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
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
  
 Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
RODRIGUEZ RICARDO C.
(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)
CFO & Treasurer
3. Date of Earliest Transaction (Month/Day/Year)
03/05/2025
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 03/05/2025 F 936(1) D $7.84 19,376 D
Common Stock 03/05/2025 A 39,859(2) A $0 59,235(3) 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) $7.84 03/05/2025 A 56,189 (4) 03/05/2035 Common Stock 56,189 $0 56,189 D
Performance share Units (5) 03/05/2025 A 79,719 03/05/2028(5) (5) Common Stock 79,719 $0 79,719 D
Explanation of Responses:
1. Shares withheld by Registrant to satisfy the minimum statutory tax withholding requirements on vesting of Restricted Stock Units ("RSUs").
2. 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 March 5, 2026, an additional one-third of the shares on March 5, 2027 and the remaining one-third of the shares on March 5, 2028.
3. Represents 3,008 shares of Common Stock and 56,227 RSUs.
4. The options vest as to one-third of the shares on March 5, 2026, an additional one-third of the shares on March 5, 2027 and the remaining one-third of the shares on March 5, 2028.
5. 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/ Virginia H. Johnson, Attorney-in-Fact 03/07/2025
** 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.
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.
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