Document:

Exhibit

Exhibit 10.1

KILROY REALTY CORPORATION
DIRECTOR COMPENSATION POLICY

As Amended Effective April 1, 2018

Directors of Kilroy Realty Corporation, a Maryland corporation (the “Company”), who are not employed by the Company or one of its subsidiaries (“non-employee directors”) are entitled to the compensation set forth below for their service as a member of the Board of Directors (the “Board”) of the Company. This policy is effective as of April 1, 2018 and supersedes all prior policies concerning compensation of the Company’s non-employee directors as to their service from and after that time. The Board has the right to amend this policy from time to time.

	
				
	Cash Compensation
	 

	Annual Retainer
	$
	55,000

	Additional Lead Independent Director Retainer
	$
	50,000

	Additional Committee Member Retainers
	 

	Audit Committee
	$
	10,000

	Executive Compensation Committee
	$
	10,000

	Nominating/Corporate Governance Committee
	$
	5,000

	Corporate Social Responsibility and Sustainability Committee
	$
	5,000

	Succession Planning Committee
	$
	5,000

	Additional Committee Chair Retainers
	 

	Audit Committee Chair
	$
	20,000

	Executive Compensation Committee Chair
	$
	20,000

	Nominating/Corporate Governance Committee Chair
	$
	10,000

	Corporate Social Responsibility and Sustainability Committee
	$
	10,000

	Succession Planning Committee
	$
	10,000

	 
	 

	Equity Compensation
	 

	Annual Equity Award Value
	$
	100,000

Cash Compensation 

Each non-employee director will be entitled to a cash retainer while serving on the Board in the amount set forth above (the “Annual Retainer”).  A non-employee director who serves as the Lead Independent Director, if applicable, will be entitled to an additional cash retainer while serving in that position in the amount set forth above (the “Lead Independent Director Retainer”).  A non-employee director who serves as a member of the Audit Committee, the Executive Compensation Committee or the Nominating/Corporate Governance Committee of the Board (including, for purposes of clarity, the Chair of each such Committee) will be entitled to an additional cash retainer while serving in that position in the applicable amount set forth above (an “Additional Committee Member Retainer”).  A non-employee director who serves as the Chair of the Audit Committee, the Executive Compensation Committee or the Nominating/Corporate Governance Committee of the Board will be entitled to an additional cash retainer while serving in that position in the applicable amount set forth above (an “Additional Committee Chair Retainer”).

The amounts of the Annual Retainer, Lead Independent Director Retainer, Additional Committee Member Retainer and Additional Committee Chair Retainers reflected above are expressed as annualized amounts.  These retainers will be paid on a quarterly basis, at the end of each quarter in arrears, and will be pro-rated if a non-employee director serves (or serves in the corresponding position, as the case may be) for only a portion of the quarter (with the proration based on the number of calendar days in the quarter that the director served as a non-employee director or held the particular position, as the case may be).  Each non-employee director may defer cash retainers pursuant and subject to the terms 

and conditions of the Company’s 2007 Deferred Compensation Plan (as may be amended from time to time) or any successor deferred compensation plan approved by the Board. 

Equity Awards

A restricted stock unit (“RSU”) award will be granted automatically (without any need for further Board approval) on the date of each annual meeting of the Company’s stockholders to each non-employee director in office immediately after such meeting.  Each such RSU award will be granted under the Company’s Amended and Restated 2006 Incentive Award Plan, as it may be amended from time to time, or any successor equity incentive plan of the Company approved by the Board (the “Plan”). 

The number of RSUs so awarded to a non-employee director on the applicable grant date will be determined by dividing the Annual Equity Award Value set forth above by the closing stock price of a share of the Company’s common stock on the grant date (or on the last trading day preceding the grant date if the grant date is not a trading day), rounded up to the nearest whole share or unit, as applicable. 

Each such RSU award will vest in full upon the first to occur of (1) the first annual meeting of the Company’s stockholders at which one or more members of the Board are to be elected and that occurs in the calendar year following the calendar year in which the award was granted, (2) the occurrence of a Change in Control (as such term is defined in the Plan), or (3) the award recipient’s death or “disability” (within the meaning of Section 409A of the Internal Revenue Code), subject, in each case, to the continued service of the award recipient through the applicable vesting date. 

