<SEC-DOCUMENT>0001171843-23-001068.txt : 20230221
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<ACCEPTANCE-DATETIME>20230221161532
ACCESSION NUMBER:		0001171843-23-001068
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20230214
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:		20230221
DATE AS OF CHANGE:		20230221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UFP TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000914156
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		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:		23648303

	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
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES<br />
SECURITIES AND EXCHANGE COMMISSION<br />
Washington, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_90F_edei--DocumentType_c20230214__20230214_zLkHLiI37xT3"><ix:nonNumeric contextRef="From2023-02-14to2023-02-14" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PURSUANT TO SECTION 13 OR 15(d) OF THE<br />
SECURITIES EXCHANGE ACT OF 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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of incorporation)</span></td>
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File Number)</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices, including
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&#8217;s telephone number, including
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

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    <td style="text-align: justify"><span style="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></td></tr>
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    <td style="text-align: justify">&#160;</td></tr>
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    <td style="text-align: justify"><span style="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td style="text-align: justify"><span style="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td style="text-align: justify"><span style="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities registered pursuant to Section 12(b)
of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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    <td style="text-align: center">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Trading Symbol(s)</b></span></td>
    <td style="text-align: center">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Name of each exchange on which<br />
registered</b></span></td></tr>
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    <td style="text-align: center"><span style="font-size: 10pt"><span id="xdx_901_edei--TradingSymbol_c20230214__20230214_zHeekuOYeHX7"><ix:nonNumeric contextRef="From2023-02-14to2023-02-14" name="dei:TradingSymbol">UFPT</ix:nonNumeric></span></span></td>
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    <td style="text-align: center"><span style="font-size: 10pt"><span id="xdx_90D_edei--SecurityExchangeName_c20230214__20230214_zPUSxMl9MoGh">The <ix:nonNumeric contextRef="From2023-02-14to2023-02-14" name="dei:SecurityExchangeName">NASDAQ</ix:nonNumeric> Stock Market L.L.C.</span></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Emerging growth company <span style="font-family: Times New Roman, Times, Serif; background-color: white"><span id="xdx_904_edei--EntityEmergingGrowthCompany_c20230214__20230214_zZMPhxidlpt4"><ix:nonNumeric contextRef="From2023-02-14to2023-02-14" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>


