[Form 4] ASPEN AEROGELS INC Insider Trading Activity

Rhea-AI Filing Summary

Glenn E. Deegan, Chief Administrative Officer, General Counsel and Corporate Secretary of Aspen Aerogels, Inc. (ASPN), reported equity awards granted on 09/30/2025. The filing shows 11,673 RSUs, 16,416 stock options with a $6.96 exercise price and a 09/30/2035 expiration, and 23,347 performance share units (PSUs). The RSUs and options each vest in three equal annual tranches on 09/30/2026, 09/30/2027 and 09/30/2028. The PSUs vest on 03/05/2028 following a performance period from 01/01/2025 to 12/31/2027, and payout ranges from 0% to 200% of target based on total shareholder return relative to the Russell 2000 components. The reported beneficial ownership counts after the transactions are 11,673 RSUs, 16,416 options, and 23,347 PSUs.

Positive

• 23,347 PSUs awarded with payout range 0%–200% tied to TSR vs Russell 2000
• 16,416 stock options with a $6.96 exercise price and 09/30/2035 expiration (long-dated)
• Time-based vesting for RSUs and options in three equal tranches through 09/30/2028

Negative

• None.

Insights

Compensation Analyst

Equity awards combine time-based and performance-based vesting to align pay with multi-year results.

The reporting shows 11,673 RSUs and 16,416 options that vest in three equal tranches on 09/30/2026, 09/30/2027 and 09/30/2028, which ties retention to a three-year period.

The 23,347 PSUs vest on 03/05/2028 after a performance period from 01/01/2025 to 12/31/2027 with payout between 0% and 200% based on total shareholder return versus the Russell 2000, explicitly linking a portion of pay to relative market performance.

Corporate Governance Specialist

The filing discloses standard executive grant mechanics and a decade-long option term.

The stock options carry an exercise price of $6.96 and expire on 09/30/2035, providing a long exercise window.

All disclosed awards are held directly by the reporting person, and the filing is executed by an attorney-in-fact, confirming procedural compliance with Section 16 reporting requirements.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

DEEGAN GLENN E.

(Last) (First) (Middle)

C/O ASPEN AEROGELS, INC.

30 FORBES ROAD, BLDG B

(Street)

NORTHBOROUGH MA 01532

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CAO, GC & Corp Secretary

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/30/2025		A		11,673(1)	A	$0	11,673(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to Buy)	$6.96	09/30/2025		A		16,416		(3)	09/30/2035	Common Stock	16,416	$0	16,416	D
Performance Share Units	(4)	09/30/2025		A		23,347		(4)	(4)	Common Stock	23,347	$0	23,347	D

Explanation of Responses:

1. Each Restricted Stock Unit ("RSU") represents the right to receive one share of Common Stock upon vesting. The RSUs vest as to one-third of the shares on September 30, 2026, an additional one-third of the shares on September 30, 2027 and the remaining one-third of the shares on September 30, 2028.

2. Represents 11,673 RSUs.

3. The options vest as to one-third of the shares on September 30, 2026, an additional one-third of the shares on September 30, 2027 and the remaining one-third of the shares on September 30, 2028.

4. 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.

	/s/ Andrew Lauzon, 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 4 (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.
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FAQ

What did Glenn E. Deegan report on Form 4 for ASPN?

The Form 4 reports grants on 09/30/2025 of 11,673 RSUs, 16,416 stock options and 23,347 PSUs.

What are the vesting terms for the RSUs and options in the ASPN filing?

The RSUs and options vest in three equal tranches on 09/30/2026, 09/30/2027 and 09/30/2028.

What is the exercise price and expiration of the options reported for ASPN?

The reported stock options have an exercise price of $6.96 and expire on 09/30/2035.

How do the PSUs reported for ASPN vest and what performance metric is used?

The 23,347 PSUs vest on 03/05/2028 after a performance period from 01/01/2025 to 12/31/2027, with payout tied to total shareholder return relative to the Russell 2000.

Are the reported holdings direct or indirect for the ASPN reporting person?

The filing indicates the holdings are reported as Direct (D) beneficial ownership.