Document:

aspn-ex101510_154.htm

Exhibit 10.15.10

 

TENTH Amendment

to 

AMENDED AND RESTATED Loan and security agreement

 

This Tenth Amendment to Amended and Restated Loan and Security Agreement (this “Amendment”) is entered into this 3rd day of March, 2020 by and between SILICON VALLEY BANK (“Bank”) and ASPEN AEROGELS, INC., a Delaware corporation (“Borrower”) whose address is 30 Forbes Road, Building B, Northborough, Massachusetts 01532.

Recitals

A.Bank and Borrower have entered into that certain Amended and Restated Loan and Security Agreement dated as of September 3, 2014, as amended by that certain Consent and First Amendment to Amended and Restated Loan and Security Agreement dated as of August 19, 2016, as further amended by that certain Second Amendment to Amended and Restated Loan and Security Agreement dated as of November 23, 2016, as further amended by that certain Third Amendment to Amended and Restated Loan and Security Agreement dated as of December 29, 2016, as further amended by that certain Fourth Amendment to Amended and Restated Loan and Security Agreement dated as of January 27, 2017, as further amended by that certain Fifth Amendment to Amended and Restated Loan and Security Agreement dated as of September 27, 2017, as further amended by that certain Consent and Sixth Amendment to Amended and Restated Loan and Security Agreement dated as of January 25, 2018, as further amended by that certain Seventh Amendment to Amended and Restated Loan and Security Agreement dated as of April 25, 2018, as further amended by that certain Eighth Amendment to Amended and Restated Loan and Security Agreement and First Amendment to Preemptive Forbearance and Conditional Waiver Agreement dated as of November 30, 2018, and as further amended by that certain Ninth Amendment to Amended and Restated Loan and Security Agreement dated as of March 4, 2019 (as amended, and as the same may from time to time be further amended, restated, amended and restated, modified and/or supplemented, the “Loan Agreement”).  

B.Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement.  

C.Borrower has requested that Bank amend the Loan Agreement to make certain revisions to the Loan Agreement as more fully set forth herein.

D.Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.

Agreement

Now, Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

1.Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

 

 

 

 

 

 

 

2.Amendments to Loan Agreement.

2.1Section 6.8 (Operating Accounts).  Section 6.8 is amended in its entirety and replaced with the following:

“6.8Operating Accounts.

(a)Borrower, any Subsidiary of Borrower and any Guarantor shall maintain all of its operating accounts and excess cash with Bank or Bank’s Affiliates, except with respect to accounts of Aspen Aerogels Germany GmbH with a balance of less than $50,000 in the aggregate.

(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 customary to such other banks or financial institutions 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, provided that Control Agreements shall not be required for Collateral Accounts with a balance of less than $50,000 individually or $250,000 in the aggregate.

(c)Borrower, any Subsidiary of Borrower and any Guarantor shall obtain any business credit card exclusively from Bank.”

 

2.2Section 6.9 (Financial Covenants).  Section 6.9 is amended in its entirety and replaced with the following:

“6.9Financial Covenant.  Borrower shall achieve, measured as of the end of each fiscal quarter during the following periods, EBITDA of at least (loss not worse than) the following for the following periods:

 

		
	
Period
	
Minimum EBITDA (maximum loss)

	
Trailing three (3) month period ending March 31, 2020
	
($4,500,000)

	
Trailing six (6) month period ending June 30, 2020
	
($6,500,000)

	
Trailing nine (9) month period ending September 30, 2020
	
($3,000,000)

	
Trailing twelve (12) month period ending December 31, 2020
	
$1,000,000”

 

2.3Section 6.12 (Formation or Acquisition of Subsidiaries).  Section 6.12 is deleted in its entirety and replaced with the following:

“6.12Formation or Acquisition of Subsidiaries.  Notwithstanding and without limiting the negative covenants contained in Sections 7.3 and 7.7 hereof, in the event Borrower or any Guarantor creates or acquires any Subsidiary (including, without limitation, pursuant to a Division), Borrower and such Guarantor shall, prior to the creation or acquisition of such new Subsidiary, promptly notify the Bank thereof and, at Bank’s request, in its sole discretion, take all such action as may be reasonably required by Bank to (a) cause each such Subsidiary to, in Bank’s sole discretion, become a co-borrower or Guarantor hereunder, together with such appropriate 

2

 

financing statements and/or Control Agreements, all in form and substance satisfactory to Bank (including being sufficient to grant Bank a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Subsidiary), (b) provide to Bank appropriate certificates and powers and financing statements, pledging all of the direct or beneficial ownership interest in such new Subsidiary, in form and substance satisfactory to Bank; provided, that with respect to any Foreign Subsidiary, Borrower shall only be required to grant and pledge to Bank a perfected security interest in up to sixty-five percent (65%) of the stock, units or other evidence of ownership of such Foreign Subsidiary; and (c) provide to Bank all other documentation in form and substance satisfactory to Bank, including one or more opinions of counsel satisfactory to Bank, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above.  Any document, agreement, or instrument executed or issued pursuant to this Section 6.12 shall be a Loan Document.”

