STOCK UNIT AWARD AGREEMENT (Granted under the UFP Technologies, Inc. 2003 Incentive Plan)Stock Unit Award Agreement • March 8th, 2011 • Ufp Technologies Inc • Plastics foam products • Delaware
This Stock Unit Award Agreement is entered into as of the 2nd day of March, 2011 by and between UFP Technologies, Inc. (hereinafter the “Company”) and R. Jeffrey Bailly (the “Awardee”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Company’s 2003 Incentive Plan (the “Plan”). Stock Unit Awards (SUA’s represent the Company’s unfunded and unsecured promise to issue shares of Common Stock at a future date, subject to the terms of this Award Agreement, including, without limitation, the performance objectives set forth in Schedule A hereto, and the Plan. Awardee has no rights under the SUAs other than the rights of a general unsecured creditor of the Company.
Please refer to your employment agreement with the Company dated October 8, 2007 (the “Employment Agreement”).Ufp Technologies Inc • March 8th, 2011 • Plastics foam products
This letter agreement will confirm our understanding and agreement that Employment Agreement is hereby amended effective as of January 1, 2012 by deleting therefrom paragraph 2 in its entirety, and inserting in lieu thereof the following:
