Document:

Unassociated Document

    
       

      CAMDEN
NATIONAL CORPORATION

      CHANGE
IN CONTROL AGREEMENT

       

      This Change in Control
Agreement (the “Agreement”) is by and between Camden National Corporation., a
Maine Corporation ("CNC") and (CEO
Name) ("Executive").

       

      RECITALS

       

      WHEREAS,
CNC is a bank holding company whose principal subsidiary is engaged in the
business of banking and businesses incidental thereto.

       

      WHEREAS,
Executive possesses unique skills, knowledge and experience relating to the
business of CNC.

       

      WHEREAS,
CNC desires to retain the future services of Executive, and, in that connection,
Executive desires to be assured that, in the event of a change in the control of
CNC, Executive will be provided with an adequate severance payment for
termination without cause or as compensation for Executive's severance because
of a material change in his duties and functions.

       

      WHEREAS,
CNC desires to be assured of the objectivity of Executive in evaluating a
potential change of control and advising whether or not a potential change in
control is in the best interest of CNC and its shareholders.

       

      WHEREAS,
CNC desires to induce Executive to remain in the employ of CNC following a
change in control to provide for continuity of management.

       

      NOW,
THEREFORE, in consideration of the premises and of their mutual covenants
expressed in this Agreement, the parties hereto make the following agreement,
intending to be legally bound thereby:

       

      Section
1 - Definitions.

       

      Capitalized terms used in
this Agreement shall have the meanings set forth in this Section 1 below, unless
the context clearly requires a different meaning.

       

      
        	
                A.

              	
                “Base
      Salary” means, with respect to Executive, his annual base salary as
      in effect at the time of his Separation from Service; provided, however,
      that if Executive terminates his service for Good Reason following a
      reduction in Executive’s base salary, then for purposes of Section 3, Base
      Salary shall mean his base salary as in effect immediately prior to any
      such reduction.

              

      

       

      
        	
                B.

              	
                “Board”
      means the Board of Directors of
  CNC.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                C.

              	
                “Cause”
      shall mean (a) a willful, material and substantive breach of
      written CNC policy, which breach is not cured by the Executive within a
      reasonable time after receipt of written notice from CNC specifying the
      breach; (b) a willful, intentional and substantive breach of fiduciary
      duty to CNC or any of its affiliates involving personal gain or profit to
      the Executive; (c) other employment engaged in by the Executive that
      substantially impairs the Executive’s ability to perform his obligations,
      for which consent of CNC was not previously obtained; (d) death of the
      Executive; (e) substantial disability of the Executive, which materially
      impairs Executive’s ability to perform his duties; (f) conviction of the
      Executive of any felony or crime of moral turpitude, or any intentional
      crime in the conduct of his office with the CNC or any affiliate, which is
      materially adverse to the welfare of CNC or any affiliate, but excluding
      any conviction which is not the result of any action or inaction by the
      Executive for his personal gain, or in willful violation of law or CNC
      policy.

              

      

       

      
        	
                 
      

              	
                For
      purposes of this definition, no act, or failure to act shall be deemed
      “willful” if done or omitted to be done by the Executive in good faith and
      in the reasonable belief that such act or omission was in the best
      interest of CNC.

              

      

       

      
        	
                D.

              	
                “Change
      in Control” means a change: (i) in the ownership of CNC and in the
      effective control of CNC such that a single entity or commonly controlled
      group of entities shall have the ability to elect a majority of the Board
      of Directors of CNC; or (ii) in the ownership of all or substantially all
      the assets associated with the business group in which the Executive
      works, or of CNC as a whole. The Board shall have final authority to
      determine if a Change in Control has
occurred.

              

      

       

      
        	
                E.

              	
                “Code”
      means the Internal Revenue Code of 1986, as amended from time to
      time.

              

      

       

      
        	
                F.

