease, demonstration to the satisfaction of the Landlord that
Tenant’s Representative has and will continue to have sufficient unencumbered assets after the payment of all secured obligations and administrative expenses to assure Landlord that Tenant’s Representative will have sufficient funds to
fulfill the obligations of Tenant under this Lease; and, in the case of assignment, submission of current financial statements of the proposed assignee, audited by an independent certified public accountant reasonably acceptable to Landlord and
showing a net worth and working capital in amounts determined by Landlord to be sufficient to assure the future performance by such assignee of all of the Tenant’s obligations under this Lease. 

20.1.1.3 The assumption or any contemplated assignment of this Lease or subleasing any part of the Premises, as shall be the case, will not
breach any provision in any other lease, mortgage, financing agreement or other agreement by which Landlord is bound. 
 20.1.1.4 Landlord
shall have, or would have had absent the Debtor’s Law, no right under Article 9 to refuse consent to the proposed assignment or sublease by reason of the identity or nature of the proposed assignee or sublessee or the proposed use of the
Premises concerned. 
 21. QUIET ENJOYMENT. Landlord represents and warrants that it has full right and authority to enter into this Lease and that
Tenant, while paying the rental and performing its other covenants and agreements contained in this Lease, shall peaceably and quietly have, hold and enjoy the Premises and use the parking areas and any common areas for the Term without hindrance or
molestation from Landlord subject to the terms and provisions of this Lease. Landlord shall not be liable for any interference or disturbance by other tenants or third persons, nor shall Tenant be released from any of the obligations of this Lease
because of such interference or disturbance. 

  
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 22. DAMAGE BY FIRE, ETC. 

22.1 In the event the Premises or the Building are damaged by fire or other cause and in Landlord’s reasonable estimation such damage can
be materially restored within two hundred ten (210) days, Landlord shall forthwith repair the same and this Lease shall remain in full force and effect, except that Tenant shall be entitled to a proportionate abatement in rent from the date of
such damage. Such abatement of rent shall be made pro rata in accordance with the extent to which the damage and the making of such repairs shall interfere with the use and occupancy by Tenant of the Premises from time to time. Within thirty
(30) days from the date of such damage, Landlord shall notify Tenant, in writing, of Landlord’s reasonable estimation of the length of time within which material restoration can be made, and Landlord’s determination shall be binding
on Tenant. For purposes of this Lease, the Building or Premises shall be deemed “materially restored” if they are in such condition as would not prevent or materially interfere with Tenant’s use of the Premises for the purpose for
which it was being used immediately before such damage. 
 22.2 If such repairs cannot, in Landlord’s reasonable estimation, be made
within two hundred ten (210) days, Landlord and Tenant shall each have the option of giving the other, at any time within thirty (30) days after such damage, notice terminating this Lease as of the date of such damage. In the event of the
giving of such notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate as of the date of such damage as if such date had been originally fixed in this Lease for the expiration of the Term. In the event that
neither Landlord nor Tenant exercises its option to terminate this Lease, then Landlord shall repair or restore such damage, this Lease continuing in full force and effect, and the rent hereunder shall be proportionately abated as provided in
Section 22.1. 
 22.3 Landlord shall not be required to repair or replace any damage or loss by or from fire or other cause to any
panelings, decorations, partitions, additions, railings, ceilings, floor coverings, office fixtures or any other property or improvements installed on the Premises or belonging to Tenant. Any insurance which may be carried by Landlord or Tenant
against loss or damage to the Building or Premises shall be for the sole benefit of the party carrying such insurance and under its sole control. 

22.4 In the event that Landlord should fail to complete such repairs and material restoration within sixty (60) days after the date
estimated by Landlord therefor as extended by this Section 22.4, 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. 
 22.5
Notwithstanding anything to the contrary contained in this Article: (a) Landlord shall not have any obligation whatsoever to repair, reconstruct, or restore the Premises when the damages resulting from any casualty covered by the provisions of
this Article 22 occur during the last twelve (12) months of the Term or any extension thereof, but if Landlord determines not to repair such damages Landlord shall notify Tenant and if such damages shall render any material portion of the
Premises untenantable Tenant shall have the right to terminate this Lease by notice to Landlord within fifteen (15) days after receipt of Landlord’s notice; and (b) in the event the holder of any indebtedness secured by a mortgage or
deed of trust covering the Premises or Building requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant within fifteen
(15) days after such requirement is made by any such holder, whereupon this Lease shall end on the date of such damage as if the date of such damage were the date originally fixed in this Lease for the expiration of the Term. 

22.6 In the event of any damage or destruction to the Building or Premises by any peril covered by the provisions of this Article 22, it
shall be Tenant’s responsibility to properly secure the Premises and upon notice from Landlord to remove forthwith, at its sole cost and expense, such portion of all of the property belonging to Tenant or its licensees from such portion or all
of the Building or Premises as Landlord shall request. 

  
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 23. EMINENT DOMAIN. If all or any substantial part of the Premises shall be taken or appropriated by any
public or quasi-public authority under the power of eminent domain, or conveyance in lieu of such appropriation, either party to this Lease shall have the right, at its option, of giving the other, at any time within thirty (30) days after such
taking, notice terminating this Lease, except that Tenant may only terminate this Lease by reason of taking or appropriation, if such taking or appropriation (including a taking or appropriation of parking) shall be so substantial as to materially
interfere with Tenant’s use and occupancy of the Premises, in Tenant’s reasonable judgment. If neither party to this Lease shall so elect to terminate this Lease, the rental thereafter to be paid shall be adjusted on a fair and equitable
basis under the circumstances. In addition to the rights of Landlord above, if any substantial part of the Building shall be taken or appropriated by any public or quasi-public authority under the power of eminent domain or conveyance in lieu
thereof, and regardless of whether the Premises or any part thereof are so taken or appropriated, Landlord shall have the right, at its sole option, to terminate this Lease. Landlord shall be entitled to any and all income, rent, award, or any
interest whatsoever in or upon any such sum, which may be paid or made in connection with any such public or quasi-public use or purpose, and Tenant hereby assigns to Landlord any interest it may have in or claim to all or any part of such sums,
other than any separate award which may be made with respect to Tenant’s trade fixtures and moving expenses; Tenant shall make no claim for the value of any unexpired Term. 

24. SALE BY LANDLORD. In event of a sale or conveyance by Landlord of the Building, the same shall operate to release Landlord from any future
liability upon any of the covenants or conditions, expressed or implied, contained in this Lease in favor of Tenant, and in such event Tenant agrees to look solely to the responsibility of the successor in interest of Landlord in and to this Lease.
Except as set forth in this Article 24, this Lease shall not be affected by any such sale and Tenant agrees to attorn to the purchaser or assignee. If any security has been given by Tenant to secure the faithful performance of any of the
covenants of this Lease, Landlord shall transfer or deliver said security, as such, to Landlord’s successor in interest and thereupon Landlord shall be discharged from any further liability with regard to said security. 

25. ESTOPPEL CERTIFICATES. Within ten (10) days following any written request which Landlord may make from time to time, Tenant shall execute and
deliver to Landlord or mortgagee or prospective mortgagee a sworn statement certifying: (a) the date of commencement of this Lease; (b) the fact that this Lease is unmodified and in full force and effect (or, if there have been
modifications to this Lease, that this lease is in full force and effect, as modified, and stating the date and nature of such modifications); (c) the date to which the rent and other sums payable under this Lease have been paid; (d) the
fact that there are no current defaults under this Lease by either Landlord or Tenant except as specified in Tenant’s statement; and (e) such other matters as may be requested by Landlord. Landlord and Tenant intend that any statement
delivered pursuant to this Article 25 may be relied upon by any mortgagee, beneficiary or purchaser and Tenant shall be liable for all loss, cost or expense resulting from the failure of any sale or funding of any loan caused by any material
misstatement contained in such estoppel certificate. Tenant irrevocably agrees that if Tenant fails to execute and deliver such certificate within such ten (10) day period Landlord or Landlord’s beneficiary or agent may execute and deliver
such certificate on Tenant’s behalf, and that such certificate shall be fully binding on Tenant. 
 26. SURRENDER OF PREMISES. 

26.1 Tenant shall, at least thirty (30) days before the last day of the Term, arrange to meet Landlord for a joint inspection of the
Premises. In the event of Tenant’s failure to arrange such joint inspection to be held prior to vacating the Premises, Landlord’s inspection at or after Tenant’s vacating the Premises shall be conclusively deemed correct for purposes
of determining Tenant’s responsibility for repairs and restoration. 
 26.2 At the end of the Term or any renewal of the Term or other
sooner termination of this Lease, Tenant will peaceably deliver up to Landlord possession of the Premises, together with all improvements or additions upon or belonging to the same, by whomsoever made, in the same conditions received or first
installed, broom clean and free of all debris, excepting only ordinary wear and tear and damage by fire or other casualty. Tenant may, and at Landlord’s request shall, at Tenant’s sole cost, remove upon termination of this Lease, any and
all furniture, furnishings, movable partitions of less than full height from floor to ceiling, trade fixtures and other property installed by Tenant, title to which shall not be in or pass automatically to Landlord upon such termination, repairing
all damage caused by such removal. Property not so removed shall, unless requested to be removed, be deemed abandoned by the Tenant and title to the same shall thereupon pass to Landlord under this Lease as by a bill of sale. All other alterations,
additions and improvements in, on or to the Premises shall be dealt with and disposed of as provided in Article 6. 

  
 21 

 26.3 All obligations of Tenant under this Lease not fully performed as of the expiration or
earlier termination of the Term shall survive the expiration or earlier termination of the Term. In the event that Tenant’s failure to perform prevents Landlord from releasing the Premises, Tenant shall continue to pay rent pursuant to the
provisions of Article 14 until such performance is complete. Upon the expiration or earlier termination of the Term, Tenant shall pay to Landlord the amount, as estimated by Landlord, necessary to repair and restore the Premises as provided in
this Lease and/or to discharge Tenant’s obligation for unpaid amounts due or to become due to Landlord. All such amounts shall be used and held by Landlord for payment of such obligations of Tenant, with Tenant being liable for any additional
costs upon demand by Landlord, or with any excess to be returned to Tenant after all such obligations have been determined and satisfied. Any otherwise unused Security Deposit shall be credited against the amount payable by Tenant under this Lease.

 27. NOTICES. Any notice or document required or permitted to be delivered under this Lease shall be addressed to the intended recipient, shall be
transmitted personally, by fully prepaid registered or certified United States Mail return receipt requested, or by reputable independent contract delivery service furnishing a written record of attempted or actual delivery, and shall be deemed to
be delivered when tendered for delivery to the addressee at its address set forth on the Reference Page, or at such other address as it has then last specified by written notice delivered in accordance with this Article 27, or if to Tenant at
either its aforesaid address or its last known registered office or home of a general partner or individual owner, whether or not actually accepted or received by the addressee. 

28. TAXES PAYABLE BY TENANT. In addition to rent and other charges to be paid by Tenant under this Lease, Tenant shall reimburse to Landlord, upon
demand, any and all taxes payable by Landlord (other than Federal, state and/or local net income taxes) whether or not now customary or within the contemplation of the parties to this Lease: (a) upon, allocable to, or measured by or on the
gross or net rent payable under this Lease, including without limitation any gross income tax or excise tax levied by the State, any political subdivision thereof, or the Federal Government with respect to the receipt of such rent; (b) upon or
with respect to the possession, leasing, operation, management, maintenance, alteration, repair, use or occupancy of the Premises or any portion thereof, including any sales, use or service tax imposed as a result thereof; (c) upon or measured
by the Tenant’s gross receipts or payroll or the value of Tenant’s equipment, furniture, fixtures and other personal property of Tenant or leasehold improvements, alterations or additions located in the Premises; or (d) upon this
transaction or any document to which Tenant is a party creating or transferring any interest of Tenant in this Lease or the Premises. In addition to the foregoing, Tenant agrees to pay, before delinquency, any and all taxes levied or assessed
against Tenant and which become payable during the term hereof upon Tenant’s equipment, furniture, fixtures and other personal property of Tenant located in the Premises. 

 

	29.	RELOCATION OF TENANT. Intentionally deleted.  

 30. DEFINED TERMS AND HEADINGS. The
Article headings shown in this Lease are for convenience of reference and shall in no way define, increase, limit or describe the scope or intent of any provision of this Lease. Any indemnification or insurance of Landlord shall apply to and inure
to the benefit of all the following “Landlord Entities”, being Landlord, Landlord’s investment manager, and the trustees, boards of directors, officers, general partners, beneficiaries, stockholders, employees and agents of each of
them. Any option granted to Landlord shall also include or be exercisable by Landlord’s trustee, beneficiary, agents and employees, as the case may be. In any case where this Lease is signed by more than one person, the obligations under this
Lease shall be joint and several The terms “Tenant” and “Landlord” or any pronoun used in place thereof shall indicate and include the masculine or feminine, the singular or plural number, individuals, firms or corporations, and
each of their respective successors, executors, administrators and permitted assigns, according to the context hereof. The term “rentable area” shall mean the rentable area of the Premises or the Building as calculated by the Landlord on
the basis of the plans and specifications of the Building including a proportionate share of any common areas. Tenant hereby accepts and agrees to be bound by the figures for the rentable space footage of the Premises and Tenant’s Proportionate
Share shown on the Reference Page. 

  
 22 

 31. TENANT’S AUTHORITY. If Tenant signs as a corporation each of the persons executing this Lease on
behalf of Tenant represents and warrants that Tenant has been and is qualified to do business in the state in which the Building is located, that the corporation has full right and authority to enter into this Lease, and that all persons signing on
behalf of the corporation were authorized to do so by appropriate corporate actions. If Tenant signs as a partnership, trust or other legal entity, each of the persons executing this Lease on behalf of Tenant represents and warrants that Tenant has
complied with all applicable laws, rules and governmental regulations relative to its right to do business in the state and that such entity on behalf of the Tenant was authorized to do so by any and all appropriate partnership, trust or other
actions. Tenant agrees to furnish promptly upon request a corporate resolution, proof of due authorization by partners, or other appropriate documentation evidencing the due authorization of Tenant to enter into this Lease. 

32. COMMISSIONS. Each of the parties represents and warrants to the other that it has not dealt with any broker or finder in connection with this
Lease, except as described on the Reference Page, and agrees to indemnify, defend and hold the other party harmless from and against any claims arising from the breach of the indemnifying party’s representation and warranty. 

33. TIME AND APPLICABLE LAW. Time is of the essence of this Lease and all of its provisions. This Lease shall in all respects be governed by the laws
of the state in which the Building is located. 
 34. SUCCESSORS AND ASSIGNS. Subject to the provisions of Article 9, the terms, covenants and
conditions contained in this Lease shall be binding upon and inure to the benefit of the heirs, successors, executors, administrators and assigns of the parties to this Lease. 

35. ENTIRE AGREEMENT. This Lease, together with its exhibits, contains all agreements of the parties to this Lease and supersedes any previous
negotiations. There have been no representations made by the Landlord or understandings made between the parties other than those set forth in this Lease and its exhibits. This Lease may not be modified except by a written instrument duly executed
by the parties to this Lease. 
 36. EXAMINATION NOT OPTION. Submission of this Lease shall not be deemed to be a reservation of the Premises.
Landlord shall not be bound by this Lease until it has received a copy of this Lease duly executed by Tenant and has delivered to Tenant a copy of this Lease duly executed by Landlord, and until such delivery Landlord reserves the right to exhibit
and lease the Premises to other prospective tenants. Notwithstanding anything contained in this Lease to the contrary, Landlord may withhold delivery of possession of the Premises from Tenant until such time as Tenant has paid to Landlord any
security deposit required by Article 5, the first month’s rent as set forth in Article 3 and any sum owed pursuant to this Lease. 
 37.
RECORDATION. Tenant shall not record or register this Lease or a short form memorandum hereof without the prior written consent of Landlord, and then shall pay all charges and taxes incident such recording or registration. 

38. RENT SCHEDULE. 
  

																			
	 	  	Rentable Square	 	  	Rent	 	  	 	 	  	Monthly Installment	 
	 Period
	  	Footage	 	  	Per Square Foot	 	  	Annual Rent	 	  	of Rent	 
	 10/15/01
	  	9/30/03	  	 	31,119	 	  	$	6.00	  	  	$	186,714.00	  	  	$	15,559.50	 
	 10/1/03
	  	9/30/05	  	 	31,119	 	  	$	6.25	  	  	$	194,493.75	  	  	$	16,207.81	 
	 10/1/05
	  	10/31/06	  	 	31,119	 	  	$	6.50	  	  	$	202,273.50	  	  	$	16,856.13	 

  
 23 

 39. RENEWAL OPTION. Tenant shall, provided the Lease is in full force and effect and Tenant is not then in
default under any of the other terms and conditions of the Lease at the time of notification or commencement, have one (1) option to renew this Lease for a term of five (5) years, for the portion of the Premises being leased by Tenant as
of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: 

39.1 If Tenant elects to exercise said option, then Tenant shall provide Landlord with written notice no earlier than the date which is
fifteen (15) months prior to the expiration of the then current term of the Lease but no later than the date which is nine (9) months prior to the expiration of the then current term of this Lease. If Tenant fails to provide such notice,
Tenant shall have no further or additional right to extend or renew the term of the Lease. 
 39.2 The Annual Rent and Monthly Installment
in effect at the expiration of the then current term of the Lease shall be increased to reflect the current fair market rental for comparable space in the Building and in other similar buildings in the same rental market as of the date the renewal
term is to commence, taking into account the specific provisions of the Lease which will remain constant. Landlord shall advise Tenant of the new Annual Rent and Monthly Installment for the Premises no later than thirty (30) days after receipt
of Tenant’s written request therefor. Said request shall be made no earlier than thirty (30) days prior to the first date on which Tenant may exercise its option under this Paragraph. Said notification of the new Annual Rent may include a
provision for its escalation to provide for a change in fair market rental between the time of notification and the commencement of the renewal term. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate not later than
sixty (60) days prior to the expiration of the then current term, then Landlord and Tenant shall each appoint a qualified MAI appraiser doing business in the area, in turn those two independent MAI appraisers shall appoint a third MAI appraiser
and the majority shall decide upon the fair market rental for the Premises as of the expiration of the then current term. Landlord and Tenant shall equally share in the expense of this appraisal except that in the event the Annual Rent and Monthly
Installment is found to be within fifteen percent (15%) of the original rate quoted by Landlord, then Tenant shall bear the full cost of all the appraisal process. In no event shall the Annual Rent and Monthly Installment for any option period
be less than the Annual Rent and Monthly Installment in the preceding period. 
 39.3 This option is not transferable; the parties hereto
acknowledge and agree that they intend that the aforesaid option to renew this Lease shall be “personal” to Tenant as set forth above and that in no event will any assignee or sublessee have any rights to exercise the aforesaid option to
renew. 
 40. PARKING AND LOADING. 

40.1 The Building has approximately 292 parking spaces. Tenant shall have the right to use 83 spaces, being its proportionate thereof. 

40.2 Tenant shall have the exclusive use of four (4) loading docks as depicted on Exhibit A. 

(THE NEXT ARTICLE IS ARTICLE 41) 

  
 24 

 41. LIMITATION OF LANDLORD’S LIABILITY. Redress for any claim against Landlord under this Lease shall
be limited to and enforceable only against and to the extent of Landlord’s interest in the Building. The obligations of Landlord under this Lease are not intended to and shall not be personally binding on, nor shall any resort be had to the
private properties of, any of its trustees or board of directors and officers, as the case may be, its investment manager, the general partners thereof, or any beneficiaries, stockholders, employees, or agents of Landlord or the investment manager.

  

									
	LANDLORD:	  		  	TENANT:
			
	TMT 290 INDUSTRIAL PARK, INC., a Delaware nonprofit corporation	  		  	ASPEN AEROGELS, INC., a Delaware corporation
					
	By:	  	RREEF Management Company, a Delaware corporation	  		  		  	
					
	By:	  	 /s/ Eric Berke

Eric Berke, District Manager
	  		  	By:	  	 /s/ Patrick J. Piper

		  		  		  	Title:	  	CFO
					
	Dated:	  	10/11, 2001 	  		  	Dated:	  	10/9, 2001

  
 25 

 EXHIBIT A — PREMISES 

attached to and made a part of Lease bearing the 

Lease Reference Date of August 20, 2001 between 

TMT 290 INDUSTRIAL PARK, INC., as Landlord and 

ASPEN AEROGELS, INC., as Tenant 

PREMISES 
 Exhibit A is intended only
to show the general layout of the Premises as of the beginning of the Term of this Lease. It does not in any way supersede any of Landlord’s rights set forth in Section 17.2 with respect to arrangements and/or locations of public parts of
the Building and changes in such arrangements and/or locations. It is not to be scaled; any measurements or distances shown should be taken as approximate. 

 EXHIBIT B — INITIAL ALTERATIONS 

attached to and made a part of Lease bearing the 

Lease Reference Date of August 20, 2001 between 

TMT 290 INDUSTRIAL PARK, INC., as Landlord and 

ASPEN AEROGELS, INC., as Tenant 

INITIAL ALTERATIONS 

Landlord shall deliver the Premises in its “AS IS” condition, and shall have no obligation to construct any improvements or
provide any funds or allowance for same. Landlord represents that the Building systems serving the Premises will be in good working order as of the Commencement Date. Existing rooftop HVAC units will be left in place and Landlord shall have no
obligation to remove same. 
 Tenant may construct tenant improvements in conformance with Article 6 of the Lease. 

So long as Tenant complies with Article 6 and the additional provisions of this Exhibit B, Tenant shall have the right to construct
the following specific improvements: 
  

	 	1.	One (1) CO2 tank located on the exterior of the Building and adjacent to the Premises. The height of the tank may not exceed the height of the Building or
twenty (20) feet, whichever is less. 

  

	 	2.	One (1) cooling tower on the roof. The cooling towers all meet the following specifications: 

  

	 	•	 	80 inches high 

  

	 	•	 	86 inches in diameter 

  

	 	•	 	Weight 642 pounds when dry, 1,588 pounds when wet 

 In addition, Landlord hereby agrees to the
following alterations by Tenant and a contractor of Tenant’s choosing in the future and reasonably approved by Landlord, described below and to be detailed in complete plans and specifications submitted to Landlord for approval: 

1) Installation of a concrete containment wall around our prospective material storage area that conforms to permitting guidelines. 

2) Attach equipment to the ground throughout the Premises to comply with government and stricter internal safety guidelines. These include,
without limitation, skids for the extraction system, equipment in the casting, gel mix and dispense, post processing and storage areas. 

3) Installation of several hoods to be installed in the lab space, as well as in the casting, aging and loading, extraction and post
processing areas. Wherever possible, these hoods will be merged to minimize the amount of vents needed through the roof. 
 4) Installation
of pipes to enter the building from the cooling tower on the roof and the CO2 storage near the loading docks to the boiler room. A collection of supply piping between the loading dock area and the material storage area will also be needed. There
will also likely need to be additional piping for enhanced pressurized air and vacuum from the boiler room to be distributed throughout the facility. 

5) Concrete slab to be constructed to support the CO2 pump. Currently, this slab’s anticipated dimensions will be
10’X4’X20”. 

 6) Boiler room built adjacent to the extraction system, which will hold among other things, a
boiler, a chiller, and a CO2 compressor. 
 7) Installation of at least 2 cranes will need to be installed off existing structural supports
or the ceiling. 
 8) Installation of a series of conveyor belts may be needed between production departments. 

9) The office and lab space requirements typical of an office and/or lab environment. (i.e. — offices, conference rooms, sinks etc) 

10) Additional restroom may be necessary to comply with governmental guidelines. 

11) Additional fire suppression capabilities might also be required. 

All of the above must be in compliance with all federal, state and local laws, codes and ordinances regarding construction, maintenance and
operation of same, and Tenant shall be responsible for obtaining all necessary permits and approvals, at Tenant’s sole cost. Both the tank and the cooling tower must be screened from view at street level. The exact location of all these
improvements, and detailed plans and specifications for same, are subject to Landlord’s prior written approval. Without limiting the generality of the foregoing, any rooftop installations must be approved by and coordinated with Landlord and
Landlord’s roofing contractor so as to avoid any impairment of any existing roof warranties, and Tenant acknowledges that access to the roof for installation and ongoing maintenance and operation will require that Tenant execute Landlord’s
standard form of rooftop license agreement, substantially in the form of Exhibit D attached hereto. The provisions of paragraph 6.4 of the Lease shall apply to these improvements as improvements which Landlord may require Tenant to
remove at the expiration of the Term of the Lease. 
 Without limiting the generality of the foregoing, items number 4, 7 and 11 above in
particular will require stamped drawings by a structural engineer and must be approved by Landlord. 
 The provisions of paragraph 6.4 of
the Lease shall apply to all of these improvements, alterations and additions as items which Landlord may require Tenant to remove at the expiration of the Term of the Lease. Tenant is hereby notified that the entire Premises must be restored to its
original condition upon expiration or early termination of the Term of the Lease, including removal of all equipment and concrete slabs. 

 EXHIBIT C — RULES AND REGULATIONS 

attached to and made a part of Lease bearing the 

Lease Reference Date of August 20, 2001 between 

TMT 290 INDUSTRIAL PARK, INC., as Landlord and 

ASPEN AEROGELS, INC., as Tenant 

RULES AND REGULATIONS 
 1. No sign,
placard, picture, advertisement, name or notice shall be installed or displayed on any part of the outside or inside of the Building without the prior written consent of the Landlord. Landlord shall have the right to remove, at Tenant’s expense
and without notice, any sign installed or displayed in violation of this rule. All approved signs or lettering on doors and walls shall be printed, painted, affixed or inscribed at the expense of Tenant by a person or vendor chosen by Landlord. 

2. If Landlord objects in writing to any curtains, blinds, shades or screens attached to or hung in or used in connection with any window or door of the
Premises, Tenant shall immediately discontinue such use. No awning shall be permitted on any part of the Premises. Tenant shall not place anything or allow anything to be placed against or near any glass partitions or doors or windows which may
appear unsightly, in the opinion of Landlord, from outside the Premises. 
 3. Tenant shall not obstruct any sidewalks, halls, passages, exits, entrances,
elevators, escalators or stairways of the Building. The halls, passages, exits, entrances, shopping malls, elevators, escalators and stairways are not for the general public, and Landlord shall in all cases retain the right to control and prevent
access to the Building of all persons whose presence in the judgment of Landlord would be prejudicial to the safety, character, reputation and interests of the Building and its tenants provided that nothing contained in this rule shall be construed
to prevent such access to persons with whom any tenant normally deals in the ordinary course of its business, unless such persons are engaged in illegal activities. No tenant and no employee or invitee of any tenant shall go upon the roof of the
Building, except as provided herein. 
 4. The directory of the Building will be provided exclusively for the display of the name and location of tenants
only and Landlord reserves the right to exclude any other names therefrom. 
 5. Landlord will furnish Tenant free of charge with two keys to each door in
the Premises. Landlord may make a reasonable charge for any additional keys, and Tenant shall not make or have made additional keys, and Tenant shall not alter any lock or install a new or additional lock or bolt on any door of its Premises. Tenant,
upon the termination of its tenancy, shall deliver to Landlord the keys of all doors which have been furnished to Tenant, and in the event of loss of any keys so furnished, shall pay Landlord therefor. 

6. If Tenant requires telegraphic, telephonic, burglar alarm or similar services, it shall first obtain, and comply with, Landlord’s instructions in
their installation. 
 7. No equipment, materials, furniture, packages, supplies, merchandise or other property will be received in the Building or carried
in the elevators except between such hours and in such elevators as may be designated by Landlord. 
 8. Landlord reserves the right to exclude from the
Building between the hours of 6 p.m. and 7 a.m. the following day, or such other hours as may be established from time to time by Landlord, and on Sundays and legal holidays any person unless that person is known to the person or employee in charge
of the Building and has a pass or is properly identified. Tenant shall be responsible for all persons for whom it requests passes and shall be liable to Landlord for all acts of such persons. Landlord shall not be liable for damages for any error
with regard to the admission to or exclusion from the Building of any person. 

  
 C-1 

 9. Tenant shall close and lock the doors of its Premises and entirely shut off all water faucets or other water
apparatus and electricity, gas or air outlets before Tenant and its employees leave the Premises. Tenant shall be responsible for any damage or injuries sustained by other tenants or occupants of the Building or by Landlord for noncompliance with
this rule. 
 10. The toilet rooms, toilets, urinals, wash bowls and other apparatus shall not be used for any purpose other than that for which they were
constructed, no foreign substance of any kind whatsoever shall be thrown into any of them, and the expense of any breakage, stoppage or damage resulting from the violation of this rule shall be borne by the Tenant who, or whose employees or
invitees, shall have caused it. 
 11. Tenant shall not install any radio or television antenna, satellite dish, loudspeaker or other device on the roof or
exterior walls of the Building. Tenant shall not interfere with radio or television broadcasting or reception from or in the Building or elsewhere. 
 12.
Tenant shall not install, maintain or operate upon the Premises any vending machine. 
 13. Tenant shall store all its trash and garbage within its Premises
[outside in dumptster]. Tenant shall not place in any trash box or receptacle any material which cannot be disposed of in the ordinary and customary manner of trash and garbage disposal. All garbage and refuse disposal shall be made in accordance
with directions issued from time to time by Landlord. 
 14. No cooking shall be done or permitted by any Tenant on the Premises, except by the Tenant of
Underwriters’ Laboratory approved microwave oven or equipment for brewing coffee, tea, hot chocolate and similar beverages shall be permitted provided that such equipment and use is in accordance with all applicable federal, state and city
laws, codes, ordinances, rules and regulations. 
 15. Tenant shall not use the name of the Building in connection with or in promoting or advertising the
business of Tenant except as Tenant’s address. 
 16. The requirements of Tenant will be attended to only upon appropriate application to the office of
the Building by an authorized individual. Employees of Landlord shall not perform any work or do anything outside of their regular duties unless under special instruction form Landlord, and no employee of Landlord will admit any person (Tenant or
otherwise) to any office without specific instructions from Landlord. 
 17. Landlord may waive any one or more of these Rules and Regulations for the
benefit of any particular tenant or tenants, but no such waiver by Landlord shall be construed as a waiver of such Rules and Regulations in favor of any other tenant or tenants, nor prevent Landlord from thereafter enforcing any such Rules and
Regulations against any or all of the tenants of the Building. 
 18. These Rules and Regulations are in addition to, and shall not be construed to in any
way modify or amend, in whole or in part, the terms, covenants, agreements and conditions of any lease of premises in the Building. 
 19. Landlord reserves
the right to make such other and reasonable rules and regulations as in its judgment may from time to time be needed for safety and security, for care and cleanliness of the Building and for the preservation of good order in and about the Building.
Tenant agrees to abide by all such rules and regulations in this Exhibit C stated and any additional rules and regulations which are adopted. 
 20.
Tenant shall be responsible for the observance of all of the foregoing rules by Tenant’s employees, agents, clients, customers, invitees and guests. 

  
 C-2 

 EXHIBIT D — HAZARDOUS MATERIALS EXHIBIT 

attached to and made a part of Lease bearing the 

Lease Reference Date of August 20, 2001 between 

TMT 290 INDUSTRIAL PARK, INC., as Landlord and 

ASPEN AEROGELS, INC., as Tenant 
  

					
	Based on 3,000-5,000 Liter Plant (limited inventories)	  	(gallons)	 
	 Silbond H-5 or similar
	  	 	5,000	 
	 Waterglass (NA Silicate)
	  	 	8,500	 
	 EtOH or similar
	  	 	17,300	 
	 NH4OH conc. (ammonia)
	  	 	55	 
	 Alcoblak 300A or similar
	  	 	110	 
	 2-propanol or similar
	  	 	2,500	 
	 THF, Hexane or similar
	  	 	250	 
	 PDMS or similar
	  	 	50	 
	 HCL
	  	 	960	 
	 HMDS, HMDSO or similar
	  	 	500	 

 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	  

 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. . 

 EXHIBIT E — FORM OF LETTER OF CREDIT 

attached to and made a part of Lease bearing the 

Lease Reference Date of August 20, 2001 between 

TMT 290 INDUSTRIAL PARK, INC., as Landlord and 

ASPEN AEROGELS, INC., as Tenant 

 EXHIBIT F — ROOFTOP LICENSE AGREEMENT 

attached to and made a part of Lease bearing the 

Lease Reference Date of August 20, 2001 between 

TMT 290 INDUSTRIAL PARK, INC., as Landlord and 

ASPEN AEROGELS, INC., as Tenant 

LICENSE TO USE ROOFTOP SPACE 

THIS LICENSE TO USE ROOFTOP SPACE (“License”) is entered into as of the     day of
        , 2001, by and between                     (“Tenant”), and
                    (“Landlord”). 

1. Recitals. This License is made with reference to the following facts and objectives: 

(a) Landlord leased to Tenant, and Tenant rented from Landlord, certain premises commonly known as
                     (the “Premises”) located in the building commonly known as
                    (the “Building:”), pursuant to a
                     Lease dated for reference
                    (the “Lease”). 

(b) Tenant now wishes to install certain HVAC equipment on the roof of the Building, and has requested Landlord’s approval of same,
and, accordingly, Landlord has required the execution and delivery of this License. 
 (c) All terms defined in the Lease retain their
meaning herein, unless specified herein to the contrary. 
 (d) Now, therefore, in consideration of the premises herein contained and
the detriments to be suffered by each of the parties, the parties hereby agree as follows: 
 2. License. Landlord hereby grants
to Tenant a license (the “license”) to install, maintain and operate the HVAC system consisting of the equipment and materials, and having the operating characteristics specified in Exhibit A (“Rooftop HVAC Characteristics”)
and to be located as shown on Exhibit B (“Rooftop HVAC Plan”). This system is collectively referred to herein as the “Rooftop HVAC Facilities.” 

(a) Tenant shall pay to Landlord, as additional rent, on a monthly basis, the actual costs incurred by Landlord in furnishing electric
power for the operation of the Rooftop HVAC Facilities. Landlord and Tenant agree that Tenant, at its sole cost and expense, shall install a meter to monitor Tenant’s use of electricity furnished by Landlord in the operation of the Rooftop HVAC
Facilities. All amounts due under this paragraph shall constitute additional rent for purposes of the Lease. 
 (b) This license shall
be revocable at Landlord’s discretion upon the occurrence of any of the following events: (i) termination of the Lease; (ii) default under the Lease; and (iii) default by Tenant of any of its obligations under this license. All
of the Rooftop HVAC Facilities installed by Tenant shall be and remain the property of Tenant, and Tenant shall, prior to the expiration or termination of the Lease, remove the equipment (including all installation and anchoring hardware) and
restore the roof to substantially the same condition existing prior to the installation of the equipment. Tenant shall be liable for, and shall promptly reimburse Landlord for, the cost of repairing all damage done to the Building by such removal,
including filling and sealing any holes or cavities left by the removal of installation or anchoring hardware. 
 (c) Tenant shall, at
its sole cost and expense, and at its sole risk, install the Rooftop HVAC Facilities in a good and workmanlike manner, and in compliance with all building, electric, communications, and safety codes, ordinances, standards, regulations and
requirements of the municipal, state and Federal Governments. 

  
 F-1 

 Tenant shall deliver to Landlord Tenant’s plans and specifications for the installation of the Rooftop HVAC
Facilities for review and approval by Landlord’s engineer not less than thirty (30) days prior to commencing installation. Tenant shall not commence installation of the Rooftop HVAC Facilities without the prior written consent of Landlord
(which consent shall not be unreasonably withheld or delayed), and all phases of the installation shall be under the direct supervision of Landlord. Tenant shall obtain, at its sole cost and expense, prior to construction and work, any necessary
federal, state, and municipal permits, licenses and approvals, copies of which will be delivered to Landlord prior to commencement of construction and work. In no event shall Tenant’s installation of the Rooftop HVAC Facilities damage the
Building or existing structures on the Building, or interfere with the maintenance of the Building, any system currently serving the Building, or any radio or telecommunications equipment currently being operated from the Building. Tenant shall
notify Landlord upon completion of the installation of the Rooftop HVAC Facilities, and Landlord shall have ten (10) days after installation in which to inspect the installation. Tenant shall not commence operation of the Rooftop HVAC
Facilities until Landlord has approved the installation. Landlord’s review and approval of the plans and specifications for the installation of the Rooftop HVAC Facilities and Landlord’s supervision and inspection of such installation
shall not be construed in any way as approval by Landlord of the adequacy or safety of the installation of the Rooftop HVAC Facilities or a waiver of any of Landlord’s rights hereunder, and Tenant shall be solely responsible for the adequacy
and safety of the installation and operation of the Rooftop HVAC Facilities and solely liable for any damages or injury arising out of such installation and operation. Tenant shall pay to Landlord upon demand the cost of repairing any damage to the
Building caused by such installation. The Rooftop HVAC Facilities shall be connected to Landlord’s power supply in strict compliance with all applicable building, electrical, fire and safety codes. Landlord shall not be liable to Tenant for any
stoppages or shortages of electrical power furnished to the Rooftop HVAC Facilities because of any act, omission, or requirement of the public utility serving the Building, or the act or omission of any other tenant, licensee, or contractor of the
Building, or for any other cause beyond the reasonable control of Landlord. 
 (d) Tenant must coordinate the installation, operation
and maintenance with Landlord’s roofing contractor, to insure that the integrity of the roof is not compromised and the validity of the existing roof warranty is not impaired. No roof penetrations are permitted without the express written
approval of Landlord and the roofing contractor. Tenant shall be solely liable for any damage to the roof or impairment or voiding of the roof warranty from any cause resulting from the installation, operation, maintenance, repair, inspection, use,
or removal of the Rooftop HVAC Facilities equipment by Tenant or its agents, employees, representatives, contractors, or invitees, and shall indemnify, defend and hold Landlord harmless from and against any damages, claims, judgments, expenses and
costs (including reasonable attorneys’ fees) arising in connection therewith. 
 (e) Landlord agrees that Tenant shall have
continuous access to the Rooftop HVAC Facilities for the purpose of installing, operating, maintaining, repairing, and removing the Rooftop HVAC Facilities, provided, however, that such access shall be limited to authorized engineers of Tenant, or
persons under their direct supervision. Tenant shall deliver to Landlord a list of Tenant’s authorized representatives, repair, maintenance, and engineering personnel prior to any access to the Rooftop HVAC Facilities, and those persons shall
be required to sign in and out with Landlord’s security personnel when entering or exiting the Rooftop HVAC Facilities. Landlord shall have no responsibility or liability for the conduct or safety of any of Tenant’s representatives,
repair, maintenance, and engineering personnel while in any part of the Building or the Rooftop HVAC Facilities, it being understood and agreed that Tenant shall be solely liable for any injury to or death of any such person from any cause resulting
from the installation, operation, maintenance, repair, inspection, use, or removal of such equipment by Tenant or its agents, employees, representatives, contractors, or invitees. 

