Document:

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS NOTE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN
A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144ORRULE144A
UNDERSAIDACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

Principal
Amount: $15,000.00

Date:
February 21, 2017

 

PROMISSORY
NOTE

Rich
Pharmaceuticals, Inc., (hereinafter called the “Company”), hereby promises to pay to the order of GHS Investments,
LLC, a Nevada Limited Liability Company, or its registered assigns (the “Holder”) the sum of $15,000.00 on October
25, 2017, (the "Maturity Date") together with any interest as set forth herein, and to pay interest on the unpaid principal
balance hereof at the rate of eight percent (8%) (the “Interest Rate”) per annum from the date hereof (the “Issue
Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. This
Note is being issued pursuant to the Equity Financing Agreement executed between the Company and Holder on February 21, 2017 and
is issued in consideration of Holder’s payment of the remaining $15,000 in legal fees referenced therein.

 

This
Note may not be prepaid in whole or in part except as otherwise explicitly set forth herein. Following any Event of Default, all
amounts owing pursuant to this Note shall bear interest at the rate of twenty percent (20%) per annum from the due date thereof
until the same is paid (“Default Interest”). Interest shall be computed on the basis of a 365-day year and the actual
number of days elapsed. All payments due hereunder (to the extent not converted into common stock) shall be made in lawful money
of the United States of America.

 

All
payments shall be made at such address as the Holder shall hereafter give to the Company by written notice made in accordance
with the provisions of this Note. Whenever any amount expressed to be due by the terms of this Note is due on any day which is
not a business day, the same shall instead be due on the next succeeding day which is a business day and, in the case of any interest
payment date which is not the date on which this Note is paid in full, the extension of the due date thereof shall not be taken
into account for purposes of determining the amount of interest due on such date. As used in this Note, the term “business
day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the city of New York, New York
are authorized or required by law or executive order to remain closed.Each capitalized term used herein, and not otherwise
defined, shall have the meaning ascribed thereto in the supporting documents of same date (attached hereto).

    	 	1	 

    	 	 	 

    

 

This
Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive
rights or other similar rights of shareholders of the Company and will not impose personal liability upon the holder thereof.

 

The
following terms shall apply to this Note:

 

ARTICLE
I. CONVERSION RIGHTS

 

1.1
Conversion Right. The Holder shall have the right and at any time following execution of this Note, to convert all or any
part of the outstanding and unpaid principal amount of this Note into fully paid and non- assessable shares of Common Stock, as
such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Company into which such
Common Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”) determined
as provided herein (a “Conversion”); provided, however, that in no event shall the Holder be entitled
to convert any portion of this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number
of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock which may be
deemed beneficially owned through the ownership of the unconverted portion of the Notes or the unexercised or unconverted portion
of any other security of the Company subject to a limitation on conversion or exercise analogous to the limitations contained
herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to
which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of
more than 4.99% of the outstanding shares of Common Stock. For purposes of the proviso to the immediately preceding sentence,
beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and Regulations 13D- G thereunder. The number of shares of Common Stock to be issued upon each conversion
of this Note shall be determined by dividing the Conversion Amount (as defined below) by the applicable Conversion Price then
in effect on the date specified in the notice of conversion, (the “Notice of Conversion”), delivered to the Company
by the Holder in accordance with the Sections below; provided that the Notice of Conversion is submitted by facsimile or e-mail
(or by other means resulting in, or reasonably expected to result in, notice) to the Company before 6:00 p.m., New York, New York
time on such conversion date (the “Conversion Date”). Notwithstanding the foregoing, the term "4.99%" above
shall be replaced with "9.99%" following any Event of Default if the Holder, in its sole discretion and in writing,
elects to demand the replacement. If the term "4.99%" is replaced with "9.99%" pursuant to the preceding sentence,
such increase to "9.99%" shall remain at 9.99% until decreased by the Holder in writing.

    	 	2	 

    	 	 	 

    

 

The
number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the Conversion
Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion,
(the “Notice of Conversion”), delivered to the Company by the Holder in accordance with the Sections below.

 

The
term “Conversion Amount” means, with respect to any conversion of this Note, the sum of (1) the principal amount of
this Note to be converted in such conversion plus (2) at the Company’s option, accrued and unpaid interest, if any,
on such principal amount at the interest rates provided in this Note to the Conversion Date, plus (3) at the Company’s
option, Default Interest, if any, on the amounts referred to in the immediately preceding clauses (1) and/or

(2)
plus (4) at the Holder’s option, any amounts owed to the Holder.

 

1.2
Conversion Price.

 

(a)Calculation
of Conversion Price.Holder, at its discretion, shall have the right to convert this Note in its entirety or in part(s)
into common stock of the Company valued at a forty percent (40%) discount off of the lowest intra-day trading price for the Company’s
common stock during the twenty (20) trading days immediately preceding a conversion date, as reported by Quotestream Media.

 

If
at any time after the execution of this Note, the Company experiences a "DTC Chill," the Conversion Price Discount shall
be increased by five percent (5%). If at any time following the execution of this Note, the Company becomes ineligible to participate
in the DTC's "DWAC" system, the Conversion Price Discount will be increased by five percent (5%). Following any Event
of Default, the Conversion Price discount shall be permanently increased by ten percent (10%).

