<SEC-DOCUMENT>0001171843-19-001189.txt : 20190225
<SEC-HEADER>0001171843-19-001189.hdr.sgml : 20190225
<ACCEPTANCE-DATETIME>20190225172112
ACCESSION NUMBER:		0001171843-19-001189
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190219
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:		20190225
DATE AS OF CHANGE:		20190225

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:		19630610

	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_022519.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">UNITED STATES</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">SECURITIES AND EXCHANGE COMMISSION</P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">FORM 8-K</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Current Report Pursuant to</P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Securities Exchange Act of 1934</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Date of Report (Date of earliest event reported): February 19, 2019</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt">UFP Technologies, Inc. </P>

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<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><U></U></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Delaware</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><U></U></P>

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<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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: 33%; text-align: center; border-bottom: Black 1pt solid">001-12648</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 33%">04-2314970</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(IRS Employer Identification No.)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">100 Hale Street, Newburyport, MA - USA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">01950-3504</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt">(978) 352-2200</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><U></U></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt">N/A</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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:<BR>
<BR>
</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></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-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></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-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></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-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">Emerging growth company &#9;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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. <FONT STYLE="font-family: Wingdings">&uml;</FONT></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-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I><U>Base Salaries</U></I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">At a meeting on February 19, 2019, 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, 2019. 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<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-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>2019 Base Salary<BR>
        (effective January 1, 2019)</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">$580,000</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">$345,000</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-size: 10pt; text-indent: -10pt; margin: 0pt 0 0pt 10pt">Christopher P. Litterio,</P>
        <P STYLE="font-size: 10pt; text-indent: -0.75pt; margin: 0pt 0 0pt 10pt">Senior Vice President of Human Resources and Chief Counsel</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">$275,000</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">$330,000</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;$305,000</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">$220,000</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I><U>Stock Unit Awards</U></I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Also at its February 19, 2019 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<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-size: 10pt; text-align: center; margin: 0pt 0"><B><U>Column A</U></B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Number of &ldquo;Threshold&rdquo; Stock Unit Awards </B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><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-size: 10pt; text-align: center; margin: 0pt 0"><B><U>Column B</U></B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Number of &ldquo;Target&rdquo; Stock Unit Awards </B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><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-size: 10pt; text-align: center; margin: 0pt 0"><B><U>Column C</U></B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Number of &ldquo;Exceptional&rdquo; Stock Unit Awards </B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><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">6,069</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">6,069</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">6,069</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">3,793</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,896</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,896</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, Senior Vice President of Human Resources and Chief Counsel</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2,124</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,062</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,062</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-size: 10pt; margin: 0pt 0">W. David Smith</P>
        <P STYLE="font-size: 10pt; 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">2,276</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,138</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,138</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">3,793</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,896</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1,896</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">1,138</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">569</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">569</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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;2020. 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;2021, one-third shall vest on March 1,&nbsp;2022
and one-third shall vest on March 1, 2023, provided that the recipient remains continuously employed by the Company through each
such vesting date.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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, 2019, 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 restructuring charges 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, 2019.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I><U>Chief Executive Officer&rsquo;s Corporate Financial Performance Bonus</U></I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Also at its February 19, 2019 meeting, the Compensation Committee approved a cash bonus
award to Mr. Bailly for 2019 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 2019 established by the Compensation Committee. The target amount of the cash bonus award is $280,000. The actual amount of
the cash bonus award, if any, will be subject to increase or decrease relative to the difference between the 2019 adjusted operating
income target established by the Compensation Committee and the Company&rsquo;s actual 2019 adjusted operating income, according
to a formula established by the Compensation Committee. The maximum amount that may be awarded is $700,000. If the Company&rsquo;s
actual 2019 adjusted operating income is less than eighty percent (80%) of the 2019 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 2019 established by the Compensation Committee is met, the Compensation Committee will measure operating
income as adjusted to disregard (i) non-recurring restructuring charges 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, 2019.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I><U>Chief Executive Officer&rsquo;s Individual Performance Bonus</U></I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Also at its February 19, 2019 meeting, the Compensation Committee approved the terms
of a cash bonus award for Mr. Bailly for 2019 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 $200,000 in cash,
based on his achievement during 2019 of individual performance criteria established by the Compensation Committee.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I><U>Executive Officer Cash Bonuses</U></I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Also at its February 19, 2019 meeting, the Compensation Committee approved the target
levels for discretionary cash bonuses for Messrs. Lataille, Litterio, Rock, Smith and Shaw for 2019. 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0 0pt 0.6in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.6in">(d) Exhibits.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.6in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
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    <TD STYLE="width: 11%; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><BR>
        Exhibit Number</B></P>