(f) Tenant shall operate the equipment in strict compliance with Landlord’s rules and regulations, now or hereafter promulgated, and
all applicable statutes, codes, rules, regulations, standards, and requirements of all federal, state, and local governmental boards, authorities, and agencies. Tenant’s equipment shall comply with all applicable safety standards, as modified
form time to time, of any governing body with jurisdiction over Tenant’s operations. The installation, operation, and maintenance of the equipment shall at all times strictly comply with the technical standards approved by Landlord. The
operation of the Rooftop HVAC Facilities shall not interfere with the maintenance or operation of the Building, or any system now or hereafter serving the Building, or the operation of any existing radio, microwave, satellite, or telecommunications
equipment operated on or from the Building. 

  
 F-2 

 (g) During the term hereof, Landlord reserves the right to grant licenses for space on the
roof of the Building and elsewhere on the Building, for the operation of radio, microwave, satellite, and telecommunications equipment by other tenants and licensees as well as other HVAC equipment; provided, however, that such other equipment shall
not hinder or interfere with Tenant’s installation, operation, maintenance, or repair of the Rooftop HVAC Facilities. 

3. Continuation. Other than as supplemented hereby, the Lease shall remain in full force and effect. 

THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK 

  
 F-3 

 4. Limitation Of Landlord’s Liability. Redress for any claim against Landlord
under the Lease as supplemented hereby and under this License shall be limited to and enforceable only against and to the extent of Landlord’s interest in the Building. The obligations of Landlord under the Lease and the License are not
intended to and shall not be personally binding on, nor shall any resort be had to the private properties of, any of its trustees or board of directors and officers, as the case may be, its investment manager, the general partners thereof, or any
beneficiaries, stockholders, employees, or agents of Landlord or the investment manager. 
 IN WITNESS WHEREOF, the parties hereto have
executed this License as of the day and year first written above. 
  

			
	LANDLORD:	  	TENANT:                                    
    

  
 F-4 

 EXHIBIT A TO LICENSE TO USE ROOFTOP SPACE 

Rooftop HVAC Characteristics 

 EXHIBIT B TO LICENSE TO USE ROOFTOP SPACE 

Rooftop HVAC Plan 

 EXHIBIT HM 

(Premises HVAC Maintenance Requirements) 
  

	1.	Check performance of all major components. 

  

	2.	Lubricate moving parts as required. 

  

	3.	Check refrigerant charges (during cooling season). 

  

	4.	Inspect for oil and refrigerant leaks. 

  

	5.	Check operating and safety controls. 

  

	6.	Check pressures and temperatures. 

  

	7.	Inspect condenser. 

  

	8.	Inspect fans, motors, and starters. 

  

	9.	Tighten electrical connections at equipment. 

  

	10.	Test amperages and voltages. 

  

	11.	Check belts and drives. 

  

	12.	Changes oil and filters, or dryers, as required. 

  

	13.	Check temperature on control system. 

  

	14.	Thoroughly inspect heat exchanger. 

 FIRST AMENDMENT TO LEASE 

THIS FIRST AMENDMENT TO LEASE, dated as of March 25, 2004 (this “Amendment”), is made by and between TMT 290 INDUSTRIAL
PARK, INC., a Delaware nonprofit corporation, by RREEF Management Company, a Delaware corporation (“Landlord”), and ASPEN AEROGELS, INC., a Delaware corporation (“Tenant”), for certain premises located in the building
commonly known as 30 Forbes Road, I-290 Industrial Park, Northborough, Massachusetts (the “Building”). 
 RECITALS: 

A. Landlord and Tenant entered into that certain Multi-Tenant Industrial Net Lease dated for reference August 20, 2001 (the
“Lease”) for approximately 31,119 rentable square feet in the Building (the “Original Premises”). The Original Premises is depicted on Exhibit A attached hereto. 

B. Fiber Optic Network Solutions Corp., a Massachusetts corporation (“FONS”) currently leases the remainder of the Building
consisting of approximately 80,458 rentable square feet, pursuant to a lease dated July 13, 2000, as amended (the “FONS Lease” and the portion of the Building subject to the FONS Lease, the “FONS Premises”). The FONS
Premises is depicted on Exhibit A-1 attached hereto. 
 C. Tenant, as Subtenant, and FONS, as Sublandlord, with
Landlord’s consent, have entered into a Sublease dated as of January     , 2004 (the “Sublease”), whereby Tenant has agreed to take occupancy of various portions of the FONS Premises over time, eventually
occupying the entire FONS Premises (and, thus, the entire Building). 
 D. Tenant and Landlord wish to extend the Term of the Lease and
to amend the Lease so as to expand the leased Premises by adding the FONS Premises to the Premises. 
 E. All terms, covenants and
conditions contained in this Amendment shall have the same meaning as in the Lease, and, shall govern should a conflict exist with previous terms and conditions. 

AGREEMENT: 
 NOW,
THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows: 

1. FONS Premises. The “FONS Premises Commencement Date,” as used herein, is the earlier to occur of
(i) June 1, 2004 or (ii) at Tenant’s option, the date of Landlord’s termination of the FONS Lease due to a default by FONS pursuant to the terms of the Lease and Landlord’s notice to Tenant of such termination.
Effective as of the FONS Premises Commencement Date, the Leased Premises shall be expanded to include the FONS Premises. Accordingly, as of the FONS Premises Commencement Date, the Leased Premises shall consist of the Original Premises, plus the
FONS Premises, being the entire rentable area of the Building having a total Premises rentable area of approximately 111,577 rentable square feet, as approximately depicted on Exhibit A-2 attached hereto. The FONS Premises shall be a
part of the Premises for all purposes of the Lease, except as specifically provided herein to the contrary. 
 2. Term. The term
of the Lease is hereby extended so as to expire on August 31, 2010 (the revised Termination Date). 
 3. Tenant’s
Proportionate Share. As of the FONS Premises Commencement Date, Tenant’s Proportionate Share for the entire Premises will be 100.00%. 

 4. Annual Rent and Monthly Installment of Rent. The Annual Rent and Monthly
Installment of Rent for the Original Premises only shall remain as per Article 38 of the Lease, through October 31, 2006. Commencing as of the FONS Premises Commencement Date and continuing through October 31, 2006, the Annual Rent
and Monthly Installment of Rent for the FONS Premises only shall be as set forth in the following schedule, and commencing as of November 1, 2006 and continuing through the end of the Term as extended, rent for the entire Premises (Original
Premises and FONS Premises) shall be as set forth in the following schedule: 
  

																			
	 Period
	  	Rentable Square	 	  	Annual Rent	 	  	 	 	  	Monthly Installment	 
	 from
	  	 to
	  	Footage	 	  	Per Square Foot	 	  	Annual Rent	 	  	of Rent	 
	 FPCD
	  	10/31/2006	  	 	80,458	 	  	$	6.50	  	  	$	522,977.00	 	  	$	43,581.42	 
	 11/1/2006
	  	8/31/2007	  	 	111,577	 	  	$	6.50	  	  	$	725,250.50	 	  	$	60,437.54	 
	 9/1/2007
	  	8/31/2010	  	 	111,577	 	  	$	7.00	  	  	$	781,039.00	 	  	$	65,086.58	 

  

“FPCD” is the FONS Premises Commencement Date. 

5. Restoration. 

(a) Reference is made to Paragraphs 6.4 and 26.2 of the Lease. Notwithstanding anything therein to the contrary, but subject to
subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring
the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all
such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to
be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of
$241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply,
(ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8
will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to,
and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Lease. 
 (b) Landlord shall only perform the
Restoration should it determine, in its reasonable discretion, after engaging a third party reputable real estate broker familiar with the area to market and show the Premises to potential tenants. Landlord shall engage the broker as soon as
reasonably practical after Tenant has not exercised its option to renew the Lease or within 12 months of termination of the Lease. In the event that the Landlord is unable, using good faith and due diligence, to obtain a tenant for the Premises, and
Landlord determines that the Restoration is necessary or desirable in connection with the optimal re-leasing of the FONS Premises, Landlord may elect to demolish all or part of the office improvements. Prior to performing the Restoration, Landlord
shall provide Tenant with its estimate of the cost and schedule thereof, and Tenant shall be afforded the opportunity to perform the Restoration, at its sole cost, if it demonstrates to Landlord’s reasonable satisfaction that Tenant can perform
the restoration at a cost lower than Landlord’s estimate and complete same within the same time period. If Landlord performs the Restoration, Landlord shall provide Tenant evidence of the cost thereof by written notice (with reasonable
supporting documentation) delivered not later than the end of the Restoration Period, and Landlord may then draw on the Restoration LOC if Tenant does not object to costs within ten (10) days of its receipt from Landlord. Upon
(i) Landlord’s receipt of reimbursement in full for the cost of the Restoration, or (ii) Tenant’s completion of the Restoration and demonstration to Landlord’s reasonable satisfaction that the cost thereof has been fully
paid and the Building is free of any mechanics’ liens arising out of the Restoration, Landlord shall return the unused portion of the Restoration LOC to Tenant. If Landlord does not perform the Restoration during the Restoration Period and
timely notify Tenant of the cost thereof, Landlord shall return the Restoration LOC to Tenant. 

  
 2 

 6. Condition of Premises. Tenant acknowledges that Landlord shall have no obligation
to perform any construction or make any additional improvements or alterations, or to afford any allowance to Tenant for improvements or alterations, in connection with this Amendment, either to the Original Premises or to the FONS Premises. Tenant
acknowledges and agrees that all construction and improvements obligations of Landlord under the Lease (other than as set forth in this Amendment) have been performed in full and accepted. Tenant accepts the Original Premises and the FONS Premises
in their “as is” condition, subject to Landlord’s performing such work. 
 7. Renewal Options. Article 39
remains in effect, except that the earliest notice date under Paragraph 39.1 shall be eighteen (18) months prior to the Termination Date, and the latest notice date shall be twelve (12) months prior to the Termination Date. 

8. Condition Precedent. This Amendment, and Landlord’s obligations hereunder, are expressly conditioned upon Landlord and
FONS entering into a lease termination agreement on terms and conditions acceptable to Landlord in its sole and absolute discretion. If, at any time, Landlord, in its sole and absolute discretion determines that the foregoing condition precedent
cannot or will not be satisfied, Landlord may cancel this Amendment by written notice to Tenant, whereupon this Amendment shall be null and void and the Lease shall remain and continue in full force and effect without reference to this Amendment.

 9. Notice of Lease/Subordination. The Landlord shall execute a Notice of Lease in the form attached hereto as
Exhibit B, and consents to such being recorded, at Tenant’s sole cost and expense, in the appropriate Registry of Deeds. Prior to any such recording, Tenant shall deliver to Landlord a fully executed and notarized (but undated)
instrument, in form and substance acceptable to Landlord, sufficient to release of record any and all right, title and interest of Tenant in and to the Building evidenced by such notice, and Landlord is hereby irrevocably authorized to date and
record such instrument upon the expiration or early termination of the Lease. At Tenant’s request and at Tenant’s sole expense, Landlord shall make request of its current and any future mortgagee that it provide a non-disturbance agreement
in favor of Tenant, but the failure to obtain such non-disturbance agreement shall not be a failure of condition of this Lease. Tenant shall reimburse Landlord for any fees and charges imposed by said mortgagee in connection with the non-disturbance
agreement, as well as for reasonable attorneys’ fees and costs incurred by Landlord. 
 10. Tenant’s Authority. If
Tenant signs as a corporation, partnership, trust or other legal entity each of the persons executing this Lease on behalf of Tenant represents and warrants that Tenant has been and is qualified to do business in the state in which the Building is
located, that the entity has full right and authority to enter into this Lease, and that all persons signing on behalf of the entity were authorized to do so by appropriate actions. Tenant agrees to deliver to Landlord, simultaneously with the
delivery of this Amendment, a corporate resolution, proof of due authorization by partners, opinion of counsel or other appropriate documentation reasonably acceptable to Landlord evidencing the due authorization of Tenant to enter into this
Amendment. 
 11. Brokers. Landlord and Tenant each (i) represents and warrants to the other that it has not dealt with any
broker or finder in connection with this Amendment, and (ii) agrees to defend, indemnify and hold the other harmless from and against any losses, damages, costs or expenses (including reasonable attorneys’ fees) incurred by such other
party due to a breach of the foregoing warranty by the indemnifying party. 
 12. Incorporation. Except as modified herein, all
other terms and conditions of the Lease shall continue in full force and effect and Tenant hereby ratifies and confirms its obligations thereunder. Tenant acknowledges that as of the date of the Amendment, Tenant (i) is not in default under the
terms of the Lease; (ii) has no defense, set off or counterclaim to the enforcement by Landlord of the terms of the Lease; and (iii) is not aware of any action or inaction by Landlord that would constitute an Event of Default by Landlord
under the Lease. 
 13. Limitation of Landlord Liability. Redress for any claim against Landlord under the Lease or this
Amendment shall be limited to and enforceable only against and to the extent of Landlord’s interest in the Building. The obligations of Landlord under the Lease as amended are not intended to be and shall not be personally binding on, nor shall
any resort be had to the private properties of, any of its or its investment manager’s trustees, directors, officers, partners, beneficiaries, members, stockholders, employees, or agents, and in no case shall Landlord be liable to Tenant
hereunder for any lost profits, damage to business, or any form of special, indirect or consequential damages. 

  
 3 

 IN WITNESS WHEREOF, Landlord and Tenant have executed this Amendment as of the day and year first
written above. 
  

									
	LANDLORD:	 		 	TENANT:
			
	TMT 290 INDUSTRIAL PARK, INC., a Delaware nonprofit corporation	 		 	ASPEN AEROGELS, INC., a Delaware corporation
					
	By:	 	RREEF Management Company, a Delaware corporation	 		 		 	
					
	By:	 	 /s/ Robert Holmes

Robert Holmes, District Manager
	 		 	By:	 	 /s/ Patrick J. Piper

Patrick J. Piper

					
		 		 		 	Title:	 	CFO
					
	Dated:	 	March 26, 2004	 		 	Date:	 	March 25, 2004

  
 4 

 EXHIBIT A 

attached to and made a part of the First Amendment to Lease 

dated January 19, 2004 between 

TMT 290 INDUSTRIAL PARK, INC., as Landlord, and 

ASPEN AEROGELS, INC., as Tenant 

ORIGINAL PREMISES 
 Exhibits A, A-1 and
A-2 are intended only to show the general layout of the expanded Leased Premises as of the FONS Premises Commencement Date. They do not in any way supersede any of Landlord’s rights set forth in the lease with respect to arrangements and/or
locations of public parts of the Building and changes in such arrangements and/or locations. They are not to be scaled; any measurements or distances shown should be taken as approximate. 

 
 

 

 EXHIBIT A-1 

attached to and made a part of the First Amendment to Lease 

dated January 19, 2004 between 

TMT 290 INDUSTRIAL PARK, INC., as Landlord, and 

ASPEN AEROGELS, INC., as Tenant 

FONS PREMISES 
  

 

 EXHIBIT A-2 

attached to and made a part of the First Amendment to Lease 

dated January 19, 2004 between 

TMT 290 INDUSTRIAL PARK, INC., as Landlord, and 

ASPEN AEROGELS, INC., as Tenant 

LEASED PREMISES AFTER EXPANSION (ENTIRE BUILDING) 
  

 

 EXHIBIT B 

attached to and made a part of the First Amendment to Lease 

dated January 19, 2004 between 

TMT 290 INDUSTRIAL PARK, INC., as Landlord, and 

ASPEN AEROGELS, INC., as Tenant 

NOTICE OF LEASE 
 In
accordance with M.G.L. c. 183, Sec. 4, notice is hereby given of the following described lease: 
  

			
		
	 Landlord:
	  	TMT 290 Industrial Park, Inc., a Delaware non-profit corporation
		
	 Tenant:
	  	Aspen Aerogels, Inc., a Delaware corporation
		
	 Date of Lease Execution:
	  	October 11, 2001 and amended March 25, 2004
		
	 Description of Leased Premises:
	  	Approximately 31,119 sq. ft. and subject to the First Amendment to Lease an additional 80,458 sq. ft., located at 30 Forbes Road, I-290 Industrial Park, Northborough, MA, together with the buildings, fixtures and other
improvements to be erected and installed thereon.
		
	 Term of Lease:
	  	The term of the Lease expires on August 31, 2010, unless sooner terminated in accordance with the terms thereof.

  
 B-1 

 This instrument is executed as a notice of the aforesaid Lease and is not intended nor shall it
be deemed to vary or govern the interpretation of the terms and conditions thereof. 
 WITNESS the execution hereof under seal by Landlord
and Tenant as of the 25 day of March, 2004. 
  

					
	
TMT 290 Industrial Park, Inc,, a Delaware Non-profit

Corporation

		
	By:	 	 /s/ Robert Holmes

		 	RREEF Management Company, a Delaware Corporation
		
	By:	 	 /s/ Robert Holmes

	
	ASPEN AEROGELS, INC.
		
	By:	 	 /s/ Patrick J. Piper

	Name:	 	P.J. Piper
	Title:	 	CFO
		 	Hereunto duly authorized

  
 B-2 

 COMMONWEALTH OF MASSACHUSETTS 

COUNTY OF               

On the      day of January, 2004 before me personally appeared the above-named
            , the              of TMT 290 Industrial Park, Inc., known to me to be the party executing the foregoing instrument
on behalf of said limited liability company and acknowledged said instrument so executed to be his free act and deed in said capacity and the free act and deed of said company. 

 

	
	
                     

 Notary Public

	 My commission expires:

 COMMONWEALTH OF MASSACHUSETTS 

COUNTY OF               

On the      day of January, 2004 before me personally appeared the above-named
            , the              of Aspen Aerogels, Inc., known to me to be the party executing the foregoing instrument on behalf
of said corporation and acknowledged said instrument so executed to be his free act and deed in said capacity and the free act and deed of said corporation. 

 

	
	                  

Notary Public

	 My commission expires:

  
 B-3 

 SECOND AMENDMENT TO LEASE  

THIS SECOND AMENDMENT TO LEASE (this “Amendment”) is made and entered into as of the 5th day of November 2009, by and
between CABOT II — MA1M03, LLC, a Delaware limited liability company (“Landlord”) and ASPEN AEROGELS, INC., a Delaware corporation (“Tenant”). 

WHEREAS, Landlord’s predecessor-in-interest and Tenant’s predecessor-in-interest entered into a certain Multi-Tenant Industrial Net
Lease dated for reference as of August 20, 2001, as amended by First Amendment to Lease dated as of March 25, 2004 (as amended, the “Lease”), pursuant to which Tenant leases certain premises consisting of approximately
111,577 rentable square feet (the “Existing Premises”) in the building commonly known as 30 Forbes Road, Northborough, Massachusetts (the “Building”); 

WHEREAS, Tenant desires to surrender approximately 28,800 rentable square feet of the Existing Premises (the “Surrendered
Premises”) and Landlord has agreed to Tenant’s surrender of the Surrendered Premises on the terms set forth herein; 

WHEREAS, the term of the Lease currently expires on August 31, 2010 and Tenant desires to extend the term of the Lease for an additional
three (3) years and four (4) months and Landlord has agreed to extend the term of the Lease on the terms set forth herein; 

WHEREAS, Landlord and Tenant desire to memorialize their understanding and modify the Lease consistent therewith; 

NOW, THEREFORE, and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, Landlord and Tenant
hereby agree as follows: 
 1. Lease Term. The term of the Lease shall be extended for a period of three (3) years and four
(4) months and shall expire on December 31, 2013. 
 2. Surrendered Premises. As of December 31, 2009 (the
“Surrender Date”), the Existing Premises shall be reduced by the Surrendered Premises. Tenant shall vacate the Surrendered Premises on or before the Surrender Date and shall deliver the Surrendered Premises to Landlord in accordance
with Sections 6.4 and 26 of the Lease. Failure to vacate the Surrendered Premises by the Surrender Date shall be deemed a holding over pursuant to Section 14 of the Lease. Commencing on January 1, 2010 (the “Reduced Premises
Commencement Date”), the “Premises” shall mean approximately 82,777 rentable square feet as shown on Exhibit A attached hereto. 

3. Annual Rent. Commencing on the Reduced Premises Commencement Date, Tenant hereby agrees to pay to Landlord Monthly Installments
of Rent for the Premises on the first day of each month in advance, without offset, deduction or prior demand as follows: 
  

													
	 Time Period
	  	Annual Rent Per
Square Foot	 	  	Annual Rent	 	  	Monthly Installment of
Rent	 
	  	  	  
	 1.1.2010 — 8.31.2010
	  	$	7.00	  	  	$	579,439.00	  	  	$	48,286.58	 
	 9.1.2010 — 8.31.2011
	  	$	6.00	  	  	$	496,662.00	  	  	$	41,388.50	* 
	 9.1.2011 — 8.31.2012
	  	$	6.25	  	  	$	517,356.25	  	  	$	43,113.02	 
	 9.1.2012 — 12.31.2013
	  	$	6.50	  	  	$	538,050.50	  	  	$	44,837.54	 

  

	*	Landlord and Tenant agree that the Monthly Installment of Rent shall be abated for the months of (i) September 2010 and (ii) October 2010. Notwithstanding the foregoing abatement, Tenant shall be
obligated to pay Tenant’s Proportionate Share of Direct Expenses and Taxes for such months. 

 4. Tenant’s
Proportionate Share. Commencing on the Reduced Premises Commencement Date, Tenant’s Proportionate Share shall be 74.19%. 

 5. As-Is Condition. In connection with this Amendment, Tenant is accepting the
Premises in “as is” condition, and Landlord shall have no obligation to perform any work or construction to the Premises. Notwithstanding the foregoing, Landlord, at its sole cost and expense, shall demise the Premises (consisting of
82,777 rentable square feet) from the Existing Premises. 
 6. Brokers. Each party represents and warrants that it has dealt
with no broker, agent, or other person other than CB Richard Ellis New England and Grubb & Ellis Company (collectively, the “Brokers”), in connection with this transaction and that no broker, agent or other person, other
than the Brokers, brought about this transaction and each party agrees to indemnify and hold the other harmless from and against any claims by any other broker, agent or other person claiming a commission or other form of compensation by virtue of
having dealt with the indemnifying party with regard to this leasing transaction. The provisions of this paragraph shall survive the termination of the Lease. 

7. No Other Amendments. In all other respects, the terms and provisions of the Lease are ratified and reaffirmed hereby, are
incorporated herein by this reference and shall be binding upon the parties to this Amendment. 
 8. Definitions. All
capitalized terms used and not otherwise defined herein, shall have the meanings ascribed to them in the Lease. 
 9. Conflicts.
Any inconsistencies or conflicts between the terms and provisions of the Lease and the terms and provisions of this Amendment shall be resolved in favor of the terms and provisions of this Amendment. 

10. Execution. The submission of this Amendment shall not constitute an offer, and this Amendment shall not be effective and
binding unless and until fully executed and delivered by each of the parties hereto. Tenant represents and warrants for itself that all requisite organizational action has been taken in connection with this transaction, and the individuals signing
this Amendment on behalf of Tenant represent and warrant that they have been duly authorized to bind the Tenant by their signatures. 

11. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of
which together shall constitute one and the same instrument. Additionally, telecopied signatures may be used in place of original signatures on this Amendment. Landlord and Tenant intend to be bound by the signatures on the telecopied document, are
aware that the other party will rely on the telecopied signatures, and hereby waive any defenses to the enforcement of the terms of this Amendment based on the form of signature. 

SIGNATURES FOLLOW ON NEXT PAGE 

  
 2 

 IN WITNESS WHEREOF, Landlord and Tenant have caused this Amendment to be duly executed, under
seal, in multiple copies, each to be considered an original hereof, as of the day and year first above written. 
 LANDLORD: 

CABOT II — MA1M03, LLC 
 By: Cabot Industrial Value Fund II
Operating Partnership, L.P. 
  

			
	By:	 	 /s/ Howard B. Hodgson, Jr.

	Name:	 	Howard B. Hodgson, Jr.
	Title:	 	Executive Vice President

 TENANT: 
 ASPEN AEROGELS, INC.

  

			
	By:	 	 /s/ John F. Fairbanks

	Name:	 	John F. Fairbanks
	Title:	 	Vice President, CFO & Treasurer

  
 3 

 EXHIBIT A 

PREMISES 

  
 A-1 

 THIRD AMENDMENT TO LEASE 

THIS THIRD AMENDMENT TO LEASE (this “Amendment”) is made and entered into as of the 19th day of August, 2013, by and between CABOT II – MA1M03, LLC, a Delaware limited liability company (“Landlord”) and ASPEN AEROGELS, INC., a Delaware corporation
(“Tenant”). 
 WHEREAS, Landlord’s predecessor-in-interest, TMT 290 Industrial Park, Inc., and Tenant’s
predecessor-in-interest, Aspen Aerogels, Inc., entered into a certain Multi-Tenant Industrial Net Lease dated for reference as of August 20, 2001, as amended by that certain First Amendment to Lease (the “First Amendment”)
dated as of March 25, 2004 and that certain Second Amendment to Lease dated as of November 5, 2009 (as amended, the “Lease”), pursuant to which Tenant leases certain premises consisting of approximately 82,777 rentable
square feet (the “Premises”) in the building commonly known as 30 Forbes Road, Northborough, Massachusetts (the “Building”); 

WHEREAS, the term of the Lease currently expires on December 31, 2013 and Tenant desires to extend the term of the Lease for an
additional three (3) years and Landlord has agreed to extend the term of the Lease on the terms set forth herein; 
 WHEREAS, Landlord
and Tenant desire to memorialize their understanding and modify the Lease consistent therewith; 
 NOW, THEREFORE, and for other good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, Landlord and Tenant hereby agree as follows: 
 1.
Lease Term. The term of the Lease shall be extended for a period of three (3) years and shall expire on December 31, 2016. 

2. Annual Rent. Commencing on January 1, 2014, Tenant hereby agrees to pay to Landlord Monthly Installments of Rent for the
Premises on the first day of each month in advance, without offset, deduction or prior demand as follows: 
  

													
	 Time Period
	  	Annual Rent Per
Square Foot	 	  	Annual Rent	 	  	Monthly Installment of
Rent	 
	 1.1.2014 – 12.31.2014
	  	$	6.50	  	  	$	538,050.50	  	  	$	44,837.54	  
	 1.1.2015 – 12.31.2015
	  	$	6.50	  	  	$	538,050.50	  	  	$	44,837.54	  
	 1.1.2016 – 12.31.2016
	  	$	6.75	  	  	$	558,744.75	  	  	$	46,562.06	  

 3. Renewal Options. All renewal options contained in the Lease, including without limitations, the
rights contained in Article 39 of the Lease and Section 7 of the First Amendment are hereby deleted in their entirety and the following is substituted therefor: 

 Provided Tenant is not in default under this Lease and that no event or condition exists which
with notice and the expiration of any race period would constitute a Default or an Event of Default under this Lease at the time the option may be exercised and at the time the Renewal Option (as defined below) commences, Landlord grants to Tenant
one option (the “Renewal Option”) to extend this Lease with respect to all of the Premises or part thereof after accounting for Partial Surrender Option under Section 4 below, for one (1) additional period of two
(2) years (a “Renewal Period”). The Renewal Option may be exercised by Tenant delivering written notice (the “Renewal Notice”) to Landlord at least nine (9) months but no more than twelve (12) months
prior to the expiration of the then current Lease Term. In the event that Tenant fails timely to give such notice to Landlord, this Lease shall automatically terminate at the end of the Lease Term, and Tenant shall have no further option to extend
the Lease Term. Time is of the essence in the exercise of the Renewal Option. 
 The Annual Rent (the “Renewal Rental Rate”)
for the Renewal Period shall be as follows: 
  

													
	 Time Period
	  	Annual Rent Per Square
Foot	 	  	Annual Rent	 	  	Monthly Installment of
Rent	 
	 1.1.2017 – 12.31.2017
	  	$	6.75	  	  	$	558,744.75	  	  	$	46,562.06	  
	 1.1.2018 – 12.31.2018
	  	$	7.00	  	  	$	579,439.00	  	  	$	48,286.58	  

 In connection with the exercise of such renewal Landlord and Tenant shall execute an amendment to this Lease,
which amendment shall set forth the extended Lease Term and the Renewal Rental Rate. Except for the change in the rate of Annual Rent, the Renewal Period shall be subject to all of the terms and conditions of this Lease and the Premises shall be
delivered in their then “as is” condition at the time the Renewal Period commences. 
 Neither any option granted to Tenant in this
Lease or in any collateral instrument to renew or extend the Lease Term, nor the exercise of any such option by Tenant, shall prevent Landlord from exercising any option or right granted or reserved to Landlord in this Lease or in any collateral
instrument or that Landlord may otherwise have, to terminate this Lease or any renewal or extension of the Lease Term either during the original Lease Term or during the renewed or extended term. Any renewal or extension right granted to Tenant
shall be personal to Tenant or a permissible assignee and may not be exercised by any subtenant or legal representative of Tenant. Any termination of this Lease shall serve to terminate any such renewal or extension of the Lease Term, whether or not
Tenant shall have exercised any option to renew or extend the Lease Term. No option granted to Tenant to renew or extend the Lease Term shall be deemed to give Tenant any further option to renew or extend. 

  
 2 

 4. Partial Surrender Option. Tenant shall have the conditional right (the
“Surrender Right”) to surrender an approximately 31,119 square foot portion of the Premises as more particularly depicted on Exhibit A attached hereto (the “Relinquished Premises”) upon Tenant’s satisfaction of
the all of the following conditions precedent: (a) Tenant shall have delivered to Landlord, on either of January 1, 2015 or January 1, 2016, a written notice (the “Surrender Notice”) stating that Tenant elects to
exercise this Surrender Right (Tenant will provide Landlord with informal notice of its intent to surrender the Relinquished Premises as soon as Tenant has determined to so surrender the same); (b) Tenant shall have paid to Landlord
simultaneously with delivery of its Surrender Notice, a termination fee (the “Termination Fee”) equal to $16,489.49 (with respect to a Surrender Notice delivered January 1, 2015) or $5,773.23 (with respect to a Surrender Notice
delivered January 1, 2016) and (c) on or prior to the date of the Surrender Notice, Tenant shall, at Tenant’s sole cost and expense, restore the Relinquished Premises to the Surrender Condition (as hereinafter defined). Provided that
Tenant has complied with the foregoing, and further provided Tenant is not in default under this Lease and that no event or condition exists which with notice, and the expiration of any grace period would constitute an event of default under this
Lease either on the date of Tenant’s delivery of the Surrender Notice or on the Surrender Effective Date (as hereinafter defined), then the Premises shall be contracted to omit the Relinquished Premises effective on the date which is six
(6) months following the date of the Surrender Notice (June 30, 2015 (with respect to a Surrender Notice delivered January 1, 2015) or June 30, 2016 (with respect to a Surrender Notice delivered January 1, 2016), respectively)
(the “Surrender Effective Date”). Time is of the essence with respect to the provisions of this Section 4. 
 Provided
that Tenant has surrendered the Relinquished Premises and delivered the same to Landlord in Surrender Condition, effective on the Surrender Effective Date, Tenant’s Proportionate Share of the Direct Expenses and Taxes shall be reduced to 46.30%
and the Annual Rent shall be proportionately reduced to reflect the surrender of Relinquished Premises. 
 As used herein, “Surrender
Condition” shall mean restoration of the Relinquished Premises to shell warehouse condition (except for the office space in the front of the Relinquished Premises, which office space must be restored to broom clean condition, free of any and
all debris, furniture, boxes and other personal property of any nature), broom clean and free of all debris, personal property, alterations, improvements, partitions, trade fixtures, concrete slabs and manufacturing equipment installed by or on
behalf of Tenant and in connection therewith Tenant shall repair any material damage caused by removal of the such debris, personal property, furniture, partitions, alterations, improvements, partitions, trade fixtures, concrete slabs and
manufacturing equipment provided, however, that Tenant shall not be required to wax or seal the floors or paint the walls. 
 5. As-Is
Condition. In connection with this Amendment, Tenant is accepting the Premises in “as is” condition, and Landlord shall have no obligation to perform any work or construction to the Premises. 

6. Brokers. Each party represents and warrants that it has dealt with no broker, agent, or other person other than CBRE, Inc. and
Newmark Grubb Knight Frank (collectively, the “Brokers”), in connection with this transaction and that no broker, agent or other person, other than the Brokers, brought about this transaction and each party agrees to indemnify and
hold the other harmless from and against any claims by any other broker, agent or other person claiming a commission or other form of compensation by virtue of having dealt with the indemnifying party with regard to this leasing transaction. The
provisions of this paragraph shall survive the termination of the Lease. 

  
 3 

 7. Parking. Article 40 of the Lease is hereby amended, so that the Tenant has the right to
at least 216 of the 292 parking spaces or, as of the Surrender Effective Date, 132 of the 292 parking spaces if the Relinquished Space is surrendered pursuant to Section 4 above. 

8. No Other Amendments. In all other respects, the terms and provisions of the Lease are ratified and reaffirmed hereby, are
incorporated herein by this reference and shall be binding upon the parties to this Amendment. 
 9. Definitions. All capitalized
terms used and not otherwise defined herein, shall have the meanings ascribed to them in the Lease. The term “Lease” shall include this Amendment and all recitals, schedules, and exhibits included herein or attached hereto. 

10. Conflicts. Any inconsistencies or conflicts between the terms and provisions of the existing Lease and the terms and provisions of
this Amendment shall be resolved in favor of the terms and provisions of this Amendment. 
 11. Execution. The submission of this
Amendment shall not constitute an offer, and this Amendment shall not be effective and binding unless and until fully executed and delivered by each of the parties hereto. Tenant represents and warrants for itself that all requisite organizational
action has been taken in connection with this transaction, and the individuals signing this Amendment on behalf of Tenant represent and warrant that they have been duly authorized to bind the Tenant by their signatures. 

12. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of
which together shall constitute one and the same instrument. Additionally, telecopied signatures may be used in place of original signatures on this Amendment. Landlord and Tenant intend to be bound by the signatures on the telecopied document, are
aware that the other party will rely on the telecopied signatures, and hereby waive any defenses to the enforcement of the terms of this. Amendment based on the form of signature. 

SIGNATURES FOLLOW ON NEXT PAGE 

  
 4 

 IN WITNESS WHEREOF, Landlord and Tenant have caused this Amendment to be duly executed, under
seal, in multiple copies, each to be considered an original hereof, as of the day and year first above written. 
 LANDLORD: 

CABOT II – MA1MO3, LLC 
 By: Cabot Industrial Value Fund II
Operating Partnership, L.P. 
  

					
	        	 	By:	 	 /s/ Janine M. Cobb

		 	Name:	 	Janine M. Cobb
		 	Title:	 	Senior Vice President
	
	TENANT:
	
	ASPEN AEROGELS, INC.
			
	        	 	By:	 	 /s/ John F. Fairbanks

		 	Name:	 	John F. Fairbanks
		 	Title:	 	Vice President and Chief Financial Officer

  
 5 

 EXHIBIT A 

RELINQUISHED PREMISES 
  

 

  
 A-1EX-10.4

 Exhibit 10.4 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of the Effective Date between SILICON VALLEY BANK,
a California corporation with a loan production office located at 275 Grove Street, Suite 2-200, Newton, Massachusetts 02466 (“Bank”), and ASPEN AEROGELS, INC., a Delaware corporation with offices located at 30 Forbes
Road, Building B, Northborough, Massachusetts 01532 (“Borrower”), provides the terms on which Bank shall lend to Borrower and Borrower shall repay Bank. The parties agree as follows: 

1 ACCOUNTING AND OTHER TERMS  

Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP.
Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such
terms are defined therein. 
 2 LOAN AND TERMS OF PAYMENT  

2.1 Promise to Pay. Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of all Credit Extensions and
accrued and unpaid interest thereon as and when due in accordance with this Agreement. 
 2.1.1 Revolving Advances. 

(a) Availability. Subject to the terms and conditions of this Agreement and to deduction of Reserves, following the Account Transition
Period, Bank shall make Advances not exceeding the Availability Amount. Amounts borrowed under the Revolving Line may be repaid, and prior to the Revolving Line Maturity Date, reborrowed, subject to the applicable terms and conditions precedent
herein. 
 (b) Termination; Repayment. The Revolving Line terminates on the Revolving Line Maturity Date, when the principal amount of
all Advances, the unpaid interest thereon, and all other Obligations relating to the Revolving Line shall be immediately due and payable. 

2.1.2 Letters of Credit Sublimit. 

(a) As part of the Revolving Line and subject to deduction of Reserves, following the Account Transition Period, Bank shall issue or have
issued Letters of Credit denominated in Dollars or a Foreign Currency for Borrower’s account. The aggregate Dollar Equivalent amount utilized for the issuance of Letters of Credit shall at all times reduce the amount otherwise available for
Advances under the Revolving Line. The aggregate Dollar Equivalent of the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve) may not exceed the lesser of (A) Two
Million Dollars ($2,000,000), minus (i) the sum of all amounts used for Cash Management Services, and minus (ii) the FX Reduction Amount, or (B) the lesser of Revolving Line or the Borrowing Base, minus
(i) the sum of all outstanding principal amounts of any Advances (including any amounts used for Cash Management Services), and minus (ii) the FX Reduction Amount. 

(b) If, on the Revolving Line Maturity Date (or the effective date of any termination of this Agreement), there are any outstanding
Letters of Credit, then on such date Borrower shall provide to Bank cash collateral in an amount equal to 105% of the Dollar Equivalent of the face amount of all such Letters of Credit plus all interest, fees, and costs due or to become due in
connection therewith (as estimated by Bank in its good faith business judgment), to secure all of the Obligations relating to such Letters of Credit. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion and
shall be subject to the terms and conditions of Bank’s standard Application and Letter of Credit Agreement (the “Letter of Credit Application”). Borrower agrees to execute any further documentation in connection with the
Letters of Credit as Bank may reasonably request. Borrower further agrees to be bound by the regulations and interpretations of the issuer of any Letters of Credit guarantied by Bank and opened for Borrower’s account or by Bank’s
interpretations of any Letter of Credit issued by Bank for Borrower’s account, and Borrower understands and agrees that Bank shall not be liable for any error, negligence, or mistake, whether of omission or commission, in following
Borrower’s instructions or those contained in the Letters of Credit or any modifications, amendments, or supplements thereto. 

 (c) The obligation of Borrower to immediately reimburse Bank for drawings made under Letters
of Credit shall be absolute, unconditional, and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement, such Letters of Credit, and the Letter of Credit Application. 

(d) Borrower may request that Bank issue a Letter of Credit payable in a Foreign Currency. If a demand for payment is made under any such
Letter of Credit, Bank shall treat such demand as an Advance to Borrower of the Dollar Equivalent of the amount thereof (plus fees and charges in connection therewith such as wire, cable, SWIFT or similar charges). 

