Company: UFPT
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001171843-25-002638
Chunk: 23

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 23
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| • | Long‑term incentives in the form of time‑based and time- and performance-based restricted stock unit awards; and |

| • | Other common perquisites. |

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Base Salary—The base salaries established by the Compensation Committee for our named executive officers for fiscal 2024 are set forth below.

| Named Executive Officer |     | Annual Base 
 Salary ($)  |         |
|:------------------------|:----|:------------|--------:|
| R. Jeffrey Bailly       |     | $           | 705,000 |
| Ronald J. Lataille      |     | $           | 460,000 |
| Mitchell C. Rock        |     | $           | 500,000 |
| Christopher P. Litterio |     | $           | 370,000 |
| Jason Holt              |     | $           | 338,000 |

Base salaries (as well as incentive bonuses and equity grants) were reviewed and approved by the Compensation Committee in light of the market competitive assessment done by Aon in 2022 and our philosophy of positioning executive compensation at or about the 50% percentile as compared to our peer group companies. Base salaries are reviewed by the Compensation Committee annually and, if appropriate, are adjusted. As detailed below under footnote 1 to the “Summary Compensation Table,” on February 11, 2025, the Compensation Committee approved increases to each of the above base salaries effective January 1, 2025.

Stock Grant— In accordance with the terms of R. Jeffrey Bailly’s (the Company’s Chief Executive Officer) employment agreement, the Company annually grants him an award of Common Stock as a component of his overall compensation. The objective of this equity component is to greater align the Chief Executive Officer’s interests with those of our stockholders. The stock is typically issued to the Chief Executive Officer in the last two weeks of the fiscal year, assuming the Chief Executive Officer is employed on that date. In 2024, consistent with the terms of his employment agreement, the Chief Executive Officer was granted shares valued at $400,000. See “R. Jeffrey Bailly Employment Contract” below.

Cash Incentive Bonus—In the beginning of 2024, following approval by the Board of Directors of our strategic plan and budget, the Compensation Committee established, at its discretion, performance targets for the named executive officers’ cash incentive bonus. This performance‑based cash bonus was based on the achievement of a combination of financial and