Document:

Exhibit 10.30

 

STOCK UNIT
AWARD AGREEMENT

 

(Granted under the UFP Technologies, Inc.
2003 Incentive Plan)

 

This Stock Unit Award Agreement is entered into as of the     
day of                   ,
2008 by and between UFP Technologies, Inc. (hereinafter the “Company”) and
                                    (the
“Awardee”).  Capitalized terms used but
not defined herein shall have the meanings assigned to them in the Company’s
2003 Incentive Plan (the “Plan”).  Stock
Unit Awards (“SUAs”) represent the Company’s unfunded and unsecured promise to
issue shares of Common Stock at a future date, subject to the terms of this
Award Agreement, including, without limitation, the performance objectives set
forth in Schedule A hereto, and the Plan.  Awardee has no rights under the SUAs other
than the rights of a general unsecured creditor of the Company.

 

1.             Grant of Stock
Unit Awards; Performance Objectives; Vesting.

 

                (a)           The Company, in the exercise of its
sole discretion pursuant to the Plan, does hereby award to the Awardee the
number of SUAs set forth on Schedule A hereto upon the terms and subject
to the conditions hereinafter contained. 
The SUA’s shall consist of a Threshold Award, a Target Award and an
Exceptional Award.  The Threshold Award,
The Target Award and the Exceptional Award are each awarded subject to
attainment during the Performance Cycle described on Schedule A of the
Performance Objectives set forth on Schedule A .

 

                                (b)           Subject to attainment of any
applicable Performance Objectives, payment with respect to vested SUA’s shall
be made entirely in the form of shares of Common Stock of the Company on each
respective vesting date as set forth on Schedule A.

 

                                (c)           As soon as possible after the end of
the Performance Cycle, the Committee will certify in writing whether and to
what extent the Performance Objectives have been met for the Performance
Cycle.  The date of the Committee’s
certification pursuant to this subsection (c) shall hereinafter be
referred to as the “Certification Date”. 
The Company will notify the Awardee of the Committee’s certification
following the Certification Date (such notice, the “Determination Notice”).  The Determination Notice shall specify (i) the
Performance Objective, as derived from the Company’s audited financial statements;
and (ii) the extent, if any, to which the Performance Objectives were
satisfied with respect to the Threshold Award, the Target Award and the
Exceptional Award.

 

2.             Change in
Control.

 

                (a)           Notwithstanding the vesting schedule
set forth in Schedule A: if there is a Change in Control of the Company
(as defined below) following the end of the Performance Cycle, and the Awardee’s
Continuous Status as an employee, as contemplated by Section 4 hereof,
shall not have been terminated as of the date immediately prior to the
effective date of such Change in Control, then subject to attainment during the
Performance Cycle described on 

 

 

Schedule
A of the Performance Objectives set forth on Schedule A, and
subject to the provisions of Section 21 of this Award Agreement, any SUAs
representing the Threshold, Target and the Exceptional Award, which are not
already vested shall become vested in full as of the effective date of such
Change in Control.

 

                (b)           For the purpose of this Agreement, a “Change in Control” shall mean  (i) the consummation of a
reorganization, merger or consolidation or sale or disposition of all or
substantially all of the assets of the Company (a “Business Combination”),
unless, in each case following such Business Combination, (A) all or substantially
all of the individuals and entities who were the beneficial owners of the
Common Stock of the Company immediately before the consummation of such
Business Combination beneficially own, directly or indirectly, more than 50%
of, respectively, the then outstanding shares of common stock and the combined
voting power of the then outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation
resulting from such Business Combination (including, without limitation, a
corporation that as a result of the transaction owns the Company or all or
substantially all of the assets of the Company either directly or indirectly
through one or more subsidiaries); and (B) no person or group (as defined
in Section 13(d) or 14(d)(2) of the Securities Exchange Act of
1934) of the Company or the corporation resulting from the Business
Combination) beneficially owns, directly or indirectly, more than 50% of the
then outstanding shares of the common stock of the corporation resulting from
the Business Combination;  (ii) Individuals
who, as of the date of this Agreement, constitute the Board of Directors of the
Company (the “Incumbent Board”) cease for any reason to constitute at least a
majority of the Board of Directors of the Company, provided, however, that any
individual’s becoming a director after the date of this Agreement whose
election, or nomination for election by the stockholders of the Company, was
approved by a vote of at least a majority of the directors then comprising the
Incumbent Board will be considered as though the individual were a member of
the Incumbent Board, but excluding, for this purpose, any individual whose
initial assumption of office occurs as a result of an actual or threatened election
contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on behalf of a Person
other than the Board; or (iii) any person (as defined in Section 13(d) or
14(d)(2) of the Securities Exchange Act of 1934) shall become at any time
or in any manner the beneficial owner of capital stock of the Company
representing more than 50% of the voting power of the Company.