(e) To guard against fluctuations in currency exchange rates, upon the issuance of any Letter of Credit payable in a Foreign Currency,
Bank shall create a reserve (the “Letter of Credit Reserve”) under the Revolving Line in an amount equal to ten percent (10%) of the face amount of such Letter of Credit. The amount of the Letter of Credit Reserve may be
adjusted by Bank from time to time to account for fluctuations in the exchange rate. The availability of funds under the Revolving Line shall be reduced by the amount of such Letter of Credit Reserve for as long as such Letter of Credit remains
outstanding. 
 2.1.3 Foreign Exchange Sublimit. As part of the Revolving Line and subject to the deduction of Reserves, following the
Account Transition Period, Borrower may enter into foreign exchange contracts with Bank under which Borrower commits to purchase from or sell to Bank a specific amount of Foreign Currency (each, a “FX Forward Contract”) on a
specified date (the “Settlement Date”). FX Forward Contracts shall have a Settlement Date of at least one (1) FX Business Day after the contract date. The aggregate amount of FX Forward Contracts at any one time may not exceed
ten (10) times the lesser of (A) Two Million Dollars ($2,000,000), minus (i) the sum of all amounts used for Cash Management Services, and minus (ii) the Dollar Equivalent of the face amount of any outstanding
Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), or (B) the lesser of Revolving Line or the Borrowing Base, minus (i) the sum of all outstanding principal amounts of any
Advances (including any amounts used for Cash Management Services), and minus (ii) the Dollar Equivalent of the face amount of any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit
Reserve). The amount otherwise available for Credit Extensions under the Revolving Line shall be reduced by an amount equal to ten percent (10%) of each outstanding FX Forward Contract (the “FX Reduction Amount”). Any amounts
needed to fully reimburse Bank for any amounts not paid by Borrower in connection with FX Forward Contracts will be treated as Advances under the Revolving Line and will accrue interest at the interest rate applicable to Advances. 

2.1.4 Cash Management Services Sublimit. Borrower may, following the Account Transition Period, use the Revolving Line for Bank’s
cash management services, which may include merchant services, direct deposit of payroll, business credit card, and check cashing services identified in Bank’s various cash management services agreements (collectively, the “Cash
Management Services”), in an aggregate amount not to exceed the lesser of (A) Two Million Dollars ($2,000,000), minus (i) the Dollar Equivalent of the face amount of any outstanding Letters of Credit (including drawn but
unreimbursed Letters of Credit and any Letter of Credit Reserve), and minus (ii) the FX Reduction Amount, or (B) the lesser of Revolving Line or the Borrowing Base, minus (i) the sum of all outstanding principal amounts
of any Advances, minus (ii) the Dollar Equivalent of the face amount of any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), and minus (iii) the FX Reduction
Amount. Any amounts Bank pays on behalf of Borrower for any Cash Management Services will be treated as Advances under the Revolving Line and will accrue interest at the interest rate applicable to Advances. 

2.2 Overadvances. If, at any time, the sum of (a) the outstanding principal amount of any Advances (including any amounts used for
Cash Management Services and the outstanding principal amount of any EXIM Loans); plus (b) the face amount of any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve);
plus (c) the FX Reduction Amount exceeds the lesser of either the Revolving Line or the Borrowing Base (such excess amount being an “Overadvance”), Borrower shall immediately pay to Bank in cash such Overadvance. Without
limiting Borrower’s obligation to repay Bank any amount of the Overadvance, Borrower agrees to pay Bank interest on the outstanding amount of any Overadvance, on demand, at the Default Rate. 

2.3 Payment of Interest on the Credit Extensions. 

(a) Interest Rate; Advances. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall
accrue interest at a floating per annum rate equal to Prime Rate plus one percent (1.00%); provided, however, when Borrower is at or above the Liquidity Threshold, the principal amount outstanding under the Revolving Line shall accrue
interest at a floating per annum rate equal to the Prime Rate plus one-half percent (0.50%). Such interest shall in any event be payable monthly, in arrears, in accordance with Section 2.3(f) below. 

  
 -2- 

 (b) Default Rate. Immediately upon the occurrence and during the continuance of an Event
of Default, Obligations shall bear interest at a rate per annum which is four percentage points (4.00%) above the rate that is otherwise applicable thereto (the “Default Rate”) unless Bank otherwise elects from time to time in
its sole discretion to impose a smaller increase. Fees and expenses which are required to be paid by Borrower pursuant to the Loan Documents (including, without limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a
rate equal to the highest rate applicable to the Obligations. Payment or acceptance of the increased interest rate provided in this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event
of Default or otherwise prejudice or limit any rights or remedies of Bank. 
 (c) Adjustment to Interest Rate. Changes to the interest
rate of any Credit Extension based on changes to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of any such change. 

(d) Computation; 360-Day Year. In computing interest, the date of the making of any Credit Extension shall be included and the date of
payment shall be excluded; provided, however, that if any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension. Interest shall be computed on the basis of a 360-day
year for the actual number of days elapsed. 
 (e) Debit of Accounts. Bank may debit any of Borrower’s deposit accounts,
including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Bank when due. These debits shall not constitute a set-off. 

(f) Payment; Interest Computation; Float Charge. Interest is payable monthly on the last calendar day of each month. In computing
interest on the Obligations, all Payments received after 12:00 noon Eastern time on any day shall be deemed received on the next Business Day. In addition, Bank shall be entitled to charge Borrower a “float” charge in an amount equal to
three (3) Business Days interest, at the interest rate applicable to the Advances, on all Payments received by Bank; provided, that when Borrower is at or above the Liquidity Threshold, such “float” charge shall not
apply. The float charge for each month shall be payable on the last day of the month. Bank shall not, however, be required to credit Borrower’s account for the amount of any item of payment which is unsatisfactory to Bank in its good faith
business judgment, and Bank may charge Borrower’s Designated Deposit Account for the amount of any item of payment which is returned to Bank unpaid. 

2.4 Fees. Borrower shall pay to Bank: 

(a) Commitment Fee. A fully earned, non refundable commitment fee of Seventy Five Thousand Dollars ($75,000), payable on the Effective
Date; 
 (b) Anniversary Fee. A fully earned, non refundable anniversary fee of Twenty Seven Thousand Five Hundred Dollars ($27,500),
payable on the date that is three hundred sixty five (365) days after the Effective Date 
 (c) Letter of Credit Fee. Bank’s
customary fees and expenses for the issuance or renewal of Letters of Credit, (including, without limitation, a letter of credit fee of two percent (2.00%) per annum of the Dollar Equivalent of the face amount of each Letter of Credit issued),
upon the issuance of such Letter of Credit, each anniversary of the issuance during the term of such Letter of Credit, and upon the renewal of such Letter of Credit by Bank; 

(d) Unused Revolving Line Facility Fee. A fee (the “Unused Revolving Line Facility Fee”), payable quarterly, in
arrears, following the Account Transition Period, in an amount equal to one-half percent (0.50%) per annum of the average unused portion of the Revolving Line. The unused portion of the Revolving Line, for purposes of this calculation, shall equal
the difference between (x) the Revolving Line amount (as it may be reduced from time to time) and (y) the average for the period of the daily closing balance of the Revolving Line outstanding plus the sum of the aggregate amount of
outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve, plus the sum of any Reserves). Borrower shall not be entitled to any credit, rebate or repayment of any Unused Revolving Line
Facility Fee previously earned by Bank pursuant to this Section notwithstanding any termination of the Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder; and 

  
 -3- 

 (e) Bank Expenses. All Bank Expenses (including reasonable attorneys’ fees and
expenses for documentation and negotiation of this Agreement) incurred through and after the Effective Date, when due. 
 2.5 Payments;
Application of Payments. 
 (a) All payments (including prepayments) to be made by Borrower under any Loan Document shall be made in
immediately available funds in U.S. Dollars, without setoff or counterclaim, before 12:00 noon Eastern time on the date when due. Payments of principal and/or interest received after 12:00 noon Eastern time are considered received at the opening of
business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 

(b) Subject to Section 6.3(c), Bank shall apply the whole or any part of collected funds against the Revolving Line or credit such
collected funds to a depository account of Borrower with Bank (or an account maintained by an Affiliate of Bank), the order and method of such application to be in the sole discretion of Bank. Borrower shall have no right to specify the order or the
accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application is not specified elsewhere in this Agreement. 

3 CONDITIONS OF LOANS  

3.1 Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the initial Credit Extension is subject to the
condition precedent that Bank shall have received, in form and substance reasonably satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation: 

(a) duly executed original signatures to the Loan Documents; 

(b) duly executed original signatures to the Control Agreements, if any; 

(c) Borrower’s Operating Documents and a good standing certificate of Borrower certified by the Secretary of State of the State(s) of
Delaware, together with any certificates of foreign qualifications from each jurisdiction in which Borrower is qualified, each dated as of a date no earlier than thirty (30) days prior to the Effective Date; 

(d) duly executed original signatures to the Secretary’s Certificate with completed Borrowing Resolutions for Borrower; 

(e) the PJC Intercreditor Agreement by PJC Capital in favor of Bank, together with the duly executed original signatures thereto; 

(f) [Reserved]; 
 (g) [Reserved];

 (h) certified copies, dated as of a recent date, of financing statement searches, as Bank shall request, accompanied by written
evidence (including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or released; 

(i) the Perfection Certificates of Borrower and Guarantor, together with the duly executed original signatures thereto; 

(j) a landlord’s consent in favor of Bank for 30 Forbes Road, Building B, Northborough, Massachusetts 01532 and for 1 Dexter Road,
East Providence, Rhode Island, by each landlord thereof, together with the duly executed original signatures thereto; 

  
 -4- 

 (k) [Reserved]; 

(l) a legal opinion of Borrower’s counsel, in form and substance acceptable to Bank, in its reasonable discretion, dated as of the
Effective Date together with the duly executed original signature thereto; 
 (m) the duly executed original signatures to the Guaranty
Agreement and the Security Agreement, together with a Secretary’s Certificate and duly executed original signatures to the completed Borrowing Resolutions for Guarantor; 

(n) evidence satisfactory to Bank that the insurance policies required by Section 6.7 hereof are in full force and effect, together
with appropriate evidence showing lender loss payable and/or additional insured clauses and cancellation notice to Bank (or endorsements reflecting the same) in favor of Bank; and 

(o) payment of the fees and Bank Expenses then due as specified in Section 2.4 hereof. 

3.2 Conditions Precedent to all Credit Extensions. Bank’s obligation to make each Credit Extension, including the initial Credit
Extension, is subject to the following conditions precedent: 
 (a) except as otherwise provided in Section 3.4, timely receipt of
an executed Transaction Report; 
 (b) the representations and warranties in this Agreement shall be true, accurate, and complete in all
material respects on the date of the Transaction Report and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are
qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such
date, and no Default or Event of Default shall have occurred and be continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this
Agreement remain true, accurate, and complete in all material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by
materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and 

(c) in Bank’s sole discretion, there has not been any material impairment in the general affairs, management, results of operation,
financial condition or the prospect of repayment of the Obligations, or any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank. 

3.3 Covenant to Deliver. Borrower agrees to deliver to Bank each item required to be delivered to Bank under this Agreement as a
condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank of Borrower’s obligation to deliver such item, and the
making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 
 3.4 Procedures for Borrowing;
Advances. Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, to obtain an Advance (other than Advances under Sections 2.1.2 or 2.1.4), Borrower shall notify Bank
(which notice shall be irrevocable) by electronic mail, facsimile, or telephone by 12:00 noon Eastern time on the Funding Date of the Advance. Together with any such electronic or facsimile notification, Borrower shall deliver to Bank by electronic
mail or facsimile a completed Transaction Report executed by a Responsible Officer or his or her designee. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Bank shall credit Advances to
the Designated Deposit Account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. 

  
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 4 CREATION OF SECURITY INTEREST  

4.1 Grant of Security Interest. Borrower hereby grants Bank, to secure the payment and performance in full of all of the Obligations, a
continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. 

4.2 Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and shall
at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that may have superior priority to Bank’s Lien under this Agreement or the Export-Import Agreement). If Borrower shall
acquire a commercial tort claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this
Agreement, with such writing to be in form and substance reasonably satisfactory to Bank. 
 If this Agreement is terminated, Bank’s
Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations and at such time as Bank’s obligation to make Credit Extensions
has terminated, Bank shall, at Borrower’s sole cost and expense, release its Liens in the Collateral and all rights therein shall revert to Borrower. 

Notwithstanding the foregoing, it is expressly acknowledged and agreed that the security interest created in this Agreement only with respect
to Export-Related Accounts Receivable, Export-Related Inventory and Export-Related General Intangibles (as such terms are defined in the Export-Import Agreement) is subject to and subordinate to the security interest granted to Bank in the
Export-Import Agreement with respect to such Export-Related Accounts Receivable, Export-Related Inventory and Export-Related General Intangibles. 

4.3 Authorization to File Financing Statements. Borrower hereby authorizes Bank to file financing statements, without notice to
Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder, including a notice that any disposition of the Collateral, by either Borrower or any other Person not in accordance with this Agreement, may
be deemed to violate the rights of Bank under the Code. 
 5 REPRESENTATIONS AND WARRANTIES  

Borrower represents and warrants as follows: 

5.1 Due Organization; Authorization; Power and Authority. Borrower and each of its Subsidiaries are duly existing and in good standing
as a Registered Organization in its jurisdiction of formation and each is qualified and licensed to do business and each is in good standing in any jurisdiction in which the conduct of each of its business or its ownership of property requires that
it be qualified except where the failure to do so could not reasonably be expected to have a material adverse effect on Borrower’s business. In connection with this Agreement, Borrower has delivered to Bank completed certificates each signed by
Borrower and Guarantor, respectively, entitled “Perfection Certificate”. Borrower represents and warrants to Bank that (a) Borrower’s exact legal name is that indicated on the Perfection Certificate and on the signature page
hereof; (b) Borrower is an organization of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth Borrower’s organizational identification number or
accurately states that Borrower has none; (d) the Perfection Certificate accurately sets forth Borrower’s place of business, or, if more than one, its chief executive office as well as Borrower’s mailing address (if different than its
chief executive office); (e) except as set forth on the Perfection Certificate, Borrower (and each of its predecessors) has not, in the past five (5) years, changed its jurisdiction of formation, organizational structure or type, or any
organizational number assigned by its jurisdiction; and (f) all other information set forth on the Perfection Certificate pertaining to Borrower and each of its Subsidiaries is accurate and complete (it being understood and agreed that Borrower
may from time to time update certain information in the Perfection Certificate after the Effective Date to the extent permitted by one or more specific provisions in this Agreement). If Borrower is not now a Registered Organization but later becomes
one, Borrower shall promptly notify Bank of such occurrence and provide Bank with Borrower’s organizational identification number. 

The execution, delivery and performance by Borrower of the Loan Documents to which it is a party have been duly authorized, and do not
(i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law, (iii) contravene, conflict or violate any applicable order,
writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of their property or assets may be bound or affected, (iv) require any action by, filing, registration,
or qualification with, or Governmental Approval from, any 

  
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Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and effect) or (v) constitute an event of default under any material
agreement by which Borrower is bound. Borrower is not in default under any agreement to which it is a party or by which it is bound in which the default could reasonably be expected to have a material adverse effect on Borrower’s business. 

5.2 Collateral. Borrower has good title to, has rights in, and the power to transfer each item of the Collateral upon which it purports
to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no deposit accounts other than the deposit accounts with Bank, the deposit accounts, if any described in the Perfection Certificate delivered to Bank
in connection herewith, or of which Borrower has given Bank notice and taken such actions as are necessary to give Bank a perfected security interest therein. The Accounts are bona fide, existing obligations of the Account Debtors. 

The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection
Certificate. None of the components of the Collateral shall be maintained at locations other than as provided in the Perfection Certificate or as permitted pursuant to Section 7.2. In the event that Borrower, after the date hereof, intends to
store or otherwise deliver any portion of the Collateral to a bailee, then Borrower will first receive the written consent of Bank and such bailee must execute and deliver a bailee agreement in form and substance satisfactory to Bank in its sole
discretion. 
 All Inventory is in all material respects of good and marketable quality, free from material defects, except normal and
customary quality issues occurring in the ordinary course of business, in amounts consistent with past practices. 
 Borrower is the sole
owner of the Intellectual Property which it owns or purports to own except for (a) non-exclusive licenses granted to its customers in the ordinary course of business, (b) over-the-counter software that is commercially available to the
public, and (c) material Intellectual Property licensed to Borrower and noted on the Perfection Certificate. Each Patent which it owns or purports to own and which is material to Borrower’s business is valid and enforceable, and no part of
the Intellectual Property which Borrower owns or purports to own and which is material to Borrower’s business has been judged invalid or unenforceable, in whole or in part, except to the extent in each of the above such invalidity or
unenforceability would not have a material adverse effect on Borrower’s business, taken as a whole. To the best of Borrower’s knowledge, no claim has been made that any part of the Intellectual Property violates the rights of any third
party except to the extent such claim would not have a material adverse effect on Borrower’s business, taken as a whole. 
 5.3
Accounts Receivable; Inventory. For any Eligible Account in any Borrowing Base Certificate, all statements made and all unpaid balances appearing in all invoices, instruments and other documents evidencing such Eligible Accounts are and shall be
true and correct and all such invoices, instruments and other documents, and all of Borrower’s Books are genuine and in all respects what they purport to be. Whether or not an Event of Default has occurred and is continuing, Bank may, after
consultation with Borrower, notify any Account Debtor owing Borrower money of Bank’s security interest in such funds and verify the amount of such Eligible Account. All sales and other transactions underlying or giving rise to each Eligible
Account shall comply in all material respects with all applicable laws and governmental rules and regulations. Borrower has no knowledge of any actual or imminent Insolvency Proceeding of any Account Debtor whose accounts are Eligible Accounts in
any Borrowing Base Certificate. To the best of Borrower’s knowledge, all signatures and endorsements on all documents, instruments, and agreements relating to all Eligible Accounts are genuine, and all such documents, instruments and agreements
are legally enforceable in accordance with their terms. 
 5.4 Litigation. There are no actions or proceedings pending or, to the
knowledge of the Responsible Officers, threatened in writing by or against Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, One Hundred Fifty Thousand Dollars ($150,000). 

5.5 Financial Condition. All consolidated financial statements for Borrower delivered to Bank fairly present in all material respects
Borrower’s consolidated financial condition and Borrower’s consolidated results of operations. There has not been any material deterioration in Borrower’s consolidated financial condition since the date of the most recent financial
statements submitted to Bank. 
 5.6 Solvency. The fair salable value of Borrower’s assets (including goodwill minus disposition
costs) exceeds the fair value of its liabilities; Borrower is not left with unreasonably small capital after the transactions in this Agreement; and Borrower is able to pay its debts (including trade debts) as they mature. 

  
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 5.7 Regulatory Compliance. Borrower is not an “investment company” or a company
“controlled” by an “investment company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the
Federal Reserve Board of Governors). Borrower has complied in all material respects with the Federal Fair Labor Standards Act. Neither Borrower nor any of its Subsidiaries is a “holding company” or an “affiliate” of a
“holding company” or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005. Borrower has not violated any laws, ordinances or rules, the
violation of which could reasonably be expected to have a material adverse effect on its business. Except as described in the Perfection Certificate or otherwise disclosed to Bank, none of Borrower’s or any of its Subsidiaries’ properties
or assets has been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than legally. Borrower and each of its
Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all Governmental Authorities that are necessary to continue their respective businesses as currently
conducted, the absence of which could reasonably be expected to have a materially adverse effect on the Borrower. 
 5.8 Subsidiaries;
Investments. Borrower does not own any stock, partnership interest or other equity securities except for Permitted Investments. 
 5.9
Tax Returns and Payments; Pension Contributions. Borrower has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower.
Borrower may defer payment of any contested taxes, provided that Borrower (a) in good faith contests its obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and conducted, (b) notifies Bank in writing
of the commencement of, and any material development in, the proceedings, (c) posts bonds or takes any other steps required to prevent the Governmental Authority levying such contested taxes from obtaining a Lien upon any of the Collateral that
is other than a “Permitted Lien”. Borrower is unaware of any claims or adjustments proposed for any of Borrower’s prior tax years which could result in additional taxes becoming due and payable by Borrower. Borrower has paid all
amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not withdrawn from participation in, and has not permitted partial or complete termination of, or
permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other
governmental agency. 
 5.10 Use of Proceeds. Borrower shall use the proceeds of the Credit Extensions solely as working capital to
fund its general business requirements and not for personal, family, household or agricultural purposes. 
 5.11 Full Disclosure. No
written representation, warranty or other statement of Borrower in any certificate or written statement given to Bank, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates and
written statements given to Bank, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading (it being recognized by Bank that the
projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected
or forecasted results). 
 5.12 Definition of “Knowledge.” For purposes of the Loan Documents, whenever a representation or
warranty is made to Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of the Responsible
Officers. 
 6 AFFIRMATIVE COVENANTS  

Borrower shall do all of the following: 

6.1 Government Compliance. (a) Maintain its and all its Subsidiaries’ legal existence and good standing in their respective
jurisdictions of formation and maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on Borrower’s business or operations. Borrower shall comply, and have
each Subsidiary comply, with all laws, ordinances and regulations to which it is subject, the noncompliance with which could have a material adverse effect on Borrower’s business. 

  
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 (b) Obtain all of the Governmental Approvals necessary for the performance by Borrower of
its obligations under the Loan Documents to which it is a party and the grant of a security interest to Bank in the Collateral. Borrower shall promptly provide copies of any such obtained Governmental Approvals to Bank. 

6.2 Financial Statements, Reports, Certificates. 

(a) Borrower shall provide Bank with the following: 

(i) (A) weekly, and (B) upon each request for a Credit Extension, a Transaction Report; 

(ii) within fifteen (15) days after the end of each month in which there are any outstanding Credit Extensions (otherwise quarterly,
within fifteen (15) days after the end of each fiscal quarter), (A) accounts receivable agings, aged by invoice date (including, without limitation, accounts receivable agings for accounts receivable used in determining EXIM Loans),
(B) accounts payable agings, aged by invoice date, and outstanding or held check registers, if any, (C) reconciliations of accounts receivable agings (aged by invoice date), transaction reports, Deferred Revenue report and general ledger,
(D) perpetual inventory reports for Inventory valued on a first-in, first-out basis at the lower of cost or market (in accordance with GAAP) or such other inventory reports as are requested by Bank in its good faith business judgment; and
(e) a completed Borrowing Base Certificate; 
 (iii) as soon as available, and in any event within thirty (30) days after the
end of each month, monthly unaudited financial statements; 
 (iv) within thirty (30) days after the end of each month a monthly
Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, Borrower was in full compliance with all of the terms and conditions of this Agreement, and setting forth calculations showing compliance with the
financial covenants set forth in this Agreement and such other information as Bank shall reasonably request, including, without limitation, a statement that at the end of such month there were no held checks; 

(v) within fifteen (15) days after the end of each fiscal quarter, copies of invoices for no less than ten percent (10%) of the
outstanding balance of EXIM Bank accounts receivable as of the last day of such fiscal quarter; 
 (vi) within thirty (30) days
prior to the end of each fiscal year of Borrower and as amended or updated, (A) annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Borrower, and
(B) annual financial projections for the following fiscal year (on a quarterly basis) as approved by Borrower’s board of directors, together with any related business forecasts used in the preparation of such annual financial projections;

 (vii) as soon as available, and in any event within one hundred eighty (180) days following the end of Borrower’s fiscal
year, annual financial statements certified by, and with an unqualified opinion of, independent certified public accountants acceptable to Bank; provided, that for Borrower’s fiscal year ended December 31, 2010, such annual
financial statements shall be certified by, and with an unqualified opinion of (other than qualified with respect to “going concern”), independent certified public accountants acceptable to Bank 

(viii) within five (5) days of delivery, copies of all statements, reports and notices made available to Borrower’s security
holders or to any holders of Subordinated Debt; 
 (ix) a prompt report of any legal actions pending or threatened in writing against
Borrower or any of its Subsidiaries that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, One Hundred Fifty Thousand Dollars ($150,000) or more; 

Notwithstanding the foregoing, when Borrower is at or above the Liquidity Threshold, provided no Event of Default has occurred and is
continuing, Borrower shall be required to provide Bank with the reports and schedules required pursuant to clause (a)(i)(A) above monthly, within fifteen (15) days after the end of each month. 

(b) In the event that Borrower is or becomes subject to the reporting requirements under the Securities Exchange Act of 1934, as amended,
within five (5) days after filing, all reports on Form 10-K, 10-Q and 8-K filed with the SEC or a link thereto on Borrower’s or another website on the Internet. 

  
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 (c) Borrower shall provide Bank with prompt written notice of Borrower’s knowledge of
an event that affects the value of the Intellectual Property and that would have a material adverse effect on Borrower’s business, taken as a whole. 

6.3 Accounts Receivable. 

(a) Schedules and Documents Relating to Accounts. Borrower shall deliver to Bank transaction reports and schedules of
collections, as provided in Section 6.2, on Bank’s standard forms; provided, however, that Borrower’s failure to execute and deliver the same shall not affect or limit Bank’s Lien and other rights in all of
Borrower’s Accounts, nor shall Bank’s failure to advance or lend against a specific Account affect or limit Bank’s Lien and other rights therein. If requested by Bank, Borrower shall furnish Bank with copies (or, at Bank’s
request after the occurrence and during the continuance of an Event of Default, originals) of all contracts, orders, invoices, and other similar documents, and all shipping instructions, delivery receipts, bills of lading, and other evidence of
delivery, for any goods the sale or disposition of which gave rise to such Accounts. In addition, Borrower shall deliver to Bank, on its request, the originals of all instruments, chattel paper, security agreements, guarantees and other documents
and property evidencing or securing any Accounts, in the same form as received, with all necessary endorsements, and copies of all credit memos. 

(b) Disputes. Borrower shall promptly notify Bank of all disputes or claims relating to Accounts, to the extent such disputes or claims
involve amounts in excess of Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate for all Account Debtors. Borrower may forgive (completely or partially), compromise, or settle any Account for less than payment in full, or agree to do any
of the foregoing so long as (i) Borrower does so in good faith, in a commercially reasonable manner, in the ordinary course of business, in arm’s-length transactions, and reports the same to Bank in the regular reports provided to Bank;
(ii) no Default or Event of Default has occurred and is continuing; and (iii) after taking into account all such discounts, settlements and forgiveness, the total outstanding Advances will not exceed the Availability Amount. 

(c) Collection of Accounts. Borrower shall have the right to collect all Accounts, unless and until a Default or an Event of Default has
occurred and is continuing. All payments on, and proceeds of, Accounts shall be deposited directly by the applicable Account Debtor into a lockbox account, or such other “blocked account” as Bank may specify, pursuant to a blocked account
agreement in form and substance satisfactory to Bank in its sole discretion. Whether or not an Event of Default has occurred and is continuing, Borrower shall immediately deliver all payments on and proceeds of Accounts to an account maintained with
Bank to be applied (i) prior to an Event of Default, to the Revolving Line pursuant to the terms of Section 2.5(b) hereof, and (ii) after the occurrence and during the continuance of an Event of Default, pursuant to the terms of
Section 9.4 hereof; provided, however, when Borrower is at or above the Liquidity Threshold, such payments and proceeds shall be transferred to an account of Borrower maintained at Bank. 

(d) Returns. Provided no Event of Default has occurred and is continuing, if any Account Debtor returns any Inventory having an
aggregate value in excess of Two Hundred Fifty Thousand Dollars ($250,000) to Borrower, Borrower shall promptly (i) determine the reason for such return, (ii) issue a credit memorandum to the Account Debtor in the appropriate amount, and
(iii) provide a copy of such credit memorandum to Bank, upon request from Bank. In the event any attempted return occurs after the occurrence and during the continuance of any Event of Default, Borrower shall immediately notify Bank of the
return of the Inventory. 
 (e) Verification. Bank may, from time to time, after consultation with Borrower, verify directly
with the respective Account Debtors the validity, amount and other matters relating to the Accounts, either in the name of Borrower or Bank or such other name as Bank may choose. 

(f) No Liability. Bank shall not be responsible or liable for any shortage or discrepancy in, damage to, or loss or destruction
of, any goods, the sale or other disposition of which gives rise to an Account, or for any error, act, omission, or delay of any kind occurring in the settlement, failure to settle, collection or failure to collect any Account, or for settling any
Account in good faith for less than the full amount thereof, nor shall Bank be deemed to be responsible for any of Borrower’s obligations under any contract or agreement giving rise to an Account. Nothing herein shall, however, relieve Bank
from liability for its own gross negligence or willful misconduct. 

  
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 6.4 Remittance of Proceeds. Except as otherwise provided in Section 6.3(c), deliver,
in kind, all proceeds arising from the disposition of any Collateral to Bank in the original form in which received by Borrower not later than the following Business Day after receipt by Borrower, to be applied to the Obligations (1) prior to
an Event of Default, pursuant to the terms of Section 2.5(b) hereof, and (2) after the occurrence and during the continuance of an Event of Default, pursuant to the terms of Section 9.4 hereof; provided that, if no Event
of Default has occurred and is continuing, Borrower shall not be obligated to remit to Bank the proceeds of the sale of surplus, worn out or obsolete Equipment disposed of by Borrower in good faith in an arm’s length transaction for an
aggregate purchase price of Five Hundred Thousand Dollars ($500,000) or less (for all such transactions in any fiscal year). Borrower agrees that it will maintain all proceeds of Collateral in an account maintained with Bank. Nothing in this Section
limits the restrictions on disposition of Collateral set forth elsewhere in this Agreement. 
 6.5 Taxes; Pensions; Withholding.
Timely file, and require each of its Subsidiaries to timely file, all required tax returns and reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and
contributions owed by Borrower and each of its Subsidiaries, except for deferred payment of any taxes contested pursuant to the terms of Section 5.9 hereof, and shall deliver to Bank, on demand, appropriate certificates attesting to such
payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms. 

6.6 Access to Collateral; Books and Records. In addition to the Initial Audit, at reasonable times, on one (1) Business Day’s
notice (provided no notice is required if an Event of Default has occurred and is continuing), Bank, or its agents, shall have the right, up to two (2) times per year (or more frequently (i) after the occurrence and during the continuance
of an Event of Default, as Bank shall determine necessary, or (ii) at the direction of EXIM Bank), to inspect the Collateral and the right to audit and copy Borrower’s Books. The foregoing inspections and audits shall be at Borrower’s
expense, and the charge therefor shall be $850 per person per day (or such higher amount as shall represent Bank’s then-current standard charge for the same), plus reasonable out-of-pocket expenses. In the event Borrower and Bank schedule an
audit more than ten (10) days in advance, and Borrower cancels or seeks to reschedule the audit with less than ten (10) days written notice to Bank, then (without limiting any of Bank’s rights or remedies), Borrower shall pay Bank a
fee of $1,000 plus any out-of-pocket expenses incurred by Bank to compensate Bank for the anticipated costs and expenses of the cancellation or rescheduling. 

6.7 Insurance. Keep its business and the Collateral insured for risks and in amounts standard for companies in Borrower’s industry
and location and as Bank may reasonably request. Insurance policies shall be in a form, with companies, and in amounts that are satisfactory to Bank. All property policies shall have a lender’s loss payable endorsement showing Bank as an
additional lender loss payee and waive subrogation against Bank. All liability policies shall show, or have endorsements showing, Bank as an additional insured. All policies (or their respective endorsements) shall provide that the insurer shall
give Bank at least twenty (20) days notice before canceling, amending, or declining to renew its policy. At Bank’s request, Borrower shall deliver certified copies of policies and evidence of all premium payments. Proceeds payable under
any policy shall, at Bank’s option, be payable to Bank on account of the Obligations. Notwithstanding the foregoing, (a) so long as no Event of Default has occurred and is continuing, Borrower shall have the option of applying the proceeds
of any casualty policy up to Two Hundred Fifty Thousand Dollars ($250,000) with respect to any loss, but not exceeding Five Hundred Thousand Dollars ($500,000) in the aggregate for all losses under all casualty policies in any one year, toward the
replacement or repair of destroyed or damaged property; provided that any such replaced or repaired property (i) shall be of equal or like value as the replaced or repaired Collateral and (ii) shall be deemed Collateral in which
Bank has been granted a first priority security interest, and (b) after the occurrence and during the continuance of an Event of Default, all proceeds payable under such casualty policy shall, at the option of Bank, be payable to Bank on
account of the Obligations. If Borrower fails to obtain insurance as required under this Section 6.7 or to pay any amount or furnish any required proof of payment to third persons and Bank, Bank may make all or part of such payment or obtain
such insurance policies required in this Section 6.7, and take any action under the policies Bank deems prudent. 
 6.8 Operating
Accounts. 
 (a) Maintain all of its and its Subsidiaries’, if any, depository, operating accounts and securities accounts with
Bank and Bank’s Affiliates with all excess funds maintained at or invested through Bank or an affiliate of Bank; provided, however, Aspen GmbH may maintain depository, operating accounts and securities accounts in a financial
institution located in the Federal Republic of Germany (the “German Accounts”), in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000) at any time; provided further, that Borrower shall have
up to sixty (60) days to provide Bank evidence satisfactory to Bank, in its sole discretion, that, during such sixty (60) day period (the “Account Transition Period”), Borrower has transitioned all of its and its
Subsidiaries existing depository, operating accounts and securities accounts maintained at financial institutions other than Bank or Bank’s Affiliates (other than the German Accounts) to accounts with Bank or Bank’s Affiliates. 

  
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 (b) Provide Bank five (5) days prior-written notice before establishing any Collateral
Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution (other than Bank) at
or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Bank’s Lien in such Collateral Account in accordance with the terms
hereunder which Control Agreement may not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to the German accounts or to deposit accounts exclusively used for payroll, payroll taxes and
other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such. 

6.9 Financial Covenants. 

Maintain at all times, to be certified by Borrower as of the last day of each month, unless otherwise noted, on a consolidated basis with
respect to Borrower and its Subsidiaries, unless otherwise noted: 
 (a) Liquidity. Borrower’s unrestricted cash at Bank
plus the unused Availability Amount of at least Three Million Dollars ($3,000,000). 
 (b) Tangible Net Worth. A Tangible Net
Worth of at least Forty Million Dollars ($40,000,000). 
 6.10 Protection of Intellectual Property Rights. (i) Protect, defend
and maintain the validity and enforceability of its material Intellectual Property; (ii) promptly advise Bank in writing of material infringements of its Intellectual Property; and (iii) not allow any Intellectual Property material to
Borrower’s business to be abandoned, forfeited or dedicated to the public without Bank’s written consent, other than where any of the foregoing would not have a material adverse effect on Borrower’s business, taken as a whole. 

6.11 Litigation Cooperation. From the date hereof and continuing through the termination of this Agreement, make available to Bank,
without expense to Bank, Borrower and its officers, employees and agents and Borrower’s Books, to the extent that Bank may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or against Bank
with respect to any Collateral or relating to Borrower. 
 6.12 Creation/Acquisition of Subsidiaries. Notwithstanding and without
limiting the negative covenant contained in Section 7.3 hereof, in the event Borrower or any Subsidiary creates or acquires any Subsidiary, Borrower and such Subsidiary shall promptly notify Bank of the creation or acquisition of such new
Subsidiary and, at Bank’s request, in its sole discretion, take all such action as may be reasonably required by Bank to cause each such Subsidiary to, in Bank’s sole discretion, become a co-Borrower or Guarantor under the Loan Documents
and grant a continuing pledge and security interest in and to the assets of such Subsidiary (substantially as described on Exhibit A hereto); and Borrower shall grant and pledge to Bank a perfected security interest in the stock, units
or other evidence of ownership of each Subsidiary. 
 6.13 Further Assurances. Execute any further instruments and take further action
as Bank reasonably requests to perfect or continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. Borrower shall deliver to Bank, within five (5) days after the same are sent or received, copies of all
correspondence, reports, documents and other filings with any Governmental Authority regarding compliance with or maintenance of Governmental Approvals or Requirements of Law or that could reasonably be expected to have a material effect on any of
the Governmental Approvals or otherwise on the operations of Borrower or any of its Subsidiaries. 
 7 NEGATIVE COVENANTS 

 Borrower shall not do any of the following without Bank’s prior written consent: 

7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”), or permit any of
its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn out or obsolete Equipment; (c) in connection with Permitted Liens and
Permitted Investments; and (d) of non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in the ordinary course of business and licenses that could not result in a legal transfer of title of the licensed property but
that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discreet geographical areas outside of the United States. 

  
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 7.2 Changes in Business, Management, Ownership or Business Locations. (a) Engage in
or permit any of its Subsidiaries, if any, to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; or
(c) (i) any Key Person ceases to hold such office(s) with Borrower and replacement(s) satisfactory to Bank are not made within one hundred twenty (120) days after such Key Person’s departure from Borrower; or (ii) enter into
any transaction or series of related transactions in which the stockholders of Borrower who were not stockholders immediately prior to the first such transaction own more than forty percent (40%) of the voting stock of Borrower immediately
after giving effect to such transaction or related series of such transactions (other than by the sale of Borrower’s equity securities in a public offering or to venture capital investors so long as Borrower identifies to Bank the venture
capital investors prior to the closing of the transaction and provides to Bank a description of the material terms of the transaction). 

Borrower shall not, without at least thirty (30) days prior written notice to Bank: (1) add any new offices or business locations,
including warehouses (unless such new offices or business locations contain less than Fifty Thousand Dollars ($50,000) in Borrower’s assets or property) or deliver any portion of the Collateral valued, individually or in the aggregate, in
excess of Fifty Thousand Dollars ($50,000) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its jurisdiction of organization, (3) change its organizational
structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. If Borrower intends to deliver any portion of the Collateral valued, individually or in the
aggregate, in excess of Fifty Thousand Dollars ($50,000) to a bailee, and Bank and such bailee are not already parties to a bailee agreement governing both the Collateral and the location to which Borrower intends to deliver the Collateral, then
Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver a bailee agreement in form and substance satisfactory to Bank in its sole discretion. 

7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or
acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower. 

7.4 Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do so, other than Permitted
Indebtedness. 
 7.5 Encumbrance. Create, incur, allow, or suffer any Lien (other than Permitted Liens) on any of its property, or
assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens. Borrower shall not permit any Collateral to be subject to any Liens other than the first
priority security interest granted herein or Permitted Liens, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank except as otherwise permitted herein) with any Person which directly or indirectly
prohibits or has the effect of prohibiting Borrower or any Subsidiary from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s Intellectual Property, except as is
otherwise described in the Perfection Certificate, permitted in Section 7.1 hereof and in the definition of “Permitted Liens” herein. 

7.6 Maintenance of Collateral Accounts. Maintain any Collateral Account except pursuant to the terms of Section 6.8(b) hereof. 

7.7 Distributions; Investments. (a) Pay any dividends or make any distribution or payment or redeem, retire or purchase any capital
stock; or (b) directly or indirectly make any Investment (including, without limitation, any additional Investment in any Subsidiary) other than Permitted Investments, or permit any of its Subsidiaries to do so. 

7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of
Borrower, except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated
Person. 

  
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 7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt,
except as permitted under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase
the amount thereof or adversely affect the subordination thereof to Obligations owed to Bank, except as permitted under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject. 