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

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  <tr style="vertical-align: top">
    <td style="width: 1in"><span style="font-size: 10pt"><b>Item 5.02</b></span></td>
    <td>  <b>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
         of Certain Officers.</b>  <b>&#160;</b></td></tr>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration: underline">Base Salaries</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At a meeting on February 14, 2023, the Compensation Committee of the
Board of Directors (the &#8220;Compensation Committee&#8221;) of UFP Technologies, Inc. (the &#8220;Company&#8221;) approved increases
in the base salaries of the Company&#8217;s named executive officers, effective January 1, 2023. The following table sets forth the new
base salary of each of the Company&#8217;s named executive officers whose base salary was adjusted by the Compensation Committee.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <td style="border: black 1pt solid; width: 58%; text-align: center"><span style="font-size: 10pt"><b>Name and Title</b></span></td>
    <td style="border-top: black 1pt solid; text-align: center; width: 42%; border-right: black 1pt solid; border-bottom: black 1pt solid">  <b>2023 Base Salary<br />
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    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-size: 10pt">R. Jeffrey Bailly,<br />
President, Chief Executive Officer and Chairman</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$680,000</span></td></tr>
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    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-size: 10pt">Ronald J. Lataille,<br />
Senior Vice President, Treasurer and Chief Financial Officer</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$440,000</span></td></tr>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Christopher P. Litterio,</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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: center"><span style="font-size: 10pt">$355,000</span></td></tr>
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Senior Vice President of Sales and Marketing</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$440,000</span></td></tr>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Steve Cardin</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vice President, COO</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Medtech</p></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$325,000</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration: underline">Executive Officer 2022 Special Discretionary Bonus- Cash </span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Also at its February 14, 2023 meeting, in addition
to Mr. Bailly&#8217;s individual performance bonus, the Compensation Committee approved the terms of a supplemental discretionary year-end
cash bonus in the amount of $300,000 to Mr. Bailly for 2022 related to the Company&#8217;s exceptional financial performance.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration: underline">Executive Officer 2022 Special Discretionary Bonus- Options </span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also at its February 14, 2023 meeting, the Compensation Committee granted
stock options to Mr. Bailly to purchase up to an aggregate of 7,766 shares of the Company&#8217;s common stock, consisting of 1,792 incentive
stock options and 5,974 non-qualified stock options (each, an &#8220;Option&#8221; and, collectively, the &#8220;Options&#8221;). The
purchase price of each Option is $111.54 per share and each Option has a term of five years. The Options are exercisable as follows: (i)
50% of the shares subject to each Option are exercisable on March 1, 2024 and (ii) the remaining 50% of the shares subject to each Option
are exercisable on March 1, 2025.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The above description of the Options is qualified in its entirety by
reference to the text of Incentive Stock Option Agreement and Non-Qualified Stock Option Agreement evidencing such Options, as applicable,
copies of the forms of which are attached hereto as Exhibit 10.1 and Exhibit 10.2, respectively, and are incorporated herein in their
entirety by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration: underline">Stock Unit Awards</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also at its February 14, 2023 meeting, the Compensation Committee approved
the grant of stock unit awards to the Company&#8217;s named executive officers, as indicated below. Subject to the terms of the Company&#8217;s
2003 Incentive Plan, as amended (the &#8220;2003 Incentive Plan&#8221;) and the stock unit award agreement evidencing each such award,
with the Company&#8217;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.
Recipients of the stock unit awards will have no rights as stockholders of the Company in respect thereof, including, without limitation,
the right to vote or to receive dividends, until and to the extent any applicable performance objectives have been satisfied, such stock
unit awards have vested, and the issuance of the shares of common stock in respect of the stock unit awards has been appropriately evidenced.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border: black 1pt solid; font-size: 10pt; width: 25%"><span style="font-size: 10pt"><b>Name and Title of Recipient of Stock Unit Awards</b></span></td>
    <td style="border-top: black 1pt solid; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%">  <b><span style="text-decoration: underline">Column A</span></b> <br />
 <b>Number
         of &#8220;Threshold&#8221; <br />
Stock Unit Awards</b>  <br />
<b>(No Minimum Adjusted <br />
Operating Income <br />
Requirement)</b></td>
    <td style="border-top: black 1pt solid; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%">  <b><span style="text-decoration: underline">Column B</span></b>  <br />
<b>Number
         of &#8220;Target&#8221; <br />
Stock Unit Awards</b>  <br />
<b>(Upon Attainment of <br />
Target Adjusted <br />
Operating Income)</b></td>
    <td style="border-top: black 1pt solid; text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%">  <b><span style="text-decoration: underline">Column C</span></b>  <br />
<b>Number
         of &#8220;Exceptional&#8221; <br />
Stock Unit Awards</b>  <br />
<b>(Upon Attainment of<br />
 Exceptional Adjusted <br />
Operating Income)</b></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"> R. Jeffrey Bailly <br />
Chairman, Chief
         Executive Officer and President</td>
    <td style="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid"> 7,056</td>
    <td style="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid"> 7,056</td>
    <td style="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid"> 7,056</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"> Ronald J. Lataille <br />
Senior Vice
         President, Treasurer and Chief Financial Officer</td>
    <td style="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid"> 2,761</td>
    <td style="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid"> 1,381</td>
    <td style="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid"> 1,380</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"> Mitchell Rock <br />
Senior Vice President,
         GM Medtech</td>
    <td style="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid"> 2,761</td>
    <td style="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid"> 1,381</td>
    <td style="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid"> 1,380</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"> Chris Litterio <br />
Senior Vice President
         of Human Resources and Chief Counsel</td>
    <td style="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid"> 1,224</td>
    <td style="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid"> 612</td>
    <td style="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid"> 612</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"> Steve Cardin <br />
Vice President,
         COO Medtech</td>
    <td style="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid"> 807</td>
    <td style="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid"> 404</td>
    <td style="border-right: black 1pt solid; text-align: center; border-bottom: black 1pt solid"> 403</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All stock unit awards listed in the table above are subject to time-based
and continuous employment vesting requirements. The stock unit awards listed in Columns B and C are also subject to the Company meeting
certain financial performance objectives (the &#8220;Performance Objectives&#8221;). The Compensation Committee shall determine whether
and to what extent any of the Performance Objectives have been achieved by the Company. Such determination is currently expected to take
place in February 2024. 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, 2024, one-third shall vest on March 1, 2025 and one-third shall vest on March 1, 2026, provided
that the recipient remains continuously employed by the Company through each such vesting date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any unvested stock unit awards shall terminate upon the cessation of
a recipient&#8217;s employment with the Company. Notwithstanding the foregoing and only with respect to the award to Mr. Bailly, subject
to the terms of Mr. Bailly&#8217;s employment agreement dated October 8, 2007, as amended (the &#8220;CEO Employment Agreement&#8221;),
and the stock unit award agreement evidencing Mr. Bailly&#8217;s award, in the event that Mr. Bailly&#8217;s employment ceases without
&#8220;cause&#8221; or for &#8220;good reason&#8221; (as such terms are defined in the CEO Employment Agreement), Mr. Bailly shall be
entitled to receive shares that, but for such cessation of employment, would have otherwise been issued to Mr. Bailly pursuant to the
terms of the stock unit awards listed in Columns A, B, and C above, notwithstanding such cessation of employment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The above description of the stock unit awards is qualified in its
entirety by reference to the text of the CEO stock unit award agreement or the stock unit award agreement evidencing such awards, as applicable,
copies of the forms of which are attached hereto as Exhibit 10.3 and Exhibit 10.4, respectively, and are incorporated herein in their
entirety by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration: underline">2023 Chief Executive Officer&#8217;s Performance Bonus Plan </span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also at its February 14, 2023 meeting, the Compensation Committee approved
a 2023 cash bonus plan for Mr. Bailly that included corporate financial performance targets and individual performance goals. The overall
targeted bonus established under this plan was $680,000 (Mr. Bailly&#8217;s annual base salary), with a maximum amount of $1,360,000 (two
times Mr. Bailly&#8217;s annual base salary). The actual bonus award, if any, will be determined based upon the level of achievement of
the established performance targets and goals as determined by the Compensation Committee.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration: underline">2023 Named Executive Officer Cash Bonus Plan</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also at its February 14, 2023 meeting, the Compensation Committee approved
the corporate financial performance targets and individual performance goals for a 2023 cash bonus plan for Messrs. Lataille, Litterio,
Rock, and Cardin. The target amounts of such cash bonuses range from 40% to 50% of base salary for each of the officers. The actual amount
of each cash bonus, if any, will be subject to increase or decrease at the discretion of the Compensation Committee.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="font-size: 10pt; width: 1in"><span style="font-size: 10pt"><b>Item 9.01</b></span></td>
    <td style="font-size: 10pt"><span style="font-size: 10pt"><b>Financial Statements and Exhibits.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in">(d) Exhibits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font-size: 10pt; text-align: center; width: 10%"><span style="font-size: 10pt">
<b>Exhibit Number</b></span></td>
    <td style="font-size: 10pt; text-align: center; width: 2%">&#160;</td>
    <td style="border-bottom: black 1pt solid; font-size: 10pt; width: 88%"><span style="font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center"><a href="exh_101.htm"><span style="font-size: 10pt">10.1 </span></a></td>
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt"><a href="exh_101.htm"><span style="font-size: 10pt">Form of 2023 CEO Incentive Stock Option Agreement </span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center"><a href="exh_102.htm"><span style="font-size: 10pt">10.2</span></a></td>
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt"><a href="exh_102.htm"><span style="font-size: 10pt">Form of 2023 CEO Non-Qualified Stock Option Agreement </span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center"><a href="exh_103.htm"><span style="font-size: 10pt">10.3</span></a></td>
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt"><a href="exh_103.htm"><span style="font-size: 10pt">Form of 2023 CEO Stock Unit Award Agreement.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center"><a href="exh_104.htm"><span style="font-size: 10pt">10.4</span></a></td>
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt"><a href="exh_104.htm"><span style="font-size: 10pt">Form of 2023 Stock Unit Award Agreement.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center"><span style="font-size: 10pt">104</span></td>
