Jason Holt
About Jason Holt
Jason Holt, 51, is Vice President and Chief Commercial Officer (CCO) of UFP Technologies (UFPT). He joined UFP in 2018 as General Manager, was appointed Vice President in June 2021, served as General Manager of Advanced Components and CCO of MedTech in 2023, and became Company-wide CCO in January 2024, overseeing development and customer interfacing functions. Prior to UFP, Holt held multiple leadership roles at Illinois Tool Works (ITW) from 2004–2018, culminating as Vice President & General Manager of a $100+ million business unit. His incentive design is driven by company performance—cash and equity payouts tie to Adjusted Operating Income (AOI) targets (2024 target: $66.3M; actual: $75.9M), and the company’s pay-versus-performance disclosures benchmark compensation against TSR, net income, and AOI trends, reinforcing pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| UFP Technologies | General Manager | 2018–2021 | Led operating unit; foundation for promotion to Vice President |
| UFP Technologies | Vice President | Jun 2021–present | Commercial leadership and business unit oversight |
| UFP Technologies | GM, Advanced Components; CCO, MedTech | Jan 2023–Dec 2023 | Drove growth and customer engagement in MedTech segment |
| UFP Technologies | Chief Commercial Officer (Company-wide) | Jan 2024–present | Oversees development and all customer interfacing functions |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Illinois Tool Works (Fortune 200) | Vice President & General Manager | 2004–2018 | Ran $100M+ business unit; deep P&L and commercial leadership experience |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Target Bonus ($) | Actual Bonus Paid ($) | Stock Awards Fair Value ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| 2022 | 300,000 | — | — | 180,564 | 150,000 | 19,233 | 649,797 |
| 2023 | 325,000 | — | — | 189,127 | 180,000 | 28,658 | 722,785 |
| 2024 | 338,000 | 40% | 135,200 | 178,518 | 197,975 | 29,391 | 743,884 |
- 2025 base salary set to $352,000 effective Jan 1, 2025, per Compensation Committee decision on Feb 11, 2025 .
Performance Compensation
Cash Incentive Bonus (2024)
| Metric | Weighting | Target | Actual | Payout ($) | Notes |
|---|---|---|---|---|---|
| Adjusted Operating Income (AOI) + Individual Objectives | Target payout 40% of base salary | $66,309,000 AOI | $75,856,022 AOI | 178,518 | Bonus based on a combination of financial and individual objectives set by the Compensation Committee |
RSU Awards (2024 Grants under 2003 Incentive Plan)
| Tier | Shares | Grant Date Value ($) | Performance Condition | Vesting Schedule |
|---|---|---|---|---|
| Threshold | 584 | 100,000 | Time-vesting only | 1/3 vest 3/1/2025, 1/3 vest 3/1/2026, 1/3 vest 3/1/2027 (continuous employment required) |
| Target | 292 | 50,000 | AOI 100% of $66,309,000 | Same 3/1/2025–2027 schedule; earned based on 2024 performance |
| Exceptional (Maximum) | 291 | 50,000 | AOI 115% of $66,309,000 | Same schedule; 96% of Exceptional goal earned based on actual AOI |
- 2024 performance outcome: Target fully achieved and 96% of Exceptional achieved for all NEOs; earned Threshold and Target awards, and 96% of Exceptional awards .
- Change-in-control (CIC) treatment: For NEOs including Holt, earned but unvested stock unit awards become fully vested immediately prior to CIC; time vesting satisfied at CIC, subject to performance objective attainment .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 5,522 shares as of April 11, 2025 (less than 1%) |
| Shares Outstanding Reference | 7,706,825 shares outstanding as of April 11, 2025 |
| Options | No options disclosed for Holt; option awards show “—” in 2023 outstanding awards table |
| Unvested RSUs (12/31/2023) | 3,673 units; market value $631,903 using $172.04 closing price on 12/31/2023 |
| RSU Vesting Cadence (legacy awards) | Included units that vested on 3/1/2024 (1,926), vest on 3/1/2025 (1,209), and vest on 3/1/2026 (538) |
| 2024 RSU Vesting Cadence | 1/3 on 3/1/2025; 1/3 on 3/1/2026; 1/3 on 3/1/2027 |
| Hedging/Pledging | Prohibited: no hedging, no puts/calls (excluding company-granted options), no margin accounts or pledging UFP stock |
| Ownership Guidelines | NEOs must own stock valued at 1x base salary within 5 years of appointment; CEO 3x salary; directors 3x cash retainer |
| Guideline Compliance | Not disclosed at individual level for Holt |
Employment Terms
| Provision | Terms for Jason Holt |
|---|---|
| Employment Agreement | Not specifically disclosed; Holt covered by standard officer policies |
| Severance (CIC-related termination without cause) | Base salary continuation = 4 months + 1 month per year of service, up to 18 months; estimated payment $281,667 if terminated on 12/31/2024 |
| Change-in-Control Equity | Earned but unvested stock unit awards vest; estimated vested equity value $569,708 for Holt at $244.51 closing price on 12/31/2024 |
| Clawback | Company adopted a policy to recover erroneously awarded incentive-based compensation (Nasdaq Rule 10D-1) |
| Deferred Compensation Plan | Executives can defer up to 90% of base and 100% of bonus; employer contributions discretionary; no employer contributions in 2024 |
| Non-Compete/Non-Solicit | Not disclosed for Holt |
| Garden Leave / Consulting | Not disclosed for Holt |
Investment Implications
- Pay-for-performance alignment: Holt’s variable cash and equity awards are tied to AOI targets with clear thresholds, targets, and exceptional levels; 2024 performance exceeded target (actual AOI $75.9M vs $66.3M target), driving above-target bonus and RSU earn-outs—supportive of alignment with operating results .
- Retention risk: Multi-year RSU vesting (2025–2027) and standard CIC severance create retention hooks; however, unvested awards terminate upon cessation of employment (except CEO), increasing retention incentives for Holt .
- Insider selling pressure: RSU vesting clusters on March 1 each year (legacy awards and 2024 grants), which can create periodic liquidity events and potential selling pressure around vest dates; hedging and pledging prohibitions reduce alignment risks from derivatives or collateralization .
- Ownership alignment: Holt’s beneficial ownership is <1% and the company requires NEOs to achieve ownership of 1x salary within 5 years; individual compliance status not disclosed, but policy framework is favorable to alignment .
- M&A/CIC dynamics: Single-trigger equity vesting at CIC (for NEOs other than the CEO’s distinct terms) and double-trigger-like severance (termination in connection with CIC) can influence executive incentives during strategic transactions; estimated CIC equity value for Holt ~$569.7k underscores meaningful equity sensitivity .
- Governance controls: Adopted clawback policy and anti-hedging/pledging policies mitigate compensation-related risk; compensation benchmarking via Pearl Meyer and defined peer group help calibrate pay levels against market .