 

3.             Termination.  
Unless terminated earlier under Section 4, 5 or 6 below, an Awardee’s
rights under this Award Agreement with respect to the SUAs issued under this
Award Agreement shall terminate at the time such SUAs are converted into shares
of Common Stock.

 

4.             Termination of
Awardee’s Continuous Status as an Employee.   Except as otherwise
specified in Section 5 and 6 below, in the event of termination of Awardee’s
Continuous Status as an employee of the Company, Awardee’s rights under this
Award Agreement in any unvested SUAs shall terminate.  For purposes of this Award Agreement, an
Awardee’s Continuous Status as an employee shall mean the absence of any
interruption or termination of service as an employee.  Continuous Status as an employee shall not be
considered interrupted in the case of sick leave or leave of absence for which
Continuous Status is not considered interrupted as determined by the Company in
its sole discretion.

 

2

 

5.             Disability of
Awardee.   Notwithstanding the provisions of Section 4
above, in the event of termination of Awardee’s Continuous Status as an
employee as a result of disability (within the meaning of Section 409A of
the Internal Revenue Code, and hereinafter referred to as “Disability”), the
SUAs which would have vested during the twelve (12) months following the date
of such termination, set out in Schedule A, shall become vested as of
the date of such termination, subject, however, to the provisions of Section 21
of this Award Agreement.  If Awardee’s
Disability originally required him or her to take a short-term disability leave
which was later converted into long-term disability, then for the purposes of
the preceding sentence the date on which Awardee ceased performing services
shall be deemed to be the date of commencement of the short-term disability
leave.  The Awardee’s rights in any
unvested SUAs that remain unvested after the application of this Section 5
shall terminate at the time Awardee ceases to be in Continuous Status as an
employee.

 

6.             Death of Awardee.  
Notwithstanding the provisions of Section 4 above, in the event of the
death of Awardee:

 

(a)           If
the Awardee was, at the time of death, in Continuous Status as an employee, the
SUAs which would have vested during the twelve (12) months following the date
of death of Awardee, set out in Schedule A, shall become vested as of
the date of death.

 

(b)           The
Awardee’s rights in any unvested SUAs that remain after the application of Section 6(a) shall
terminate at the time of the Awardee’s death.

 

7.             Value of
Unvested SUAs.   In consideration of the award of these SUAs,
Awardee agrees that upon and following termination of Awardee’s Continuous
Status as an employee for any reason (whether or not in breach of applicable
laws), and regardless of whether Awardee is terminated with or without cause,
notice, or pre-termination procedure or whether Awardee asserts or prevails on
a claim that Awardee’s employment was terminable only for cause or only with
notice or pre-termination procedure, any unvested SUAs under this Award
Agreement shall be deemed to have a value of zero dollars ($0.00).

 

8.             Conversion of
SUAs to shares of Common Stock; Responsibility for Taxes.

 

                                (a)           Provided Awardee has satisfied the
requirements of Section 8(b) below, and subject to the provisions of Section 21
below, on the vesting of any SUAs, such vested SUAs shall be converted into an
equivalent number of shares of Common Stock that will be distributed to Awardee
or, in the event of Awardee’s death, to Awardee’s legal representative, as soon
as practicable.  The distribution to the
Awardee, or in the case of the Awardee’s death, to the Awardee’s legal
representative, of shares of Common Stock in respect of the vested SUAs shall
be evidenced by a stock certificate, appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company, or other
appropriate means as determined by the Company.