              	
                “CNC”
      means Camden National Corporation and includes all entities with whom CNC
      would be considered a single employer under Code Section 414(b) or
      (c).

              

      

       

      
        	
                G.

              	
                “Committee”
      means the Compensation Committee of the
Board.

              

      

       

      
        	
                H.

              	
                “Executive”
      shall mean (Name),
      CEO and President of Camden National
  Corporation.

              

      

       

      
        	
                I.

              	
                “ERISA”
      shall mean the Employee Retirement Income Security Act of 1974, as now in
      effect and as amended from time to
time.

              

      

       

      
        	
                J.

              	
                “Good
      Reason”
      shall mean (a) a material diminution in the Executive’s annual base salary
      which shall mean a reduction in Executive’s salary of at least ten percent
      (10%); (b) a material diminution in the Executive’s authority, duties, or
      responsibilities; or (c) any other action or inaction that constitutes a
      material breach by CNC of the Executive’s employment
      arrangement.  Executive is required to provide notice to CNC of
      the condition giving rise to the Good Reason within a period not to exceed
      ninety (90) days of the initial existence of the condition.  CNC
      shall have 30 days from the date of any notice from Executive alleging
      that a Good Reason condition exists, to remedy the Good Reason condition.
      If CNC fails to remedy the Good Reason condition within 30 days, the
      Executive may Separate from Service for Good Reason, unless CNC disagrees
      that a Good Reason condition
  exists.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                K.

              	
                “Health
      Benefits” shall mean the medical, prescription drug, dental, and
      any other related benefit plans sponsored by CNC that may be in effect
      upon the Qualifying Termination.

              

      

       

      
        	
                L.

              	
                “Involuntary
      Separation from Service”
      means Separation From Service due to the independent decision of CNC to
      terminate the Executive’s services, other than due to the Executive’s
      explicit request, when the Executive was willing and able to continue
      performing services.

              

      

       

      
        	
                M.

              	
                “Maximum
      Installment Value” for purposes of Section 3 means two (2) times
      the lesser of (a) the maximum amount of compensation that may be taken
      into account under a qualified plan pursuant to Code Section 401(a)(17)
      for the year in which the Executive has terminated; or (b) the sum of the
      Executive’s annualized compensation based upon the annual rate of pay for
      services provided to CNC for the taxable year of the Executive preceding
      the taxable year of the Executive in which the Executive has Separated
      From Service with CNC (adjusted for any increase during that year that was
      expected to continue indefinitely if the Executive had not Separated From
      Service).

              

      

       

      
        	
                N.

              	
                “Separation
      from Service” means the date of the Executive’s termination of
      employment with CNC, whether voluntary, or involuntary, including, without
      limitation, by death, or
retirement.

              

      

       

      
        	
                O.

              	
                “Qualifying
      Termination”
      means (a) Involuntary Separation From Service other than for Cause,
      or (b) Separation From Service for Good Reason.  Executive
      will not be deemed to have incurred a Qualifying Termination unless
      Executive executes a release of claims in a form substantially similar to
      the form attached as Exhibit A hereto (the “Release”) following the
      Executive’s Separation From
  Service.

              

      

       

      Section
2 - Reduction in Compensation Proscribed After a Change in Control.

       

      From the
date of a Change in Control to the date within two (2) years of such Change in
Control, Executive shall receive as compensation, while still employed by CNC, a
salary at a rate no less than the highest rate in effect during the one-year
period before the Change in Control.  In addition, during such period,
CNC shall pay and provide for Executive at no cost higher than in effect prior
to the Change in Control, all of his then-current fringe benefits, including but
not limited to health, disability, dental and life insurance, all of which shall
be at levels and amounts no less favorable than levels and amounts in effect as
of the Change in Control.

       

      Section 3
– Cash
Severance

       

      If
Executive experiences a Qualifying Termination within two (2) years following a
Change in Control, Executive shall be entitled to cash severance (as defined
below), plus the benefits provided in Section 4.

