<SEC-DOCUMENT>0001171843-18-001514.txt : 20180228
<SEC-HEADER>0001171843-18-001514.hdr.sgml : 20180228
<ACCEPTANCE-DATETIME>20180227191836
ACCESSION NUMBER:		0001171843-18-001514
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180221
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180228
DATE AS OF CHANGE:		20180227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UFP TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000914156
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTICS FOAM PRODUCTS [3086]
		IRS NUMBER:				042314970
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12648
		FILM NUMBER:		18647436

	BUSINESS ADDRESS:	
		STREET 1:		100 HALE STREET
		CITY:			NEWBURYPORT
		STATE:			MA
		ZIP:			01950
		BUSINESS PHONE:		978-352-2200

	MAIL ADDRESS:	
		STREET 1:		100 HALE STREET
		CITY:			NEWBURYPORT
		STATE:			MA
		ZIP:			01950
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_022718.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WASHINGTON, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Current Report Pursuant to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Section 13 or 15(d) of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
February 21, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; border-bottom: Black 1pt solid">UFP Technologies, Inc. </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; border-bottom: Black 1pt solid">Delaware</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other Jurisdiction of Incorporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 40%; text-align: center; border-bottom: Black 1pt solid">001-12648</TD>
    <TD STYLE="width: 20%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 40%; text-align: center; border-bottom: Black 1pt solid">04-2314970</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">(IRS Employer Identification
No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">100 Hale Street, Newburyport, MA - USA </TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">01950-3504</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; border-bottom: Black 1pt solid">(978) 352-2200</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s Telephone Number, Including
Area Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; border-bottom: Black 1pt solid">N/A</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.5pt"></TD><TD STYLE="width: 18pt">&#9744;</TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.5pt"></TD><TD STYLE="width: 18pt">&#9744;</TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.5pt"></TD><TD STYLE="width: 18pt">&#9744;</TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.5pt"></TD><TD STYLE="width: 18pt">&#9744;</TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Emerging growth company &#9;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. &#9744;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5.02</B></TD><TD><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Base Salaries</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At a meeting on February 21, 2018, the Compensation Committee
of the Board of Directors (the &ldquo;Compensation Committee&rdquo;) of UFP Technologies, Inc. (the &ldquo;Company&rdquo;) approved
increases in the base salaries of certain of the Company&rsquo;s executive officers, effective January 1, 2018. The following table
sets forth the new base salary of each of the Company&rsquo;s executive officers whose base salary was adjusted by the Compensation
Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 73%; border: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Name and Title</B></FONT></TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2018 Base Salary<BR>
        (effective January 1, 2018)</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">R. Jeffrey Bailly,<BR>
President, Chief Executive Officer and Chairman</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">$500,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">Ronald J. Lataille,<BR>
Senior Vice President, Treasurer and Chief Financial Officer</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">$290,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">Christopher P. Litterio,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -0.75pt">General Counsel and Senior Vice
        President of Human Resources</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">$265,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">Mitchell C. Rock,<BR>
Senior Vice President of Sales and Marketing</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">$265,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">W. David Smith,<BR>
Senior Vice President of Operations</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;$265,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">Daniel J. Shaw, Jr.,<BR>
Vice President of Research and Development</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">$200,000</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Stock Unit Awards</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also at its February 21, 2018 meeting, the Compensation Committee
approved, under and pursuant to the Company&rsquo;s 2003 Incentive Plan, as amended (the &ldquo;2003 Incentive Plan&rdquo;), the
grant of stock unit awards to certain of the Company&rsquo;s executive officers, as indicated below.&nbsp; Subject to the terms
of the 2003 Incentive Plan and the stock unit award agreement evidencing each such award, with the Company&rsquo;s Chief Executive
Officer, R. Jeffrey Bailly, receiving a separate form of stock unit award agreement than the other executive officers, each stock
unit award provides the recipient with the right to receive one share of common stock of the Company.&nbsp; Recipients of the stock
unit awards will have no rights as stockholders of the Company in respect thereof, including, without limitation, the right to
vote or to receive dividends, until and to the extent any applicable performance objectives have been satisfied, such stock unit