 

1.3
Authorized Shares. The Company covenants that during the period the conversion right exists the Company will reserve from
its authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance
of Common Stock upon the full conversion of this Note. The Company is required at all times to have authorized and reserved three
times the number of shares that is actually issuable upon full conversion of the Note (based on the Conversion Price of the
Notes in effect from time to time)(the “Reserved Amount”). The Reserved Amount shall be increased from time to time
in accordance with the Company’s obligations.

 

The
Company represents that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable. In addition,
if the Company shall issue any securities or

    	 	3	 

    	 	 	 

    

make
any change to its capital structure which would change the number of shares of Common Stock into which the Notes shall be convertible
at the then current Conversion Price, the Company shall at the same time make proper provision so that thereafter there shall
be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive rights, for conversion of the outstanding
Notes.

 

The
Company (i) acknowledges that it will irrevocably instruct its transfer agent to issue certificates for the Common
Stock issuable upon conversion of this Note, and (ii) agrees that its issuance of this Note shall constitute full authority to
its officers and agents who are charged with the duty of executing stock certificates to execute and issue the necessary certificates
for shares of Common Stock in accordance with the terms and conditions of this Note.

 

If,
at any time the Company does not maintain the Reserved Amount it will be considered an Event of Default as defined in this Note.

 

1.
4 Method of Conversion.

 

(a)                                 
Mechanics of Conversion. This Note may be converted by the Holder, in whole or in part, at any time following execution
by submitting to the Company a Notice of Conversion (by facsimile, e-mail or other reasonable means of communication dispatched
on the Conversion Date prior to 6:00 p.m., New York, New York time).

 

(b)                                
Surrender of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note
in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Company unless
the entire unpaid principal amount of this Note is so converted. The Holder and the Company shall maintain records showing the
principal amount so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the
Holder and the Company, so as not to require physical surrender of this Note upon each such conversion. In the event of any dispute
or discrepancy, such records of the Holder shall, prima facie, be controlling and determinative in the absence of manifest
error. The Holder and any assignee, by acceptance of this Note, acknowledge and agree that, by reason of the provisions of this
paragraph, following conversion of a portion of this Note, the unpaid and unconverted principal amount of this Note represented
by this Note may be less than the amount stated on the face hereof.

 

(c)                                 
Payment of Taxes. The Company shall not be required to pay any tax which may be payable in respect of any transfer involved
in the issue and delivery of shares of Common Stock or other securities or property on conversion of this Note in a name other
than that of the Holder (or in street name), and the Company shall not be required to issue or deliver any such shares or other
securities or property unless and until the person or persons (other than the Holder or the custodian in whose street name such
shares are to be held for the Holder’s account) requesting the issuance thereof shall have paid to the Company the amount
of any such tax or shall have established to the satisfaction of the Company that such tax has been paid.

    	 	4	 

    	 	 	 

    

 

(d)                                
Delivery of Common Stock Upon Conversion. Upon receipt by the Company from the Holder of a facsimile transmission or e-mail
(or other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in
this Section, the Company shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder certificates
for the Common Stock issuable upon such conversion within three (3) business days after such receipt (the “Deadline”)
(and, solely in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with
the terms hereof and the Purchase Agreement.

 

Within
Five (5) business days of having received common stock pursuant to a Notice of Conversion and prior to having traded any shares
from that specific conversion, Holder may elect to rescind the Notice of Conversion and return the shares, at Holder's expense,
to the Company's Transfer Agent. In the event of such rescission, the principal amount outstanding under this Note shall be adjusted
to include the Conversion Amount which was deducted from the Note as part of the rescinded Notice of Conversion.

 

(e)                                 
Obligation of Company to Deliver Common Stock. Upon receipt by the Company of a Notice of Conversion, the Holder shall
be deemed to be the holder

of
record of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued and unpaid
interest on this Note shall be reduced to reflect such conversion, and, unless the Company defaults on its obligations under this
Article I, all rights with respect to the portion of this Note being so converted shall forthwith terminate except the right to
receive the Common Stock or other securities, cash or other assets, as herein provided, on such conversion. If the Holder shall
have given a Notice of Conversion as provided herein, the Company’s obligation to issue and deliver the certificates for
Common Stock shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the same,
any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person or any action to
enforce the same, any failure or delay in the enforcement of any other obligation of the Company to the holder of record, or any
setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of any obligation to
the Company, and irrespective of any other circumstance which might otherwise limit such obligation of the Company to the Holder
in connection with such conversion. The Conversion Date specified in the Notice of Conversion shall be the Conversion Date so
long as the Notice of Conversion is received by the Company before 6:00 p.m., New York, New York time, on such date.

 

(f)                                   
Delivery of Common Stock by Electronic Transfer.In lieu of delivering physical certificates representing the Common
Stock issuable upon conversion, provided the Company is participating in the Depository Trust Company (“DTC”) Fast
Automated Securities Transfer (“FAST”) program, upon request of the Holder and its compliance with the provisions
contained in Section 1.1 and in this Section

    	 	5	 

    	 	 	 

    

1.4 
, the Company shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable upon
conversion to the Holder by crediting the account of Holder’s Broker with DTC through its Deposit Withdrawal Agent Commission
(“DWAC”) system.

