Exhibit #10.5 Restricted Stock Award Agreement


 


RESTRICTED STOCK AWARD AGREEMENT


 


UNDER THE CAMDEN NATIONAL CORPORATION


2003 STOCK OPTION AND INCENTIVE PLAN


 


Name of Grantee: [Name]


No. of Shares: [Number]


Grant Date: [Date]


Final Acceptance Date: [Date]


 


Pursuant to the Camden National Corporation 2003 Stock Option and Incentive Plan (the “Plan”) as amended through the date hereof, Camden National Corporation (the “Company”) hereby grants a Restricted Stock Award (an “Award”) to the Grantee named above.  Upon acceptance of this Award, the Grantee shall receive the number of shares of Common Stock, no par value per share (the “Stock”) of the Company specified above, subject to the restrictions and conditions set forth herein and in the Plan.


 


1.           Acceptance of Award.  The Grantee shall have no rights with respect to this Award unless he or she shall have accepted this Award prior to the close of business on the Final Acceptance Date specified above by signing and delivering to the Company a copy of this Award Agreement.  Upon acceptance of this Award by the Grantee, certificates evidencing the shares of Restricted Stock so accepted shall be issued and delivered to the Grantee, and the Grantee’s name shall be entered as the stockholder of record on
the books of the Company.  Thereupon, the Grantee shall have all the rights of a shareholder with respect to such shares, including voting and dividend rights, subject, however, to the restrictions and conditions specified in Paragraph 2 below.


 


2.           Restrictions and Conditions.


 


(a)           Certificates evidencing the shares of Restricted Stock granted herein shall bear an appropriate legend, as determined by the Administrator in its sole discretion, to the effect that such shares are subject to restrictions as set forth herein and in the Plan.


 


(b)           Shares of Restricted Stock granted herein may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of by the Grantee prior to vesting.


 


(c)           If the Grantee’s employment with the Company and its Subsidiaries is voluntarily or involuntarily terminated for any reason (including death) prior to vesting of shares of Restricted Stock granted herein, the Company shall have the right, at the discretion of the Administrator, to cause the Grantee or the Grantee’s legal representative to forfeit such shares back to the Company for no consideration.  The Company must exercise such right of forfeiture by written notice to the Grantee or the Grantee’s legal representative not later than 60 days following such
termination of employment.


 


3.           Vesting of Restricted Stock.  The restrictions and conditions in Paragraph 2 of this Agreement shall lapse on the Vesting Date or Dates specified in the following schedule.  If a series of Vesting Dates is specified, then the restrictions and conditions in Paragraph 2 shall lapse only with respect to the incremental number of shares of Restricted Stock specified as vested on such date.


 



	
Incremental Number (Cumulative Number)


of Shares of Restricted Stock Vested

	 	
Vesting Date


	 	 	 
	
[    ]                         (    )

	 	
[_Date_]


	 	 	 
	
[    ]                         (    )

	 	
[_Date_]


	 	 	 
	
[    ]                         (    )

	 	
[_Date_]







 




  





  











  






 


Subsequent to such Vesting Date or Dates, the shares of Stock on which all restrictions and conditions have lapsed shall no longer be deemed Restricted Stock.  The Administrator may at any time accelerate the vesting schedule specified in this Paragraph 3.


 


4.           Dividends.  Dividends on Shares of Restricted Stock shall be paid currently to the Grantee.


 


5.           Incorporation of Plan.  Notwithstanding anything herein to the contrary, this Agreement shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan.  Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein.


 


6.           Transferability.  This Agreement is personal to the Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution.


 


7.           Tax Withholding.  The Grantee shall, not later than the date as of which the receipt of this Award becomes a taxable event for Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any Federal, state, and local taxes required by law to be withheld on account of such taxable event.  The Grantee may elect to have the required minimum tax withholding obligation satisfied, in whole or in part, by (i) authorizing the Company to withhold from shares of
Stock to be issued, or (ii) transferring to the Company, a number of shares of Stock with an aggregate Fair Market Value that would satisfy the withholding amount due.


 


8.           Miscellaneous.


 


(a)           Notice hereunder shall be given to the Company at its principal place of business, and shall be given to the Grantee at the address set forth below, or in either case at such other address as one party may subsequently furnish to the other party in writing.


 


(b)           This Agreement does not confer upon the Grantee any rights with respect to continuation of employment by the Company or any Subsidiary.


 



	  	
CAMDEN NATIONAL CORPORATION


	 	 
	  	
By:

	 
	  	  	
Title:







 


The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.


 



	
Dated:

	
  

	  	
  


	  	  	
Grantee’s Signature


	  	  	  
	  	  	
Grantee’s name and address:


	  	  	  
	  	  	
  


	  	  	  
	  	  	
  


	  	  	  
	  	  	
  







 




  





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