Document:

Exhibit

Exhibit 10.23

Summary of Executive Annual Incentive Program 
______________________________________________________________________________________________________

Introduction and Objective
Camden National Bank (the “Company”) is committed to rewarding employees for their contributions to the Company’s success.  The Executive Incentive Program (“EIP” or “Program”) is part of a total compensation package which includes base salary, annual incentives, long-term incentive/equity and benefits.  The EIP is designed to:
		
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	Recognize and reward achievement of the Company’s annual business results

		
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	Focus participants’ attention on key business metrics and fiscal targets in the strategic and operating plans

		
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	Motivate and reward superior performance

		
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	Attract and retain talent needed for the Company’s success

		
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	Be competitive with the market

Plan Year
The EIP plan year follows the Company’s fiscal year, January 1st to December 31st.
Eligibility
Following is a summary of the general guidelines for eligibility to receive an award under the Program.  The Committee may establish different or additional eligibility criteria from time to time and has the discretion to make all determinations under the Program.   
		
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	Eligibility each year may include members of the Executive team and other key positions, as identified by the CEO and approved by the Compensation Committee (“Committee”) for those on the Executive team.  Selection as a participant in one year does not guarantee selection for participation in any future year.  

		
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	Participants must be employed by October 1st of the plan year in order to be eligible for that year’s incentive.  Employees hired between January 1st and October 1st will be eligible to receive a prorated award based on hire date. For example: if an employee were to be hired on May 1st, the employee would be eligible to receive two-thirds of his or her eligible EIP, if any, for the plan year.  Employees hired on or after October 1st of a year are not eligible to receive an award under the Program for that year.

		
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	Participants must be an active employee as of the award payout date to receive an award (for exceptions, see “Death or Disability”).

		
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	Participant’s performance must be in good standing for the performance period and at the time of payment. Unless otherwise determined by the Committee, participants who terminate employment during the plan year will not be eligible to receive an award and participants who have given notice of resignation or terminate employment after the plan year and before payout are not eligible to receive the incentive award payment (see exceptions for Death or Disability below). 

Incentive Opportunity
Each participant will have an annual target incentive opportunity based on the competitive market for his/her role as determined by the Committee.  Unless otherwise determined by the Committee, the target incentive will reflect a percentage of base earnings for the plan year with actual award amounts, if any, to be determined by the Committee and varying based on performance.  The maximum payout for each participant will be capped at 200% of his/her target opportunity. 
Performance Measures and Payout Range
The incentive award payout may be based on annual Net Income Before Taxes (NIBT) as compared to budgeted NIBT or such other performance measure or measures as determined by the Committee.  The Company’s annual budget includes an assumed incentive award payout at target for each participant, and, as the applicable performance measure exceeds or falls below the budgeted level the incentive pool is adjusted to ensure appropriate funding for the participants.  The Committee may set forth on an appendix to this Program summary from time to time, an illustration of the EIP pool funding amount as a percentage of budget based on achievement of the applicable performance measure.  Unless otherwise determined by the Committee, EIP pool funding will begin once the level of the applicable performance measure reaches 96% of budget (threshold), and threshold performance (or minimum acceptable performance) will fund the incentive pool at 50% of target.  To fund the 

Exhibit 10.23

incentive pool at target, unless otherwise determined by the Committee, performance measure achievement at 100% of budget is needed.  To fund the maximum of the incentive pool, unless otherwise determined by the Committee, performance measure achievement  of 110% of budget must be achieved.  Applicable performance measure results may be adjusted for extraordinary, one-time or other events as determined and approved by the Committee.  
Payout can vary from 0% for below threshold performance, 50% for threshold achievement, 100% for target achievement and 200% for stretch performance achievement.  Performance between payout levels at or above threshold (i.e., threshold, target and stretch) will be calculated using straight line interpolation as determined by the Committee.
Individual Performance 
Unless otherwise determined by the Committee, each participant’s payout will be based 60% on the Company’s financial results and 40% on each individual’s achievements, accomplishments and performance as measured by the CEO of the Company in his discretion, except that the Committee shall determine the CEO’s individual performance in its discretion.  
The CEO, with approval from the Committee, may have discretion to provide additional individual funding above 40% for the individual component for exceptional individual performance.  
In applying individual performance discretion, the CEO must remain cost neutral to the funding pool.  Any additions to the pool may be requested and approved by the Committee.
Committee Discretion
The Committee reserves the right to apply discretion to all determinations it makes under the Program, including the payouts as needed to reflect business environment, market conditions, budgetary constraints, compliance, asset credit quality and risk management considerations.  The Committee also reserves the right to amend, modify and adjust payouts as necessary.