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b><span style="text-decoration: underline">SIGNATURES</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr>
    <td><span style="font-size: 10pt">Dated: February 21, 2023</span></td>
    <td colspan="2"><span style="font-size: 10pt"><b>UFP TECHNOLOGIES, INC.</b></span></td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom"><span style="font-size: 10pt">/s/ Ronald J. Lataille</span></td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td colspan="2"><span style="font-size: 10pt">Ronald J. Lataille, Chief Financial</span></td></tr>
  <tr>
    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td colspan="2"><span style="font-size: 10pt">Officer and Senior Vice President</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>INCENTIVE STOCK OPTION AGREEMENT</B> made this
14<SUP>th</SUP> day of February 2023 between <B>UFP TECHNOLOGIES, INC.</B>, a Delaware corporation (hereinafter called the Corporation),
and <B>R. JEFFREY BAILLY</B>, an employee of the Corporation or one or more of its subsidiaries (hereinafter called the Employee).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Corporation desires, by affording the Employee
an opportunity to purchase shares of its Common Stock, $.01 par value (hereinafter called the Common Stock), as hereinafter provided,
to carry out the purpose of the Corporation's 2003 Incentive Plan adopted on April 8, 2003, as amended (the Plan). Terms not defined herein
shall have the meaning set forth in the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW, THEREFORE, in consideration of the mutual
covenants hereinafter set forth and for other good and valuable consideration, the parties hereto have agreed, and do hereby agree as
follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1. <U>Grant of Option</U>. The Corporation hereby
irrevocably grants to the Employee the right and option (hereinafter called the Option) to purchase all or any part of an aggregate of
<B>1,792 </B>shares of the Common Stock (such number being subject to adjustment as provided in paragraph 7 hereof) on the terms and conditions
herein set forth. The Option is intended by the parties hereto to be, and shall be treated as, an incentive stock option (as such term
is defined under Section 422 of the Internal Revenue Code of 1986 (hereinafter called the Code)).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2. <U>Purchase Price</U>. The purchase price of
the shares of the Common Stock covered by the Option shall be $<B>111.54</B> per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3. <U>Term of Option</U>. The term of the Option
shall be for a period of Five (5) years from the date hereof, subject to earlier termination as provided in paragraph 6 hereof. Except
as otherwise provided in paragraph 6 hereof, the Option shall become exercisable with respect to 50% of the total number of shares subject
to the Option on March 1, 2024 and with respect to the remaining 50% of such total number of shares on March 1, 2025, provided however,
that the Corporation may, at any time during the period in which the Option is not then exercisable in full, accelerate the exercisability
of the Option subject to such terms as the Corporation deems necessary and appropriate, and provided further, however, that the Option
shall immediately become exercisable in full immediately prior to a Change in Control, or upon the termination of the Employee&rsquo;s
employment by the Corporation without &ldquo;Cause&rdquo;, or termination of the Employee&rsquo;s employment for &ldquo;Good Reason&rdquo;,
as such terms are defined in the Employee&rsquo;s Employment Agreement dated October 8, 2007 with the Corporation, as amended. The purchase
price of the shares as to which the Option shall be exercised shall be paid at the time of exercise as provided in paragraph 8 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4. <U>Non&#45;transferability</U>. The Option shall
not be transferable otherwise than by will or the laws of descent and distribution, or pursuant to a qualified domestic relations order
as defined in the Code, or Title I of the Employee Retirement Income Security Act of 1974, as amended or the regulations thereunder. Subject
to the foregoing, the Option may be exercised, during the lifetime of the Employee, only by him. More particularly (but without limiting
the generality of the foregoing), the Option may not be assigned, transferred (except as provided above), pledged, or hypothecated in
any way, shall not be assignable by operation of law and shall not be subject to execution, attachment, or similar process. Any attempted
assignment, transfer, pledge, hypothecation, or other disposition of the Option contrary to the provisions hereof, and the levy of any
execution, attachment, or similar process upon the Option shall be null and void and without effect.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5. <U>Registration of Shares</U>. The Corporation
may, in its discretion, require as conditions to the right to exercise this Option that (a) a registration statement under the Securities
Act of 1933, as amended, shall be in effect and current with respect to the shares issuable upon exercise of this Option, or (b) the Employee
has given to the Corporation prior to the purchase of any shares pursuant hereto, assurances satisfactory to it that such shares are being
purchased for the purpose of investment and not with a view to or for sale in connection with any distribution thereof, including without
limitation, a written agreement of the Employee that the shares will not be transferred unless registered under the Securities Act of
1933, as amended, or unless counsel for the Corporation gives a written opinion that such transfer is permissible under Federal and State
law without registration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6. <U>Termination of Employment</U>. Except as
otherwise provided in this paragraph, the Option shall terminate and be canceled on the first to occur of the expiration date of this
Option as set forth in paragraph 3 hereof or the date which is three (3) months following the date on which the Employee ceases to be
an employee of the Corporation or one or more of its subsidiaries. The Option shall be exercisable during such three month period to the
extent it was exercisable on the date of such termination. In the event that the employment of the Employee shall be terminated on account
of the Employee's death, retirement (at the age 65 or earlier as may be permitted by the Corporation), or permanent disability (as such
term is defined in Section 22(e)(3) of the Code), the Option may be exercised in full, without regard to any installments under Section
3 hereof, by the Employee or, by his heirs, legatees, or legal representatives, as the case may be, during its specified term prior to
one (1) year after the date of death, permanent disability, or retirement, but in any event not later than five (5) years from the date
hereof. Notwithstanding the foregoing, the Employee hereby acknowledges that in addition to other requirements, in order to be entitled
to favorable tax treatment under the Code with respect to the Option, the Employee may not exercise the Option more than three months
after the date of termination of employment due to retirement. So long as the Employee shall continue to be an employee of the Corporation
or one or more of its subsidiaries, the Option shall not be affected by any change of duties or position. Nothing in this Option Agreement
shall confer upon the Employee any right to continue in the employ of the Corporation or of any of its subsidiaries or interfere in any
way with the right of the Corporation or any such subsidiary to terminate his employment at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7. <U>Changes in Capital Structure</U>. Adjustments
and other matters relating to stock dividends, stock splits, recapitalizations, reorganizations, Corporate Events and the like shall be
made and determined in accordance with Section 6 of the Plan, as in effect on the date of this Agreement.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8. <U>Method of Exercising Option</U>. Subject
to the terms and conditions of this Option Agreement, the Option may be exercised by written notice to the Corporation at its principal
business address attention of the Secretary. Such notice shall state the election to exercise the Option and the number of shares in respect
of which it is being exercised, and shall be signed by the person or persons so exercising the Option. At that time, this Option Agreement
shall be turned in to the Corporation for action by the Corporation to reduce the number of shares to which it applies. Such notice shall
be accompanied by payment in cash or by check, or if so approved by the Corporation, by shares of the Common Stock or by a combination
of these methods of payment. Payment may also be made by delivery (including delivery by facsimile transmission) to the Corporation or
its designated agent of an executed irrevocable option exercise form together with irrevocable instructions to a broker-dealer to sell
a sufficient portion of the shares and deliver the sale proceeds directly to the Corporation to pay for the exercise price. In the event
that payment is made in shares of the Common Stock, the per share value of the Common Stock shall be the fair market value of such stock
on the date of exercise. The certificate or certificates for the shares as to which the Option shall have been so exercised shall be registered
in the name of the person or persons so exercising the Option, (or, if the Option shall be exercised by the Employee and if the Employee
shall so request in the notice exercising the Option, the certificate or certificates shall be registered in the name of the Employee
and another person jointly, with the right of survivorship) and shall be delivered as provided above to or upon the written order of the
person or persons exercising the Option. In the event the Option shall be exercised by any person or persons other than the Employee (to
the extent permitted under this Incentive Stock Option Agreement), such notice shall be accompanied by appropriate proof of the right
of such person or persons to exercise the Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9. <U>Acknowledgment</U>.&nbsp;&nbsp;
By Employee&rsquo;s acceptance as evidenced below, Employee acknowledges that the Employee has received and has read, understood and accepted
all the terms, conditions and restrictions of this Option Agreement and the Plan. Employee understands and agrees that this Option Agreement
is subject to all the terms, conditions, and restrictions stated in this Option Agreement and the Plan, as the latter may be amended from
time to time in the Corporation&rsquo;s sole discretion. In addition, the Employee acknowledges that the Option, the shares issuable hereunder
and the other rights granted to the Employee hereunder shall be subject to forfeiture to the Corporation in accordance with any policy
that may hereafter be promulgated by the Corporation to comply with the requirements of Section&nbsp;10D(b)(2) of the Securities Exchange
Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10. <U>General</U>. The Corporation shall at all
times during the term of the Option reserve and keep available such number of shares of Common Stock as will be sufficient to satisfy
the requirements of this Incentive Stock Option Agreement, shall pay all original issue taxes with respect to the issue of shares pursuant
hereto and all other fees and expenses necessarily incurred by the Corporation in connection therewith, and will from time to time use
its best efforts to comply with all laws and regulations which, in the opinion of counsel for the Corporation, shall be applicable thereto.
The Corporation makes no representation or warranty that this Option or shares issued pursuant hereto qualify under any Federal or State
law for any special tax treatment. The terms of this Option Agreement shall be construed to conform with, and shall be governed by the
provisions of the Plan, as amended, and in the event of any inconsistency between the provisions of this Incentive Stock Option Agreement
and the Plan, the provisions of the Plan shall control.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11. <U>Subsidiary</U>. As used herein, the
term &ldquo;subsidiary&rdquo; shall mean any present or future corporation which would be a &ldquo;subsidiary corporation&rdquo; of
the Corporation, as the term is defined in Section 424 of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">12. <U>Section 409A of the Code</U>. This
Agreement is intended to comply&nbsp;with the provisions of Section 409A of the Code to the extent they are applicable, and shall be
administered in a manner consistent with this intent. Without limiting the foregoing, any requirements imposed under the Treasury
Regulations promulgated under said Section 409A as finally adopted, in order for the&nbsp;Option granted hereunder to remain in
compliance with said Section 409A, are hereby incorporated by reference into this Agreement.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>, the Corporation has
caused this Incentive Stock Option Agreement to be duly executed by its officer thereunto duly authorized, and the Employee has hereunto
set his hand and seal all on the day and year first above written.</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><B>UFP TECHNOLOGIES, INC.</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Name: Ronald J. Lataille</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Title: Chief Financial Officer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">R. Jeffrey Bailly</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Address</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle">&nbsp;</TD></TR>
  </TABLE>