 

(g)                                
Failure to Deliver Common Stock Prior to Deadline. Without in any way limiting the Holder’s right to pursue other
remedies, including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon
conversion of this Note is not delivered by the Deadline the Company shall pay to the Holder $2,000 per day in cash, for each
day beyond the Deadline that the Company fails to deliver such Common Stock. Such cash amount shall be paid to Holder by the fifth
day of the month following the month in which it has accrued or, at the option of the Holder (by written notice to the Company
by the first day of the month following the month in which it has accrued), shall be added to the principal amount of this Note,
in which event interest shall accrue thereon in accordance with the terms of this Note and such additional principal amount shall
be convertible into Common Stock in accordance with the terms of this Note. The Company agrees that the right to convert is a
valuable right to the Holder. The damages resulting from a failure, attempt to frustrate, interference with such conversion right
are difficult if not impossible to qualify.

Accordingly
the parties acknowledge that the liquidated damages provision contained in this Section are justified. Any delay or failure of
performance by the Company hereunder shall be excused if and to the extent caused by Force Majeure. For purposes of this agreement,
Force Majeure shall mean a cause or event that is not reasonably foreseeable and not caused by the Company, including acts of
God, fires, floods, explosions, riots wars, hurricanes, etc.

 

1.5                             
Concerning the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred
unless (i) such shares are sold pursuant to an effective registration statement under the Act or (ii) the Company or its transfer
agent shall have been furnished with an opinion of counsel (which opinion shall be in form, substance and scope customary for
opinions of counsel in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred
pursuant to an exemption from such registration or (iii) such shares are sold or transferred pursuant to Rule 144 under the Act
(or a successor rule) (“Rule 144”) or (iv) such shares are transferred to an “affiliate” (as defined in
Rule 144) of the Company who agrees to sell or otherwise transfer the shares only in accordance with this Section 1.5 and who
is an Accredited Investor. Except as otherwise provided herein (and subject to the removal provisions set forth below), until
such time as the shares of Common Stock issuable upon conversion of this Note have been registered under the Act or otherwise
may be sold pursuant to Rule 144 without any restriction as to the number of securities as of a particular date that can then
be immediately sold, each certificate for shares of Common Stock issuable upon conversion of this Note that has not been so included
in an effective registration statement or that has not been sold pursuant to an effective registration statement or an exemption
that permits removal of the legend, shall bear a legend substantially in the following form, as appropriate:

    	 	6	 

    	 	 	 

    

 

“NEITHERTHEISSUANCEANDSALEOFTHE
SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIESARE EXERCISABLEHAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THEHOLDER),INAGENERALLYACCEPTABLEFORM,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES.”

 

The
legend set forth above shall be removed and the Company shall issue to the Holder a new certificate therefore free of any transfer
legend if (i) the Company or its transfer agent shall have received an opinion of counsel, in form, substance and scope customary
for opinions of counsel in comparable transactions, to the effect that a public sale or transfer of such Common Stock may be made
without registration under the Act, which opinion shall be accepted by the Company so that the sale or transfer is effected or
(ii) in the case of the Common Stock issuable upon conversion of this Note, such security is registered for sale by the Holder
under an effective registration statement filed under the Act or otherwise may be sold pursuant to Rule

144
without any restriction as to the number of securities as of a particular date that can then be immediately sold.In the event
that the Company does not accept the opinion of counsel provided by the Buyer with respect to the transfer of Securities pursuant
to an exemption from registration, such as Rule 144 or Regulation S, at the Deadline, it will be considered an Event of Default
pursuant to this note.

 

		1.6	Effect
                                         of Certain Events.

 

(a)   
Effect of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or substantially
all of the assets of the Company, the effectuation by the Company of a transaction or series of related transactions in which
more than 50% of the voting power of the Company is disposed of, or the consolidation, merger or other business combination of
the Company with or into any other Person (as defined below) or Persons when the Company is not the survivor shall either: (i)
be deemed to be an Event of Default (as defined in Article III) pursuant to which the Company shall be required to pay to the
Holder upon the consummation of and as a condition to such transaction an amount equal to the Default Amount (as defined in Article
III) or (ii) be treated pursuant to Section 1.6(b) hereof. “Person” shall mean any individual, corporation, limited
liability company, partnership, association, trust or other entity or organization.

    	 	7	 

    	 	 	 

    

 

(b)   
Adjustment Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to conversion
of all of the Notes, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other
similar event, as a result of which shares of Common Stock of the Company shall be changed into the same or a different number
of shares of another class or classes of stock or securities of the Company or another entity, or in case of any sale or conveyance
of all or substantially all of the assets of the Company other than in connection with a plan of complete liquidation of the Company,
then the Holder of this Note shall thereafter have the right to receive upon conversion of this Note, upon the basis and upon
the terms and conditions specified herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion,
such stock, securities or assets which the Holder would have been entitled to receive in such transaction had this Note been converted
in full immediately prior to such transaction (without regard to any limitations on conversion set forth herein), and in any such
case appropriate provisions shall be made with respect to the rights and interests of the Holder of this Note to the end that
the provisions hereof (including, without limitation, provisions for adjustment of the Conversion Price and of the number of shares
issuable upon conversion of the Note) shall thereafter be applicable, as nearly as may be practicable in relation to any securities
or assets thereafter deliverable upon the conversion hereof. The Company shall not affect any transaction described in this Section
1.6(b) unless (a) it first gives, to the extent practicable, thirty (30) days prior written notice (but in any event at least
fifteen (15) days prior written notice) of the record date of the special meeting of shareholders to approve, or if there is no
such record date, the consummation of, such merger, consolidation, exchange of shares, recapitalization, reorganization or other
similar event or sale of assets (during which time the Holder shall be entitled to convert this Note) and (b) the resulting successor
or acquiring entity (if not the Company) assumes by written instrument the obligations of this Section 1.6(b). The above provisions
shall similarly apply to successive consolidations, mergers, sales, transfers or share exchanges.

