Document:

Deferred Compensation Plan

 Exhibit #10.3 
 DEFERRED COMPENSATION PLAN 
 THIS PLAN is dated as of the
             day of             ,             
by Camden National Corporation, a Maine Corporation, having its principal place of business in Camden, Maine (hereinafter the “Company”). 
 WITNESSETH: 
 WHEREAS, the Company has a group of Directors who serve the Company and its wholly owned
subsidiaries in a Director’s capacity; 
 WHEREAS, the Company wishes to adopt a non-qualified deferred compensation plan in order to
supplement the funds available to this select group of Directors upon their termination of services as herein provided; 
 NOW, THEREFORE,
the Company hereby adopts the Camden National Corporation DEFERRED COMPENSATION PLAN (hereinafter the “Plan”) effective as of January 1, 1992 as follows: 
 1. PLAN YEAR 
 The Plan year shall commence on
            ,              and shall end on
            ,             , and thereafter shall be the twelve (12) month period commencing on January 1
and ending on December 31. 
 2. PARTICIPATION IN PLAN 
 Any Eligible Director of the Company and any Eligible Director of an affiliate, which has adopted the plan, who has complied with the provision of Section 6 herein, shall be eligible to participate in the Plan.
For the purposes of the Plan, an Eligible Director means any Director of the Company or a Director of an affiliate who voluntarily participates in the Plan. 
 3. DEFERRED COMPENSATION ACCOUNTS 
 Any Eligible Director may elect to become a Participant in the Plan in
accordance with Section 6 of the Plan by deferring up to one hundred percent (100%) of his Eligible Compensation in whole percentages in any calendar year. Such deferrals (hereinafter “Deferred Compensation”) shall be made by
payroll deduction. For the purposes of this Plan, Eligible Compensation means the Eligible Director’s fees paid or accrued by the Company or its subsidiaries. 
 The amount of Eligible Compensation that a Participant elects to defer is irrevocable for the Plan year for which such election is effective. 
 4. COMPANY CONTRIBUTIONS 
 The Company shall
make no matching contribution of the Deferred Compensation on behalf of each Participant under the Plan. 
 5. DEFERRED COMPENSATION ACCOUNTS

 (a) Establishment of accounts 
 The Company shall record Deferred Compensation amounts made on behalf of each Participant in a deferred compensation account, or, as a bookkeeping entry, (hereinafter the (“Account”) for such Participant. The Company shall also
credit to each Participant’s Account the Camden National 
 Bank’s statement savings rate as it may fluctuate from time to time. 
 (b) Investment of Accounts 
 At each
calendar quarter, funds so credited to each Participant’s Account, if any, may be kept in cash or invested or reinvested in mutual funds, stock (including Camden National Corporation Stock), bonds, securities, annuity contracts, life insurance
contracts, or any other assets as the Company may select in its sole discretion. The Company, in its discretion, may engage investment counsel, and may delegate to such counsel authority, as it may deem appropriate with respect to the investment of
such funds, if any. 

 (c) Funding 
 Each participant acknowledges that this “Deferred Compensation Plan” is an unfunded plan. At no time shall the Participant be deemed to have any right, title or interest in or to any specified asset or
assets of the Company. 
 To the extent the Participant acquires a right to receive benefits under this Plan, such right shall be no greater
than the right of any unsecured general credit or the Company. 
 6. ELECTION TO DEFER COMPENSATION 
 (a) Election Procedure 
 In order for an
Eligible Director to become a Participant in the Plan, such Director must properly complete and file an election form to defer a percentage of his Eligible Compensation as set forth in Section 3 with the Treasurer of the Company (hereinafter
the “Plan Administrator”). 
 (b) Filing of Election Form 
 An Eligible Director must file such form prior to the first day of each Plan year, except for the first Plan Year, in order to become a Participant
during such Plan Year. An Eligible Director who is hired by the Company or one of its subsidiaries after the beginning of any Plan Year shall become a Participant as of the first day of the month following the date on which he commences services
with the Company, provided that such Eligible Director files the election form on or before the first day that such new Eligible Director commences services with the Company. 
 An Eligible Director shall file only one election form for each Plan Year. Such election form may not be changed after its effective date and shall
remain in effect for the Plan Year for which it is effective. 
 (c) Improper or No Election 
 An Eligible Director who has not filed an election form for a Plan Year, or who files an election form in a manner which does not comply with the terms
and conditions provided in Section 3 and this Section 6 shall not become a Participant in the Plan. 
 7. DISTRIBUTION 