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

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



<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">5</P>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exh_102.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.2</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>NON-QUALIFED STOCK OPTION AGREEMENT</B> made
this 14<SUP>th</SUP> day of February 2023 between <B>UFP TECHNOLOGIES, INC.</B>, a Delaware corporation (hereinafter called the Corporation),
and <B>R. JEFFREY BAILLY</B>, an employee of the Corporation or one or more of its subsidiaries (hereinafter called the Employee).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Corporation desires, by affording the Employee
an opportunity to purchase shares of its Common Stock, $.01 par value (hereinafter called the Common Stock), as hereinafter provided,
to carry out the purpose of the Corporation's 2003 Incentive Plan adopted on April 8, 2003, as amended (the Plan). Terms not defined herein
shall have the meaning set forth in the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW, THEREFORE, in consideration of the mutual
covenants hereinafter set forth and for other good and valuable consideration, the parties hereto have agreed, and do hereby agree as
follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1. <U>Grant of Option</U>. The Corporation hereby
irrevocably grants to the Employee the right and option (hereinafter called the Option) to purchase all or any part of an aggregate of
<B>5,974</B> shares of the Common Stock (such number being subject to adjustment as provided in paragraph 7 hereof) on the terms and conditions
herein set forth. The Option is not intended by the parties hereto to be treated as, an incentive stock option (as such term is defined
under Section 422 of the Internal Revenue Code of 1986 (hereinafter called the Code)).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2. <U>Purchase Price</U>. The purchase price of
the shares of the Common Stock covered by the Option shall be $<B>111.54 </B>per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3. <U>Term of Option</U>. The term of the Option
shall be for a period of Five (5) years from the date hereof, subject to earlier termination as provided in paragraph 6 hereof. Except
as otherwise provided in paragraph 6 hereof, the Option shall become exercisable with respect to 50% of the shares subject to the Option
on March 1, 2024 and with respect to the remaining 50% of such total number of shares on March 1, 2025, provided however, that the Corporation
may, at any time during the period in which the Option is not then exercisable in full, accelerate the exercisability of the Option subject
to such terms as the Corporation deems necessary and appropriate, and provided further, however, that the Option shall immediately become
exercisable in full immediately prior to a Change in Control, or upon the termination of the Employee&rsquo;s employment by the Corporation
without &quot;Cause&quot;, or termination of the Employee&rsquo;s employment for &quot;Good Reason&quot;, as such terms are defined in
the Employee&rsquo;s Employment Agreement dated October 8, 2007 with the Corporation, as amended. The purchase price of the shares as
to which the Option shall be exercised shall be paid at the time of exercise as provided in paragraph 8 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4. <U>Non&#45;transferability</U>. The Option shall
not be transferable otherwise than by will or the laws of descent and distribution, or pursuant to a qualified domestic relations order
as defined in the Code, or Title I of the Employee Retirement Income Security Act of 1974, as amended or the regulations thereunder. Subject
to the foregoing, the Option may be exercised, during the lifetime of the Employee, only by him. More particularly (but without limiting
the generality of the foregoing), the Option may not be assigned, transferred (except as provided above), pledged, or hypothecated in
any way, shall not be assignable by operation of law and shall not be subject to execution, attachment, or similar process. Any attempted
assignment, transfer, pledge, hypothecation, or other disposition of the Option contrary to the provisions hereof, and the levy of any
execution, attachment, or similar process upon the Option shall be null and void and without effect.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5. <U>Registration of Shares</U>. The Corporation
may, in its discretion, require as conditions to the right to exercise this Option that (a) a registration statement under the Securities
Act of 1933, as amended, shall be in effect and current with respect to the shares issuable upon exercise of this Option, or (b) the Employee
has given to the Corporation prior to the purchase of any shares pursuant hereto, assurances satisfactory to it that such shares are being
purchased for the purpose of investment and not with a view to or for sale in connection with any distribution thereof, including without
limitation, a written agreement of the Employee that the shares will not be transferred unless registered under the Securities Act of
1933, as amended, or unless counsel for the Corporation gives a written opinion that such transfer is permissible under Federal and State
law without registration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6. <U>Termination of Employment</U>. Except as
otherwise provided in this paragraph, the Option shall terminate and be canceled on the first to occur of the expiration date of this
Option as set forth in paragraph 3 hereof or the date which is three (3) months following the date on which the Employee ceases to be
an employee of the Corporation or one or more of its subsidiaries. The Option shall be exercisable during such three month period to the
extent it was exercisable on the date of such termination. In the event that the employment of the Employee shall be terminated on account
of the Employee's death, retirement (at the age 65 or earlier as may be permitted by the Corporation), or permanent disability (as such
term is defined in Section 22(e)(3) of the Code), the Option may be exercised in full, without regard to any installments under Section
3 hereof, by the Employee or, by his heirs, legatees, or legal representatives, as the case may be, during its specified term prior to
one (1) year after the date of death, permanent disability, or retirement, but in any event not later than five (5) years from the date
hereof. So long as the Employee shall continue to be an employee of the Corporation or one or more of its subsidiaries, the Option shall
not be affected by any change of duties or position. Nothing in this Option Agreement shall confer upon the Employee any right to continue
in the employ of the Corporation or of any of its subsidiaries or interfere in any way with the right of the Corporation or any such subsidiary
to terminate his employment at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7. <U>Changes in Capital Structure</U>. Adjustments
and other matters relating to stock dividends, stock splits, recapitalizations, reorganizations, Corporate Events and the like shall be
made and determined in accordance with Section 6 of the Plan, as in effect on the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8. <U>Method of Exercising Option</U>. Subject
to the terms and conditions of this Option Agreement, the Option may be exercised by written notice to the Corporation at its principal
business address attention of the Secretary. Such notice shall state the election to exercise the Option and the number of shares in respect
of which it is being exercised, and shall be signed by the person or persons so exercising the Option. At that time, this Option Agreement
shall be turned in to the Corporation for action by the Corporation to reduce the number of shares to which it applies. Such notice shall
be accompanied by payment in cash or by check, by shares of the Common Stock or by a combination of these methods of payment. Payment
may also be made by delivery (including delivery by facsimile transmission) to the Corporation or its designated agent of an executed
irrevocable option exercise form together with irrevocable instructions to a broker-dealer to sell a sufficient portion of the shares
and deliver the sale proceeds directly to the Corporation to pay for the exercise price. In the event that payment is made in shares of
the Common Stock, the per share value of the Common Stock shall be the fair market value of such stock on the date of exercise. The certificate
or certificates for the shares as to which the Option shall have been so exercised shall be registered in the name of the person or persons
so exercising the Option, (or, if the Option shall be exercised by the Employee and if the Employee shall so request in the notice exercising
the Option, the certificate or certificates shall be registered in the name of the Employee and another person jointly, with the right
of survivorship) and shall be delivered as provided above to or upon the written order of the person or persons exercising the Option.
In the event the Option shall be exercised by any person or persons other than the Employee (to the extent permitted under this Non-qualifed
Stock Option Agreement), such notice shall be accompanied by appropriate proof of the right of such person or persons to exercise the
Option.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9. <U>Acknowledgment</U>.&nbsp;&nbsp;
By Employee&rsquo;s acceptance as evidenced below, Employee acknowledges that the Employee has received and has read, understood and accepted
all the terms, conditions and restrictions of this Option Agreement and the Plan. Employee understands and agrees that this Option Agreement
is subject to all the terms, conditions, and restrictions stated in this Option Agreement and the Plan, as the latter may be amended from
time to time in the Corporation&rsquo;s sole discretion. In addition, the Employee acknowledges that the Option, the shares issuable hereunder
and the other rights granted to the Employee hereunder shall be subject to forfeiture to the Corporation in accordance with any policy
that may hereafter be promulgated by the Corporation to comply with the requirements of Section&nbsp;10D(b)(2) of the Securities Exchange
Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10. <U>General</U>.
The Corporation shall at all times during the term of the Option reserve and keep available such number of shares of Common Stock as will
be sufficient to satisfy the requirements of this Non-qualifed Stock Option Agreement, shall pay all original issue taxes with respect
to the issue of shares pursuant hereto and all other fees and expenses necessarily incurred by the Corporation in connection therewith,
and will from time to time use its best efforts to comply with all laws and regulations which, in the opinion of counsel for the Corporation,
shall be applicable thereto. The Corporation makes no representation or warranty that this Option or shares issued pursuant hereto qualify
under any Federal or State law for any special tax treatment. The terms of this Option Agreement shall be construed to conform with, and
shall be governed by the provisions of the Plan, as amended, and in the event of any inconsistency between the provisions of this Non-qualifed
Stock Option Agreement and the Plan, the provisions of the Plan shall control.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11. <U>Subsidiary</U>. As used herein, the
term &quot;subsidiary&quot; shall mean any present or future corporation which would be a &quot;subsidiary corporation&quot; of the
Corporation, as the term is defined in Section 424 of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">12. <U>Section 409A of the Code</U>. This
Agreement is intended to comply&nbsp;with the provisions of Section 409A of the Code to the extent they are applicable, and shall be
administered in a manner consistent with this intent. Without limiting the foregoing, any requirements imposed under the Treasury
Regulations promulgated under said Section 409A as finally adopted, in order for the&nbsp;Option granted hereunder to remain in
compliance with said Section 409A, are hereby incorporated by reference into this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">13. <U>Withholding Taxes</U>. If the
Corporation in its discretion determines that it is obligated to withhold any tax in connection with the exercise of this Option, or
in connection with the transfer of, or the lapse of restrictions on, any Common Stock or other property acquired pursuant to this
Option, the Employee hereby agrees that the Corporation may withhold from the Employee&rsquo;s remuneration the appropriate amount
of tax. At the discretion of the Corporation, the amount required to be withheld may be withheld in cash from such remuneration or
in kind from the Common Stock or other property otherwise deliverable to the Employee on exercise of this Option. The Employee
further agrees that, if the Corporation does not withhold an amount from the Employee&rsquo;s remuneration sufficient to satisfy the
withholding obligation of the Corporation, the Employee will make reimbursement on demand, in cash, for the amount
underwithheld.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>, the Corporation has
caused this Non-qualifed Stock Option Agreement to be duly executed by its officer thereunto duly authorized, and the Employee has hereunto
set his hand and seal all on the day and year first above written.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><B>UFP TECHNOLOGIES, INC.</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Name: Ronald J. Lataille</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Title: Chief Financial Officer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">R. Jeffrey Bailly</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Address</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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