Exhibit 10.23

EIP Terms and Conditions 
______________________________________________________________________________________________________

Effective Date
This Program summary is applicable to EIP plan years beginning effective January 1, 2020.  The Program will be reviewed from time to time as needed to ensure proper alignment with the Company’s business objectives.  The Committee retains the rights as described below to amend, modify or discontinue the Program and this summary at any time during the specified period. 
Program Administration; Program Changes
The Program is administered by the Committee.  The Committee has the sole authority to interpret the Program and to make or nullify any rules and procedures, as necessary, for proper administration.  Any determinations by the Committee will be final and binding on all participants.  The Committee may, in its sole discretion, terminate, discontinue, amend or modify the Program.  The Committee may exercise its discretion to delegate its authority under the Program to a subcommittee of its members or the CEO, and references to the Committee under this summary shall include any such delegees.
EIP Award Payments
Incentive awards under the EIP are payable in cash after the Committee reviews and approves the performance results and payouts.  Awards will be paid by March 15th of the year following the last day of the performance period.  Each participant’s payout is calculated on base earnings for the applicable plan year.  “Base earnings” means gross base salary or base wages paid to the participant during the plan year, excluding any other compensation or benefits.  In order for any award to be paid, the funding of the incentive pool must be approved by the Committee and the payments to the Executive team (in aggregate and individually) must be approved by the Committee.  Unless otherwise determined by the Committee, the participant must be employed on the date of payment and have satisfactory performance (as determined by the Committee).   
Termination Due to Death or Disability 
In the event of a participant’s death or termination of employment due to disability, the Company will pay to the participant or the participant’s estate, as applicable, the prorata portion of the incentive award that had been earned by the participant during his/her period of employment based on actual Company performance through the end of the performance period. 
Clawback and Ethical Standards 
Amounts paid or payable under the EIP will be subject to the Company’s clawback policy, as in effect from time to time.  The altering, inflating, and/or inappropriate manipulation of performance/financial results or any other infraction of recognized ethical business standards by a participant, whether or not such actions would impact the level of payout under the Program, will subject the participant to disciplinary action up to and including termination of employment.  In addition, any incentive award paid or payable under the Program to which the participant would otherwise be entitled or eligible will be subject to recoupment or forfeiture, as applicable.
Participants who have willfully engaged in any activity injurious to the Company will, upon termination of employment, death or disability, be obligated to repay any incentive award earned for the performance period in which the wrongful conduct occurred.
Miscellaneous
Neither this summary nor the existence of the Program will be deemed to give any participant the right to be retained in the employment of the Company, nor will the Program interfere with, limit or impede the right of the Company to terminate the employment of any participant at any time for any reason.
Incentive awards are considered taxable income to participants in the year paid and will be subject to withholding for required income and other applicable taxes.
Any rights accruing to a participant or his/her estate under the Program shall be solely those of an unsecured general creditor of the Company.  Nothing contained in this summary, and no action taken pursuant to the provisions of this summary under the Program, will create or be construed to create a trust of any kind, or a pledge, or a fiduciary relationship between the Company, the Board of Directors, the Committee or management and the 

Exhibit 10.23

participant or any other person.  Nothing herein will be construed to require the Company to maintain any fund or to segregate any amount for a participant’s benefit.
The relationship between the participants and the Company is one of at-will employment.  The Program does not alter the relationship.  The Program and the awards and payments under the Program shall, in all respect, be governed by, and construed and enforced in accordance with the laws of Maine.