2.4Section 7.1 (Dispositions).  Section 7.1 is deleted in its entirety and replaced with the following:

“7.1Dispositions.  Convey, sell, lease, transfer, assign, or otherwise dispose of (including, without limitation, pursuant to a Division) (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) consisting of 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.”

2.5Section 7.3 (Mergers or Acquisitions).  Section 7.3 is deleted in its entirety and replaced with the following:

“7.3Mergers 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 (including, without limitation, by the formation of any Subsidiary or pursuant to a Division).  A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.”

2.6Section 13 (Definitions).  The following term and its definition set forth in Section 13.1 is amended in its entirety and replaced with the following:

““Revolving Line Maturity Date” is April 28, 2021.

 

2.7Section 13 (Definitions).  The following new defined terms are hereby inserted alphabetically in Section 13.1:

““Division” means, in reference to any Person which is an entity, the division of such Person into two (2) or more separate Persons, with the dividing Person either continuing or terminating its existence as part of such division, including, without limitation, as contemplated under Section 18-217 of the Delaware Limited Liability Company Act for limited liability companies formed under Delaware law, or any analogous action taken pursuant to any other applicable law with respect to any corporation, limited liability company, partnership or other entity.”

2.8Exhibit B (Compliance Certificate).  The Compliance Certificate attached to the Loan Agreement as Exhibit B is amended in its entirety and replaced with the Compliance Certificate in the form of Exhibit B attached hereto.

3.Limitation of Amendments.

3.1The amendments set forth in Section 2 above are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or 

3

 

modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document.

3.2This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

4.Representations and Warranties.  To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows:

4.1Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;

4.2Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;

4.3The organizational documents of Borrower delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;

4.4The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 

4.5The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

4.6The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and

4.7This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.

5.Updated Perfection Certificate.  Borrower has delivered an updated Perfection Certificate dated March 2, 2020 (“2020 Updated Perfection Certificate”), which 2020 Updated Perfection Certificate will supersede in all respects previous perfection certificates including the one dated March 1, 2019. Borrower and Bank acknowledge and agree that all references in the Loan Agreement to the “Perfection Certificate” shall hereafter be a reference to 2020 Updated Perfection Certificate herein.

6.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.

7. Integration.  This Amendment and the Loan Documents represent the entire agreement about this 

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subject matter and supersede prior negotiations or agreements.  All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.

8.Counterparts.  This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

9.Fees and Expenses.  Borrower agrees to promptly pay Bank, upon receipt of an invoice, Bank’s legal fees and expenses incurred in connection with this Amendment.   

10.Effectiveness.  As a condition precedent to the effectiveness of this Amendment and the Bank’s obligation to make further Advances under the Revolving Line, the Bank shall have received the following documents prior to or concurrently with this Amendment, each in form and substance reasonably satisfactory to Bank:

10.1this Amendment and the 2020 Updated Perfection Certificate duly executed on behalf of Borrower;

10.2the Acknowledgment of Amendment and Reaffirmation of Guaranty substantially in the form attached hereto as Schedule 1, duly executed and delivered by Guarantor;

10.3a good standing certificate of Borrower and Guarantor, certified by the jurisdiction of incorporation of Borrower, dated as of a date no earlier than thirty (30) days prior to the date hereof;

10.4certified copies, dated as of a recent date, of financing statement and other lien searches of Borrower and Guarantor, as Bank may request and which shall be obtained by Bank, accompanied by written evidence (including any Uniform Commercial Code termination statements) that the Liens revealed in any such searched either (i) will be terminated prior to or in connection with this Amendment, or (ii) in the sole discretion of Bank, will constitute Permitted Liens;

10.5Borrower’s payment of a fully earned, non-refundable amendment fee in the amount of Fifty Thousand Dollars ($50,000), payable in full on the date hereof; 

10.6evidence satisfactory to Bank that the insurance policies required by Section 6.7 of the Loan Agreement are in full force and effect; and

10.7such other documents as Bank may reasonably request.

11.Post-Closing Requirements.  Within thirty (30) days after the date of this Amendment, Borrower shall deliver to Bank (i) evidence satisfactory to Bank that the insurance endorsements required by Section 6.7 of the Loan Agreement are in full force and effect and (ii) a duly executed bailee’s waiver in favor of Bank in form and substance reasonably satisfactory to Bank pertaining to 743 North Main Street, Woonsocket, Rhode Island.  Failure to comply with the foregoing requirements within the time period noted, or such longer period as Bank may agree in its sole discretion, shall constitute an Event of Default for which no grace or cure period shall apply.

