Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously disclosed by Aspen Aerogels, Inc. (the "Company") in its definitive proxy statements on Schedule 14A, on December 10, 2015 (the "Grant Date"), the Company granted Donald R. Young, the Chief Executive Officer of the Company, a non-qualified stock option to purchase 370,181 shares of common stock, of which 116,279 of the shares (the "SEIG Performance Option") will vest and become exercisable on the fifth anniversary of the Grant Date provided that the 30 day volume weighted average price of the Company's common stock on the New York Stock Exchange (the "VWAP") shall be at least $8.96 for at least 60 consecutive trading days during such five-year period (the "Performance Period"). On December 10, 2020, the board of directors of the Company approved an amendment to the SEIG Performance Option to extend the Performance Period during which Mr. Young may achieve the price targets on the vesting of such option such that the Performance Period ends on December 18, 2020.

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