Exhibit 10.23

Appendix

The table below illustrates the incentive funding based on NIBT as it compares to budgeted NIBT.  Funding will begin once NIBT reaches 96% of budget (threshold).  Threshold performance (or minimum acceptable performance) will fund the incentive pool at 50% of target.  To fund the incentive pool at target, a NIBT at 100% of budget is needed.  To fund the maximum of the incentive pool, NIBT of 110% of budget must be achieved.  The following table outlines the funding mechanism:

Corporate Performance 
	
				
	Performance Funding Metric
(Potential Payout Range % of Pool)
	Threshold
(50%)
	Target
(100%)
	Stretch
(200%)

	Net Income Before Tax
	96% of Budget
	Budget
	110% of BudgetTHE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AND ARE PROPOSED TO BE ISSUED IN
      RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. UPON ANY SALE, SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE
      PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE
      ACT.

    

    

    SUBSCRIPTION AGREEMENT 

    BLUE STATE, CORP.

     

    

    SUBSCRIPTION AGREEMENT made as of this_________ day of _________ , 2020 between BLUE
        STATE, CORP., a Nevada corporation with its registered office at 50 West Liberty Street Suite 880 Reno Nevada, 89501 (the "Company") and the undersigned (the "Subscriber").

    

    

    WHEREAS:

    

    

    
      	
              A.

            	
              The Company desires to issue a maximum of 6,000,000 Shares (the "Shares") of the Company at a price of $0.01 US per share (the "Offering") pursuant to Regulation S of the United States Securities
                  Act of 1933 (the “Act”).

            

    

    

    

    
      	
              B.

            	
              The Subscriber desires to acquire the number of Shares of the Offering set forth on the signature page hereof (the "Shares") on the terms and subject to the conditions of this Subscription Agreement.

            

    

    

    

    NOW, THEREFORE, for and in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto do hereby agree as follows:

    

    

    
      	
              1.

            	
              SUBSCRIPTION FOR SHARES

            

    

    

    

    Subject to the terms and conditions hereinafter set forth, the Subscriber hereby subscribes for and agrees to purchase from the Company such number of Shares as is set forth upon the signature page hereof at a price
      equal to $0.01 US per share. Upon execution, the subscription by the Subscriber will be irrevocable and constitutes an interest free loan to the company until such time as the offering is closed and the shares are issued.

    
      1

      
        

    

    

    

    The purchase price is payable by the Subscriber contemporaneously with the execution and delivery of this Subscription Agreement.

    

    

    Upon execution by the Company, the Company agrees to sell such Shares to the Subscriber for said purchase price subject to the Company's right to sell to the Subscriber such lesser number of Shares as it may, in its
      sole discretion, deem necessary or desirable.

    

    

    Any acceptance by the Company of the Subscriber is conditional upon compliance with all securities laws and other applicable laws of the jurisdiction in which the Subscriber is resident. Each Subscriber will deliver
      to the Company all other documentation, agreements, representations and requisite government forms required by the lawyers for the Company as required to comply with all securities laws and other applicable laws of the jurisdiction of the Subscriber.
      The Company will not grant any registration or other qualification rights to any Subscriber.

    

    

    
      	
              2.

            	
              REGULATION S AGREEMENTS OF THE SUBSCRIBER

            

    

    

    

    The Subscriber agrees to resell the Shares only in accordance with the provisions of Regulation S of the Act pursuant to registration under the Act, or pursuant to an available exemption from registration pursuant to
      the Act.

    

    

    The Subscriber agrees not to engage in hedging transactions with regard to the Shares unless in compliance with the Act.

    

    

    The Subscriber acknowledges and agrees that all certificates representing the Shares will be endorsed with the following legend in accordance with Regulation S of the Act:

    

    

    “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE BEEN ISSUED
        IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE
        PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE
        ACT”

    

    

    The Subscriber and the Company agree that the Company will refuse to register any transfer of the Shares not made in accordance with the provisions of Regulation S of the Act, pursuant to registration under the Act,
      or pursuant to an available exemption from registration.

    
      2

      
        

    

    

    

    
      	
              3.