(c)  
Adjustment Due to Distribution. If the Company shall declare or make any distribution of its assets (or rights to acquire
its assets) to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any
dividend or distribution to the Company’s shareholders in cash or shares (or rights to acquire shares) of capital stock
of a subsidiary (i.e., a spin-off)) (a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion
of this Note after the date of record for determining shareholders entitled to such Distribution, to receive the amount of such
assets which would have been payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had
such Holder been the holder of such shares of Common Stock on the record date for the determination of shareholders entitled to
such Distribution.

 

(d)   
Adjustment Due to Dilutive Issuance. If, at any time when any Notes issued under the Debt Purchase Agreement of even date
herewith are issued and outstanding, the Company issues

    	 	8	 

    	 	 	 

    

or
sells, or in accordance with this Section 1.6(d) hereof is deemed to have issued or sold, any shares of Common Stock in connection
with a financing transaction based on a variable price formula (the “Alternative Variable Price Formula”) that is
more favorable to the investor in such financing transaction than the formula for calculating the Conversion Price in effect on
the date of such issuance (or deemed issuance) of such shares of Common Stock (a “Dilutive Issuance”), then immediately
upon the Dilutive Issuance, the formula for the Conversion Price will be adjusted to match the Alternative Variable Price Formula.
If it is unclear whether the Alternative Variable Price Formula is better or worse, then Holder, in its sole discretion, may elect
at the time of such issuance whether to switch to the Alternative Variable Price Formula or not.

 

(e)   
Purchase Rights. If, at any time when any Notes are issued and outstanding, the Company issues any convertible securities
or rights to purchase stock, warrants, securities or other property (the “Purchase Rights”) pro rata to the record
holders of any class of Common Stock, then the Holder of this Note will be entitled to acquire, upon the terms applicable to such
Purchase Rights, the aggregate Purchase Rights which such Holder could have acquired if such Holder had held the number of shares
of Common Stock acquirable upon complete conversion of this Note (without regard to any limitations on conversion contained herein)
immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights or, if no such
record is taken, the date as of which the record holders of Common Stock are to be determined for the grant, issue or sale of
such Purchase Rights.

 

(f)   
Notice of Adjustments. Upon the occurrence of each adjustment or readjustment of the Conversion Price as a result of the
events described in this Section 1.6, the Company, at its expense, shall promptly compute such adjustment or readjustment and
prepare and furnish to the Holder of a certificate setting forth such adjustment or readjustment and showing in detail the facts
upon which such adjustment or readjustment is based. The Company shall, upon the written request at any time of the Holder, furnish
to such Holder a like certificate setting forth (i) such adjustment or readjustment, (ii) the Conversion Price at the time in
effect and

(iii)
the number of shares of Common Stock and the amount, if any, of other securities or property which at the time would be received
upon conversion of the Note.

 

1.7                             
Security As Security for the Company's obligations contained herein and in all Notes issued by the Company to the Holder,
following any Event of Default which remains uncured for thirty (30) calendar days, the Holder shall be granted an unconditional
first priority interest in and to, any and all property of the Company and its subsidiaries, of any kind or description, tangible
or intangible, whether now existing or hereafter arising or acquired until the balance of all Notes has been reduced to

$0.
"Any and all property," as described herein shall be inclusive of, but not limited to, assets reported by the Company
on its SEC filings, cash, inventory, accounts receivable, intellectual property rights, equipment and or property. The Investor
is authorized to make all filings the Investor, in its discretion, deems necessary to evidence its security interests.

 

1.8                             
Status as Shareholder. Upon submission of a Notice of Conversion by a Holder, (i) the shares covered thereby (other than
the shares, if any, which cannot be issued because their issuance would exceed such Holder’s allocated portion of the Reserved

    	 	9	 

    	 	 	 

    

Amount
or Maximum Share Amount) shall be deemed converted into shares of Common Stock and (ii) the Holder’s rights as a Holder
of such converted portion of this Note shall cease and terminate, excepting only the right to receive certificates for such shares
of Common Stock and to any remedies provided herein or otherwise available at law or in equity to such Holder because of a failure
by the Company to comply with the terms of this Note. Notwithstanding the foregoing, if a Holder has not received certificates
for all shares of Common Stock prior to the tenth (10th) business day after the expiration of the Deadline

with
respect to a conversion of any portion of this Note for any reason, then (unless the Holder otherwise elects to retain its status
as a holder of Common Stock by so notifying the Company) the Holder shall regain the rights of a Holder of this Note with respect
to such unconverted portions of this Note and the Company shall, as soon as practicable, return such unconverted Note to the Holder
or, if the Note has not been surrendered, adjust its records to reflect that such portion of this Note has not been converted.
In all cases, the Holder shall retain all of its rights and remedies (including, without limitation, (i) the right to receive
Conversion Default Payments pursuant to Section 1.3 to the extent required thereby for such Conversion Default and any subsequent
Conversion Default and (ii) the right to have the Conversion Price with respect to subsequent conversions determined in accordance
with Section 1.3) for the Company’s failure to convert this Note.