Upon the Participant’s termination of services as Director for the Company or its subsidiaries for any reason, including death, disability or
retirement, the Company will distribute the entire amount credited to such Participant’s Account, taking into account earnings and losses thereon, to the Participant (or his Beneficiary or Beneficiaries, as applicable) within (30) days
following the last day of the month of such termination, or within a reasonable period of time thereafter as the Company and Participant shall determine. 
 The former Participant (or his Beneficiary or Beneficiaries, as applicable) shall receive the benefit payable in-accordance with this Section 7 in the form of a lump sum payment or monthly, quarterly, semi-annual
or annual cash installments, as elected by the former Participant (or his Beneficiary or Beneficiaries, as applicable). The Participant shall elect such form of benefit on an appropriate form which shall be provided by the Plan Administrator, and
filed with the Plan Administrator no later than the close of the business day immediately preceding the first day of the first payroll period to which the Participant makes salary reduction contributions to the Plan. The Participant may change such
elections prospectively, effective on the first day of any Plan Year. A Participant who fails to file a timely election under this Section 7 shall be deemed to have elected to receive the benefit payable hereunder in the form of a lump sum
payment. 
 The Participant shall be fully vested in the portion of his Account which is attributable to his Deferred Compensation and the
earnings thereon. 
 8. BENEFICIARY DESIGNATION 
 The Participant shall designate a Beneficiary or Beneficiaries to receive benefits hereunder in accordance with Section 7. The Participant shall make such election on a beneficiary designation form provided by
the Plan Administrator. Such form must be filed with the Plan Administrator as the Plan 
 Administrator shall, in his discretion, require. The Participant
may revoke or change such beneficiary election at any time prior to the commencement of benefits as provided in Section 7, and, provided that such beneficiary election form is duly filed with the Plan Administrator. 

 9. FORFEITURE 
 Notwithstanding anything contained herein to the contrary, the Plan Administrator may determine, in its sole discretion, that the Participant shall forfeit any earnings credited to his Participant Account in the event
such Participant is terminated for “cause” Cause shall mean fraud, misuse or misappropriation of money or property, embezzlement, or any crime by the Participant related to the Company. 
 10. ADMINISTRATION 
 This Plan is intended to
be and shall be administered as an unfunded, unsecured plan which is not qualified under Section 401 of the Internal Revenue Code. The benefits provided hereunder shall be paid from the Participants’ Deferred Compensation and from the
general assets of the Company. 
 11. PARTICIPANT’S RIGHTS UNSECURED 
 The right of any Participant (or his Beneficiary or Beneficiaries, as applicable) to receive any benefits hereunder shall be an unsecured claim against
the general assets of the Company. 
 12. NON-TRANSFERABILITY 
 The right of the Eligible Director or any other person to the payment of benefits hereunder shall not be assigned, transferred, pledged or encumbered except by will or by the laws of descent and distribution.

 13. COMMUNICATIONS 
 Any
notice or communication required of the Company with respect to this Plan shall be made in writing and may either be delivered personally or sent by First Class mail, as the case may be: 
 To the Corporation: 
 Treasurer 