       

      
        	
                A.

              	
                Benefit
      Period.  Executive
      shall receive cash severance for a benefit period of two (2)
      years.

              

      

       

      
        	
                B.

              	
                Computation
      of Cash Severance.  Executive’s
      total cash severance shall be equal to the Executive’s Base Salary for the
      Benefit Period.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                C.

              	
                Payment
      of Cash Severance.  Upon
      the execution by Executive of a Release of Claims in substantially the
      same form as Exhibit A, payment shall commence within 30 days of the date
      of the Executive’s Qualifying Termination.  CNC shall pay the
      lesser of (1) the total cash severance defined in Section 3.B or (2) the
      Maximum Installment Value to the Executive in continuous payroll period
      installments for the applicable benefit period, commencing within 30 days
      of the date of the Executive’s Qualifying Termination.  The
      excess, if any, of the total cash severance over the Maximum Installment
      Value shall be paid to the Executive in a single cash payment no later
      than 30 days following the Executive’s Qualifying
      Termination.

              

      

       

      
        	
                D.

              	
                Return
      of Payments.  If
      it is determined that Executive at any time misrepresented any financial
      information, any and all payments that have been made to Executive under
      this Agreement shall be due and payable back to CNC within thirty (30)
      days of such notice of the misrepresentation.  Any future
      payments under this Agreement shall be forfeited upon receiving notice of
      such misrepresentation by
  Executive.

              

      

       

      Section
4 – Group Health Benefits.

       

      Upon a
Qualifying Termination, CNC will provide continuation of coverage to the
Executive and his eligible family members of their group medical health plan
coverage.  Such coverage shall continue for the lesser of the Benefit
Period under 3.A or the maximum period permitted under COBRA continuation
coverage.  Executive will be required to pay employee required
premiums in effect to CNC during the COBRA continuation period.

       

      If the
Benefit Period under 3.A is greater than the maximum period permitted under
COBRA continuation, CNC shall pay Executive such amount that, after all Federal,
State and local taxes, would pay for the same coverage as an active employee for
such period that exceeds the COBRA continuation maximum.  Such amount
shall be paid in a single lump sum cash payment no more than 30 days following
the date the Qualifying Termination occurred.

       

      Section
5 – Payments Payable to Estate.

       

      In the
event  to whom any cash payment is payable under this Agreement to
Executive, and Executive dies before receiving such payment, such payment shall
be paid to Executive’s estate.

       

      Section
6 – Impact on Other Compensation and Benefit Programs.

       

      There
will be no duplication between payments made under this Agreement and any
payment or benefit under any other plan, program, agreement, or arrangement.
Except as otherwise specifically provided for herein, payments under this
Agreement will not be considered compensation for purposes of any compensation,
deferred compensation, insurance, pension, savings, or other benefit
plan.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Section
7 – Arbitration.

       

      Subject
to CNC’s right to seek injunctive relief under Section 8 of this Agreement, all
disputes arising out of or relating to this Agreement or to Executive’s
employment or the termination thereof, will be resolved by final and binding
arbitration in Camden, Maine, conducted by the American Arbitration Association
under the Federal Arbitration Act in accordance with its Employment Dispute
Resolution Rules then in effect. This paragraph will apply both during and after
termination of the employment relationship. Either party will have the right to
enforce this Agreement to arbitrate in either federal or state court. The
arbitrator’s fees and expenses shall be payable by CNC.

       

      All
proceedings and documents prepared in connection with any arbitration under this
Agreement will be confidential information and, unless otherwise required by
law, the contents or subject matter thereof will not be disclosed to any person
other than the parties to the proceedings, their counsel, witnesses and experts,
the arbitrator, and, if court enforcement of an arbitration award is sought, the
court and court staff hearing such matter.

