[Form 3] ASPEN AEROGELS INC Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Aspen Aerogels reporting person Grant Thoele filed an initial Form 3 disclosing his beneficial ownership in ASPN. He directly holds 4,608 shares of common stock and holds multiple stock option grants exercisable between 11/02/2031 and 03/05/2035 covering a total of several thousand shares at exercise prices from $7.84 to $52.60. He also holds 12,755 performance share units that vest after a performance period ending 12/31/2027 and pay out based on relative total shareholder return versus the Russell 2000.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Thoele Grant Douglas

(Last) (First) (Middle)

30 FORBES ROAD, BUILDING B

(Street)

NORTHBOROUGH MA 01532

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
10/01/2025

3. Issuer Name and Ticker or Trading Symbol
ASPEN AEROGELS INC [ ASPN ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO & Treasurer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	4,608	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to Buy)	(1)	11/02/2031	Common Stock	1,001	$52.6	D
Stock Options (Right to Buy)	(2)	02/23/2032	Common Stock	1,327	$26.29	D
Stock Options (Right to Buy)	(2)	02/23/2032	Common Stock	2,987	$26.29	D
Stock Options (Right to Buy)	(3)	03/08/2033	Common Stock	7,768	$9.88	D
Stock Options (Right to Buy)	(4)	03/05/2034	Common Stock	5,371	$16.34	D
Stock Options (Right to Buy)	(5)	03/05/2035	Common Stock	8,990	$7.84	D
Performance Share Units	03/05/2028(6)	(6)	Common Stock	12,755	(6)	D

Explanation of Responses:

1. These options to purchase shares of our common stock were granted on November 2, 2021 and vested as to one-third of the shares on each anniversary of the grant date until November 2, 2024.

2. These options to purchase shares of our common stock were granted on February 23, 2022 and vested as to one-third of the shares on each anniversary of the grant date until February 23, 2025.

3. These options to purchase shares of our common stock were granted on March 8, 2023 and vested as to one-third of the shares on each anniversary of the grant date until March 8, 2026.

4. These options to purchase shares of our common stock were granted on March 5, 2024 and vested as to one-third of the shares on each anniversary of the grant date until March 5, 2027.

5. These options to purchase shares of our common stock were granted on March 5, 2025 and vested as to one-third of the shares on each anniversary of the grant date until March 5, 2028.

6. Each performance share unit ("PSU") represents a contingent right to receive one share of Common Stock upon vesting. The PSUs vest on March 5, 2028, following the completion of the performance period, which begins on January 1, 2025 and ends on December 31, 2027. Ranging between 0-200% of the target number of PSUs (as reflected in Table II above), the PSUs vest based on the total shareholder return of Common Stock relative to the total stockholder return of the components of the Russell 2000 Index.

Remarks:

Exhibit 24.1 - Power of Attorney

	/s/ Glenn Deegan, Attorney-in-Fact	10/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Form 3 filed for Aspen Aerogels (ASPN) disclose?

The Form 3 discloses that reporting person Grant Thoele directly owns 4,608 shares, holds multiple stock options exercisable from 11/02/2031 through 03/05/2035, and 12,755 performance share units.

What are the exercise prices and ranges for the stock options reported on ASPN Form 3?

The disclosed stock options have exercise prices ranging from $7.84 to $52.60.

When do the reported performance share units (PSUs) vest for ASPN?

The PSUs vest on 03/05/2028 after a performance period that begins on 01/01/2025 and ends on 12/31/2027.

How many shares do the PSUs represent and how is vesting determined?

The Form states 12,755 PSUs, each representing one contingent share, vest at 0-200% of target depending on total shareholder return versus the Russell 2000 components.

Who signed the Form 3 filing for Grant Thoele and when was it filed?

The Form 3 is signed by an attorney-in-fact, Glenn Deegan, and dated 10/02/2025; the event date on the form is 10/01/2025.