 

1.9                             
Prepayment. Maker may prepay this Note, in accordance with the following schedule: If within 60 calendar days from the
execution of this Note, 120% of all outstanding principal and interest due on each outstanding Note in one payment; After 60 calendar
days from the execution of the note and within 120 days from execution, 130% of all outstanding principal and interest due on
each outstanding Note in one payment. Between 121 and 180 days from the date of execution, the Note may be prepaid for 135% of
all outstanding amounts due on each outstanding Note in one payment.

 

ARTICLE
II. CERTAIN COVENANTS

 

2.1                              
Distributions on Capital Stock. So long as the Company shall have any obligation under this Note, the Company shall not
without the Holder’s written consent

(a)  
pay, declare or set apart for such payment, any dividend or other distribution (whether in cash, property or other securities)
on shares of capital stock other than dividends on shares of Common Stock solely in the form of additional shares of Common Stock
or (b) directly or indirectly or through any subsidiary make any other payment or distribution in respect of its capital stock
except for distributions pursuant to any shareholders’ rights plan which is approved by a majority of the Company’s
disinterested directors.

 

2.2                              
Restriction on Stock Repurchases. So long as the Company shall have any obligation under this Note, the Company shall not
without the Holder’s written consent redeem, repurchase or otherwise acquire (whether for cash or in exchange for property
or other securities or otherwise) in any one transaction or series of related transactions any shares of capital stock of the
Company or any warrants, rights or options to purchase or acquire any such shares.

    	 	10	 

    	 	 	 

    

  

2.3                              
Borrowings. So long as the Issuer shall have any obligation under this Note, the Issuer shall not, without providing the
Holder with written notice, create, incur, assume guarantee, endorse, contingently agree to purchase or otherwise become liable
upon the obligation of any person, firm, partnership, joint venture or corporation, except by the endorsement of negotiable instruments
for deposit or collection, or suffer to exist any liability for borrowed money, except (a) borrowings in existence or committed
on the date hereof and of which the Issuer has informed Holder in writing prior to the date hereof, (b) indebtedness to trade
creditors or financial institutions incurred in the ordinary course of business or (c) borrowings, the proceeds of which shall
be used to repay this Note.

 

2.4                              
Sale of Assets. So long as the Company shall have any obligation under this Note, the Company shall not, without the Holder’s
written consent, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business.
Any consent to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

 

2.5                              
Advances and Loans. So long as the Company shall have any obligation under this Note, the Company shall not, without the
Holder’s written consent, lend money, give credit or make advances to any person, firm, joint venture or corporation, including,
without limitation, officers, directors, employees, subsidiaries and affiliates of the Company, except loans, credits or advances
(a) in existence or committed on the date hereof and which the Company has informed Holder in writing prior to the date hereof,

		(b)	made
                                         in the ordinary course of business or (c) not in excess of $50,000.

 

ARTICLE
III. EVENTS OF DEFAULT

 

If
any of the following events of default (each, an “Event of Default”) shall occur:

 

3.1                              
Failure to Pay Principal or Interest. The Company fails to pay the principal hereof or interest thereon when due on this
Note, whether at maturity, upon acceleration or otherwise.

 

3.2                              
Conversion and the Shares.The Company fails to issue shares of Common Stock to the Holder (or announces or threatens
in writing that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder
in accordance with the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or
in certificated form) any certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant
to this Note as and when required by this Note, the Company directs its transfer agent not to transfer or delays, impairs, and/or
hinders its transfer agent in transferring (or issuing) (electronically or in certificated

    	 	11	 

    	 	 	 

    

form)
any certificate for shares of Common Stock to be issued to the Holder upon conversion of or otherwise pursuant to this Note as
and when required by this Note, or fails to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders
its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on
any certificate for any shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and
when required by this Note (or makes any written announcement, statement or threat that it does not intend to honor the obligations
described in this paragraph) and any such failure shall continue uncured (or any written announcement, statement or threat not
to honor its obligations shall not be rescinded in writing) for three (3) business days after the Holder shall have delivered
a Notice of Conversion. It is an obligation of the Company to remain current in its obligations to its transfer agent. It shall
be an event of default of this Note, if a conversion of this Note is delayed, hindered or frustrated due to a balance owed by
the Company to its transfer agent. If at the option of the Holder, the Holder advances any funds to the Company’s transfer
agent in order to process a conversion, such advanced funds shall be paid by the Company to the Holder within forty eight (48)
hours of a demand from the Holder.

 

3.3                              
Breach of Covenants. The Company breaches any covenant or other term or condition contained in this Note and any collateral
documents including but not limited to the Purchase Agreement.

 

3.4                              
Breach of Representations and Warranties.Any representation or warranty of the Company made herein or in any agreement,
statement or certificate given in

writing
pursuant hereto or in connection herewith (including, without limitation, the Purchase Agreement), shall be false or misleading
in any material respect when made and the breach of which has (or with the passage of time will have) a material adverse effect
on the rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.5                              
Receiver or Trustee. The Company or any subsidiary of the Company shall make an assignment for the benefit of creditors,
or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business,
or such a receiver or trustee shall otherwise be appointed.

 

3.6                              
Judgments. Any money judgment, writ or similar process shall be entered or filed against the Company or any subsidiary
of the Company or any of its property or other assets for more than $50,000, and shall remain unvacated, unbonded or unstayed
for a period of twenty (20) days unless otherwise consented to by the Holder, which consent will not be unreasonably withheld.