       

      Should a
dispute under this Agreement be submitted to arbitration and the Executive
prevails in that arbitration, Executive will be entitled to recover reasonable
expenses incurred in connection with that arbitration, including but not limited
to reasonable attorneys' fees from CNC. Should CNC prevail, or should any
financial award determined by the arbitrator be between the respective amounts
sought by CNC and the Executive, each party will pay its own costs.

       

      Section
8 – Noncompetition and Nonsolicitation Agreement and Business
Protection.

       

      Notwithstanding
anything to the contrary contained elsewhere in this Agreement:

       

      
        	
                A.

              	
                Noncompetition
      Agreement and Nonsolicitation
Agreement

              

      

       

      
        	
                 
      

              	
                1.

              	
                In
      view of Executive’s importance to the success of CNC, Executive and CNC
      agree that CNC would likely suffer significant harm from Executive’s
      competing with CNC during Executive’s term of employment with CNC and for
      some period of time thereafter.  Accordingly, Executive agrees
      that Executive shall not engage in competitive activities while employed
      by CNC and for a period of one (1) year following Executive’s Qualifying
      Termination.  Executive shall be deemed to engage in competitive
      activities if he shall, without the prior written consent of CNC, (i)
      within fifty (50) miles (by air) of any office of CNC and its
      subsidiaries, render services directly or indirectly, as an employee,
      officer, director, consultant, advisor, partner or otherwise, for any
      organization or enterprise which competes directly or indirectly with the
      business of CNC or any of its affiliates in providing financial products
      or services (including, without limitation, banking, insurance, or
      securities products or services) to consumers and businesses, or (ii)
      directly or indirectly acquires any financial or beneficial interest in
      (except as provided in the next sentence) any organization which conducts
      or is otherwise engaged in a business or enterprise within fifty (50)
      miles (by air) of any office of CNC and its subsidiaries which competes
      directly or indirectly with the business of CNC or any of its affiliates
      in providing financial products or services (including, without
      limitation, banking, insurance or securities products or services) to
      consumers and businesses.  Notwithstanding the preceding
      sentence, Executive shall not be prohibited from owning less than one
      percent (1%) of any publicly traded corporation, whether or not such
      corporation is in competition with
CNC.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                 
      

              	
                2.

              	
                While
      employed by CNC and for a period of one (1) year following Executive’s
      Qualifying Termination, Executive agrees that Executive shall not, in any
      manner, directly or indirectly, (i) solicit by mail, by telephone, by
      personal meeting, or by any other means, either directly or indirectly,
      any customer or prospective customer of CNC to whom Executive provided
      services, or for whom Executive transacted business, or whose identity
      become known to Executive in connection with Executive’s services to CNC
      (including employment with or services to any predecessor or successor
      entities), to transact business with a person or an entity other than CNC
      or its affiliates or reduce or refrain from doing any business with CNC or
      its affiliates or (ii) interfere with or damage (or attempt to interfere
      with or damage) any relationship between CNC or its affiliates and any
      such customer or prospective customer.  The term “solicit” as
      used in this Agreement means any communication of any kind whatsoever,
      inviting, encouraging or requesting any person to take or refrain from
      taking any action with respect to the business of CNC and its
      subsidiaries.

              

      

       

      
        	
                 
      

              	
                3.

              	
                While
      employed by CNC and for a period of one (1) year following Executive’s
      Qualifying Termination, Executive agrees that Executive shall not, in any
      manner, directly or indirectly, solicit any person who is an employee of
      CNC or any of its affiliates to apply for or accept employment or a
      business opportunity with any other person or
  entity.

              

      

       

      
        	
                 
      

              	
                4.

              	
                The
      parties agree that nothing herein shall be construed to limit or negate
      the common law of torts or trade secrets where it provides broader
      protection than that provided
herein.

              

      

       

      
        	
                B.