<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">4</P>

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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>exh_103.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.3</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Stock Unit Award Agreement is entered into
as of the 14<SUP>th</SUP> day of February, 2023 by and between UFP Technologies, Inc. (hereinafter the &ldquo;Company&rdquo;) and R. Jeffrey
Bailly (the &ldquo;Awardee&rdquo;). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Company&rsquo;s
2003 Incentive Plan, as amended (the &ldquo;Plan&rdquo;). Stock Unit Awards (SUA&rsquo;s represent the Company&rsquo;s unfunded and unsecured
promise to issue shares of Common Stock at a future date, subject to the terms of this Award Agreement, including, without limitation,
the performance objectives set forth in <U>Schedule A</U> hereto, and the Plan. Awardee has no rights under the SUAs other than the rights
of a general unsecured creditor of the Company.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to attainment of any applicable Performance Objectives, except as otherwise provided in this Agreement, payment with respect to vested
SUA&rsquo;s shall be made entirely in the form of shares of Common Stock of the Company on each respective vesting date as set forth on
Schedule A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As soon
as possible after the end of the Performance Cycle, the Committee will certify in writing whether and to what extent the Performance Objectives
have been met for the Performance Cycle. The date of the Committee&rsquo;s certification pursuant to this subsection (c) shall hereinafter
be referred to as the &ldquo;Certification Date&rdquo;. The Company will notify the Awardee of the Committee&rsquo;s certification following
the Certification Date (such notice, the &ldquo;Determination Notice&rdquo;). The Determination Notice shall specify (i) the Performance
Objective, as derived from the Company&rsquo;s audited financial statements; and (ii) the extent, if any, to which the Performance Objectives
were satisfied with respect to the Target Award and the Exceptional Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control</U>.&nbsp;&nbsp; &#9;Notwithstanding
the vesting schedule set forth in <U>Schedule A</U>: if there is a Change in Control of the Company (as defined in the Plan) following
the end of the Performance Cycle, and the Awardee&rsquo;s Continuous Status as an employee, as contemplated by Section 4 hereof, shall
not have been terminated as of the date immediately prior to the effective date of such Change in Control, then subject to attainment
during the Performance Cycle described on <U>Schedule A</U> of any applicable Performance Objective set forth on <U>Schedule A,</U> and
subject to the provisions of Section 21 of this Award Agreement, any SUA&rsquo;s representing the Threshold, Target and the Exceptional
Award, which are not already vested shall become vested in full as of the effective date of such Change in Control.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.&nbsp;&nbsp;
Unless terminated earlier under Section 4, 5 or 6 below, an Awardee&rsquo;s rights under this Award Agreement with respect to the SUAs
issued under this Award Agreement shall terminate at the time such SUAs are converted into shares of Common Stock.</P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise specified in subsection (b) or (c) below or as otherwise specified in Section 5 or 6 below, in the event of
termination of Awardee&rsquo;s Continuous Status as an employee of the Company, Awardee&rsquo;s rights under this Award Agreement in any
unvested SUAs shall terminate. For purposes of this Award Agreement, an Awardee&rsquo;s Continuous Status as an employee shall mean the
absence of any interruption or termination of service as an employee. Continuous Status as an employee shall not be considered interrupted
in the case of sick leave or leave of absence for which Continuous Status is not considered interrupted as determined by the Company in
its sole discretion.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disability
of Awardee</U>.&nbsp;&nbsp; Notwithstanding the provisions of Section 4 above, in the event of termination of Awardee&rsquo;s Continuous
Status as an employee as a result of disability (within the meaning of Section 409A of the Internal Revenue Code, and hereinafter referred
to as &ldquo;Disability&rdquo;), the SUAs which would have vested during the twelve (12) months following the date of such termination,
set out in <U>Schedule A</U>, shall become vested as of the date of such termination, subject, however, to the provisions of Section 21
of this Award Agreement. If Awardee&rsquo;s Disability originally required him or her to take a short-term disability leave which was
later converted into long-term disability, then for the purposes of the preceding sentence the date on which Awardee ceased performing
services shall be deemed to be the date of commencement of the short-term disability leave. The Awardee&rsquo;s rights in any unvested
SUAs that remain unvested after the application of this Section 5 shall terminate at the time Awardee ceases to be in Continuous Status
as an employee.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the
Awardee was, at the time of death, in Continuous Status as an employee, the SUAs which would have vested during the twelve (12) months
following the date of death of Awardee, set out in <U>Schedule A,</U> shall become vested as of the date of death.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Value
of Unvested SUAs</U>.&nbsp;&nbsp; In consideration of the award of these SUAs, Awardee agrees that upon and following termination of Awardee&rsquo;s
Continuous Status as an employee for any reason (whether or not in breach of applicable laws), and regardless of whether Awardee is terminated
with or without cause, notice, or pre-termination procedure or whether Awardee asserts or prevails on a claim that Awardee&rsquo;s employment
was terminable only for cause or only with notice or pre-termination procedure, any unvested SUAs under this Award Agreement shall be
deemed to have a value of zero dollars ($0.00).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided
Awardee has satisfied the requirements of Section 8(b) below, and subject to the provisions of Section 21 below, on the vesting of any
SUAs, such vested SUAs shall be converted into an equivalent number of shares of Common Stock that will be distributed to Awardee or,
in the event of Awardee&rsquo;s death, to Awardee&rsquo;s legal representative, as soon as practicable. The distribution to the Awardee,
or in the case of the Awardee&rsquo;s death, to the Awardee&rsquo;s legal representative, of shares of Common Stock in respect of the
vested SUAs shall be evidenced by a stock certificate, appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company, or other appropriate means as determined by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regardless
of any action the Company takes with respect to any or all income tax (including federal, state and local taxes), social security, payroll
tax or other tax-related withholding (&ldquo;Tax Related Items&rdquo;), Awardee acknowledges that the ultimate liability for all Tax Related
Items legally due by Awardee is and remains Awardee&rsquo;s responsibility and that the Company (i) makes no representations or undertakings
regarding the treatment of any Tax Related Items in connection with any aspect of the SUAs, including the grant of the SUAs, the vesting
of SUAs, the conversion of the SUAs into shares of Common Stock, the subsequent sale of any shares of Common Stock acquired at vesting
and the receipt of any dividends; and (ii) does not commit to structure the terms of the grant or any aspect of the SUAs to reduce or
eliminate the Awardee&rsquo;s liability for Tax Related Items. Prior to the issuance of shares of Common Stock upon vesting of SUAs as
provided in Section 8(a) above, Awardee shall pay, or make adequate arrangements satisfactory to the Company, in its sole discretion,
to satisfy all withholding obligations of the Company. In this regard, Awardee authorizes the Company to withhold all applicable Tax Related
Items legally payable by Awardee from Awardee&rsquo;s wages or other cash compensation payable to Awardee by the Company. Alternatively,
or in addition, if permissible under applicable law, the Company may, in its sole discretion, (i) sell or arrange for the sale of shares
of Common Stock to be issued to satisfy the withholding obligation, and/or (ii) withhold in shares of Common Stock, provided that the
Company shall withhold only the amount of shares necessary to satisfy the minimum withholding amount. Awardee shall pay to the Company
any amount of Tax Related Items that the Company may be required to withhold as a result of Awardee&rsquo;s receipt of SUAs, or the conversion
of SUAs to shares of Common Stock that cannot be satisfied by the means previously described. Except where applicable legal or regulatory
provisions prohibit, the standard process for the payment of an Awardee&rsquo;s Tax Related Items shall be for the Company to withhold
in shares of Common Stock only to the amount of shares necessary to satisfy the minimum withholding amount. The Company may refuse to
deliver shares of Common Stock to Awardee if Awardee fails to comply with Awardee&rsquo;s obligation in connection with the Tax Related
Items as described herein.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
lieu of issuing fractional shares of Common Stock, on the vesting of a fraction of a SUA, the Company shall round the shares to the nearest
whole share and any such share which represents a fraction of a SUA will be included in a subsequent vest date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
the distribution to Awardee of the shares of Common Stock in respect to the vested SUAs is evidenced by a stock certificate, appropriate
entry on the books of the Company or of a duly authorized transfer agent of the Company, or other appropriate means, Awardee shall have
no right to vote or receive dividends or any other rights as a shareholder with respect to such shares of Common Stock, notwithstanding
the vesting of SUAs. Subject to the provisions of Section 21 below, the Company shall cause such distribution to Awardee to occur promptly
upon the vesting of SUAs. No adjustment will be made for a dividend or other right for which the record date is prior to the date Awardee
is recorded as the owner of the shares of Common Stock, except as provided in Section 8 of the Plan.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
accepting the Award of SUAs evidenced by this Award Agreement, Awardee agrees not to sell any of the shares of Common Stock received on
account of vested SUAs at a time when applicable laws or Company policies prohibit a sale. This restriction shall apply so long as Awardee
is an Employee, Consultant or outside director of the Company or a Subsidiary of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments
and other matters relating to stock dividends, stock splits, recapitalizations, reorganizations, Corporate Events and the like shall be
made and determined in accordance with Section 6 of the Plan, as in effect on the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Transferability
of SUAs</U>.&nbsp;&nbsp; Awardee&rsquo;s right in the SUAs awarded under this Award Agreement and any interest therein may not be sold,
pledged, assigned, hypothecated, transferred, or disposed of in any manner, other than by will or by the laws of descent or distribution,
prior to the distribution of the shares of Common Stock in respect of such SUAs. SUAs shall not be subject to execution, attachment or
other process.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by
the Company at any time, as provided in the Plan;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Award of SUAs is voluntary and occasional and does not create any contractual or other right to receive future awards of SUAs, or benefits
in lieu of SUAs even if SUAs have been awarded repeatedly in the past;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if Awardee
receives shares of Common Stock, the value of such shares of Common Stock acquired on vesting of SUAs may increase or decrease in value;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Employment Right</U>.&nbsp;&nbsp; Awardee acknowledges that neither the fact of this Award of SUAs nor any provision of this Award Agreement
or the Plan or the policies adopted pursuant to the Plan shall confer upon Awardee any right with respect to employment or continuation
of current employment with the Company, or to employment that is not terminable at will. Awardee further acknowledges and agrees that
neither the Plan nor this Award of SUAs makes Awardee&rsquo;s employment with the Company for any minimum or fixed period, and that such
employment is subject to the mutual consent of Awardee and the Company, and subject to any written employment agreement that may be in
effect from time to time between the Company and the Awardee, may be terminated by either Awardee or the Company at any time, for any
reason or no reason, with or without cause or notice or any kind of pre- or post-termination warning, discipline or procedure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Administration</U>.&nbsp;&nbsp;
The authority to manage and control the operation and administration of this Award Agreement shall be vested in the Committee (as such
term is defined in Section 2 of the Plan), and the Committee shall have all powers and discretion with respect to this Award Agreement
as it has with respect to the Plan. Any interpretation of the Award Agreement by the Committee and any decision made by the Committee
with respect to the Award Agreement shall be final and binding on all parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">13. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Plan
Governs</U>.&nbsp;&nbsp; Notwithstanding anything in this Award Agreement to the contrary, the terms of this Award Agreement shall be
subject to the terms of the Plan, and this Award Agreement is subject to all interpretations, amendments, rules and regulations promulgated
by the Committee from time to time pursuant to the Plan.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.&nbsp;&nbsp;
Any written notices provided for in this Award Agreement which are sent by mail shall be deemed received three business days after mailing,
but not later than the date of actual receipt. Notices shall be directed, if to Awardee, at the Awardee&rsquo;s address indicated by the
Company&rsquo;s records and, if to the Company, at the Company&rsquo;s principal executive office.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Electronic
Delivery</U>.&nbsp;&nbsp; The Company may, in its sole discretion, decide to deliver any documents related to SUAs awarded under the Plan
or future SUAs that may be awarded under the Plan by electronic means or request Awardee&rsquo;s consent to participate in the Plan by
electronic means. Awardee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through
an on-line or electronic system established and maintained by the Company or another third party designated by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">16. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acknowledgment</U>.&nbsp;&nbsp;
By Awardee&rsquo;s acceptance as evidenced below, Awardee acknowledges that Awardee has received and has read, understood and accepted
all the terms, conditions and restrictions of this Award Agreement and the Plan. Awardee understands and agrees that this Award Agreement
is subject to all the terms, conditions, and restrictions stated in this Award Agreement and the Plan, as the latter may be amended from
time to time in the Company&rsquo;s sole discretion. In addition, the Awardee acknowledges that the Award and rights granted to the Awardee
hereunder shall be subject to forfeiture to the Company in accordance with any policy that may hereafter be promulgated by the Company
to comply with the requirements of Section&nbsp;10D(b)(2) of the Securities Exchange Act of 1934, as amended.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">18. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>.&nbsp;&nbsp; This Award Agreement shall be governed by the laws of the State of Delaware, without regard to Delaware laws that
might cause other law to govern under applicable principles of conflicts of law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">19. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.&nbsp;&nbsp;
If one or more of the provisions of this Award Agreement shall be held invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and the invalid, illegal
or unenforceable provisions shall be deemed null and void; however, to the extent permissible by law, any provisions which could be deemed
null and void shall first be construed, interpreted or revised retroactively to permit this Award Agreement to be construed so as to foster
the intent of this Award Agreement and the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">20. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Complete
Award Agreement and Amendment</U>.&nbsp;&nbsp; This Award Agreement and the Plan constitute the entire agreement between Awardee and the
Company regarding SUAs. Any prior agreements, commitments or negotiations concerning these SUAs are superseded. This Award Agreement may
be amended only by written agreement of Awardee and the Company, without consent of any other person. Awardee agrees not to rely on any
oral information regarding this Award of SUAs or any written materials not identified in this Section 20.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Section 409A</U>. This Award Agreement is intended to be in compliance with the provisions of Section 409A of the Internal Revenue
Code to the extent applicable, and the Regulations issued thereunder. Anything in this Agreement to the contrary notwithstanding, if at
the time of the Awardee&rsquo;s separation from service within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended,
and the regulations thereunder (the &ldquo;Code&rdquo;), the Company determines that the Awardee is a &ldquo;specified employee&rdquo;
within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Awardee becomes entitled
to under this Agreement would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section
409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such
benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Awardee&rsquo;s separation from
service, or (B) the Awardee&rsquo;s death. The determination of whether and when a separation from service has occurred shall be made
in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h). To the extent that any provision of this Agreement
is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder
comply with Section 409A of the Code. The parties agree that this Agreement may be amended, as reasonably requested by either party, and
as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments
and benefits provided hereunder without additional cost to either party. Solely for the purposes of Section 409A of the Code, the share
increments issuable on each vesting date on Schedule A shall be considered a separate payment. The Company makes no representation or
warranty and shall have no liability to the Awardee or any other person if any provisions of this Agreement are determined to constitute
deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">UFP TECHNOLOGIES, INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Ronald J. Lataille</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Chief Financial Officer</TD></TR>
</TABLE>

