What changed in this filing

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Item 5. Other Information

2025-08-07 compared with 2025-05-08 · 34 added, 25 removed, 18 unchanged (77% of the section changed)

Other Information.

(a) Amendment to MidCap Loan Facility

On May 6, 2025, the Company, Aspen RI, Aspen Mexico and Aspen Aerogels Georgia, LLC, a Georgia limited liability company (“Aspen Georgia”) entered into that certain Amendment No.

1 and Joinder to Credit, Security and Guaranty Agreement (“Amendment No.

1”), by and among us, Aspen RI, Aspen Mexico, Aspen Georgia, MidCap Funding IV Trust, as Agent, MidCap Financial Trust, as term loan servicer, and the Lenders party thereto, amending the MidCap Loan Facility (the MidCap Loan Facility, as amended by Amendment No.

1, the “Amended MidCap Loan Facility”).

As a result of Amendment No.

1, the applicable margin under the MidCap Loan Facility has been amended such that upon the effectiveness of Amendment No.

1, (a) (i) Loans borrowed under the Term Loan Facility will bear interest rate equal to Term SOFR (as defined in the Amended MidCap Loan Facility) for one-month interest period plus 5.00% per year, subject to a Term SOFR floor of 4.50% and a Term SOFR cap of 7.50% and (ii) Loans borrowed under the Revolving Facility will bear interest rate equal to Term SOFR for one-month interest period plus 5.10% per year, subject to a Term SOFR floor of 2.50%, in each case of (i) and (ii), until the first Pricing Date (as defined in Amended MidCap Loan Facility as the date five business days after the delivery of a compliance certificate to the Agent for the most recently ended fiscal quarter) after December 31, 2025 and (b) on such first Pricing Date and as thereafter adjusted on each Pricing Date (i) Loans borrowed under the Term Loan Facility will bear interest equal to Term SOFR for one-month interest period plus a margin equal to (x) if the recently reported EBITDA (as defined in the Amended MidCap Loan Facility) is equal to or above $50 million, 4.50% or (y) if the recently reported EBITDA is below $50 million, 5.00%, in each case of (x) and (y), subject to a Term SOFR floor of 4.50% and a Term SOFR cap of 7.50%, and (ii) Loans borrowed under the Revolving Facility will bear interest equal to Term SOFR for one-month interest period plus a margin equal to (x) if the recently reported EBITDA is equal to or above $50 million, 4.60% or (y) if the recently reported EBITDA is below $50 million, 5.10%, in each case of (x) and (y), subject to a Term SOFR floor of 2.50%.

The schedule for amortization of principal of the Term Loan Facility (which remains payable on the last day of each fiscal quarter with remaining principal amount payable on the maturity date) has also been updated with new amounts as set forth in the Amended MidCap Loan Facility.

Pursuant to Amendment No.

1, the financial covenants under the MidCap Loan Facility have been amended such that (a) the minimum Liquidity (as defined in the Amended MidCap Loan Facility) which must be maintained at all times has changed from $75 million to an amount equal to the greater of (i) $50 million and (ii) 85% of the then aggregate outstanding principal amount of the Term Loan Facility and (b) the minimum EBITDA level to be tested quarterly has changed to reflect a new range from $15 million to $50 million, with the next test set at $15 million with respect to the fiscal quarter ended June 30, 2025 and a $50 million level applicable commencing with the fiscal quarter ended December 31, 2027 and thereafter.

The Liquidity amount trigger of a cash dominion event has also been reduced from $100 million to an amount equal to the greater of (i) $50 million and (ii) 85% of the then aggregate outstanding principal amount of the Term Loan Facility.

Under Amendment No.

1, Aspen Georgia has become a borrower under the Amended MidCap Loan Facility and has (a) guaranteed the obligations of the Credit Parties (as defined in the Amended MidCap Loan Facility) and (b) granted Agent for the benefits of the Lenders a lien on substantially all of its existing and after-acquired assets, in each case, subject to customary exceptions.

The foregoing description of Amendment No.

1 does not purport to be complete and is qualified in its entirety by reference to the full text of Amendment No.