 

(b)           Regardless
of any action the Company takes with respect to any or all income tax
(including federal, state and local taxes), social security, payroll tax or
other tax-

 

3

 

related
withholding (“Tax Related Items”), Awardee acknowledges that the ultimate
liability for all Tax Related Items legally due by Awardee is and remains
Awardee’s responsibility and that the Company (i) makes no representations
or undertakings regarding the treatment of any Tax Related Items in connection
with any aspect of the SUAs, including the grant of the SUAs, the vesting of
SUAs, the conversion of the SUAs into shares of Common Stock, the subsequent
sale of any shares of Common Stock acquired at vesting and the receipt of any
dividends; and (ii) does not commit to structure the terms of the grant or
any aspect of the SUAs to reduce or eliminate the Awardee’s liability for Tax Related
Items.  Prior to the issuance of shares
of Common Stock upon vesting of SUAs as provided in Section 8(a) above,
Awardee shall pay, or make adequate arrangements satisfactory to the Company
(in its sole discretion) to satisfy all withholding obligations of the
Company.  In this regard, Awardee
authorizes the Company to withhold all applicable Tax Related Items legally
payable by Awardee from Awardee’s wages or other cash compensation payable to
Awardee by the Company.  Alternatively,
or in addition, if permissible under applicable law, the Company may, in its
sole discretion, (i) sell or arrange for the sale of shares of Common
Stock to be issued on the vesting of SUAs to satisfy the withholding
obligation, and/or (ii) withhold in shares of Common Stock, provided that
the Company shall withhold only the amount of shares necessary to satisfy the
minimum withholding amount.  Awardee
shall pay to the Company any amount of Tax Related Items that the Company may
be required to withhold as a result of Awardee’s receipt of SUAs, the vesting
of SUAs, or the conversion of vested SUAs to shares of Common Stock that cannot
be satisfied by the means previously described. 
Except where applicable legal or regulatory provisions prohibit, the
standard process for the payment of an Awardee’s Tax Related Items shall be for
the Company to withhold in shares of Common Stock only to the amount of shares
necessary to satisfy the minimum withholding amount.  The Company may refuse to deliver shares of
Common Stock to Awardee if Awardee fails to comply with Awardee’s obligation in
connection with the Tax Related Items as described herein.

 

(c)           In
lieu of issuing fractional shares of Common Stock, on the vesting of a fraction
of a SUA, the Company shall round the shares to the nearest whole share and any
such share which represents a fraction of a SUA will be included in a
subsequent vest date.

 

(d)           Until
the distribution to Awardee of the shares of Common Stock in respect to the
vested SUAs is evidenced by a stock certificate, appropriate entry on the books
of the Company or of a duly authorized transfer agent of the Company, or other
appropriate means, Awardee shall have no right to vote or receive dividends or
any other rights as a shareholder with respect to such shares of Common Stock,
notwithstanding the vesting of SUAs. 
Subject to the provisions of Section 21 below, the Company shall
cause such distribution to Awardee to occur promptly upon the vesting of
SUAs.  No adjustment will be made for a
dividend or other right for which the record date is prior to the date Awardee
is recorded as the owner of the shares of Common Stock, except as provided in Section 8
of the Plan.

 

(e)           By
accepting the Award of SUAs evidenced by this Award Agreement, Awardee agrees
not to sell any of the shares of Common Stock received on account of vested
SUAs at a time when applicable laws or Company policies prohibit a sale.  This restriction shall apply so long as
Awardee is an Employee, Consultant or outside director of the Company or a
Subsidiary of the Company.

 

4

 

9.             Non-Transferability
of SUAs.   Awardee’s right in the SUAs awarded under this Award
Agreement and any interest therein may not be sold, pledged, assigned,
hypothecated, transferred, or disposed of in any manner, other than by will or
by the laws of descent or distribution, prior to the distribution of the shares
of Common Stock in respect of such SUAs. 
SUAs shall not be subject to execution, attachment or other process.

