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Camden National Corp. – ‘10-K’ for 12/31/22 – ‘EX-10.25’

On:  Friday, 3/10/23, at 9:40am ET   ·   For:  12/31/22   ·   Accession #:  750686-23-33   ·   File #:  1-13227

Previous ‘10-K’:  ‘10-K’ on 3/11/22 for 12/31/21   ·   Next & Latest:  ‘10-K’ on 3/8/24 for 12/31/23   ·   15 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size

 3/10/23  Camden National Corp.             10-K       12/31/22  144:28M

Annual Report   —   Form 10-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   6.44M 
 2: EX-4.1      Instrument Defining the Rights of Security Holders  HTML     49K 
 3: EX-10.23    Material Contract                                   HTML     48K 
 4: EX-10.24    Material Contract                                   HTML     50K 
 5: EX-10.25    Material Contract                                   HTML     53K 
 6: EX-21.1     Subsidiaries List                                   HTML     38K 
 7: EX-23.1     Consent of Expert or Counsel                        HTML     39K 
 8: EX-31.1     Certification -- §302 - SOA'02                      HTML     43K 
 9: EX-31.2     Certification -- §302 - SOA'02                      HTML     43K 
10: EX-32.1     Certification -- §906 - SOA'02                      HTML     40K 
11: EX-32.2     Certification -- §906 - SOA'02                      HTML     40K 
17: R1          Cover                                               HTML    108K 
18: R2          Consolidated Statements Of Condition                HTML    149K 
19: R3          Consolidated Statements Of Condition                HTML     54K 
                (Parenthetical)                                                  
20: R4          Consolidated Statements Of Income                   HTML    163K 
21: R5          Consolidated Statements Of Comprehensive Income     HTML     69K 
22: R6          Consolidated Statements Of Changes In               HTML     90K 
                Shareholders' Equity                                             
23: R7          Consolidated Statements Of Changes In               HTML     60K 
                Shareholders' Equity (Parenthetical)                             
24: R8          Consolidated Statements Of Cash Flows               HTML    168K 
25: R9          Business and Summary of Significant Accounting      HTML    150K 
                Policies                                                         
26: R10         Investments                                         HTML    190K 
27: R11         Loans and Allowance for Credit Losses on Loans      HTML    615K 
28: R12         Goodwill and Core Deposit Intangible Assets         HTML     57K 
29: R13         Premises and Equipment                              HTML     63K 
30: R14         Leases Leases                                       HTML    167K 
31: R15         Mortgage Banking                                    HTML     79K 
32: R16         Deposits                                            HTML     53K 
33: R17         Borrowings                                          HTML    107K 
34: R18         Repurchase Agreements                               HTML     52K 
35: R19         Commitments and Contingencies                       HTML     55K 
36: R20         Derivatives and Hedging                             HTML    277K 
37: R21         Balance Sheet Offsetting                            HTML    276K 
38: R22         Shareholders' Equity                                HTML     96K 
39: R23         Other Comprehensive Income (Loss)                   HTML    140K 
40: R24         Revenue from Contracts with Customer                HTML     68K 
41: R25         Stock-Based Compensation Plans                      HTML    179K 
42: R26         Employee Benefit Plans                              HTML    154K 
43: R27         Income Taxes                                        HTML    107K 
44: R28         Eps                                                 HTML     66K 
45: R29         Fair Value                                          HTML    197K 
46: R30         Parent Company Financial Statements                 HTML    113K 
47: R31         Business and Summary of Significant Accounting      HTML    179K 
                Policies (Policies)                                              
48: R32         Investments (Tables)                                HTML    190K 
49: R33         Loans and Allowance for Credit Losses on Loans      HTML    594K 
                (Tables)                                                         
50: R34         Goodwill and Core Deposit Intangible Assets         HTML     57K 
                Goodwill and Core Deposit Intangible Assets                      
                (Tables)                                                         
51: R35         Premises and Equipment (Tables)                     HTML     61K 
52: R36         Leases Leases (Tables)                              HTML    120K 