Each RSU award granted to a non-employee director shall be subject to the terms and conditions of the Company’s form of RSU award agreement for non-employee director grants, as it may be amended from time to time.  Each non-employee director may also elect to defer the payment date of any vested RSUs subject to a particular award granted to the non-employee director in accordance with and subject to the terms and conditions of the deferral election filed by the individual with the Company with respect to the award (which deferral election shall be in a form provided by the Company for such purpose and, to be effective, must be made not later than the December 31st preceding the year in which the RSU award is granted). 

Expense Reimbursement 

All non-employee directors will be entitled to reimbursement from the Company for their reasonable travel (including airfare and ground transportation), lodging and meal expenses incident to meetings of the Board or committees thereof or in connection with other Board related business.  The Company will make reimbursement to a non-employee director within a reasonable amount of time following submission by the non-employee director of reasonable written substantiation for the expenses, and in all cases not later than the end of the calendar year following the calendar year in which the related expense was incurred.Exhibit

CAMDEN NATIONAL CORPORATION
AMENDED AND RESTATED
LONG-TERM PERFORMANCE SHARE PLAN
1.Purpose. This Plan is intended to create incentives for certain executive officers of Camden National Corporation (the “Company”) to attract and retain its employees who will contribute to the future success of the Company. It is further the intent of the Company that Awards made under this Plan will be used to achieve the twin goals of (i) aligning executive incentive compensation with increases in stockholder value and (ii) using equity compensation as a tool to retain key employees. This Plan shall be a component plan of the 2012 Incentive Plan and any Shares awarded under this Plan shall reduce the number of Shares available for use under the 2012 Incentive Plan. Except as explicitly provided herein, this Plan shall be subject to and governed by all the terms and conditions of the 2012 Incentive Plan. Capitalized terms in this Plan shall have the meaning specified in the 2012 Incentive Plan. 
2.Definitions. Capitalized terms used and not otherwise defined herein or in the 2012 Incentive Plan shall have the meanings set forth below:
2.1    “2012 Incentive Plan” shall mean, the Camden National Corporation 2012 Equity and Incentive Plan, as amended from time to time.
2.2    “Award” shall mean, for any Participant, the actual payment in Shares at the end of a Long-Term Performance Period.
2.3    “Change of Control” shall have the meaning provided in the 2012 Incentive Plan.
2.4    “Code” shall mean the Internal Revenue Code of 1986, as amended.
2.5    “Diluted Earnings Per Share” or “Diluted EPS”, for a Long-Term Performance Period or a portion thereof, shall mean the Company’s cumulative earnings per share after extraordinary items, if applicable.
2.6    “Effective Date” shall mean, with respect to this amendment and restatement of the Plan, January 1, 2018, and with respect to the original Plan, January 1, 2005 (amendments to the Plan shall be effective as indicated therein). 
2.7    “Fiscal Year” shall mean the fiscal year of the Company, which is the 12-month period ending December 31 of each year.
2.8    “Index Companies” shall mean the companies included in the SNL Small Cap U.S. Bank Index (a) that are NYSE, NYSE Market and NASDAQ-traded commercial banks and (b) that had assets between $2 billion and $10 billion as of December 31 of the year immediately preceding the commencement of the applicable Performance Measurement Period. If an Index Company becomes bankrupt, delisted or is acquired during the applicable Performance Measurement Period, such Index Company shall be removed for the entire Performance Measurement Period and will not be replaced.
2.9    “Long-Term Performance Period” shall mean a period of three consecutive Fiscal Years beginning on the January 1 of the first year of such Long-Term Performance Period. A Long-Term Performance Period shall terminate prior to the expiration of three consecutive Fiscal Years to the extent required pursuant to Section 6.3 hereof.
2.10    “Participant” shall mean an executive officer of the Company designated by the Committee pursuant to Section 4 to participate in the Plan with respect to a Long-Term Performance Period.
2.11    “Performance Measures”, for Long-Term Performance Periods beginning on or after January 1, 2018, Diluted Earnings Per Share and Relative Return on Average Equity.