7.10 Compliance. Become an “investment company” or a company controlled by an “investment company”, under the
Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the
proceeds of any Credit Extension for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or non-exempt Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the Federal Fair Labor
Standards Act or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on Borrower’s business, or permit any of its Subsidiaries to do so; withdraw or permit any Subsidiary to
withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be expected to result
in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 

8 EVENTS OF DEFAULT  

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement: 

8.1 Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date, or
(b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Revolving Line Maturity Date). During the cure
period, the failure to make or pay any payment specified under clause (a) or (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period); 

8.2 Covenant Default. 

(a) Borrower fails or neglects to perform any obligation in Sections 6.2 (provided, however, Borrower shall have five
(5) Business Days from the scheduled due date to cure any default under clauses 6.2(a) (ii)-(vi) and clause 6.2(a)(viii)), 6.4, 6.6, 6.7, 6.8, or 6.9, or violates any covenant in Section 7; or 

(b) Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this
Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days
after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and
such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the
failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided under this section shall not apply, among other things, to financial covenants or any other
covenants set forth in clause (a) above; 
 8.3 Material Adverse Change. A Material Adverse Change occurs; 

8.4 Attachment; Levy; Restraint on Business. 

(a) (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any entity under the control
of Borrower (including a Subsidiary) on deposit or otherwise maintained with Bank or any Bank Affiliate, or (ii) a notice of lien or levy is filed against any of Borrower’s assets by any government agency, and the same under subclauses
(i) and (ii) hereof are not, within ten (10) days after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any
ten (10) day cure period; or 

  
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 (b) (i) any material portion of Borrower’s assets is attached, seized, levied on, or
comes into possession of a trustee or receiver, or (ii) any court order enjoins, restrains, or prevents Borrower from conducting any material part of its business; 

8.5 Insolvency. (a) Borrower is unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent;
(b) Borrower begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower and not dismissed or stayed within thirty (30) days (but no Credit Extensions shall be made while of any of the conditions
described in clause (a) exist and/or until any Insolvency Proceeding is dismissed); 
 8.6 Other Agreements. There is, under any
agreement to which Borrower or any Guarantor is a party with a third party or parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount
individually or in the aggregate in excess of One Hundred Thousand Dollars ($100,000); or (b) any default by Borrower or Guarantor, the result of which could have a material adverse effect on Borrower’s or any Guarantor’s business,
taken as a whole; 
 8.7 Judgments. One or more final judgments, orders, or decrees for the payment of money in an amount,
individually or in the aggregate, of at least One Hundred Thousand Dollars ($100,000) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against Borrower and the
same are not, within ten (10) days after the entry thereof, discharged or execution thereof stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such stay (provided that no Credit
Extensions will be made prior to the discharge, stay, or bonding of such judgment, order, or decree); 
 8.8 Misrepresentations.
Borrower or any Person acting for Borrower makes any representation, warranty, or other statement now or later in this Agreement, any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan
Document, and such representation, warranty, or other statement is incorrect in any material respect when made; 
 8.9 Subordinated Debt.
Any document, instrument, or agreement evidencing any Subordinated Debt shall for any reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity
or enforceability thereof or deny that it has any further liability or obligation thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement or the PJC Intercreditor Agreement.

 8.10 Guaranty. (a) Any guaranty of any Obligations terminates or ceases for any reason to be in full force and effect which
could reasonably be expected to have a material adverse effect on the ability of the Borrower and its Subsidiaries, taken as a whole, to repay the Obligations; (b) any Guarantor does not perform any obligation or covenant under any guaranty of
the Obligations which could reasonably be expected to have a material adverse effect on the ability of the Borrower and its Subsidiaries, taken as a whole, to repay the Obligations; (c) any circumstance described in Sections 8.3, 8.4, 8.5,
8.7, or 8.8. occurs with respect to any Guarantor which could reasonably be expected to have a material adverse effect on the ability of the Borrower and its Subsidiaries, taken as a whole, to repay the Obligations; (d) the liquidation, winding
up, or termination of existence of any Guarantor which could reasonably be expected to have a material adverse effect on the ability of the Borrower and its Subsidiaries, taken as a whole, to repay the Obligations; or (e) (i) a material
impairment in the perfection or priority of Bank’s Lien in the collateral provided by Guarantor or in the value of such collateral or (ii) a material adverse change in the general affairs, management, results of operation, condition
(financial or otherwise) or the prospect of repayment of the Obligations occurs with respect to any Guarantor and such material impairment or material adverse change could reasonably be expected to have a material adverse effect on the ability of
the Borrower and its Subsidiaries, taken as a whole, to repay the Obligations; 
 8.11 EXIM Guarantee. If the EXIM Guarantee ceases
for any reason to be in full force and effect, other than for payment-in-full and termination of the Export-Import Agreement, or if the EXIM Bank declares the EXIM Guarantee void or revokes any obligations under the EXIM Guarantee; 

8.12 Export-Import Agreement Default. After the effective date of the Export-Import Agreement, the occurrence of an Event of Default
under the Export-Import Agreement or the other EXIM Loan Documents; and 

  
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 8.13 Governmental Approvals. Any Governmental Approval shall have been (a) revoked,
rescinded, suspended, modified in an adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates a hearing with respect to any applications for renewal of any
of such Governmental Approval or that could result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation, rescission, suspension, modification or non-renewal (i) has, or
could reasonably be expected to have, a Material Adverse Change, or (ii) adversely affects the legal qualifications of Borrower or any of its Subsidiaries to hold such Governmental Approval in any applicable jurisdiction and such revocation,
rescission, suspension, modification or non-renewal could reasonably be expected to affect the status of or legal qualifications of Borrower or any of its Subsidiaries to hold any Governmental Approval in any other jurisdiction. 

9 BANK’S RIGHTS AND REMEDIES  

9.1 Rights and Remedies. While an Event of Default occurs and continues Bank may, without notice or demand, do any or all of the
following: 
 (a) declare all Obligations immediately due and payable (but if an Event of Default described in Section 8.5 occurs
all Obligations are immediately due and payable without any action by Bank); 
 (b) stop advancing money or extending credit for
Borrower’s benefit under this Agreement or under any other agreement between Borrower and Bank; 
 (c) demand that Borrower
(i) deposit cash with Bank in an amount equal to 105% of the Dollar Equivalent of the aggregate face amount of all Letters of Credit remaining undrawn plus all interest, fees, and costs due or to become due in connection therewith (as estimated
by Bank in its good faith business judgment), to secure all of the Obligations relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Borrower shall forthwith deposit and
pay such amounts, and (ii) pay in advance all letter of credit fees scheduled to be paid or payable over the remaining term of any Letters of Credit; provided, however, if an Event of Default described in Section 8.5
occurs, the obligation of Borrower to cash collateralize all Letters of Credit remaining undrawn shall automatically become effective without any action by Bank; 

(d) terminate any FX Forward Contracts; 

(e) settle or adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Bank considers
advisable, notify any Person owing Borrower money of Bank’s security interest in such funds, and verify the amount of such account; 

(f) make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in the
Collateral. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank may enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase,
contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy any of its premises, without charge, to exercise any of Bank’s
rights or remedies; 
 (g) apply to the Obligations any (i) balances and deposits of Borrower it holds, or (ii) any amount
held by Bank owing to or for the credit or the account of Borrower; 
 (h) ship, reclaim, recover, store, finish, maintain, repair,
prepare for sale, advertise for sale, and sell the Collateral. Bank is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, Patents, Copyrights, mask works, rights of use of any name,
trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of
its rights under this Section, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 

(i) place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive control, any entitlement order, or
other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 

(j) demand and receive possession of Borrower’s Books; and 

  
 -16- 

 (k) exercise all rights and remedies available to Bank under the Loan Documents or at law or
equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 
 9.2 Power
of Attorney. Borrower hereby irrevocably appoints Bank as its lawful attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any checks or other forms of
payment or security; (b) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts
and on terms Bank determines reasonable; (d) make, settle, and adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the
Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Bank or a third party as the Code permits. Borrower hereby appoints Bank as its lawful
attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue the perfection of Bank’s security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations have been
satisfied in full and Bank is under no further obligation to make Credit Extensions hereunder. Bank’s foregoing appointment as Borrower’s attorney in fact, and all of Bank’s rights and powers, being coupled with an interest, are
irrevocable until all Obligations have been fully repaid and performed and Bank’s obligation to provide Credit Extensions terminates. 

9.3 Protective Payments. If Borrower fails to obtain the insurance called for by Section 6.7 or fails to pay any premium thereon or
fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document, Bank may obtain such insurance or make such payment, and all amounts so paid by Bank are Bank Expenses and immediately due and payable,
bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Bank will make reasonable efforts to provide Borrower with notice of Bank obtaining such insurance at the time it is obtained or within a
reasonable time thereafter. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of any Event of Default. 

9.4 Application of Payments and Proceeds. If an Event of Default has occurred and is continuing, Bank may apply any funds in its
possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations in such order as Bank shall determine in its sole
discretion. Any surplus shall be paid to Borrower or to other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, in its good faith business judgment, directly or indirectly enters into a deferred
payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the
Obligations until the actual receipt by Bank of cash therefor. 
 9.5 Bank’s Liability for Collateral. So long as Bank complies
with reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the
Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or destruction of the Collateral. 

9.6 No Waiver; Remedies Cumulative. Bank’s failure, at any time or times, to require strict performance by Borrower of any
provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by the
party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under this Agreement and the other Loan Documents are cumulative. Bank has all rights and remedies
provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising any other remedy under this Agreement or other remedy available at law or in equity, and
Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence. 

9.7 Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default,
nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 

  
 -17- 

 10 NOTICES  

All notices, consents, requests, approvals, demands, or other communication (collectively, “Communication”), other than
Advance requests made pursuant to Section 3.4, by any party to this Agreement or any other Loan Document must be in writing and be delivered or sent by facsimile at the addresses or facsimile numbers listed below. Bank or Borrower may change
its notice address by giving the other party written notice thereof. Each such Communication shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit
in the U.S. mail, registered or certified mail, return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by facsimile transmission (with such facsimile promptly confirmed by delivery of a copy by personal delivery
or United States mail as otherwise provided in this Section 10); (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of
which shall be addressed to the party to be notified and sent to the address or facsimile number indicated below. Advance requests made pursuant to Section 3.4 must be in writing and may be in the form of electronic mail, delivered to Bank by
Borrower at the e-mail address of Bank provided below and shall be deemed to have been validly served, given, or delivered when sent (with such electronic mail promptly confirmed by delivery of a copy by personal delivery or United States mail as
otherwise provided in this Section 10). Bank or Borrower may change its address, facsimile number, or electronic mail address by giving the other party written notice thereof in accordance with the terms of this Section 10. 

 

			
	If to Borrower:	  	 Aspen Aerogels, Inc.
 30 Forbes Road, Building
B
 Northborough, Massachusetts 01532
 Attn: John Fairbanks

Fax: (508) 691-1200
 Email:
jfairbanks@aerogel.com

		
	 with a copy to:
	  	 Edwards Angell Palmer & Dodge LLP
 111
Huntington Ave
 Boston, MA 02199
 Attn: Christopher W.
Nelson
 Fax: (888) 325.9513
 Email:
cnelson@eapdlaw.com

		
	 If to Bank:
	  	 Silicon Valley Bank
 275 Grove Street,
Suite 2-200
 Newton, Massachusetts 02466
 Attn:
Mr. Dave Rodriguez
 Fax: (617) 969-4395
 Email:
drodriguez@svb.com

		
	 with a copy to:
	  	 Riemer & Braunstein LLP
 Three Center
Plaza
 Boston, Massachusetts 02108
 Attn: Charles W. Stavros,
Esquire
 Fax: (617) 880-3456
 Email:
cstavros@riemerlaw.com

 11 CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER  

Massachusetts law governs the Loan Documents without regard to principles of conflicts of law. Borrower and Bank each submit to the exclusive
jurisdiction of the State and Federal courts in Massachusetts; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Bank from bringing suit or taking other legal action in any other jurisdiction to
realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such
court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such

  
 -18- 

 
court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process
may be made by registered or certified mail addressed to Borrower at the address set forth in Section 10 of this Agreement and that service so made shall be deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or
three (3) days after deposit in the U.S. mails, proper postage prepaid. NOTWITHSTANDING ANYTHING TO THE CONTRARY SET FORTH HEREINABOVE, BANK SHALL SPECIFICALLY HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST BORROWER OR ITS PROPERTY IN
THE COURTS OF ANY OTHER JURISDICTION WHICH BANK DEEMS NECESSARY OR APPROPRIATE IN ORDER TO REALIZE ON THE COLLATERAL OR TO OTHERWISE ENFORCE BANK’S RIGHTS AGAINST BORROWER OR ITS PROPERTY. 

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF
OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS
REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 12 GENERAL PROVISIONS  

12.1 Termination Prior to Maturity Date. This Agreement may be terminated prior to the Revolving Line Maturity Date by Borrower,
effective three (3) Business Days after written notice of termination is given to Bank or if Bank’s obligation to fund Credit Extensions terminates pursuant to the terms of Section 2.1.1(b). Notwithstanding any such termination,
Bank’s lien and security interest in the Collateral shall continue until Borrower fully satisfies its Obligations. Upon payment in full of the Obligations and at such time as Bank’s obligation to make Credit Extensions has terminated, Bank
shall release its liens and security interests in the Collateral and all rights therein shall revert to Borrower. 
 12.2 Successors and
Assigns. This Agreement binds and is for the benefit of the successors and permitted assigns of each party. Borrower may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be
granted or withheld in Bank’s discretion). Bank has the right, without the consent of or notice to Borrower, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations,
rights, and benefits under this Agreement and the other Loan Documents; provided, that, prior to the occurrence and during the continuance of an Event of Default, any such sale, transfer, assignment, negotiation or grant of a
participation to a Person or entity other than an institutional lender shall require Borrower’s prior written consent, such consent not to be unreasonably withheld. 

12.3 Indemnification. Borrower agrees to indemnify, defend and hold Bank and its directors, officers, employees, agents, attorneys, or
any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (a) all obligations, demands, claims, and liabilities (collectively, “Claims”) claimed or asserted by any
other party in connection with the transactions contemplated by the Loan Documents; and (b) all losses or expenses (including Bank Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from,
consequential to, or arising from transactions between Bank and Borrower contemplated by the Loan Documents (including reasonable attorneys’ fees and expenses), except for Claims and/or losses directly caused by such Indemnified Person’s
gross negligence or willful misconduct. 
 12.4 Time of Essence. Time is of the essence for the performance of all Obligations in this
Agreement. 
 12.5 Correction of Loan Documents. Bank may correct patent errors and fill in any blanks in the Loan Documents
consistent with the agreement of the parties. 
 12.6 Severability of Provisions. Each provision of this Agreement is severable from
every other provision in determining the enforceability of any provision. 
 12.7 Amendments in Writing; Waiver; Integration. No
purported amendment or modification of any Loan Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth in a writing signed by
the party against which enforcement or admission is sought. Without limiting the generality of the foregoing, no oral promise or 

  
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statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an amendment, supplement or waiver or have any other effect on any
Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give rise to, or evidence, any obligation or
commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations
between the parties about the subject matter of the Loan Documents merge into the Loan Documents. 
 12.8 Counterparts. This Agreement
may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 

12.9 Survival. All covenants, representations and warranties made in this Agreement continue in full force until this Agreement has
terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) have been paid in full and satisfied. The obligation
of Borrower in Section 12.3 to indemnify Bank shall survive until the statute of limitations with respect to such claim or cause of action shall have run. 

12.10 Confidentiality. In handling any confidential information, Bank shall exercise the same degree of care that it exercises for its
own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates (such Subsidiaries and Affiliates, together with Bank, collectively, “Bank Entities”); (b) to
prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use commercially reasonable efforts to obtain any prospective transferee’s or purchaser’s agreement to the terms of
this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising
remedies under the Loan Documents; and (f) to third-party service providers of Bank so long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential
information does not include information that is either: (i) in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain after disclosure to Bank; or (ii) disclosed to Bank by a third
party if Bank does not know that the third party is prohibited from disclosing the information. 
 Bank Entities may use the confidential
information for reporting purposes and the development and distribution of databases and market analyses so long as such confidential information is aggregated and anonymized prior to distribution, unless otherwise expressly permitted by Borrower.
The provisions of the immediately preceding sentence shall survive the termination of this Agreement. 
 12.11 Attorneys’ Fees, Costs
and Expenses. In any action or proceeding between Borrower and Bank arising out of or relating to the Loan Documents, Bank shall be entitled to recover its reasonable attorneys’ fees and other costs and expenses incurred, in addition to any
other relief to which it may be entitled. 
 12.12 Right of Set Off. Borrower hereby grants to Bank, a lien, security interest and
right of set off as security for all Obligations to Bank, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any
entity under the control of Bank (including a Bank subsidiary) or in transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof
and apply the same to any liability or obligation of Borrower even though unmatured and regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT
TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 

12.13 Electronic Execution of Documents. The words “execution,” “signed,” “signature” and words of like
import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a
paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. 

  
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 12.14 Captions. The headings used in this Agreement are for convenience only and shall not
affect the interpretation of this Agreement. 
 12.15 Construction of Agreement. The parties mutually acknowledge that they and their
attorneys have participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.16 Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement. The
parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract. 

12.17 Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits, rights or
remedies under or by reason of this Agreement on any Persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or liability of any Person not an express party to
this Agreement; or (c) give any Person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 

12.18 Borrower Agreement; Cross-Collateralization; Cross-Default; Conflicts. Both this Agreement and the EXIM Borrower Agreement shall
continue in full force and effect, and all rights and remedies under this Agreement and the EXIM Borrower Agreement are cumulative. The term “Obligations” as used in this Agreement and in the EXIM Borrower Agreement shall include without
limitation the obligation to pay when due all loans made pursuant to the EXIM Borrower Agreement (the “EXIM Loans”) and all interest thereon and the obligation to pay when due all Advances made pursuant to the terms of this
Agreement and all interest thereon. Without limiting the generality of the foregoing, the security interest granted herein covering all “Collateral” as defined in this Agreement and as defined in the EXIM Borrower Agreement shall secure
all EXIM Loans and all Advances and all interest thereon, and all other Obligations. Any Event of Default under this Agreement shall also constitute a default under the EXIM Borrower Agreement, and any default under the EXIM Borrower Agreement shall
also constitute an Event of Default under this Agreement. In the event Bank assigns its rights under this Agreement and/or under any note evidencing EXIM Loans and/or its rights under the Borrower Agreement and/or under any note evidencing Advances,
to any third party, including, without limitation, the EXIM Bank, whether before or after the occurrence of any Event of Default, Bank shall have the right (but not any obligation), in its sole discretion, to allocate and apportion Collateral to the
EXIM Borrower Agreement and/or note assigned and to specify the priorities of the respective security interests in such Collateral between itself and the assignee, all without notice to or consent of the Borrower. Should any term of the Agreement
conflict with any term of the EXIM Borrower Agreement, the more restrictive term in either agreement shall govern Borrower. 
 13
DEFINITIONS  
 13.1 Definitions. As used in the Loan Documents, the word “shall” is mandatory, the word
“may” is permissive, the word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are
negative. As used in this Agreement, the following capitalized terms have the following meanings: 
 “Account” is any
“account” as defined in the Code with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to Borrower. 

“Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as may hereafter
be made. 
 “Account Transition Period” is defined in Section 6.8(a). 

“Adjusted Quick Ratio” is, as of any date of measurement, the ratio of (i) the sum of (a) Borrower’s
unrestricted cash at Bank plus (b) Borrower’s net billed accounts receivable that are aged less than ninety (90) days divided by (ii) the difference between (a) Current Liabilities minus accrued
but unpaid Series A and Series B Dividends. 
 “Advance” or “Advances” means an advance (or
advances) under the Revolving Line. 

  
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 “Affiliate” is, with respect to any Person, each other Person that owns or
controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited
liability company, that Person’s managers and members. 
 “Agreement” is defined in the preamble hereof. 

“Aspen Aerogels Rhode Island” is Aspen Aerogels Rhode Island LLC, a Rhode Island limited liability company and wholly owned
Subsidiary of Borrower. 
 “Aspen GmbH” is Aspen Aerogels Germany GmbH, a company organized under the laws of the Federal
Republic of Germany. 
 “Availability Amount” is (a) the lesser of (i) the Revolving Line minus any
amounts outstanding under the Export-Import Agreement or (ii) the amount available under the Borrowing Base minus (b) the Dollar Equivalent amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of
Credit plus an amount equal to the Letter of Credit Reserve), minus (c) the FX Reduction Amount, minus (d) any amounts used for Cash Management Services, and minus (e) the outstanding principal balance of any
Advances. The aggregate amount of all Advances (including, without limitation, the Dollar Equivalent amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit plus an amount equal to the Letter of Credit
Reserve), any outstanding FX Reduction Amount and any amounts used for Cash Management Services) under this Agreement outstanding at any time together with all Credit Extensions made pursuant to the Export-Import Agreement outstanding at any time
shall not exceed Ten Million Dollars ($10,000,000). 
 “Bank” is defined in the preamble hereof. 

“Bank Expenses” are all audit fees and expenses, costs, and expenses (including reasonable attorneys’ fees and expenses)
for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower or
any Guarantor. 
 “Borrower” is defined in the preamble hereof. 

“Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state tax returns, records
regarding Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Borrowing Base” is (a) eighty percent (80%) of Eligible Accounts, as determined by Bank from Borrower’s most
recent Borrowing Base Certificate; provided, however, that Bank may decrease the foregoing percentage in its good faith business judgment based on events, conditions, contingencies, or risks which, as determined by Bank, may adversely
affect the Collateral. 
 “Borrowing Base Certificate” is that certain certificate included within each Transaction Report.

 “Borrowing Resolutions” are, with respect to any Person, those resolutions adopted by such Person’s Board of
Directors or other appropriate body and delivered by such Person to Bank approving the Loan Documents to which such Person is a party and the transactions contemplated thereby, together with a certificate executed by its secretary on behalf of such
Person certifying that (a) such Person has the authority to execute, deliver, and perform its obligations under each of the Loan Documents to which it is a party, (b) attached as Exhibit A to such certificate is a true, correct, and
complete copy of the resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance by such Person of the Loan Documents to which it is a party, (c) the name(s) of the Person(s) authorized to
execute the Loan Documents on behalf of such Person, together with a sample of the true signature(s) of such Person(s), and (d) Bank may conclusively rely on such certificate unless and until such Person shall have delivered to Bank a further
certificate canceling or amending such prior certificate. 
 “Business Day” is any day that is not a Saturday, Sunday or a
day on which Bank is closed. 

  
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 “Cabot License Agreement” means that certain Cross License Agreement dated
April 1, 2006 by and between Cabot Corporation and Borrower, as amended by that certain Settlement Agreement and First Amendment to Cross License Agreement dated as of September 21, 2007. 

“Capital Expenditures” means, with respect to any Person for any period, the sum of (a) the aggregate of all
expenditures by such Person and its Subsidiaries during such period that are capital expenditures as determined in accordance with GAAP, whether such expenditures are paid in cash or financed, plus (b) to the extent not covered by clause
(a), the aggregate of all expenditures by such Person and its Subsidiaries during such period to acquire by purchase or otherwise the business or capitalized assets or the capital stock of any other Person. 

“Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or
any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from either
Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc., (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue; and (d) money market funds at least ninety-five
percent (95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

“Cash Management Services” is defined in Section 2.1.4. 

“Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the Commonwealth of
Massachusetts; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term
contained in Article or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Bank’s Lien on any
Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the Commonwealth of Massachusetts, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other
jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Borrower described on Exhibit A. 

“Collateral Account” is any Deposit Account, Securities Account, or Commodity Account. 

“Commodity Account” is any “commodity account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Communication” is defined in Section 10. 

“Compliance Certificate” is that certain certificate in the form attached hereto as Exhibit B. 

“Contingent Obligation” is, for any Person, any direct or indirect liability, contingent or not, of that Person for
(a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case directly or indirectly guaranteed, endorsed, co made, discounted or sold with recourse by that Person, or for which that
Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar
agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary
course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it
determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement. 

“Control Agreement” is any control agreement entered into among the depository institution at which Borrower maintains a
Deposit Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank pursuant to which Bank obtains control (within the meaning of the Code) over such
Deposit Account, Securities Account, or Commodity Account. 

  
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 “Copyrights” are any and all copyright rights, copyright applications, copyright
registrations and like protections in each work or authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Credit Extension” is any Advance, EXIM Loan, Letter of Credit, FX Forward Contract, amount utilized for Cash Management
Services, or any other extension of credit by Bank for Borrower’s benefit. 
 “Current Liabilities” are all
Obligations and liabilities of Borrower owed to Bank, plus, without duplication, the aggregate amount of Borrower’s Total Liabilities that mature within one (1) year. 

“Default” means any event which with notice or passage of time or both, would constitute an Event of Default. 

“Default Rate” is defined in Section 2.3(b). 

“Deferred Revenue” is all amounts received or invoiced in advance of performance under contracts and not yet recognized as
revenue. 
 “Deposit Account” is any “deposit account” as defined in the Code with such additions to such term as
may hereafter be made. 
 “Designated Deposit Account” is Borrower’s deposit account, account number
                    , maintained with Bank. 

“Dollars,” “dollars” or use of the sign “$” means only lawful money of the United States and not
any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted into lawful money of the United States. 

“Dollar Equivalent” is, at any time, (a) with respect to any amount denominated in Dollars, such amount, and
(b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange in San Francisco, California, for sales of the
Foreign Currency for transfer to the country issuing such Foreign Currency. 
 “Effective Date” is the date Bank executes
this Agreement and as indicated on the signature page hereof. 
 “Eligible Accounts” means Accounts which arise in the
ordinary course of Borrower’s business that meet all Borrower’s representations and warranties in Section 5.3. Bank reserves the right at any time and from time to time after the Effective Date upon notice to Borrower, to adjust any
of the criteria set forth below and to establish new criteria in its good faith business judgment. Without limiting the fact that the determination of which Accounts are eligible for borrowing is a matter of Bank’s good faith judgment, the
following (“Minimum Eligibility Requirements”) are the minimum requirements for an Account to be an Eligible Account. Unless Bank agrees otherwise in writing, Eligible Accounts shall not include: 

(a) Accounts for which the Account Debtor is Borrower’s Affiliate, officer, employee, or agent; 

(b) Accounts that the Account Debtor has not paid within ninety (90) days of invoice date regardless of invoice payment period terms;

 (c) Accounts with credit balances over ninety (90) days from invoice date; 

(d) Accounts owing from an Account Debtor, in which fifty percent (50%) or more of the Accounts have not been paid within ninety
(90) days of invoice date; 
 (e) Accounts owing from an Account Debtor which does not have its principal place of business in the
United States; 
 (f) Accounts billed and/or payable outside of the United States (sometimes called foreign invoiced accounts); 

  
 -24- 

 (g) Accounts owing from an Account Debtor to the extent that Borrower is indebted or
obligated in any manner to the Account Debtor (as creditor, lessor, supplier or otherwise — sometimes called “contra” accounts, accounts payable, customer deposits or credit accounts). 

(h) Accounts owing from an Account Debtor which is a United States government entity or any department, agency, or instrumentality thereof
unless Borrower has assigned its payment rights to Bank and the assignment has been acknowledged under the Federal Assignment of Claims Act of 1940, as amended; 

(i) Accounts for demonstration or promotional equipment, or in which goods are consigned, or sold on a “sale guaranteed”,
“sale or return”, “sale on approval”, or other terms if Account Debtor’s payment may be conditional; 

(j) Accounts owing from an Account Debtor where goods or services have not yet been rendered to the Account Debtor (sometimes called memo
billings or pre-billings); 
 (k) Accounts subject to contractual arrangements between Borrower and an Account Debtor where payments
shall be scheduled or due according to completion or fulfillment requirements where the Account Debtor has a right of offset for damages suffered as a result of Borrower’s failure to perform in accordance with the contract (sometimes called
contracts accounts receivable, progress billings, milestone billings, or fulfillment contracts); 
 (l) Accounts owing from an Account
Debtor the amount of which may be subject to withholding based on the Account Debtor’s satisfaction of Borrower’s complete performance (but only to the extent of the amount withheld; sometimes called retainage billings); 

(m) Accounts subject to trust provisions, subrogation rights of a bonding company, or a statutory trust; 

(n) Accounts owing from an Account Debtor that has been invoiced for goods that have not been shipped to the Account Debtor unless Bank,
Borrower, and the Account Debtor have entered into an agreement acceptable to Bank in its sole discretion wherein the Account Debtor acknowledges that (i) it has title to and has ownership of the goods wherever located, (ii) a bona fide
sale of the goods has occurred, and (iii) it owes payment for such goods in accordance with invoices from Borrower (sometimes called “bill and hold” accounts); 

(o) Accounts for which the Account Debtor has not been invoiced; 

(p) Accounts that represent non-trade receivables or that are derived by means other than in the ordinary course of Borrower’s
business; 
 (q) Accounts for which Borrower has permitted Account Debtor’s payment to extend beyond ninety (90) days; 

(r) Accounts arising from chargebacks, debit memos or other payment deductions taken by an Account Debtor; 

(s) Accounts arising from product returns and/or exchanges (sometimes called “warranty” or “RMA” accounts); 

(t) Accounts in which the Account Debtor disputes liability or makes any claim (but only up to the disputed or claimed amount), or if the
Account Debtor is subject to an Insolvency Proceeding, or becomes insolvent, or goes out of business; 
 (u) Accounts owing from an
Account Debtor with respect to which Borrower has received Deferred Revenue (but only to the extent of such Deferred Revenue); 

(v) Accounts owing from an Account Debtor, whose total obligations to Borrower exceed twenty-five percent (25%) of all Accounts, for
the amounts that exceed that percentage, unless Bank approves in writing; 
 (w) Accounts for which Bank in its good faith business
judgment determines collection to be doubtful, including, without limitation, accounts represented by “refreshed” or “recycled” invoices; and 

  
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 (x) other Accounts Bank deems ineligible in the exercise of its good faith business
judgment. 
 “Equipment” is all “equipment” as defined in the Code with such additions to such term as may
hereafter be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. 

“Event of Default” is defined in Section 8. 

“EXIM Bank” is the Export-Import Bank of the United States. 

“EXIM Borrower Agreement” is defined in the Export-Import Agreement. 

“EXIM Guaranty” is that certain Master Guarantee Agreement, by and between Bank and EXIM Bank, dated as of November 1,
2005, as amended and in effect as of the date hereof. 
 “EXIM Loan Documents” are all documents and agreements executed in
connection with the Export-Import Agreement, including, without limitation, the EXIM Borrower Agreement and the EXIM Promissory Note (as defined in the Export-Import Agreement), as each may be amended from time to time. 

“Export-Import Agreement” is that certain Export-Import Bank Loan and Security Agreement, dated as of the date hereof, by and
between Borrower and Bank. 
 “EXIM Loans” is defined in Section 12.18. 

“Foreign Currency” means lawful money of a country other than the United States. 

“Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business
Day. 
 “FX Business Day” is any day when (a) Bank’s Foreign Exchange Department is conducting its normal
business and (b) the Foreign Currency being purchased or sold by Borrower is available to Bank from the entity from which Bank shall buy or sell such Foreign Currency. 

“FX Forward Contract” is defined in Section 2.1.3. 

“FX Reduction Amount” is defined in Section 2.1.3. 

“GAAP” is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant segment of the
accounting profession, which are applicable to the circumstances as of the date of determination. 
 “General Intangibles”
is all “general intangibles” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation, claims, income and other tax refunds, security and other deposits,
payment intangibles, contract rights, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man,
property damage, and business interruption insurance), payments of insurance and rights to payment of any kind. Notwithstanding the foregoing, General Intangibles does not include any Intellectual Property. 

“Governmental Approval” is any consent, authorization, approval, order, license, franchise, permit, certificate,
accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

  
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 “Governmental Authority” is any nation or government, any state or other
political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government,
any securities exchange and any self-regulatory organization. 
 “Guarantor” is any present or future guarantor of the
Obligations, including, without limitation, Aspen Aerogels Rhode Island. 
 “Guaranty Agreement” is any present or future
guaranty agreement pursuant to which any Guarantor guaranty’s repayment of the Obligations, including, without limitation, that certain Unconditional Guaranty, dated as of the date hereof, by Aspen Aerogels Rhode Island, in favor of Bank. 

“Indebtedness” is (a) indebtedness for borrowed money or the deferred price of property or services, such as
reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, and (d) Contingent Obligations. 

“Indemnified Person” is defined in Section 12.3. 

“Insolvency Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other
bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

“Intellectual Property” means all of Borrower’s and/or Guarantor’s right, title, and interest in and to the
following (including all rights under licenses thereof, including without limitation all right, title and interest of the Borrower under the Cabot License Agreement): 

(a) Copyrights, Trademarks and Patents; 

(b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how,
operating manuals; 
 (c) any and all source code; 

(d) any and all design rights which may be available to a Borrower; 

(e) any and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the
obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 

(f) all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 

“Inventory” is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term
as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of
Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

“Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or other securities),
and any loan, advance or capital contribution to any Person. 
 “Key Person” is Borrower’s Chief Executive Officer and
President who is, as of the Effective Date, Don Young. 
 “Letter of Credit” means a standby letter of credit issued by
Bank or another institution based upon an application, guarantee, indemnity or similar agreement on the part of Bank as set forth in Section 2.1.2. 

  
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 “Letter of Credit Application” is defined in Section 2.1.2(a). 

“Letter of Credit Reserve” has the meaning set forth in Section 2.1.2(d). 

“Lien” is a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether
voluntarily incurred or arising by operation of law or otherwise against any property. 
 “Liquidity Threshold” is, on and
after the Effective Date, provided no Default or Event of Default has occurred and is continuing, the period (i) commencing on the first (1st) day in which Borrower has, for each consecutive day in the immediately preceding thirty
(30) day period, maintained an Adjusted Quick Ratio, as determined by Bank, in its reasonable discretion, in an amount at all times greater than or equal to 1.00:1.00, as determined by Bank, in its sole discretion; and (ii) terminating on
the earlier to occur of (A) the occurrence of a Default or an Event of Default; and (B) the first day thereafter in which Borrower fails to maintain an Adjusted Quick Ratio greater than or equal to 1.00:1.00, as determined by Bank, in its
reasonable discretion. Thereafter, in order for the Liquidity Threshold to be applicable, Borrower must achieve an Adjusted Quick Ratio in an amount greater than or equal to 1.00:1.00 each consecutive day for thirty (30) consecutive days, as
determined by Bank, in its reasonable discretion. Borrower shall give Bank prior-written notice of Borrower’s achievement of the Liquidity Threshold. 

“Loan Documents” are, collectively, this Agreement, the EXIM Loan Documents, the Perfection Certificates, the Stock Pledge
Agreement, the PJC Intercreditor Agreement, any Guaranty Agreement, any Security Agreement, any note, or notes or guaranties executed by Borrower or any Guarantor, and any other present or future agreement between Borrower any Guarantor and/or for
the benefit of Bank in connection with this Agreement, all as amended, restated, or otherwise modified. 
 “Material Adverse
Change” is (a) a material impairment in the perfection or priority of Bank’s Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or
otherwise) of Borrower and its Subsidiaries, taken as a whole; (c) a material impairment of the prospect of repayment of any portion of the Obligations or (d) Bank determines, after consultation with Borrower, based upon information
available to it and in its reasonable judgment, that there is a substantial likelihood that Borrower shall fail to comply with one or more of the financial covenants in Section 6 during the next succeeding financial reporting period. 

“Minimum Eligibility Requirements” is defined in the defined term “Eligible Accounts”. 

“Note Purchase Agreement” is that certain Subordinated Note and Warrant Purchase Agreement, dated as of the date hereof, by
and among Borrower, PJC Capital LLC and the other “Purchasers” named therein. 
 “Obligations” are
Borrower’s obligation to pay when due any debts, principal, interest, Bank Expenses and other amounts Borrower owes Bank now or later, whether under this Agreement, the other Loan Documents, the Export-Import Agreement, the other EXIM Loan
Documents, or otherwise, including, without limitation, all obligations relating to letters of credit (including reimbursement obligations for drawn and undrawn letters of credit), cash management services, and foreign exchange contracts, if any,
and including interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Bank, and to perform Borrower’s duties under the Loan Documents. 

“Operating Documents” are, for any Person, such Person’s formation documents, as certified with the Secretary of State
of such Person’s state of formation on a date that is no earlier than 30 days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited liability company,
its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the foregoing with all current amendments or modifications thereto. 

“Patents” means all patents, patent applications and like protections including without limitation improvements, divisions,
continuations, renewals, reissues, extensions and continuations-in-part of the same. 
 “Payment” means all checks, wire
transfers and other items of payment received by Bank (including proceeds of Accounts and payment of all the Obligations in full) for credit to Borrower’s outstanding Credit Extensions or, if the balance of the Credit Extensions has been
reduced to zero, for credit to its Deposit Accounts. 

  
 -28- 

 “Perfection Certificate” is defined in Section 5.1. 

“Permitted Indebtedness” is: 

(a) Borrower’s Indebtedness to Bank under this Agreement and the other Loan Documents; 

(b) Indebtedness existing on the Effective Date and shown on the Perfection Certificate; 

(c) Subordinated Debt, including, without limitation, the Indebtedness owed to PJC Capital LLC and the other “Holders” as such
term is defined in the Note Purchase Agreement, as described in and subject to the PJC Intercreditor Agreement, and guaranties of any such Subordinated Debt by any Subsidiary of the Borrower; 

(d) Indebtedness owed to the Massachusetts Development Finance Agency pursuant to the Borrower’s 6% term loan dated January 12,
2005, in the original principal amount of $1,500,000, repayable in equal monthly installments over 84 months, secured by leasehold improvements and lab equipment located at 30 Forbes Road, Northborough, MA, the outstanding principal and accrued
but unpaid interest of which is, as of November 30, 2010, $297,448; 
 (e) unsecured Indebtedness to trade creditors incurred in
the ordinary course of business; 
 (f) Indebtedness secured by Liens permitted to clauses (a) and (c) of the definition of
“Permitted Liens” hereof; 
 (g) Indebtedness (i) of Subsidiaries owed to Borrower for any Subsidiary that has executed a
Security Agreement in favor of Bank and (ii) of Subsidiaries owed to Borrower in an aggregate amount, together with Investments permitted in connection with clause (d) of the definition of “Permitted Investments”, not to exceed
Two Hundred Fifty Thousand Dollars ($250,000) in any fiscal year; 
 (h) extensions, refinancings, modifications, amendments and
restatements of any items of Permitted Indebtedness (a) through (e) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower or its Subsidiary,
as the case may be; and 
 (i) other unsecured Indebtedness in an aggregate amount not to exceed Two hundred Fifty Thousand Dollars
($250,000); 
 “Permitted Investments” are: 

(a) Investments shown on the Perfection Certificate and existing on the Effective Date; 

(b) Cash Equivalents; 

(c) Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary
course of Borrower’s business; 
 (d) Investments (i) by Borrower in any Subsidiary that has executed a Security Agreement in
favor of Bank and (ii) by Borrower in any Subsidiary, in an aggregate amount, together with any Indebtedness described in clause (g) of the definition of “Permitted Indebtedness”, not to exceed Two Hundred Fifty Thousand
Dollars ($250,000) in any fiscal year; 
 (e) Investments (including debt obligations) received in connection with the bankruptcy or
reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; and 

  
 -29- 

 (f) Investments consisting of notes receivable of, or prepaid royalties and other credit
extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business; provided that this paragraph (f) shall not apply to Investments of Borrower in any Subsidiary. 