53: R37         Mortgage Banking (Tables)                           HTML     65K 
54: R38         Deposits (Tables)                                   HTML     50K 
55: R39         Borrowings (Tables)                                 HTML     96K 
56: R40         Repurchase Agreements (Tables)                      HTML     50K 
57: R41         Commitments and Contingencies (Tables)              HTML     46K 
58: R42         Derivatives and Hedging (Tables)                    HTML    208K 
59: R43         Balance Sheet Offsetting (Tables)                   HTML    171K 
60: R44         Shareholders' Equity (Tables)                       HTML     82K 
61: R45         Other Comprehensive Income (Loss) (Tables)          HTML    142K 
62: R46         Revenue from Contracts with Customers (Tables)      HTML     58K 
63: R47         Stock-Based Compensation Plans (Tables)             HTML    162K 
64: R48         Employee Benefit Plans (Tables)                     HTML    154K 
65: R49         Income Taxes (Tables)                               HTML    109K 
66: R50         Eps (Tables)                                        HTML     64K 
67: R51         Fair Value (Tables)                                 HTML    179K 
68: R52         Parent Company Financial Statements (Tables)        HTML    116K 
69: R53         Business and Summary of Significant Accounting      HTML     86K 
                Policies (Details)                                               
70: R54         Investments (Additional Information) (Details)      HTML     74K 
71: R55         Investments (Summary of Amortized Costs and         HTML     65K 
                Estimated Fair Values of Available-For-Sale                      
                Securities) (Details)                                            
72: R56         Investments (Company's Sale of AFS Investments)     HTML     46K 
                (Details)                                                        
73: R57         Investments (Unrealized Gross Losses and Estimated  HTML     84K 
                Fair values of Investment Securities by Length of                
                Time that Individual Securities in Each Category                 
                in Continuous Loss Position) (Details)                           
74: R58         Investments (Amortized Cost and Estimated Fair      HTML     79K 
                Values of Debt Securities by Contractual Maturity)               
                (Details)                                                        
75: R59         Investments (Summary of Amortized Cost and Fair     HTML     69K 
                Value of Held to Maturity Securities) (Details)                  
76: R60         Investments (Amortized Cost and Fair Values of HTM  HTML     81K 
                Securities by Contractual Maturity (Details)                     
77: R61         Investments (Schedule of Amortized Cost and Fair    HTML     44K 
                Value of Other Investments) (Details)                            
78: R62         Loans and Allowance for Credit Losses on Loans      HTML    108K 
                (Additional Information) (Details)                               
79: R63         Loans and Allowance for Credit Losses on Loans      HTML     67K 
                (Composition of Loan Portfolio, Excluding                        
                Residential Loans Held for Sale) (Details)                       
80: R64         Loans and Allowance for Credit Losses on Loans      HTML     46K 
                (Schedule of FV mark amortization) (Details)                     
81: R65         Loans and Allowance for Credit Losses on Loans      HTML     81K 
                (Activity in Allowance for Credit Losses on Loans                
                by Portfolio Segment) (Details)                                  
82: R66         Loans and Allowance for Credit Losses on Loans      HTML     70K 
                (Activity in Allowance for Loan Losses by                        
                Portfolio Segment) (Details)                                     
83: R67         Loans and Allowance for Credit Losses on Loans      HTML     41K 
                (Schedule of Provision for Credit Losses)                        
                (Details)                                                        
84: R68         Loans and Allowance for Credit Losses on Loans      HTML    208K 
                (Credit Quality and Origination by Portfolio                     
                Segment Analysis) (Details)                                      
85: R69         Loans and Allowance for Credit Losses on Loans      HTML     51K 
                (Credit Risk Exposure Indicators by Portfolio                    
                Segment) (Details)                                               
86: R70         Loans and Allowance for Credit Losses on Loans      HTML    119K 
                (Loan Aging Analysis by Portfolio Segment                        