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



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



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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I have read and fully understood this Award Agreement and, as referenced
in Section 16 above, I accept and agree to be bound by all of the terms, conditions and restrictions contained in this Award Agreement
and the other documents referenced in it.</P>

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">R. Jeffrey Bailly</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SUA&rsquo;s issuable under this Agreement shall consist of a Threshold
Award, a Target Performance Award and an Exceptional Performance Award, each in the amounts set forth below, each such award issuable
in one-third increments on the vesting dates set forth below, provided the respective performance objective (if applicable) is satisfied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Performance Objective established by the Committee with respect
to the Target Performance Award and Exceptional Performance Award is Adjusted Operating Income** for 2023</P>

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

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><B>Performance <BR>
Objective</B></TD>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><B>Performance <BR>
Cycle</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
         of <BR>
Shares of <BR>
Common Stock</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">  <B>Vesting Dates:
         March 1 of:</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*/2024</B></FONT></TD>
    <TD STYLE="text-align: center; width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*/2025</B></FONT></TD>
    <TD STYLE="text-align: center; width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*/2026</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"><B>a. Threshold Award</B></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> none</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> n/a</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> 7,056</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> 2,352</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> 2,352</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> 2,352</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>b. Target Performance
Award &nbsp;</B></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> $48,227,000 <BR>
of Adjusted Operating Income**</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> Calendar Year 2023</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> 7,056 <BR>
(in addition to (a) above)</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> 2,352</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> 2,352</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> 2,352</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>c. Exceptional  Performance
 Award</B></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> $55,461,000 <BR>
of Adjusted Operating Income**</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> Calendar Year 2023</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> 7,056 <BR>
*** <BR>
(in addition to (a) and (b) above)</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> 2,352</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> 2,352</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> 2,352</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">*Vesting is subject to the Compensation Committee&rsquo;s
determination of satisfaction of any applicable performance target for 2023 (for Target and Exceptional Performance Awards), and subject
to continued employment on each such vesting date (for all Awards).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** Adjusted Operating Income is defined herein as Operating Income
on the Company&rsquo;s 10-K, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*** Between Adjusted Operating Income of $48,227,000 and $55,461,000
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 $48,227,000 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 $55,461,000 of Adjusted Operating Income for purposes of this calculation).</P>