Camden National Corporation 
 Two Elm
Street 
 Camden, ME 04843 
 Each party shall have the right by written notice to change the place to which any notice may be addressed. 
 14. NOTIFICATION OF
BENEFIT 
 Within thirty (30) days of the retirement, death, disability or termination of services of the Participant, or the merger,
consolidation or sale of the Company, the Company shall deliver to the Participant a notice (the “Award Notice”) stating the amount of benefits, and the timing of the payment of such benefits, to which the Participant is entitled under the
terms of this Plan as a result of such event, or, it the Participant is not entitled to benefits under this Plan as a result of such event, the reason why he is not so entitled. 
 15. CLAIMS PROCEDURE 
 (a) The Participant
(or his beneficiary in the case of the Participant’s death), may make a claim for benefits in writing to the Company within one (1) year of 
 (1) the Company’s failure to deliver an Award Notice to the Participant or his beneficiary in accordance with Section 14. 
 (2) the delivery of an Award Notice to the Participant or the beneficiary in accordance with Section 14 if the Participant or beneficiary believes such Notice does not properly state such person’s
entitlement to benefits under this Plan, or 
 (3) the failure of the Company to make any payment in accordance with the terms of an Award
Notice. 
 Such claim shall be reviewed by the Company. If the claim is approved or denied, in whole or in part, the Company shall provide a written notice
of approval or denial within sixty (60) days of the Company’s receipt of the notice of the claim. In the case of denial, the notice shall set forth the specific reason for the denial, specific reference to the provisions of the Plan upon
which the denial is based, and any additional material or information necessary to perfect the claim and an explanation of why such material or information is to be taken if a review of the denial is desires. If the claim is not approved or denied
within such sixty (60) days, the claim will be deemed denied. 

 (b) If a claim is denied and a review is desired, the Participant (or his beneficiary in the case of the
Participant’s death), shall notify the Company of his request for a review in writing within sixty (60) days of the date the claim is denied. The Participant, his beneficiary, or his duly authorized representative may review this Plan and
any documents relating to it and submit any written issues and comments he may feel appropriate within thirty (30) days of his notice of request for review. In its sole discretion, the Company shall then review the claim, and any written issues
and comments submitted by or on behalf of the Participant, and provide a written decision within sixty (60) days of the later of the Company’s receipt of the notice of request for review or the submission of such written issues and
comments. This decision likewise shall state the specific reasons for the decision and shall include reference to specific provisions of the Plan on which the decision is based. 
 (c) Any decision of the Company shall not be binding on the Participant, his personal representative, or any beneficiary without consent, not shall it
preclude further action by the Participant, his personal representative or beneficiary. 
 16. ENTIRE AGREEMENT 
 This Plan constitutes the entire agreement between the parties with respect to the subject matter hereof. 
 17. JURISDICTION 
 The terms and conditions
of this Plan are subject to the laws of the State of Maine. 
 18. GENDER 
 Any reference in this Plan to the masculine shall be deemed to include the feminine. 
 19. AMENDMENTS 
 This Plan may not be amended
except by an instrument in writing executed by the Company, provided that no amendment that adversely affects the Participant’s rights or interest under the Plan shall take effect unless the Participant consents thereto in writing. 

20. INTERPRETATION 
 Any matters involving
the approval or denial by the Company of claims pursuant to Article Fifteen, the granting of approvals, consents or waivers by the Company, or the interpretation of any term or condition of this Plan shall be referred to the Chairman of the Board of
Directors of the Company for final determination. 
 21. TERMINATION 
 The Company has established the Plan with the bonafide intention and expectation that it will be continued indefinitely, but the Company shall have no
obligation whatsoever to maintain the Plan for any given length of time and may discontinue or terminate the Plan at any time. If the Plan is discontinued, all election forms shall terminate, and the Participants shall receive their benefits as
provided herein. 
 22. MISCELLANEOUS 
 This Plan shall be binding upon and insure to the benefit of the Company, its successors and assigns and the Participants, and their heirs, executors, administrators and legal representatives. 
 IN WITNESS WHEREOF, the Company has caused this Plan to be signed and sealed by its duly authorized officers of the date first above written. 
 CAMDEN NATIONAL CORPORATION 
  

					
	  
	 	By:	 	  

	WitnessEmployment Agreement

 Exhibit 10.01 
 March 01, 2006 
 Ms. Patricia R. Willard 
 2123 West Dickens 
 Chicago, IL 60647 
 Dear Pat:

 On behalf of Heidrick & Struggles International, Inc., I am pleased to confirm the terms of your employment arrangement. 
  

	1.	Start Date. You will commence employment no later than April 03, 2006 (the “Effective Date”). 

  

	2.	Title. You will serve as Chief Human Resources Officer of Heidrick & Struggles International, Inc. (the “Company”), reporting to the Chief Executive
Officer of the Company. You will be located in the Chicago Headquarters office. 