            	
              REPRESENTATIONS AND WARRANTIES BY SUBSCRIBER

            

    

    

    

    The Subscriber represents and warrants to the Company and acknowledges that the Company is relying upon the Subscriber’s representations and warranties in agreeing to sell the Shares to the Subscriber that:

    

    

    
      
        	

              	(1)	
                The Subscriber is not a “U.S. Person” as defined by Regulation S of the Act and is not acquiring the Shares for the account or benefit of a U.S. Person.

              

      

    

    

    

    A “U.S. Person” is defined by Regulation S of the Act to be any person who is:

    

    

    
      	
              (1)

            	
              any natural person resident in the United States;

            

    

    

    

    
      	
              (2)

            	
              any partnership or corporation organized or incorporated under the laws of United States;

              

            

    

    

    

    
      	
              (3)

            	
              any estate of which any executor or administrator is a U.S. person;

            

    

    

    

    
      	
              (4)

            	
              any trust of which any trustee is a U.S. person;

            

    

    

    

    
      	
              (5)

            	
              any agency or branch of a foreign entity located in the United States;

            

    

    

    

    
      	
              (6)

            	
              any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporate, or (if an individual) resident in the United States; and

            

    

    

    

    any partnership or corporation if:

    

    

    
      	
              1.

            	
              organized or incorporated under the laws of any foreign jurisdiction; and

            

    

    

    

    
      	
              2.

            	
              formed by a U.S. person principally for the purpose of investing in securities not registered under the Act, unless it is organized or incorporated, and owned, by accredited investors [as defined in Section
                230.501(a) of the Act] who are not natural persons, estates or trusts.

            

    

    

    

    The Subscriber recognizes that the purchase of Shares involves a high degree of risk in that the

    Company has only recently commenced its proposed business and may require substantial funds in addition to the proceeds of this private placement;

    

    

    An investment in the Company is highly speculative and only investors who can afford the loss of their entire investment should consider investing in the Company and the Shares;

    

    

    The Subscriber has had full opportunity to review information regarding the business and financial condition of the Company with the Subscriber’s legal and financial advisers prior to execution of this Subscription
      Agreement;

    
      3

      
        

    

    

    

    The Subscriber has such knowledge and experience in finance, securities, investments, including investment in non-listed and non-registered securities, and other business matters so as to be able
      to protect its interests in connection with this transaction.

    

    

    The Subscriber acknowledges that no market for the Shares presently exists and none may develop in the future and accordingly the Subscriber may not be able to liquidate its investment.

    

    

    The Subscriber hereby acknowledges that this offering of Shares has not been reviewed by the United States Securities and Exchange Commission (the "SEC") and that the Shares are being issued by the Company pursuant
      to an exemption from registration provided by Regulation S pursuant to the United States Securities Act.

    

    

    The Subscriber is acquiring the Shares as principal for the Subscriber's own benefit;

    

    

    The Subscriber is not aware of any advertisement of the Shares.

    

    

    The Subscriber is acquiring the Shares subscribed to hereunder as an investment for the Subscriber's own account, not as a nominee or agent, and not with a view toward the resale or distribution of any part thereof,
      and the Subscriber has no present intention of selling, granting any participation in, or otherwise distributing the same;

    

    

    
      	
              a.

            	
              The Subscriber does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation to such person, or to any third person, with respect to any of the
                Shares sold hereby;

            

    

    

    

    
      	
              b.

            	
              The Subscriber has full power and authority to enter into this Agreement which constitutes a valid and legally binding obligation, enforceable in accordance with its terms;

            

    

    

    

    
      	
              c.

            	
              The Subscriber can bear the economic risk of this investment, and was not organized for the purpose of acquiring the Shares;

            

    

    

    

    
      	
              d.

            	
              The Subscriber has satisfied himself or herself as to the full observance of the laws of his or her jurisdiction in connection with any invitation to subscribe for the Shares and/or any use of this Agreement,
                including (i) the legal requirements within his/her jurisdiction for the purchase of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and
                (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Shares.

            

    

    
      4

      
        

    

    

    

    
      	
              4.

            	
              REPRESENTATIONS BY THE COMPANY

            

    

    

    

    
      	

            	
              The Company represents and warrants to the Subscriber that:

            

    

    

    

    
      	
              a.

