Item 1.01 Entry into a Material Definitive Agreement.

On September 25, 2020, Aspen Aerogels, Inc. (the "Company") amended its Amended and Restated Loan and Security Agreement with Silicon Valley Bank ("SVB"), dated as of September 3, 2014, as amended, (the "Loan Agreement"). Pursuant to that certain Eleventh Amendment to Amended and Restated Loan and Security Agreement by and between the Company and SVB (the "Amendment"), the Loan Agreement has been amended to revise, among other things, the definition of "Borrowing Base" to accommodate certain foreign receivables, to revise the financial covenant and to introduce a floor rate of 4% for the interest rates applicable to Company's borrowings.

The summary of the Amendment is qualified in its entirety by reference to the full text of the Amendment, copies of which will be attached as an exhibit to the Company's Quarterly Report on Form 10-Q for the third fiscal quarter ending September 30, 2020.

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