        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B>Description</B></P>


        <P STYLE="font-size: 10pt; margin: 0pt 0"></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 2019 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 2019 Stock Unit Award Agreement.</A></TD></TR>
</TABLE>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SIGNATURES</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: -1in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>Dated: February 25, 2019</TD>
    <TD COLSPAN="2">UFP TECHNOLOGIES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD COLSPAN="2">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 49%"><U>/s/ Ronald J. Lataille</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Ronald J. Lataille, Chief Financial</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Officer and Senior Vice President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.3in"></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.3in"></P></TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh_101.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>STOCK UNIT AWARD AGREEMENT</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">This Stock Unit Award Agreement is entered into as of the 19<SUP>th</SUP>
day of February, 2019 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD><U>Termination of Awardee&rsquo;s Continuous Status as an Employee</U>.&nbsp;&nbsp;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(a)<FONT STYLE="font-size: 10pt">&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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(b)<FONT STYLE="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-size: 10pt; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(c)<FONT STYLE="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 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">21.<FONT STYLE="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-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 220pt">UFP TECHNOLOGIES, INC.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 220pt">By: _________________________</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 220pt">Ronald J. Lataille</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 220pt">Chief Financial Officer</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">AWARDEE&rsquo;S ACCEPTANCE:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">___________________________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">R. Jeffrey Bailly</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>SCHEDULE A</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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 2019</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Performance</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Objective</B></P></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Performance</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Cycle</B></P></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Shares of Common Stock</B></FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Vesting Dates: March 1 of:</B></P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>*/2021</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>*/2022</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>*/2023</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>&nbsp;</B></P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>a. Threshold</B></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B>Performance</B></P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>Award</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">none</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">n/a</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 25.4pt 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 25.4pt 0pt 0">6,069</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 25.4pt 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">2,023</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">2,023</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">2,023</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B>b. Target </B></P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>Performance</B></P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>Award</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">of Adjusted Operating Income**</P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Calendar Year</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">2019</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 25.4pt 0pt 0">6,069</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">2,023</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">2,023</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">2,023</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>&nbsp;</B></P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>c. Exceptional </B></P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>Performance </B></P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>Award</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">of Adjusted Operating Income**</P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Calendar Year</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">2019</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 25.4pt 0pt 0">6,069</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">***</P>
        <P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">2,023</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">2,023</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">2,023</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">*Vesting is subject to the Compensation Committee&rsquo;s determination
of satisfaction of any applicable performance target for 2019 (for Target and Exceptional Performance Awards), and subject to continued
employment on each such vesting date (for all Awards).</P>

<P STYLE="font-size: 10pt; text-indent: -0.75in; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">** Adjusted Operating Income is defined herein as Operating Income on the Company&rsquo;s
10-K, excluding the effect of (i) non-recurring restructuring charges related to plant closings and consolidations; and (ii) the
impact of acquired or disposed of operations during such year.</P>

<P STYLE="font-size: 10pt; text-indent: -0.75in; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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="margin: 0; text-align: right"><B>Exhibit 10.2</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>STOCK UNIT AWARD AGREEMENT</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">This Stock Unit Award Agreement is entered into as of the 19<SUP>th</SUP>
day of February, 2019 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">2. &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-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 1in; margin: 0pt 0">(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-size: 10pt; text-indent: 1in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">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-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">21.<FONT STYLE="font-size: 10pt">&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-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>




<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">UFP TECHNOLOGIES, INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <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>&nbsp;</TD>
    <TD>Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">AWARDEE&rsquo;S ACCEPTANCE:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt">_________________________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>




<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>SCHEDULE A</U></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; 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 2019</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Performance</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Objective</B></P></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Performance</B></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Cycle</B></P></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Shares of Common Stock</B></FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Vesting Dates: March 1 of:</B></P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>*/2020</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>*/2021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="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-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>&nbsp;</B></P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>a. Threshold</B></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B>Performance</B></P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>Award</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">none</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">n/a</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 25.4pt 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 25.4pt 0pt 0">_____</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 25.4pt 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">___</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">___</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">___</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</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-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><B>b. Target </B></P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>Performance</B></P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>Award</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">of Adjusted Operating Income**</P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Calendar Year</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">2019</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">___</P>
        <P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">___</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">___</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">___</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</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-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>&nbsp;</B></P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>c. Exceptional </B></P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>Performance </B></P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt"><B>Award</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">of Adjusted Operating Income**</P>
        <P STYLE="font-size: 10pt; text-indent: -12pt; margin: 0pt 0 0pt 12pt">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Calendar Year</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">2019</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">___</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">***</P>
        <P STYLE="font-size: 10pt; 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-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">___</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">___</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">___</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0in; margin: 0pt 0">*Vesting is subject to the Compensation Committee&rsquo;s determination
of satisfaction of any applicable performance target for 2019 (for Target and Exceptional Performance Awards), and subject to continued
employment on each such vesting date (for all Awards).</P>

<P STYLE="font-size: 10pt; text-indent: -0.75in; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">** Adjusted Operating Income is defined herein as Operating Income on the Company&rsquo;s
10-K, excluding the effect of (i) non-recurring restructuring charges related to plant closings and consolidations; and (ii) the
impact of acquired or disposed of operations during such year.</P>

<P STYLE="font-size: 10pt; text-indent: -0.75in; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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