              	
                Confidential
      Information

              

      

       

      Executive
has obtained and may obtain confidential information concerning the businesses,
operations, financial affairs, organizational and personnel matters, policies,
procedures and other non-public matters of CNC and its affiliates, and those of
third-parties that is not generally disclosed to persons not employed by CNC or
its subsidiaries.  Such information (referred to herein as the
“Confidential Information”) may have been or may be provided in written form or
orally.  Executive shall not disclose to any other person the
Confidential Information at any time during his employment with CNC or after the
Qualifying Termination, provided that Executive may disclose such Confidential
Information only to a person who is then a director, officer, employee, partner,
attorney or agent of CNC who, in Executive’s reasonable good faith judgment, has
a need to know the Confidential Information.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                C.

              	
                Remedies

              

      

       

      
        	
                 
      

              	
                1.

              	
                Executive
      acknowledges that a violation on Executive’s part of this Section 8 would
      cause immeasurable and irreparable damage to CNC.  Accordingly,
      Executive agrees that notwithstanding Section 7 hereof, CNC shall be
      entitled to injunctive relief in any court of competent jurisdiction for
      any actual or threatened violation of any of the provisions of this
      Section 8, in addition to any other remedies it may
  have.

              

      

       

      
        	
                 
      

              	
                2.

              	
                In
      addition to CNC’s right to seek injunctive relief as set forth in
      subparagraph 1 above of this Section 8.C, in the event that Executive
      shall violate the terms and conditions of this Section 8, CNC may: (i)
      make a general claim for damages and (ii) terminate any payments or
      benefits payable by CNC, if applicable, to
  Executive.

              

      

       

      
        	
                 
      

              	
                3.

              	
                The
      Board shall be responsible for determining whether Executive shall have
      violated this Section 8, and in the absence of Executive’s ability to show
      that the Board has acted in bad faith and without fair dealing, such
      decision will be final and binding.  Upon the request of
      Executive, CNC shall provide an advance opinion as to whether a proposed
      activity would violate the provisions of this
  Agreement.

              

      

       

      Section
9 – Governing Law.

       

      The
provisions of the Policy shall be governed by and construed in accordance with
the applicable provisions of ERISA, the Code, and the laws of the State of
Maine.

       

      Section
10 – Notices and Payments.

       

      All
payments required or permitted to be made under the provisions of this
Agreement, and all notices and other communications required or permitted to be
given or delivered under this Agreement to CNC or to Executive, which notices or
communications must be in writing, shall be deemed to have been given if
delivered by hand, or mailed by first-class mail, addressed as
follows:

       

      
        	
                A.

              	
                If
      to CNC:

              

      

       

      
        	
                 
      

              	
                Camden
      National Corporation

              

      

      
        	
                 
      

              	
                2
      Elm Street

              

      

         P.O.
Box 310

      
        	
                 
      

              	
                Camden,
      Maine  04843-0310

              

      

      
        	
                 
      

              	
                Attn:  Chairman,
      Compensation Committee

              

      

       

      
        	
                B.

              	
                 

              	
                If
      to Executive:

              

      

       

      (CEO
Name)

      
        	
                 
      

              	
                (Address)

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      CNC or
Executive may, by notice given to the other from time to time and at any time,
designate a different address for making payments required to be made, and for
the giving of notices or other communications required or permitted to be given,
to the party designating such new address.

       

      Section
11 – Payroll Taxes.

       

      Any
payment required or permitted to be made or given to the Executive under this
Agreement shall be subject to the withholding and other requirements of
applicable laws, and to the deduction requirements of any benefit plan
maintained by CNC in which the Executive is a participant and to all reporting,
filing, and other requirements in respect of such payments, and CNC shall use
its best efforts to promptly satisfy all such requirements.

       

      Section
12 – Compliance With Section 409A of the Code.

       

      Cash
Severance and benefits paid under this Policy are intended to be administered to
meet the exemption requirements of Code Section 409A and the regulations
thereunder so that the cash severance and benefit payments do not provide for
the deferral of compensation.