awards have vested, and the issuance of the shares of common stock in respect of the stock unit awards has been appropriately evidenced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 23%; border: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Name and Title of Recipient of Stock Unit Awards</B></FONT></TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Column A</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number of &ldquo;Threshold&rdquo; Stock
        Unit Awards </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(No Minimum Adjusted Operating Income
        Requirement)</B></P></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Column B</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number of &ldquo;Target&rdquo; Stock
        Unit Awards </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Upon Attainment of Target Adjusted Operating
        Income)</B></P></TD>
    <TD STYLE="width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Column C</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number of &ldquo;Exceptional&rdquo; Stock
        Unit Awards </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Upon Attainment of Exceptional Adjusted
        Operating Income)</B></P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">R. Jeffrey Bailly, President, Chief Executive Officer and Chairman</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">5,119</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2,560</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2,560</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Ronald J. Lataille,<BR>
Senior Vice President, Treasurer and Chief Financial Officer</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2,133</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,067</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,067</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Christopher P. Litterio, General Counsel and Senior Vice President of Human Resources</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2,133</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,067</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,067</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">W. David Smith</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Vice President of Operations</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2,133</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,067</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,067</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Mitchell C. Rock,<BR>
Senior Vice President of Sales and Marketing</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2,133</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,067</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,067</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Daniel J. Shaw,&nbsp;Jr.,<BR>
Vice President of Research and Development</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,280</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">640</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">640</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All stock unit awards listed in the table above are subject
to time-based and continuous employment vesting requirements. The stock unit awards listed in Columns B and C are also subject
to&nbsp;the Company meeting certain financial performance objectives, described below (the &ldquo;Performance Objectives&rdquo;).&nbsp;
The Compensation Committee shall determine whether and to what extent any of the Performance Objectives have been achieved by the
Company.&nbsp; Such determination is currently expected to take place in February&nbsp;2019. Assuming achievement of the applicable
Performance Objectives, one-third of the stock unit awards listed in Columns A, B, and C above shall vest on March 1,&nbsp;2020,
one-third shall vest on March 1,&nbsp;2021 and one-third shall vest on March 1, 2022, provided that the recipient remains continuously
employed by the Company through each such vesting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Performance Objectives for the stock unit awards listed
in Columns B and C above are based on the Company&rsquo;s adjusted operating income for the Company&rsquo;s fiscal year ended December&nbsp;31,
2018, relative to specified adjusted operating income amounts established by the Compensation Committee.&nbsp; If the Company achieves
the &ldquo;Target&rdquo; adjusted operating income established by the Compensation Committee, then all of the stock unit awards
listed in Column B will be eligible to become vested (in addition to the stock unit awards listed in Column A), subject to the
time-based vesting and continuous employment requirements described above.&nbsp; To the extent the Company achieves in excess of
the &ldquo;Target&rdquo; adjusted operating income, the stock unit awards listed in Column C (in addition to the stock unit awards
in Columns A and B) will be eligible to become vested, subject to the time-based vesting and continuous employment requirements
described above, based on a straight-line interpolation of the &ldquo;Target&rdquo; adjusted operating income rounded up or down
to the nearest whole share, up to the maximum amount listed in Column C above, which represents &ldquo;Exceptional&rdquo; adjusted
operating income, as established by the Compensation Committee. For purposes of determining whether or not any of the Performance
Objectives are met, the Compensation Committee will measure operating income as adjusted to disregard (i) non-recurring items related
to plant closings and consolidations and (ii) the impact on operating income of acquired or disposed of operations during the fiscal
year ended December 31, 2018 (other than the 11 months&rsquo; results of Dielectrics, Inc. (&ldquo;Dielectrics&rdquo;), which the