 

3.7                              
Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary,
for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company or any
subsidiary of the Company.

    	 	12	 

    	 	 	 

    

3.8                              
Delisting of Common Stock. The Company shall fail to maintain in good standing the listing of the Common Stock on the OTC
Bulletin Board or an equivalent replacement exchange, the Nasdaq National Market, the Nasdaq SmallCap Market or the New York Stock
Exchange.

 

3.9                              
Failure to Comply with the Exchange Act. The Company shall fail to comply, in a timely manner, with the reporting requirements
of the Exchange Act; and/or the Company shall cease to be subject to the reporting requirements of the Exchange Act.

 

3.10                       
Liquidation. Any dissolution, liquidation, or winding up of Company or any substantial portion of its business.

 

3.11                       
Cessation of Operations. Any cessation of operations by Company or Company admits it is otherwise generally unable to pay
its debts as such debts become due, provided, however, that any disclosure of the Company’s ability to continue as a “going
concern” shall not be an admission that the Company cannot pay its debts as they become due.

 

3.12                       
Maintenance of Assets. The failure by Company to maintain any material intellectual property rights, personal, real property
or other assets which are necessary to conduct its business (whether now or in the future).

 

3.13                       
Financial Statement Restatement.The restatement of any financial statements filed by the Company with the SEC for any
date or period from two years prior to the Issue Date of this Note and until this Note is no longer outstanding, if the result
of such restatement would, by comparison to the original financial statement, have constituted a material adverse effect on the
rights of the Holder with respect to this Note or supporting documents.

 

3.14                       
Reverse Splits. The Company effectuates a reverse split of its Common Stock without at least twenty (20) days prior written
notice to the Holder.

 

3.15                       
Replacement of Transfer Agent. In the event that the Company proposes to replace its transfer agent, the Company fails
to provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form
as initially delivered pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares
of Common Stock in the Reserved Amount) signed by the successor transfer agent to Company and the Company.

 

3.16                       
Cross-Default. Notwithstanding anything to the contrary contained in this Note or the other related or companion documents,
a breach or default by the Company of any covenant or other term or condition contained in any of the Other Agreements, after
the passage of all applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default under
this Note and the Other Agreements, in which event the Holder shall be entitled (but in no event required) to apply all rights
and remedies of the Holder under the terms of this Note and the Other Agreements by reason of a default

    	 	13	 

    	 	 	 

    

under
said Other Agreement or hereunder.“Other Agreements” means, collectively, all agreements and instruments between,
among or by: (1) the Company, and, or for the benefit of, (2) the Holder and any affiliate of the Holder, including, without limitation,
promissory notes; provided, however, the term “Other Agreements” shall not include the related or companion documents
to this Note. Each of the loan transactions will be cross- defaulted with each other loan transaction and with all other existing
and future debt of Company.

 

Upon
the occurrence and during the continuation of any Event of Default specified in Section 3.1 (solely with respect to failure to
pay the principal hereof or interest thereon when due at the Maturity Date), the Note shall become immediately due and payable
and the Company shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the Default Sum
(as defined herein). UPON THE OCCURRENCE AND DURING THE CONTINUATION OF ANY EVENT OF DEFAULT SPECIFIED IN SECTION 3.2, THE NOTE
SHALL BECOME IMMEDIATELY DUE AND PAYABLE AND THE COMPANY SHALL PAY TO THE HOLDER, IN FULL SATISFACTION OF ITS OBLIGATIONS HEREUNDER,
AN AMOUNT EQUAL TO: (Y) THE DEFAULT SUM (AS DEFINED HEREIN); MULTIPLIED BY (Z) TWO (2). Upon the occurrence and during the continuation
of any Event of Default specified in Sections 3.1 (solely with respect to failure to pay the principal hereof or interest thereon
when due on this Note upon a Trading Market Prepayment Event pursuant to Section 1.7 or upon acceleration), 3.3, 3.4, 3.6, 3.8,
3.9, 3.11, 3.12, 3.13, 3.14, and/or

3.
15 exercisable through the delivery of written notice to the Company by such Holders (the “Default Notice”), and upon
the occurrence of an Event of Default specified the remaining sections of Articles III (other than failure to pay the principal
hereof or interest thereon at the Maturity Date specified in Section 3,1 hereof), the Note shall become immediately due and payable
and the Company shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to 150% times the
sum of (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid
principal amount of this Note to the date of payment (the “Mandatory Prepayment Date”) plus

(y)
Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts owed to the Holder
pursuant to Sections 1.3 and 1.4(g) hereof (the then outstanding principal amount of this Note to the date of payment plus
the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the “Default Sum”) .

 

If
the Company fails to pay the Default Amount within five (5) business days of written notice that such amount is due and payable,
then the Holder shall have the right at any time, so long as the Company remains in default (and so long and to the extent that
there are sufficient authorized shares), to require the Company, upon written notice, to immediately issue, in lieu of the Default
Amount, the number of shares of Common Stock of the Company equal to the Default Amount divided by the Conversion Price then in
effect.

    	 	14	 

    	 	 	 

    

 

ARTICLE
IV. MISCELLANEOUS

4.1   
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege
preclude other or further exercise thereof or of any other right, power or privileges. All rights and remedies existing hereunder
are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

4.2   
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered
or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid,
or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party
shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder
shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting
facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where
such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during

normal
business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express
courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.
The addresses for such communications shall be:

 

If
to the Company, to:

____________________

____________________

____________________ 

 

If
to the Holder:

GHS
Investments, LLC.