 

10.           Acknowledgment of
Nature of Plan and SUAs.   In accepting the Award, Awardee
acknowledges that:

 

(a)           the
Plan is established voluntarily by the Company, it is discretionary in nature
and may be modified, amended, suspended or terminated by the Company at any
time, as provided in the Plan;

 

(b)           the
Award of SUAs is voluntary and occasional and does not create any contractual
or other right to receive future awards of SUAs, or benefits in lieu of SUAs
even if SUAs have been awarded repeatedly in the past;

 

(c)           all
decisions with respect to future awards, if any, will be at the sole discretion
of the Company;

 

(d)           Awardee’s participation in the Plan
is voluntary;

 

(e)           the
future value of the underlying shares of Common Stock is unknown and cannot be
predicted with certainty;

 

(f)            if
Awardee receives shares of Common Stock, the value of such shares of Common
Stock acquired on vesting of SUAs may increase or decrease in value;

 

(g)           notwithstanding
any terms or conditions of the Plan to the contrary and consistent with Section 4
and Section 7 above, in the event of involuntary termination of Awardee’s
employment (whether or not in breach of applicable laws), Awardee’s right to
receive SUAs and vest under the Plan, if any, will terminate effective as of
the date that Awardee is no longer actively employed and will not be extended
by any notice period mandated under applicable law; furthermore, in the event
of involuntary termination of employment (whether or not in breach of
applicable laws), Awardee’s right to receive shares of Common Stock pursuant to
the SUAs after termination of employment, if any, will be measured by the date
of termination of Awardee’s active employment and will not be extended by any
notice period mandated under applicable law. 
The Committee shall have the exclusive discretion to determine when
Awardee is no longer actively employed for purposes of the award of SUAs; and

 

(h)           Awardee
acknowledges and agrees that, regardless of whether Awardee is terminated with
or without cause, notice or pre-termination procedure or whether Awardee
asserts or prevails on a claim that Awardee’s employment was terminable only
for cause or only with notice or pre-termination procedure, Awardee has no
right to, and will not bring any legal claim 

 

5

 

or
action for, (a) any damages for any portion of the SUAs that have been
vested and converted into Common Shares, or (b) termination of any
unvested SUAs under this Award Agreement.

 

11.           No Employment
Right.   Awardee acknowledges that neither the fact of this Award
of SUAs nor any provision of this Award Agreement or the Plan or the policies
adopted pursuant to the Plan shall confer upon Awardee any right with respect
to employment or continuation of current employment with the Company, or to
employment that is not terminable at will. 
Awardee further acknowledges and agrees that neither the Plan nor this
Award of SUAs makes Awardee’s employment with the Company for any minimum or
fixed period, and that such employment is subject to the mutual consent of
Awardee and the Company, and subject to any written employment agreement that
may be in effect from time to time between the Company and the Awardee, may be
terminated by either Awardee or the Company at any time, for any reason or no
reason, with or without cause or notice or any kind of pre- or post-termination
warning, discipline or procedure.

 

12.           Administration.  
The authority to manage and control the operation and administration of this
Award Agreement shall be vested in the Committee (as such term is defined in Section 2
of the Plan), and the Committee shall have all powers and discretion with
respect to this Award Agreement as it has with respect to the Plan.  Any interpretation of the Award Agreement by
the Committee and any decision made by the Committee with respect to the Award
Agreement shall be final and binding on all parties.

 

13.           Plan Governs.  
Notwithstanding anything in this Award Agreement to the contrary, the terms of
this Award Agreement shall be subject to the terms of the Plan, and this Award
Agreement is subject to all interpretations, amendments, rules and
regulations promulgated by the Committee from time to time pursuant to the
Plan.

 

14.           Notices.  
Any written notices provided for in this Award Agreement which are sent by mail
shall be deemed received three business days after mailing, but not later than
the date of actual receipt.  Notices
shall be directed, if to Awardee, at the Awardee’s address indicated by the
Company’s records and, if to the Company, at the Company’s principal executive
office.

