Company: UFPT
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001171843-25-002638
Chunk: 32

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 32
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. Bailly; (ii) company-paid life insurance premiums for Mr. Bailly in the amount of $77,160 in each of 2024, 2023 and 2022 and (iii) car allowances, supplemental disability premiums, excess personal liability insurance premiums and 401(k) contributions for each of the named executive officers in 2024, 2023 and 2022. |

R. Jeffrey Bailly Employment Contract

On October 8, 2007, we entered into an employment agreement with Mr. Bailly (as subsequently amended, the “Bailly Employment Agreement”), our Chief Executive Officer and the Chairman of our Board of Directors. The Bailly Employment Agreement is terminable by either party at any time, as provided below.

The Bailly Employment Agreement provides that Mr. Bailly will receive a minimum annual salary of $450,000 and consideration for discretionary bonuses. Pursuant to the agreement, Mr. Bailly will receive an annual stock grant award (the “Annual Stock Grant Award”) each year entitling him to receive on or before December 31 (the “Issue Date”) of each year an aggregate of $400,000 worth of shares of our Common Stock, provided that Mr. Bailly remains employed with us through the Issue Date of each such year. Annual Stock Grant Awards are to be made under our 2003 Incentive Plan.

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The Bailly Employment Agreement prohibits him from competing with us for a period of eighteen months following the termination of his employment for any reason. The Bailly Employment Agreement provides Mr. Bailly with certain other benefits, including the opportunity to participate in our stock plans, fringe benefit plans and other employment benefits as may be generally available to our senior executives, as well as for the direct payment or reimbursement of tax preparation fees, a car allowance, certain dues and fees relating to club memberships and other fringe benefits.

Under the terms of the Bailly Employment Agreement, if (i) if we terminate Mr. Bailly’s employment without Cause (as defined in the agreement), (ii) Mr. Bailly terminates his employment for Good Reason (as defined in the agreement), or (iii) Mr. Bailly voluntarily terminates his employment within six months of our Change in Control (as defined in the agreement), then we are required to pay Mr. Bailly a lump sum amount equal to three times his average annual compensation for the two years preceding such termination. The Bailly Employment Agreement employment agreement defines “average annual