Document:

EX-10.10

 Exhibit 10.10 

EXECUTIVE AGREEMENT 
 This
Amended and Restated Executive Agreement (this “Agreement”) is dated as of August 5, 2011, by and between Aspen Aerogels, Inc., a Delaware corporation (the “Company”) and Donald R. Young (the
“Executive”). 
 Recitals:  

A. The Company and the Executive previously entered into an employment agreement dated as of March 17, 2010. 

B. The Company and the Executive desire to amend and restate that agreement in the form of this Agreement to provide for the terms
and conditions of the Executive’s employment with the Company. 
 Agreement:  

NOW, THEREFORE, the parties hereto agree as follows: 

1. Definitions. As used herein, the following terms shall have the following meanings. 

“Board” means the Company’s board of directors. 

“Cause” means: (i) willful misconduct, dishonesty, fraud or breach of fiduciary duty to the Company;
(ii) deliberate disregard of the lawful rules or policies of the Company, or breach of an employment or other agreement with the Company, which results in direct or indirect loss, damage or injury to the Company; (iii) the unauthorized
disclosure of any trade secret or confidential information of the Company; or (iv) the commission of an act which constitutes unfair competition with the Company or which induces any customer or supplier to breach a contract with the Company.
For purposes hereof, whether or not the Executive has committed an act or omission of the type referred to in subparagraphs (i) through (iv) above will be determined by the Board in its reasonable, good faith discretion, based upon the
facts known to the Board at the relevant time. Any termination by the Company of the Executive’s employment with the Company that does not meet the criteria set forth in this definition (determined as set forth in the immediately preceding
sentence) shall be deemed to be without Cause for purposes of this Agreement. 
 “Change of Control” means any of the
following: (i) any Person or Group (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934) (other than a Person or Group which was a shareholder of the Company on March 17, 2010) is or becomes the beneficial
owner, directly or indirectly, through a purchase, merger or other acquisition transaction or series of transactions, of capital stock of the Company entitling such Person or Group to control 50% or more of the total voting power of the capital
stock of the Company entitled to vote generally in the election of directors, where any voting capital stock of which such Person or Group is the beneficial owner that are not then outstanding are deemed outstanding for purposes of calculating such
percentage; other than in connection with the Company’s issuance of its capital stock in a bona-fide financing transaction the proceeds of which are to be utilized by the Company for its general corporate purposes or (ii) any sale or
transfer of all or substantially all of the assets of the Company to another Person. 

 “Employment, Confidentiality and Non-Competition Agreement” means that certain
Employment, Confidentiality and Non-Competition Agreement dated November 12, 2001 by and between the Executive and the Company. 

“Good Reason” means: (i) any material breach by the Company of this Agreement that is not cured by the Company within
thirty (30) days after written notice specifying in reasonable detail the nature of such material breach is provided to the Company by the Executive; (ii) the demotion of the Executive such that the Executive no longer serves as the CEO of
the Company or a material reduction in the Executive’s current duties and authority as the CEO of the Company, in each case, without his consent; (iii) the written demand by the Company for the Executive to relocate or commute more than 40
miles from Brookline, Massachusetts without his consent; or (iv) any reduction by the Company in the Executive’s Base Salary without his consent. For purposes hereof, whether or not the Executive has Good Reason to terminate his employment
by the Company pursuant to subparagraphs (i) through (iv) above will be determined by the Board in its reasonable, good faith discretion, based upon the facts known to the Board at the relevant time. Any termination by the Executive of his
employment with the Company that does not meet the criteria set forth in this definition (determined as set forth in the immediately preceding sentence) shall be deemed to be without Good Reason for purposes of this Agreement. 

“Permanent Disability” means the Executive is unable to perform, by reason of physical or mental incapacity, his then duties
or obligations to the Company, for a total period of one hundred eighty (180) days in any three hundred sixty (360) day period. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization or any other entity, including a governmental entity or any department, agency or political subdivision thereof. 

2. Employment. The Company agrees to employ the Executive, and the Executive hereby accepts employment with the Company
consistent with the Executive’s position and duties, upon the terms and conditions set forth in this Agreement for the period beginning on the date hereof and ending as provided in Section 2(c) (the “Employment
Period”). 
 (a) Position and Duties. 

(i) During the Employment Period, the Executive shall serve as Chief Executive Officer of the Company and shall have the duties,
responsibilities and authority consistent with such position that are designated by the Board, subject to the direction and supervision of the Board. With the help and under the guidance of the Board, the Executive will direct the formulation,
refinement and implementation of the strategic plan for the growth and operation of the Company and recruit the necessary senior management team to execute the plan. The Executive’s goal is to create shareholder value by establishing the
Company as the leading global supplier of Aerogel products. 

  
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 (ii) The Executive shall devote his best efforts and his full business time and
attention (except for permitted vacation periods and reasonable periods of illness or other incapacity) to the business and affairs of the Company. The Executive shall perform his duties and responsibilities to the best of his abilities in a
diligent, trustworthy, businesslike and efficient manner. Notwithstanding the foregoing, the Executive may, to the extent not otherwise prohibited by this Agreement, devote such amount of time as does not interfere or compete with the performance of
the Executive’s duties under this Agreement to any one or more of the following activities: (i) engaging in charitable activities, including serving on the boards of directors of charitable organizations or (ii) serving on the board
of directors of any other company with the prior written approval of the Board. 
 (iii) In addition, so long as the Executive
is employed by the Company as its Chief Executive Officer, the Executive shall be entitled to serve as a director of the Company. 
 (b)
Salary and Benefits. 
 (i) During the Employment Period, the Executive’s base salary shall be $329,400 per year
(such annual salary, as it may be adjusted upward by the Board or a committee thereof in its discretion, being referred to as the “Base Salary”). The Base Salary shall be payable in regular installments in accordance with the
Company’s general payroll practices, shall be subject to customary withholding and may be increased (but not decreased) at the discretion of the Board or a committee thereof. 

(ii) In addition to the Base Salary, Executive shall be eligible to receive an annual cash incentive bonus payment (each, a
“Performance Bonus”) in an amount, if any, to be determined by the Company’s Board or a committee thereof. 

(iii) The Company will reimburse the Executive for all reasonable travel and other expenses incurred by the Executive in
connection with the performance of his duties and obligations under this Agreement. The Executive shall comply with such reasonable limitations and reporting requirements with respect to expenses as may be established by the Company from time to
time. 
 (iv) In addition, the Executive will be entitled to participate in all compensation or employee benefit plans or
programs and receive all benefits and perquisites for which salaried employees of the Company generally are eligible under any plan or program now or established later by the Company on the same basis as similarly situated senior executives of the
Company. The Executive will participate to the extent permissible under the terms and provisions of such plans or programs, in accordance with program provisions. Nothing in this Agreement will preclude the Company from amending or terminating any
of the plans or programs applicable to salaried employees or senior executives of the Company as long as such amendment or termination is applicable to all salaried employees or senior executives, as the case may be, so long as such plans or
programs are replaced with plans no less favorable, in the aggregate, than existing plans. 