                (Including Loans Past Due Over Ninety Days and Non               
                Accrual Loans) and Summary of Non Accrual Loans)                 
                (Details)                                                        
87: R71         Loans and Allowance for Credit Losses on Loans      HTML     77K 
                (Financing Receivable, Nonaccrual) (Details)                     
88: R72         Loans and Allowance for Credit Losses on Loans      HTML     57K 
                (Summary of All Troubled Debt Restructuring Loans                
                (Accruing and Non Accruing) by Portfolio Segment)                
                (Details)                                                        
89: R73         Loans and Allowance for Credit Losses on Loans      HTML     56K 
                (Troubled Debt Restructuring by Portfolio Segment)               
                (Details)                                                        
90: R74         Goodwill and Core Deposit Intangible Assets         HTML     44K 
                Goodwill and Core Deposit Intangible Assets                      
                (Additional Information) (Details)                               
91: R75         Goodwill and Core Deposit Intangible Assets         HTML     51K 
                Goodwill and Core Deposit Intangible Assets                      
                (Schedule of Finite-Lived Intangible Assets)                     
                (Details)                                                        
92: R76         Goodwill and Core Deposit Intangible Assets         HTML     48K 
                Goodwill and Core Deposit Intangible Assets                      
                (Schedule of Expected Future Amortization of                     
                Intangible Assets) (Details)                                     
93: R77         Premises and Equipment Premises and Equipment       HTML     48K 
                (Additional Information) (Details)                               
94: R78         Premises and Equipment (Equipment) (Details)        HTML     56K 
95: R79         Premises and Equipment - Depreciation (Details)     HTML     50K 
96: R80         Leases Leases (Additional Information) (Details)    HTML     44K 
97: R81         Leases Leases (Components of Lease Expense)         HTML     71K 
                (Details)                                                        
98: R82         Leases Leases (Supplemental Cash Flow and Balance   HTML     66K 
                Sheet Information) (Details)                                     
99: R83         Leases Leases (Maturities of Operating and Finance  HTML     79K 
                Lease Liabilities) (Details)                                     
100: R84         Mortgage Banking (Additional Information)           HTML     81K  
                (Details)                                                        
101: R85         Mortgage Banking (Schedule of Mortgage Servicing)   HTML     59K  
                (Details)                                                        
102: R86         Deposits (Details)                                  HTML     63K  
103: R87         Borrowings (Additional Information) (Details)       HTML    123K  
104: R88         Borrowings (Summary of Short term and Long term     HTML     95K  
                Borrowings and Subordinated Debentures) (Details)                
105: R89         Borrowings (Schedule of Advances to the Federal     HTML     53K  
                Home Loan Bank) (Details)                                        
106: R90         Borrowings (Subordinated Debentures) (Details)      HTML     48K  
107: R91         Repurchase Agreements (Details)                     HTML     54K  
108: R92         Commitments and Contingencies (Additional           HTML     48K  
                Information) (Details)                                           
109: R93         Commitments and Contingencies (Summary of           HTML     45K  
                Contractual and Notional Amounts of Financial                    
                Instruments) (Details)                                           
110: R94         Derivatives and Hedging (Additional Information)    HTML     61K  
                (Details)                                                        
111: R95         Derivatives and Hedging (Schedule of derivative     HTML     74K  
                financial instruments) (Details)                                 
112: R96         Derivatives and Hedging (Schedule of cash flow      HTML    121K  
                hedging instruments, location) (Details)                         
113: R97         Derivatives and Hedging (Schedule of derivatives    HTML     49K  
                effect on OCI) (Details)                                         
114: R98         Balance Sheet Offsetting (Details)                  HTML    138K  
115: R99         Shareholders' Equity (Details)                      HTML     93K  