“Permitted Liens” are: 

(a) (i) Liens existing on the Effective Date and shown on the Perfection Certificate or arising under this Agreement and the other Loan
Documents and (ii) subject to the terms and conditions of the PJC Intercreditor Agreement, Liens in favor of PJC Capital LLC, as collateral agent; 

(b) Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable or (ii) being
contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the Treasury Regulations
adopted thereunder; 
 (c) purchase money Liens (i) on Equipment acquired or held by Borrower incurred for financing the
acquisition of the Equipment securing no more than Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined to the property and improvements
and the proceeds of the Equipment; 
 (d) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions,
social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 
 (e) Liens
incurred in the extension, renewal or refinancing of the indebtedness secured by Liens described in (a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the
principal amount of the indebtedness may not increase; 
 (f) leases or subleases of real property granted in the ordinary course of
business, and leases, subleases, non-exclusive licenses or sublicenses of property (other than real property or Intellectual Property) granted in the ordinary course of Borrower’s business, if the leases, subleases, licenses and sublicenses do
not prohibit granting Bank a security interest; 
 (g) non-exclusive license of Intellectual Property granted to third parties in the
ordinary course of business, and licenses of Intellectual Property that could not result in a legal transfer of title of the licensed property that may be exclusive in respects other than territory and that may be exclusive as to territory only as
to discreet geographical areas outside of the United States; 
 (h) Liens securing Permitted Indebtedness; and 

(i) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under Section 8.4 or
8.7. 
 “Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture, company,
trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

“PJC Capital LLC” is PJC Capital LLC, a Delaware limited liability company and “Collateral Agent” under the Note
Purchase Agreement. 
 “PJC Intercreditor Agreement” is that certain Intercreditor and Subordination Agreement, dated on or
about the date hereof, by and between Bank, PJC Capital LLC and the other subordinated creditors named therein. 
 “Prime
Rate” is the greater of (i) four percent (4.00%) per annum, and (ii) Bank’s most recently announced “prime rate,” even if it is not Bank’s lowest rate. 

“Registered Organization” is any “registered organization” as defined in the Code with such additions to such term
as may hereafter be made. 

  
 -30- 

 “Requirement of Law” is as to any Person, the organizational or governing
documents of such Person, and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to
which such Person or any of its property is subject. 
 “Reserves” means, as of any date of determination, such amounts as
Bank may from time to time establish and revise in good faith reducing the amount of Advances, Letters of Credit and other financial accommodations which would otherwise be available to Borrower under the lending formulas: (a) to reflect
events, conditions, contingencies or risks which, as determined by Bank in good faith, do or may affect (i) the Collateral or any other property which is security for the Obligations or its value (including without limitation any increase in
delinquencies of Accounts), (ii) the assets or business of Borrower or any guarantor, or (iii) the security interests and other rights of Bank in the Collateral (including the enforceability, perfection and priority thereof); or
(b) to reflect Bank’s good faith belief that any collateral report or financial information furnished by or on behalf of Borrower or any guarantor to Bank is or may have been incomplete, inaccurate or misleading in any material respect; or
(c) in respect of any state of facts which Bank determines in good faith constitutes an Event of Default or may, with notice or passage of time or both, constitute an Event of Default. 

“Responsible Officer” is any of the Chief Executive Officer, President, Chief Financial Officer and Controller of Borrower.

 “Revolving Line” is an Advance or Advances (including, without limitation, Advances made pursuant to the Export-Import
Agreement) in an amount under this Agreement and the Export-Import Agreement not to exceed Ten Million Dollars ($10,000,000) at any time. 

“Revolving Line Maturity Date” is March 31, 2013 (two (2) years after the Effective Date). 

“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental Authority 

“Securities Account” is any “securities account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Security Agreement” is any present or future security agreement pursuant to which any Person pledges
its Collateral to Bank as security for the Obligations, including, without limitation, that certain Security Agreement, dated as of the date hereof, by Aspen Aerogels Rhode Island, in favor of Bank. 

“Series A and Series B Dividends” are, as of any date of measurement, the dividends that shall have accrued on
shares of the Borrower’s Series A Preferred Stock and Series B Preferred Stock, whether or not declared or paid. 

“Stock Pledge Agreement” is that certain Stock Pledge Agreement, dated as of the date hereof, by and between Borrower and
Bank. 
 “Subordinated Debt” is indebtedness incurred by Borrower subordinated to all of Borrower’s now or hereafter
indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the other creditor), on terms acceptable to Bank, including, without limitation,
the Subordinated Debt described in and subject to the PJC Intercreditor Agreement. 
 “Subsidiary” is, as to any Person, a
corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the
happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through
one or more intermediaries, or both, by such Person. Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower or Guarantor. 

“Tangible Net Worth” is, on any date, the consolidated total assets of Borrower and its Subsidiaries minus
(a) any amounts attributable to (i) goodwill, (ii) intangible items including unamortized debt discount and expense, Patents, Trademarks, Copyrights, and research and development expenses except prepaid expenses, (iii) notes,
accounts receivable and other obligations owing to Borrower from its officers or other Affiliates, and (iv) reserves not already deducted from assets, minus (b) Total Liabilities plus (c) Subordinated Debt. 

  
 -31- 

 “Total Liabilities” is on any day, all obligations that should, under GAAP, be
classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness. 
 “Trademarks” means
any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

“Transaction Report” is the Bank’s standard reporting package provided by Bank to Borrower. 

“Transfer” is defined in Section 7.1. 

“Unused Revolving Line Facility Fee” is defined in Section 2.4(d). 

[Signature page follows.]  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as a
sealed instrument under the laws of the Commonwealth of Massachusetts as of the Effective Date. 
 BORROWER: 

 

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

	Name: John F. Fairbanks
	Title:   Chief Financial Officer
	
	 BANK: 
  

SILICON VALLEY BANK 

		
	By:	 	 /s/ Thomas Kelly

	Name: Thomas Kelly
	Title:  Vice President

 Effective Date: March 31, 2011 

[Signature Page to Loan and Security Agreement] 

 EXHIBIT A — COLLATERAL DESCRIPTION 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights (except as provided below) or rights to payment
of money, leases, license agreements (except as provided below), franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible
or electronic), cash, deposit accounts, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now
owned or hereafter acquired, wherever located; and 
 all Borrower’s Books relating to the foregoing, and any and all claims, rights
and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include any Intellectual Property; provided however, the Collateral shall
include all Accounts and all proceeds of Intellectual Property. Pursuant to the terms of a certain negative pledge arrangement with Bank, Borrower has agreed not to encumber any of its Intellectual Property without Bank’s prior written consent.

 EXHIBIT B  

COMPLIANCE CERTIFICATE 
  

			
	TO: SILICON VALLEY BANK	  	Date:                                     
    
	FROM: ASPEN AEROGELS, INC.	  	

 The undersigned authorized officer of Aspen Aerogels, Inc. (“Borrower”) certifies that under
the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”), (1) Borrower is in complete compliance for the period ending
                        with all required covenants except as noted below, (2) there are no Events of Default, (3) all
representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all
material respects as of such date, (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and
contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement, and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries, if any, relating to unpaid
employee payroll or benefits of which Borrower has not previously provided written notification to Bank. Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP
consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance
with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 

Please indicate compliance status by circling Yes/No under “Complies” column. 

 

							
	 Reporting Covenant
	  	 Required
	  	Complies	 
	 Monthly financial statements with *

Compliance Certificate
	  	Monthly within 30 days	  	 	Yes No	  
			
	 Annual financial statement (CPA Audited) + CC
	  	FYE within 180 days	  	 	Yes No	  
			
	 10-Q, 10-K and 8-K
	  	Within 5 days after filing with SEC	  	 	Yes No	  
			
	A/R & A/P Agings (including EXIM), inventory reports and Borrowing Base Certificate*	  	Monthly within 15 days (quarterly within 15 days if no outstanding Credit Extensions)	  	 	Yes No	  
			
	 Transaction Reports
	  	Weekly (monthly within 15 days when Borrower has achieved Liquidity Threshold) and with each request for a Credit Extension)	  	 	Yes No	  
			
	 Invoices for 10% of outstanding balance of EXIM A/R*
	  	Within 15 days after the end of each quarter	  	 	Yes No	  

  
  

	*	See Section 8.2 for 5 Business Day cure period 

 The following Intellectual Property was registered after
the Effective Date (if no registrations, state “None”) 
  

													
	 Financial Covenant
	  	Required	 	  	Actual	 	  	Complies	 
	 Maintain as indicated:
	  				  				  			
	 Liquidity (at all times, certified monthly)
	  	$	3,000,000	  	  	$	            	  	  	 	Yes No	  
	 Tangible Net Worth (at all times, certified monthly)
	  	$	40,000,000	  	  	$	            	  	  	 	Yes No	  

  
 1 

 The following financial covenant analyses and information set forth in Schedule 1 attached
hereto are true and accurate as of the date of this Certificate. 
 The following are the exceptions with respect to the certification
above: (If no exceptions exist, state “No exceptions to note.”) 
  

 
  

 
  

 
  

									
	Aspen Aerogels, Inc.	  		  	BANK USE ONLY
				
		 		  		  	Received by:                                 
                                        

	By:	 	  
	  		  	                                    
                          AUTHORIZED SIGNER
	 Name:
 Title:
	 	  
	  		  	  

Date:                         
                                         
                     

	 	  
	  		  	  

Verified:                        
                                         
                

		 	  		  	                                    
                          AUTHORIZED SIGNER
				
		 		  		  	Date:                                   
                                         
           
				
		 		  		  	Compliance Status:
                            Yes             
        No

  
 2 

 Schedule 1 to Compliance Certificate  

Financial Covenants of Borrower  

In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 

Dated:                         

  

			
	 I.
	  	Liquidity (Section 6.9(a))

 Required: Maintain Borrower’s unrestricted cash at Bank plus the unused Availability Amount of at least Three
Million Dollars ($3,000,000). 
 Actual: 
  

					
	A.	  	Borrower’s unrestricted cash at Bank	  	$            
			
	B.	  	Unused Availability Amount	  	$            
			
	C.	  	LIQUIDITY (line A plus line B)	  	$            

 Is line C equal to or greater than $3,000,000? 
  

			
	                         No, not in compliance	  	                     Yes, in compliance

  
 3 

			
	 II.
	  	Tangible Net Worth (Section 6.9(b))
	
	 Required:     Maintain a Tangible Net Worth of at least Forty Million Dollars
($40,000,000).

 Actual: 
  

					
	A.	  	Aggregate value of total assets of Borrower and its Subsidiaries	  	$             
			
	B.	  	Aggregate value of goodwill of Borrower	  	$             
			
	C.	  	Aggregate value of intangible items including unamortized debt discount and expense, Patents, Trademarks, Copyrights, and research and development expenses except prepaid expenses	  	$             
			
	D.	  	Aggregate value of any notes, accounts receivable and other obligations owing to Borrower from its officers or other Affiliates, and	  	
			
	E.	  	Aggregate value of any reserves not already deducted from assets	  	$             
			
	F.	  	Total Liabilities of Borrower (excluding Subordinated Debt)	  	$             
			
	G.	  	TANGIBLE NET WORTH (line A minus line B minus line C minus line D minus line E minus line F)	  	$             

 Is line G equal to or greater than $40,000,000? 
  

			
	                         No, not in compliance	  	                     Yes, in compliance

 CONSENT AND FIRST LOAN MODIFICATION AGREEMENT 

This Consent and First Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of June 1,
2011, by and between SILICON VALLEY BANK, a California corporation with a loan production office located at 275 Grove Street, Suite 2-200, Newton, Massachusetts 02466 (“Bank”), and ASPEN AEROGELS, INC., a Delaware
corporation with offices located at 30 Forbes Road, Building B, Northborough, Massachusetts 01532 (the “Borrower”). 
 1. DESCRIPTION OF
EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of March 31, 2011, evidenced by, among other
documents, (i) a certain Loan and Security Agreement dated as of March 31, 2011 (as may be amended from time to time, the “Loan Agreement”) and (ii) a certain Export-Import Bank Loan and Security Agreement, dated as
of March 31, 2011 (as may be amended from time to time, the “EXIM Loan Agreement”), in each case between Borrower and Bank. Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan
Agreement. 
 2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the Collateral as described in the Loan Agreement and EXIM
Loan Agreement and the “Intellectual Property Collateral” as described in a certain Intellectual Property Security Agreement, dated as of March 31, 2011 (together with any other collateral security granted to Bank, the
“Security Documents”). Hereinafter, the Security Documents, together with all other documents evidencing or securing the Obligations shall be referred to as the “Existing Loan Documents”. 

3. DESCRIPTION OF CHANGE IN TERMS. 

A. Modifications to Loan Agreement. 
  

	 	1	The Loan Agreement shall be amended by deleting the following text appearing as Section 7.9 (Subordinated Debt) thereof: 

“7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except as permitted under the
terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof or adversely
affect the subordination thereof to Obligations owed to Bank, except as permitted under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject.” 

and inserting in lieu thereof the following: 

“7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except as permitted under the
terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof or adversely
affect the subordination thereof to Obligations owed to Bank, except as permitted under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject. Notwithstanding subsection (b) above,
Borrower shall not permit any amendment to the Fidelity Note Purchase Agreement without the prior written consent of Bank.” 

	 	2	The Loan Agreement shall be amended by deleting the following text appearing as Section 8.9 (Subordinated Debt) thereof: 

“8.9 Subordinated Debt. Any document, instrument, or agreement evidencing any Subordinated Debt shall for any
reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation
thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement or the PJC Intercreditor Agreement.” 

and inserting in lieu thereof the following: 

“8.9 Subordinated Debt. (a) Any document, instrument, or agreement evidencing any Subordinated Debt shall for
any reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation
thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement, the PJC Intercreditor Agreement or the Fidelity Subordination Agreement; or (b) (i) any cash prepayment or
(ii) acceleration of principal or interest or (iii) the payment of any other Indebtedness of Borrower in each case under the Fidelity Note Purchase Agreement or any Fidelity Note issued thereunder.” 

 

	 	3	The Loan Agreement shall be amended by deleting the following clause (i) from the definition of “Permitted Indebtedness” in Section 13.1 thereof: 

“(i) other unsecured Indebtedness in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars
($250,000);” 
 and inserting in lieu thereof the following: 

“(i) (i) the unsecured Indebtedness of Borrower owed to the Fidelity Creditors pursuant to the Fidelity Note Purchase
Agreement and (ii) other unsecured Indebtedness in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000);” 
  

	 	4	The Loan Agreement shall be amended by inserting the following new definitions in Section 13.1 thereof in their appropriate alphabetical order: 

““Fidelity Creditors” is each “Purchaser” from time to time party to the Fidelity Note
Purchase Agreement. 
 “Fidelity Note” and “Fidelity Notes” is each Convertible Promissory
Note issued pursuant to the Fidelity Note Purchase Agreement. 
 “Fidelity Note Purchase Agreement” is that
certain Note Purchase Agreement, dated as of the date hereof, by and between Borrower and the “Purchasers” party thereto, in a maximum principal amount equal to Twenty Five Million Dollars ($25,000,000), together with an executed copy of
each Fidelity Note issued thereunder and each other document or agreement executed and/or delivered in connection therewith. 

“Fidelity Subordination Agreement” is that certain Subordination Agreement, dated as of the date hereof, by
and between Bank and the Fidelity Creditors.” 
 4. ISSUANCE OF ADDITIONAL SUBORDINATED DEBT. The Borrower has requested that the Bank consent
to the Borrower receiving proceeds from the issuance of additional unsecured Subordinated Debt to the Fidelity Creditors, as more fully described in the Fidelity Note Purchase Agreement, in substantially the form attached as Exhibit A hereto
(such issuance hereafter referred to as the “Transaction”). The Bank has agreed to do so, but only upon and subject to the specific terms and conditions set forth herein. 

 5. CONSENT. In reliance upon the representations of the Borrower herein, Bank hereby consents to the
consummation of the Transaction and waives any Event of Default that may otherwise arise under the Existing Loan Documents solely as a result of the consummation of the Transaction for all purposes under the Existing Loan Documents, subject to each
of the Conditions Precedent described in Section 6 hereof. In addition, Bank hereby consents to the amendment to the Note Purchase Agreement, as evidenced by a certain Amendment No. 1 to Subordinated Note and Warrant Purchase Agreement, by
and between borrower and the “Purchasers” signatory thereto, dated as of the date hereof, which shall be in form and substance acceptable to Bank, in its reasonable discretion. 

6. CONDITIONS PRECEDENT. Borrower hereby agrees that the following representations and warranties shall be true and/or the following documents shall be
delivered to the Bank prior to or concurrently with this Loan Modification Agreement, each in form and substance satisfactory to the Bank (collectively, the “Conditions Precedent”): 

 

	 	A.	the Transaction shall be consummated upon terms substantially similar to those contained in the Fidelity Note Purchase Agreement attached at Exhibit A hereto, in each case without any material amendment or
modification thereto (it being agreed that any amendment or modification to the Fidelity Note Purchase Agreement attached as Exhibit A hereto which may reasonably be considered materially adverse to the interests of the Bank shall be deemed to
be material); 

  

	 	B.	copies, certified by a duly authorized officer of Borrower and Guarantor, to be true and complete as of the date hereof, of each of (i) the governing documents of Borrower and Guarantor, respectively, as in effect
on the date hereof (but only to the extent modified since last delivered to the Bank), (ii) the resolutions of Borrower and Guarantor, respectively, authorizing the execution and delivery of this Loan Modification Agreement, the other documents
executed in connection herewith and the Borrower’s and Guarantor’s respective performance of all of the transactions contemplated hereby (but only to the extent required since last delivered to Bank), and (iii) an incumbency
certificate giving the name and bearing a specimen signature of each individual who shall be so authorized (but only to the extent any signatories have changed since such incumbency certificate was last delivered to Bank); 

 

	 	C.	Bank shall have received executed copies of this Loan Modification Agreement, the Fidelity Note Purchase Agreement and the Fidelity Subordination Agreement; 

 

	 	D.	Bank shall have received a copy of the executed Amendment No. 1 to Subordinated Note and Warrant Purchase Agreement, which shall be in form and substance acceptable to Bank, in its reasonable discretion;

  

	 	E.	Bank shall have received an executed Subordination Agreement, dated as of the date hereof, by and between the Purchasers party to the Note Purchase Agreement and the Fidelity Creditors, in substantially the same form as
the Fidelity Subordination Agreement; 

  

	 	F.	After giving effect to the consent granted herein, this Loan Modification Agreement and the Fidelity Note Purchase Agreement, no Default or Event of Default shall exist and be continuing, including, without limitation,
any default under any instrument, agreement or other document evidencing any Subordinated Debt; and 

  

	 	G.	such other documents and/or agreements as Bank may reasonably request. 

 7. FEES. Borrower shall
reimburse Bank for all legal fees and expenses incurred in connection with this amendment to the Existing Loan Documents. 
 8. ADDITIONAL COVENANTS:
RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby certifies that, other than as disclosed in the Perfection Certificate, no Collateral with a value greater than Fifty Thousand Dollars ($50,000) in the aggregate is in the possession of any
third party bailee (such as at a warehouse). 

 In the event that Borrower, after the date hereof, intends to store or otherwise deliver the Collateral with a
value in excess of Fifty Thousand Dollars ($50,000) in the aggregate to such a bailee, then Borrower shall first receive, the prior written consent of Bank and such bailee must acknowledge in writing that the bailee is holding such Collateral for
the benefit of Bank. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate, dated as of March 31, 2011, and acknowledges, confirms and agrees the disclosures
and information above Borrower provided to Bank in such Perfection Certificate remains true and correct in all material respects as of the date hereof. 

9. AUTHORIZATION TO FILE. Borrower hereby authorizes Bank to file UCC financing statements without notice to Borrower, with all appropriate
jurisdictions, as Bank deems appropriate, in order to further perfect or protect Bank’s interest in the Collateral, including a notice that any disposition of the Collateral, by either the Borrower or any other Person, shall be deemed to
violate the rights of the Bank under the Code. 
 10. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary to
reflect the changes described above. 
 11. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and
conditions of the Loan Agreement, each other Loan Document and all security or other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 

12. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims against Bank with
respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and
Borrower hereby RELEASES Bank from any liability thereunder. 
 13. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the
existing Obligations, Bank is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the Existing
Loan Documents remain unchanged and in full force and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future modifications to the
Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly
released by Bank in writing. No maker will be released by virtue of this Loan Modification Agreement. 
 14. RIGHT OF SET-OFF. In consideration of
Bank’s agreement to enter into this Loan Modification Agreement, Borrower hereby reaffirms and hereby grants to Bank, a lien, security interest and right of set off as security for all Obligations to Bank, whether now existing or hereafter
arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Bank (including a Bank subsidiary) or in transit to any of them.
At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof and apply the same to any liability or obligation of Borrower even though unmatured and
regardless of the adequacy of any other collateral securing the loan. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF
WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
 15.
CONFIDENTIALITY. In handling any confidential information, Bank shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or
Affiliates; (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use commercially reasonable efforts to obtain any prospective transferee’s or purchaser’s
agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers
appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of 

 
Bank so long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include
information that is either: (i) is in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain after disclosure to Bank; or (ii) is disclosed to Bank by a third party, if Bank does not
know that the third party is prohibited from disclosing the information. 
 Bank may use confidential information for the development of
databases, reporting purposes, and market analysis so long as such confidential information is aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding sentence
shall survive the termination of the Loan Agreement. 
  

	16.	JURISDICTION/VENUE. Section 11 of the Loan Agreement is hereby incorporated by reference in its entirety. 

17. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower and Bank. 

[The remainder of this page is intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Loan Modification Agreement to be
executed as a sealed instrument under the laws of the Commonwealth of Massachusetts as of the date first above written. 
  

			
	 BORROWER:
  

ASPEN AEROGELS, INC.
  

	By	 	 /s/ John F. Fairbanks

	Name: John F. Fairbanks
	Title: CFO

  

			
	 BANK:
  

SILICON VALLEY BANK
  

	By	 	 /s/ Win Bear

	Name: Win Bear
	Title: Deal Team Leader

 The undersigned ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Unconditional
Guaranty, dated March 31, 2011 (the “Guaranty”), and each document executed in connection therewith, and acknowledges, confirms and agrees that the Guaranty and each document executed in connection therewith shall remain in
full force and effect and shall in no way be limited by the execution of this Forbearance Agreement, or any other documents, instruments and/or agreements executed and/or delivered in connection herewith. 

GUARANTOR: 
  

			
	ASPEN AEROGELS RHODE ISLAND LLC
		
	By	 	 /s/ John F. Fairbanks

	Name: John F. Fairbanks
	Title: CFO

 [SIGNATURE PAGE TO FIRST LOAN
MODIFICATION AGREEMENT] 

 CONSENT AND SECOND LOAN MODIFICATION AGREEMENT 

This Consent and Second Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of June 14,
2011, by and between SILICON VALLEY BANK, a California corporation with a loan production office located at 275 Grove Street, Suite 2-200, Newton, Massachusetts 02466 (“Bank”), and ASPEN AEROGELS, INC., a Delaware
corporation with offices located at 30 Forbes Road, Building B, Northborough, Massachusetts 01532 (the “Borrower”). 
 1. DESCRIPTION OF
EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of March 31, 2011, evidenced by, among other
documents, (i) a certain Loan and Security Agreement dated as of March 31, 2011 and as amended by that certain Consent and First Loan Modification Agreement dated as of June 1, 2011 (as may be amended from time to time, the
“Loan Agreement”) and (ii) a certain Export-Import Bank Loan and Security Agreement, dated as of March 31, 2011 (as may be amended from time to time, the “EXIM Loan Agreement”), in each case between
Borrower and Bank. Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement. 
 2. DESCRIPTION OF
COLLATERAL. Repayment of the Obligations is secured by the Collateral as described in the Loan Agreement and EXIM Loan Agreement and the “Intellectual Property Collateral” as described in a certain Intellectual Property Security
Agreement, dated as of March 31, 2011 (together with any other collateral security granted to Bank, the “Security Documents”). Hereinafter, the Security Documents, together with all other documents evidencing or securing the
Obligations shall be referred to as the “Existing Loan Documents”. 
 3. DESCRIPTION OF CHANGE IN TERMS. 

 

	 	A.	Modifications to Loan Agreement. 

  

	 	1	The Loan Agreement shall be amended by deleting the following definitions in Section 13.1 thereof: 

““Fidelity Note Purchase Agreement” is that certain Note Purchase Agreement, dated as of the date
hereof, by and between Borrower and the “Purchasers” party thereto, in a maximum principal amount equal to Twenty Five Million Dollars ($25,000,000), together with an executed copy of each Fidelity Note issued thereunder and each other
document or agreement executed and/or delivered in connection therewith. 
 “Fidelity Subordination Agreement”
is that certain Subordination Agreement, dated as of the date hereof, by and between Bank and the Fidelity Creditors.” 
 and
inserting in lieu thereof the following: 
 ““Fidelity Note Purchase Agreement” is that certain Note
Purchase Agreement, dated June 1, 2011, as amended by that certain Amendment No. 1 entered into as of June 14, 2011 by and between Borrower and the “Purchasers” party thereto, in a maximum principal amount equal to Thirty
Million Dollars ($30,000,000), together with an executed copy of each Fidelity Note issued thereunder and each other document or agreement executed and/or delivered in connection therewith. 

“Fidelity Subordination Agreement” is that certain Subordination Agreement, dated June 1, 2011 by and
between Bank and the Fidelity Creditors listed therein, together with any subsequent Subordination Agreement entered into on or after the date hereof, by and between Bank and any Fidelity Creditor or any other “Purchaser” (as such term is
defined in the Fidelity Note Purchase Agreement).” 

 4. ISSUANCE OF ADDITIONAL SUBORDINATED DEBT. The Borrower has requested that the Bank consent to the
Borrower receiving proceeds from the issuance of additional unsecured Subordinated Debt to the Fidelity Creditors, as more fully described in the Fidelity Note Purchase Agreement, in substantially the form attached as Exhibit A hereto (such
issuance hereafter referred to as the “Transaction”). The Bank has agreed to do so, but only upon and subject to the specific terms and conditions set forth herein. 

5. CONSENT. In reliance upon the representations of the Borrower herein, Bank hereby consents to the consummation of the Transaction and waives any
Event of Default that may otherwise arise under the Existing Loan Documents solely as a result of the consummation of the Transaction for all purposes under the Existing Loan Documents, subject to each of the Conditions Precedent described in
Section 6 hereof. In addition, Bank hereby consents to the amendment to the Note Purchase Agreement, as evidenced by a certain Amendment No. 2 to Subordinated Note and Warrant Purchase Agreement, by and between borrower and the
“Purchasers” signatory thereto, dated as of the date hereof, which shall be in form and substance acceptable to Bank, in its reasonable discretion. 

6. CONDITIONS PRECEDENT. Borrower hereby agrees that the following representations and warranties shall be true and/or the following documents shall be
delivered to the Bank prior to or concurrently with this Loan Modification Agreement, each in form and substance satisfactory to the Bank (collectively, the “Conditions Precedent”): 

 

	 	A.	the Transaction shall be consummated upon terms substantially similar to those contained in the Fidelity Note Purchase Agreement attached at Exhibit A hereto, in each case without any material amendment or
modification thereto (it being agreed that any amendment or modification to the Fidelity Note Purchase Agreement attached as Exhibit A hereto which may reasonably be considered materially adverse to the interests of the Bank shall be deemed to
be material); 

  

	 	B.	copies, certified by a duly authorized officer of Borrower and Guarantor, to be true and complete as of the date hereof, of each of (i) the governing documents of Borrower and Guarantor, respectively, as in effect
on the date hereof (but only to the extent modified since last delivered to the Bank), (ii) the resolutions of Borrower and Guarantor, respectively, authorizing the execution and delivery of this Loan Modification Agreement, the other documents
executed in connection herewith and the Borrower’s and Guarantor’s respective performance of all of the transactions contemplated hereby (but only to the extent required since last delivered to Bank), and (iii) an incumbency
certificate giving the name and bearing a specimen signature of each individual who shall be so authorized (but only to the extent any signatories have changed since such incumbency certificate was last delivered to Bank); 

 

	 	C.	Bank shall have received executed copies of this Loan Modification Agreement, the Fidelity Note Purchase Agreement, as amended, and each Fidelity Subordination Agreement from each Fidelity Creditor, to the extent not
previously delivered by such Fidelity Creditor to Bank; 

  

	 	D.	After giving effect to the consent granted herein, this Loan Modification Agreement and the Fidelity Note Purchase Agreement, no Default or Event of Default shall exist and be continuing, including, without limitation,
any default under any instrument, agreement or other document evidencing any Subordinated Debt; and 

  

	 	E.	such other documents and/or agreements as Bank may reasonably request. 

 7. FEES. Borrower shall
reimburse Bank for all legal fees and expenses incurred in connection with this amendment to the Existing Loan Documents. 

 8. ADDITIONAL COVENANTS: RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby certifies that, other
than as disclosed in the Perfection Certificate, no Collateral with a value greater than Fifty Thousand Dollars ($50,000) in the aggregate is in the possession of any third party bailee (such as at a warehouse). In the event that Borrower, after the
date hereof, intends to store or otherwise deliver the Collateral with a value in excess of Fifty Thousand Dollars ($50,000) in the aggregate to such a bailee, then Borrower shall first receive, the prior written consent of Bank and such bailee must
acknowledge in writing that the bailee is holding such Collateral for the benefit of Bank. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate, dated as of
March 31, 2011, and acknowledges, confirms and agrees the disclosures and information above Borrower provided to Bank in such Perfection Certificate remains true and correct in all material respects as of the date hereof. 

9. AUTHORIZATION TO FILE. Borrower hereby authorizes Bank to file UCC financing statements without notice to Borrower, with all appropriate
jurisdictions, as Bank deems appropriate, in order to further perfect or protect Bank’s interest in the Collateral, including a notice that any disposition of the Collateral, by either the Borrower or any other Person, shall be deemed to
violate the rights of the Bank under the Code. 
 10. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary to
reflect the changes described above. 
 11. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and
conditions of the Loan Agreement, each other Loan Document and all security or other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 

12. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims against Bank with
respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and
Borrower hereby RELEASES Bank from any liability thereunder. 
 13. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the
existing Obligations, Bank is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the Existing
Loan Documents remain unchanged and in full force and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future modifications to the
Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly
released by Bank in writing. No maker will be released by virtue of this Loan Modification Agreement. 
 14. RIGHT OF SET-OFF. In consideration of
Bank’s agreement to enter into this Loan Modification Agreement, Borrower hereby reaffirms and hereby grants to Bank, a lien, security interest and right of set off as security for all Obligations to Bank, whether now existing or hereafter
arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Bank (including a Bank subsidiary) or in transit to any of them.
At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof and apply the same to any liability or obligation of Borrower even though unmatured and
regardless of the adequacy of any other collateral securing the loan. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF
WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
 15.
CONFIDENTIALITY. In handling any confidential information, Bank shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or
Affiliates; (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use commercially reasonable efforts to obtain any prospective transferee’s or purchaser’s
agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank

 
considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Bank so long as such service providers have executed a confidentiality
agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information that is either: (i) is in the public domain or in Bank’s possession when disclosed to Bank, or becomes
part of the public domain after disclosure to Bank; or (ii) is disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from disclosing the information. 

Bank may use confidential information for the development of databases, reporting purposes, and market analysis so long as such confidential
information is aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding sentence shall survive the termination of the Loan Agreement. 

 

	16.	JURISDICTION/VENUE. Section 11 of the Loan Agreement is hereby incorporated by reference in its entirety. 

17. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower and Bank. 

[The remainder of this page is intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Loan Modification Agreement to be
executed as a sealed instrument under the laws of the Commonwealth of Massachusetts as of the date first above written. 
  

			
	 BORROWER:
  

ASPEN AEROGELS, INC.

		
	By	 	 /s/ Donald R. Young

	Name:	 	  

	Title:	 	  

	
	 BANK:
  

SILICON VALLEY BANK 

		
	By	 	 /s/ Win Bear

	Name: Win Bear
	Title:   Deal Team Leader

 The undersigned ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Unconditional
Guaranty, dated March 31, 2011 (the “Guaranty”), and each document executed in connection therewith, and acknowledges, confirms and agrees that the Guaranty and each document executed in connection therewith shall remain in
full force and effect and shall in no way be limited by the execution of this Forbearance Agreement, or any other documents, instruments and/or agreements executed and/or delivered in connection herewith. 

 

			
	 GUARANTOR:
  

ASPEN AEROGELS RHODE ISLAND LLC

		
	By	 	 /s/ Donald R. Young

	Name:	 	  

	Title:	 	  

 [SIGNATURE PAGE TO SECOND LOAN
MODIFICATION AGREEMENT] 

 CONSENT AND THIRD LOAN MODIFICATION AGREEMENT 

This Consent and Third Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of
December 6, 2011, by and between SILICON VALLEY BANK, a California corporation with a loan production office located at 275 Grove Street, Suite 2-200, Newton, Massachusetts 02466 (“Bank”), and ASPEN AEROGELS,
INC., a Delaware corporation with offices located at 30 Forbes Road, Building B, Northborough, Massachusetts 01532 (the “Borrower”). 

1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is
indebted to Bank pursuant to a loan arrangement dated as of March 31, 2011, evidenced by, among other documents, (i) a certain Loan and Security Agreement dated as of March 31, 2011, as amended by that certain Consent and First Loan
Modification Agreement dated as of June 1, 2011 and as further amended by that certain Consent and Second Loan Modification Agreement, dated as of June 14, 2011 (as may be amended from time to time, the “Loan Agreement”)
and (ii) a certain Export-Import Bank Loan and Security Agreement, dated as of March 31, 2011 (as may be amended from time to time, the “EXIM Loan Agreement”), in each case between Borrower and Bank. Capitalized terms used
but not otherwise defined herein shall have the same meaning as in the Loan Agreement. 
 2. DESCRIPTION OF COLLATERAL. Repayment of the
Obligations is secured by the Collateral as described in the Loan Agreement and EXIM Loan Agreement and the “Intellectual Property Collateral” as described in a certain Intellectual Property Security Agreement, dated as of
March 31, 2011 (together with any other collateral security granted to Bank, the “Security Documents”). Hereinafter, the Security Documents, together with all other documents evidencing or securing the Obligations shall be
referred to as the “Existing Loan Documents”. 
 3. DESCRIPTION OF CHANGE IN TERMS. 

 

	 	A.	Modifications to Loan Agreement. 

  

	 	1	The Loan Agreement shall be amended by deleting the following text appearing as Section 7.9 (Subordinated Debt) thereof: 

“7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except as permitted under the terms
of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof or adversely affect
the subordination thereof to Obligations owed to Bank, except as permitted under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject. Notwithstanding subsection (b) above,
Borrower shall not permit any amendment to the Fidelity Note Purchase Agreement without the prior written consent of Bank.” 

and inserting in lieu thereof the following: 

“7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except as permitted under the terms
of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof or adversely affect
the subordination thereof to Obligations owed to Bank, except as permitted under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject. Notwithstanding subsection (b) above,
Borrower shall not permit any amendment to the Fidelity Note Purchase Agreement and/or the December 2011 Note Purchase Agreement without the prior written consent of Bank.” 

	 	2	The Loan Agreement shall be amended by deleting the following text appearing as Section 8.9 (Subordinated Debt) thereof: 

“8.9 Subordinated Debt. (a) Any document, instrument, or agreement evidencing any Subordinated Debt shall for any
reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation
thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement, the PJC Intercreditor Agreement or the Fidelity Subordination Agreement; or (b) (i) any cash prepayment or
(ii) acceleration of principal or interest or (iii) the payment of any other Indebtedness of Borrower in each case under the Fidelity Note Purchase Agreement or any Fidelity Note issued thereunder.” 

and inserting in lieu thereof the following: 

“8.9 Subordinated Debt. (a) Any document, instrument, or agreement evidencing any Subordinated Debt shall for any
reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation
thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement, the PJC Intercreditor Agreement, the Fidelity Subordination Agreement or the December 2011 Subordination Agreements;
or (b) (i) any cash prepayment or (ii) acceleration of principal or interest or (iii) the payment of any other Indebtedness of Borrower in each case under the Fidelity Note Purchase Agreement or any Fidelity Note issued
thereunder and/or the December 2011 Note Purchase Agreement or any December 2011 Note issued thereunder.” 
  

	 	3	The Loan Agreement shall be amended by deleting the following clause (i) from the definition of “Permitted Indebtedness” in Section 13.1 thereof: 

“(i) (i) the unsecured Indebtedness of Borrower owed to the Fidelity Creditors pursuant to the Fidelity Note Purchase Agreement and
(ii) other unsecured Indebtedness in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000);” 
 and
inserting in lieu thereof the following: 
 “(i) (i) the unsecured Indebtedness of Borrower owed to the Fidelity Creditors pursuant to
the Fidelity Note Purchase Agreement, (ii) the unsecured Indebtedness of Borrower owed to the December 2011 Creditors pursuant to the December 2011 Note Purchase Agreement, and (iii) other unsecured Indebtedness in an aggregate amount not
to exceed Two Hundred Fifty Thousand Dollars ($250,000);” 
  

	 	4	The Loan Agreement shall be amended by inserting the following new definitions in Section 13.1 thereof in their appropriate alphabetical order: 

““December 2011 Creditors” is each “Purchaser” from time to time party to the December 2011 Note Purchase
Agreement. 
 “December 2011 Note” and “December 2011 Notes” is each Convertible Note and each
Arcapita Note described in and issued pursuant to the December 2011 Note Purchase Agreement. 

 “December 2011 Note Purchase Agreement” is that certain Note Purchase
Agreement, dated as of the date hereof, by and between Borrower and the “Purchasers” party thereto, in a maximum principal amount equal to Twenty Five Million Dollars ($25,000,000), together with an executed copy of each December 2011 Note
issued thereunder and each other document or agreement executed and/or delivered in connection therewith. 
 “December
2011 Subordination Agreement” is each Subordination Agreement, dated as of the date hereof, by and between Bank and each of the December 2011 Creditors.” 

4. ISSUANCE OF ADDITIONAL SUBORDINATED DEBT. The Borrower has requested that the Bank consent to the Borrower receiving proceeds from the issuance of
additional unsecured Subordinated Debt to the December 2011 Creditors, as more fully described in the December 2011 Note Purchase Agreement, in substantially the form attached as Exhibit A hereto (such issuance hereafter referred to as the
“Transaction”). The Bank has agreed to do so, but only upon and subject to the specific terms and conditions set forth herein. 
 5.
CONSENT. In reliance upon the representations of the Borrower herein, Bank hereby consents to the consummation of the Transaction and waives any Event of Default that may otherwise arise under the Existing Loan Documents solely as a result of
the consummation of the Transaction for all purposes under the Existing Loan Documents, subject to each of the Conditions Precedent described in Section 6 hereof. In addition, Bank hereby consents to (i) the amendment to the Note Purchase
Agreement, as evidenced by a certain Amendment No. 3 to Subordinated Note and Warrant Purchase Agreement, by and between Borrower and the “Purchasers” signatory thereto, dated as of the date hereof, which shall be in form and
substance acceptable to Bank, in its reasonable discretion and (ii) the amendment of the Fidelity Note Purchase Agreement and Fidelity Notes as evidenced by a certain Consent and Amendment No. 2 to Note Purchase Agreement and Notes by and
among the Borrower and the Fidelity Creditors, dated as of the date hereof, which shall be in form and substance acceptable to Bank, in its reasonable discretion. 