  
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 (c) Employment at Will. The Executive and the Company understand and agree that the
Executive is an employee at will, and that the Executive may resign, or the Company may terminate the Executive’s employment, at any time and for any or for no reason. Nothing in this Agreement shall be construed to alter the at-will nature of
the Executive’s employment, nor shall anything in this Agreement be construed as providing the Executive with a definite term of employment. 

(d) Severance. If the Executive’s employment with the Company is terminated (i) by the Company without Cause; or
(ii) by the Executive for Good Reason within thirty (30) days after the occurrence of an event constituting Good Reason (including the expiration of any applicable cure periods), the Executive shall be entitled to receive an amount equal
to the Executive’s Base Salary (prior to any reduction) for six (6) months following the date of such termination, be entitled to continued participation on substantially similar terms in all employee benefit plans and programs to which he
was entitled to participate in as of the date of such termination for six (6) months following the date of such termination, and shall be entitled to receive any accrued but unpaid bonuses or commissions then owed or fully earned by the
Executive in accordance with Section 2(b)(ii) above (collectively, the “Severance Amount”). All amounts payable to the Executive pursuant to this provision shall be payable in regular installments in accordance with the
Company’s regular payroll practices and subject to customary withholding. The Executive hereby agrees that no severance compensation shall be payable upon termination of the Executive’s employment with the Company (i) by the Company
with Cause; (ii) by the Executive without Good Reason; or (iii) as a result of the Executive’s death or Permanent Disability, and the Executive hereby waives any claim for severance compensation except as set forth in this
Section 2(d). 
 (e) Termination or Reduction of Severance. If at any time after termination of employment
hereunder the Executive breaches any of the provisions set forth in the Employment, Confidentiality and Non-Competition Agreement, and if the Executive fails to cure each such breach, in all material respects, within thirty (30) days after the
Company has given to the Executive written notice of such breach, the Company shall no longer be obligated to make any payments of the Severance Amount pursuant to Section 2(d) above. 

(f) Change of Control. In addition to the provisions of Section 2(d), if a “Change of Control” occurs and
the Executive does not receive an offer to remain employed by the Company as its chief executive officer (or equivalent position) at a comparable rate of compensation, bonus, benefits and other material terms (including severance and termination
provisions) as contained herein for at least two years, and the Executive is terminated without Cause or resigns for any reason within the two year period following the Change of Control event, the Executive shall be entitled upon his termination of
employment to receive the Severance Amount payable in accordance with the provisions of Section 2(d). 
 (g) Options.
Reference is hereby made to that certain Incentive Stock Option Agreement dated November 11, 2009 by and between the Company and the Executive (the “Option Agreement”) pursuant to which the Executive was granted an option
to purchase certain shares of the Company’s common stock (the “Option Shares”). This paragraph shall be deemed by each of the Company and the Executive to be a corrective amendment to the Option Agreement to reflect the
approved terms as of the date of grant and shall supplement and 

  
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 supercede any contrary terms therein. In addition, in the event that the Executive should after March 17,
2010 receive any additional grants of stock options or restricted stock awards, this paragraph shall be deemed by each of the Company and the Executive to be an amendment to the agreement or agreements pursuant to which any such stock options or
restricted stock awards may be granted and shall supplement and supercede any contrary terms therein (and any reference to “Option Agreement” or “Option Shares” below shall be deemed to include any such later granted stock
options or restricted stock awards). Upon the (i) consummation of a Change of Control transaction, unless the Executive receives an offer to remain employed by the Company as its chief executive officer (or equivalent position) at a comparable
rate of compensation, bonus, benefits and other material terms as contained herein for at least two years following the Change of Control event; or (ii) termination of the Executive’s employment with the Company without Cause or by the
Executive for Good Reason at any time during the two (2) year period following the consummation of a Change of Control transaction, any and all then unvested Option Shares shall thereupon immediately vest and become immediately exercisable. In
addition, if upon a merger, consolidation or sale of all or substantially all of the Company’s assets (a “Corporate Transaction”) the Option Shares do not continue in the form of equity in the successor or acquiring entity such that
vesting may continue to accrue after the Corporate Transaction then immediately prior to such Corporate Transaction all then unvested Option Shares shall thereupon immediately vest and become immediately exercisable. Upon a termination of the
Executive’s employment with the Company without Cause or by the Executive for Good Reason at any time after March 17, 2011, a number of unvested Option Shares as would have vested in the three (3) months following such termination of
employment (and assuming for this purpose only) had Executive continued to be employed by the Company, shall thereupon immediately vest and become immediately exercisable. Notwithstanding anything to the contrary contained in any Option Agreement,
Executive’s option to purchase vested Option Shares shall be exercisable for the entire ten (10) year term of the option in accordance with Section 4 of the Option Agreement. For the avoidance of doubt, the 90 day
post-termination of employment exercise period shall not be applicable to the exercise of the Option Shares as provided above. 
 (h)
Parachute Payments. If Independent Tax Counsel (as that term is defined below) determines that the aggregate payments and benefits provided or to be provided to the Executive pursuant to this Agreement, and any other payments and benefits
provided or to be provided to the Executive from the Company or any of its subsidiaries or other affiliates or any successors thereto constitute “parachute payments” as defined in Section 280G of the Internal Revenue Code of 1986, as
amended (the “Code”) (or any successor provision thereto) (“Parachute Payments”) that would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then, except as
otherwise provided in the next sentence, such Parachute Payments shall be reduced to the extent the Independent Tax Counsel shall determine is necessary (but not below zero) so that no portion thereof shall be subject to the Excise Tax. If
Independent Tax Counsel determines that the Executive would receive in the aggregate greater payments and benefits on an after tax basis if the Parachute Payments were not reduced pursuant to this Section 2(h), then no such reduction
shall be made. The determination of which payments or benefits shall be reduced to avoid the Excise Tax shall be made by the Independent Tax Counsel, provided that the Independent Tax Counsel shall reduce or eliminate, as the case may be, payments
or benefits in the order that it determines will produce the required deduction in total Parachute Payments with the least reduction in economic value to the Executive of such 

  
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 payments. The determination of the Independent Tax Counsel under this Section 2(h) shall be final and
binding on all parties hereto. For purposes of this Section 2(h), “Independent Tax Counsel” shall mean a lawyer, a certified public accountant with a nationally recognized accounting firm, or a compensation consultant
with a nationally recognized actuarial and benefits consulting firm with expertise in the area of executive compensation tax law, who shall be selected by the Board, and whose fees and disbursements shall be paid by the Company. 

