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ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective as of December 31, 2021, Daniel J. Shaw, Jr., Vice President of Research and Development at UFP Technologies, Inc., a Delaware corporation (the “Company”), will be retiring from his position with the Company. Mr. Shaw’s retirement is not due to any disagreement with the Company.
In connection with his retirement, Mr. Shaw is entering into a Separation Agreement with the Company pursuant to which (i) Mr. Shaw acknowledges that he has no claims against the Company and releases any such claims; (ii) Mr. Shaw acknowledges his continuing confidentiality, non-competition and non-disparagement obligations to the Company and (iii) Mr. Shaw’s outstanding restricted stock unit awards will continue to vest in accordance with their terms so long as Mr. Shaw complies with the terms of the Separation Agreement. Mr. Shaw has also agreed to consult with the Company on certain transition and business development matters on a limited basis for up to one year after his retirement date at a rate of $1,500 per week, although either party may terminate the consulting arrangement upon two weeks’ notice.
SIGNATURES
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.
| Dated: December 30, 2021 | UFP TECHNOLOGIES, INC. |
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| By: /s/ Ronald J. Lataille | |
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Ronald J. Lataille, Chief Financial Officer and Senior Vice President |