NOGLOWS WILLIAM P 4

What Happened

• William P. Noglows, a director of Aspen Aerogels (ASPN), exercised stock options on 2026-06-23. He acquired 14,799 common shares by exercising options at $4.75 per share for a total cash cost of $70,295. The filing also records a corresponding conversion of the derivative instrument into 14,799 shares (reported as a $0 disposal entry).

Key Details

• Transaction date: 2026-06-23. Exercise price: $4.75; cash paid: $70,295 for 14,799 shares.
• Derivative conversion: 14,799 shares reported as converted from a derivative (reported at $0) — this reflects the option-to-share conversion, not a market sale.
• Shares owned after transaction: Form reports 103,786 common shares and 10,370 Restricted Stock Units (per footnote F1).
• Notable footnotes: F4 states the options were fully vested and exercisable; F2 and F3 note certain shares are held in trusts for the reporting person’s children, where he is Trustee.
• Filing timeliness: Transaction dated 6/23; Form 4 filed 6/26 — filed after the typical 2-business-day window (appears late by one business day).

Context

• This was an exercise of vested options where shares were acquired (not immediately sold in the open market). The reporting shows a purchase-like activity (cash paid to exercise), which some investors view as a modest bullish signal; it is not a public sale. The $0 disposal line is an accounting entry converting the derivative instrument into common stock.