Company acquired on February 1, 2018, the results of which are included in the budgeted amount and would therefore not be excluded).
To the extent agreed to by the Compensation Committee, Dielectrics results shall also be adjusted by any required changes in revenue
recognition accounting principles regarding sales of tooling or equipment products or research and development services or changes
in the amortization of intangibles not reflected in the Company&rsquo;s (combined) 2018 budget.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any unvested stock unit awards shall terminate upon the cessation
of a recipient&rsquo;s employment with the Company.&nbsp; Notwithstanding the foregoing and only with respect to the award to Mr.
Bailly, subject to the terms of Mr. Bailly&rsquo;s employment agreement dated October 8, 2007, as amended (the &ldquo;CEO Employment
Agreement&rdquo;), and the stock unit award agreement evidencing Mr. Bailly&rsquo;s award, in the event that Mr. Bailly&rsquo;s
employment ceases without &ldquo;cause&rdquo; or for &ldquo;good reason&rdquo; (as such terms are defined in the CEO Employment
Agreement), Mr. Bailly shall be entitled to receive shares that, but for such cessation of employment, would have otherwise been
issued to Mr. Bailly pursuant to the terms of the stock unit awards listed in Columns A, B, and C above, notwithstanding such cessation
of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of a change in control of the Company (as defined
in the 2003 Incentive Plan), any unvested stock unit awards listed in each of Columns A, B, and C above shall become fully vested
as of the effective date of such change in control, provided that the recipient has been continuously employed by the Company through
the date immediately prior to the effective date of such change in control, and, with respect to the stock unit awards listed in
Columns B and C above, subject to achievement of any applicable Performance Objectives prior to the effective date of such change
in control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The above description of the stock unit awards is qualified
in its entirety by reference to the text of the CEO stock unit award agreement or the stock unit award agreement evidencing such
awards, as applicable, copies of the forms of which are attached hereto as Exhibit&nbsp;10.1 and Exhibit 10.2, respectively, and
are incorporated herein in their entirety by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Chief Executive Officer&rsquo;s Corporate Financial Performance
Bonus</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also at its February 21, 2018 meeting, the Compensation Committee
approved a cash bonus award to Mr. Bailly for 2018 related to corporate financial performance. This award was made under and pursuant
to the 2003 Incentive Plan. The amount of the cash bonus award is based on the Company&rsquo;s achievement of a specified adjusted
operating income target for 2018 established by the Compensation Committee. The target amount of the cash bonus award is $240,000.
The actual amount of the cash bonus award, if any, will be subject to increase or decrease relative to the difference between the
2018 adjusted operating income target established by the Compensation Committee and the Company&rsquo;s actual 2018 adjusted operating
income, according to a formula established by the Compensation Committee. The maximum amount that may be awarded is $500,000. If
the Company&rsquo;s actual 2018 adjusted operating income is less than eighty percent (80%) of the 2018 adjusted operating income
target established by the Compensation Committee, the cash bonus award will be zero. For purposes of determining whether or not
the specified adjusted operating income target for 2018 established by the Compensation Committee is met, the Compensation Committee
will measure operating income as adjusted to disregard (i) non-recurring items related to plant closings and consolidations and
(ii) the impact on operating income of acquired or disposed of operations during the fiscal year ended December 31, 2018 (other
than the 11 months&rsquo; results of Dielectrics, the results of which are included in the budgeted amount and would therefore
not be excluded. To the extent agreed to by the Compensation Committee, Dielectrics results shall also be adjusted by any required
changes in revenue recognition accounting principles regarding sales of tooling or equipment products or research and development
services or changes in the amortization of intangibles not reflected in the Company&rsquo;s (combined) 2018 budget.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Chief Executive Officer&rsquo;s Individual Performance
Bonus</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also at its February 21, 2018 meeting, the Compensation Committee
approved the terms of a cash bonus award for Mr. Bailly for 2018 related to individual performance objectives. This award was made
under and pursuant to the 2003 Incentive Plan. Under the cash bonus plan, Mr. Bailly shall be entitled to receive an amount of
up to $175,000 in cash, based on his achievement during 2018 of individual performance criteria established by the Compensation
Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Executive Officer Cash Bonuses</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also at its February 21, 2018 meeting, the Compensation Committee
approved the target levels for discretionary cash bonuses for Messrs. Lataille, Litterio, Rock, Smith and Shaw for 2018. Any such
cash bonus would be based upon the achievement of corporate financial targets and individual performance goals. The target amount
of any such cash bonus is 40% of base salary. The actual amount of each cash bonus, if any, will be subject to increase or decrease
at the discretion of the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%; text-align: center; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><BR>
        Exhibit Number</B></P>



</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Description</B></P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="exh_101.htm">10.1</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="exh_101.htm">Form of 2018 CEO Stock Unit Award Agreement.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="exh_102.htm">10.2</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="exh_102.htm">Form of 2018 Stock Unit Award Agreement.</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>Dated: February 27, 2018</TD>
    <TD COLSPAN="2">UFP TECHNOLOGIES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Ronald J. Lataille&#9;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif">Ronald J. Lataille, Chief Financial<BR>
Officer and Senior Vice President</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="margin: 0"></P>

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<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>EXHIBIT 10.1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STOCK UNIT AWARD AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Granted under the UFP Technologies, Inc.
2003 Incentive Plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Stock Unit Award Agreement is entered
into as of the 21<SUP>st</SUP> day of February, 2018 by and between UFP Technologies, Inc. (hereinafter the &ldquo;Company&rdquo;)
and R. Jeffrey Bailly (the &ldquo;Awardee&rdquo;). Capitalized terms used but not defined herein shall have the meanings assigned
to them in the Company&rsquo;s 2003 Incentive Plan, as amended (the &ldquo;Plan&rdquo;). Stock Unit Awards (SUA&rsquo;s represent
the Company&rsquo;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 <U>Schedule A</U> hereto, and the Plan.
Awardee has no rights under the SUAs other than the rights of a general unsecured creditor of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of Stock Unit Awards; Performance Objectives; Vesting</U>.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#9;(a)&#9;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 <U>Schedule A</U>
hereto upon the terms and subject to the conditions hereinafter contained. The SUA&rsquo;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 <U>Schedule A</U> of the Performance Objectives set forth on <U>Schedule A</U> .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to attainment of any applicable Performance Objectives, except as otherwise provided in this Agreement, payment with respect to
vested SUA&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&rsquo;s certification pursuant to this subsection
(c) shall hereinafter be referred to as the &ldquo;Certification Date&rdquo;. The Company will notify the Awardee of the Committee&rsquo;s
certification following the Certification Date (such notice, the &ldquo;Determination Notice&rdquo;). The Determination Notice
shall specify (i) the Performance Objective, as derived from the Company&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2. &#9;<U>Change in Control</U>.&nbsp;&nbsp;
&#9;Notwithstanding the vesting schedule set forth in <U>Schedule A</U>: 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&rsquo;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 <U>Schedule A</U> of any applicable Performance Objective
set forth on <U>Schedule A,</U> and subject to the provisions of Section 21 of this Award Agreement, any SUA&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.&nbsp;&nbsp;
Unless terminated earlier under Section 4, 5 or 6 below, an Awardee&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> 4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination of Awardee&rsquo;s Continuous Status as an Employee</U>.&nbsp;&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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&rsquo;s Continuous Status as an employee of the Company, Awardee&rsquo;s rights under this Award Agreement
in any unvested SUAs shall terminate. For purposes of this Award Agreement, an Awardee&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to: the provisions of Paragraphs 8 and 12 of the Awardee&rsquo;s Employment Agreement dated October 8, 2007 with
the Company, as amended (the &ldquo;Employment Agreement&rdquo;) and the provisions of Section 21 of this Award Agreement, any
SUA&rsquo;s representing the Threshold Award which would otherwise have resulted in the issuance of shares of the Company&rsquo;s
common stock but for: (i) the termination of the Awardee&rsquo;s employment by the Company without &ldquo;Cause&rdquo; (as defined
in the Employment Agreement); or (ii) termination of the Awardee&rsquo;s employment for &ldquo;Good Reason&rdquo; (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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to: the provisions of Paragraphs 8 and 12 of the Employment Agreement; attainment during the Performance Cycle described
on <U>Schedule A</U> of any applicable Performance Objective set forth on <U>Schedule A;</U> and the provisions of Section 21 of
this Award Agreement, any SUA&rsquo;s representing the Target Award and the Exceptional Award, which would otherwise have resulted
in the issuance of shares of the Company&rsquo;s common stock following the Certification Date but for: (i) the termination of
the Awardee&rsquo;s employment by the Company without &ldquo;Cause&rdquo; or (ii) termination of the Awardee&rsquo;s employment
for &ldquo;Good Reason&rdquo;, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disability
of Awardee</U>.&nbsp;&nbsp; Notwithstanding the provisions of Section 4 above, in the event of termination of Awardee&rsquo;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 &ldquo;Disability&rdquo;), the SUAs which would have vested during the twelve (12) months following the date of
such termination, set out in <U>Schedule A</U>, shall become vested as of the date of such termination, subject, however, to the
provisions of Section 21 of this Award Agreement. If Awardee&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Death
of Awardee</U>.&nbsp;&nbsp; Notwithstanding the provisions of Section 4 above, in the event of the death of Awardee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 <U>Schedule A,</U> shall become vested as of the date of death.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Awardee&rsquo;s rights in any unvested SUAs that remain after the application of Section 6(a) shall terminate at the time of the
Awardee&rsquo;s death.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Value
of Unvested SUAs</U>.&nbsp;&nbsp; In consideration of the award of these SUAs, Awardee agrees that upon and following termination
of Awardee&rsquo;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&rsquo;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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
of SUAs to shares of Common Stock; Responsibility for Taxes</U>.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&rsquo;s death, to Awardee&rsquo;s legal representative, as soon as practicable. The distribution
to the Awardee, or in the case of the Awardee&rsquo;s death, to the Awardee&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (&ldquo;Tax Related Items&rdquo;), Awardee acknowledges that the ultimate liability
for all Tax Related Items legally due by Awardee is and remains Awardee&rsquo;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&rsquo;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&rsquo;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&rsquo;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&rsquo;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&rsquo;s obligation in connection with the Tax Related
Items as described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Transferability
of SUAs</U>.&nbsp;&nbsp; Awardee&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acknowledgment
of Nature of Plan and SUAs</U>.&nbsp;&nbsp; In accepting the Award, Awardee acknowledges that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
decisions with respect to future awards, if any, will be at the sole discretion of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awardee&rsquo;s
participation in the Plan is voluntary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
future value of the underlying shares of Common Stock is unknown and cannot be predicted with certainty;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Employment Right</U>.&nbsp;&nbsp; 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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Administration</U>.&nbsp;&nbsp;
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">13. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Plan
Governs</U>.&nbsp;&nbsp; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.&nbsp;&nbsp;
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&rsquo;s address
indicated by the Company&rsquo;s records and, if to the Company, at the Company&rsquo;s principal executive office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Electronic
Delivery</U>.&nbsp;&nbsp; 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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">16. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acknowledgment</U>.&nbsp;&nbsp;
By Awardee&rsquo;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&rsquo;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&nbsp;10D(b)(2) of the Securities Exchange Act of 1934,
as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">17. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Intentionally
Omitted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">18. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>.&nbsp;&nbsp; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">19. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.&nbsp;&nbsp;
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">20. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Complete
Award Agreement and Amendment</U>.&nbsp;&nbsp; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Section 409A</U>. 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&rsquo;s separation from service within the meaning of Section 409A of the Internal Revenue Code of
1986, as amended, and the regulations thereunder (the &ldquo;Code&rdquo;), the Company determines that the Awardee is a &ldquo;specified
employee&rdquo; 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&rsquo;s separation from service, or (B) the Awardee&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[remainder of page intentionally left
blank; signature page follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">EXECUTED the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">UFP TECHNOLOGIES, INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> Ronald J. Lataille</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AWARDEE&rsquo;S ACCEPTANCE:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">R. Jeffrey Bailly</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U></U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE A</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SUA&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Performance Objective established by the Committee with
respect to the Target Performance Award and Exceptional Performance Award is Adjusted Operating Income** for 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; font-size: 10pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">