 

15.           Electronic
Delivery.   The Company may, in its sole discretion, decide to
deliver any documents related to SUAs awarded under the Plan or future SUAs
that may be awarded under the Plan by electronic means or request Awardee’s
consent to participate in the Plan by electronic means.  Awardee hereby consents to receive such
documents by electronic delivery and agrees to participate in the Plan through
an on-line or electronic system established and maintained by the Company or
another third party designated by the Company.

 

16.           Acknowledgment.  
By Awardee’s acceptance as evidenced below, Awardee acknowledges that Awardee
has received and has read, understood and accepted all the terms, conditions
and restrictions of this Award Agreement and the Plan.  Awardee understands and agrees that this
Award Agreement is subject to all the terms, conditions, and restrictions
stated in this Award Agreement and the Plan, as the latter may be amended from
time to time in the Company’s sole discretion. 
The Awardee further acknowledges that he or she must accept this 

 

6

 

Award
Agreement in the manner prescribed by the Company no later than thirty (30)
days following the date set forth above.

 

17.           Board Approval.  
These SUAs have been awarded pursuant to the Plan and accordingly this Award of
SUAs is subject to approval by the Board of Directors or an authorized
committee of the Board of Directors.  If
this Award of SUAs has not already been approved, the Company agrees to submit
this Award for approval as soon as practical. 
If such approval is not obtained, this award is null and void.

 

18.           Governing Law.  
This Award Agreement shall be governed by the laws of the State of Delaware,
without regard to Delaware laws that might cause other law to govern under
applicable principles of conflicts of law.

 

19.           Severability.  
If one or more of the provisions of this Award Agreement shall be held invalid,
illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby and the invalid, illegal or unenforceable provisions shall be
deemed null and void; however, to the extent permissible by law, any provisions
which could be deemed null and void shall first be construed, interpreted or
revised retroactively to permit this Award Agreement to be construed so as to
foster the intent of this Award Agreement and the Plan.

 

20.           Complete Award
Agreement and Amendment.   This Award Agreement and the Plan
constitute the entire agreement between Awardee and the Company regarding
SUAs.  Any prior agreements, commitments
or negotiations concerning these SUAs are superseded.  This Award Agreement may be amended only by
written agreement of Awardee and the Company, without consent of any other
person.  Awardee agrees not to rely on
any oral information regarding this Award of SUAs or any written materials not
identified in this Section 20.

 

21.           Section 409A
of the Internal Revenue Code.  This
Award Agreement is intended to be in compliance with the provisions of Section 409A
of the Internal Revenue Code to the extent applicable, and the Regulations issued
thereunder.  If: (a)  the Awardee is
a “specified employee”, as such term is defined in Reg. Section 1.409A-1(i);
and (b) there occurs a separation of service (within the meaning of Section 409A
of the Internal Revenue Code) of the Awardee, for any reason, including,
without limitation, due to a Change in Control pursuant to Section 2(b) above
or a Disability pursuant to Section 5 above, then any shares of Common
Stock that would otherwise have been distributable to the Awardee upon such
separation of service, or within 6 months thereafter, shall instead be distributable
on the earlier to occur of (i) the date which is six (6) months
following such separation of service, or (ii) the date of death of the
Awardee.  Without limiting the foregoing,
if any payment or other benefit due to the Awardee could cause the application
of an accelerated or additional tax under Section 409A of the Internal
Revenue Code, such payment or other benefit shall be restructured, to the
extent possible, in a manner, determined by the Company, that does not cause
such an accelerated or additional tax.

[remainder of page intentionally
left blank]

 

7

 

 

EXECUTED the day and year first above written.

 

	
   

  	
  UFP
  TECHNOLOGIES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  R.
  Jeffrey Bailly

  
	
   

  	
   

  	
  Chief
  Executive Officer

  
	
   

  	
   

  	
   

  

 

AWARDEE’S
ACCEPTANCE:

I
have read and fully understood this Award Agreement and, as referenced in Section 16
above, I accept and agree to be bound by all of the terms, conditions and
restrictions contained in this Award Agreement and the other documents referenced
in it.

