Form 4: Aspen Aerogels' Chief Legal Officer Virginia Johnson Departs, Shares Withheld for Tax
Insider Transaction Report
Aspen Aerogels' Chief Legal Officer, General Counsel, and Secretary, Virginia Johnson, terminated her employment on May 23, 2025, leading to accelerated RSU vesting and shares withheld for tax obligations.
Summary
- Virginia Johnson, the Chief Legal Officer, General Counsel, and Secretary of Aspen Aerogels, Inc. (ASPN), ceased her employment with the company on May 23, 2025.
- Upon her termination, the vesting of her restricted stock units (RSUs) was accelerated in accordance with the terms of her Executive Agreement.
- A total of 6,129 shares of common stock were withheld by Aspen Aerogels to satisfy the minimum statutory tax withholding requirements associated with the RSU vesting.
- The shares withheld for tax purposes were valued at $6.39 per share.
- Following this transaction, Ms. Johnson beneficially owns 44,450 shares, which comprise 24,235 shares of common stock and 20,215 RSUs.
Sentiment
Score: 4
Explanation: The sentiment is slightly negative due to the departure of a key executive. While the share transaction itself is a routine tax withholding upon RSU vesting, the underlying reason (termination of employment) is a notable event that could introduce uncertainty.
Negatives
- The departure of a key executive, the Chief Legal Officer, General Counsel, and Secretary, may lead to a temporary disruption in legal and corporate governance functions.
Risks
- Potential for disruption in legal and corporate governance operations due to the departure of a senior executive.
- Uncertainty regarding the timeline and impact of appointing a successor to the Chief Legal Officer, General Counsel, and Secretary roles.
Future Outlook
The document does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.
Management Comments
- The vesting of the restricted stock units was accelerated upon the Reporting Person's termination of employment on May 23, 2025, in accordance with the terms of the Reporting Person's Executive Agreement.
Industry Context
This Form 4 filing primarily details an individual insider transaction and executive departure, and as such, does not provide broader industry context or trends.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| CLO, GC, and Secretary | Virginia Johnson | TBD | 05/23/2025 | Termination of employment. |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Executive Departure | Virginia Johnson, who held the critical roles of Chief Legal Officer, General Counsel, and Secretary, terminated her employment with Aspen Aerogels. | 05/23/2025 | This departure necessitates the appointment of a successor to ensure continuity in legal compliance, corporate governance, and secretarial duties, potentially causing a temporary void or transition period in these critical areas. |
Stakeholder Impact
- Shareholders: May react to the executive turnover, potentially impacting investor confidence and share price.
- Employees: Could experience changes in leadership or organizational structure within the legal and administrative departments.
- Regulatory Bodies: The company will need to ensure a smooth transition to maintain compliance with legal and regulatory requirements.
Next Steps
- Aspen Aerogels will likely need to initiate a search and appointment process for a new Chief Legal Officer, General Counsel, and Secretary.
Key Dates
| Date | Description |
|---|---|
| 05/23/2025 | Date of earliest transaction and termination of employment for Virginia Johnson. |
| 05/27/2025 | Signature date of the Form 4 filing by Kristen Brown, Attorney-in-Fact. |
Recommendation
holdKeywords
Aspen Aerogels, ASPN, Form 4, Insider Transaction, Executive Departure, Virginia Johnson, Restricted Stock Units, RSU Vesting, Tax Withholding, Beneficial Ownership, Corporate Governance
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