116: R100        Shareholders' Equity (Additional Information)       HTML     82K  
                (Details)                                                        
117: R101        Other Comprehensive Income (Loss) - Components of   HTML    153K  
                Other Comprehensive Income (Loss) (Details)                      
118: R102        Other Comprehensive Income (Loss) - Accumulated     HTML     70K  
                Other Comprehensive Income (Loss) (Details)                      
119: R103        Revenue from Contracts with Customers (Details)     HTML     62K  
120: R104        Stock-Based Compensation Plans (Additional          HTML    117K  
                Information) (Details)                                           
121: R105        Stock-Based Compensation Plans (Schedule of Stock   HTML     87K  
                Option Activity) (Details)                                       
122: R106        Stock-Based Compensation Plans (Schedule of         HTML     60K  
                Compensation Expense) (Details)                                  
123: R107        Stock-Based Compensation Plans (Summary of          HTML    109K  
                Activity Related to Share Based Awards) (Details)                
124: R108        Employee Benefit Plans (Additional Information)     HTML     60K  
                (Details)                                                        
125: R109        Employee Benefit Plans (Schedule of Changes in      HTML     88K  
                Benefit Obligation and Plan Assets) (Details)                    
126: R110        Employee Benefit Plans (Schedule of Net Period      HTML     81K  
                Benefit Cost and Other Amounts Recognized in Other               
                Comprehensive Income) (Details)                                  
127: R111        Employee Benefit Plans (Schedule of Assumptions     HTML     59K  
                Used to Determine Benefit Obligations and Net                    
                Periodic Benefit Cost) (Details)                                 
128: R112        Employee Benefit Plans (Schedule of Estimated       HTML     56K  
                Future Benefit Payments) (Details)                               
129: R113        Income Taxes (Schedule of Income Tax Expense)       HTML     62K  
                (Details)                                                        
130: R114        Income Taxes (Reconciliation of Expected Income     HTML     66K  
                Tax Benefit Computed Using Federal Statutory                     
                Income Tax Rate) (Details)                                       
131: R115        Income Taxes (Schedule of Deferred Tax Assets and   HTML     75K  
                Deferred Tax Liabilities) (Details)                              
132: R116        Income Taxes (Additional Information) (Details)     HTML     45K  
133: R117        Eps (Computation of Basic and Diluted Earnings Per  HTML     79K  
                Share) (Details)                                                 
134: R118        Eps (Additional Information) (Details)              HTML     45K  
135: R119        Fair Value (Summary of Financial Assets and         HTML    141K  
                Liabilities Measured at Fair Value on Recurring                  
                Basis) (Details)                                                 
136: R120        Fair Value (Carrying Amounts and Estimated Fair     HTML    142K  
                Value for Financial Instrument Assets and                        
                Liabilities) (Details)                                           
137: R121        Parent Company Financial Statements (Statements of  HTML     82K  
                Condition) (Details)                                             
138: R122        Parent Company Financial Statements (Statements of  HTML     80K  
                Income) (Details)                                                
139: R123        Parent Company Financial Statements (Statements of  HTML     94K  
                Cash Flows) (Details)                                            
142: XML         IDEA XML File -- Filing Summary                      XML    285K  
140: XML         XBRL Instance -- cac-20221231_htm                    XML   8.76M  
141: EXCEL       IDEA Workbook of Financial Reports                  XLSX    354K  
13: EX-101.CAL  XBRL Calculations -- cac-20221231_cal                XML    418K 
14: EX-101.DEF  XBRL Definitions -- cac-20221231_def                 XML   1.68M 
15: EX-101.LAB  XBRL Labels -- cac-20221231_lab                      XML   3.44M 
16: EX-101.PRE  XBRL Presentations -- cac-20221231_pre               XML   2.35M 
12: EX-101.SCH  XBRL Schema -- cac-20221231                          XSD    309K 
143: JSON        XBRL Instance as JSON Data -- MetaLinks              871±  1.45M  
144: ZIP         XBRL Zipped Folder -- 0000750686-23-000033-xbrl      Zip   1.18M  