        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Performance</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Objective</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">


        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Performance</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cycle</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of <BR>
Shares of <BR>
Common Stock</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">



        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vesting Dates: March 1 of:</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*/2020</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*/2021</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*/2022</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>a. Threshold</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Performance</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>Award</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">none</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">n/a</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[50% of total]</P>
        </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">33.33%</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">33.33%</P>

        </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">33.34%</P>
        </TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>b. Target </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>Performance</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>Award</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">of Adjusted Operating Income**</P>
        </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calendar Year</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2018</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[25% of total]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(in addition to (a) above)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">33.33%</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">33.33%</P>

        </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">33.34%</P>

        </TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>c. Exceptional </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>Performance </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>Award</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">of Adjusted Operating Income**</P>
        </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calendar Year</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2018</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[25% of total]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">***</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(in addition to (a) and (b) above)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">33.33%</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">33.33%</P>

        </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">33.34%</P>

        </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">*Vesting is subject to the Compensation Committee&rsquo;s
determination of satisfaction of any applicable performance target for 2018 (for Target and Exceptional Performance Awards), and
subject to continued employment on each such vesting date (for all Awards).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** Adjusted Operating Income is defined herein as Operating
Income on the Company&rsquo;s 10-K adjusted as follows: (i) non-recurring items related to plant closings and consolidations shall
be excluded; (ii) the impact of acquired or disposed of operations during such year shall be excluded (other than the 11 months&rsquo;
results of Dielectrics which is included in the budgeted amount and would therefore not be excluded); and (iii) to the extent agreed
to by the Committee, Dielectrics results shall be adjusted by any required changes in revenue recognition accounting principles
regarding sales of tooling or equipment products or research &amp; development services or changes in the amortization of intangibles
not reflected in the Corporation&rsquo;s (combined) 2018 budget.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">***Between Adjusted Operating Income of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the number of shares
of Common Stock issuable under the Target Performance Award (in addition to the shares issuable upon attainment of the Threshold
Performance Award) would range from 0, representing the number of shares issuable upon attainment of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of Adjusted Operating Income,
to the full number of shares otherwise issuable under the Target award, based on straight line interpolation rounded up or down
to the nearest whole share (not to exceed
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of Adjusted Operating Income for purposes of this calculation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exh_102.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>EXHIBIT 10.2</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STOCK UNIT AWARD AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Granted under the UFP Technologies, Inc.
2003 Incentive Plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Stock Unit Award Agreement is entered
into as of the 21st day of February, 2018 by and between UFP Technologies, Inc. (hereinafter the &ldquo;Company&rdquo;) and _____________
(the &ldquo;Awardee&rdquo;). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Company&rsquo;s
2003 Incentive Plan, as amended (the &ldquo;Plan&rdquo;). Stock Unit Awards (SUA&rsquo;s represent the Company&rsquo;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 <U>Schedule A</U> hereto, and the Plan. Awardee has no rights under
the SUAs other than the rights of a general unsecured creditor of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of Stock Unit Awards; Performance Objectives; Vesting</U>.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&#9;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 <U>Schedule A</U>
hereto upon the terms and subject to the conditions hereinafter contained. The SUA&rsquo;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 <U>Schedule A</U> of the Performance Objectives set forth on <U>Schedule A</U> .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to attainment of any applicable Performance Objectives, payment with respect to vested SUA&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&rsquo;s certification pursuant to this subsection
(c) shall hereinafter be referred to as the &ldquo;Certification Date&rdquo;. The Company will notify the Awardee of the Committee&rsquo;s
certification following the Certification Date (such notice, the &ldquo;Determination Notice&rdquo;). The Determination Notice
shall specify (i) the Performance Objective, as derived from the Company&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control</U>.&nbsp;&nbsp;