2.12    “Plan” shall mean the Camden National Corporation Long-Term Performance Share Plan, as amended or amended and restated from time to time.
2.13    “Relative Return on Average Equity” means the Company’s ROAE during the Performance Measurement Period compared to the ROAE of the Index Companies during the Performance Measurement Period. Relative performance will be determined by numerical ranking the Company and the Index Companies according to their respective ROAE, with a rank of #1 for the company with the highest ROAE through the bottom ranking equal to the total number of companies in the comparison. After this ranking, the percentile ranking of the Company relative to the Index Companies will be determined as follows: 

		
	where:
	“P” represents the percentile ranking which will be rounded, if necessary, to the nearest whole percentile by application of regular rounding. 

“N” represents the number of Companies in the Index, including the Company. 
“R” represents the Company’s numerical ranking among the Index Companies.
For purposes of clarity, if there were 150 Companies in the Index, including the Company, and the Company’s ROAE ranked #14, the percentile ranking would be the 91st percentile (1-(14-1/150).
2.14    “Retirement” shall mean an employee’s bona fide retirement from the Company provided that at the time of such retirement (a) such employee is in good standing, and (b) has attained age 55 with at least 10 years of employment with the Company or has attained age 65 with at least five years of employment with the Company. 
2.15    “Return on Average Equity” or “ROAE”, means for the Company and each Index Company for a Long-Term Performance Period or period thereof, the average of (x) such company’s net income for each of the Fiscal Years during such Long-Term Performance Period, divided by (y) such company’s average equity during such Fiscal Year, in each case as reported in such company’s annual reports on Form 10-K for the Fiscal Years included in such Long-Term Performance Period.
2.16    “Share” shall mean a share of common stock, no par value, of the Company.
2.17    “Target Award” shall mean, for any Participant, a percentage of his or her base salary on the grant date.
3.Administration. The Committee shall have sole discretionary power to interpret the provisions of this Plan, to administer and make all decisions and exercise all rights of the Company with respect to this Plan. The Committee shall have final authority to apply the provisions of the Plan and determine, in its sole discretion, the amount of the Awards to be paid to Participants hereunder and shall also have the exclusive discretionary authority to make all other determinations (including, without limitation, the interpretation and construction of the Plan and the determination of relevant facts) regarding the entitlement to benefits hereunder and the amount of benefits to be paid pursuant to the Plan. The Committee’s exercise of this discretionary authority shall at all times be in accordance with the terms of the Plan and the 2012 Incentive Plan, and shall be entitled to deference upon review by any court, agency or other entity empowered to review its decision, and shall be enforced, provided that it is not arbitrary, capricious or fraudulent. 
4.Eligibility. For each Long-Term Performance Period, the Committee in its discretion shall select those executive officers who shall be Participants. The selection of an individual to be a Participant in any one Long-Term Performance Period does not entitle the individual to be a Participant in any other Long-Term Performance Period. 

Subject to Section 7 hereof, the Committee may permit an executive, including a newly hired or promoted executive, to become a Participant after the Long-Term Performance Period has begun. Such Participant shall receive a pro-rated Target Award based on his or her period of participation.
5.Performance Measures and Awards.
5.1    Performance Measures. Within the first 180 days of a Long-Term Performance Period, the Committee shall establish the performance share matrix with the Performance Measures for the Long-Term Performance Period. The established matrix shall be set forth in Exhibit A.
5.2    Granting of Awards. The Committee shall assign each Participant a Target Award for the Long-Term Performance Period.
5.3    Nature of Awards. The Target Awards granted under this Plan shall be used solely as a device for the measurement and determination of Awards that may potentially be made to each Participant as provided herein. Awards shall not constitute or be treated as property or as a trust fund of any kind or as capital stock of the Company, stock options or other form of equity or security until they are paid to Participants in the form of Shares.
6.Payment of Awards.
6.1    Committee Certification. No Participant shall receive an Award of any Shares under this Plan unless the Committee has certified, by resolution or other appropriate action in writing, that the Performance Measure with respect to the Long-Term Performance Period has in fact been satisfied. No payments shall be made if the Performance Measure has not been met for the Long-Term Performance Period. If each of the Performance Measures has been met, the amount of the actual Award will be made pursuant to the provisions of Section 6.2.
6.2    Award to Participants at End of Long-Term Performance Period. At the end of each Long-Term Performance Period, if each Performance Measure equals or exceeds the threshold set forth in Exhibit A, then each Participant shall receive an Award in accordance with the matrix in Exhibit A. The Award for a Long-Term Performance Period shall be paid to such Participant in Shares during the first four months of the first Fiscal Year commencing after the end of such Long-Term Performance Period. The conversion of dollar amounts into Shares will be based on the market value of a Share on the grant date. Shares will be issued from the 2012 Stock Incentive Plan.
6.3    Change of Control. Notwithstanding anything to the contrary elsewhere herein, if a Change of Control shall occur, (a) each Long-Term Performance Period that has not yet ended shall end as of the date the Change of Control occurs and Awards shall be calculated for each such Long-Term Performance Period as of such date based on the Company’s performance through such date and (b) all Participants who are employed by the Company on the date the Change of Control occurs shall receive a pro rata Award based on such shortened Long-Term Performance Period (or, in the discretion of the Committee, the cash value of such pro rata Award), if any, as soon as practicable. Notwithstanding the foregoing, in the event a Participant experiences a Termination of Service within six months after such Change of Control and such Termination of Service is in connection with such Change of Control, then such Participant shall be entitled to an additional Award under this Plan at such time in an amount equal to the excess, if any, of the amount determined pursuant to the preceding sentence (assuming the amount in (a) was calculated based on Superior Target), over the amount determined pursuant to the preceding sentence (assuming the amount in (a) was calculated based on the Company’s actual performance.
7.Forfeiture; Retirement. Unless otherwise determined by the Committee, a Participant who experiences a termination of Service for any reason (other than Retirement) prior to the actual payment of the Awards under Section 6.2 above shall forfeit all rights to the Target Award which might otherwise have been granted to him. Unless otherwise determined by the Committee, a Participant whose employment with the Company terminates due to such Participant’s Retirement prior to the actual payment of the Awards under Section 6.2 above shall receive a 