  

	3.	Base Salary. You will receive a monthly base salary of $25,000.00, which is $300,000.00 annually, subject to review in February 2007. 

  

	4.	Target Bonus. You will also participate in the Company’s Management Incentive Plan (Tier I). Your target bonus for 2006 is $225,000.00 (guaranteed at 100% for 2006, pro
rated for the portion of 2006 during which you are employed). Bonuses are discretionary and are not earned until approved by the Compensation Committee and/or Board of Directors of the Company. The annual bonus (including the guaranteed 2006 bonus
amount) will be payable only if you are in the Company’s employ on the regular bonus payment date. 

  

	5.	Signing Bonus. You will receive a one-time signing bonus of $100,000.00 payable within thirty (30) business days of the Effective Date or the next applicable payroll
period. If you should resign from the Company within two (2) years of your first day of employment, you will repay the entire $100,000.00 signing bonus, adjusted ratably, based on the schedule below within five (5) business days following
your notice of resignation. Further, you authorize the Company to deduct and/or offset that amount from any compensation or other sums that may be due to you at that time, and you will repay the balance after such deduction of the $100,000.00
remaining due to the Company. 

  

			
	 LENGTH OF
 TIME EMPLOYED
	 	 REIMBURSABLE
 AMOUNT

	0 – 12 months	 	100%
	13 – 24 months	 	50%

 Ms. Patricia R. Willard 
 March 01, 2006 
 Page 2 
  

	5.	Incentive Compensation and Other Plans. You will be entitled to participate in other management compensation plans, including the Management Stock Option Plan, the Change in
Control Severance Plan at Tier I and the Severance Pay Plan as a Top Employee, as such plans may be amended from time to time. 

  

	6.	Sign-On Equity. You will receive a stock option grant to purchase 5,000 shares of Heidrick & Struggles International, Inc. common stock. The options will be granted
at the closing price of the common stock as reported on NASDAQ on the date of grant, will vest 33.3% per year over a three year period, and will have a five (5) year term. In addition, you will receive 2,500 Restricted Stock Units (RSUs).
The grant is subject to your executing a grant agreement in the form then used by the Company at the time of the grant. The RSUs will vest at the rate of one-third on each of the first, second and third anniversaries of the date of grant and upon
vest will convert into shares of Heidrick & Struggles International, Inc. common stock on a one-for-one basis. 

  

	7.	Benefits. You will be eligible to participate in the Company’s benefit programs at the same level as other senior executives of the Company on the Effective Date. Our
benefits program includes group health, dental, vision, life/AD&D, long-term disability, short-term disability, salary continuation, paid holidays, Flexible Spending Account, and the Heidrick & Struggles, Inc. 401(k) Profit-Sharing and
Retirement Plan. You will also be eligible to participate in the Company’s Physical Examination and Financial Planning Program. Our benefits program, compensation programs, and policies are reviewed from time to time by Company management and
may be modified, amended, or terminated at any time. 

  

	8.	Expenses. The Company will reimburse you for all of your business expenses in accordance with its policies, as such may be in effect from time to time.

  

	9.	Confidentiality. Your employment with the Company under this Agreement necessarily involves your access to and understanding of certain trade secrets and confidential
information pertaining to the business of the Company and its affiliates. During the term of your employment with the Company and thereafter, you will not, directly or indirectly, without the prior written consent of the Company, disclose or use for
the benefit of any person, corporation or other entity, or for yourself any and all files, trade secrets or other confidential information concerning the internal affairs of the Company and its affiliates, including, but not limited to, information
pertaining to its clients, services, products, earnings, finances, operations, methods or other activities; provided, however, that the foregoing shall not apply to information which is of public record or is generally known, disclosed or available
to the general public or the industry generally (other than as a result of your breach of this covenant). Notwithstanding the foregoing, you may disclose such information as is required by law during any legal proceeding or to your personal
representatives and professional advisers and, with respect to such personal representatives and professional advisers, you shall inform them of your obligations hereunder and take all reasonable steps to ensure that such professional advisers do
not disclose the existence or substance thereof. Further, you shall not, directly or indirectly, remove or retain, and upon termination of employment for any reason you shall return to the Company, any records, computer disks, computer printouts,
business plans or any copies or reproductions thereof, or any information or instruments derived there from, arising out of or relating to the business of the Company and its affiliates or obtained as a result of your employment by the Company.