 

 

	
   

  	
   

  
	
  [name
  of Awardee]

  	
   

  

 

 

8

 

SCHEDULE A

 

 The SUAs issuable under this Agreement shall
consist of a Threshold Performance Award, a Target Performance Award and an
Exceptional Performance Award, each in the amounts set forth below, each such
award issuable in                       
increments on the vesting dates set forth below.

 

The Performance Objective
established by the Committee with respect to the Threshold Performance Award,
the Target Performance Award and Exceptional Performance Award is                       .

 

	
   

  	
   

  	
  

  Performance

  Objective

  	
   

  	
  

  Performance

  Cycle

  	
   

  	
  

  Number of Shares of Common Stock

  	
   

  	
  

  Vesting

  	
   

  
	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [date]

  	
   

  	
  [date]

  	
   

  	
  [date]

  	
   

  
	
  a. Threshold Performance Award

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  b. Target Performance Award

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  (in
  addition to (a) above)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  c. Exceptional Performance
  Award

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  (in
  addition to (a) and (b) above)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

9Exhibit 10.42

 

LEASE EXTENSION AGREEMENT #5

 

THIS
Agreement is made as of the 12th day of December 2007 by and between UFP Technologies, Inc. a
Delaware Corporation (hereinafter referred to as TENANT) and 1225 National, LLC, an Illinois limited
liability company (hereinafter referred to as “LANDLORD”).

 

WITNESSETH:

 

WHEREAS,
under a lease dated April 7, 1999, Rothbart
Realty Company, as agent for the Beneficiaries of Cole Taylor Bank, not
personally but as Trustee under the Trust Agreement dated the 2nd
day of May, 1978 and known as Trust Number U/T 78-1329  leased to TENANT the premises commonly
known as 1225 National, in Addison, Illinois (hereinafter referred to as the “PREMISES”),
under certain terms, covenants, conditions and agreements (hereinafter referred
to as “LEASE”) and said LEASE is still in full force and effect either under
its original terms thereof,  or by
virtue of one or more amendments and/or extensions to the LEASE as hereinafter
recited; and

 

WHEREAS, under a Lease
Extension Agreement #1 dated February 20, 2002;  a Lease Extension Agreement #2 dated January 7,
2003; a Lease Extension Agreement #3 dated December 22, 2003; and a Lease Extension Agreement #4 dated January 4, 2006, Rothbart
Realty Company as agent for the Beneficiaries of Cole Taylor Bank, not
personally but as Trustee under the Trust Agreement dated the 2nd
day of May, 1978 and known as Trust Number U/T 78-1329  and TENANT extended the Term of the LEASE,
under certain terms, covenants, conditions and agreements (collectively, hereinafter referred to as “Lease Extension Agreements”);
and

 

WHEREAS, by an assignment dated November 1,
2007, Rothbart Realty Company as agent for the Beneficiaries of Chicago Title
Land Trust as successor trustee of Cole Taylor Bank, not personally but as
Trustee under the Trust Agreement dated the 2nd day of May, 1978 and
known as Trust Number U/T 78-1329  assigned
all their right title, and interest in the LEASE and Lease Extension Agreements
to 1225 National, LLC, an Illinois limited liability company (herein after
referred to as “Assignee-Landlord”) which assignment shall hereinafter be
referred to as “ Landlord Assignment”. Both the Assignor-Landlord and the
Assignee-Landlord individually or collectively shall be referred to as “LANDLORD”;
and

 

WHEREAS,
the LEASE, Lease Extension Agreements, Assignment,
and this Lease Extension Agreement #5 are
all incorporated herein and shall collectively hereinafter be referred to as “REVISED
LEASE”; and

 

1

 

WHEREAS,
LANDLORD, and TENANT desire to herein make certain modifications, amendments
and additions to the REVISED LEASE.

