Company: UFPT
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050425
Chunk: 69

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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Vested and expected to vest at September 30, 202561,969$72.80 4.35$8,039 During the nine months ended September 30, 2025 and 2024, the total intrinsic value of all options exercised (i.e., the difference between the market price and the price paid by the employees to exercise the options) was approximately $2.4 million and $0.7 million, respectively, and the total amount of consideration received by the Company from the exercised options was approximately $406 thousand and $212 thousand, respectively. At its discretion, the Company allows option holders to surrender previously owned common stock in lieu of paying the exercise price and withholding taxes. During the nine months ended September 30, 2025, 748 shares were surrendered at an average market price of $282.42. During the nine months ended September 30, 2024, 653 shares were surrendered at an average market price of $162.93.

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Restricted Stock Unit awardsThe following table summarizes information about RSU activity during the nine months ended September 30, 2025:Restricted Stock UnitsWeighted Average Grant Date Fair ValueOutstanding at December 31, 202480,827 $98.79 Awarded53,055 259.69 Shares vested(43,296)119.05 Shares forfeited(1,738)150.39 Outstanding at September 30, 202588,848 $183.99 At the Company’s discretion, upon vesting, RSU holders are given the option to net-share settle to cover the required minimum withholding tax and the remaining amount is converted into the equivalent number of common shares and issued to the RSU holder. During the nine months ended September 30, 2025 and 2024, 18,152 and 21,914 shares were surrendered at an average market price of $215.60 and $216.80, respectively.As of September 30, 2025, the Company had approximately $10.3 million of unrecognized compensation expense that is expected to be recognized over a period of 2.5 years.

(9)    Inventories

Inventories are stated at the lower of cost (determined using the first-in, first-out method) or net realizable value, and consist of the following at the stated dates (in thousands):September 30,2025December 31,2024Raw materials$64,