(i) Severance and Release. The Executive’s right to receive payment of the Severance Amount shall be contingent upon the
Executive’s execution and non-revocation (other than in the case of Executive’s death) within forty-five (45) days of his date of termination of a general release reasonably satisfactory to the Company releasing the Company, its
officers, agents, stockholders, and affiliates from any liability for any matter other than for payments under this Agreement and contractual obligations under other written agreements which form shall be provided to the Executive on or prior to his
date of termination (the “Release”). The Company hereby agrees that upon the lapse of the period for revocation, if the Executive has not exercised his revocation right, the Company will execute a counterpart of the Release and
deliver it to Executive forthwith. The payment of the Severance Amount shall commence within the sixty (60) day period following the Executive’s date of termination; provided that if a new calendar year commences during this period, the
payments shall commence no earlier than January 2 of such new calendar year. The first payment after execution of the Release shall include all amounts that would have been paid following the date of termination had the Release been effective
immediately following the date of termination but which were not yet paid. 
 3. Representations and Warranties of the
Executive. Executive hereby represents and warrants to the Company that: 
 (a) The Executive: 

(i) has not been convicted within the last five (5) years of any felony or misdemeanor in connection with the offer,
purchase, or sale of any security or any felony involving fraud or deceit, including, but not limited to, forgery, embezzlement, obtaining money under false pretenses, larceny, or conspiracy to defraud; 

(ii) is not currently subject to any state administrative enforcement order or judgment entered by a state securities
administrator within the last five (5) years and is not subject to any state’s administrative enforcement order or judgment in which fraud or deceit (including, but not limited to, making untrue statements of material facts and omitting to
state material facts) was found in which the order or judgment was entered within the last five (5) years; and 
 (iii) is
a citizen of the United States of America and resident of the Commonwealth of Massachusetts. 
 (b) This Agreement constitutes the
legal, valid and binding obligations of the Executive, enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement by the Executive does not and will not conflict with, violate or cause a breach of any
agreement, contract or instrument to which the Executive is a party or any judgment, order or decree to which the Executive is subject. 

  
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 4. Representations and Warranties of the Company. The Company hereby
represents and warrants to the Executive that: 
 (a) The Company is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware. The Company has all requisite corporate power and authority to carry out the transactions contemplated by this Agreement. 

(b) The execution, delivery and performance of this Agreement has been duly authorized by the Company. This Agreement constitutes a
valid and binding obligation of the Company, enforceable in accordance with its terms. The execution and delivery by the Company of this Agreement, and the fulfillment of and compliance with the respective terms hereof by the Company, do not and
shall not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s
capital stock or assets pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of, or (vi) require any authorization, consent, approval, exemption or other
action by or notice to any court or administrative or governmental body pursuant to, the charter or bylaws of the Company, or any law, statute, rule or regulation to which the Company is subject, or any agreement, instrument, order, judgment or
decree to which the Company is subject. 
 5. Confidentiality, Non-Competition and Non-Solicitation. The Executive hereby
reaffirms, confirms and approves the Employment, Confidentiality and Non-Competition Agreement as a binding obligation of the Executive, enforceable in accordance with its terms. The Executive acknowledges and agrees that any Base Salary and/or
Performance Bonus paid to the Executive pursuant to this Agreement shall serve as additional consideration for the Executive’s obligations under the Employment, Confidentiality and Non-Competition Agreement. 

6. Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of
this Agreement will be in writing and will be deemed to have been given when delivered personally, mailed by certified or registered mail, return receipt requested and postage prepaid, or sent via a nationally recognized overnight courier, or sent
via facsimile to the recipient with a confirmation of receipt and accompanied by a certified or registered mailing. Such notices, demands and other communications will be sent to the address indicated below: 

To the Company: 
 Aspen Aerogels,
Inc. 
 30 Forbes Road 

Northborough, MA 01532 

Telephone: (508) 691-1111 

Facsimile: (508) 691-1200 

Attention: Board of Directors 

  
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 with copies (which shall not constitute notice) to: 

Edwards Angell Palmer & Dodge LLP 

111 Huntington Avenue 
 Boston, MA
02199 
 Telephone: (617) 239-0100 

Facsimile: (617) 227-4420 

Attention: Christopher W. Nelson 

To the Executive: 
 7 Dana
Street 
 Brookline, MA 02445 

Telephone: (617) 734-3056 

Facsimile: (617) 730-8181 
 or to such
other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. 

7. Miscellaneous.  

(a) Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

(b) Complete Agreement. This Agreement and the agreements referred to herein (including, without limitation, the Employment,
Confidentiality and Non-Competition Agreement) embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may
have related to the subject matter hereof. This Agreement supercedes and terminates that certain Executive Agreement dated as of November 16, 2001 by and between the Executive and the Company. 

(c) Waiver of Jury Trial. The parties to this Agreement each hereby waives, to the fullest extent permitted by law, any right to
trial by jury of any claim, demand, action, or cause of action (i) arising under this Agreement or (ii) in any way connected with or related or incidental to the dealings of the parties hereto in respect of this Agreement or any of the
transactions related hereto, in each case whether now existing or hereafter arising, and whether in contract, tort, equity, or otherwise. The parties to this Agreement each hereby agrees and consents that any such claim, demand, action, or cause of
action shall be decided by court trial without a jury and that the parties to this Agreement may file an original counterpart or a copy of this Agreement with any court as written evidence of the consent of the parties hereto to the waiver of
their right to trial by jury. 

  
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 (d) Counterparts; Facsimile Transmission. This Agreement may be executed
simultaneously in two or more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same Agreement. This Agreement may also be executed and
delivered by facsimile transmission. 
 (e) Successors and Assigns. The provisions hereof shall inure to the benefit of, and be
binding upon and assignable to, successors of the Company by way of merger, consolidation or sale. The Executive may not assign or delegate to any third person the Executive’s obligations under this Agreement. The rights and benefits of the
Executive under this Agreement are personal to him and no such right or benefit shall be subject to voluntary or involuntary alienation, assignment or transfer. The Company shall require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would have been required
to perform it if no such succession had taken place. As used in this Agreement, “the Company” shall mean both the Company as defined above and any such successor that assumes and agrees to perform this Agreement, by operation of law or
otherwise. 
 (f) Governing Law. All issues concerning this Agreement 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. 
 (g) Remedies. The parties hereto agree and acknowledge that
money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for
specific performance and/or injunctive or other relief in order to enforce or prevent any violations of the provisions of this Agreement. 

(h) Amendment and Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent of the
Company and the Executive. 
 (i) Certain Expenses. The Company agrees to pay, as incurred, to the fullest extent permitted by
law, or indemnify the Executive if such payment is not legally permitted, for all legal fees and expenses that the Executive may in good faith incur as a result of any contest by the Company, the Executive or others of the validity or enforceability
of or liability under, or otherwise involving, any provision of this Agreement; provided, however, that the Executive shall reimburse the Company for all such payments made by the Company in connection with a contest by the Company if a court of
competent jurisdiction or an arbitrator shall find that the Executive did not act in good faith in connection with such contest. 