&#9;Notwithstanding the vesting schedule set forth in <U>Schedule A</U>: 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&rsquo;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 <U>Schedule A</U> of any applicable Performance Objective
set forth on <U>Schedule A,</U> and subject to the provisions of Section 21 of this Award Agreement, any SUA&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.&nbsp;&nbsp;
Unless terminated earlier under Section 4, 5 or 6 below, an Awardee&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Awardee&rsquo;s Continuous Status as an Employee</U>.&nbsp;&nbsp; Except as otherwise specified in Section 5 and 6 below, in
the event of termination of Awardee&rsquo;s Continuous Status as an employee of the Company, Awardee&rsquo;s rights under this
Award Agreement in any unvested SUAs shall terminate. For purposes of this Award Agreement, an Awardee&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disability
of Awardee</U>.&nbsp;&nbsp; Notwithstanding the provisions of Section 4 above, in the event of termination of Awardee&rsquo;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 &ldquo;Disability&rdquo;), the SUAs which would have vested during the twelve (12) months following the date of
such termination, set out in <U>Schedule A</U>, shall become vested as of the date of such termination, subject, however, to the
provisions of Section 21 of this Award Agreement. If Awardee&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Death
of Awardee</U>.&nbsp;&nbsp; Notwithstanding the provisions of Section 4 above, in the event of the death of Awardee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 <U>Schedule A,</U> shall become vested as of the date of death.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Awardee&rsquo;s rights in any unvested SUAs that remain after the application of Section 6(a) shall terminate at the time of the
Awardee&rsquo;s death.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Value
of Unvested SUAs</U>.&nbsp;&nbsp; In consideration of the award of these SUAs, Awardee agrees that upon and following termination
of Awardee&rsquo;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&rsquo;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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
of SUAs to shares of Common Stock; Responsibility for Taxes</U>.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&rsquo;s death, to Awardee&rsquo;s legal representative, as soon as practicable. The distribution
to the Awardee, or in the case of the Awardee&rsquo;s death, to the Awardee&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (&ldquo;Tax Related Items&rdquo;), Awardee acknowledges that the ultimate liability
for all Tax Related Items legally due by Awardee is and remains Awardee&rsquo;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&rsquo;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&rsquo;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&rsquo;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&rsquo;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&rsquo;s obligation in connection with the Tax Related
Items as described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Transferability
of SUAs</U>.&nbsp;&nbsp; Awardee&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acknowledgment
of Nature of Plan and SUAs</U>.&nbsp;&nbsp; In accepting the Award, Awardee acknowledges that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
decisions with respect to future awards, if any, will be at the sole discretion of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awardee&rsquo;s
participation in the Plan is voluntary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
future value of the underlying shares of Common Stock is unknown and cannot be predicted with certainty;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&rsquo;s employment (whether or not in breach of applicable laws), Awardee&rsquo;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&rsquo;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&rsquo;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&rsquo;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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Employment Right</U>.&nbsp;&nbsp; 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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Administration</U>.&nbsp;&nbsp;
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">13. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Plan
Governs</U>.&nbsp;&nbsp; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.&nbsp;&nbsp;
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&rsquo;s address
indicated by the Company&rsquo;s records and, if to the Company, at the Company&rsquo;s principal executive office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Electronic
Delivery</U>.&nbsp;&nbsp; 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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">16. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acknowledgment</U>.&nbsp;&nbsp;
By Awardee&rsquo;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&rsquo;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&nbsp;10D(b)(2) of the Securities Exchange Act of 1934,
as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">17. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Intentionally
Omitted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">18. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>.&nbsp;&nbsp; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">19. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.&nbsp;&nbsp;
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">20. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Complete
Award Agreement and Amendment</U>.&nbsp;&nbsp; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Section 409A</U>. 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&rsquo;s separation from service within the meaning of Section 409A of the Internal Revenue Code of
1986, as amended, and the regulations thereunder (the &ldquo;Code&rdquo;), the Company determines that the Awardee is a &ldquo;specified
employee&rdquo; 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&rsquo;s separation from service, or (B) the Awardee&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">EXECUTED the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">UFP TECHNOLOGIES, INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>R. Jeffrey Bailly</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AWARDEE&rsquo;S ACCEPTANCE:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[name of Awardee]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE A</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SUA&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Performance Objective established by the Committee with
respect to the Target Performance Award and Exceptional Performance Award is Adjusted Operating Income** for 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; font-size: 10pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">


