Measure the piece of plywood you wish to bond the foam insulation panel to. Mark the measurements onto the foam panel with a pencil.
Place a straightedge onto the panel at the measured points. Score the foam insulation panel with a sharp utility knife, then bend the panel to snap off any excess foam.
Turn the foam insulation panel over so the coated or covered side is face down. Insert a tube of construction adhesive into the caulk gun. Apply a 1/2-inch-thick bead of adhesive around the perimeter of the panel, then coat the rest of the panel with beads of adhesive separated by several inches.
Flip the panel over and apply to the plywood. Press firmly on the panel over the entire area to ensure good adhesion. Let the adhesive dry according to the manufacturer's instructions before using the plywood.