1, a copy of which is filed as an exhibit to this Quarterly Report on Form 10-Q and incorporated by reference herein.

Departure of Executive Officer

On May 6, 2025, we and Virginia H.

Johnson, our Chief Legal Officer, General Counsel and Corporate Secretary, determined that Ms.

Johnson will depart the Company, effective as of May 23, 2025, to pursue other opportunities outside of the Company.

Johnson’s departure is not related to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

(a) Departure of Executive Officers and CFO Transition

On August 4, 2025, we and Ricardo C.

Rodriguez, our Chief Financial Officer and Treasurer, determined that Mr.

Rodriguez will depart the Company, effective as of October 1, 2025, to pursue other opportunities outside of the Company.

Rodriguez’s departure is not related to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

We would like to thank Mr.

Rodriguez for his contributions to the Company during a critical period of growth.

Effective October 1, 2025, we are promoting Grant Thoele, our current Chief of Staff to the CEO and Vice President of Corporate Strategy and Finance, to the position of Chief Financial Officer and Treasurer.

Thoele joined Aspen in August 2021 and has been crucial to the Company’s FP&A, Commercial Finance, and Corporate Strategy functions.

Thoele brings extensive experience across strategic planning, process improvement, cost optimization, and corporate development activities.

Prior to joining Aspen, Mr.

Thoele was a Vice President at Providence Equity Partners, a global private equity firm specializing in strategic growth investments from April 2017 to August 2021.

Thoele began his career in public accounting at KPMG, LLP in January 2011.

Thoele received his Bachelor of Business Administration and Master of Science in Accounting from Texas Tech University.

There are no transactions to which we are a party and in which Mr.

Thoele has a material interest that are required to be disclosed under Item 404(a) of Regulation S-K.

Except as discussed above, Mr.

Thoele has not previously held any positions with us, and Mr.

Thoele has no family relationship with any of our directors or executive officers.

On August 4, 2025, we and Stephanie Pittman, our Chief Human Resources Officer and Corporate Secretary, determined that Ms.

Pittman will depart the Company, effective as of October 1, 2025, to pursue other opportunities outside of the Company.

Pittman’s departure is not related to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

We would like to thank Ms.

Pittman for her valuable contributions to the Company.

We are conducting an external search for a Chief Administrative Officer position, which role is expected to lead the legal, compliance and human resources functions at the Company.

None of our directors or executive officers adopted , modified or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” as such term is defined in Item 408(a) of Regulation S-K, during the fiscal quarter ended March 31, 2025 .

Form of Performance Share Unit Agreement (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on 8-K, filed with the SEC on March 7, 2025).

During the fiscal quarter ended June 30, 2025, the following directors and executive officers adopted a “rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K of the Exchange Act).

• On June 3, 2025 , Ricardo C.

Rodriguez , Chief Financial Officer and Treasurer of the Company, adopted a Rule 10b5-1 Sales Plan (the "Plan").

Sales under the Plan may commence on September 2, 2025, after the completion of the required cooling off period under Rule 10b5-1.

The Plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) and provides for the sale of up to an aggregate of 25,353 shares of our common stock, plus the net number of shares of our common stock underlying certain restricted stock unit (“RSU”) awards, until September 30, 2026 (or earlier if all shares under the Plan have been sold).

The number of shares to be sold pursuant to the Rule 10b5-1 trading arrangement is indeterminable with respect to the RSU awards, as such number is subject to the number of shares that will be automatically sold to satisfy applicable tax withholding obligations upon vesting of the RSU awards, which will vary based on the market price of our common stock at the time of vesting.

Except as disclosed above, none of our directors or executive officers adopted , modified or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” as such term is defined in Item 408(a) of Regulation S-K, during the fiscal quarter ended June 30, 2025 .

Amendment No.

6 unchanged sentences

Cover Page Interactive Data File (embedded within the Inline XBRL document).

Management contract of compensatory plan or arrangement.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ASPEN AEROGELS, INC.

August 7, 2025

/s/ Donald R.

1 unchanged sentence

(principal executive officer)

August 7, 2025

/s/ Ricardo C.

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 5. Other Information