            	
              The Company is a corporation duly organized, existing and in good standing under the laws of the State of Nevada and has the corporate power to conduct the business which it conducts and proposes to conduct.

            

    

    

    

    
      	
              b.

            	
              Upon issue, the Shares will be duly and validly issued, fully paid and non-assessable common Shares in the capital of the Company.

            

    

    

    

    
      	
              c.

            	
              The issued and outstanding shares of the Company consists of shares of the Company’s common stock prior to the completion of the issue of any Shares of the Company’s common stock pursuant to this offering.

            

    

    

    

    
      	
              5.

            	
              TERMS OF SUBSCRIPTION

            

    

    

    

    Pending acceptance of this subscription by the Company, all funds paid hereunder shall be deposited by the Company and immediately available to the Company for the purposes of project development and general working
      capital. The subscription funds will constitute a non-interest bearing loan of the Subscriber to the Company until such time as this offering is closed and Shares are issued to the Subscriber.

    

    

    The Subscriber hereby authorizes and directs the Company to deliver the securities to be issued to such Subscriber pursuant to this Subscription Agreement to the Subscriber’s address indicated herein.

    

    

    The Subscriber acknowledges and agrees that the subscription for the Shares and the Company's acceptance of the subscription is not subject to any minimum subscription for the Offering.

    

    

    
      	
              6.

            	
              MISCELLANEOUS

            

    

    

    

    Any notice or other communication given hereunder shall be deemed sufficient if in writing and sent by registered or certified mail, return receipt requested, addressed to the Company, at its registered office, at 50
      West Liberty Street Suite 880 Reno Nevada 89105, Attention: Mr. _____________, President, and to the Subscriber at his address indicated on the last page of this Subscription Agreement. Notices shall be deemed to have been given on the date of
      mailing, except notices of change of address, which shall be deemed to have been given when received.

    

    

    Notwithstanding the place where this Subscription Agreement may be executed by any of the parties hereto, the parties expressly agree that all the terms and provisions hereof shall be construed in accordance with and
      governed by the laws of the State of Nevada.

    

    

    The parties agree to execute and deliver all such further documents, agreements and instruments and take such other and further action as may be necessary or appropriate to carry out the purposes and intent of this
      Subscription Agreement

    
      5

      
        

    

    

    

    
      	
              7.

            	
              REPRESENTATIONS BY FOREIGN COUNTRY RESIDENTS

            

    

    

    

    If the Subscriber is a resident of a foreign country, the Subscriber represents to the Company that the Subscriber is a resident of .

    

    

    
      	
              (i)

            	
              a  spouse,  parent,  brother,  sister  or  child of, a senior officer or director of the Company ;

            

    

    

    

    
      	
              (ii)

            	
              a close friend or business associate of, a senior officer or director of the Company , or

            

    

    

    

    
      	
              (iii)

            	
              a company, all of the voting securities of which are beneficially owned by one or more of a spouse, parent, brother, sister, child or close personal friend or business associate of, a senior officer or
                director of the Company.

            

    

    

    

    

    

    IN WITNESS WHEREOF, this Subscription Agreement is executed as of the day and year first written above.

    
      	
               

            	
               

            	
               

            
	
               Number of Shares Subscribed For:

            	
               

            	
                                                        Shares

              

            
	
               

            	
               

            	
               

            
	
               Signature of Subscriber: 

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               Name of Subscriber: 

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               Address of Subscriber:

            	
               

            	
               

            

    

    

    

     

    ACCEPTED BY:
    

    

    BLUE STATE, CORP.

    
      
        	
                 

              	
                 

              	
                 

              
	
                 Signature of Authorized Signatory:

              	
                 

              	
                                                         

                

              
	
                 

              	
                 

              	
                 

              
	
                 Name of Authorized Signatory:

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 Authorized Signatory:  

                

              	
                 

              	
                 President 

                

              
	
                 

              	
                 

              	
                 

              
	
                
                  Date of Acceptance:

                

              	
                 

              	
                 

              

      

      

    

  

  6

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