Form Type: 4

SEC EDGAR Link
Accession Number:0001209191-22-034710
Date:2022-06-02
Issuer: ASPEN AEROGELS INC (ASPN)
Original Submission Date:

Reporting Person:

JOHNSON VIRGINIA
30 FORBES ROAD
BUILDING B NORTHBOROUGH, MA 01532

Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
Title of SecurityTransaction Date2a. Deemed Execution Date Transaction CodeSharesAcquired or DisposedPrice per share 5. Amount of Securities Beneficially Owned Following Reported Transaction 6. Ownership Form Direct or IndirectNature of Indirect Ownership
COMMON STOCK 2022-06-02 A 5,955 a $18.89 5,955 direct
COMMON STOCK 2022-06-02 A 53,590 a $0.00 59,545 direct
Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, convertible securities
Title of Derivative Security Conversion or Exercise Price of Derivative Security Transaction Date Deemed Execution Date Transaction Code Number of Derivative Securities Acquired (A) or Disposed of (D) Date ExercisableExpiration Date Title and Amount of Securities Underlying Derivative Security Price of Derivative Security Number of derivative Securities Beneficially Owned Following Reported Transaction(s) Ownership Form: Direct (D) or Indirect (I) Nature of Indirect Beneficial Ownership
STOCK OPTION (RIGHT-TO-BUY) 18.89 2022-06-02 deemed execution date A 29,927 (a) 2032-06-02 common stock 29,927 $18.89 29,927 direct
Footnotes
IDfootnote
f1 each restricted stock unit ("rsu") represent the right to receive one share of common stock upon vesting. the rsus vest as to one-third of the shares on june 2, 2023, and additional one-third of the shares on june 2, 2024 and the remaining shares on june 2, 2025.
f2 the reporting person was granted restricted shares of common stock (the "award") pursuant to a performance-based restricted stock agreement by and between aspen aerogels, inc. and the reporting person subject to the 2014 employee, director and consultant equity incentive plan. in order for a tranche of this award to vest, both time and performance vesting conditions must be satisfied. for the time vesting condition, a tranche will vest at the later of (i) three years from the grant date or (ii) one year from the date when an applicable performance hurdle is achieved, subject to a maximum five-year vesting period for shares with respect to which the performance hurdle has been achieved. with respect to the performance vesting condition, there are three tranches with different share price hurdles and a five-year total performance period. if a share price hurdle is not met after five years, the applicable tranche is forfeited.
f3 (cont.) the share price hurdle is met by reference to a 30-day volume weighted average price (vwap) that is maintained for 60 days (the "share price hurdle"). the first tranche consists of 34% of the restricted shares of common stock granted under the award, with the share price hurdle equal to $43.33.the second tranche consists of 33% of the restricted shares of common stock granted under the award, with the share price hurdle equal to $64.99. the third tranche consists of 33% of the restricted shares of common stock granted under the award, with the share price hurdle equal to $86.65
f4 represents 5,955 restricted stock units and 53,590 shares of restricted common stock.
f5 these options vest as to one-third of the shares on june 2, 2023, and additional one-third of the shares on june 2, 2024 and the remaining one-third of the shares on june 2, 2025.

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