pro rata Award. Such Award shall be based on the entire Long-Term Performance Period and shall be pro-rated based on the portion of the relevant Long-Term Performance Period during which such Participant was an employee of the Company. Any such pro rata Award shall be paid during the first four months of the first Fiscal Year commencing after the end of such Long-Term Performance Period.
Anything herein to the contrary notwithstanding, if at the time of the Participant’s separation from service within the meaning of Section 409A of the Code, the Participant is considered a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, and if any payment that the Participant becomes entitled to under this Plan is considered deferred compensation subject to interest, penalties and additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, then no such payment shall be payable prior to the date that is the earlier of (i) six months after the Participant’s separation from service, or (ii) the participant’s death. It is intended that this Plan will be administered in accordance with Section 409A of the Code.
8.Amendment or Termination of Plan. The Company may amend or terminate this Plan at any time or from time to time; provided, however, that such amendment or termination shall comply with Section 18 of the 2012 Incentive Plan.
9.Limitation of Company’s Liability. Subject to its obligation to make payments as provided for hereunder, neither the Company nor any person acting on behalf of the Company shall be liable for any act performed or the failure to perform any act with respect to this Plan, except in the event that there has been a judicial determination of willful misconduct on the part of the Company or such person. The Company is under no obligation to fund any of the payments required to be made hereunder in advance of their actual payment or to establish any reserves with respect to this Plan. Any benefits which become payable hereunder shall be paid from the general assets of the Company. No Participant, beneficiary or beneficiaries, shall have any right, other than the right of an unsecured general creditor, against the Company in respect of the benefits to be paid hereunder.
10.Withholding of Tax. Anything to the contrary notwithstanding, all payments of Awards required to be made by the Company hereunder shall be subject to the withholding of such amounts as the Company reasonably may determine that it is required to withhold pursuant to applicable federal, state or local law or regulation. Withholding will be made in the form of Shares unless expressly indicated otherwise by the Participant.
11.Assignability. Except as otherwise provided by law, no benefit hereunder shall be assignable, or subject to alienation, garnishment, execution or levy of any kind, and any attempt to cause any benefit to be so subject shall be void.
12.No Contract for Continuing Services. This Plan shall not be construed as creating any contract for continued services between the Company and any Participant and nothing herein contained shall give any Participant the right to be retained as an employee of the Company.
13.Governing Law. This Plan shall be construed, administered, and enforced in accordance with the laws of the State of Maine.
14.Non-Exclusivity. The Plan does not limit the authority of the Company, the Committee, or any subsidiary of the Company, to grant Awards or authorize any other compensation under any other plan or authority, including, without limitation, awards or other compensation based on the same Performance Measures used under the Plan.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00282-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00282-of-00352.parquet"}]]