  

	10.	Non-Solicitation/Non-Competition. During the term of your employment with the Company and for a period of six (6) months after the termination of your employment with
the Company, you shall not (i) become an employee of or consultant to any principal competitor of the Company in 

 Ms. Patricia R. Willard 
 March 01, 2006 
 Page 3 
 substantially the same function as your employment with the Company or its affiliates in the twelve (12) months prior to termination of your employment; or (ii) directly or indirectly solicit or hire, or assist any other person in
soliciting or hiring, any employee of the Company or its affiliates (as of your termination of employment with the Company) or any person who, as of such date, was in the process of being recruited by the Company or its affiliates, or induce any
such employee to terminate his or her employment with the Company or its affiliates. 
  

	11.	Other Legal Matters. 

 You will be an “employee
at will” of the Company, meaning that either party may terminate the employment relationship at any time for any reason (with or without cause or good reason), except for such period of notice as may be expressly provided in writing under
written Company employment policies in effect at the time of such termination. Your initial and continuing employment will be subject to your having the ability to work legally in the United States. 
 You have advised the Company that your execution and performance of the terms of this Agreement do not and will not violate any other agreement binding on
you or the rights of any third parties and you understand that in the event this advice is not accurate the Company will not have any obligation to you under this Agreement. 
 This letter agreement contains our entire understanding and can be amended only in writing and signed by you and the Chief Executive Officer or Chief Legal Officer. You specifically acknowledge that no promises or
commitments have been made to you that are not set forth in this letter. 
 Any controversy or claim arising out of or relating to this agreement or for the
breach thereof, or your employment, including without limitation any statutory claims (for example, claims for discrimination including but not limited to discrimination based on race, sex, sexual orientation, religion, national origin, age, marital
status, handicap or disability; and claims relating to leaves of absence mandated by state or federal law), breach of any contract or covenant (express or implied), tort claims, violation of public policy or any other alleged violation of statutory,
contractual or common law rights (and including claims against the Company’s officers, directors, employees or agents) if not otherwise settled between the parties, shall be conclusively settled by arbitration to be held in Chicago, Illinois,
in accordance with the American Arbitration Association’s Employment Dispute Resolution Rules (the “Rules”). Arbitration shall be the parties’ exclusive remedy for any such controversies, claims or breaches. The parties agree
they shall not seek any award for punitive damages for any claims they may have under this Agreement. The parties also consent to personal jurisdiction in Chicago, Illinois with respect to such arbitration. The award resulting from such arbitration
shall be final and binding upon both parties. Judgment upon said award may be entered in any court having jurisdiction. This agreement shall be governed by the laws of the State of Illinois without regard to any conflict of law provisions of any
jurisdiction. 
 You and the Company hereby waive the right to pursue any claims, including but not limited to employment termination—related claims,
through civil litigation outside the arbitration procedures of this provision, unless otherwise required by law. You and the Company each have the right to be represented by counsel with respect to arbitration of any dispute pursuant to this
paragraph. The arbitrator shall be selected by agreement between the parties, but if they do not agree on the selection of an arbitrator within thirty (30) days after the date of the request for arbitration, the arbitrator shall be selected
pursuant to the Rules. 
 In the event of any arbitration hereunder, the parties agree each shall bear its or his own attorneys’ fees and costs
associated with or arising from such arbitration or other proceeding. 
 Pat, in closing, I am excited about you joining our firm. I think this will be a
great fit. 

 Ms. Patricia R. Willard 
 March 01, 2006 
 Page 4 
 Sincerely, 

 
 Thomas J. Friel 
 Chairman and
CEO 
  

	cc:	File 

 I hereby accept the terms and conditions of employment as outlined
above: 
  

					
	 /s/ Patricia R. Willard
	 		  	 March 9, 2006

	Patricia R. Willard	 		  	Date

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