‘EX-10.25’   —   Material Contract


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



 <!   C:   C: 
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RESTRICTED STOCK UNIT AWARD AGREEMENT
FOR COMPANY EMPLOYEES
UNDER THE CAMDEN NATIONAL CORPORATION
2022 EQUITY AND INCENTIVE PLAN

Name of Grantee: [GRANTEE NAME]
No. of Restricted Stock Units: [# UNITS]
Grant Date: [GRANT DATE]
Pursuant to the Camden National Corporation 2022 Equity and Incentive Plan (the “Plan”), Camden National Corporation (the “Company”) hereby grants an Award of the number of Restricted Stock Units listed above (an “Award”) to the grantee named above (“Grantee”). Each Restricted Stock Unit shall relate to one share of Stock of the Company. Capitalized terms in this Award Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein.
1.Acceptance of Award. The Grantee shall have no rights with respect to this Award unless the Grantee shall have accepted this Award by signing and delivering to the Company a copy of this Award Agreement.
2.Issuance of Stock.
(a)The Company shall issue to the Grantee the number of shares of Stock equal to the aggregate number of Restricted Stock Units that have vested pursuant to Section 3 or 4 of this Award Agreement as soon as practicable (but in no event later than two and one-half months after the end of the year in which the vesting date occurs), and the Grantee shall thereafter have all the rights of a shareholder of the Company with respect to such shares.
(b)Grantee shall have only the rights of a general unsecured creditor of the Company until delivery of shares of Stock in respect of the Award.
3.Vesting of Restricted Stock Units. The Award shall vest on the Vesting Date or Dates specified in the following schedule, so long as the Grantee remains an employee of the Company or a Subsidiary through such date, except as provided in Section 4(b). If a series of Vesting Dates is specified, then the Award shall vest only with respect to the incremental number of Restricted Stock Units specified as vested on such date. If such date is not a trading date, the Vesting Date shall be the trading date immediately prior to such date.
Incremental Number (Cumulative Number)
of Restricted Stock Units Vested
Vesting Date
[●][DATE]
[●][DATE]
[●][DATE]
[●][DATE]
[●][DATE]

4.Effect of Termination of Service.
(a)General. Any unvested portion of the Award will be forfeited upon any termination of the Grantee’s Service, except as provided in Section 4(b).
(b)Notwithstanding the foregoing:
(i)Death or Disability. Any unvested portion of the Award shall be accelerated and become fully vested upon a termination of the Grantee’s Service due to death or Disability.
A.For purposes of this Award Agreement, “Disability” shall have the same meaning as set forth in the Grantee’s written employment agreement (or other similar written agreement) with