  
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 (j) Compliance with Code Section 409A. To the extent that any payment under
this Agreement constitutes “nonqualified deferred compensation” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), (i) a termination of employment shall not be deemed to have
occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of
Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination ,” “termination of employment” or like terms shall mean “separation from service,” (ii) the
Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments, and (iii) if the Executive is deemed on the date of termination to be a
“specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on
account of a “separation from service,” such payment or benefit shall be made or provided at the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from
service” of Executive, and (B) the date of Executive’s death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Section 7(j)
(whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance
with the normal payment dates specified for them herein. 
 (k) Survival. The provisions of Sections 1, 2
and 5 through 7 of this Agreement shall survive any termination of this Agreement in accordance with the terms of such sections. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

			
	 THE COMPANY:
  

ASPEN AEROGELS, INC.

		
	By:	 	 /s/ John Fairbanks

		 	Name: John Fairbanks
		 	Title:   Chief Financial Officer
	
	THE EXECUTIVE: 
		
	By:	 	 /s/ Donald R. Young

		 	Donald R. Young

 [Signature Page to Young Executive Agreement] 

 EXHIBIT A: 

EMPLOYMENT, CONFIDENTIALITY 

AND NON-COMPETITION AGREEMENT  

 Execution Copy 

FIRST AMENDMENT 

TO 
 EXECUTIVE
AGREEMENT 
 This First Amendment to the Amended and Restated Executive Agreement dated August 5, 2011 (the
“Agreement”), by and between Aspen Aerogels, Inc., a Delaware corporation (the “Company”) and Donald R. Young (the “Executive”) is made effective as of October 23, 2012. 

RECITALS 
 WHEREAS,
the parties desire to amend the Agreement to revise the Base Salary, Performance Bonus, and severance of the Executive and to make other clarifying changes, and 

WHEREAS, the Board of Directors of the Company has approved the terms of this Amendment; 

NOW THEREFORE, the Company and the Executive do hereby amend this Agreement as follows: 

W I T N E S S E T H 
 1.
Section 1 Definition of “Change of Control” is hereby amended in its entirety by deleting and replacing the current language with the following: 

“Change of Control” means any of the following: (i) any Person or Group (within the meaning of
Section 13(d)(3) of the Securities Exchange Act of 1934) (other than a Person or Group which is a shareholder of the Company on March 17,2010) is or becomes the beneficial owner, directly or indirectly, through a purchase, merger or other
acquisition transaction or series of transactions, of capital stock of the Company entitling such Person or Group to control 50% or more of the total voting power of the capital stock of the Company entitled to vote generally in the election of
directors, where any voting capital stock of which such Person or Group is the beneficial owner that are not then outstanding are deemed outstanding for purposes of calculating such percentage; other than in connection with the Company’s
issuance of its capital stock in a bona-fide financing transaction the proceeds of which are to be utilized for its general corporate 

  
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purposes (including without limitation the retirement or repayment of outstanding debt obligations), or (ii) any sale or transfer of all or substantially all of the assets of the Company to
another Person. 
 2. Section 2(b)(i) is hereby amended in its entirety by deleting and replacing the current language with the following: 

“During the Employment Period, effective as of October 1, 2012, the Executive’s base salary shall be $450,000
per year (such annual salary, as it may be adjusted upward by the Board in its discretion, being referred to as the “Base Salary”). The Base Salary shall be payable in regular installments in accordance with the Company’s
general payroll practices, shall be subject to customary withholding and may be increased (but not decreased) at the discretion of the Board.” 
 3.
Section 2(b)(ii) is hereby amended in its entirety by deleting and replacing the current language with the following: 

“In addition to the Base Salary, Executive shall be eligible to receive an annual cash incentive bonus payment (each, a
“Performance Bonus”) in an amount, if any, to be determined by the Company’s Board. The annual target Performance Bonus for Executive for the 2013 plan year and beyond will be 75% of Executive’s Base Salary. Further,
during the Employment Period, Executive shall be eligible for a one-time bonus of $300,000 if the Company consummates an initial public offering of its common stock prior to December 31, 2012.” 

4. Section 2(d) is hereby amended by replacing the phrase “six (6) months” with the phrase “twelve (12) months” each time
it appears in such section. 
 5. This First Amendment shall be made part of the Agreement and all other terms and conditions as set forth in the Agreement
shall remain unchanged, except as modified pursuant to the terms of this First Amendment. 
 [Signature Page Follows] 

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

			
	THE COMPANY:
	
	ASPEN AEROGELS, INC.
		
	By:	 	 /s/ John Fairbanks

	Name:	 	John Fairbanks
	Title:	 	Chief Financial Officer
	
	THE EXECUTIVE:
	
	 /s/ Donald R. Young

	Donald R. Young

 [Signature Page to First Amendment to Executive Agreement – Donald R. Young]EX-10.1.1

 Exhibit 10.1.1 

ASPEN AEROGELS, INC. 

2001 EQUITY INCENTIVE PLAN, AS AMENDED THROUGH DECEMBER 18, 2013 

SECTION 1. Purpose; Definitions. The purposes of the Aspen Aerogels, Inc. 2001 Equity Incentive Plan (the “Plan”) are
to: (a) assist Aspen Aerogels, Inc., a Delaware corporation (the “Company”), and its affiliated companies in recruiting and retaining highly qualified employees, directors and consultants; (b) provide those employees, directors
and consultants with an incentive for productivity; and (c) provide those employees, directors and consultants with an opportunity to share in the growth and value of the Company. 

For purposes of the Plan, the following initially capitalized words and phrases will be defined as set forth below, unless the context clearly
requires a different meaning: 
 a. “Affiliate” means, with respect to a person or entity, a person that directly or
indirectly controls, or is controlled by, or is under common control with such person or entity. 
 b. “Award” means a grant
of Options or Restricted Shares pursuant to the provisions of this Plan. 
 c. “Award Agreement” means, with respect to any
particular Award, the written document that sets forth the terms of that particular Award. 
 d. “Board” means the Board of
Directors of the Company, as constituted from time to time; provided, however, that if the Board appoints a Committee to perform some or all of the Board’s administrative functions hereunder pursuant to Section 2, references
in this Plan to the “Board” will be deemed to also refer to that Committee in connection with administrative matters to be performed by that Committee. 

e. “Cause” exists when the Participant (as determined by the Board, in its sole discretion): 

(i) engages in any type of disloyalty to the Company or any of its Affiliates, including without limitation, fraud, embezzlement, theft, or
dishonesty in the course of his employment or engagement, or otherwise breaches any fiduciary duty owed to the Company or any of its Affiliates; 

(ii) is convicted of a felony or a misdemeanor involving moral turpitude; 

(iii) enters a plea of guilty or nolo contendere to a felony or a misdemeanor involving moral turpitude; 

(iv) discloses any confidential, proprietary, business or technical information or trade secret of the Company or of any of its Affiliates; or

 (v) breaches any agreement with or duty to the Company. 

