Pay vs Performance Disclosure, Table


												Value of Initial Fixed $100 Investment Based On:
Year	Summary Compensation Table Total for Don Young		Compensation Actually Paid to Don Young(1)(2)			Average Summary Compensation Total for Other Named Executives(3)		Average Compensation Actually Paid to Other Named Executive Officers(1)(3)			ASPN Cumulative Total Shareholder Return (“TSR”)				S&P 1500 Specialty Chemicals Index Cumulative TSR(4)			Net Income ($ thousands)			Adjusted EBITDA ($ thousands)(5)
2025	$	2,685,085	$	(1,443,263	)	$	1,501,587	$	(777,515	)	$		(83	)	$	1		$	(389,552	)	$	2,938
2024	$	3,099,951	$	1,189,816		$	1,515,482	$	554,065		$		(29	)	$	2		$	13,375		$	89,916
2023	$	3,626,031	$	7,802,535		$	1,791,263	$	3,414,594		$		(5	)	$	5		$	(45,811	)	$	(22,931	)
2022	$	2,378,906	$	(20,840,392	)	$	1,406,497	$	(606,470	)	$		(29	)	$	(7	)	$	(82,738	)	$	(60,638	)
2021	$	8,367,611	$	30,297,488		$	790,094	$	4,252,939		$		198		$	26		$	(37,094	)	$	(25,938	)

(1)

For each year, “Compensation Actually Paid” reflects the Summary Compensation Total (“SCT”) for the relevant named executive officer(s) less the values included in the “Stock Awards” and “Option Awards” columns and adding to this:

•

The fair value at the end of the year of equity compensation granted during the year;

•

The change in fair value as of the vesting date, measured from the prior year-end, of any equity awards granted in prior years that vested during the year (whether positive or negative); and

•

The change in fair value at year-end, measured from the prior year-end, of any equity awards granted in prior years that remained unvested as of the end of the year (whether positive or negative)

As a result, “Compensation Actually Paid” does not reflect the value that was or may actually be realized by the named executive officers.

In calculating the year-over-year change in the value of unvested option awards as well as the change in value to mid-year vesting dates, the options’ Black-Scholes values were calculated at each measurement date using the following inputs:

•

Fair value: based on the closing share price on the measurement date.

•

Expected life: for in-the-money options, the time elapsed since the grant date was deducted from the original expected life assumption. For out-of-the-money options, the expected life was adjusted upward in proportion to the degree to which the options were out-of-the-money relative to their exercise price.

•

Stock price volatility: based on historical volatility for a trailing term to match the updated expected life assumption as of each measurement date.

•

Risk-free rate: based on an interpolated rate for a U.S. Treasury security with a term to match the updated expected life assumption as of each measurement date.

•

Dividend yield: based on the most recent quarterly dividend, annualized, as of each measurement date. The Company does not intend to pay cash dividends on our common stock in the foreseeable future, nor have we paid dividends on our common stock in the past.

(2)

The amounts deducted and added in calculating the “Compensation Actually Paid” for Mr. Young for the most recently completed fiscal year are as follows:


	2025
Reported SCT Total Compensation		2,685,085
Equity Award Values Reported in the SCT		(2,095,720	)
Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year		485,403
Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years		(2,148,548	)
Vesting Date Fair Value of Awards that are Granted and Vest in the Same Year	-
Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year		(369,482	)
Fair Value of Equity Compensation Forfeited in Current Fiscal Year Determined at End of Prior Fiscal Year	-
Dollar Value of Dividends or Other Earnings Paid on Equity Awards in the Fiscal Year that are not otherwise Included in Total Compensation for the Year		-
Pension Values Reported in the SCT		-
Pension Service Cost Attributable to Year		-
Compensation Actually Paid		(1,443,263	)

(3)

The other named executive officers included for each respective fiscal year are as follows:


Fiscal Year	Other Named Executive Officers
2025	Grant D. Thoele, Corby C. Whitaker, Gregg R. Landes, Glenn E. Deegan, Ricardo C. Rodriguez, Virginia H. Johnson and Keith L. Schilling
2024	Ricardo C. Rodriguez, Virginia H. Johnson, Corby C. Whitaker, Gregg R. Landes and Stephanie Pittman
2023	Ricardo C. Rodriguez, Virginia H. Johnson, Corby C. Whitaker and Gregg R. Landes
2022	Ricardo C. Rodriguez, John F. Fairbanks, Corby C. Whitaker, Gregg R. Landes and Keith L. Schilling
2021	John F. Fairbanks, Corby C. Whitaker, Gregg R. Landes and Kelley Conte

The amounts deducted and added in calculating the average “Compensation Actually Paid” for these named executive officers for the most recently completed fiscal year are as follows:


	2025
Average Reported SCT Total Compensation		1,501,587
Average Equity Award Values Reported in the SCT		(914,203	)
Average Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year		141,046
Average Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years		(502,959	)
Average Vesting Date Fair Value of Awards that are Granted and Vest in the Same Year		101,388
Average Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year		(246,383	)
Average Fair Value of Equity Compensation Forfeited in Current Fiscal Year Determined at End of Prior Fiscal Year		(857,991	)
Average Dollar Value of Dividends or Other Earnings Paid on Equity Awards in the Fiscal Year that are not Otherwise Included in Total Compensation for the Year		-
Average Pension Values Reported in the SCT		-
Average Pension Service Cost Attributable to Year		-
Average Compensation Actually Paid		(777,515	)

(4)

As permitted by SEC rules, we have used the S&P 1500 Specialty Chemicals Index as our peer group for purposes of disclosure of cumulative TSR. For the Company and the S&P 1500 Specialty Chemicals Index, the TSR amount reported for each year reflects the cumulative investment return of an initial investment of $100 on December 31, 2020, assuming reinvestment of dividends.

(5)

Adjusted EBITDA is net income (loss) before interest expense, taxes, depreciation, amortization, stock-based compensation expense and other items, from time to time, which we do not believe are indicative of our core operating performance, which items are discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Form 10-K for the applicable fiscal year.

Company Selected Measure Name

AdjustedEBITDA

Named Executive Officers, Footnote

(3)

The other named executive officers included for each respective fiscal year are as follows:


Fiscal Year	Other Named Executive Officers
2025	Grant D. Thoele, Corby C. Whitaker, Gregg R. Landes, Glenn E. Deegan, Ricardo C. Rodriguez, Virginia H. Johnson and Keith L. Schilling
2024	Ricardo C. Rodriguez, Virginia H. Johnson, Corby C. Whitaker, Gregg R. Landes and Stephanie Pittman
2023	Ricardo C. Rodriguez, Virginia H. Johnson, Corby C. Whitaker and Gregg R. Landes
2022	Ricardo C. Rodriguez, John F. Fairbanks, Corby C. Whitaker, Gregg R. Landes and Keith L. Schilling
2021	John F. Fairbanks, Corby C. Whitaker, Gregg R. Landes and Kelley Conte

PEO Total Compensation Amount

$ 2,685,085

$ 3,099,951

$ 3,626,031

$ 2,378,906

$ 8,367,611

PEO Actually Paid Compensation Amount

$ (1,443,263)

1,189,816

7,802,535

(20,840,392)

30,297,488

Adjustment To PEO Compensation, Footnote

(2)

The amounts deducted and added in calculating the “Compensation Actually Paid” for Mr. Young for the most recently completed fiscal year are as follows:


	2025
Reported SCT Total Compensation		2,685,085
Equity Award Values Reported in the SCT		(2,095,720	)
Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year		485,403
Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years		(2,148,548	)
Vesting Date Fair Value of Awards that are Granted and Vest in the Same Year	-
Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year		(369,482	)
Fair Value of Equity Compensation Forfeited in Current Fiscal Year Determined at End of Prior Fiscal Year	-
Dollar Value of Dividends or Other Earnings Paid on Equity Awards in the Fiscal Year that are not otherwise Included in Total Compensation for the Year		-
Pension Values Reported in the SCT		-
Pension Service Cost Attributable to Year		-
Compensation Actually Paid		(1,443,263	)

Non-PEO NEO Average Total Compensation Amount

$ 1,501,587

1,515,482

1,791,263

1,406,497

790,094

Non-PEO NEO Average Compensation Actually Paid Amount

$ (777,515)

554,065

3,414,594

(606,470)

4,252,939

Adjustment to Non-PEO NEO Compensation Footnote

(3)

The other named executive officers included for each respective fiscal year are as follows:


Fiscal Year	Other Named Executive Officers
2025	Grant D. Thoele, Corby C. Whitaker, Gregg R. Landes, Glenn E. Deegan, Ricardo C. Rodriguez, Virginia H. Johnson and Keith L. Schilling
2024	Ricardo C. Rodriguez, Virginia H. Johnson, Corby C. Whitaker, Gregg R. Landes and Stephanie Pittman
2023	Ricardo C. Rodriguez, Virginia H. Johnson, Corby C. Whitaker and Gregg R. Landes
2022	Ricardo C. Rodriguez, John F. Fairbanks, Corby C. Whitaker, Gregg R. Landes and Keith L. Schilling
2021	John F. Fairbanks, Corby C. Whitaker, Gregg R. Landes and Kelley Conte

The amounts deducted and added in calculating the average “Compensation Actually Paid” for these named executive officers for the most recently completed fiscal year are as follows:


	2025
Average Reported SCT Total Compensation		1,501,587
Average Equity Award Values Reported in the SCT		(914,203	)
Average Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year		141,046
Average Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years		(502,959	)
Average Vesting Date Fair Value of Awards that are Granted and Vest in the Same Year		101,388
Average Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year		(246,383	)
Average Fair Value of Equity Compensation Forfeited in Current Fiscal Year Determined at End of Prior Fiscal Year		(857,991	)
Average Dollar Value of Dividends or Other Earnings Paid on Equity Awards in the Fiscal Year that are not Otherwise Included in Total Compensation for the Year		-
Average Pension Values Reported in the SCT		-
Average Pension Service Cost Attributable to Year		-
Average Compensation Actually Paid		(777,515	)

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Tabular List, Table


Performance Measure		Description; Link to Company Performance
Adjusted EBITDA		Various measures of EBITDA are widely used by investors to measure a company’s operating performance without regard to items that can vary substantially from company to company depending upon financing and accounting methods, book values of assets, capital structures and the methods by which assets were acquired.

Revenue		In addition to Adjusted EBITDA, revenue is a key driver that investors use in the evaluation of our Company’s performance. It is frequently compared to Company projections and examined in relation to annual guidance in order to determine how well the Company is performing relative to expectations.

Relative TSR		The vesting of PSUs granted to our named executive officers during the 2025 fiscal year will be determined based on the Company’s TSR performance relative to the other constituents of the Russell 2000 Index over a three-year performance period.

Total Shareholder Return Amount

$ (83)

(29)

(5)

(29)

198

Peer Group Total Shareholder Return Amount

(7)

Net Income (Loss)

$ (389,552,000)

$ 13,375,000

$ (45,811,000)

$ (82,738,000)

$ (37,094,000)

Company Selected Measure Amount

2,938

89,916

(22,931)

(60,638)

(25,938)

PEO Name

Mr. Young

Measure:: 1

Non-GAAP Measure Description

Adjusted EBITDA

(5)

Measure:: 2

Revenue

Measure:: 3

Non-GAAP Measure Description

Relative TSR

(4)

PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table

PEO | Pension Adjustments Service Cost

$ 0

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

485,403

PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

(2,148,548)

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

(369,482)

PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

PEO | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member]

Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table

(2,095,720)

Non-PEO NEO | Pension Adjustments Service Cost

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

(914,203)

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

141,046

Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

(502,959)

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

101,388

Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

(246,383)

Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

(857,991)

Award Timing Disclosures [Line Items]

$ 0

Award Timing Disclosure

12 Months Ended

Dec. 31, 2025

Mar. 05, 2025

USD ($)

$ / shares

Rate

Award Timing MNPI Disclosure

Policies and Practices Related to the Grant of Equity Awards

The Company does not schedule the grant of stock options or other equity awards in anticipation of the release of material nonpublic information, nor does the Company time the release of material nonpublic information based on the timing of grants of stock options or other equity awards.

On May 30, 2024, the Board adopted an Equity Grant Policy, to formalize our policies and procedures with respect to the granting of equity compensation awards. The Equity Grant Policy establishes the following general guidelines for the grant of equity compensation awards: (i) equity awards generally will not be granted when the Company is in possession of material nonpublic information; (ii) equity awards generally will not be granted during the period commencing four business days before a periodic or current report filed with the Securities and Exchange Commission that discloses material nonpublic information and ending one business day after the filing or furnishing of such report; (iii) the Company will not purposely accelerate or delay the public release of material nonpublic information, or the grant date of any equity award, with the intention of allowing the grantee of an equity award to benefit from a more favorable stock price; and (iv) in no event will the grant date of any equity award be prior to the date of approval of the award. Further, pursuant to the Equity Grant Policy:

•

Annual grants of equity awards to the Chief Executive Officer generally will be approved by the Board at its meeting held in or around March of each year, and unless otherwise determined by the Board, the grant date of each annual award to the Chief Executive Officer will be the date of approval of the award by the Board;

•

Annual grants of equity awards to other officers and employees of the Company generally will be approved by the Committee at its meeting held in or around March of each year, and unless otherwise determined by the Committee, the grant date of each such award will be the later of (i) the date of approval of the award by the Committee, or (ii) the grant date of the annual equity award to the Chief Executive Officer for that year, as approved by the Board;

•

Annual grants of equity awards to non-employee directors shall be approved by the Board in accordance with the Company’s Non-Employee Director Compensation Policy.

•

Grants of equity awards in connection with new hires or promotions of employees or consultants or bonus awards generally will be approved on a regularly monthly basis (and may be approved by the Chief Executive Officer where permitted pursuant to delegated authority), and the grant date of such awards generally will be the last trading day of the month in which the award is approved; and

•

Any other special or discretionary equity awards will be approved as of such date as determined by the Compensation Committee or the Board, in accordance with the general principles of the Equity Grant Policy.