       

      Section
17 – Successor and Assigns.

       

      This
Agreement shall inure to the benefit of and be binding upon the successors and
assigns (including successive, as well as immediate, successors and assigns) of
CNC; provided, however, that CNC may not assign this Agreement or any of its
rights or obligations hereunder to any party other than a corporation which
succeeds to substantially all of the business and assets of CNC by merger,
consolidation, sale of assets or otherwise. This Agreement shall inure to the
benefit of and be binding upon the successor and assigns (including successive,
as well as immediate, successors and assigns) of Executive; provided, however,
that the right of Executive under this Agreement may be assigned only to his
personal representative or trustee or by will or pursuant to applicable laws of
descent and distribution.

       

      Section
18 – Term of this Agreement.

       

      This
Agreement may be unilaterally terminated by CNC effective December 31, 2014
(Original Termination Date) if it takes action at least ninety (90) days
prior to the Original Termination Date.  If no such action is taken by the
Original Termination Date, the New Termination Date shall be the December 31 of
each following year.  This Agreement shall continue in effect unless action
is taken by CNC to terminate this Agreement at least ninety (90) days prior to
such New Termination Date.

       

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed on and to be
effective on __________, 2009.

     

    
      
        	In
      the Presence of:   	 	 	EXECUTIVE 	 
	 	 	 	 	 
	 	 	 	 	 
	                
    	 	 	             
    	 
	
              	 	 	
                (CEO
      Name) 

              	 
	
                 

              	 	 	
                 

              	 

      

    

    
       

       

      
        
          	In
      the Presence of:   	 	 	CNC	 
	 	 	 	 	 
	 	 	 	 	 
	            
    	 	 	              
    	 
	
                	 	 	
                  

                    Chairman, CNC
      Compensation

                    Committee

                  

                	 

        

      

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
A

     

    RELEASE
OF CLAIMS

     

    
      1.           Release.  In
consideration of Severance Benefits, Employee, and for those who may in any way
claim through Employee, including his heirs, executors, administrators, and
assigns, hereby releases and discharges Company, and any other person, firm, or
corporation associated or affiliated with it in any capacity, and its officers,
directors, employees, agents, attorneys, successors, and assigns, both past and
present ("Releasees") from any and all claims, causes of action, and suits at
law or in equity, of any kind, including any claims for commissions, bonus,
reimbursements, compensation, damages, debts, reinstatement, transfer,
employment, breach of contract, damages of property or claims for any losses,
injuries or damages of any nature whatsoever, whether disclosed or undisclosed
and whether known or unknown, including but not limited to, any losses,
injuries, or damages resulting from or in any way connected with any employment
relationship between Employee and Releasees or service provided by Employee to
Releasees while so employed, any charges and allegations for claims arising
under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights
Act of 1991, the Civil Rights Act of 1866 (42 U.S.C. §1981), the Maine Human
Rights Act or equivalent act of any other state, the Americans with Disabilities
Act, the Age Discrimination in Employment Act, the Older Workers' Benefit
Protection Act of 1990, the Rehabilitation Act of 1973, the Employee Retirement
Income Security Act of 1974, the Maine Whistleblowers' Protection Act, the Equal
Pay Act, the Family Medical Leave Act, Executive Order 11246, or  any
other employment discrimination laws and regulations, federal or state, as well
as claims for wrongful discharge, tortious breach of the covenant of good faith
and fair dealing, intentional infliction of emotional distress, defamation,
interference with contractual relations, and procurement of the breach of an
employment contract, which Employee now has or ever had.

       

      2.           Age
Discrimination - Waiver of Claims. Employee acknowledges that he has been given
a copy of this Release. Employee further acknowledges that he has had twenty-one
(21) days to consider this Release, seven (7) days to revoke it in writing, and
has been advised to consult with counsel of his own choice regarding this
Release, has carefully read the same, understands the contents and signs this
Release as his own free act.