6. CONDITIONS PRECEDENT. Borrower hereby agrees that the following representations and warranties shall be true and/or the following documents shall be
delivered to the Bank prior to or concurrently with this Loan Modification Agreement, each in form and substance satisfactory to the Bank (collectively, the “Conditions Precedent”): 

 

	 	A.	the Transaction shall be consummated upon terms substantially similar to those contained in the December 2011 Note Purchase Agreement attached at Exhibit A hereto, in each case without any material amendment or
modification thereto (it being agreed that any amendment or modification to the December 2011 Note Purchase Agreement attached as Exhibit A hereto which may reasonably be considered materially adverse to the interests of the Bank shall be deemed to
be material); 

  

	 	B.	copies, certified by a duly authorized officer of Borrower and Guarantor, to be true and complete as of the date hereof, of each of (i) the governing documents of Borrower and Guarantor, respectively, as in effect
on the date hereof (but only to the extent modified since last delivered to the Bank), (ii) the resolutions of Borrower and Guarantor, respectively, authorizing the execution and delivery of this Loan Modification Agreement, the other documents
executed in connection herewith and the Borrower’s and Guarantor’s respective performance of all of the transactions contemplated hereby (but only to the extent required since last delivered to Bank), and (iii) an incumbency
certificate giving the name and bearing a specimen signature of each individual who shall be so authorized (but only to the extent any signatories have changed since such incumbency certificate was last delivered to Bank); 

 

	 	C.	Bank shall have received executed copies of this Loan Modification Agreement, the December 2011 Note Purchase Agreement, as amended, and each December 2011 Subordination Agreement from each December 2011 Creditor;

	 	D.	Bank shall have received a copy of the executed Amendment No. 3 to Subordinated Note and Warrant Purchase Agreement, which shall be in form and substance acceptable to Bank, in its reasonable discretion;

  

	 	E.	Bank shall have received from the Fidelity Creditors a copy of the executed Consent and Amendment No. 2 to Note Purchase Agreement and Notes; 

 

	 	F.	After giving effect to the consent granted herein, this Loan Modification Agreement and the December 2011 Note Purchase Agreement, no Default or Event of Default shall exist and be continuing, including, without
limitation, any default under any instrument, agreement or other document evidencing any Subordinated Debt; and 

  

	 	G.	such other documents and/or agreements as Bank may reasonably request. 

 7. FEES. Borrower shall
reimburse Bank for all legal fees and expenses incurred in connection with this amendment to the Existing Loan Documents. 
 8. ADDITIONAL COVENANTS:
RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby certifies that, other than as disclosed in the Perfection Certificate, no Collateral with a value greater than Fifty Thousand Dollars ($50,000) in the aggregate is in the possession of any
third party bailee (such as at a warehouse). In the event that Borrower, after the date hereof, intends to store or otherwise deliver the Collateral with a value in excess of Fifty Thousand Dollars ($50,000) in the aggregate to such a bailee, then
Borrower shall first receive, the prior written consent of Bank and such bailee must acknowledge in writing that the bailee is holding such Collateral for the benefit of Bank. Borrower hereby ratifies, confirms and reaffirms, all and singular, the
terms and disclosures contained in a certain Perfection Certificate, dated as of March 31, 2011, and acknowledges, confirms and agrees the disclosures and information above Borrower provided to Bank in such Perfection Certificate remains true
and correct in all material respects as of the date hereof. 
 9. AUTHORIZATION TO FILE. Borrower hereby authorizes Bank to file UCC financing
statements without notice to Borrower, with all appropriate jurisdictions, as Bank deems appropriate, in order to further perfect or protect Bank’s interest in the Collateral, including a notice that any disposition of the Collateral, by either
the Borrower or any other Person, shall be deemed to violate the rights of the Bank under the Code. 
 10. CONSISTENT CHANGES. The Existing Loan
Documents are hereby amended wherever necessary to reflect the changes described above. 
 11. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby
ratifies, confirms, and reaffirms all terms and conditions of the Loan Agreement, each other Loan Document and all security or other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without limitation, the
Obligations. 
 12. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims
against Bank with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly
WAIVED and Borrower hereby RELEASES Bank from any liability thereunder. 
 13. CONTINUING VALIDITY. Borrower understands and agrees that in modifying
the existing Obligations, Bank is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the
Existing Loan Documents remain unchanged and in full force and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future modifications to
the Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is
expressly released by Bank in writing. No maker will be released by virtue of this Loan Modification Agreement. 

 14. RIGHT OF SET-OFF. In consideration of Bank’s agreement to enter into this Loan Modification
Agreement, Borrower hereby reaffirms and hereby grants to Bank, a lien, security interest and right of set off as security for all Obligations to Bank, whether now existing or hereafter arising upon and against all deposits, credits, collateral and
property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Bank (including a Bank subsidiary) or in transit to any of them. At any time after the occurrence and during the continuance of
an Event of Default, without demand or notice, Bank may set off the same or any part thereof and apply the same to any liability or obligation of Borrower even though unmatured and regardless of the adequacy of any other collateral securing the
loan. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF
BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
 15. CONFIDENTIALITY. In handling any confidential information, Bank shall
exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates; (b) to prospective transferees or purchasers of any interest
in the Credit Extensions (provided, however, Bank shall use commercially reasonable efforts to obtain any prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as required by law,
regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan Documents; and
(f) to third-party service providers of Bank so long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information
that is either: (i) is in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain after disclosure to Bank; or (ii) is disclosed to Bank by a third party, if Bank does not know that the
third party is prohibited from disclosing the information. 
 Bank may use confidential information for the development of databases,
reporting purposes, and market analysis so long as such confidential information is aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding sentence shall survive
the termination of the Loan Agreement. 
 16. JURISDICTION/VENUE. Section 11 of the Loan Agreement is hereby incorporated by reference in its
entirety. 
 17. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower and
Bank. 
 [The remainder of this page is intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Loan Modification Agreement to be
executed as a sealed instrument under the laws of the Commonwealth of Massachusetts as of the date first above written. 
  

			
	BORROWER:
	
	ASPEN AEROGELS, INC.
		
	By	 	/s/ John Fairbanks
	Name:	 	John Fairbanks
	Title:	 	CFO

  

			
	BANK:
	
	SILICON VALLEY BANK
		
	By	 	/s/ Win Bear
	Name:	 	Win Bear
	Title:	 	Deal Team Leader

 The undersigned ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Unconditional
Guaranty, dated March 31, 2011 (the “Guaranty”), and each document executed in connection therewith, and acknowledges, confirms and agrees that the Guaranty and each document executed in connection therewith shall remain in
full force and effect and shall in no way be limited by the execution of this Forbearance Agreement, or any other documents, instruments and/or agreements executed and/or delivered in connection herewith. 

 

			
	GUARANTOR:
	
	ASPEN AEROGELS RHODE ISLAND LLC
		
	By	 	/s/ John Fairbanks
	Name:	 	John Fairbanks
	Title:	 	CFO

 [SIGNATURE PAGE TO CONSENT AND
THIRD LOAN MODIFICATION AGREEMENT] 

 Exhibit A 

December 2011 Note Purchase Agreement 

(See attached.) 

  
 A-1 

 CONSENT AND FOURTH LOAN MODIFICATION AGREEMENT 

This Consent and Fourth Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of
June 11, 2012, by and between SILICON VALLEY BANK, a California corporation with a loan production office located at 275 Grove Street, Suite 2-200, Newton, Massachusetts 02466 (“Bank”), and ASPEN AEROGELS, INC., a
Delaware corporation with offices located at 30 Forbes Road, Building B, Northborough, Massachusetts 01532 (the “Borrower”). 
 1.
DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of March 31, 2011, evidenced by,
among other documents, (i) a certain Loan and Security Agreement dated as of March 31, 2011, as amended by that certain Consent and First Loan Modification Agreement dated as of June 1, 2011, as further amended by that certain Consent
and Second Loan Modification Agreement dated as of June 14, 2011, and as further amended by that certain Consent and Third Loan Modification Agreement dated as of December 6, 2012 (as may be amended from time to time, the “Loan
Agreement”) and (ii) a certain Export-Import Bank Loan and Security Agreement, dated as of March 31, 2011 (as may be amended from time to time, the “EXIM Loan Agreement”), in each case between Borrower and Bank.
Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement. 
 2. DESCRIPTION OF COLLATERAL.
Repayment of the Obligations is secured by the Collateral as described in the Loan Agreement and EXIM Loan Agreement and the “Intellectual Property Collateral” as described in a certain Intellectual Property Security Agreement,
dated as of March 31, 2011 (together with any other collateral security granted to Bank, the “Security Documents”). Hereinafter, the Security Documents, together with all other documents evidencing or securing the Obligations
shall be referred to as the “Existing Loan Documents”. 
 3. DESCRIPTION OF CHANGE IN TERMS. 

 

	 	A.	Modifications to Loan Agreement. 

  

	 	1	The Loan Agreement shall be amended by deleting the following text appearing as Section 6.2(a)(vii) (Annual Financial Statements) thereof: 

“(vii) as soon as available, and in any event within one hundred eighty (180) days following the end of Borrower’s fiscal year,
annual financial statements certified by, and with an unqualified opinion of, independent certified public accountants acceptable to Bank; provided, for Borrower’s fiscal year ended December 31, 2010, such annual financial statements shall
be certified by, and with an unqualified opinion of (other than qualified with respect to “going concern”), independent certified public accountants acceptable to Bank; 

and inserting in lieu thereof the following: 

“(vii) as soon as available, and in any event within one hundred eighty (180) days following the end of Borrower’s fiscal year,
annual financial statements certified by, and with an unqualified opinion of, independent certified public accountants acceptable to Bank; provided, for Borrower’s fiscal year ended December 31, 2010, such annual financial statements shall
be certified by, and with an unqualified opinion of (other than qualified with respect to “going concern”), independent certified public accountants acceptable to Bank; provided further, for Borrower’s fiscal year ended
December 31, 2011, such annual financial statements shall be provided to Bank on or before August 31, 2012;” 

	 	2	The Loan Agreement shall be amended by deleting the following text appearing as Section 7.9 (Subordinated Debt) thereof: 

“7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except as permitted under the terms
of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof or adversely affect
the subordination thereof to Obligations owed to Bank, except as permitted under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject. Notwithstanding subsection (b) above,
Borrower shall not permit any amendment to the Fidelity Note Purchase Agreement and/or the December 2011 Note Purchase Agreement without the prior written consent of Bank.” 

and inserting in lieu thereof the following: 

“7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except as permitted under the terms
of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof or adversely affect
the subordination thereof to Obligations owed to Bank, except as permitted under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject. Notwithstanding subsection (b) above,
Borrower shall not permit any amendment to the Fidelity Note Purchase Agreement, the December 2011 Note Purchase Agreement or the June 2012 Note Purchase Agreement without the prior written consent of Bank.” 

 

	 	3	The Loan Agreement shall be amended by deleting the following text appearing as Section 8.9 (Subordinated Debt) thereof: 

“8.9 Subordinated Debt. (a) Any document, instrument, or agreement evidencing any Subordinated Debt shall for any
reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation
thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement, the PJC Intercreditor Agreement, the Fidelity Subordination Agreement or the December 2011 Subordination Agreements;
or (b) (i) any cash prepayment or (ii) acceleration of principal or interest or (iii) the payment of any other Indebtedness of Borrower in each case under the Fidelity Note Purchase Agreement or any Fidelity Note issued
thereunder and/or the December 2011 Note Purchase Agreement or any December 2011 Note issued thereunder.” 
 and inserting in
lieu thereof the following: 
 “8.9 Subordinated Debt. (a) Any document, instrument, or agreement evidencing any
Subordinated Debt shall for any reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further
liability or obligation thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement, the PJC Intercreditor Agreement, the Fidelity Subordination Agreement, the December 2011
Subordination Agreements and/or the June 2012 Subordination Agreements; or (b) (i) any cash prepayment or (ii) acceleration of principal or interest or (iii) the payment of any other Indebtedness of Borrower in each case under
the Fidelity Note Purchase Agreement or any Fidelity Note issued thereunder, the December 2011 Note Purchase Agreement or any December 2011 Note issued thereunder and/or the June 2012 Note Purchase Agreement or any June 2012 Note issue
thereunder.” 

	 	4	The Loan Agreement shall be amended by deleting the following clause (i) from the definition of “Permitted Indebtedness” in Section 13.1 thereof: 

“(i) (i) the unsecured Indebtedness of Borrower owed to the Fidelity Creditors pursuant to the Fidelity Note Purchase Agreement,
(ii) the unsecured Indebtedness of Borrower owed to the December 2011 Creditors pursuant to the December 2011 Note Purchase Agreement, and (iii) other unsecured Indebtedness in an aggregate amount not to exceed Two Hundred Fifty Thousand
Dollars ($250,000);” 
 and inserting in lieu thereof the following: 

“(i) (i) the unsecured Indebtedness of Borrower owed to the Fidelity Creditors pursuant to the Fidelity Note Purchase Agreement,
(ii) the unsecured Indebtedness of Borrower owed to the December 2011 Creditors pursuant to the December 2011 Note Purchase Agreement, (iii) the unsecured Indebtedness of Borrower owed to the June 2012 Creditors pursuant to the June 2012
Note Purchase Agreement, and (iv) other unsecured Indebtedness in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000);” 
  

	 	5	The Loan Agreement shall be amended by inserting the following new definitions in Section 13.1 thereof in their appropriate alphabetical order: 

“June 2012 Creditors” is each “Purchaser” from time to time party to the June 2012 Note Purchase
Agreement. 
 “June 2012 Note” and “June 2012 Notes” is each Convertible Note described in
and issued pursuant to the June 2012 Note Purchase Agreement. 
 “June 2012 Note Purchase Agreement” is that
certain Note Purchase Agreement, dated as of the date hereof, by and between Borrower and the “Purchasers” party thereto, in a maximum principal amount equal to Fifteen Million Dollars ($15,000,000), together with an executed copy of each
June 2012 Note issued thereunder and each other document or agreement executed and/or delivered in connection therewith. 

“June 2012 Subordination Agreement” is each Subordination Agreement, dated as of the date hereof, by and between Bank
and each of the June 2012 Creditors.” 
 4. ISSUANCE OF ADDITIONAL SUBORDINATED DEBT. The Borrower has requested that the Bank consent to
the Borrower receiving proceeds from the issuance of additional unsecured Subordinated Debt to the June 2012 Creditors, as more fully described in the June 2012 Note Purchase Agreement, in substantially the form attached as Exhibit A hereto (such
issuance hereafter referred to as the “Transaction”). The Bank has agreed to do so, but only upon and subject to the specific terms and conditions set forth herein. 

5. CONSENT. In reliance upon the representations of the Borrower herein, Bank hereby consents to the consummation of the Transaction and waives any
Event of Default that may otherwise arise under the Existing Loan Documents solely as a result of the consummation of the Transaction for all purposes under the Existing Loan Documents, subject to each of the Conditions Precedent described in
Section 6 hereof. In addition, Bank hereby consents to (i) the amendment to the Note Purchase Agreement, as evidenced by a certain Consent and Amendment No. 4 to Subordinated Note and Warrant Purchase Agreement, by and between
Borrower and the “Purchasers” signatory thereto, dated as of the date hereof, which shall be in form and substance acceptable to Bank, in its reasonable discretion, (ii) the amendment of the Fidelity Note Purchase Agreement as
evidenced by a certain Consent and Amendment No. 3 to Note Purchase Agreement by and among the Borrower and the Fidelity Creditors, 

 
dated as of the date hereof, which shall be in form and substance acceptable to Bank, in its reasonable discretion, and (iii) the amendment of the December 2011 Note Purchase Agreement as
evidenced by a certain Consent and Amendment No. 2 to Note Purchase Agreement by and among the Borrower and the December 2011 Creditors, dated as of the date hereof, which shall be in form and substance acceptable to Bank, in its reasonable
discretion. 
 6. WAIVER. Borrower acknowledges that it is currently in default under Sections 8.6 and 8.12 of the Loan Agreement triggered by
virtue of the occurrence of a default or event of default under the Note Purchase Agreement, Fidelity Note Purchase Agreement, December 2011 Note Purchase Agreement and the EXIM Loan Documents based upon the Borrower’s failure to deliver to the
appropriate party or parties its audited annual financial statements for the fiscal year 2011 within the timeframes provided in the applicable agreement (the “Existing Defaults”). Subject to the execution and delivery of this Loan
Modification, Bank hereby waives Borrower’s Existing Defaults. The Borrower hereby acknowledges and agrees that, except as specifically provided herein, nothing in this Section or anywhere in this Loan Modification shall be deemed or otherwise
construed as a waiver by the Bank of any of its rights and remedies pursuant to the Existing Loan Documents, applicable law or otherwise. 
 7.
CONDITIONS PRECEDENT. Borrower hereby agrees that the following representations and warranties shall be true and/or the following documents shall be delivered to the Bank prior to or concurrently with this Loan Modification Agreement, each in
form and substance satisfactory to the Bank (collectively, the “Conditions Precedent”): 
  

	 	A.	the Transaction shall be consummated upon terms substantially similar to those contained in the June 2012 Note Purchase Agreement attached at Exhibit A hereto, in each case without any material amendment or modification
thereto (it being agreed that any amendment or modification to the June 2012 Note Purchase Agreement attached as Exhibit A hereto which may reasonably be considered materially adverse to the interests of the Bank shall be deemed to be material);

  

	 	B.	copies, certified by a duly authorized officer of Borrower and Guarantor, to be true and complete as of the date hereof, of each of (i) the governing documents of Borrower and Guarantor, respectively, as in effect
on the date hereof (but only to the extent modified since last delivered to the Bank), (ii) the resolutions of Borrower and Guarantor, respectively, authorizing the execution and delivery of this Loan Modification Agreement, the other documents
executed in connection herewith and the Borrower’s and Guarantor’s respective performance of all of the transactions contemplated hereby (but only to the extent required since last delivered to Bank), and (iii) an incumbency
certificate giving the name and bearing a specimen signature of each individual who shall be so authorized (but only to the extent any signatories have changed since such incumbency certificate was last delivered to Bank); 

 

	 	C.	Bank shall have received executed copies of this Loan Modification Agreement, the June 2012 Note Purchase Agreement, as amended, and each June 2012 Subordination Agreement from each June 2012 Creditor;

  

	 	D.	Bank shall have received a copy of the executed Consent and Amendment No. 4 to Subordinated Note and Warrant Purchase Agreement, which shall be in form and substance acceptable to Bank, in its reasonable
discretion; 

  

	 	E.	Bank shall have received from the Fidelity Creditors a copy of the executed Consent and Amendment No. 3 to Note Purchase Agreement; 

 

	 	F.	Bank shall have received from the December 2011 Creditors a copy of the executed Consent and Amendment No. 2 to Note Purchase Agreement; 

 

	 	G.	After giving effect to the consent granted herein, this Loan Modification Agreement and the June 2012 Note Purchase Agreement, no Default or Event of Default shall exist and be continuing, including, without limitation,
any default under any instrument, agreement or other document evidencing any Subordinated Debt; and 

  

	 	H.	such other documents and/or agreements as Bank may reasonably request. 

 8. FEES. Borrower shall reimburse Bank for all legal fees and expenses incurred in connection with this
amendment to the Existing Loan Documents. 
 9. ADDITIONAL COVENANTS: RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby certifies that, other
than as disclosed in the Perfection Certificate (as defined below), no Collateral with a value greater than Fifty Thousand Dollars ($50,000) in the aggregate is in the possession of any third party bailee (such as at a warehouse). In the event that
Borrower, after the date hereof, intends to store or otherwise deliver the Collateral with a value in excess of Fifty Thousand Dollars ($50,000) in the aggregate to such a bailee, then Borrower shall first receive, the prior written consent of Bank
and such bailee must acknowledge in writing that the bailee is holding such Collateral for the benefit of Bank. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in that certain Perfection
Certificate, dated as of March 31, 2011, as amended and restated by that certain Perfection Certificate dated as of the date hereof and attached hereto as Exhibit B (the “Perfection Certificate”, which Bank and Borrower hereby
acknowledge shall be deemed to be the “Perfection Certificate” for all purposes under the Existing Loan Documents), and acknowledges, confirms and agrees the disclosures and information above Borrower provided to Bank in such Perfection
Certificate remain true and correct in all material respects as of the date hereof. 
 10. AUTHORIZATION TO FILE. Borrower hereby authorizes Bank to
file UCC financing statements without notice to Borrower, with all appropriate jurisdictions, as Bank deems appropriate, in order to further perfect or protect Bank’s interest in the Collateral, including a notice that any disposition of the
Collateral, by either the Borrower or any other Person, shall be deemed to violate the rights of the Bank under the Code. 
 11. CONSISTENT CHANGES.
The Existing Loan Documents are hereby amended wherever necessary to reflect the changes described above. 
 12. RATIFICATION OF LOAN DOCUMENTS.
Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of the Loan Agreement, each other Loan Document and all security or other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without
limitation, the Obligations. 
 13. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims,
or counterclaims against Bank with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are
hereby expressly WAIVED and Borrower hereby RELEASES Bank from any liability thereunder. 
 14. CONTINUING VALIDITY. Borrower understands and agrees
that in modifying the existing Obligations, Bank is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the
terms of the Existing Loan Documents remain unchanged and in full force and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future
modifications to the Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the
party is expressly released by Bank in writing. No maker will be released by virtue of this Loan Modification Agreement. 
 15. RIGHT OF SET-OFF. In
consideration of Bank’s agreement to enter into this Loan Modification Agreement, Borrower hereby reaffirms and hereby grants to Bank, a lien, security interest and right of set off as security for all Obligations to Bank, whether now existing
or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Bank (including a Bank subsidiary) or in transit to
any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof and apply the same to any liability or obligation of Borrower even though
unmatured and regardless of the adequacy of any other collateral securing the loan. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL 

 
WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY
WAIVED. 
 16. CONFIDENTIALITY. In handling any confidential information, Bank shall exercise the same degree of care that it exercises for its own
proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates; (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank
shall use commercially reasonable efforts to obtain any prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s
regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Bank so long as such
service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information that is either: (i) is in the public domain or in
Bank’s possession when disclosed to Bank, or becomes part of the public domain after disclosure to Bank; or (ii) is disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from disclosing the
information. 
 Bank may use confidential information for the development of databases, reporting purposes, and market analysis so long as
such confidential information is aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding sentence shall survive the termination of the Loan Agreement. 

17. JURISDICTION/VENUE. Section 11 of the Loan Agreement is hereby incorporated by reference in its entirety. 

18. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower and Bank. 

[The remainder of this page is intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Loan Modification Agreement to be
executed as a sealed instrument under the laws of the Commonwealth of Massachusetts as of the date first above written. 
  

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

  

			
	BANK:
	
	SILICON VALLEY BANK
		
	By	 	/s/ Christopher Leary
	Name:	 	Christopher Leary
	Title:	 	VP

 The undersigned ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Unconditional
Guaranty, dated March 31, 2011 (the “Guaranty”), and each document executed in connection therewith, and acknowledges, confirms and agrees that the Guaranty and each document executed in connection therewith shall remain in
full force and effect and shall in no way be limited by the execution of this Forbearance Agreement, or any other documents, instruments and/or agreements executed and/or delivered in connection herewith. 

 

			
	GUARANTOR:
	
	ASPEN AEROGELS RHODE ISLAND LLC
		
	By	 	/s/ John F. Fairbanks
	Name:	 	John F. Fairbanks
	Title:	 	Chief Financial Officer

 [SIGNATURE PAGE TO CONSENT AND
FOURTH LOAN MODIFICATION AGREEMENT] 

 Exhibit A 

June 2012 Note Purchase Agreement 

(See attached.) 

  
 A-1 

 Exhibit B 

Perfection Certificate 
 (See
attached) 

  
 B-1 

 FIFTH LOAN MODIFICATION AGREEMENT 

This Fifth Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of September 7, 2012, by
and between SILICON VALLEY BANK, a California corporation with a loan production office located at 275 Grove Street, Suite 2-200, Newton, Massachusetts 02466 (“Bank”), and ASPEN AEROGELS, INC., a Delaware corporation
with offices located at 30 Forbes Road, Building B, Northborough, Massachusetts 01532 (the “Borrower”). 
 1. DESCRIPTION OF EXISTING
INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of March 31, 2011, evidenced by, among other documents,
(i) a certain Loan and Security Agreement dated as of March 31, 2011, as amended by that certain Consent and First Loan Modification Agreement dated as of June 1, 2011, as further amended by that certain Consent and Second Loan
Modification Agreement dated as of June 14, 2011, as further amended by that certain Consent and Third Loan Modification Agreement dated as of December 6, 2011, and as further amended by that certain Consent and Fourth Loan Modification
Agreement dated as of June 11, 2012 (as may be amended from time to time, the “Loan Agreement”) and (ii) a certain Export-Import Bank Loan and Security Agreement, dated as of March 31, 2011 (as may be amended from
time to time, the “EXIM Loan Agreement”), in each case between Borrower and Bank. Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement. 

2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the Collateral as described in the Loan Agreement and EXIM Loan Agreement
(together with any other collateral security granted to Bank, the “Security Documents”). Hereinafter, the Security Documents, together with all other documents evidencing or securing the Obligations shall be referred to as the
“Existing Loan Documents”. 
 3. DESCRIPTION OF CHANGE IN TERMS. 

 

	 	A.	Modifications to Loan Agreement. 

  

	 	1	The Loan Agreement shall be amended by deleting the following text appearing as Section 6.9(a) (Financial Covenants) thereof: 

“(a) Liquidity. Borrower’s unrestricted cash at Bank plus the unused Availability Amount of at least Three Million
Dollars ($3,000,000).” 
 and inserting in lieu thereof the following: 

“(a) Liquidity. Borrower’s unrestricted cash at Bank plus the unused Availability Amount of at least Three Million
Dollars ($3,000,000); provided, however, that the foregoing covenant will not apply during the period commencing on September 7, 2012 through and including September 28, 2012. Bank waives any non-compliance by Borrower with
the foregoing covenant that may have occurred prior to September 7, 2012.” 
  

	 	2	The Loan Agreement shall be amended by deleting the following definitions appearing in Section 13.1 (Definitions) thereof: 

““Availability Amount” is (a) the lesser of (i) the Revolving Line minus any amounts outstanding under
the Export-Import Agreement or (ii) the amount available under the Borrowing Base minus (b) the Dollar Equivalent amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit plus an amount equal
to the Letter of Credit Reserve), minus (c) the FX Reduction Amount, minus (d) any amounts used for Cash Management Services, and minus (e) the outstanding principal balance of any Advances. The aggregate amount
of all Advances (including, without limitation, the Dollar Equivalent amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit plus an amount equal to the Letter of Credit Reserve), any outstanding FX Reduction
Amount and any amounts used for Cash Management Services) under this Agreement outstanding at any time together with all Credit Extensions made pursuant to the Export-Import Agreement outstanding at any time shall not exceed Ten Million Dollars
($10,000,000). 

 “Revolving Line” is an Advance or Advances (including, without limitation,
Advances made pursuant to the Export-Import Agreement) in an amount under this Agreement and the Export-Import Agreement not to exceed Ten Million Dollars ($10,000,000) at any time.” 

and inserting in lieu thereof the following: 

““Availability Amount” is (a) the lesser of (i) the Revolving Line minus any amounts outstanding under
the Export-Import Agreement or (ii) the amount available under the Borrowing Base minus (b) the Dollar Equivalent amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit plus an amount equal
to the Letter of Credit Reserve), minus (c) the FX Reduction Amount, minus (d) any amounts used for Cash Management Services, and minus (e) the outstanding principal balance of any Advances. The aggregate amount
of all Advances (including, without limitation, the Dollar Equivalent amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit plus an amount equal to the Letter of Credit Reserve), any outstanding FX Reduction
Amount and any amounts used for Cash Management Services) under this Agreement outstanding at any time together with all Credit Extensions made pursuant to the Export-Import Agreement outstanding at any time shall not exceed Ten Million Dollars
($10,000,000) (Seven Million Dollars ($7,000,000) for the period commencing on September 7, 2012 through and including September 28, 2012). 

“Revolving Line” is an Advance or Advances (including, without limitation, Advances made pursuant to the Export-Import
Agreement) in an amount under this Agreement and the Export-Import Agreement not to exceed Ten Million Dollars ($10,000,000) (Seven Million Dollars ($7,000,000) for the period commencing on September 7, 2012 through and including
September 28, 2012) at any time.” 
 4. EQUITY RAISE. On or before September 28, 2012, Borrower shall have received not less than Ten
Million Dollars ($10,000,000) of net proceeds (less customary fees and expenses reasonably acceptable to Bank) from the issuance of additional equity or convertible debt of Borrower to existing investors of Borrower or other third party investors
reasonably acceptable to Bank. 
 5. FEES. Borrower shall pay to Bank a fully-earned non-refundable loan modification fee equal to Twenty-Five
Thousand Dollars ($25,000.00) payable on the date hereof. Borrower shall also reimburse Bank and EXIM Bank for all reasonable legal fees and expenses incurred in connection with the Existing Loan Documents and this Loan Modification Agreement. 

6. ADDITIONAL COVENANTS: RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby certifies that, other than as disclosed in the Perfection Certificate
(as defined below), no Collateral with a value greater than Fifty Thousand Dollars ($50,000) in the aggregate is in the possession of any third party bailee (such as at a warehouse). In the event that Borrower, after the date hereof, intends to
store or otherwise deliver the Collateral with a value in excess of Fifty Thousand Dollars ($50,000) in the aggregate to such a bailee, then Borrower shall first receive, the prior written consent of Bank and such bailee must acknowledge in writing
that the bailee is holding such Collateral for the benefit of Bank. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in that certain Perfection Certificate, dated as of March 31, 2011, as
amended and restated by that certain Perfection Certificate dated as of the date hereof and attached hereto as Exhibit B (the “Perfection Certificate”, which Bank and Borrower hereby acknowledge shall be deemed to be the
“Perfection Certificate” for all purposes under the Existing Loan Documents), and acknowledges, confirms and agrees the disclosures and information above Borrower provided to Bank in such Perfection Certificate remain true and correct in
all material respects as of the date hereof. 
 7. AUTHORIZATION TO FILE. Borrower hereby authorizes Bank to file UCC financing statements without
notice to Borrower, with all appropriate jurisdictions, as Bank deems appropriate, in order to further perfect or protect Bank’s interest in the Collateral, including a notice that any disposition of the Collateral, by either the Borrower or
any other Person, shall be deemed to violate the rights of the Bank under the Code. 
 8. CONSISTENT CHANGES. The Existing Loan Documents are hereby
amended wherever necessary to reflect the changes described above. 

 9. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and
conditions of the Loan Agreement, each other Loan Document and all security or other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 

10. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims against Bank with
respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and
Borrower hereby RELEASES Bank from any liability thereunder. 
 11. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the
existing Obligations, Bank is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the Existing
Loan Documents remain unchanged and in full force and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future modifications to the
Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly
released by Bank in writing. No maker will be released by virtue of this Loan Modification Agreement. 
 12. RIGHT OF SET-OFF. In consideration of
Bank’s agreement to enter into this Loan Modification Agreement, Borrower hereby reaffirms and hereby grants to Bank, a lien, security interest and right of set off as security for all Obligations to Bank, whether now existing or hereafter
arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Bank (including a Bank subsidiary) or in transit to any of them.
At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof and apply the same to any liability or obligation of Borrower even though unmatured and
regardless of the adequacy of any other collateral securing the loan. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF
WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
 13.
CONFIDENTIALITY. In handling any confidential information, Bank shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or
Affiliates; (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use commercially reasonable efforts to obtain any prospective transferee’s or purchaser’s
agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers
appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Bank so long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those
contained herein. Confidential information does not include information that is either: (i) is in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain after disclosure to Bank; or
(ii) is disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from disclosing the information. 

Bank may use confidential information for the development of databases, reporting purposes, and market analysis so long as such confidential
information is aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding sentence shall survive the termination of the Loan Agreement. 

14. JURISDICTION/VENUE. Section 11 of the Loan Agreement is hereby incorporated by reference in its entirety. 

15. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower and Bank. 

[The remainder of this page is intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Loan Modification Agreement to be
executed as a scaled instrument under the laws of the Commonwealth of Massachusetts as of the date first above written. 
  

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

  

			
	BANK:
	
	SILICON VALLEY BANK
		
	By	 	/s/ signature
	Name:	 	[Name]
	Title:	 	[Title]

 The undersigned ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Unconditional
Guaranty, dated March 31, 2011 (the “Guaranty”), and each document executed in connection therewith, and acknowledges, confirms and agrees that the Guaranty and each document executed in connection therewith shall remain in full force
and effect and shall in no way be limited by the execution of this Loan Modification Agreement, or any other documents, instruments and/or agreements executed and/or delivered in connection herewith. 

 

			
	GUARANTOR:
	
	ASPEN AEROGELS RHODE ISLAND LLC
		
	By	 	/s/ John F. Fairbanks
	Name:	 	John F. Fairbanks
	Title:	 	Chief Financial Officer

 [SIGNATURE PAGE TO FIFTH LOAN
MODIFICATION AGREEMENT] 

 CONSENT AND SIXTH LOAN MODIFICATION AGREEMENT 

This Consent and Sixth Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of
September 26, 2012, by and between SILICON VALLEY BANK, a California corporation with a loan production office located at 275 Grove Street, Suite 2-200, Newton, Massachusetts 02466 (“Bank”), and ASPEN AEROGELS,
INC., a Delaware corporation with offices located at 30 Forbes Road, Building B, Northborough, Massachusetts 01532 (the “Borrower”). 

1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is
indebted to Bank pursuant to a loan arrangement dated as of March 31, 2011, evidenced by, among other documents, (i) a certain Loan and Security Agreement dated as of March 31, 2011, as amended by that certain Consent and First Loan
Modification Agreement dated as of June 1, 2011, as further amended by that certain Consent and Second Loan Modification Agreement dated as of June 14, 2011, as further amended by that certain Consent and Third Loan Modification Agreement
dated as of December 6, 2011, as further amended by that certain Consent and Fourth Loan Modification Agreement dated as of June 11, 2012, and as further amended by that certain Fifth Loan Modification Agreement dated as of
September 7, 2012 (the “Fifth Loan Modification Agreement”) (as may be amended from time to time, the “Loan Agreement”) and (ii) a certain Export-Import Bank Loan and Security Agreement, dated as of
March 31, 2011 (as may be amended from time to time, the “EXIM Loan Agreement”), in each case between Borrower and Bank. Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan
Agreement. 
 2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the Collateral as described in the Loan Agreement and EXIM
Loan Agreement (together with any other collateral security granted to Bank, the “Security Documents”). Hereinafter, the Security Documents, together with all other documents evidencing or securing the Obligations shall be referred
to as the “Existing Loan Documents”. 
 3. DESCRIPTION OF CHANGE IN TERMS. 

 

	 	A.	Modifications to Loan Agreement. 

  

	 	1	The Loan Agreement shall be amended by deleting the following definitions in Section 13.1 thereof: 

“June 2012 Note Purchase Agreement” is that certain Note Purchase Agreement, dated as of the date hereof, by and
between Borrower and the “Purchasers” party thereto, in a maximum principal amount equal to Fifteen Million Dollars ($15,000,000), together with an executed copy of each June 2012 Note issued thereunder and each other document or agreement
executed and/or delivered in connection therewith. 
 “June 2012 Subordination Agreement” is each
Subordination Agreement, dated as of the date hereof, by and between Bank and each of the June 2012 Creditors. 
 and inserting in
lieu thereof the following: 
 “June 2012 Note Purchase Agreement” is that certain Note Purchase Agreement, dated as
of June 11, 2012, as amended by that certain Amendment No. 1 to Note Purchase Agreement dated as of September 26, 2012, by and between Borrower and the “Purchasers” from time to time party thereto, in a maximum principal
amount equal to Thirty Five Million One Hundred Thirty Three Thousand Five Hundred Twenty One Dollars and Seventy Nine Cents ($35,133,521.79), together with an executed copy of each June 2012 Note issued thereunder and each other document or
agreement executed and/or delivered in connection therewith. 

 “June 2012 Subordination Agreement” is each Subordination Agreement, dated as
of the date of each Closing (as such term is defined in the June 2012 Note Purchase Agreement) under the June 2012 Note Purchase Agreement, by and between Bank and each of the June 2012 Creditors that participates in such Closing. 

4. ISSUANCE OF ADDITIONAL SUBORDINATED DEBT. The Borrower has requested that the Bank consent to (i) amending the Note Purchase Agreement, dated
as of June 11, 2012, by and between Borrower and the “Purchasers” party thereto (“June 2012 Note Purchase Agreement”) pursuant to that certain Amendment No. 1 to Note Purchase Agreement dated as of the date
hereof ( “Amendment No. 1”) and (ii) Borrower receiving proceeds from the issuance of additional unsecured Subordinated Debt to the June 2012 Creditors, as more fully described in the June 2012 Note Purchase Agreement as
amended by Amendment No. 1, in substantially the form attached as Exhibit A hereto (such issuance hereafter referred to as the “Transaction”). The Bank has agreed to do so, but only upon and subject to the specific terms and
conditions set forth herein. 
 5. CONSENT. In reliance upon the representations of the Borrower herein, Bank hereby consents to the consummation of
the Transaction and waives any Event of Default that may otherwise arise under the Existing Loan Documents solely as a result of the consummation of the Transaction for all purposes under the Existing Loan Documents, subject to each of the
Conditions Precedent described in Section 6 hereof. In addition, Bank hereby consents to the amendment to the Note and Purchase Agreement, as evidenced by a certain Consent and Amendment No. 5 to Subordinated Note and Warrant Purchase
Agreement, by and between Borrower and the “Purchasers” signatory thereto, dated as of the date hereof, which shall be in form and substance acceptable to Bank, in its reasonable discretion. 