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

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



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<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>exh_104.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.4</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Stock Unit Award Agreement is entered into
as of the 14<SUP>th</SUP> day of February, 2023 by and between UFP Technologies, Inc. (hereinafter the &ldquo;Company&rdquo;) and _______________
(the &ldquo;Awardee&rdquo;). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Company&rsquo;s
2003 Incentive Plan, as amended (the &ldquo;Plan&rdquo;). Stock Unit Awards (SUA&rsquo;s represent the Company&rsquo;s unfunded and unsecured
promise to issue shares of Common Stock at a future date, subject to the terms of this Award Agreement, including, without limitation,
the performance objectives set forth in <U>Schedule A</U> hereto, and the Plan. Awardee has no rights under the SUAs other than the rights
of a general unsecured creditor of the Company.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to attainment of any applicable Performance Objectives, payment with respect to vested SUA&rsquo;s shall be made entirely in the form
of shares of Common Stock of the Company on each respective vesting date as set forth on Schedule A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As soon
as possible after the end of the Performance Cycle, the Committee will certify in writing whether and to what extent the Performance Objectives
have been met for the Performance Cycle. The date of the Committee&rsquo;s certification pursuant to this subsection (c) shall hereinafter
be referred to as the &ldquo;Certification Date&rdquo;. The Company will notify the Awardee of the Committee&rsquo;s certification following
the Certification Date (such notice, the &ldquo;Determination Notice&rdquo;). The Determination Notice shall specify (i) the Performance
Objective, as derived from the Company&rsquo;s audited financial statements; and (ii) the extent, if any, to which the Performance Objectives
were satisfied with respect to the Target Award and the Exceptional Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control</U>.&nbsp;&nbsp; &#9;Notwithstanding
the vesting schedule set forth in <U>Schedule A</U>: if there is a Change in Control of the Company (as defined in the Plan) following
the end of the Performance Cycle, and the Awardee&rsquo;s Continuous Status as an employee, as contemplated by Section 4 hereof, shall
not have been terminated as of the date immediately prior to the effective date of such Change in Control, then subject to attainment
during the Performance Cycle described on <U>Schedule A</U> of any applicable Performance Objective set forth on <U>Schedule A,</U> and
subject to the provisions of Section 21 of this Award Agreement, any SUA&rsquo;s representing the Threshold, Target and the Exceptional
Award, which are not already vested shall become vested in full as of the effective date of such Change in Control.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.&nbsp;&nbsp;
Unless terminated earlier under Section 4, 5 or 6 below, an Awardee&rsquo;s rights under this Award Agreement with respect to the SUAs
issued under this Award Agreement shall terminate at the time such SUAs are converted into shares of Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Awardee&rsquo;s Continuous Status as an Employee</U>.&nbsp;&nbsp; Except as otherwise specified in Section 5 and 6 below, in the event
of termination of Awardee&rsquo;s Continuous Status as an employee of the Company, Awardee&rsquo;s rights under this Award Agreement in
any unvested SUAs shall terminate. For purposes of this Award Agreement, an Awardee&rsquo;s Continuous Status as an employee shall mean
the absence of any interruption or termination of service as an employee. Continuous Status as an employee shall not be considered interrupted
in the case of sick leave or leave of absence for which Continuous Status is not considered interrupted as determined by the Company in
its sole discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disability
of Awardee</U>.&nbsp;&nbsp; Notwithstanding the provisions of Section 4 above, in the event of termination of Awardee&rsquo;s Continuous
Status as an employee as a result of disability (within the meaning of Section 409A of the Internal Revenue Code, and hereinafter referred
to as &ldquo;Disability&rdquo;), the SUAs which would have vested during the twelve (12) months following the date of such termination,
set out in <U>Schedule A</U>, shall become vested as of the date of such termination, subject, however, to the provisions of Section 21
of this Award Agreement. If Awardee&rsquo;s Disability originally required him or her to take a short-term disability leave which was
later converted into long-term disability, then for the purposes of the preceding sentence the date on which Awardee ceased performing
services shall be deemed to be the date of commencement of the short-term disability leave. The Awardee&rsquo;s rights in any unvested
SUAs that remain unvested after the application of this Section 5 shall terminate at the time Awardee ceases to be in Continuous Status
as an employee.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the
Awardee was, at the time of death, in Continuous Status as an employee, the SUAs which would have vested during the twelve (12) months
following the date of death of Awardee, set out in <U>Schedule A,</U> shall become vested as of the date of death.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Value
of Unvested SUAs</U>.&nbsp;&nbsp; In consideration of the award of these SUAs, Awardee agrees that upon and following termination of Awardee&rsquo;s
Continuous Status as an employee for any reason (whether or not in breach of applicable laws), and regardless of whether Awardee is terminated
with or without cause, notice, or pre-termination procedure or whether Awardee asserts or prevails on a claim that Awardee&rsquo;s employment
was terminable only for cause or only with notice or pre-termination procedure, any unvested SUAs under this Award Agreement shall be
deemed to have a value of zero dollars ($0.00).</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided
Awardee has satisfied the requirements of Section 8(b) below, and subject to the provisions of Section 21 below, on the vesting of any
SUAs, such vested SUAs shall be converted into an equivalent number of shares of Common Stock that will be distributed to Awardee or,
in the event of Awardee&rsquo;s death, to Awardee&rsquo;s legal representative, as soon as practicable. The distribution to the Awardee,
or in the case of the Awardee&rsquo;s death, to the Awardee&rsquo;s legal representative, of shares of Common Stock in respect of the
vested SUAs shall be evidenced by a stock certificate, appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company, or other appropriate means as determined by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regardless
of any action the Company takes with respect to any or all income tax (including federal, state and local taxes), social security, payroll
tax or other tax-related withholding (&ldquo;Tax Related Items&rdquo;), Awardee acknowledges that the ultimate liability for all Tax Related
Items legally due by Awardee is and remains Awardee&rsquo;s responsibility and that the Company (i) makes no representations or undertakings
regarding the treatment of any Tax Related Items in connection with any aspect of the SUAs, including the grant of the SUAs, the vesting
of SUAs, the conversion of the SUAs into shares of Common Stock, the subsequent sale of any shares of Common Stock acquired at vesting
and the receipt of any dividends; and (ii) does not commit to structure the terms of the grant or any aspect of the SUAs to reduce or
eliminate the Awardee&rsquo;s liability for Tax Related Items. Prior to the issuance of shares of Common Stock upon vesting of SUAs as
provided in Section 8(a) above, Awardee shall pay, or make adequate arrangements satisfactory to the Company, in its sole discretion,
to satisfy all withholding obligations of the Company. In this regard, Awardee authorizes the Company to withhold all applicable Tax Related
Items legally payable by Awardee from Awardee&rsquo;s wages or other cash compensation payable to Awardee by the Company. Alternatively,
or in addition, if permissible under applicable law, the Company may, in its sole discretion, (i) sell or arrange for the sale of shares
of Common Stock to be issued to satisfy the withholding obligation, and/or (ii) withhold in shares of Common Stock, provided that the
Company shall withhold only the amount of shares necessary to satisfy the minimum withholding amount. Awardee shall pay to the Company
any amount of Tax Related Items that the Company may be required to withhold as a result of Awardee&rsquo;s receipt of SUAs, or the conversion
of SUAs to shares of Common Stock that cannot be satisfied by the means previously described. Except where applicable legal or regulatory
provisions prohibit, the standard process for the payment of an Awardee&rsquo;s Tax Related Items shall be for the Company to withhold
in shares of Common Stock only to the amount of shares necessary to satisfy the minimum withholding amount. The Company may refuse to
deliver shares of Common Stock to Awardee if Awardee fails to comply with Awardee&rsquo;s obligation in connection with the Tax Related
Items as described herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
lieu of issuing fractional shares of Common Stock, on the vesting of a fraction of a SUA, the Company shall round the shares to the nearest
whole share and any such share which represents a fraction of a SUA will be included in a subsequent vest date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
the distribution to Awardee of the shares of Common Stock in respect to the vested SUAs is evidenced by a stock certificate, appropriate
entry on the books of the Company or of a duly authorized transfer agent of the Company, or other appropriate means, Awardee shall have
no right to vote or receive dividends or any other rights as a shareholder with respect to such shares of Common Stock, notwithstanding
the vesting of SUAs. Subject to the provisions of Section 21 below, the Company shall cause such distribution to Awardee to occur promptly
upon the vesting of SUAs. No adjustment will be made for a dividend or other right for which the record date is prior to the date Awardee
is recorded as the owner of the shares of Common Stock, except as provided in Section 8 of the Plan.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
accepting the Award of SUAs evidenced by this Award Agreement, Awardee agrees not to sell any of the shares of Common Stock received on
account of vested SUAs at a time when applicable laws or Company policies prohibit a sale. This restriction shall apply so long as Awardee
is an Employee, Consultant or outside director of the Company or a Subsidiary of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments
and other matters relating to stock dividends, stock splits, recapitalizations, reorganizations, Corporate Events and the like shall be
made and determined in accordance with Section 6 of the Plan, as in effect on the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Transferability
of SUAs</U>.&nbsp;&nbsp; Awardee&rsquo;s right in the SUAs awarded under this Award Agreement and any interest therein may not be sold,
pledged, assigned, hypothecated, transferred, or disposed of in any manner, other than by will or by the laws of descent or distribution,
prior to the distribution of the shares of Common Stock in respect of such SUAs. SUAs shall not be subject to execution, attachment or
other process.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by
the Company at any time, as provided in the Plan;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Award of SUAs is voluntary and occasional and does not create any contractual or other right to receive future awards of SUAs, or benefits
in lieu of SUAs even if SUAs have been awarded repeatedly in the past;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if Awardee
receives shares of Common Stock, the value of such shares of Common Stock acquired on vesting of SUAs may increase or decrease in value;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;notwithstanding
any terms or conditions of the Plan to the contrary and consistent with Section 4 and Section 7 above, in the event of involuntary termination
of Awardee&rsquo;s employment (whether or not in breach of applicable laws), Awardee&rsquo;s right to receive SUAs and vest under the
Plan, if any, will terminate effective as of the date that Awardee is no longer actively employed and will not be extended by any notice
period mandated under applicable law; furthermore, in the event of involuntary termination of employment (whether or not in breach of
applicable laws), Awardee&rsquo;s right to receive shares of Common Stock pursuant to the SUAs after termination of employment, if any,
will be measured by the date of termination of Awardee&rsquo;s active employment and will not be extended by any notice period mandated
under applicable law. The Committee shall have the exclusive discretion to determine when Awardee is no longer actively employed for purposes
of the award of SUAs; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awardee
acknowledges and agrees that, regardless of whether Awardee is terminated with or without cause, notice or pre-termination procedure or
whether Awardee asserts or prevails on a claim that Awardee&rsquo;s employment was terminable only for cause or only with notice or pre-termination
procedure, Awardee has no right to, and will not bring any legal claim or action for, (a) any damages for any portion of the SUAs that
have been vested and converted into Common Shares, or (b) termination of any unvested SUAs under this Award Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Employment Right</U>.&nbsp;&nbsp; Awardee acknowledges that neither the fact of this Award of SUAs nor any provision of this Award Agreement
or the Plan or the policies adopted pursuant to the Plan shall confer upon Awardee any right with respect to employment or continuation
of current employment with the Company, or to employment that is not terminable at will. Awardee further acknowledges and agrees that
neither the Plan nor this Award of SUAs makes Awardee&rsquo;s employment with the Company for any minimum or fixed period, and that such
employment is subject to the mutual consent of Awardee and the Company, and subject to any written employment agreement that may be in
effect from time to time between the Company and the Awardee, may be terminated by either Awardee or the Company at any time, for any
reason or no reason, with or without cause or notice or any kind of pre- or post-termination warning, discipline or procedure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Administration</U>.&nbsp;&nbsp;
The authority to manage and control the operation and administration of this Award Agreement shall be vested in the Committee (as such
term is defined in Section 2 of the Plan), and the Committee shall have all powers and discretion with respect to this Award Agreement
as it has with respect to the Plan. Any interpretation of the Award Agreement by the Committee and any decision made by the Committee
with respect to the Award Agreement shall be final and binding on all parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">13. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Plan
Governs</U>.&nbsp;&nbsp; Notwithstanding anything in this Award Agreement to the contrary, the terms of this Award Agreement shall be
subject to the terms of the Plan, and this Award Agreement is subject to all interpretations, amendments, rules and regulations promulgated
by the Committee from time to time pursuant to the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.&nbsp;&nbsp;
Any written notices provided for in this Award Agreement which are sent by mail shall be deemed received three business days after mailing,
but not later than the date of actual receipt. Notices shall be directed, if to Awardee, at the Awardee&rsquo;s address indicated by the
Company&rsquo;s records and, if to the Company, at the Company&rsquo;s principal executive office.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Electronic
Delivery</U>.&nbsp;&nbsp; The Company may, in its sole discretion, decide to deliver any documents related to SUAs awarded under the Plan
or future SUAs that may be awarded under the Plan by electronic means or request Awardee&rsquo;s consent to participate in the Plan by
electronic means. Awardee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through
an on-line or electronic system established and maintained by the Company or another third party designated by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">16. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acknowledgment</U>.&nbsp;&nbsp;
By Awardee&rsquo;s acceptance as evidenced below, Awardee acknowledges that Awardee has received and has read, understood and accepted
all the terms, conditions and restrictions of this Award Agreement and the Plan. Awardee understands and agrees that this Award Agreement
is subject to all the terms, conditions, and restrictions stated in this Award Agreement and the Plan, as the latter may be amended from
time to time in the Company&rsquo;s sole discretion. In addition, the Awardee acknowledges that the Award and rights granted to the Awardee
hereunder shall be subject to forfeiture to the Company in accordance with any policy that may hereafter be promulgated by the Company
to comply with the requirements of Section&nbsp;10D(b)(2) of the Securities Exchange Act of 1934, as amended.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">18. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>.&nbsp;&nbsp; This Award Agreement shall be governed by the laws of the State of Delaware, without regard to Delaware laws that
might cause other law to govern under applicable principles of conflicts of law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">19. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.&nbsp;&nbsp;
If one or more of the provisions of this Award Agreement shall be held invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and the invalid, illegal
or unenforceable provisions shall be deemed null and void; however, to the extent permissible by law, any provisions which could be deemed
null and void shall first be construed, interpreted or revised retroactively to permit this Award Agreement to be construed so as to foster
the intent of this Award Agreement and the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">20. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Complete
Award Agreement and Amendment</U>.&nbsp;&nbsp; This Award Agreement and the Plan constitute the entire agreement between Awardee and the
Company regarding SUAs. Any prior agreements, commitments or negotiations concerning these SUAs are superseded. This Award Agreement may
be amended only by written agreement of Awardee and the Company, without consent of any other person. Awardee agrees not to rely on any
oral information regarding this Award of SUAs or any written materials not identified in this Section 20.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Section 409A</U>. This Award Agreement is intended to be in compliance with the provisions of Section 409A of the Internal Revenue
Code to the extent applicable, and the Regulations issued thereunder. Anything in this Agreement to the contrary notwithstanding, if at
the time of the Awardee&rsquo;s separation from service within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended,
and the regulations thereunder (the &ldquo;Code&rdquo;), the Company determines that the Awardee is a &ldquo;specified employee&rdquo;
within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Awardee becomes entitled
to under this Agreement would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section
409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such
benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Awardee&rsquo;s separation from
service, or (B) the Awardee&rsquo;s death. The determination of whether and when a separation from service has occurred shall be made
in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h). To the extent that any provision of this Agreement
is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder
comply with Section 409A of the Code. The parties agree that this Agreement may be amended, as reasonably requested by either party, and
as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments
and benefits provided hereunder without additional cost to either party. Solely for the purposes of Section 409A of the Code, the share
increments issuable on each vesting date on Schedule A shall be considered a separate payment. The Company makes no representation or
warranty and shall have no liability to the Awardee or any other person if any provisions of this Agreement are determined to constitute
deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">UFP TECHNOLOGIES, INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">R. Jeffrey Bailly</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I have read and fully understood this Award Agreement and, as referenced
in Section 16 above, I accept and agree to be bound by all of the terms, conditions and restrictions contained in this Award Agreement
and the other documents referenced in it.</P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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