       

      3.           Confidentiality.  Employee
expressly agrees not to publicize or disclose to any third party at any
time:  this Release or the consideration paid for this
Release.

       

      4.           Non-waiver.  This
agreement does not waive or release any rights, claims, or causes of action that
may arise from acts or omissions occurring after the date I execute this
Release, nor does this agreement waive or release any rights, claims or causes
of action relating to (A) indemnification from CNC and its affiliates with
respect to my activities on behalf of CNC and its affiliates prior to my
termination of employment, (B) compensation or benefits to which I am
entitled under any compensation or benefit plans of CNC or its affiliates or
(C) amounts to which I am entitled pursuant to the Agreement to which a
form of this Release of Claims was attached as Exhibit A. Except as contemplated
by the preceding sentence, I agree not to bring or join any lawsuit or file any
claim against CNC in any court relating to my employment or the termination of
my employment

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      5.           Governing
Law.  This Agreement shall be interpreted and enforced under the laws
of the State of Maine without regard to the conflict of law
principles.

    

     

     

    IN
WITNESS WHEREOF, the parties have executed this Severance Agreement and
Release.

     

    
      
        	 	 	 
	 	 	 	 
	
                Date:  

              	
              	                
    	 
	 	 	Employee	 
	 	 	 	 
	 	 	 	 

      

    

    
      
        	
                Camden
      National Corporation 

              	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	
                Date:

              	 	 	 	 	 
	 	 	 	 	 	 
	By  
       	           
    	 	 	
              	 
	
                    

              	
                 

              	 	 	
              	 
	Its    
      	              
    	 
       	 	
              	 

      

    

     

    
      
        
        

      

      
        11Unassociated Document

     

    
      CAMDEN
NATIONAL CORPORATION

      CHANGE
IN CONTROL AGREEMENT

       

      This Change in Control
Agreement (the “Agreement”) is by and between Camden National Corporation, a
Maine Corporation ("CNC") and (Name)
("Executive").

       

      RECITALS

       

      WHEREAS,
CNC is a bank holding company whose principal subsidiary is engaged in the
business of banking and businesses incidental thereto.

       

      WHEREAS,
Executive possesses unique skills, knowledge and experience relating to the
business of CNC.

       

      WHEREAS,
CNC desires to retain the future services of Executive, and, in that connection,
Executive desires to be assured that, in the event of a change in the control of
CNC, Executive will be provided with an adequate severance payment for
termination without cause or as compensation for Executive's severance because
of a material change in her duties and functions.

       

      WHEREAS,
CNC desires to be assured of the objectivity of Executive in evaluating a
potential change of control and advising whether or not a potential change in
control is in the best interest of CNC and its shareholders.

       

      WHEREAS,
CNC desires to induce Executive to remain in the employ of CNC following a
change in control to provide for continuity of management.

       

      NOW,
THEREFORE, in consideration of the premises and of their mutual covenants
expressed in this Agreement, the parties hereto make the following agreement,
intending to be legally bound thereby:

       

      Section
1 - Definitions.

       

      Capitalized terms used in
this Agreement shall have the meanings set forth in this Section 1 below, unless
the context clearly requires a different meaning.

       

      
        	
                A.

              	
                “Base
      Salary” means, with respect to Executive, her annual base salary as
      in effect at the time of her Separation from Service; provided, however,
      that if Executive terminates her service for Good Reason following a
      reduction in Executive’s base salary, then for purposes of Section 3, Base
      Salary shall mean her base salary as in effect immediately prior to any
      such reduction.

              

      

       

      
        	
                B.

              	
                “Board”
      means the Board of Directors of
  CNC.

              

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	
                C.

