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Camden National Corp. – ‘10-Q’ for 3/31/22 – ‘EX-10.8’

On:  Thursday, 5/5/22, at 12:57pm ET   ·   For:  3/31/22   ·   Accession #:  750686-22-185   ·   File #:  1-13227

Previous ‘10-Q’:  ‘10-Q’ on 11/4/21 for 9/30/21   ·   Next:  ‘10-Q’ on 8/4/22 for 6/30/22   ·   Latest:  ‘10-Q’ on 5/8/24 for 3/31/24   ·   6 References:   

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

 5/05/22  Camden National Corp.             10-Q        3/31/22   98:17M

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   2.00M 
 9: EX-10.10    Material Contract                                   HTML     44K 
10: EX-10.11    Material Contract                                   HTML     48K 
 2: EX-10.3     Material Contract                                   HTML     34K 
 3: EX-10.4     Material Contract                                   HTML     61K 
 4: EX-10.5     Material Contract                                   HTML     33K 
 5: EX-10.6     Material Contract                                   HTML     37K 
 6: EX-10.7     Material Contract                                   HTML     42K 
 7: EX-10.8     Material Contract                                   HTML     37K 
 8: EX-10.9     Material Contract                                   HTML     39K 
11: EX-31.1     Certification -- §302 - SOA'02                      HTML     33K 
12: EX-31.2     Certification -- §302 - SOA'02                      HTML     33K 
13: EX-32.1     Certification -- §906 - SOA'02                      HTML     28K 
14: EX-32.2     Certification -- §906 - SOA'02                      HTML     29K 
20: R1          Cover                                               HTML     80K 
21: R2          Consolidated Statements of Condition (Current       HTML    147K 
                Period Unaudited)                                                
22: R3          Consolidated Statements of Condition (Current       HTML     42K 
                Period Unaudited) (Parenthetical)                                
23: R4          Consolidated Statements of Income (Unaudited)       HTML    148K 
24: R5          Consolidated Statements of Comprehensive Income     HTML     57K 
                (Unaudited)                                                      
25: R6          Consolidated Statements of Changes in               HTML     72K 
                Shareholders' Equity (Unaudited)                                 
26: R7          Consolidated Statements of Changes in               HTML     29K 
                Shareholders' Equity (Unaudited) (Parenthetical)                 
27: R8          Consolidated Statements of Cash Flows (Unaudited)   HTML    130K 
28: R9          Basis of Presentation                               HTML     66K 
29: R10         Recent Accounting Pronouncements                    HTML     42K 
30: R11         Investments                                         HTML    167K 
31: R12         Loans and Allowance for Credit Losses on Loans      HTML    602K 
32: R13         Borrowings                                          HTML     40K 
33: R14         Repurchase Agreements                               HTML     40K 
34: R15         Commitments and Contingencies Commitments and       HTML     41K 
                Contingencies                                                    
35: R16         Derivatives and Hedging                             HTML    168K 
36: R17         Balance Sheet Offsetting                            HTML     96K 
37: R18         Regulatory Capital Requirements                     HTML     77K 
38: R19         Other Comprehensive Income (Loss) Other             HTML    104K 
                Comprehensive Income (Loss)                                      
39: R20         Revenue From Contracts With Customers Revenue From  HTML     48K 
                Contracs With Customers                                          
40: R21         Employee Benefit Plans                              HTML     54K 
41: R22         Eps                                                 HTML     51K 
42: R23         Fair Value Measurement and Disclosure               HTML    214K 
43: R24         Recent Accounting Pronouncements (Policies)         HTML     32K 
44: R25         Investments (Tables)                                HTML    166K 
45: R26         Loans and Allowance for Credit Losses on Loans      HTML    583K 
                (Tables)                                                         
46: R27         Borrowings (Tables)                                 HTML     35K 
47: R28         Repurchase Agreements (Tables)                      HTML     39K 
48: R29         Commitments and Contingencies Commitments and       HTML     34K 
                Contingencies (Tables)                                           
49: R30         Derivatives and Hedging (Tables)                    HTML    164K 
50: R31         Balance Sheet Offsetting (Tables)                   HTML    166K 
51: R32         Regulatory Capital Requirements (Tables)            HTML     70K 
52: R33         Other Comprehensive Income (Loss) Other             HTML     98K 
                Comprehensive Income (Loss) (Tables)                             
53: R34         Revenue From Contracts With Customers (Tables)      HTML     44K 
54: R35         Employee Benefit Plans (Tables)                     HTML     50K 
55: R36         Eps (Tables)                                        HTML     49K 
56: R37         Fair Value Measurement and Disclosure (Tables)      HTML    203K 
57: R38         Investments (Narrative) (Detail)                    HTML     53K 
58: R39         Investments (Summary of Amortized Costs and         HTML     57K 
                Estimated Fair Values of Available-For-Sale                      
                Securities) (Details)                                            
59: R40         Investments (Schedule of Unrealized Gross Losses    HTML     73K 
                and Estimated Fair values of Investment                          
                Securities) (Details)                                            
60: R41         Investments (Schedule of Amortized Cost and         HTML     67K 
                Estimated Fair Values of Debt Securities by                      
                Contractual Maturity) (Details)                                  