        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Performance</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Objective</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">


        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Performance</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cycle</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of <BR>
Shares of <BR>
Common <BR>
Stock</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vesting Dates: March 1 of:</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*/2020</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*/2021</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*/2022</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>a. Threshold</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Performance</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>Award</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">none</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">n/a</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[50% of total]</P>
        </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">33.33%</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">33.33%</P>

        </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">33.34%</P>
        </TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>b. Target </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>Performance</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>Award</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">of Adjusted Operating Income**</P>
        </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calendar Year</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2018</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[25% of total]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(in addition to (a) above)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">33.33%</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">33.33%</P>

        </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">33.34%</P>

        </TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>c. Exceptional </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>Performance </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><B>Award</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">of Adjusted Operating Income**</P>
        </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calendar Year</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2018</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[25% of total]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">***</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(in addition to (a) and (b) above)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">33.33%</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">33.33%</P>

        </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">33.34%</P>

        </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">*Vesting is subject to the Compensation Committee&rsquo;s
determination of satisfaction of any applicable performance target for 2018 (for Target and Exceptional Performance Awards), and
subject to continued employment on each such vesting date (for all Awards).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** Adjusted Operating Income is defined herein as Operating
Income on the Company&rsquo;s 10-K adjusted as follows: (i) non-recurring items related to plant closings and consolidations shall
be excluded; (ii) the impact of acquired or disposed of operations during such year shall be excluded (other than the 11 months&rsquo;
results of Dielectrics which is included in the budgeted amount and would therefore not be excluded); and (iii) to the extent agreed
to by the Committee, Dielectrics results shall be adjusted by any required changes in revenue recognition accounting principles
regarding sales of tooling or equipment products or research &amp; development services or changes in the amortization of intangibles
not reflected in the Corporation&rsquo;s (combined) 2018 budget.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">***Between Adjusted Operating Income of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the number of shares of Common Stock issuable under the
Target Performance Award (in addition to the shares issuable upon attainment of the Threshold Performance Award) would range
from 0, representing the number of shares issuable upon attainment of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of Adjusted Operating Income, to the full number of
shares otherwise issuable under the Target award, based on straight line interpolation rounded up or down to the nearest
whole share (not to exceed
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of Adjusted Operating Income for purposes of this calculation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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