200
Stonehinge Lane

Suite
3

Carle
Place, NY 11514

 

4.3   
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Company and
the Holder. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument
(and the other Notes issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then
as so amended or supplemented.

 

		4.4	Assignability.This
                                         Note shall be binding upon the Company and

    	 	15	 

    	 	 	 

    

its
successors and assigns, and shall inure to be the benefit of the Holder and its successors and assigns. Notwithstanding anything
in this Note to the contrary, this Note may be pledged as collateral in connection with a bona fide margin account or other
lending arrangement.

 

4.5   
Cost of Collection. If default is made in the payment of this Note, the Company shall pay the Holder hereof costs of collection,
including reasonable attorneys’ fees.

 

4.6   
Governing Law.This Note shall be governed by and construed in accordance with the laws of the State of Nevada without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Note shall be brought only in the state or federal courts located in the County, City and State of New York. The parties
to this Note hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not
assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The Company and Holder waive
trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and costs.
In the event that any provision of this Note or any other agreement delivered in connection herewith is invalid or unenforceable
under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid
or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party
hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in
connection with this Agreement or any other Transaction Document by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and
agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

4.7   
Certain Amounts.Whenever pursuant to this Note the Company is required to pay an amount in excess of the outstanding
principal amount (or the portion thereof required to be paid at that time) plus accrued and unpaid interest plus Default Interest
on such interest, the Company and the Holder agree that the actual damages to the Holder from the receipt of cash payment on this
Note may be difficult to determine and the amount to be so paid by the Company represents stipulated damages and not a penalty
and is intended to compensate the Holder in part for loss of the opportunity to convert this Note and to earn a return from the
sale of shares of Common Stock acquired upon conversion of this Note at a price in excess of the price paid for such shares pursuant
to this Note. The Company and the Holder hereby agree that such amount of stipulated damages is not plainly disproportionate to
the possible loss to the Holder from the receipt of a cash payment without the opportunity to convert this Note into shares of
Common Stock.

 

		4.8	Purchase
                                         Agreement. By its acceptance of this Note, each party agrees to be bound by the applicable
                                         terms of the Debt Purchase Agreement and supporting documents.

    	 	16	 

    	 	 	 

    

 

4.9   
Notice of Corporate Events. Except as otherwise provided below, the Holder of this Note shall have no rights as a Holder
of Common Stock unless and only to the extent that it converts this Note into Common Stock. The Company shall provide the Holder
with prior notification of any meeting of the Company’s shareholders (and copies of proxy materials and other information
sent to shareholders). In the event of any taking by the Company of a record of its shareholders for the purpose of determining
shareholders who are entitled to receive payment of any dividend or other distribution, any right to subscribe for, purchase or
otherwise acquire (including by way of merger, consolidation, reclassification or recapitalization) any share of any class or
any other securities or property, or to receive any other right, or for the purpose of determining shareholders who are entitled
to vote in connection with any proposed sale, lease or conveyance of all or substantially all of the assets of the Company or
any proposed liquidation, dissolution or winding up of the Company, the Company shall mail a notice to the Holder, at least twenty
(20) days prior to the record date specified therein (or thirty (30) days prior to the consummation of the transaction or event,
whichever is earlier), of the date on which any such record is to be taken for the purpose of such dividend, distribution, right
or other event, and a brief statement regarding the amount and character of such dividend, distribution, right or other event
to the extent known at such time. The Company shall make a public announcement of any event requiring notification to the Holder
hereunder substantially simultaneously with the notification to the Holder in accordance with the terms of this Section 4.9.

 

4.10  
Remedies.The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
Holder, by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that
the remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened
breach by the Company of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

IN
WITNESS WHEREOF, Company has caused this Note to be signed in its name by its duly authorized officer:

 

Rich
Pharmaceuticals, Inc.

 

By:
/s/ Ben Chang

Print:
Ben Chang

Title/Date:
CEO/ February 21, 2017

    	 	17Exhibit 10.1

 

STOCK UNIT AWARD AGREEMENT

 

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

  

This Stock Unit Award Agreement is entered into as of the 21st
day of February, 2017 by and between UFP Technologies, Inc. (hereinafter the “Company”) and R. Jeffrey Bailly (the
“Awardee”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Company’s
2003 Incentive Plan, as amended (the “Plan”). Stock Unit Awards (SUA’s 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 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, except as otherwise provided in this Agreement, 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 Target Award and the Exceptional Award.

 

2.        Change in Control.   Notwithstanding
the vesting schedule set forth in Schedule A: if there is a Change in Control of the Company (as defined in the Plan) 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 any applicable Performance Objective set forth on Schedule
A, and subject to the provisions of Section 21 of this Award Agreement, any SUA’s 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.

 

     

     

    

 

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.  

 

(a)               
Except as otherwise specified in subsection (b) below or as otherwise specified in Section 5 or 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.

 

(b)              
Subject to: the provisions of Paragraphs 8 and 12 of the Awardee’s Employment Agreement dated October 8, 2007 with
the Company, as amended (the “Employment Agreement”) and the provisions of Section 21 of this Award Agreement, any
SUA’s representing the Threshold Award which would otherwise have resulted in the issuance of shares of the Company’s
common stock but for: (i) the termination of the Awardee’s employment by the Company without “Cause” (as defined
in the Employment Agreement); or (ii) termination of the Awardee’s employment for “Good Reason” (as defined in
the Employment Agreement) prior to the date on which such shares would otherwise have been delivered to the Awardee but for such
termination, then such shares shall be issued to the Awardee notwithstanding such termination of employment.

