Aspen Aerogels, Inc. (NYSE:ASPN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On December 21, 2018, Aspen Aerogels, Inc., (“Company”) entered into executive agreements effective as of January 1, 2019 for a three year term, to succeed the executive agreements currently set to expire on December 31, 2018, with each of its executive officers other than the Chief Executive Officer, including the Company’s named executive officers, John F. Fairbanks, Vice President, Chief Financial Officer and Treasurer, and Corby Whitaker, Senior Vice President, Sales and Marketing.
The material terms of the executive agreements with the other named executive officers are as follows:
The annual base salary for Messrs. Fairbanks and Whitaker is set at $300,005 and $331,301, respectively, and they are each eligible to receive a performance-based cash bonus (the “Performance Bonus”) as determined by the Company’s board of directors with a performance bonus target set at 55%.
Upon termination by the Company not for cause or termination by the executive for good reason prior to a change of control, the executive is entitled to receive upon execution of a release, an amount equal to his annual base salary then in effect, his performance bonus target, a pro rata portion of the Performance Bonus based on the number of months worked in the year of termination, any accrued but unpaid Performance Bonus for the prior fiscal year, 12 months of COBRA health care insurance benefits and 6 months of outplacement service. For any such termination within 24 months from a change of control, the executive is entitled to receive an amount equal to twice the sum of his annual base salary and performance bonus target in effect at the time of termination, a pro rataportion of the Performance Bonus based on the number of months worked in the year of termination, any accrued but unpaid Performance Bonus for the prior fiscal year, twenty four months of COBRA health insurance benefits and 6 months of outplacement services.
Upon termination by the Company not for cause or termination by the executive for good reason prior to a change of control, vesting of any options or stock based awards outstanding will be accelerated by three months and any vested stock options will be exercisable for one year from the date of termination. For any such termination within 24 months from a change of control, any options or stock based award outstanding will become fully vested and exercisable as of the date of termination and subject to any permitted action by the Board of Directors upon a change of control under the Company’s applicable equity plan to terminate the stock options or other stock-based awards upon a change of control, any such vested stock option shall be exercisable for not less than one year from the date of termination.
Item 9.01 Financial Statements and Exhibits
ASPEN AEROGELS INC Exhibit
EX-10.1 2 aspn-ex101_6.htm EX-10.1 aspn-ex101_6.htm Exhibit 10.1 EXECUTIVE AGREEMENT This Executive Agreement (this “Agreement”) is dated as of [*],…
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About Aspen Aerogels, Inc. (NYSE:ASPN)
Aspen Aerogels, Inc. is an energy technology company that designs, develops and manufactures aerogel insulation used primarily in energy infrastructure facilities. The Company also performs contract research services for various federal and non-federal government agencies, including the Department of Defense, the Department of Energy and other institutions. Its product lines include Pyrogel and Cryogel. The Company provides Pyrogel XT/XT-E that reduces the risk of corrosion under insulation in high temperature operating systems; Pyrogel XTF, which provides protection against fire; Cryogel Z, which is designed for sub-ambient and cryogenic applications in the energy infrastructure market, and Spaceloft Subsea, which is used in pipe-in-pipe applications in offshore oil production. It also offers Spaceloft for use in building and construction market, and Cryogel X201, which is used in cold system designs consisting of refrigerated appliances, cold storage equipment and aerospace systems.