 

NOW, THEREFORE, LANDLORD and TENANT, in consideration of the mutual
covenants and agreements herein contained, and other good and valuable consideration
the receipt and sufficiency of which is hereby acknowledged by each of the
parties intending hereto to be legally bound hereby, covenant and agree that
this REVISED LEASE shall provide as follows:

 

1.             The above recitals are hereby incorporated into
this Agreement;

 

2.             The following modifications, amendments and
additions are made to the REVISED LEASE:

 

(A)          The Term of this REVISED LEASE is hereby extended for an extended Term
beginning on July 1, 2008
and terminating on June 30, 2010 (hereinafter referred to as “Extended
Term”).

 

(B)           The monthly Base Rent during this
Extended Term shall be as follows:

 

	
  From: July 1, 2008

  	
   

  	
  To: June 30, 2009

  	
   

  	
  $

  	
  90,360.00

  	
   

  	
  Annualized

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  $

  	
  7,530.00

  	
   

  	
  Monthly

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  From: July 1, 2009

  	
   

  	
  To: June 30, 2010

  	
   

  	
  $

  	
  92,616.00

  	
   

  	
  Annualized

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  $

  	
  7,718.00

  	
   

  	
  Monthly

  	
   

  

 

(C)           The
Option to Extend as set forth in Section 2(D) of Lease Extension
Agreement #4 shall be deleted in
its entirety.

 

(D)          TENANT shall have an
option (“Option”) exercisable by written notice to LANDLORD given no later than
December 31, 2009 time
being of the essence for the giving of such notice to extend the Term of this
REVISED LEASE for an extended Term beginning on July 1, 2010 and terminating on June 30, 2012.

 

In the event TENANT so exercises this
Option, the Annual Base Rent for each year of the Extension Term shall be the
prevailing Fair Market Rent or an agreed to Base Rent, but in no event less
than the Annual Base Rent of Ninety-Two Thousand Six Hundred Sixteen Dollars ($92,616.00)
and the Base Rent for each succeeding
year shall be increased by two point five percent (2.5%). In the event
said agreement as to the Second Extension Term’s Base Rent is not obtained by March 1,
2010, then the matter shall be determined by arbitration according to the
Illinois Arbitration Statute, and the expense of the arbitration shall be share
equally by the parties.

 

2

 

One-Twelfth
(1/12th) of the adjusted Base Rent as determined in the foregoing shall be the
Monthly Base Rent, but in no event shall the adjusted Monthly Base Rent be less
than the Monthly Base Rent or adjusted Monthly Base Rent in the immediately
preceding month.

 

It shall be a
condition of TENANT’S right to exercise this Option that TENANT is in
substantial with all the terms and conditions of this REVISED LEASE both at the
time of TENANT’S exercise of this Option and at the time the Option Term is
scheduled to Commence. This condition may be waived by LANDLORD at its sole
discretion and may not be used by TENANT as a means to negate the effectiveness
of TENANT’S exercise of this Option. Except as provided in Section 16 of
the LEASE, TENANT hereby acknowledges that the within Option shall not be
transferred or assigned.

 

(E)           An electronically transmitted facsimile copy of an original signature
shall be deemed valid and binding, and shall have the same legal effect as
manually executed original.

 

(F)           TENANT represents that TENANT has dealt directly
with and only with Rothbart Realty Company as broker in connection with this
REVISED LEASE and TENANT and LANDLORD each agree to indemnify and hold the
other harmless from all claims or demands of any other broker or brokers for
any commission alleged to be due such broker or brokers in connection with either
party participating in the negotiation of this REVISED LEASE. The Principals of
Rothbart Realty Company has an ownership interest in the PROPERTY, which is the
subject matter of this REVISED LEASE.

