Company: UFPT
Filing Date: 2025-02-18
Form Type: 8-K
Source: 0001171843-25-000897
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Company: UFP TECHNOLOGIES INC
Filing Date: 2025-02-18
Form: 8-K
Item: Item 5.02
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Item 5.02      Departure of Directors or Certain Officers; Election of Directors; Appointment of  

Base Salaries

At a meeting on February 11, 2025, the Compensation Committee approved increases in the base
salaries of the Company’s named executive officers, effective as of the date set forth in the table below. The following table sets
forth the new base salary of each of the Company’s executive officers whose base salary was adjusted by the Compensation Committee.

  Name and Title                                                           2025      Effective  
                                                                    Base Salary      Date       
 ────────────────────────────────────────────────────────────────────────────────────────────────
  R.                                                                   $789,000      January    
  Mitchell                                                             $525,000      January    
  Ronald                                                               $485,000      January    
  Christopher P. Litterio                                              $385,000      January    
  Steve Cardin                                                         $352,000      January    
  Jason Holt                                                           $352,000      January    

Stock Unit Awards

Also at its February 11, 2025 meeting, the Compensation Committee approved the grant of stock
unit awards to the Company’s executive officers, as indicated below. Subject to the terms of the Company’s 2003 Incentive
Plan, as amended and restated (the “2003 Incentive Plan”) and the stock unit award agreement evidencing each such award, with
the Company’s Chief Executive Officer, R. Jeffrey Bailly, receiving a separate form of stock unit award agreement than the other
executive officers, each stock unit award provides the recipient with the right to receive one share of common stock of the Company. Recipients
of the stock unit awards will have no rights as stockholders of the Company in respect thereof, including, without limitation, the right
to vote or to receive dividends, until and to the extent any applicable performance objectives have been satisfied, such stock unit awards
have vested, and the issuance of the shares of common stock in respect of the stock unit awards has been appropriately evidenced.

  Name and Title of Recipient of Stock                                              Column                   Column                        Column  
  Unit Awards                                                                            A                        B                             C  
                                                                    Number of “ Threshold”      Number of “ Target”      Number of “ Exceptional”  
                                                                         Stock Unit Awards        Stock Unit Awards             Stock Unit Awards  
                                                                      (No Minimum Adjusted      (Upon Attainment of           (Upon Attainment of  
                                                                          Operating Income          Target Adjusted          Exceptional Adjusted  
                                                                              Requirement)        Operating Income)