Consistent with our Equity Grant Policy, as part of our regular long-term incentive grant cycle for the 2025 fiscal year, the Board and the Compensation Committee granted equity awards (including stock options) effective on the date of the March 5, 2025 Board meeting, to our named executive officers who were serving at the time. That date fell within the period beginning four business days before and ending one business day after the filing or furnishing of a current report on Form 8-K that disclosed material nonpublic information (other than a current report on Form 8-K disclosing a material new stock option award under Item 5.02(e) of such Form 8-K), as a Form 8-K was filed on March 6, 2025 to disclose the retirement of Ms. Blalock and Mr. Noetzel from the Board effective immediately after the 2025 annual meeting of stockholders. Accordingly, pursuant to SEC Rules, we are providing the following information relating to certain stock options granted to certain of our named executive officers during fiscal year 2025:


Name	Grant Date		Number of Securities Underlying the Award (#)		Exercise Price ($)		Grant Date Fair Value of the Award ($)		Percentage Change in the Closing Market Price of the Securities Underlying the Award Between the Trading Day Ending Immediately Prior to the Disclosure of Material Nonpublic and the Trading Day Beginning Immediately Following the Disclosure of Material Nonpublic Information(1)
Donald R. Young	3/5/2025			76,417		7.84	$	424,998		8.90	%
Grant D. Thoele	3/5/2025			8,990		7.84	$	49,998		8.90	%
Corby C. Whitaker	3/5/2025			35,961		7.84	$	199,999		8.90	%
Gregg R. Landes	3/5/2025			34,837		7.84	$	193,748		8.90	%
Glenn E. Deegan		-		-		-	$	-		-
Ricardo C. Rodriguez	3/5/2025			56,189		7.84	$	312,499		8.90	%
Virginia H. Johnson	3/5/2025			37,804		7.84	$	206,245		8.90	%
Keith L. Schilling	3/5/2025			34,837		7.84	$	193,748		8.90	%

(1)

Percentage change between March 4, 2025 closing price of $7.30 per share and March 7, 2025 closing price of $7.95 per share.

Award Timing MNPI Considered

true

Award Timing, How MNPI Considered

MNPI Disclosure Timed for Compensation Value

false

Awards Close in Time to MNPI Disclosures, Table

pursuant to SEC Rules, we are providing the following information relating to certain stock options granted to certain of our named executive officers during fiscal year 2025:


Name	Grant Date		Number of Securities Underlying the Award (#)		Exercise Price ($)		Grant Date Fair Value of the Award ($)		Percentage Change in the Closing Market Price of the Securities Underlying the Award Between the Trading Day Ending Immediately Prior to the Disclosure of Material Nonpublic and the Trading Day Beginning Immediately Following the Disclosure of Material Nonpublic Information(1)
Donald R. Young	3/5/2025			76,417		7.84	$	424,998		8.90	%
Grant D. Thoele	3/5/2025			8,990		7.84	$	49,998		8.90	%
Corby C. Whitaker	3/5/2025			35,961		7.84	$	199,999		8.90	%
Gregg R. Landes	3/5/2025			34,837		7.84	$	193,748		8.90	%
Glenn E. Deegan		-		-		-	$	-		-
Ricardo C. Rodriguez	3/5/2025			56,189		7.84	$	312,499		8.90	%
Virginia H. Johnson	3/5/2025			37,804		7.84	$	206,245		8.90	%
Keith L. Schilling	3/5/2025			34,837		7.84	$	193,748		8.90	%

(1)

Percentage change between March 4, 2025 closing price of $7.30 per share and March 7, 2025 closing price of $7.95 per share.

Donald R. Young [Member]

Donald R. Young

76,417

$ 7.84

$ 424,998

8.90%

Grant D. Thoele [Member]

Grant D. Thoele

8,990

$ 7.84

$ 49,998

Corby C. Whitaker [Member]

8.90%

Corby C. Whitaker

35,961

$ 7.84

$ 199,999

8.90%

Gregg R. Landes [Member]

Gregg R. Landes

34,837

$ 7.84

$ 193,748

8.90%

Glenn E. Deegan [Member]

Glenn E. Deegan

$ 0

$ 0

Ricardo C. Rodriguez [Member]

0.00%

Ricardo C. Rodriguez

56,189

$ 7.84

$ 312,499

Virginia H. Johnson [Member]

8.90%

Virginia H. Johnson

37,804

$ 7.84

$ 206,245

Keith L. Schilling [Member]

8.90%

Keith L. Schilling

34,837

$ 7.84

$ 193,748