 

[Signature page follows.]

 

5

 

In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.

 

 

		
	
BANK
	
BORROWER

	
 
	
 

	
 

SILICON VALLEY BANK

 
	
 

ASPEN AEROGELS, INC.

 

	
 
	
 

	
By: /s/ Steve Lyons
	
By: /s/ John F. Fairbanks

	
 
	
 

	
Name: Steve Lyons
	
Name: John F. Fairbanks

	
 
	
 

	
Title: Director
	
Title: Chief Financial Officer

 

 

 

Schedule 1

 

ACKNOWLEDGMENT OF AMENDMENT
AND REAFFIRMATION OF GUARANTY

 

Section 1.Guarantor hereby acknowledges and confirms that it has reviewed and approved the terms and conditions of the Tenth Amendment to Amended and Restated Loan and Security Agreement dated as of the date hereof (“the “Amendment”).

 

Section 2.Guarantor hereby consents to the Amendment and agrees that the Guaranty relating to the Obligations of Borrower under the Loan Agreement shall continue in full force and effect, shall be valid and enforceable and shall not be impaired or otherwise affected by the execution of the Amendment or any other document or instruction delivered in connection herewith.

 

Section 3.Guarantor represents and warrants that, after giving effect to the Amendment, all representations and warranties contained in the Guaranty are true, accurate and complete as if made the date hereof.

 

Dated as of March 3, 2020.

 

	
GUARANTOR:
	
ASPEN AEROGELS RHODE ISLAND, LLC

 

	
	
By: /s/ John F. Fairbanks

	
 

	
Name: John F. Fairbanks

	
 

	
Title: Chief Financial Officer

 

 

 

 

EXHIBIT B

 

COMPLIANCE CERTIFICATE

 

TO:SILICON VALLEY BANKDate:  
FROM:  ASPEN AEROGELS, INC.

The undersigned authorized officer of Aspen Aerogels, Inc. (“Borrower”) certifies that under the terms and conditions of the Amended and Restated 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

	
Quarterly financial statements
	
Quarterly within 45 days
	
Yes   No

	
Annual financial statement (CPA Audited) + CC
	
FYE within 150 days
	
Yes   No

	
10‐Q, 10‐K and 8-K
	
Within 5 days after filing with SEC
	
Yes   No

	
A/R & A/P Agings, and Deferred Revenue reports
	
Monthly within 20 days
	
Yes   No

	
Borrowing Base Reports
	
15th and last Business Day of each month (monthly within 20 days when a Streamline Period 

is in effect) and with each request for a Credit Extension;

 
	
Yes   No

	
Projections
	
FYE within 30 days
	
Yes   No

	
 

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

 

				
	
Financial Covenant
	
Required
	
Actual
	
Complies

	
 
	
 
	
 
	
 

	
Maintain as indicated:
	
 
	
 
	
 

	
Minimum EBITDA
	
*
	
$
	
Yes   No

*See Section 6.9

 

 

 

 

 

			
			
	
Performance Pricing
	
Applies

	
 
	
 
	
 

	
Adjusted Quick Ratio at least 1.50:1.00
	
Prime + 0.75% (Eligible Accounts) or Prime + 1.25% (Eligible Foreign Accounts); LIBOR + 3.75% (Eligible Accounts) or LIBOR +4.25% (Eligible Foreign Accounts)
	
Yes   No

	
Adjusted Quick Ratio less than 1.50:1.00
	
Prime + 1.50% (Eligible Accounts); Prime + 2.00% (Eligible Foreign Accounts)
	
Yes   No

 

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

 

	
 
	
 

	
By:   
	
Received By:   

	
 
	
authorized signer

	
Name:  
	
 

	
 
	
Date:

	
Title: 
	
 

	
 
	
Verified:

	
 
	
authorized signer

	
 
	
 

	
 
	
Date:

	
 
	
Compliance Status:     Yes     No

 

 

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.

I.EBITDA (Section 6.9)

	
Required:
	
Borrower shall achieve, measured as of the end of each fiscal quarter during the following periods, EBITDA of at least (loss not worse than) the following for the following periods:

 

		
	
Period
	
Minimum EBITDA (maximum loss)

	
Trailing three (3) month period ending March 31, 2020
	
($4,500,000)

	
Trailing six (6) month period ending June 30, 2020
	
($6,500,000)

	
Trailing nine (9) month period ending September 30, 2020
	
($3,000,000)

	
Trailing twelve (12) month period ending December 31, 2020
	
$1,000,000

 

 

Actual:

			
	
A.

 
	
Net Income
	
$

	
B.