“Cause” is not limited to events which have occurred prior to a Participant’s termination of service, nor is it necessary that
the Board’s finding of “Cause” occur prior to termination. If the Board determines, subsequent to a Participant’s termination of service but prior to the exercise of an Option, that either prior or subsequent to the
Participant’s termination the Participant engaged in conduct which would constitute “Cause,” then the right to exercise any Option is forfeited. 

f. “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto. 

g. “Committee” will mean a committee appointed by the Board in accordance with Section 2 of this Plan. 

h. “Common Stock” means the Company’s Common Stock, $0.00001 par value per share. 

i. “Director” means a member of the Board. 

j. “Disability” will mean a disability which renders an individual unable to perform the full extent of his duties and
responsibilities to the Company or its subsidiaries by reason of his illness or incapacity which would entitle that employee or Director to receive Social Security Disability Income under the Social Security Act, as amended, and the regulations
promulgated thereunder. “Disabled” will mean having a Disability. The determination of whether a Participant is Disabled will be made by the Board, whose determination will be conclusive; provided, however, that if a Participant is
bound by the terms of an employment or consulting agreement between the Participant and the Company, whether the Participant is “Disabled” for purposes of the Plan will be determined in accordance with the procedures set forth in said
employment agreement, if such procedures are therein provided. 
 k. “Exchange Act” means the Securities Exchange Act of
1934, as amended. 
 l. “Fair Market Value” means, as of any date: (i) if the Shares are not listed or admitted to
unlisted trading privileges on a nationally recognized stock exchange, the value of such Shares on that date, as determined by the Board in good faith; or (ii) if the Shares are listed or admitted to unlisted trading privileges on a nationally
recognized stock exchange, the closing price of the Shares as reported on the principal nationally recognized stock exchange on which the Shares are traded on such date, or if no Share prices are reported on such date, the closing price of the
Shares on the next preceding date on which there were reported Share prices. 
 m. “Incentive Stock Option” means any Option
intended to be and designated as an “Incentive Stock Option” within the meaning of Section 422 of the Code. 
 n. “Non-Employee Director” will have the meaning set forth in Rule 16b-3(b)(3)(i) promulgated by the Securities and Exchange Commission under the Exchange Act, or any
successor definition adopted by the Securities and Exchange Commission; provided, however, that the Board or the Committee may, to the extent that it deems necessary to comply with Section 162(m) of the Code or regulations thereunder,
require that each “Non-Employee Director” also be an “outside director” as that term is defined in regulations under Section 162(m). 

  
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 o. “Non-Qualified Stock Option” means
any Option that is not an Incentive Stock Option. 
 p. “Option” means any option to purchase Shares (including Restricted
Shares, if the Committee so determines) granted pursuant to Section 5 hereof. 
 q. “Participant” means an
employee, consultant or Director of the Company or any of its Affiliates to whom an Award is granted. 
 r. “Person” means
an individual, partnership, corporation, limited liability company, trust, joint venture, unincorporated association, or other entity or association. 

s. “Restricted Shares” means Shares that are subject to restrictions pursuant to Section 9 hereof. 

t. “Share” means a share of Common Stock, subject to substitution or adjustment as provided in Section 3(c)
hereof. 
 u. “Subsidiary” means, in respect of the Company, a subsidiary company, whether now or hereafter existing, as
defined in Sections 424(f) and (g) of the Code. 
 v. “Survivors” means a deceased Participant’s legal
representatives and/or any person or persons who acquired the Participant’s rights to an Option by will or by the laws of descent and distribution. 

SECTION 2. Administration. The Plan will be administered by the Board; provided, however, that the Board may at any time appoint
a Committee to perform some or all of the Board’s administrative functions hereunder; and provided further, that the authority of any Committee appointed pursuant to this Section 2 will be subject to such terms and conditions
as the Board may prescribe and will be coextensive with, and not in lieu of, the authority of the Board hereunder. 
 Any Committee
established under this Section 2 will be composed of not fewer than two members, each of whom will serve for such period of time as the Board determines; provided, however, that if the Company has a class of securities required to
be registered under Section 12 of the Securities Exchange Act of 1934, all members of any Committee established pursuant to this Section 2 will be Non-Employee Directors. From time to time the
Board may increase the size of the Committee and appoint additional members thereto, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies however caused, or remove all members of the Committee and
thereafter directly administer the Plan. 

  
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 Members of the Board who are eligible for Awards or have received Awards may vote on any matters
affecting the administration of the Plan or the grant of Awards, except that no such member will act upon the grant of an Award to himself or herself, but any such member may be counted in determining the existence of a quorum at any meeting of the
Board during which action is taken with respect to the grant of Awards to himself or herself. 
 The Board will have full authority to grant
Awards under this Plan. In particular, the Board will have the authority: 
 a. to select the persons to whom Awards may from time to time be
granted hereunder (consistent with the eligibility conditions set forth in Section 4); 
 b. to determine the type of Award to be
granted to any person hereunder; 
 c. to determine the number of Shares, if any, to be covered by each such Award; 

d. to establish the terms and conditions of each Award Agreement; 

e. to determine whether and under what circumstances an Option may be exercised without a payment of cash under Section 5(d); and

 f. to determine whether, to what extent and under what circumstances Shares and other amounts payable with respect to an Award may be
deferred either automatically or at the election of the Participant. 
 The Board will have the authority to adopt, alter and repeal such
administrative rules, guidelines and practices governing the Plan as it, from time to time, deems advisable; to interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreement); to amend the terms of any
Award Agreement, provided that the Participant consents to such amendment; and to otherwise supervise the administration of the Plan. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award in
the manner and to the extent it deems necessary to carry out the intent of the Plan. 
 All decisions made by the Board pursuant to the
provisions of the Plan will be final and binding on all persons, including the Company and Participants. No member of the Board will be liable for any good faith determination, act or omission in connection with the Plan or any Award. 

SECTION 3. Shares Subject to the Plan. 

a. Shares Subject to the Plan. The Shares to be subject to Options or Restricted Shares under the Plan will be authorized and unissued
Shares of the Company, whether or not previously issued and subsequently acquired by the Company. The maximum number of Shares that may be subject to Options or Restricted Shares under the Plan is 82,828,526 subject to adjustment by the Board, and
the Company will reserve for the purposes of the Plan, out of its authorized but unissued Shares, such number of Shares. Notwithstanding anything to the contrary in this Section 3(a) or this Plan, upon exercise of any Option the Shares issuable
therefore shall be issued from the treasury stock of the Company. 

  
 - 4 - 

 b. Effect of the Expiration or Termination of Awards. If and to the extent that an Option
expires, terminates or is canceled or forfeited for any reason without having been exercised in full, the Shares associated with that Option will again become available for grant under the Plan. Similarly, if and to the extent that any Restricted
Share is canceled, repurchased or forfeited for any reason, that Share will again become available for grant under the Plan. 
 c. Other
Adjustment. Upon the occurrence of any of the following events, a Participant’s rights with respect to any Option granted to him or her hereunder which has not previously been exercised in full shall be adjusted as hereinafter provided,
unless otherwise specifically provided in the pertinent Award Agreement: 
 (i) Stock Dividends and Stock Splits. If the Shares shall
be subdivided or combined into a greater or smaller number of shares or if the Company shall issue any shares of Common Stock as a stock dividend on its outstanding Common Stock, the number of Shares deliverable upon the exercise of such Option
shall be appropriately increased or decreased proportionately, and appropriate adjustments shall be made in the purchase price per share to reflect such subdivision, combination or stock dividend. 