61: R42         Investments (Summary of Amortized Cost and Fair     HTML     41K 
                Value of Held to Maturity Securities) (Details)                  
62: R43         Investments (Amortized Cost and Fair Values of HTM  HTML     59K 
                Securities by Contractual Maturity) (Details)                    
63: R44         Investments (Schedule of Amortized Cost and Fair    HTML     33K 
                Value of Other Investments) (Details)                            
64: R45         Loans and Allowance for Credit Losses on Loans      HTML    156K 
                (Narrative) (Details)                                            
65: R46         Loans and Allowance for Credit Losses on Loans      HTML     53K 
                (Composition of Loan Portfolio) (Details)                        
66: R47         Loans and Allowance for Credit Losses on Loans      HTML     37K 
                (Unamortized fair value mark and costs) (Details)                
67: R48         Loans and Allowance for Credit Losses on Loans      HTML     66K 
                (Activity in Allowance for Credit Losses on Loans                
                by Portfolio Segment) (Details)                                  
68: R49         Loans and Allowance for Credit Losses on Loans      HTML    200K 
                (Credit Quality and Origination by Portfolio                     
                Segment Analysis) (Details)                                      
69: R50         Loans and Allowance for Credit Losses on Loans      HTML    158K 
                (Loan Aging Analysis by Portfolio Segment)                       
                (Details)                                                        
70: R51         Loans and Allowance for Credit Losses on Loans      HTML     66K 
                (Financing Receivable, Nonaccrual) (Details)                     
71: R52         Loans and Allowance for Credit Losses on Loans      HTML     45K 
                (Troubled Debt Restructuring Loans) (Details)                    
72: R53         Loans and Allowance for Credit Losses on Loans      HTML     40K 
                (Troubled Debt Restructuring by Portfolio Segment)               
                (Details)                                                        
73: R54         Borrowings (Details)                                HTML     39K 
74: R55         Repurchase Agreements (Details)                     HTML     45K 
75: R56         Commitments and Contingencies Commitments and       HTML     34K 
                Contingencies (Narrative) (Details)                              
76: R57         Commitments and Contingencies Commitments and       HTML     33K 
                Contingencies (Summary of Contractual and Notional               
                Amounts of FInancial Instruments) (Details)                      
77: R58         Derivatives and Hedging (Narrative) (Details)       HTML     39K 
78: R59         Derivatives and Hedging (Schedule of derivative     HTML     67K 
                financial instruments) (Details)                                 
79: R60         Derivatives and Hedging (Schedule of cash flow      HTML     94K 
                hedging instruments, location) (Details)                         
80: R61         Derivatives and Hedging (Schedule of derivatives    HTML     40K 
                effect on OCI) (Details)                                         
81: R62         Balance Sheet Offsetting (Details)                  HTML    127K 
82: R63         REGULATORY CAPITAL REQUIREMENTS Regulatory Capital  HTML     45K 
                Requirements (Narrative) (Details)                               
83: R64         Regulatory Capital Requirements (Details)           HTML     69K 
84: R65         Other Comprehensive Income (LOSS) Components of     HTML     99K 
                Other Comprehensive Income (Loss) (Details)                      
85: R66         Other Comprehensive Income (LOSS) Accumulated       HTML     57K 
                Other Comprehensive Income (Loss) (Details)                      
86: R67         Revenue From Contracts With Customers (Details)     HTML     48K 
87: R68         Employee Benefit Plans (Details)                    HTML     46K 
88: R69         Eps (Computation of Basic and Diluted Earnings Per  HTML     67K 
                Share) (Details)                                                 
89: R70         Eps (Additional Information) (Details)              HTML     34K 
90: R71         Fair Value Measurement and Disclosure (Summary of   HTML    131K 
                Financial Assets and Liabilities Measured at Fair                
                Value on Recurring Basis) (Details)                              
91: R72         Fair Value Measurement and Disclosure (Summary of   HTML     44K 
                Assets Measured at Fair Value on Non Recurring                   
                Basis) (Details)                                                 
92: R73         Fair Value Measurement and Disclosure (Schedule of  HTML     43K 
                Valuation Methodology and Unobservable Inputs)                   
                (Details)                                                        
93: R74         Fair Value Measurement and Disclosure (Schedule of  HTML    103K 
                Carrying Amounts and Estimated Fair Value for                    
                Financial Instrument Assets and Liabilities)                     
                (Details)                                                        
96: XML         IDEA XML File -- Filing Summary                      XML    176K 
94: XML         XBRL Instance -- cac-20220331_htm                    XML   5.89M 
95: EXCEL       IDEA Workbook of Financial Reports                  XLSX    139K 
16: EX-101.CAL  XBRL Calculations -- cac-20220331_cal                XML    256K 
17: EX-101.DEF  XBRL Definitions -- cac-20220331_def                 XML   1.06M 
18: EX-101.LAB  XBRL Labels -- cac-20220331_lab                      XML   2.08M 
19: EX-101.PRE  XBRL Presentations -- cac-20220331_pre               XML   1.36M 
15: EX-101.SCH  XBRL Schema -- cac-20220331                          XSD    186K 
97: JSON        XBRL Instance as JSON Data -- MetaLinks              516±   787K 
98: ZIP         XBRL Zipped Folder -- 0000750686-22-000185-xbrl      Zip    510K 


