Company: UFPT
Filing Date: 2025-02-18
Form Type: 8-K
Source: 0001171843-25-000897
Chunk: 2

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-02-18
Form: 8-K
Item: Item 5.02
Chunk 2
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, B, and C above shall become fully vested as of the effective
date of such change in control, provided that the recipient has been continuously employed by the Company through the date immediately
prior to the effective date of such change in control, and, with respect to the stock unit awards listed in Columns B and C above, subject
to achievement of any applicable Performance Objectives prior to the effective date of such change in control.

The above description of the stock unit awards is qualified in its entirety
by reference to the text of the CEO stock unit award agreement or the stock unit award agreement evidencing such awards, as applicable,
copies of the forms of which are attached hereto as Exhibit 10.1 and Exhibit 10.2, respectively, and are incorporated herein in their
entirety by reference.

2025 Chief Executive Officer’s Performance Bonus Plan

Also at its February 11, 2025 meeting, the Compensation Committee approved
a 2025 cash bonus plan for Mr. Bailly that included corporate financial performance targets and individual performance goals. This award
was made under and pursuant to the 2003 Incentive Plan. The overall targeted bonus established under this plan was $828,450 (105% of Mr.
Bailly’s 2025 base salary), with a maximum amount of $1,656,900 (two times Mr. Bailly’s target bonus). The actual bonus award,
if any, will be determined based upon the level of achievement of the established performance targets and goals as determined by the Compensation
Committee.

2025 Named Executive Officer Cash Bonus Plan