6. CONDITIONS PRECEDENT. Borrower hereby agrees that the following representations and warranties shall be true and/or the following documents shall be
delivered to the Bank prior to or concurrently with this Loan Modification Agreement, each in form and substance satisfactory to the Bank (collectively, the “Conditions Precedent”): 

 

	 	A.	the Transaction shall be consummated upon terms substantially similar to those contained in the June 2012 Note Purchase Agreement as amended by Amendment No. 1 attached at Exhibit A hereto, in each case without any
material amendment or modification thereto (it being agreed that any amendment or modification to the June 2012 Note Purchase Agreement as amended by Amendment No. 1 attached as Exhibit A hereto which may reasonably be considered materially
adverse to the interests of the Bank shall be deemed to be material); 

  

	 	B.	copies, certified by a duly authorized officer of Borrower and Guarantor, to be true and complete as of the date hereof, of each of (i) the governing documents of Borrower and Guarantor, respectively, as in effect
on the date hereof (but only to the extent modified since last delivered to the Bank), (ii) the resolutions of Borrower and Guarantor, respectively, authorizing the execution and delivery of this Loan Modification Agreement, the other documents
executed in connection herewith and the Borrower’s and Guarantor’s respective performance of all of the transactions contemplated hereby (but only to the extent required since last delivered to Bank), and (iii) an incumbency
certificate giving the name and bearing a specimen signature of each individual who shall be so authorized (but only to the extent any signatories have changed since such incumbency certificate was last delivered to Bank); 

 

	 	C.	Bank shall have received executed copies of this Loan Modification Agreement, Amendment No. 1 and each June 2012 Subordination Agreement from each June 2012 Creditor participating in the Subsequent Closing (as such
term is defined in the June 2012 Note Purchase Agreement as amended by Amendment No. 1) to occur on or about the date hereof; 

  

	 	D.	Bank shall have received a copy of the executed Consent and Amendment No. 5 to Subordinated Note and Warrant Purchase Agreement, which shall be in form and substance acceptable to Bank, in its reasonable
discretion; 

	 	E.	Bank shall have received a copy of the executed Consent, Acknowledgment, Reaffirmation and Amendment of Intercreditor Subordination Agreement, which shall be in form and substance acceptable to Bank, in its reasonable
discretion; 

  

	 	F.	After giving effect to the consent granted herein, this Loan Modification Agreement and Amendment No. 1, no Default or Event of Default shall exist and be continuing, including, without limitation, any default
under any instrument, agreement or other document evidencing any Subordinated Debt; and 

  

	 	G.	such other documents and/or agreements as Bank may reasonably request. 

 7. EQUITY RAISE.
Notwithstanding the terms of Section 4 of the Fifth Loan Modification Agreement, (i) on or before September 28, 2012, Borrower shall have received not less than Nine Million Five Hundred Nine Thousand Three Hundred Sixty Two Dollars
and Seventy Nine Cents ($9,509,362.79) of net proceeds (less customary fees and expenses reasonably acceptable to Bank) from the issuance of additional equity or convertible debt of Borrower to existing investors of Borrower or other third party
investors reasonably acceptable to Bank and (ii) on or before October 5, 2012, Borrower shall have received not less than Four Hundred Ninety Thousand Six Hundred Thirty Seven Dollars and Twenty One Cents ($490,637.21) of net proceeds
(less customary fees and expenses reasonably acceptable to Bank) from the issuance of additional equity or convertible debt of Borrower to existing investors of Borrower or other third party investors reasonably acceptable to Bank. 

8. FEES. Borrower shall reimburse Bank for all legal fees and expenses incurred in connection with this amendment to the Existing Loan Documents. 

9. ADDITIONAL COVENANTS: RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby certifies that, other than as disclosed in the Perfection Certificate
(as defined below), no Collateral with a value greater than Fifty Thousand Dollars ($50,000) in the aggregate is in the possession of any third party bailee (such as at a warehouse). In the event that Borrower, after the date hereof, intends to
store or otherwise deliver the Collateral with a value in excess of Fifty Thousand Dollars ($50,000) in the aggregate to such a bailee, then Borrower shall first receive, the prior written consent of Bank and such bailee must acknowledge in writing
that the bailee is holding such Collateral for the benefit of Bank. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in that certain Perfection Certificate, dated as of March 31, 2011, as
amended and restated by that certain Perfection Certificate dated as of June 11, 2012 (the “Perfection Certificate”, which Bank and Borrower hereby acknowledge shall be deemed to be the “Perfection Certificate” for
all purposes under the Existing Loan Documents), and acknowledges, confirms and agrees the disclosures and information above Borrower provided to Bank in such Perfection Certificate remain true and correct in all material respects as of the date
hereof. 
 10. AUTHORIZATION TO FILE. Borrower hereby authorizes Bank to file UCC financing statements without notice to Borrower, with all
appropriate jurisdictions, as Bank deems appropriate, in order to further perfect or protect Bank’s interest in the Collateral, including a notice that any disposition of the Collateral, by either the Borrower or any other Person, shall be
deemed to violate the rights of the Bank under the Code. 
 11. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary
to reflect the changes described above. 
 12. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and
conditions of the Loan Agreement, each other Loan Document and all security or other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 

13. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims against Bank with
respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and
Borrower hereby RELEASES Bank from any liability thereunder. 

 14. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing Obligations, Bank
is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the Existing Loan Documents remain
unchanged and in full force and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future modifications to the Obligations. Nothing in
this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly released by Bank in
writing. No maker will be released by virtue of this Loan Modification Agreement. 
 15. RIGHT OF SET-OFF. In consideration of Bank’s agreement
to enter into this Loan Modification Agreement, Borrower hereby reaffirms and hereby grants to Bank, a lien, security interest and right of set off as security for all Obligations to Bank, whether now existing or hereafter arising upon and against
all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Bank (including a Bank subsidiary) or in transit to any of them. At any time after the
occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof and apply the same to any liability or obligation of Borrower even though unmatured and regardless of the adequacy
of any other collateral securing the loan. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH
DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
 16. CONFIDENTIALITY. In handling any
confidential information, Bank shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates; (b) to prospective
transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use commercially reasonable efforts to obtain any prospective transferee’s or purchaser’s agreement to the terms of this
provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising
remedies under the Loan Documents; and (f) to third-party service providers of Bank so long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential
information does not include information that is either: (i) is in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain after disclosure to Bank; or (ii) is disclosed to Bank by a
third party, if Bank does not know that the third party is prohibited from disclosing the information. 
 Bank may use confidential
information for the development of databases, reporting purposes, and market analysis so long as such confidential information is aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the
immediately preceding sentence shall survive the termination of the Loan Agreement. 
 17. JURISDICTION/VENUE. Section 11 of the Loan Agreement
is hereby incorporated by reference in its entirety. 
 18. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it
shall have been executed by Borrower and Bank. 
 [The remainder of this page is intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Loan Modification Agreement to be
executed as a sealed instrument under the laws of the Commonwealth of Massachusetts as of the date first above written. 
  

			
	BORROWER:
	
	ASPEN AEROGELS, INC.
		
	By	 	/s/ John F. Fairbanks
	Name: John F. Fairbanks
	Title: CFO

  

			
	BANK:
	
	SILICON VALLEY BANK
		
	By	 	/s/ Christopher Leary
	Name: Christopher Leary
	Title: VP

 The undersigned ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Unconditional
Guaranty, dated March 31, 2011 (the “Guaranty”), and each document executed in connection therewith, and acknowledges, confirms and agrees that the Guaranty and each document executed in connection therewith shall remain in
full force and effect and shall in no way be limited by the execution of this Loan Modification Agreement, or any other documents, instruments and/or agreements executed and/or delivered in connection herewith. 

 

			
	GUARANTOR:
	
	ASPEN AEROGELS RHODE ISLAND LLC
		
	By	 	/s/ John F. Fairbanks
	Name: John F. Fairbanks
	Title: CFO

 [SIGNATURE PAGE TO CONSENT AND
SXITH LOAN MODIFICATION AGREEMENT] 

 Exhibit A 

Amendment No. 1 
 (See
attached.) 

  
 A-1 

 EXECUTION COPY 

CONSENT AND SEVENTH LOAN MODIFICATION AGREEMENT 

This Consent and Seventh Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of
March 28, 2013, by and between SILICON VALLEY BANK, a California corporation with a loan production office located at 275 Grove Street, Suite 2-200, Newton, Massachusetts 02466 (“Bank”), and ASPEN AEROGELS, INC.,
a Delaware corporation with offices located at 30 Forbes Road, Building B, Northborough, Massachusetts 01532 (the “Borrower”). 
 1.
DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of March 31, 2011, evidenced by,
among other documents, (i) a certain Loan and Security Agreement dated as of March 31, 2011, as amended by that certain Consent and First Loan Modification Agreement dated as of June 1, 2011, as further amended by that certain Consent
and Second Loan Modification Agreement dated as of June 14, 2011, as further amended by that certain Consent and Third Loan Modification Agreement dated as of December 6, 2011, as further amended by that certain Consent and Fourth Loan
Modification Agreement dated as of June 11, 2012, as further amended by that certain Fifth Loan Modification Agreement dated as of September 7, 2012 and as further amended by that certain Consent and Sixth Loan Modification Agreement,
dated as of September 26, 2012 (the “Sixth Loan Modification Agreement”) (as may be amended from time to time, the “Loan Agreement”) and (ii) a certain Export-Import Bank Loan and Security Agreement, dated
as of March 31, 2011 (as may be amended from time to time, the “EXIM Loan Agreement”), in each case between Borrower and Bank. Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan
Agreement. 
 2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the Collateral as described in the Loan Agreement and EXIM
Loan Agreement and the Intellectual Property Collateral as described in that certain Intellectual Property Security Agreement, by and between Borrower and Bank, dated as of the date hereof (together with any other collateral security granted to
Bank, the “Security Documents”). Hereinafter, the Security Documents, together with all other documents evidencing or securing the Obligations shall be referred to as the “Existing Loan Documents”. 

3. DESCRIPTION OF CHANGE IN TERMS. 
  

	 	A.	Modifications to Loan Agreement. 

  

	 	1	The Loan Agreement shall be amended by deleting the following text appearing as Section 6.10 thereof: 

“6.10 Protection of Intellectual Property Rights. (i) Protect, defend and maintain the validity and enforceability of its
material Intellectual Property; (ii) promptly advise Bank in writing of material infringements of its Intellectual Property; and (iii) not allow any Intellectual Property material to Borrower’s business to be abandoned, forfeited or
dedicated to the public without Bank’s written consent.” 
 and inserting in lieu thereof the following: 

“6.10 Protection and Registration of Intellectual Property Rights. 

(a)     (i) Take such action as, in its reasonable business judgment, it deems necessary to protect, defend and
maintain the validity and enforceability of its Material Intellectual Property; (ii) promptly advise Bank in writing of material infringements of its Material Intellectual Property; and (iii) take any action or omit to take any action
which would reasonably be expected to result in any Material Intellectual Property being abandoned, forfeited or dedicated to the public without Bank’s written consent. 

 (b) To the extent not already disclosed in writing to Bank, if Borrower or any Guarantor
(i) obtains any Patent, registered Trademark, registered Copyright, registered mask work, or any pending application for any of the foregoing, as owner, or (ii) applies for any Patent or the registration of any Trademark, then Borrower
shall (X), with respect to any Copyrights, promptly provide written notice thereof to Bank and shall execute such intellectual property security agreements and other documents and take such other actions as Bank may request in its good faith
business judgment to perfect and maintain a first priority perfected security interest (subject only to Permitted Liens) in favor of Bank in such Copyrights, and (Y) with respect to any other Intellectual Property (other than Excluded
Intellectual Property), promptly, and in any event together with the delivery of each Compliance Certificate required to be delivered by Borrower to Bank in accordance with Section 6.2(a)(iv) hereof, provide written notice thereof to Bank and
execute such intellectual property security agreements and other documents and take such other actions as Bank may request in its good faith business judgment to perfect and maintain a first priority perfected security interest (subject only to
Permitted Liens) in favor of Bank in such additional Intellectual Property. If Borrower decides to register any Copyrights or mask works in the United States Copyright Office, Borrower shall: (x) provide Bank with at least fifteen
(15) days prior written notice of Borrower’s intent to register such Copyrights or mask works together with a copy of the application it intends to file with the United States Copyright Office (excluding exhibits thereto); (y) execute
an intellectual property security agreement and such other documents and take such other actions as Bank may request in its good faith business judgment to perfect and maintain a first priority perfected security interest (subject only to Permitted
Liens) in favor of Bank in the Copyrights or mask works intended to be registered with the United States Copyright Office; and (z) record such intellectual property security agreement with the United States Copyright Office contemporaneously
with filing the Copyright or mask work application(s) with the United States Copyright Office. Borrower shall promptly (and in any event together with the delivery of each Compliance Certificate required to be delivered by Borrower to Bank in
accordance with Section 6.2(a)(iv) hereof), provide to Bank copies of all applications that it files for Patents or for the registration of Trademarks, Copyrights or mask works, and shall promptly provide Bank evidence of the recording of the
intellectual property security agreement required for Bank to perfect and maintain a first priority perfected security interest (subject only to Permitted Liens), in such property. The foregoing paragraph shall only be applicable to Intellectual
Property registered or otherwise used and/or located in the United States. The Bank acknowledges that the sale, transfer, pledge or mortgage of any Patents is subject to the licenses granted under the Cabot License Agreement.” 

 

	 	2	The Loan Agreement shall be amended by deleting the following text appearing as Section 7.9 thereof: 

“7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except as permitted under the terms of the
subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof or adversely affect the
subordination thereof to Obligations owed to Bank, except as permitted under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject. Notwithstanding subsection (b) above, Borrower
shall not permit any amendment to the Fidelity Note Purchase Agreement, the December 2011 Note Purchase Agreement or the June 2012 Note Purchase Agreement without the prior written consent of Bank.” 

 and inserting in lieu thereof the following: 

“7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except as permitted under the terms of the
subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof or adversely affect the
subordination thereof to Obligations owed to Bank, except as permitted under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject. Notwithstanding subsection (b) above, Borrower
shall not permit any amendment to the Fidelity Note Purchase Agreement, the December 2011 Note Purchase Agreement, the June 2012 Note Purchase Agreement or the March 2013 Note Purchase Agreement without the prior written consent of Bank.” 

 

	 	3	The Loan Agreement shall be amended by deleting the following text appearing as Section 8.9 thereof: 

“8.9 Subordinated Debt. (a) Any document, instrument, or agreement evidencing any Subordinated Debt shall for any reason be
revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder, or
the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement, the PJC Intercreditor Agreement, the Fidelity Subordination Agreement, the December 2011 Subordination Agreements and/or the June
2012 Subordination Agreements; or (b) (i) any cash prepayment or (ii) acceleration of principal or interest or (iii) the payment of any other Indebtedness of Borrower in each case under the Fidelity Note Purchase Agreement or any
Fidelity Note issued thereunder, the December 2011 Note Purchase Agreement or any December 2011 Note issued thereunder and/or the June 2012 Note Purchase Agreement or any June 2012 Note issue thereunder.” 

and inserting in lieu thereof the following: 

“8.9 Subordinated Debt. (a) Any document, instrument, or agreement evidencing any Subordinated Debt shall for any reason be
revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder, or
the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement, the PJC Intercreditor Agreement, the Fidelity Subordination Agreement, the December 2011 Subordination Agreements, the June 2012
Subordination Agreements and/or the March 2013 Subordination Agreements; or (b) (i) any cash prepayment or (ii) acceleration of principal or interest or (iii) the payment of any other Indebtedness of Borrower in each case under
the Fidelity Note Purchase Agreement or any Fidelity Note issued thereunder, the December 2011 Note Purchase Agreement or any December 2011 Note issued thereunder, the June 2012 Note Purchase Agreement or any June 2012 Note issued thereunder and/or
the March 2013 Note Purchase Agreement or any March 2013 Note issued thereunder.” 
  

	 	4	The Loan Agreement shall be amended by deleting the following text appearing in Section 10 thereof: 

  

			
	“If to Bank:	  	 Silicon Valley Bank
 275 Grove Street, Suite
2-200
 Newton, Massachusetts 02466
 Attn: Mr. Dave
Rodriguez
 Fax: (617) 969-4395
 Email:
drodriguez@svb.com”

 and inserting in lieu thereof the following: 

 

			
	“If to Bank:	  	 Silicon Valley Bank
 275 Grove Street, Suite
2-200
 Newton, Massachusetts 02466
 Attn: Mr. Chris
Leary
 Fax: (617) 969-4395
 Email:
cleary@svb.com”

  

	 	5	The Loan Agreement shall be amended by inserting the following new definitions in Section 13.1 thereof, each in its appropriate alphabetical order: 

“Additional 2013 Purchasers” means the “Additional Purchasers”, as such term is defined in the March 2013 Note
Purchase Agreement. 
 “Excluded Intellectual Property” means (i) any “intent-to-use” application for
registration of a Trademark filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. §1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham Act or an “Amendment to Allege Use”
pursuant to Section 1(c) of the Lanham Act with respect thereto, solely to the extent that, and for so long as, the grant of a security interest or lien therein would impair the validity or enforceability of any registration that issues from
such “intent-to-use” application under applicable federal law and (ii) any rights under any license of Intellectual Property if the grant of a security interest therein would be prohibited by the terms of such license, unless
(x) the only consequence of breach of such terms would be to avoid or permit any other party to such license to avoid such security interest; or (y) such prohibition is rendered ineffective pursuant to the Uniform Commercial Code or any
other applicable law. 
 “Initial 2013 Closing” is the “Initial Closing”, as such term is defined in the March
2013 Note Purchase Agreement. 
 “Initial 2013 Purchasers” means the “Initial Purchasers”, as such term is
defined in the March 2013 Note Purchase Agreement. 
 “IP Agreement” is any agreement pursuant to which any Person grants
Bank a security interest in such Person’s Intellectual Property as security for the Obligations, including, without limitation, each IP Security Agreement executed by each of Borrower and Guarantor, dated as of the Seventh Loan Modification
Effective Date. 
 “June 2012 Converted Indebtedness” is defined in the definition of March 2013 Note Purchase Agreement.

 “March 2013 Additional Purchase Date” is the date the Additional 2013 Purchasers purchase additional March 2013 Notes
pursuant to the March 2013 Note Purchase Agreement in an aggregate amount of not less than the result of (i) Ten Million Dollars ($10,000,000) minus (ii) the amount of March 2013 Notes in excess of Five Million Dollars ($5,000,000)
(excluding any June 2012 Converted Indebtedness), issued in connection with the Initial 2013 Closing. 

 “March 2013 Creditors” is each “Initial 2013 Purchaser” and each
“Additional 2013 Purchaser” from time to time party to the March 2013 Note Purchase Agreement. 
 “March 2013
Note” and “March 2013 Notes” is each Convertible Note described in and issued pursuant to the March 2013 Note Purchase Agreement. 

“March 2013 Note Purchase Agreement” is that certain Note Purchase Agreement, dated as of the Seventh Loan Modification
Agreement, by and among Borrower, the “Initial 2013 Purchasers” party thereto (as of the Seventh Loan Modification Effective Date), and the “Additional 2013 Purchasers” party thereto (after the Seventh Loan Modification Effective
Date), in a maximum principal amount for all March 2013 Creditors not to exceed (i) Twenty Two Million Five Hundred Thousand Dollars ($22,500,000), which amount may include up to $7,530,346 in existing Indebtedness to be exchanged for notes
originally issued under the June 2012 Note Purchase Agreement (the “June 2102 Converted Indebtedness”), plus (ii) up to Seven Million Five Hundred Thousand Dollars ($7,500,000) in “Call Option Notes” (as defined in the March
2013 Note Purchase Agreement) issued in accordance with the terms of the March 2013 Note Purchase Agreement. 
 “March 2013
Subordination Agreement” is each Subordination Agreement, dated as of (i) the Seventh Loan Modification Effective Date (with respect to the “Initial 2013 Purchasers”), and (ii) the “March 2013 Additional Purchase
Date” (with respect to the “Additional 2013 Purchasers”), in each case by and between Bank and each of the applicable March 2013 Creditors. 

“Material Intellectual Property” means any Intellectual Property of Borrower or Guarantor, the absence of which, in the
reasonable business judgment of Borrower or Guarantor, would reasonably be expected to result in a Material Adverse Effect. As of the Seventh Loan Modification Effective Date, all Material Intellectual Property is identified as such on Schedule 1 to
the Seventh Loan Modification Agreement. 
 “Seventh Loan Modification Agreement” is that certain Consent and Seventh Loan
Modification Agreement between Borrower and Bank dated as of the Seventh Loan Modification Effective Date. 
 “Seventh Loan
Modification Effective Date” is March 28, 2013. 
 “Subsequent 2013 Closing” is the “Subsequent
Closing”, as such term is defined in the March 2013 Note Purchase Agreement. 
  

	 	6	The Loan Agreement shall be amended by deleting the following clause (i) from the definition of “Permitted Indebtedness” in Section 13.1 thereof: 

“(i) the unsecured Indebtedness of Borrower owed to the Fidelity Creditors pursuant to the Fidelity Note Purchase Agreement,
(ii) the unsecured Indebtedness of Borrower owed to the December 2011 Creditors pursuant to the December 2011 Note Purchase Agreement, (iii) the unsecured Indebtedness of Borrower owed to the June 2012 Creditors pursuant to the June 2012
Note Purchase Agreement, and (iv) other unsecured Indebtedness in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000);” 

 and inserting in lieu thereof the following: 

“(i) the unsecured Indebtedness of Borrower owed to the Fidelity Creditors pursuant to the Fidelity Note Purchase Agreement,
(ii) the unsecured Indebtedness of Borrower owed to the December 2011 Creditors pursuant to the December 2011 Note Purchase Agreement, (iii) the unsecured Indebtedness of Borrower owed to the June 2012 Creditors pursuant to the June 2012
Note Purchase Agreement, (iv) the unsecured Indebtedness of Borrower owed to the March 2013 Creditors pursuant to the March 2013 Note Purchase Agreement and (v) other unsecured Indebtedness in an aggregate amount not to exceed Two Hundred
Fifty Thousand Dollars ($250,000);” 
  

	 	7	The Loan Agreement shall be amended by deleting the following definitions appearing in Section 13.1 thereof: 

“Loan Documents” are, collectively, this Agreement, the EXIM Loan Documents, the Perfection Certificates, the Stock Pledge
Agreement, the PJC Intercreditor Agreement, any Guaranty Agreement, any Security Agreement, any note, or notes or guaranties executed by Borrower or any Guarantor, and any other present or future agreement between Borrower any Guarantor and/or for
the benefit of Bank in connection with this Agreement, all as amended, restated, or otherwise modified. 
 “Revolving Line Maturity
Date” is March 31, 2013 (two (2) years after the Effective Date). 
 and inserting in lieu thereof the following: 

“Loan Documents” are, collectively, this Agreement, the EXIM Loan Documents, the Perfection Certificates, the Stock Pledge
Agreement, the PJC Intercreditor Agreement, any Guaranty Agreement, any Security Agreement, any IP Agreement, any note, or notes or guaranties executed by Borrower or any Guarantor, and any other present or future agreement between Borrower any
Guarantor and/or for the benefit of Bank in connection with this Agreement, all as amended, restated, or otherwise modified. 

“Revolving Line Maturity Date” is May 15, 2013; provided, that in the event the Subsequent 2013 Closing
occurs on or before May 15, 2013, pursuant to which Borrower receives gross proceeds from the issuance of additional March 2013 Notes in connection with such Subsequent 2013 Closing in an amount equal to or greater than the result of
(i) Ten Million Dollars ($10,000,000) minus (ii) the amount of March 2013 Notes in excess of Five Million Dollars ($5,000,000) (excluding any June 2012 Converted Indebtedness), issued in connection with the Initial 2013 Closing, the
“Revolving Line Maturity Date” shall be June 29, 2013. 
  

	 	8	The Loan Agreement shall be amended by deleting Exhibit A in its entirety and replacing it with Exhibit A attached hereto. 

4. ISSUANCE OF ADDITIONAL SUBORDINATED DEBT. The Borrower has requested that the Bank consent to the Borrower receiving proceeds from the issuance of
additional unsecured Subordinated Debt to the March 2013 Creditors, as more fully described in the March 2013 Note Purchase Agreement, in substantially the form attached as Exhibit A hereto (such issuance hereafter referred to as the
“Transaction”). The Bank has agreed to do so, but only upon and subject to (i) Borrower receiving, on or before the Seventh Loan Modification Effective Date, not less than Five Million Dollars ($5,000,000) of gross proceeds
from the issuance of the March 2013 Notes pursuant to the March 2013 Note Purchase Agreement; and (ii) the specific terms and conditions set forth herein. 

 5. CONSENT. In reliance upon the representations of the Borrower herein, Bank hereby consents to the
consummation of the Transaction and waives any Event of Default that may otherwise arise under the Existing Loan Documents solely as a result of the consummation of (i) the Transaction; and (ii) the amendments to the Fidelity Note Purchase
Agreement, the December 2011 Note Purchase Agreement and the June 2012 Note Purchase Agreement, in each case for all purposes under the Existing Loan Documents and subject to each of the Conditions Precedent described in Section 6 hereof. In
addition, Bank hereby consents to the amendment to the Note Purchase Agreement, as evidenced by a certain Consent and Amendment No. 6 to Subordinated Note and Warrant Purchase Agreement, by and between Borrower and the “Purchasers”
signatory thereto, dated as of the date hereof, which shall be in form and substance acceptable to Bank, in its reasonable discretion. 
 6. CONDITIONS
PRECEDENT. Borrower hereby agrees that the following representations and warranties shall be true and/or the following documents shall be delivered to the Bank prior to or concurrently with this Loan Modification Agreement, each in form and
substance satisfactory to the Bank (collectively, the “Conditions Precedent”): 
  

	 	A.	the Transaction shall be consummated upon terms substantially similar to those contained in the March 2013 Note Purchase Agreement attached at Exhibit A hereto, in each case without any material amendment or
modification thereto (it being agreed that any amendment or modification to the March 2103 Note Purchase Agreement which may reasonably be considered materially adverse to the interests of the Bank shall be deemed to be material); 

 

	 	B.	copies, certified by a duly authorized officer of Borrower and Guarantor, to be true and complete as of the date hereof, of each of (i) the governing documents of Borrower and Guarantor, respectively, as in effect
on the date hereof (but only to the extent modified since last delivered to the Bank), (ii) the resolutions of Borrower and Guarantor, respectively, authorizing the execution and delivery of this Loan Modification Agreement, the other documents
executed in connection herewith and the Borrower’s and Guarantor’s respective performance of all of the transactions contemplated hereby (but only to the extent required since last delivered to Bank), and (iii) an incumbency
certificate giving the name and bearing a specimen signature of each individual who shall be so authorized (but only to the extent any signatories have changed since such incumbency certificate was last delivered to Bank); 

 

	 	C.	Bank shall have received executed copies of this Loan Modification Agreement, the IP Agreement, the March 2013 Note Purchase Agreement and each March 2013 Subordination Agreement from each Initial 2013 Purchaser
participating in the Initial 2013 Closing, to occur on or about the date hereof; 

  

	 	D.	Bank shall have received a copy of the executed Consent and Amendment No. 6 to Subordinated Note and Warrant Purchase Agreement, which shall be in form and substance acceptable to Bank, in its reasonable
discretion; 

  

	 	E.	Bank shall have received a copy of the executed Consent, Acknowledgment, Amendment and Reaffirmation of Intercreditor and Subordination Agreement, which shall be in form and substance acceptable to Bank, in its
reasonable discretion; 

  

	 	F.	Bank shall have received a copy of the executed (i) Consent and Amendment No. 2 to June 2012 Note Purchase Agreement and June 2012 Notes; (ii) Consent and Amendment No. 3 to December 2011 Note
Purchase Agreement and December 2011 Notes; and (iii) Consent and Amendment No. 4 to Fidelity Note Purchase Agreement and Fidelity Notes; and 

  

	 	G.	After giving effect to the consent granted herein, this Loan Modification Agreement and the March 2013 Note Purchase Agreement, no Default or Event of Default shall exist and be continuing, including, without
limitation, any default under any instrument, agreement or other document evidencing any Subordinated Debt. 

 7. CONDITION SUBSEQUENT. 
  

	 	A.	In connection with the Subsequent 2013 Closing, which shall occur on or before May 15, 2013, Borrower shall receive gross proceeds from the issuance of additional March 2013 Notes of not less than the result of
(i) Ten Million Dollars ($10,000,000) minus (ii) the amount of March 2013 Notes in excess of Five Million Dollars ($5,000,000) (excluding any June 2012 Converted Indebtedness), issued in connection with the Initial 2013 Closing.
Failure of the foregoing to occur as indicated in the foregoing sentence will result in an immediate Event of Default under the Loan Agreement for which no cure or grace period shall apply. 

 

	 	B.	On or before the occurrence of the Subsequent 2013 Closing, Borrower shall have delivered to Bank the following, each in form and substance reasonably satisfactory to Bank: (i) an executed consent from Cabot
Corporation to the granting by Borrower of a security interest in the Cabot License Agreement and the Borrower’s rights thereunder, and (ii) a written confirmation from Cabot Corporation that upon receipt of the amounts paid or escrowed as
provided in Section C below, all sums due to Cabot Corporation under the Cabot License Agreement shall have been paid in full. 

  

	 	C.	On or before the occurrence of the Subsequent 2013 Closing, either all remaining sums due from Borrower to Cabot Corporation under the Cabot License Agreement shall be paid in full or an amount sufficient to pay all
such remaining sums shall be escrowed pursuant to an escrow agreement in form and substance reasonably satisfactory to Bank for payment to Cabot Corporation as and when due under the Cabot License Agreement. 

8. FEES. Borrower shall pay to Bank a fully-earned non-refundable loan modification fee equal to Twelve Thousand Six Hundred Dollars ($12,600.00)
payable on the date hereof, consisting of (i) a Ten Thousand Dollar ($10,000.00) EXIM Bank loan modification fee and (ii) a Two Thousand Six Hundred Dollar ($2,600.00) loan modification fee. Borrower shall also reimburse Bank and EXIM Bank
for all reasonable legal fees and expenses incurred in connection with the Existing Loan Documents and this Loan Modification Agreement. 
 9. ADDITIONAL
COVENANTS: RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby certifies that, other than as disclosed in the Perfection Certificate (as defined below), no Collateral with a value greater than Fifty Thousand Dollars ($50,000) in the
aggregate is in the possession of any third party bailee (such as at a warehouse). In the event that Borrower, after the date hereof, intends to store or otherwise deliver the Collateral with a value in excess of Fifty Thousand Dollars ($50,000) in
the aggregate to such a bailee, then Borrower shall first receive, the prior written consent of Bank and such bailee must acknowledge in writing that the bailee is holding such Collateral for the benefit of Bank. Borrower hereby ratifies, confirms
and reaffirms, all and singular, the terms and disclosures contained in that certain Perfection Certificate, dated as of March 31, 2011, as amended and restated by that certain Perfection Certificate dated as of June 11, 2012 (the
“Perfection Certificate”, which Bank and Borrower hereby acknowledge shall be deemed to be the “Perfection Certificate” for all purposes under the Existing Loan Documents), and acknowledges, confirms and agrees the
disclosures and information above Borrower provided to Bank in such Perfection Certificate remain true and correct in all material respects as of the date hereof. 

10. AUTHORIZATION TO FILE. Borrower hereby authorizes Bank to file UCC financing statements without notice to Borrower, with all appropriate
jurisdictions, as Bank deems appropriate, in order to further perfect or protect Bank’s interest in the Collateral, including a notice that any disposition of the Collateral, by either the Borrower or any other Person, shall be deemed to
violate the rights of the Bank under the Code. 
 11. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary to
reflect the changes described above. 

 12. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and
conditions of the Loan Agreement, each other Loan Document and all security or other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 

13. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims against Bank with
respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and
Borrower hereby RELEASES Bank from any liability thereunder. 
 14. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the
existing Obligations, Bank is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the Existing
Loan Documents remain unchanged and in full force and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future modifications to the
Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly
released by Bank in writing. No maker will be released by virtue of this Loan Modification Agreement. 
 15. RIGHT OF SET-OFF. In consideration of
Bank’s agreement to enter into this Loan Modification Agreement, Borrower hereby reaffirms and hereby grants to Bank, a lien, security interest and right of set off as security for all Obligations to Bank, whether now existing or hereafter
arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Bank (including a Bank subsidiary) or in transit to any of them.
At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof and apply the same to any liability or obligation of Borrower even though unmatured and
regardless of the adequacy of any other collateral securing the loan. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF
WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
 16.
CONFIDENTIALITY. In handling any confidential information, Bank shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or
Affiliates; (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use commercially reasonable efforts to obtain any prospective transferee’s or purchaser’s
agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers
appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Bank so long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those
contained herein. Confidential information does not include information that is either: (i) is in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain after disclosure to Bank; or
(ii) is disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from disclosing the information. 

Bank may use confidential information for the development of databases, reporting purposes, and market analysis so long as such confidential
information is aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding sentence shall survive the termination of the Loan Agreement. 

17. JURISDICTION/VENUE. Section 11 of the Loan Agreement is hereby incorporated by reference in its entirety. 

 18. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been
executed by Borrower and Bank. 
 [The remainder of this page is intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Loan Modification Agreement
to be executed as a sealed instrument under the laws of the Commonwealth of Massachusetts as of the date first above written. 
  

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

  

			
	BANK:
	
	SILICON VALLEY BANK
		
	By	 	/s/ Christopher Leary
	Name: Christopher Leary
	Title: VP

 The undersigned ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Unconditional
Guaranty, dated March 31, 2011 (as amended by that certain First Modification to Security Agreement, dated as of the date hereof, the “Guaranty”), and each document executed in connection therewith, and acknowledges, confirms
and agrees that the Guaranty and each document executed in connection therewith shall remain in full force and effect and shall in no way be limited by the execution of this Loan Modification Agreement, or any other documents, instruments and/or
agreements executed and/or delivered in connection herewith. 
  

			
	GUARANTOR:
	
	ASPEN AEROGELS RHODE ISLAND LLC
		
	By	 	/s/ John F. Fairbanks
	Name: John F. Fairbanks
	Title: Chief Financial Officer

 [SIGNATURE PAGE TO CONSENT AND
SEVENTH LOAN MODIFICATION AGREEMENT] 

 Exhibit A 

EXHIBIT A – COLLATERAL DESCRIPTION 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license
agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, fixtures,
letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever located, but
excluding for all purposes any Excluded Intellectual Property; and 
 all Borrower’s Books relating to the foregoing, and any and all
claims, rights and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

 Schedule 1 

Material Intellectual Property 
 (As
of the Seventh Loan Modification Effective Date.) 
  

							
	 Description
	  	Registration/
Application
Number	 	  	Registration/
Application
Date
	 Aerogel Composite with Fibrous Batting
	  	 	7,078,359	  	  	July 18, 2006
	 Aerogel Composite with Fibrous Batting
	  	 	7,504,346	  	  	March 17, 2009
	 Methods to Produce Gel Sheets
	  	 	7,399,439	  	  	July 15, 2008
	 Methods to Produce Gel Sheets
	  	 	6,989,123	  	  	January 24, 2006
	 Methods to Produce Gel Sheets
	  	 	7,780,890	  	  	August 24, 2010

 Material Trademarks 
  

							
	 Description
	  	Registration/
Application
Number	 	  	Registration/
Application
Date
	 Pyrogel
	  	 	2137705	  	  	February 17, 1998
	 Aspen Aerogels
	  	 	3703635	  	  	October 27, 2009
	 Cryogel
	  	 	3674583	  	  	August 25, 2009
	 Spaceloft
	  	 	3250920	  	  	June 12, 2007

 EIGHTH LOAN MODIFICATION AGREEMENT 

This Eighth Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of June 28, 2013, by and
between SILICON VALLEY BANK, a California corporation with a loan production office located at 275 Grove Street, Suite 2-200, Newton, Massachusetts 02466 (“Bank”), and ASPEN AEROGELS, INC., a Delaware corporation with
offices located at 30 Forbes Road, Building B, Northborough, Massachusetts 01532 (the “Borrower”). 
 1. DESCRIPTION OF EXISTING
INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of March 31, 2011, evidenced by, among other documents,
(i) a certain Loan and Security Agreement dated as of March 31, 2011, as amended by that certain Consent and First Loan Modification Agreement dated as of June 1, 2011, as further amended by that certain Consent and Second Loan
Modification Agreement dated as of June 14, 2011, as further amended by that certain Consent and Third Loan Modification Agreement dated as of December 6, 2011, as further amended by that certain Consent and Fourth Loan Modification
Agreement dated as of June 11, 2012, as further amended by that certain Fifth Loan Modification Agreement dated as of September 7, 2012 as further amended by that certain Consent and Sixth Loan Modification Agreement, dated as of
September 26, 2012 and as further amended by that certain Consent and Seventh Loan Modification Agreement, dated as of March 28, 2013 (as may be amended from time to time, the “Loan Agreement”) and (ii) a certain
Export-Import Bank Loan and Security Agreement, dated as of March 31, 2011, as amended by that certain Export-Import Bank First Loan Modification Agreement, dated as of March 28, 2013 and as further amended by that certain Export-Import
Bank Second Loan Modification Agreement, dated as of the date hereof (as may be further amended from time to time, the “EXIM Loan Agreement”), in each case between Borrower and Bank. Capitalized terms used but not otherwise defined
herein shall have the same meaning as in the Loan Agreement. 
 2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the
Collateral as described in the Loan Agreement and EXIM Loan Agreement and the Intellectual Property Collateral as described in that certain Intellectual Property Security Agreement, by and between Borrower and Bank, dated as of March 28, 2013
(together with any other documents granting collateral security to Bank, the “Security Documents”). Hereinafter, the Security Documents, together with all other documents evidencing or securing the Obligations shall be referred to
as the “Existing Loan Documents”. 
 3. DESCRIPTION OF CHANGE IN TERMS. 

 

	 	A.	Modifications to Loan Agreement. 

  

	 	1	The Loan Agreement shall be amended by deleting the following text appearing as Section 2.1.2(a) thereof: 

“(a) As part of the Revolving Line and subject to deduction of Reserves, following the Account Transition Period, Bank shall issue or
have issued Letters of Credit denominated in Dollars or a Foreign Currency for Borrower’s account. The aggregate Dollar Equivalent amount utilized for the issuance of Letters of Credit shall at all times reduce the amount otherwise available
for Advances under the Revolving Line. The aggregate Dollar Equivalent of the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve) may not exceed the lesser of
(A) Two Million Dollars ($2,000,000), minus (i) the sum of all amounts used for Cash Management Services, and minus (ii) the FX Reduction Amount, or (B) the lesser of Revolving Line or the Borrowing Base,
minus (i) the sum of all outstanding principal amounts of any Advances (including any amounts used for Cash Management Services), and minus (ii) the FX Reduction Amount.” 

  
 1 

 and inserting in lieu thereof the following: 

“(a) As part of the Revolving Line and subject to deduction of Reserves, following the Account Transition Period, Bank shall issue or
have issued Letters of Credit denominated in Dollars or a Foreign Currency for Borrower’s account. The aggregate Dollar Equivalent amount utilized for the issuance of Letters of Credit shall at all times reduce the amount otherwise available
for Advances under the Revolving Line. The aggregate Dollar Equivalent of the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve) may not exceed the lesser of
(A) Two Million Five Hundred Thousand Dollars ($2,500,000), minus (i) the sum of all amounts used for Cash Management Services, and minus (ii) the FX Reduction Amount, or (B) the lesser of Revolving Line or the
Borrowing Base, minus (i) the sum of all outstanding principal amounts of any Advances (including any amounts used for Cash Management Services), and minus (ii) the FX Reduction Amount.” 