‘EX-10.8’   —   Material Contract


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



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RESTRICTED STOCK AWARD AGREEMENT
UNDER THE CAMDEN NATIONAL CORPORATION
SECOND AMENDED AND RESTATED MANAGEMENT STOCK PURCHASE PROGRAM
Name of Grantee:
No. of Shares:
Grant Date:

Pursuant to the Camden National Corporation Second Amended and Restated Management Stock Purchase Program (the “Program”), a component program of the 2022 Equity and Incentive Plan, as amended through the date hereof (the “Plan”), Camden National Corporation (the “Company”) hereby grants a Restricted Stock Award (an “Award”) in lieu of a portion of their incentive payment to the Grantee named above. Upon acceptance of this Award, the Grantee shall purchase the number of shares of common stock, no par value per share (the “Restricted Stock”) at a discount (as determined by the Compensation Committee) of the Fair Market Value of the Stock on the date of grant (the “Cost”), of the Company specified above, subject to the restrictions and conditions set forth herein and in the Plan. Capitalized terms in this Award Agreement shall have the meaning specified in the Program or 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.Rights of a Stockholder, Voting, Dividends. Upon the issuance of the shares of Restricted Stock hereunder, the Grantee shall have all the rights of a shareholder with respect to such Restricted Stock, subject, however, to the restrictions and conditions set forth in this Award Agreement, in the Program and in the Plan. Dividends on Restricted Stock shall be paid to the Grantee upon the vesting of the shares of Restricted Stock (as provided for under Section 3 herein), and, unless the Grantee makes a Section 83(b) election, such dividends are treated as ordinary income (i.e., added to W-2, Box 1 earnings) until such Restricted Stock becomes vested and distributed. If the Grantee makes a Section 83(b) election with respect to the Restricted Stock, any dividends paid on such shares will be taxed as dividends. During the period of restriction, all ordinary cash dividends or other ordinary distributions paid upon the Restricted Stock will be retained by the Company and will be paid to the Grantee (without interest) when the Restricted Stock vests and will revert back to the Company if for any reason the Restricted Stock upon which such dividends or other distributions were paid reverts back to the Company. Upon the issuance of the shares of Restricted Stock hereunder, the Grantee shall have the rights of a stockholder of the Company with respect to voting the shares of Restricted Stock.
3.Vesting of Restricted Stock. The restrictions and conditions in this Award Agreement shall lapse on the second anniversary of the Grant Date (the “Vesting Date”). If such date is not a trading date, the Vesting Date shall be the trading date immediately prior to such date. Subsequent to the Vesting Date, the shares of Stock on which all restrictions and conditions have lapsed shall no longer be deemed Restricted Stock. The Committee may at any time accelerate the vesting schedule specified in this Section 3.
4.Effect of Termination of Service.
(a)If the Grantee’s Service with the Company terminates for any reason prior to the Vesting Date, except as otherwise provided in the Grantee’s employment agreement, if any, and except as otherwise provided in Section 4(b) below, the Grantee’s unvested Restricted Stock shall be forfeited back to the Company and Grantee shall receive a cash payment equal to the lesser of (i) the Cost of such Restricted Stock or (ii) an amount equal to the number of shares of such Restricted Stock multiplied by the Fair Market Value of a share of Stock on the date of the Grantee’s termination of Service.
(b)Change of Control. If Grantee’s Service is terminated by the Company or any successor entity thereto without Cause, or Grantee resigns 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 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
-1-




(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 and Program. This Award Agreement shall be subject to and governed by all the terms and conditions of the Plan and the Program, copies 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 certificate and legends provisions set forth in Section 9 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. Except as expressly elected by the Grantee in accordance with the terms of the Plan, the Grantee’s required minimum tax withholding obligation shall be satisfied by the Grantee’s transfer to the Company of such number of shares of Stock with an aggregate Fair Market Value that would satisfy the withholding amount due.
(d)Entire Agreement. This Award Agreement, the Program 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.
CAMDEN NATIONAL CORPORATION
By:    ____________________________________
The foregoing Award Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.
Dated: ____________________________
____________________________________________________
Grantee’s Signature

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4 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
 3/10/23  Camden National Corp.             10-K       12/31/22  144:28M
11/03/22  Camden National Corp.             10-Q        9/30/22   91:20M
 8/04/22  Camden National Corp.             10-Q        6/30/22   91:20M


2 Previous Filings that this Filing References

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

 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
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Filing Submission 0000750686-22-000185   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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