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

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

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

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

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SUA&rsquo;s issuable under this Agreement shall consist of a Threshold
Award, a Target Performance Award and an Exceptional Performance Award, each in the amounts set forth below, each such award issuable
in one-third increments on the vesting dates set forth below, provided the respective performance objective (if applicable) is satisfied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Performance Objective established by the Committee with respect
to the Target Performance Award and Exceptional Performance Award is Adjusted Operating Income** for 2023</P>

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

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><B>Performance <BR>
Objective</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><B>Performance <BR>
Cycle</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
         of <BR>
Shares of <BR>
Common Stock</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom">  <B>Vesting Dates:
         March 1 of:</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 11%; border-bottom: Black 1pt solid; border-right: Black 1pt solid">  <B>*/2024</B>  <BR>
<BR>
[1/3]</TD>
    <TD STYLE="text-align: center; width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid">  <B>*/2025</B><BR>
  <BR>
[1/3]</TD>
    <TD STYLE="text-align: center; width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid">  <B>*/2026</B><BR>
  <BR>
[1/3]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>a. Threshold Award [50%
of total]</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"> none</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"> n/a</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> _____</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid"> ___</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> ___</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> ___</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>b. Target  Performance
Award [25% of total]</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"> $48,227,000 of Adjusted Operating Income**</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"> Calendar Year 2023</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> ___ <BR>
(in addition to (a) above)</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> ___</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> ___</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> ___</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>c. Exceptional  Performance
 Award [25% of total]</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"> $55,461,000 of Adjusted Operating Income**</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"> Calendar Year 2023</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> ___ <BR>
*** <BR>
(in addition to (a) and (b) above)</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> ___</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> ___</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"> ___</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">*Vesting is subject to the Compensation Committee&rsquo;s
determination of satisfaction of any applicable performance target for 2023 (for Target and Exceptional Performance Awards), and subject
to continued employment on each such vesting date (for all Awards).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** Adjusted Operating Income is defined herein as Operating Income
on the Company&rsquo;s 10-K, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*** Between Adjusted Operating Income of $48,227,000 and $55,461,000
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 $48,227,000 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 $55,461,000 of Adjusted Operating Income for purposes of this calculation).</P>

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

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

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<DESCRIPTION>XBRL LABEL FILE
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>9
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.22.4</span><table class="report" border="0" cellspacing="2" id="idm140152125361840">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Feb. 14, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Feb. 14,  2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-12648<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">UFP TECHNOLOGIES, INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000914156<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">04-2314970<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">100 Hale Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Newburyport<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">01950-3504<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(978)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">352-2200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">UFPT<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
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<td>dei_</td>
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<td>dei:fileNumberItemType</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
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<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