 
	
To the extent included in the determination of Net Income
	
 

	
 
	
1.The provision for income taxes

 
	
$

	
 
	
2.Depreciation expense

 
	
$

	
 
	
3.Amortization expense

 
	
$

	
 
	
4.Net Interest Expense

 
	
$

	
 
	
5.Non-cash stock compensation expense

 
	
$

	
 
	
6.The sum of lines 1 through 5

 
	
$

	
C.
	
EBITDA (line A plus line B.6)

 
	
 

Is line C equal to or greater than $___________?

 

			
	
  No, not in compliance
	
 
	
  Yes, in complianceaspn-ex10162_66.htm

 

Exhibit 10.16.2

SECOND AMENDMENT TO EXECUTIVE AGREEMENT

 

This Amendment (“Amendment”), dated as of January 1, 2020, is entered into by and between Aspen Aerogels, Inc., a Delaware corporation (the “Company”), and Donald R. Young (the “Executive”), for purposes of amending that certain Executive Agreement between the parties effective as of January 1, 2019 as previously amended on August 1, 2019 (the “Executive Agreement”).

RECITALS

Whereas, the Company and the Executive wish to amend the Executive Agreement to provide for the accelerated vesting of stock options and stock-based awards in connection with a Qualifying Termination (as defined in the Executive Agreement) and to extend the time allowed to exercise all vested stock options in the event of a Qualifying Termination ; and

Now, therefore, in consideration of mutual promises and other terms set forth below, the Company and the Executive agree as follows:

	
 
	
1.
	
Amendment.  The Executive Agreement is hereby amended as follows:

 

	
 
	
(I)
	
A new sub-paragraph is added to Section 4(b) and numbered Section 4(b)(vi) so that it applies only in connection with a Qualifying Termination prior to Change of Control. The new Section 4(b)(vi) provides as follows:. 

 Options and Stock Based Awards.  Notwithstanding anything to the contrary in any then outstanding option agreement  or stock-based award agreement (other than the Restricted Stock Agreement, which will continued to be governed in accordance with its terms), (a) the vesting of such number of stock options and other stock-based awards outstanding and held by the Executive as would have vested in the three (3) months immediately following the Date of Termination had the Executive continued his employment for such three (3) month period shall immediately accelerate and become vested and exercisable as of the Date of Termination and (b) subject to any permitted action by the Board upon a Change of Control or other merger, sale, dissolution or liquidation of the Company under Company’s applicable equity plan to terminate the stock options or other stock-based awards, all vested stock options shall be exercisable for not less than one (1) year from the Date of Termination.

	
 
	
(II)
	
The text of Section 4(c) is deleted in full and shall now provide that it is “RESERVED”

 

	
 
	
(III)
	
A new sub-paragraph is added to Section 5(a) and numbered Section 5(a)(xi) so that it applies only in connection with a Qualifying Termination after a Change of Control. The new Section 5(a)(xi) provides as follows: 

 Options and Stock Based Awards.  Notwithstanding anything to the contrary in any then outstanding option agreement  or stock-based award agreement (other than the Restricted Stock Agreement, which will continued to be governed in accordance with its terms), the vesting of all stock options and other stock-based awards outstanding and held by the Executive shall immediately accelerate and become fully vested and exercisable as of the Date of Termination, and subject to any permitted action by the Board upon a Change of Control under Company’s applicable equity plan to terminate the stock options or other stock-based awards, all vested stock options shall be exercisable for one (1) year from the Date of Termination.

 

 

	
 
	
(IV)
	
The text of Section 5(b) is deleted in full and shall now provide that it is “RESERVED”

 

	
 
	
2.
	
Miscellaneous Provisions.  Capitalized terms used but not defined within this Amendment have the meanings specified within the Executive Agreement.  Except as expressly modified by this Amendment, all terms and conditions of the Executive Agreement remain in full force and effect.  This Amendment can be executed by the parties hereto by facsimile and in counterparts, each of which is deemed an original and both of which taken together constitutes one agreement binding upon the parties hereto.  This Amendment shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without giving effect to any choice of law or conflict of law provision or rule (whether of the Commonwealth of Massachusetts or any other jurisdiction) that would cause the application of the law of any jurisdiction other than the Commonwealth of Massachusetts.

 

In witness whereof, the Parties hereto enter into this Amendment by signing below.

 

			
	
ASPEN AEROGELS, INC.
	
 
	
/s/ Donald R. Young

	
 
	
 
	
Donald R. Young

	
By: /s/ John F. Fairbanks
	
 
	
 

	
 
	
 
	
January 31, 2020

	
John F. Fairbanks
	
 
	
Date

	
Name
	
 
	
 

	
 
	
 
	
 

	
Vice President, Chief Financial Officer and Treasurer
	
 
	
 

	
Title
	
 
	
 

	
 
	
 
	
 

	
January 31, 2020
	
 
	
 

	
Date

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