(ii) Consolidations or Mergers. If the Company is to be consolidated with or acquired by another entity in a merger, sale of all or
substantially all of the Company’s assets or otherwise (an “Acquisition”), the Board or the board of directors of any entity assuming the obligations of the Company hereunder (the “Successor Board”), shall, as to outstanding
Options, either (i) make appropriate provision for the continuation of such Options by substituting on an equitable basis for the Shares then subject to such Options either the consideration payable with respect to the outstanding shares of
Common Stock in connection with the Acquisition or securities of any successor or acquiring entity; or (ii) upon written notice to the Participants, provide that all Options must be exercised (either to the extent then exercisable or, at the
discretion of the Board, all Options being made fully exercisable for purposes of this Subparagraph), within a specified number of days of the date of such notice, at the end of which period the Options shall terminate; or (iii) terminate all
Options in exchange for a cash payment equal to the excess of the Fair Market Value of the shares subject to such Options (either to the extent then exercisable or, at the discretion of the Board, all Options being made fully exercisable for
purposes of this Subparagraph) over the exercise price thereof. 
 (iii) Recapitalization or Reorganization. In the event of a
recapitalization or reorganization of the Company (other than a transaction described in Subparagraph (ii) above) pursuant to which securities of the Company or of another corporation are issued with respect to the outstanding shares of Common
Stock, a Participant upon exercising an Option shall be entitled to receive for the purchase price paid upon such exercise the securities which would have been received if such Option had been exercised prior to such recapitalization or
reorganization. 
 (iv) Modification of Incentive Stock Options. Notwithstanding the foregoing, any adjustments made pursuant to
Subparagraph (i), (ii) or (iii) with respect to Incentive Stock Options shall be made only after the Board, after consulting with counsel for the Company, determines whether such adjustments would constitute a “modification” of
such Options (as that term is defined in Section 424(h) of the Code) or would cause any adverse tax 

  
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consequences for the holders of such Incentive Stock Options. If the Board determines that such adjustments made with respect to Incentive Stock Options would constitute a modification of such
Options, it may refrain from making such adjustments, unless the holder of an Incentive Stock Options specifically requests in writing that such adjustment be made and such writing indicates that the holder has full knowledge of the consequences of
such “modification” on his or her income tax treatment with respect to the Incentive Stock Options. 
 SECTION 4.
Eligibility. Employees, directors, consultants, and other individuals who provide services to the Company or its Affiliates are eligible to be granted Awards under the Plan. Persons who are not employees of the Company or a
Subsidiary are eligible to be granted Awards, but are not eligible to be granted Incentive Stock Options. 
 SECTION 5.
Options. Options granted under the Plan may be of two types: (i) Incentive Stock Options or (ii) Non-Qualified Stock Options. Options may be granted alone or in addition to other
Awards. Any Option granted under the Plan will be in such form as the Board may from time to time approve. 
 The Award Agreement evidencing
any Option will incorporate the following terms and conditions and will contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Board deems appropriate in its sole and absolute discretion: 

a. Option Price. The exercise price per Share purchasable under a Non-Qualified Stock Option
will be determined by the Board. The exercise price per Share purchasable under an Incentive Stock Option will be not less than 100% of the Fair Market Value of the Share on the date of the grant. However, any Incentive Stock Option granted to any
Participant who, at the time the Option is granted, owns more than 10% of the voting power of all classes of shares of the Company or of a Subsidiary will have an exercise price per Share of not less than 110% of Fair Market Value per Share on the
date of the grant. 
 b. Option Term. The term of each Option will be fixed by the Board, but no Option will be exercisable more than
ten (10) years after the date the Option is granted. However, any Incentive Stock Option granted to any Participant who, at the time such Option is granted, owns more than 10% of the voting power of all classes of shares of the Company or of a
Subsidiary may not have a term of more than five (5) years. No Option may be exercised by any person after expiration of the term of the Option. 

c. Exercisability. Options will vest and be exercisable at such time or times and subject to such terms and conditions as determined by
the Board at the time of grant. If the Board provides, in its discretion, that any Option is exercisable only in installments, the Board may waive such installment exercise provisions at any time at or after grant, in whole or in part, based on such
factors as the Board determines, in its sole and absolute discretion. 
 d. Method of Exercise. Subject to the exercise provisions
under Section 5(c) and the termination provisions set forth in Section 6, Options may be exercised in whole or in part at any time and from time to time during the term of the Option, by giving written notice of exercise to
the Company specifying the number of Shares to be purchased. Such notice will be accompanied by payment in full of the purchase price, either by certified or bank check, or such 

  
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other means as the Board may accept. As determined by the Board, in its sole discretion, at or after grant, payment in full or in part of the exercise price of an Option may be made in the form
of previously acquired Shares based on the Fair Market Value of the Shares on the date the Option is exercised; provided, however, that unless the Company’s accountants advise it that no adverse accounting treatment will result from the
payment of the exercise price in the form of previously acquired Shares, previously acquired Shares may not be used to pay such exercise price with respect to any Shares issued pursuant to this Agreement until six months have elapsed from the
issuance of such previously acquired Shares; and provided, further, that, in the case of an Incentive Stock Option, the right to make a payment in the form of previously acquired Shares may be authorized only at the time the Option is
granted. 
 No Shares will be issued upon exercise of an Option until full payment therefor has been made. A Participant will not have the
right to distributions or dividends or any other rights of a shareholder with respect to Shares subject to the Option until the Participant has given written notice of exercise, has paid in full for such Shares, and, if requested, has given the
representation described in Section 10(a) hereof. 
 e. Incentive Stock Option Limitations. In the case of an Incentive
Stock Option, the aggregate Fair Market Value (determined as of the time of grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year under the Plan and/or any
other plan of the Company, its parent or any Subsidiary of the Company will not exceed $100,000. For purposes of applying the foregoing limitation, Incentive Stock Options will be taken into account in the order granted. Any Option not meeting such
limitation will be treated for all purposes as a Non-Qualified Stock Option. 
 f. Termination of
Employment. Unless otherwise specified in the Award Agreement, Options will be subject to the terms of Section 6 with respect to exercise upon termination of employment. 