the Company or a Subsidiary. In the absence of such a definition, “Disability” means any mental or physical condition with respect to which the Grantee qualified for and receives benefits under a long-term disability plan of the Company or Subsidiary, or in the absence of such a long-term disability plan or coverage under such plan, “Disability” shall mean a physical or mental condition which, in the sole discretion of the Committee, is reasonably expected to be of indefinite duration and to substantially prevent the Grantee from fulfilling the Grantee’s duties or responsibilities to the Company or a Subsidiary. If an Award is determined to be subject to Code Section 409A, then notwithstanding anything else herein to the contrary, “Disability” or “Disabled” shall mean that the Grantee: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering the Company’s Employees, or (iii) is determined to be totally disabled by the Social Security Administration. Except to the extent prohibited under Code Section 409A, if applicable, the Committee shall have discretion to determine if a termination of Service due to Disability has occurred.
(ii)Change in Control. If the Grantee’s Service is terminated by the Company or any successor entity thereto without Cause, or the Grantee resigns the Grantee’s Service for Good Reason, in either case, on or within two (2) years after a Change of Control, (i) any unvested portion of the Award will become fully vested (including the lapsing of all restrictions and conditions) and (ii) any shares of Stock deliverable pursuant to the Award will be delivered promptly (but no later than fifteen (15) days) following the Grantee’s termination of Service.
5. Additional Provisions.
(a)Data Privacy Consent. In order to administer the Plan and this Award Agreement and to implement or structure future equity grants, the Company, its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process any and all personal or professional data, including but not limited to Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Award Agreement (the “Relevant Information”). By entering into this Award Agreement, the Grantee (i) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights the Grantee may have with respect to the Relevant Information, subject to applicable law; (iii) authorizes the Relevant Companies to store and transmit such information in electronic form; and (iv) authorizes the transfer of the Relevant Information to any jurisdiction which the Relevant Companies consider appropriate. The Grantee shall have access to, and the right to change, the Relevant Information. Relevant Information will only be used in accordance with applicable law.
(b)Incorporation of Plan. This Award Agreement shall be subject to and governed by all the terms and conditions of the Plan, a copy of which the Grantee acknowledges having received, including, but not limited to, the powers of the Committee set forth in Section 2(b) of the Plan, the Change of Control provisions set forth in Section 14 of the Plan, the tax withholding provisions set forth in Section 16 of the Plan, the nonassignability provisions set forth in Section 19(a) of the Plan and the provisions regarding Code Section 409A set forth in Section 26 of the Plan.
(c)Tax Withholding. The Grantee shall, no later than the date as of which the value of the Award first becomes includable in the gross income of the Grantee for Federal income tax purposes, pay to the Company, or make arrangements satisfactory to the Committee regarding payment of, any Federal, state, or local taxes of any kind required by law to be withheld by the Company with respect to such income. Unless otherwise elected by the Grantee and approved by the Committee, subject to the Company’s insider trading policy, as in effect from time to time, the Company’s minimum required tax withholding obligation shall be satisfied in full by the Company withholding from the vested Award a number of shares with an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the withholding amount due.
(d)Entire Agreement. This Award Agreement and the Plan contain the entire agreement of the parties relating to the subject matter hereof and supersede any prior agreements or understandings with respect thereto.
(e)No Right to Continued Service or Future Awards. This Award Agreement does not confer upon the Grantee any rights with respect to continuation of employment by the Company or any Subsidiary or with respect to any future Awards.
2



CAMDEN NATIONAL CORPORATION
By:
Title:

The foregoing Award Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.
Dated:
Grantee’s Signature
 

3


2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/08/24  Camden National Corp.             10-K       12/31/23  141:26M
 5/09/23  Camden National Corp.             10-Q        3/31/23   90:18M


13 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/05/22  Camden National Corp.             10-Q        3/31/22   98:17M
 4/28/22  Camden National Corp.             8-K:5,9     4/26/22   12:269K
 4/28/22  Camden National Corp.             S-8         4/28/22    7:865K
 3/11/22  Camden National Corp.             10-K       12/31/21  146:29M
 3/15/21  Camden National Corp.             10-K       12/31/20  155:29M
 5/04/20  Camden National Corp.             8-K:5,9     4/28/20    3:183K
 4/27/18  Camden National Corp.             8-K:5,9     4/24/18    4:94K
 4/26/17  Camden National Corp.             8-K:5,9     4/25/17    2:136K
 3/30/15  Camden National Corp.             425                    8:2.6M Camden National Corp.             Toppan Merrill/FA
 3/10/15  Camden National Corp.             10-K       12/31/14  134:41M
 3/02/11  Camden National Corp.             10-K       12/31/10   12:3.2M                                   Toppan Merrill/FA
 5/12/08  Camden National Corp.             10-Q        3/31/08    7:671K                                   Donnelley … Solutions/FA
 2/04/08  Camden National Corp.             8-K:5,9     1/29/08    2:80K                                    Donnelley … Solutions/FA
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