 

(c)               
Subject to: the provisions of Paragraphs 8 and 12 of the Employment Agreement; attainment during the Performance Cycle described
on Schedule A of any applicable Performance Objective set forth on Schedule A; and the provisions of Section 21 of
this Award Agreement, any SUA’s representing the Target Award and the Exceptional Award, which would otherwise have resulted
in the issuance of shares of the Company’s common stock following the Certification Date but for: (i) the termination of
the Awardee’s employment by the Company without “Cause” or (ii) termination of the Awardee’s employment
for “Good Reason”, in any such event following the end of the Performance Cycle but prior to the date on which such
shares would otherwise have been delivered to the Awardee but for such termination, then such shares shall be issued to the Awardee
notwithstanding such termination of employment.

 

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.

 

    	2

     

    

 

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-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 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, or the conversion of 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.

 

    	3

     

    

 

(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.

 

(f)        Adjustments and other
matters relating to stock dividends, stock splits, recapitalizations, reorganizations, Corporate Events and the like shall be made
and determined in accordance with Section 6 of the Plan, as in effect on the date of this Agreement.

 

    	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;

 

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.

 

    	5

     

    

 

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. In addition, the Awardee acknowledges that the Award and
rights granted to the Awardee hereunder shall be subject to forfeiture to the Company in accordance with any policy that may hereafter
be promulgated by the Company to comply with the requirements of Section 10D(b)(2) of the Securities Exchange Act of 1934,
as amended.

 

17.        [Intentionally Omitted]

 

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.

 

    	6

     

    

 

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. 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. Anything in this Agreement to the contrary notwithstanding,
if at the time of the Awardee’s separation from service within the meaning of Section 409A of the Internal Revenue Code of
1986, as amended, and the regulations thereunder (the “Code”), the Company determines that the Awardee is a “specified
employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the
Awardee becomes entitled to under this Agreement would be considered deferred compensation subject to the 20 percent additional
tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such
payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one
day after the Awardee’s separation from service, or (B) the Awardee’s death. The determination of whether and when
a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section
1.409A-1(h). To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code,
the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. The parties agree
that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section
409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without
additional cost to either party. Solely for the purposes of Section 409A of the Code, the share increments issuable on each vesting
date on Schedule A shall be considered a separate payment. The Company makes no representation or warranty and shall have no liability
to the Awardee or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject
to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

 

[remainder of page intentionally left blank; signature page follows]

 

 

 

 

    	7

     

    

EXECUTED the day and year first above written.

 

 

	 	 	UFP TECHNOLOGIES, INC.
	 	 	 
	 	 	 
	 	 	By:  	 
	 	 	 	Ronald J. Lataille
	 	 	 	Chief Financial 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.

 

	 	 	 
	 	 	 
	 	 	 
	R. Jeffrey Bailly	 	 
	 	 	 

 

 

 

 

 

 

    	8

     

    

 

SCHEDULE A

 

The SUA’s 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 one-third increments on the vesting dates set forth below, provided the respective performance objective (if applicable) is
satisfied.

 

The Performance Objective established by the Committee with respect to the Target Performance
Award and Exceptional Performance Award is Adjusted Operating Income** for 2017

 

	 	
        

        Performance

        Objective
	
        

        Performance

        Cycle
	Number of 

Shares of 

Common Stock	

Vesting Dates: March 1 of:

	 	 	 	 	*/2019	*/2020	*/2021
	
         

        a. Threshold

        Performance

        Award
	
         

        none
	
         

        n/a
	
         

        [50% of total]
	
         

        33.33%
	
         

        33.33%

         

         
	
         

        33.34%

         

	
         

        b. Target 

        Performance

        Award
	
         

        of Adjusted Operating Income**

         
	
         

        Calendar Year

        2017
	
         

        [25% of total] (in addition to (a) above)
	
         

        33.33%
	
         

        33.33%

         

         
	
         

        33.34%

         

         

	
         

        c. Exceptional 

        Performance 

        Award
	
         

        of Adjusted Operating Income**

         
	
         

        Calendar Year

        2017
	
         

        [25% of total]***

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

        33.33%
	
         

        33.33%

         

         
	
         

        33.34%

         

         

	 	 	 	 	 	 	 	 

 

*Vesting is subject to the Compensation Committee’s determination
of satisfaction of any applicable performance target for 2017 (for Target and Exceptional Performance Awards), and subject to continued
employment on each such vesting date (for all Awards).

 

** Adjusted Operating Income is defined herein as Operating Income on the Company’s
10-K, excluding (i) non-recurring items related to plant closings and consolidations; and (ii) the impact on operating income of
acquired or disposed of operations during such year.

 

*** Between Adjusted Operating Income of                   and                   , the number of shares of Common Stock issuable
under the Exceptional Performance Award (in addition to the shares issuable upon attainment of the Target Performance Award) would
range from 0, representing the number of shares issuable upon attainment of                   of Adjusted Operating Income to the full number of
shares otherwise issuable under the Exceptional award based on straight line interpolation rounded up or down to the nearest whole
share (not to exceed                   of Adjusted Operating Income for purposes of this calculation).

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