SECTION 6. Termination of Service. Unless otherwise specified with respect to a particular Award, Options granted hereunder will
remain exercisable after termination of employment only to the extent specified in this Section 6. 
 a. Termination by Reason
of Death. In the event of the death of the Participant while an employee of the Company or of an Affiliate, the Option shall be exercisable by the Participant’s Survivors within one (1) year after the date of death of the Participant
or, if earlier, within the originally prescribed term of the Option. 
 b. Termination by Reason of Disability. In the event of the
Disability of the Participant, as determined in accordance with the Plan, the Option shall be exercisable within one (1) year after the Participant’s termination of employment or, if earlier, within the term originally prescribed by the
Option. 
 c. Cause. In the event a Participant’s service to the Company or one of its Affiliates is terminated by the Company or
such an Affiliate for “Cause”, the Participant’s right to exercise any unexercised portion of Options shall cease as of such termination, and such 

  
 - 7 - 

 
Options shall thereupon terminate. Notwithstanding anything herein to the contrary, if subsequent to the Participant’s termination of service to the Company or one of its Affiliates for
“Cause”, but prior to the exercise of the Option, the Board determines that, either prior or subsequent to the Participant’s termination, the Participant engaged in conduct which would constitute “Cause,” then the
Participant shall immediately cease to have any right to exercise the Option and this Option shall thereupon terminate. 
 d. Other
Termination. If a Participant’s service with the Company or any Affiliate terminates for any reason other than death, Disability or Cause, any Option held by such Participant may thereafter be exercised by the Participant, to the extent it
was exercisable at the time of such termination, or on such accelerated basis as the Board may determine at or after grant, for a period expiring (i) at such time as may be specified by the Board at or after the time of grant, or (ii) if
not specified by the Board, then 90 days from the date of termination of service, or (iii) if sooner than the applicable period specified under (i) or (ii) above, then upon the expiration of the stated term of such Option. 

SECTION 7. Restricted Shares. 

a. Issuance. Restricted Shares may be issued either alone or in conjunction with other Awards. The Board will determine the time or
times within which Restricted Shares may be subject to forfeiture, and all other conditions of such Awards. 
 b. Awards and
Certificates. The Award Agreement evidencing the grant of any Restricted Shares will contain such terms and conditions, not inconsistent with the terms of the Plan, as the Board deems appropriate in its sole and absolute discretion. The
prospective recipient of an Award of Restricted Shares will not have any rights with respect to such Award, unless and until such recipient has executed an Award Agreement and has delivered a fully executed copy thereof to the Company, and has
otherwise complied with the applicable terms and conditions of such Award. The purchase price for Restricted Shares may, but need not, be zero. 

A share certificate will be issued in connection with each Award of Restricted Shares. Such certificate will be registered on the
Company’s books in the name of the Participant receiving the Award, and will bear the following legend as well as any other legend required by this Plan, the Award Agreement, the Company’s shareholders’ agreement, or by applicable
law: 
 THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS
(INCLUDING FORFEITURE) OF THE ASPEN AEROGELS, INC. 2001 EQUITY INCENTIVE PLAN AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND ASPEN AEROGELS, INC. COPIES OF SUCH PLAN AND AGREEMENT ARE ON FILE IN THE PRINCIPAL OFFICES OF ASPEN
AEROGELS, INC. AND WILL BE MADE AVAILABLE TO ANY SHAREHOLDER WITHOUT CHARGE UPON REQUEST TO THE SECRETARY OF THE COMPANY. 

  
 - 8 - 

 Share certificates evidencing Restricted Shares be held in custody by the Company or in escrow by
an Escrow Agent until the restrictions thereon have lapsed, and that, as a condition of any Restricted Share Award, the Participant deliver to the Company a share power, endorsed in blank, relating to the Shares covered by such Award. 

c. Restrictions and Conditions. The Restricted Shares awarded pursuant to this Section 7 will be subject to the following
restrictions and conditions: 
 (i) During a period commencing with the date of grant of an Award of Restricted Shares and ending at such
time or times as specified by the Board (the “Restriction Period”), the Participant will not be permitted to sell, transfer, pledge, assign or otherwise encumber Restricted Shares awarded under the Plan. The Board may condition the
lapse of restrictions on Restricted Shares upon the continued employment or service of the recipient, the attainment of specified individual or corporate performance goals, or such other factors as the Board may determine, in its sole and absolute
discretion. 
 (ii) Prior to the expiration of the Restriction Period, the Participant will not be entitled to receive any cash
distributions or dividends paid with respect to Restricted Shares and will not be entitled to vote such Restricted Shares. A Participant will be entitled to receive any distributions or dividends paid in the form of securities with respect to
Restricted Shares, but such securities will be subject to the same terms and conditions as the Restricted Shares with respect to which they were paid, including, without limitation, the same Restriction Period. 

(iii) Subject to the applicable provisions of the Award Agreement, if a Participant’s service with the Company terminates prior to the
expiration of the Restriction Period for reasons other than death or Disability, all of that Participant’s Restricted Shares which then remain subject to forfeiture will be forfeited. 

(iv) Upon the death or Disability of a Participant during the Restriction Period: 

(A) restrictions based on continued employment will lapse with respect to a percentage of the Restricted Shares granted to the Participant
that is equal to the percentage of the Restriction Period that has elapsed as of the date of death or the date on which such Disability commenced (as determined by the Board in its sole discretion), and 

(B) restrictions based on individual or corporate performance will lapse to the extent determined by the Board in its sole discretion. 

(v) In the event of hardship or other special circumstances of a Participant whose service with the Company is involuntarily terminated (other
than for Cause), the Board may, in its sole discretion, waive in whole or in part any or all remaining restrictions with respect to such Participant’s Restricted Shares, based on such factors as the Board may deem appropriate. 

  
 - 9 - 

 (vi) If and when the Restriction Period expires without a prior forfeiture of the Restricted
Shares subject to such Restriction Period (or if and when the restrictions applicable to Restricted Shares lapse pursuant to Sections 7(c)(iv) or 7(c)(v)), the certificates for such Shares will be replaced with new certificates, without the
restrictive legend described in Section 7(b), and such new certificates will be promptly delivered to the Participant, the Participant’s representative (if the Participant has suffered a Disability), or the Participant’s
Survivors (if the Participant has died). 
 SECTION 8. Amendments and Termination. The Board may amend, alter or discontinue
the Plan at any time, but no amendment, alteration or discontinuation will be made which would impair the rights of a Participant with respect to an Award that is outstanding under the Plan, without the Participant’s consent, or which, without
the approval of such amendment within one year (365 days) of its adoption by the Board, by a majority of the votes cast at a duly held shareholder meeting at which a quorum representing a majority of the Company’s outstanding voting shares is
present (either in person or by proxy), would: (i) increase the total number of Shares reserved for the purposes of the Plan (except as otherwise provided in Section 3(c)), or (ii) change the persons or class of persons
eligible to receive Awards. 
 SECTION 9. Unfunded Status of Plan. The Plan is intended to be “unfunded.” With
respect to any payments not yet made to a Participant by the Company, nothing contained herein will give any such Participant any rights that are greater than those of a general creditor of the Company. In its sole discretion, the Board may
authorize the creation of grantor trusts or other arrangements to meet the obligations created under the Plan to deliver Shares or payments in lieu of Shares or with respect to other Awards hereunder. 

SECTION 10. General Provisions. 

a. The Board may require each Participant to represent to and agree with the Company in writing that the Participant is acquiring securities of
the Company for investment purposes and without a view to distribution thereof and as to such other matters as the Board believes are appropriate. The certificate evidencing any Award and any securities issued pursuant thereto may include any legend
which the Board deems appropriate to reflect any restrictions on transfer and compliance with securities laws. 
 All certificates for
Shares or other securities delivered under the Plan will be subject to such share-transfer orders and other restrictions as the Board may deem advisable under the rules, regulations, and other requirements of
the Securities Act of 1933, as amended, the Exchange Act, any stock exchange upon which the Shares are then listed, and any other applicable Federal or state securities laws, and the Board may cause a legend or legends to be put on any such
certificates to make appropriate reference to such restrictions. 