 

(G)           So long as TENANT is not in default, during the Term
of this REVISED LEASE, TENANT shall have an option to terminate this REVISED
LEASE (hereinafter referred to as “Termination Option”) effective at any time
after February 28, 2008  This
Termination Option is granted subject to the following terms and conditions:

 

(i) TENANT shall give LANDLORD at least
Two Hundred Ten (210) Days prior irrevocable written notice as to TENANT’S
election to terminate this REVISED LEASE (hereinafter referred to as “Tenant’s
Notice”) time being of the essence for the giving of such termination notice;
provided, that TENANT may only terminate this REVISED LEASE as of the last day
of a month ( hereinafter referred to as “Termination Date”);  that the Termination Date stated in Tenant’s
Notice shall not occur during the months of December, January and/or
February; and that the Termination Date shall be no less than Two Hundred Ten (210)
Days after 

 

3

 

Tenant’s Notice, but in no event shall the
Termination Date be prior to September 30, 2008.

 

(ii)           It shall be a condition of TENANT’S right to
exercise this Termination Option that TENANT is in compliance with all the
terms and conditions of this LEASE both at the time of TENANT’S exercise of
this Termination Option and at the Termination Date.  This condition may be waived by LANDLORD at
its sole discretion and may not be used by TENANT as a means to negate the
effectiveness of TENANT’S exercise of this Termination Option.

 

(iii)          If TENANT timely and properly exercises this
Termination Option, (i) all rent payable under this REVISED LEASE shall be
paid through and apportioned as of the Termination Date and (ii) TENANT
shall surrender and vacate the PREMISES and deliver Possession thereof to
LANDLORD on or before the Termination Date in the condition required under the
REVISED LEASE, as if the Termination Date were the original termination date of
this REVISED LEASE.  TENANT shall
thereafter be relieved of all  their
obligations under this REVISED LEASE, except for those obligations accruing
prior to the Termination Date or those obligations, which by their terms
expressly survive the Termination Date.

 

(v)           This Termination Option shall automatically
terminate and become null and void upon the earlier to occur of (i) the
termination of TENANT’S right to Possession of the PREMISES; (ii) the
assignment by TENANT of this REVISED LEASE, in whole or in part; (iii) the
sublease by TENANT of all or any part of the PREMISES demised under this
REVISED LEASE; (iv) the recapture by LANDLORD of any space under Section 16
of the LEASE; (v) the failure of TENANT to timely or properly exercise
this Termination Option; or (vi) TENANT is in default under this REVISED
LEASE during the period of time from the date that TENANT exercises this
Termination Option or on the Termination Date.

 

It shall be a condition of TENANT’S right to
exercise this Option to Terminate that TENANT is not in default of any of the
terms and conditions of this REVISED LEASE beyond applicable notice and cure
periods both at the time of TENANT’S exercise of such Option to Terminate and
at the time such Option to Terminate shall be effective.  This condition may be waived by LANDLORD at
its sole discretion and may not be used by TENANT as a means to negate the
effectiveness of TENANT’S exercise of its Termination Option.

 

4

 

3.             All
terms, covenant, conditions and agreements of this REVISED LEASE shall remain
unmodified and in full force and effect except as expressly herein provided.

 

4.             All defined terms contained in this Lease Extension Agreement #5 shall
ascribe to the definitions contained in LEASE.

 

5.             This
Lease Extension Agreement #5
shall be binding if executed by TENANT prior to January 15, 2008.

 

IN WITNESS WHEREOF, LANDLORD and TENANT have
caused this Lease Extension Agreement #5
to be duly executed as of the date and year first above-written.

 

 

	
  LANDLORD:

  
	
   

  	
   

  
	
  1225 National, L.L.C.

  
	
  an Illinois limited liability
  company

  
	
   

  
	
  BY:

  	
  SLJ Properties, L.L.C., Manager

  
	
   

  
	
  BY:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Gary B. Rothbart, Operating
  Manager

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  TENANT:

  	
   

  
	
   

  	
   

  
	
  UFP Technologies, Inc., a
  Delaware Corporation

  
	
   

  	
   

  
	
   

  
	
  BY:

  	
   /s/ Ronald J. Lataille

  	
   

  
	
   

  	
   

  
	
   

  
	
  ATTEST

  	
   /s/ A.J. Hagan

  	
   

  
								

 

5

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