Company: UFPT
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001171843-25-002638
Chunk: 40

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 40
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 deduction for us under the tax code’s golden parachute rules. Accordingly, assuming the triggering event occurred on December 31, 2024, Mr. Bailly would have been entitled to receive a lump sum payment of $7,432,500. Additionally, if we terminate Mr. Bailly without Cause or if he terminates his employment for Good Reason, he is also entitled to extended health insurance benefits for a period of up to thirty‑six months. Assuming a December 31, 2024 triggering date, Mr. Bailly would have been entitled to receive health insurance benefits valued at $58,551 The agreement also provides that in the event of (i) our Change in Control or (ii) our termination of Mr. Bailly’s employment without Cause, or by Mr. Bailly for Good Reason, then (x) any shares in the Annual Stock Grant Award not issued to Mr. Bailly to which he would otherwise be entitled as of the next Issue Date following such Change in Control or such termination will be immediately issued to him and (y) any of Mr. Bailly’s other earned but unvested Stock Rights (as defined in the employment agreement) will immediately vest in full. Assuming a December 31, 2024 triggering date, Mr. Bailly would have been entitled to receive vested equity valued at $6,446,262 calculated based on the closing price of the Common Stock as of December 31, 2024, which was $244.51.

Each of the outstanding stock unit awards between the Company and Messrs. Lataille, Rock, Litterio and Holt become time-vested upon a change of control, as defined in our 2003 Incentive Plan, provided that such officer was employed as of the date immediately prior to the effective date of such change in control. Subject to attainment of the performance objectives contained in each award, the stock unit awards will vest at the applicable threshold, target and maximum amounts. Assuming a December 31, 2024 triggering date, Messrs. Lataille, Rock, Litterio and Holt would have been entitled to receive vested equity valued at $1,950,212, $2,043,126, $859,453 and $569,708 respectively, calculated based on the closing price of the Common Stock as of December 31, 2024, which was $244.51.

In September 1993, we adopted a policy that all executive officers not otherwise a party to an employment agreement with us