  
 - 10 - 

 b. Nothing contained in the Plan will prevent the Board from adopting other or additional
compensation arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases. 

c. The adoption of the Plan will not confer upon any employee of the Company or a Subsidiary any right to continued employment with the Company
or such Subsidiary, nor will it interfere in any way with the right of the Company or such Subsidiary to terminate the employment of any of its employees at any time. 

d. No later than the date as of which an amount first becomes includible in the gross income of the Participant for Federal income tax purposes
with respect to any Award under the Plan, the Participant will pay to the Company, or make arrangements satisfactory to the Board regarding the payment of, any Federal, state or local taxes of any kind required by law to be withheld with respect to
such amount. Unless otherwise determined by the Board, the minimum required withholding obligations may be settled with Shares, including Shares that are part of the Award that gives rise to the withholding requirement. The obligations of the
Company under the Plan will be conditioned on such payment or arrangements and the Company will, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant. 

e. The Board will establish such procedures as it deems appropriate for a Participant to designate a beneficiary to whom any amounts payable in
the event of the Participant’s death are to be paid. 
 f. Except as may otherwise be specifically determined by the Board with respect
to a particular Award, no Award will be transferable by the Participant otherwise than by will or by the laws of descent and distribution, and all Awards will be exercisable, during the Participant’s lifetime, only by the Participant or, in the
event of his Disability, by his personal representative. 
 SECTION 11. Effective Date of Plan. This Plan will become
effective on the date that it is approved by a majority of the votes cast at a duly held shareholder meeting at which a quorum representing a majority of Company’s outstanding voting shares is present, either in person or by proxy. 

SECTION 12. Term of Plan. This Plan will continue in effect until terminated in accordance with Section 8;
provided, however, that no Incentive Stock Option will be granted hereunder on or after the tenth (10th) anniversary of the date of shareholder approval of the Plan; but provided further, that Incentive Stock Options granted prior
to such tenth anniversary may extend beyond that date. 

  
 - 11 - 

 SECTION 13. Invalid Provisions. In the event that any provision of this Plan
is found to be invalid or otherwise unenforceable under any applicable law, such invalidity or unenforceability will not be construed as rendering any other provisions contained herein as invalid or unenforceable, and all such other provisions will
be given full force and effect to the same extent as though the invalid or unenforceable provision was not contained herein. 
 SECTION
14. Governing Law. This Plan and all Awards granted hereunder will be governed by and construed in accordance with the laws and judicial decisions of the State of Delaware, without regard to the application of the principles of
conflicts of laws. 
 SECTION 15. Board Action. Notwithstanding anything to the contrary set forth in this Plan, any
and all actions of the Board or Committee, as the case may be, taken under or in connection with this Plan and any agreements, instruments, documents, certificates or other writings entered into, executed, granted, issued and/or delivered pursuant
to the terms hereof, will be subject to and limited by any and all votes, consents, approvals, waivers or other actions of all or certain stockholders of the Company or other persons required by: 

a. the Company’s governing documents (as the same may be amended and/or restated from time to time); and 

b. any other agreement, instrument, document or writing now or hereafter existing, between or among the Company and its stockholders or other
persons (as the same may be amended from time to time). 
 SECTION 16. Notices. Any notice to be given to the Company
pursuant to the provisions of the Plan shall be addressed to the Company in care of its Secretary (or such other person as the Company may designate from time to time) at its principal executive office, and any notice to be given to a Participant
shall be delivered personally or addressed to him or her at the address given beneath his or her signature on his or her Award Agreement, or at such other address as such Participant may hereafter designate in writing to the Company. Any such notice
shall be deemed duly given on the date and at the time delivered via personal, courier or recognized overnight delivery service or, if sent via telecopier, on the date and at the time telecopied with confirmation of delivery or, if mailed, on the
date five (5) days after the date of the mailing (which shall be by regular, registered or certified mail). Delivery of a notice by telecopy (with confirmation) shall be permitted and shall be considered delivery of a notice notwithstanding
that it is not an original that is received. 
 SECTION 17. Dissolution or Liquidation of the Company. Upon the
dissolution or liquidation of the Company, all Options granted under this Plan which as of such date shall not have been exercised will terminate and become null and void; provided, however, that if the rights of a Participant or a
Participant’s Survivors have not otherwise terminated and expired, the Participant or the Participant’s Survivors will have the right immediately prior to such dissolution or liquidation to exercise any Option to the extent that the Option
is exercisable as of the date immediately prior to such dissolution or liquidation. 

  
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 SECTION 18. Issuances of Securities. Except as expressly provided herein, no
issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares subject to Options.
Except as expressly provided herein, no adjustments shall be made for dividends paid in cash or in property (including without limitation, securities) of the Company. 

SECTION 19. Fractional Shares. No fractional shares shall be issued under the Plan and the person exercising such right shall
receive from the Company cash in lieu of such fractional shares equal to the Fair Market Value thereof. 
 SECTION 20.
Conversion of Incentive Stock Options into Non-Qualified Stock Options; Termination of Incentive Stock Options. The Board, at the written request of any Participant, may in its discretion take such actions as may be necessary to
convert such Participant’s Incentive Stock Options (or any portions thereof) that have not been exercised on the date of conversion into Non-Qualified Stock Options at any time prior to the expiration of
such Incentive Stock Options, regardless of whether the Participant is an employee of the Company or an Affiliate at the time of such conversion. Such actions may include, but not be limited to, extending the exercise period or reducing the exercise
price of the appropriate installments of such Options. At the time of such conversion, the Board (with the consent of the Participant) may impose such conditions on the exercise of the resulting Non-Qualified
Stock Options as the Board in its discretion may determine, provided that such conditions shall not be inconsistent with this Plan. Nothing in the Plan shall be deemed to give any Participant the right to have such Participant’s Incentive Stock
Options converted into Non-Qualified Stock Options, and no such conversion shall occur until and unless the Board takes appropriate action. The Board, with the consent of the Participant, may also terminate
any portion of any Incentive Stock Option that has not been exercised at the time of such conversion. 
 SECTION 21. Notice to
Company of Disqualifying Disposition. Each Participant who receives an Incentive Stock Option must agree to notify the Company in writing immediately after the Key Employee makes a “Disqualifying Disposition” of any Shares acquired
pursuant to the exercise of an Incentive Stock Option. A “Disqualifying Disposition” is any disposition (including any sale) of such shares before the later of (a) two years after the date the Participant was granted the Incentive
Stock Option, or (b) one year after the date Participant acquired Shares by exercising the Incentive Stock Option. If the Participant has died before such stock is sold, these holding period requirements do not apply and no Disqualifying
Disposition can occur thereafter. 

  
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