Company: UFPT
Filing Date: 2025-02-18
Form Type: 8-K
Source: 0001171843-25-000897
Chunk: 1

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-02-18
Form: 8-K
Item: Item 5.02
Chunk 1
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 Operating Income)  
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  R.                                                                                11,515                    5,758                         5,758  
  Mitchell                                                                           3,817                    1,909                         1,909  
  Ronald                                                                             3,817                    1,909                         1,909  
  Chris                                                                              1,272                      636                           636  
  Steve                                                                                636                      318                           318  
  Jason Holt                                                                         1,018                      509                           509  

All stock unit awards listed in the table above are subject to time-based
and continuous employment vesting requirements. The stock unit awards listed in Columns B and C are also subject to the Company meeting
certain financial performance objectives (the “ Performance Objectives”). The Compensation Committee shall determine whether
and to what extent any of the Performance Objectives have been achieved by the Company. Such determination is currently expected to take
place in February 2025. Assuming achievement of the applicable Performance Objectives, one-third of the stock unit awards listed in Columns
A, B, and C above shall vest on March 1, 2026, one-third shall vest on March 1, 2027 and one-third shall vest on March 1, 2028, provided
that the recipient remains continuously employed by the Company through each such vesting date.

Any unvested stock unit awards shall terminate upon the cessation of a
recipient’s employment with the Company. Notwithstanding the foregoing and only with respect to the award to Mr. Bailly, subject
to the terms of Mr. Bailly’s employment agreement dated October 8, 2007, as amended (the “ CEO Employment Agreement”),
and the stock unit award agreement evidencing Mr. Bailly’s award, in the event that Mr. Bailly’s employment ceases without
“cause” or for “good reason” (as such terms are defined in the CEO Employment Agreement), Mr. Bailly shall be
entitled to receive shares that, but for such cessation of employment, would have otherwise been issued to Mr. Bailly pursuant to the
terms of the stock unit awards listed in Columns A, B, and C above, notwithstanding such cessation of employment.

In the event of a change in control of the Company (as defined in the 2003
Incentive Plan), any unvested stock unit awards listed in each of Columns A