 

	 	2	The Loan Agreement shall be amended by deleting the following text appearing as Section 2.1.3 thereof: 

“2.1.3 Foreign Exchange Sublimit. As part of the Revolving Line and subject to the deduction of Reserves, following the Account
Transition Period, Borrower may enter into foreign exchange contracts with Bank under which Borrower commits to purchase from or sell to Bank a specific amount of Foreign Currency (each, a “FX Forward Contract”) on a specified date
(the “Settlement Date”). FX Forward Contracts shall have a Settlement Date of at least one (1) FX Business Day after the contract date. The aggregate amount of FX Forward Contracts at any one time may not exceed ten
(10) times the lesser of (A) Two Million Dollars ($2,000,000), minus (i) the sum of all amounts used for Cash Management Services, and minus (ii) the Dollar Equivalent of the face amount of any outstanding Letters
of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), or (B) the lesser of Revolving Line or the Borrowing Base, minus (i) the sum of all outstanding principal amounts of any Advances
(including any amounts used for Cash Management Services), and minus (ii) the Dollar Equivalent of the face amount of any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit
Reserve). The amount otherwise available for Credit Extensions under the Revolving Line shall be reduced by an amount equal to ten percent (10%) of each outstanding FX Forward Contract (the “FX Reduction Amount”). Any amounts
needed to fully reimburse Bank for any amounts not paid by Borrower in connection with FX Forward Contracts will be treated as Advances under the Revolving Line and will accrue interest at the interest rate applicable to Advances.” 

and inserting in lieu thereof the following: 

“2.1.3 Foreign Exchange Sublimit. As part of the Revolving Line and subject to the deduction of Reserves, following the Account
Transition Period, Borrower may enter into foreign exchange contracts with Bank under which Borrower commits to purchase from or sell to Bank a specific amount of Foreign Currency (each, a “FX Forward Contract”) on a specified date
(the “Settlement Date”). FX Forward Contracts shall have a Settlement Date of at least one (1) FX Business Day after the contract date. The aggregate amount of FX Forward Contracts at any one time may not exceed ten
(10) times the lesser of (A) Two Million Five Hundred Thousand Dollars ($2,500,000), minus (i) the sum of all amounts used for Cash Management Services, and minus (ii) the Dollar Equivalent of the face amount of any
outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), or (B) the lesser of Revolving Line or the Borrowing Base, minus (i) the sum of all outstanding principal amounts
of any Advances (including any amounts used for Cash Management Services), and minus (ii) the Dollar Equivalent of the face amount of any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of
Credit 

  
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Reserve). The amount otherwise available for Credit Extensions under the Revolving Line shall be reduced by an amount equal to ten percent (10%) of each outstanding FX Forward Contract (the
“FX Reduction Amount”). Any amounts needed to fully reimburse Bank for any amounts not paid by Borrower in connection with FX Forward Contracts will be treated as Advances under the Revolving Line and will accrue interest at the
interest rate applicable to Advances.” 
  

	 	3	The Loan Agreement shall be amended by deleting the following text appearing as Section 2.1.4 thereof: 

“2.1.4 Cash Management Services Sublimit. Borrower may, following the Account Transition Period, use the Revolving Line for
Bank’s cash management services, which may include merchant services, direct deposit of payroll, business credit card, and check cashing services identified in Bank’s various cash management services agreements (collectively, the
“Cash Management Services”), in an aggregate amount not to exceed the lesser of (A) Two Million Dollars ($2,000,000), minus (i) the Dollar Equivalent of the face amount of any outstanding Letters of Credit
(including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), and minus (ii) the FX Reduction Amount, or (B) the lesser of Revolving Line or the Borrowing Base, minus (i) the sum of all
outstanding principal amounts of any Advances, minus (ii) the Dollar Equivalent of the face amount of any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), and
minus (iii) the FX Reduction Amount. Any amounts Bank pays on behalf of Borrower for any Cash Management Services will be treated as Advances under the Revolving Line and will accrue interest at the interest rate applicable to
Advances.” 
 and inserting in lieu thereof the following: 

“2.1.4 Cash Management Services Sublimit. Borrower may, following the Account Transition Period, use the Revolving Line for
Bank’s cash management services, which may include merchant services, direct deposit of payroll, business credit card, and check cashing services identified in Bank’s various cash management services agreements (collectively, the
“Cash Management Services”), in an aggregate amount not to exceed the lesser of (A) Two Million Five Hundred Thousand Dollars ($2,500,000), minus (i) the Dollar Equivalent of the face amount of any outstanding
Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), and minus (ii) the FX Reduction Amount, or (B) the lesser of Revolving Line or the Borrowing Base, minus (i) the
sum of all outstanding principal amounts of any Advances, minus (ii) the Dollar Equivalent of the face amount of any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), and
minus (iii) the FX Reduction Amount. Any amounts Bank pays on behalf of Borrower for any Cash Management Services will be treated as Advances under the Revolving Line and will accrue interest at the interest rate applicable to
Advances.” 
  

	 	4	The Loan Agreement shall be amended by deleting the following text appearing as Section 2.3(a) thereof: 

“(a) Interest Rate; Advances. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line
shall accrue interest at a floating per annum rate equal to Prime Rate plus one percent (1.00%); provided, however, when Borrower is at or above the Liquidity Threshold, the principal amount outstanding under the Revolving Line shall
accrue interest at a floating per annum rate equal to the Prime Rate plus one-half percent (0.50%). Such interest shall in any event be payable monthly, in arrears, in accordance with Section 2.3(f) below.” 

  
 3 

 and inserting in lieu thereof the following: 

“(a) Interest Rate; Advances. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line
shall accrue interest at a floating per annum rate equal to Prime Rate plus one percent (1.00), which interest shall be payable monthly, in arrears, in accordance with Section 2.3(f) below.” 

 

	 	5	The Loan Agreement shall be amended by deleting the following text appearing as Section 6.2(a)(i) thereof: 

“(i)     (A) weekly, and (B) upon each request for a Credit Extension, a Transaction Report;” 

and inserting in lieu thereof the following: 

“(i)     (A) bi-weekly, on the 15th (or the immediately
preceding Business Day if the 15th is not a Business Day), and the last Business Day of each month, and (B) upon each request for a Credit Extension, a Transaction Report; 

Notwithstanding the foregoing, when Borrower is at or above the Liquidity Threshold, Borrower shall only be required to provide Bank with the
reports and schedules required pursuant to clause (a)(i)(A) above monthly, within twenty (20) days after the end of each month.” 
  

	 	6	The Loan Agreement shall be amended by deleting the following text appearing as Sections 6.2(a)(vi) and 6.2(a)(vii) thereof: 

“(vi) within thirty (30) days prior to the end of each fiscal year of Borrower and as amended or updated, (A) annual operating
budgets (including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Borrower, and (B) annual financial projections for the following fiscal year (on a quarterly basis) as approved by
Borrower’s board of directors, together with any related business forecasts used in the preparation of such annual financial projections; 

(vii) as soon as available, and in any event within one hundred eighty (180) days following the end of Borrower’s fiscal year,
annual financial statements certified by, and with an unqualified opinion of, independent certified public accountants acceptable to Bank; provided, for Borrower’s fiscal year ended December 31, 2010, such annual financial statements shall
be certified by, and with an unqualified opinion of (other than qualified with respect to “going concern”), independent certified public accountants acceptable to Bank; provided further, for Borrower’s fiscal year ended
December 31, 2011, such annual financial statements shall be provided to Bank on or before August 31, 2012;” 
 and inserting
in lieu thereof the following: 
 “(vi) within thirty (30) days after the end of each fiscal year of Borrower and as amended or
updated, (A) annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Borrower, and (B) annual financial projections for the following fiscal year (on a
quarterly basis) as approved by Borrower’s board of directors, together with any related business forecasts used in the preparation of such annual financial projections; 

(vii) as soon as available, and in any event within one hundred eighty (180) days following the end of Borrower’s fiscal year,
annual financial statements certified by, and with an unqualified opinion of, independent certified public accountants acceptable to Bank; provided, for Borrower’s fiscal year ended December 31, 2010, such annual

  
 4 

 
financial statements shall be certified by, and with an unqualified opinion of (other than qualified with respect to “going concern”), independent certified public accountants
acceptable to Bank; provided further, that (i) for Borrower’s fiscal year ended December 31, 2011, such annual audited financial statements shall be provided to Bank on or before August 31, 2012 and (ii) for
Borrower’s fiscal year ended December 31, 2012, such annual audited financial statements shall be provided to Bank on or before July 31, 2013;” 
  

	 	7	The Loan Agreement shall be amended by deleting the following text appearing at the end of Section 6.2(a) thereof: 

“Notwithstanding the foregoing, when Borrower is at or above the Liquidity Threshold, provided no Event of Default has occurred and is
continuing, Borrower shall be required to provide Bank with the reports and schedules required pursuant to clause (a)(i)(A) above monthly, within fifteen (15) days after the end of each month.” 

 

	 	8	The Loan Agreement shall be amended by deleting the following text appearing as Section 6.9 thereof: 

“6.9 Financial Covenants. 

Maintain at all times, to be certified by Borrower as of the last day of each month, unless otherwise noted, on a consolidated
basis with respect to Borrower and its Subsidiaries, unless otherwise noted: 
 (a) Liquidity. Borrower’s
unrestricted cash at Bank plus the unused Availability Amount of at least Three Million Dollars ($3,000,000). 
 (b)
Tangible Net Worth. A Tangible Net Worth of at least Forty Million Dollars ($40,000,000).” 
 and inserting in lieu thereof the
following: 
 “6.9 Financial Covenants. 

(a) Liquidity. Maintain at all times, to be certified by Borrower as of the last day of each month, on a consolidated
basis with respect to Borrower and its Subsidiaries, Borrower’s unrestricted cash at Bank plus the unused Availability Amount of at least Three Million Dollars ($3,000,000). 

(b) Adjusted Free Cash Flow. Achieve, as of the last day of each quarterly period listed below, on a consolidated basis
with respect to Borrower and its Subsidiaries, an Adjusted Free Cash Flow, of not less than (loss no worse than) the amounts listed below: 
  

			
	Quarterly Period Ending	  	 Minimum Adjusted Free Cash Flow

(loss no worse than)

	 June 30, 2013
	  	($4,400,000)
	 September 30, 2013 and December 31, 2013
	  	($1,300,000)
	 March 31, 2014
	  	($850,000)”

  
 5 

	 	9	The Loan Agreement shall be amended by inserting the following new definitions in Section 13.1 thereof, each in its appropriate alphabetical order: 

““Adjusted Free Cash Flow” is, for any period of measurement, the result of (X) (i) Net Income;
plus (ii) expenses related to fair market value adjustments on convertible debt; plus (iii) Interest Expense not paid in cash; plus (iv) depreciation and amortization expense; plus (v) provisions for
income taxes; plus (vi) non-cash stock compensation expense; plus (vii) other non-cash items reducing Net Income during such period; plus (viii) for the quarterly measurement period ending June 30, 2013, up
to Four Hundred Fifty Thousand Dollars ($450,000) for one-time expenses actually incurred by Borrower associated with filings with the SEC and the issuance of convertible debt; 

minus 
 (Y) the sum of
(i) non-cash interest income; plus (ii) unfinanced Capital Expenditures; plus (iii) all payments of principal on Indebtedness (including, without limitation, payments made in respect of capital lease obligations but
excluding principal payments on the Revolving Line); plus (iv) other non-cash items increasing Net Income during such period. 

“Eighth Loan Modification Effective Date” is June 28, 2013. 

“Interest Expense” means for any fiscal period, interest expense (whether cash or non-cash) determined in accordance with
GAAP for the relevant period ending on such date, including, in any event, interest expense with respect to any Credit Extension and other Indebtedness of Borrower and its Subsidiaries, including, without limitation or duplication, all commissions,
discounts, or related amortization and other fees and charges with respect to letters of credit and bankers’ acceptance financing and the net costs associated with interest rate swap, cap, and similar arrangements, and the interest portion of
any deferred payment obligation (including leases of all types). 
 “Net Income” means, as calculated on a consolidated
basis for Borrower and its Subsidiaries for any period as at any date of determination, the net profit (or loss), after provision for taxes, of Borrower and its Subsidiaries for such period taken as a single accounting period. 

 

	 	10	The Loan Agreement shall be amended by deleting the following definitions appearing in Section 13.1 thereof: 

““Availability Amount” is (a) the lesser of (i) the Revolving Line minus any amounts outstanding under
the Export-Import Agreement or (ii) the amount available under the Borrowing Base minus (b) the Dollar Equivalent amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit plus an amount equal
to the Letter of Credit Reserve), minus (c) the FX Reduction Amount, minus (d) any amounts used for Cash Management Services, and minus (e) the outstanding principal balance of any Advances. The aggregate amount
of all Advances (including, without limitation, the Dollar Equivalent amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit plus an amount equal to the Letter of Credit Reserve), any outstanding FX Reduction
Amount and any amounts used for Cash Management Services) under this Agreement outstanding at any time together with all Credit Extensions made pursuant to the Export-Import Agreement outstanding at any time shall not exceed Ten Million Dollars
($10,000,000) (Seven Million Dollars ($7,000,000) for the period commencing on September 7, 2012 through and including September 28, 2012). 

  
 6 

 “Liquidity Threshold” is, on and after the Effective Date, provided no Default
or Event of Default has occurred and is continuing, the period (i) commencing on the first (1st) day in which Borrower has, for each consecutive day in the immediately preceding thirty (30) day period, maintained an Adjusted Quick
Ratio, as determined by Bank, in its reasonable discretion, in an amount at all times greater than or equal to 1.00:1.00, as determined by Bank, in its sole discretion; and (ii) terminating on the earlier to occur of (A) the occurrence of
a Default or an Event of Default; and (B) the first day thereafter in which Borrower fails to maintain an Adjusted Quick Ratio greater than or equal to 1.00:1.00, as determined by Bank, in its reasonable discretion. Thereafter, in order for the
Liquidity Threshold to be applicable, Borrower must achieve an Adjusted Quick Ratio in an amount greater than or equal to 1.00:1.00 each consecutive day for thirty (30) consecutive days, as determined by Bank, in its reasonable discretion.
Borrower shall give Bank prior-written notice of Borrower’s achievement of the Liquidity Threshold. 
 “Revolving
Line” is an Advance or Advances (including, without limitation, Advances made pursuant to the Export-Import Agreement) in an amount under this Agreement and the Export-Import Agreement not to exceed Ten Million Dollars ($10,000,000) (Seven
Million Dollars ($7,000,000) for the period commencing on September 7, 2012 through and including September 28, 2012) at any time. 

“Revolving Line Maturity Date” is May 15, 2013; provided, that in the event the Subsequent 2013 Closing
occurs on or before May 15, 2013, pursuant to which Borrower receives gross proceeds from the issuance of additional March 2013 Notes in connection with such Subsequent 2013 Closing in an amount equal to or greater than the result of
(i) Ten Million Dollars ($10,000,000) minus (ii) the amount of March 2013 Notes in excess of Five Million Dollars ($5,000,000) (excluding any June 2012 Converted Indebtedness), issued in connection with the Initial 2013 Closing, the
“Revolving Line Maturity Date” shall be June 29, 2013.” 
 and inserting in lieu thereof the following: 

““Availability Amount” is (a) the lesser of (i) the Revolving Line minus any amounts outstanding under
the Export-Import Agreement or (ii) the amount available under the Borrowing Base minus (b) the Dollar Equivalent amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit plus an amount equal
to the Letter of Credit Reserve), minus (c) the FX Reduction Amount, minus (d) any amounts used for Cash Management Services, and minus (e) the outstanding principal balance of any Advances. The aggregate amount
of all Advances (including, without limitation, the Dollar Equivalent amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit plus an amount equal to the Letter of Credit Reserve), any outstanding FX Reduction
Amount and any amounts used for Cash Management Services) under this Agreement outstanding at any time together with all Credit Extensions made pursuant to the Export-Import Agreement outstanding at any time shall not exceed Ten Million Dollars
($10,000,000). 
 “Liquidity Threshold” is, on and after the Effective Date, provided no Default or Event of Default has
occurred and is continuing, the period (i) commencing on the first (1st) day in which Borrower has, for each consecutive day in the immediately preceding thirty (30) day period, maintained unrestricted cash at Bank plus unused
Availability Amount, as determined by Bank, in its reasonable discretion, in an amount at all times equal to or greater than Seven Million Dollars ($7,000,000), as determined by Bank, in its reasonable discretion; and (ii) terminating on the
earlier to occur of (A) the occurrence of a Default or an Event of Default; and (B) the first day thereafter in which Borrower fails to maintain unrestricted cash at Bank plus unused Availability Amount in an amount equal to or greater
than Seven Million Dollars ($7,000,000), as determined by Bank, in its reasonable discretion. Thereafter, in order for the Liquidity Threshold to be applicable, 

  
 7 

 
Borrower must maintain unrestricted cash at Bank plus unused Availability Amount in an amount equal to or greater than Seven Million Dollars ($7,000,000) each consecutive day for thirty
(30) consecutive days, as determined by Bank, in its reasonable discretion. Borrower shall give Bank prior-written notice of Borrower’s anticipated achievement of the Liquidity Threshold. 

“Revolving Line” is an Advance or Advances (including, without limitation, Advances made pursuant to the Export-Import
Agreement) in an amount under this Agreement and the Export-Import Agreement not to exceed Ten Million Dollars ($10,000,000). 

“Revolving Line Maturity Date” is June 27, 2014.” 

 

	 	11	The Loan Agreement shall be amended by deleting the following text appearing as clause (k) in the definition of “Eligible Accounts” in Section 13.1 thereof: 

“(k) Accounts subject to contractual arrangements between Borrower and an Account Debtor where payments shall be scheduled or due
according to completion or fulfillment requirements where the Account Debtor has a right of offset for damages suffered as a result of Borrower’s failure to perform in accordance with the contract (sometimes called contracts accounts
receivable, progress billings, milestone billings, or fulfillment contracts);” 
 and inserting in lieu thereof the following: 

“(k) Accounts subject to contractual arrangements between Borrower and an Account Debtor (other than Subsea 7 and Technip Norge, for
which this clause (k) shall not be applicable), where payments shall be scheduled or due according to completion or fulfillment requirements where the Account Debtor has a right of offset for damages suffered as a result of Borrower’s
failure to perform in accordance with the contract (sometimes called contracts accounts receivable, progress billings, milestone billings, or fulfillment contracts);” 
  

	 	12	The Loan Agreement shall be amended by deleting Exhibit A in its entirety and replacing it with Exhibit A attached hereto. 

4. CONDITIONS PRECEDENT. Borrower hereby agrees that the following representations and warranties shall be true and/or the following documents shall be
delivered to the Bank prior to or concurrently with this Loan Modification Agreement, each in form and substance satisfactory to the Bank (collectively, the “Conditions Precedent”): 

 

	 	A.	copies, certified by a duly authorized officer of Borrower and Guarantor, to be true and complete as of the date hereof, of each of (i) the governing documents of Borrower and Guarantor, respectively, as in effect
on the date hereof (but only to the extent modified since last delivered to the Bank), (ii) the resolutions of Borrower and Guarantor, respectively, authorizing the execution and delivery of this Loan Modification Agreement, the other documents
executed in connection herewith and the Borrower’s and Guarantor’s respective performance of all of the transactions contemplated hereby (but only to the extent required since last delivered to Bank), and (iii) an incumbency
certificate giving the name and bearing a specimen signature of each individual who shall be so authorized (but only to the extent any signatories have changed since such incumbency certificate was last delivered to Bank); 

 

	 	B.	Bank shall have received a copy of the executed Acknowledgment and Reaffirmation of Intercreditor and Subordination Agreement, which shall be in form and substance acceptable to Bank, in its reasonable discretion; and

  
 8 

	 	C.	After giving effect to this Loan Modification Agreement, no Default or Event of Default shall exist and be continuing, including, without limitation, any default under any instrument, agreement or other document
evidencing any Subordinated Debt. 

 5. FEES. Borrower shall pay to Bank a fully-earned non-refundable loan extension fee equal to
Eighty Thousand Dollars ($80,000.00) payable on the date hereof. Borrower shall also reimburse Bank and EXIM Bank for all reasonable legal fees and expenses incurred in connection with the Existing Loan Documents and this Loan Modification
Agreement. 
 6. ADDITIONAL COVENANTS: RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby certifies that, other than as disclosed in the
Perfection Certificate (as defined below), no Collateral with a value greater than Fifty Thousand Dollars ($50,000) in the aggregate is in the possession of any third party bailee (such as at a warehouse). In the event that Borrower, after the date
hereof, intends to store or otherwise deliver the Collateral with a value in excess of Fifty Thousand Dollars ($50,000) in the aggregate to such a bailee, then Borrower shall first receive, the prior written consent of Bank and such bailee must
acknowledge in writing that the bailee is holding such Collateral for the benefit of Bank. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in that certain Perfection Certificate, dated as of
March 31, 2011, as amended and restated by that certain Perfection Certificate dated as of June 11, 2012 (the “Perfection Certificate”, which Bank and Borrower hereby acknowledge shall be deemed to be the “Perfection
Certificate” for all purposes under the Existing Loan Documents), and acknowledges, confirms and agrees the disclosures and information above Borrower provided to Bank in such Perfection Certificate remain true and correct in all material
respects as of the date hereof. 
 7. AUTHORIZATION TO FILE. Borrower hereby authorizes Bank to file UCC financing statements without notice to
Borrower, with all appropriate jurisdictions, as Bank deems appropriate, in order to further perfect or protect Bank’s interest in the Collateral, including a notice that any disposition of the Collateral, by either the Borrower or any other
Person, shall be deemed to violate the rights of the Bank under the Code. 
 8. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended
wherever necessary to reflect the changes described above. 
 9. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms
all terms and conditions of the Loan Agreement, each other Loan Document and all security or other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 

10. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims against Bank with
respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and
Borrower hereby RELEASES Bank from any liability thereunder. 
 11. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the
existing Obligations, Bank is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the Existing
Loan Documents remain unchanged and in full force and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future modifications to the
Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly
released by Bank in writing. No maker will be released by virtue of this Loan Modification Agreement. 
 12. RIGHT OF SET-OFF. In consideration of
Bank’s agreement to enter into this Loan Modification Agreement, Borrower hereby reaffirms and hereby grants to Bank, a lien, security interest and right of set off as security for all Obligations to Bank, whether now existing or hereafter
arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Bank (including a Bank subsidiary) or in transit to any of them.
At any time after the 

  
 9 

 
occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof and apply the same to any liability or obligation of Borrower
even though unmatured and regardless of the adequacy of any other collateral securing the loan. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO
EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 

13. CONFIDENTIALITY. In handling any confidential information, Bank shall exercise the same degree of care that it exercises for its own proprietary
information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates; (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use
commercially reasonable efforts to obtain any prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as
otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Bank so long as such service providers
have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information that is either: (i) is in the public domain or in Bank’s possession when
disclosed to Bank, or becomes part of the public domain after disclosure to Bank; or (ii) is disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from disclosing the information. 

Bank may use confidential information for the development of databases, reporting purposes, and market analysis so long as such confidential
information is aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding sentence shall survive the termination of the Loan Agreement. 

14. JURISDICTION/VENUE. Section 11 of the Loan Agreement is hereby incorporated by reference in its entirety. 

15. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower and Bank. 

[The remainder of this page is intentionally left blank] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Loan Modification Agreement to be
executed as a sealed instrument under the laws of the Commonwealth of Massachusetts as of the date first above written. 
  

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

  

			
	BANK:
	
	SILICON VALLEY BANK
		
	By	 	/s/ Christopher Leary
	Name: Christopher Leary
	Title:   VP

 The undersigned ratifies, confirms and reaffirms, all and singular, the terms and conditions of (i) a certain
Unconditional Guaranty, dated March 31, 2011 (the “Guaranty”) and (ii) a certain Security Agreement, dated as of March 31, 2011 (as amended by that certain First Modification to Security Agreement, dated as of
March 28, 2013, the “Security Agreement”), and each document executed in connection therewith, and acknowledges, confirms and agrees that the Guaranty and the Security Agreement and each document executed in connection
therewith shall remain in full force and effect and shall in no way be limited by the execution of this Loan Modification Agreement, or any other documents, instruments and/or agreements executed and/or delivered in connection herewith. 

 

			
	GUARANTOR:
	
	ASPEN AEROGELS RHODE ISLAND LLC
		
	By	 	/s/ John F. Fairbanks
	Name: John F. Fairbanks
	Title:   Chief Financial Officer

 [SIGNATURE PAGE TO EIGHTH LOAN
MODIFICATION AGREEMENT] 

  
 11 

 EXHIBIT B 

COMPLIANCE CERTIFICATE 
  

			
	TO:         SILICON VALLEY BANK	  	Date:                     
	FROM:   ASPEN AEROGELS, INC.	  	

 The undersigned authorized officer of Aspen Aerogels, Inc. (“Borrower”) certifies that under
the terms and conditions of the Loan and Security Agreement between Borrower and Bank (as amended and in effect, the “Agreement”), (1) Borrower is in complete compliance for the period ending
                     with all required covenants except as noted below, (2) there are no Events of Default, (3) all representations
and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that
already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects
as of such date, (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by
Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement, and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries, if any, relating to unpaid employee payroll or
benefits of which Borrower has not previously provided written notification to Bank. Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently applied
from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of
the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 

Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
	 Reporting Covenant
	  	 Required
	  	 Complies

	Monthly financial statements with Compliance Certificate	  	Monthly within 30 days	  	Yes    No
			
	Annual financial statement (CPA Audited) + CC	  	 FYE within 180 days (for FYE
 December 31, 2012,
on or before
 July 31, 2013)
	  	Yes    No
			
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	Yes    No
			
	A/R & A/P Agings (including EXIM), inventory reports and Borrowing Base Certificate	  	Monthly within 15 days (quarterly within 15 days if no outstanding Credit Extensions)	  	Yes    No
			
	Transaction Reports	  	15th and last Business Day and with each request for a Credit Extension	  	Yes    No
			
	Invoices for 10% of outstanding balance of EXIM A/R	  	Within 15 days after the end of each quarter	  	Yes    No
			
	Projections	  	FYE within 30 days	  	Yes    No

  

							
	 Financial Covenant
	  	Required	  	Actual	  	Complies
	 Maintain as indicated:
	  		  		  	
	 Liquidity (at all times, certified monthly)
	  	$3,000,000	  	$_______	  	Yes    No
	 Adjusted Free Cash Flow (quarterly)
	  	*	  	$_______	  	Yes    No

  

	*	See Section 6.9(b) of the Loan and Security Agreement 

  
 12 

			
	The following Intellectual Property was registered after the Effective Date (if no registrations, state “None”)
	 	  	

 The following financial covenant analyses and information set forth in Schedule 1 attached hereto are true and accurate as of
the date of this Certificate. 
 The following are the exceptions with respect to the certification above: (If no exceptions exist, state
“No exceptions to note.”) 
  
  

 
  
  

 
  

									
	Aspen Aerogels, Inc.	 		 	BANK USE ONLY
					
		 		 		 	Received by:	 	 
	By:	 	 	 		 		 	AUTHORIZED SIGNER
					
	Name:	 	 	 		 	Date:	 	 
					
	Title:	 	 	 		 	Verified:	 	 
		 		 		 		 	AUTHORIZED SIGNER
					
		 		 		 	Date:	 	 
				
		 		 		 	Compliance Status:         Yes     No

  
 13 

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 

In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 

Dated:                      

 

	I.	Liquidity (Section 6.9(a)) 

 Required: Maintain Borrower’s unrestricted cash at Bank plus
the unused Availability Amount of at least Three Million Dollars ($3,000,000). 
 Actual: 

 

							
	A.	  	Borrower’s unrestricted cash at Bank	  	$	            	  
	B.	  	Unused Availability Amount	  	$	            	  
	C.	  	LIQUIDITY (line A plus line B)	  	$	            	  

 Is line C equal to or greater than $3,000,000? 

             No, not in compliance
                                         
                                        Yes, in
compliance 

  
 14 

	II.	Adjusted Free Cash Flow (Section 6.9(b)) 

 Required: Achieve an Adjusted Free Cash Flow, tested
quarterly, as of the last day of each quarterly period listed below, of not less than (loss no worse than) the amounts listed below: 
  

			
	Quarterly Period Ending	  	Minimum Adjusted Free Cash Flow
(loss no worse than)
	 June 30, 2013
	  	($4,400,000)
	 September 30, 2013 and December 31, 2013
	  	($1,300,000)
	 March 31, 2014
	  	($850,000)

 Actual: all amounts tested on a trailing quarterly basis: 

 

							
	A.	  	Net Income	  	$	            	  
	B.	  	Interest Expense not paid in cash	  	$	            	  
	C.	  	Depreciation and amortization expense	  	$	            	  
	D.	  	Provisions for income taxes	  	$	            	  
	E.	  	Non-cash stock compensation expense	  	$	            	  
	F.	  	Other non-cash items reducing Net Income during such period	  	$	            	  
	G.	  	Solely for the quarterly period ending June 30, 2013, up to Four Hundred Fifty Thousand Dollars ($450,000) for one-time expenses actually incurred by Borrower associated with filings with the SEC and the issuance of convertible
debt	  	$
 $
	            

            
	  
   

	H.	  	ADJUSTED NET INCOME (the sum of lines A through G)	  	$	            	  
	I.	  	Non-cash Interest income	  	$	            	  
	J.	  	Unfinanced Capital Expenditures	  	$	            	  
	K.	  	All payments of principal on Indebtedness (including, without limitation, payments made in respect of capital lease obligations but excluding principal payments on the Revolving Line)	  	$	            	  
	L.	  	Other non-cash items increasing Net Income during such period	  	$	            	  
	M.	  	(the sum of lines I through L)	  	$	            	  
	N.	  	ADJUSTED FREE CASH FLOW (line H minus line M)	  	$	            	  

 Is line N equal to or greater than (loss no worse than)
[                    ]? 

             No, not in
compliance                                        
                                         
Yes, in compliance 

 NINTH LOAN MODIFICATION AGREEMENT 

This Ninth Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of November 5, 2013, by
and between SILICON VALLEY BANK, a California corporation with a loan production office located at 275 Grove Street, Suite 2-200, Newton, Massachusetts 02466 (“Bank”), and ASPEN AEROGELS, INC., a Delaware corporation
with offices located at 30 Forbes Road, Building B, Northborough, Massachusetts 01532 (the “Borrower”). 
 1. DESCRIPTION OF EXISTING
INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of March 31, 2011, evidenced by, among other documents,
(i) a certain Loan and Security Agreement dated as of March 31, 2011, as amended by that certain Consent and First Loan Modification Agreement dated as of June 1, 2011, as further amended by that certain Consent and Second Loan
Modification Agreement dated as of June 14, 2011, as further amended by that certain Consent and Third Loan Modification Agreement dated as of December 6, 2011, as further amended by that certain Consent and Fourth Loan Modification
Agreement dated as of June 11, 2012, as further amended by that certain Fifth Loan Modification Agreement dated as of September 7, 2012 as further amended by that certain Consent and Sixth Loan Modification Agreement, dated as of
September 26, 2012 as further amended by that certain Consent and Seventh Loan Modification Agreement, dated as of March 28, 2013 and as further amended by that certain Eighth Loan Modification Agreement, dated as of June 28, 2013 (as
may be amended from time to time, the “Loan Agreement”) and (ii) a certain Export-Import Bank Loan and Security Agreement, dated as of March 31, 2011, as amended by that certain Export-Import Bank First Loan Modification
Agreement, dated as of March 28, 2013 and as further amended by that certain Export-Import Bank Second Loan Modification Agreement, dated as of June 28, 2013 (as may be further amended from time to time, the “EXIM Loan
Agreement”), in each case between Borrower and Bank. Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement. 

2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the Collateral as described in the Loan Agreement and EXIM Loan Agreement and
the Intellectual Property Collateral as described in that certain Intellectual Property Security Agreement, by and between Borrower and Bank, dated as of March 28, 2013 (together with any other documents granting collateral security to Bank,
the “Security Documents”). Hereinafter, the Security Documents, together with all other documents evidencing or securing the Obligations shall be referred to as the “Existing Loan Documents”. 

3. DESCRIPTION OF CHANGE IN TERMS. 
  

	 	A.	Modifications to Loan Agreement. 

  

	 	1	The Loan Agreement shall be amended by inserting the following new text at the end of Section at the end of Section 6.10(b) thereof: 

“Notwithstanding anything to the contrary stated herein, (a) no assignment of the Borrower’s rights under the Cabot License
Agreement may be made by or on behalf of Bank (or any subsequent assignor) when exercising its rights against the Intellectual Property included in the Collateral without the prior written consent of Cabot Corporation, other than any assignment that
is specifically permitted without such consent under Section 9.1 of the Cabot License Agreement and subject to the requirement under Section 9.1 of the Cabot License Agreement that such consent not be unreasonably withheld, and (b) in
the event Bank sells or otherwise disposes of Intellectual Property included in the Collateral, unless Cabot Corporation otherwise agrees in writing, all Patents of the Company subject to the Cabot License Agreement will be transferred together with
the rights of the Company under the Cabot License Agreement as one package to a single purchaser or assignee (i.e., such Patents will not be sold off piecemeal).” 
  

	 	2	The Loan Agreement shall be amended by deleting Exhibit A in its entirety and replacing it with Exhibit A attached hereto. 

  
 1 

	 	3	The EXIM Loan Agreement shall be amended by deleting Exhibit A in its entirety and replacing it with Exhibit A attached hereto. 

4. FEES. Borrower shall reimburse Bank and EXIM Bank for all reasonable legal fees and expenses incurred in connection with the Existing Loan Documents
and this Loan Modification Agreement. 
 5. ADDITIONAL COVENANTS: RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby certifies that, other than
as disclosed in the Perfection Certificate (as defined below), no Collateral with a value greater than Fifty Thousand Dollars ($50,000) in the aggregate is in the possession of any third party bailee (such as at a warehouse). In the event that
Borrower, after the date hereof, intends to store or otherwise deliver the Collateral with a value in excess of Fifty Thousand Dollars ($50,000) in the aggregate to such a bailee, then Borrower shall first receive, the prior written consent of Bank
and such bailee must acknowledge in writing that the bailee is holding such Collateral for the benefit of Bank. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in that certain Perfection
Certificate, dated as of March 31, 2011, as amended and restated by that certain Perfection Certificate dated as of June 11, 2012 (the “Perfection Certificate”, which Bank and Borrower hereby acknowledge shall be deemed to
be the “Perfection Certificate” for all purposes under the Existing Loan Documents), and acknowledges, confirms and agrees the disclosures and information above Borrower provided to Bank in such Perfection Certificate remain true and
correct in all material respects as of the date hereof. 
 6. AUTHORIZATION TO FILE. Borrower hereby authorizes Bank to file UCC financing statements
without notice to Borrower, with all appropriate jurisdictions, as Bank deems appropriate, in order to further perfect or protect Bank’s interest in the Collateral, including a notice that any disposition of the Collateral, by either the
Borrower or any other Person, shall be deemed to violate the rights of the Bank under the Code. 
 7. CONSISTENT CHANGES. The Existing Loan Documents
are hereby amended wherever necessary to reflect the changes described above. 
 8. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies,
confirms, and reaffirms all terms and conditions of the Loan Agreement, each other Loan Document and all security or other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without limitation, the
Obligations. 
 9. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims
against Bank with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly
WAIVED and Borrower hereby RELEASES Bank from any liability thereunder. 
 10. CONTINUING VALIDITY. Borrower understands and agrees that in modifying
the existing Obligations, Bank is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the
Existing Loan Documents remain unchanged and in full force and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future modifications to
the Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is
expressly released by Bank in writing. No maker will be released by virtue of this Loan Modification Agreement. 
 11. RIGHT OF SET-OFF. In
consideration of Bank’s agreement to enter into this Loan Modification Agreement, Borrower hereby reaffirms and hereby grants to Bank, a lien, security interest and right of set off as security for all Obligations to Bank, whether now existing
or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Bank (including a Bank subsidiary) or in transit to
any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof and apply the same to any liability or obligation of Borrower even though
unmatured and regardless of the adequacy of any other collateral securing the loan. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS
RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 

  
 2 

 12. CONFIDENTIALITY. In handling any confidential information, Bank shall exercise the same degree of care
that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates; (b) to prospective transferees or purchasers of any interest in the Credit Extensions
(provided, however, Bank shall use commercially reasonable efforts to obtain any prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other
order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service
providers of Bank so long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information that is either: (i) is in
the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain after disclosure to Bank; or (ii) is disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from
disclosing the information. 
 Bank may use confidential information for the development of databases, reporting purposes, and market
analysis so long as such confidential information is aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding sentence shall survive the termination of the Loan
Agreement. 
 13. JURISDICTION/VENUE. Section 11 of the Loan Agreement is hereby incorporated by reference in its entirety. 

14. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower and Bank. 

[The remainder of this page is intentionally left blank] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Loan Modification Agreement to be
executed as a sealed instrument under the laws of the Commonwealth of Massachusetts as of the date first above written. 
  

			
	BORROWER:
	
	ASPEN AEROGELS, INC.
		
	By	 	/s/ John F. Fairbanks
	Name: John F. Fairbanks
	Title CFO

  

			
	BANK:
	
	SILICON VALLEY BANK
		
	By	 	/s/ Christopher Leary
	Name: Christopher Leary
	Title: Vice President

 The undersigned ratifies, confirms and reaffirms, all and singular, the terms and conditions of (i) a certain
Unconditional Guaranty, dated March 31, 2011 (the “Guaranty”) and (ii) a certain Security Agreement, dated as of March 31, 2011(as amended by that certain First Modification to Security Agreement, dated as of
March 28, 2013, the “Security Agreement”), and each document executed in connection therewith, and acknowledges, confirms and agrees that the Guaranty and the Security Agreement and each document executed in connection
therewith shall remain in full force and effect and shall in no way be limited by the execution of this Loan Modification Agreement, or any other documents, instruments and/or agreements executed and/or delivered in connection herewith. 

 

			
	GUARANTOR:
	
	ASPEN AEROGELS RHODE ISLAND LLC
		
	By	 	/s/ John F. Fairbanks
	Name: John F. Fairbanks
	Title CFO

 [SIGNATURE PAGE TO NINTH LOAN
MODIFICATION AGREEMENT] 

  
 4 

 Exhibit A 

EXHIBIT A – COLLATERAL DESCRIPTION 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license
agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, fixtures,
letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever located, but
excluding for all purposes any Excluded Intellectual Property; and 
 all Borrower’s Books relating to the foregoing, and any and all
claims, rights and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding anything to the contrary stated herein, in the Agreement and/or in the EXIM Loan Agreement, (a) no assignment of the
Borrower’s rights under the Cabot License Agreement may be made by or on behalf of Bank and/or EXIM Bank (or any subsequent assignor) when exercising its rights against the Intellectual Property included in the Collateral without the prior
written consent of Cabot Corporation, other than any assignment that is specifically permitted without such consent under Section 9.1 of the Cabot License Agreement and subject to the requirement under Section 9.1 of the Cabot License
Agreement that such consent not be unreasonably withheld, and (b) in the event Bank and/or EXIM Bank sells or otherwise disposes of Intellectual Property included in the Collateral, unless Cabot Corporation otherwise agrees in writing, all
Patents of the Company subject to the Cabot License Agreement will be transferred together with the rights of the Company under the Cabot License Agreement as one package to a single purchaser or assignee (i.e., such Patents will not be sold off
piecemeal). 

  
 5

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