              	
                “Cause”
      shall mean (a) a willful, material and substantive breach of
      written CNC policy, which breach is not cured by the Executive within a
      reasonable time after receipt of written notice from CNC specifying the
      breach; (b) a willful, intentional and substantive breach of fiduciary
      duty to CNC or any of its affiliates involving personal gain or profit to
      the Executive; (c) other employment engaged in by the Executive that
      substantially impairs the Executive’s ability to perform her obligations,
      for which consent of CNC was not previously obtained; (d) death of the
      Executive; (e) substantial disability of the Executive, which materially
      impairs Executive’s ability to perform her duties; (f) conviction of the
      Executive of any felony or crime of moral turpitude, or any intentional
      crime in the conduct of her office with the CNC or any affiliate, which is
      materially adverse to the welfare of CNC or any affiliate, but excluding
      any conviction which is not the result of any action or inaction by the
      Executive for her personal gain, or in willful violation of law or CNC
      policy.

              

      

       

      For
purposes of this definition, no act, or failure to act shall be deemed “willful”
if done by the Executive in good faith and in the reasonable belief that such
act or omission was in the best interest of CNC.

       

      
        	
                D.

              	
                “Change
      in Control” means a change: (i) in the ownership of CNC and in the
      effective control of CNC such that a single entity or commonly controlled
      group of entities shall have the ability to elect a majority of the Board
      of Directors of CNC; or (ii) in the ownership of all or substantially all
      the assets associated with the business group in which the Executive
      works, or of CNC as a whole. The Board shall have final authority to
      determine if a Change in Control has
occurred.

              

      

       

      
        	
                E.

              	
                “Code”
      means the Internal Revenue Code of 1986, as amended from time to
      time.

              

      

       

      
        	
                F.

              	
                “CNC”
      means Camden National Corporation and includes all entities with whom CNC
      would be considered a single employer under Code Section 414(b) or
      (c).

              

      

       

      
        	
                G.

              	
                “Committee”
      means the Compensation Committee of the
Board.

              

      

       

      
        	
                H.

              	
                “Executive”
      shall mean (Name
      and Title) of Camden National
  Corporation.

              

      

       

      
        	
                I.

              	
                “ERISA”
      shall mean the Employee Retirement Income Security Act of 1974, as now in
      effect and as amended from time to
time.

              

      

       

      
        	
                J.

              	
                “Good
      Reason”
      shall mean (a) a material diminution in the Executive’s annual base salary
      which shall mean a reduction in Executive’s salary of at least ten percent
      (10%); (b) a material diminution in the Executive’s authority, duties, or
      responsibilities; or (c) any other action or inaction that constitutes a
      material breach by CNC of the Executive’s employment
      arrangement.  Executive is required to provide notice to CNC of
      the condition giving rise to the Good Reason within a period not to exceed
      ninety (90) days of the initial existence of the condition.  CNC
      shall have 30 days from the date of any notice from Executive alleging
      that a Good Reason condition exists, to remedy the Good Reason condition.
      If CNC fails to remedy the Good Reason condition within 30 days, the
      Executive may Separate from Service for Good Reason, unless CNC disagrees
      that a Good Reason condition
  exists.

              

      

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      
        	
                K.

              	
                “Health
      Benefits” shall mean the medical, prescription drug, dental, and
      any other related benefit plans sponsored by CNC that may be in effect
      upon the Qualifying Termination.

              

      

       

      
        	
                L.

              	
                “Involuntary
      Separation from Service”
      means Separation From Service due to the independent decision of CNC to
      terminate the Executive’s services, other than due to the Executive’s
      explicit request, when the Executive was willing and able to continue
      performing services.

              

      

       

      
        	
                M.

              	
                “Maximum
      Installment Value” for purposes of Section 3 means two (2) times
      the lesser of (a) the maximum amount of compensation that may be taken
      into account under a qualified plan pursuant to Code Section 401(a)(17)
      for the year in which the Executive has terminated; or (b) the sum of the
      Executive’s annualized compensation based upon the annual rate of pay for
      services provided to CNC for the taxable year of the Executive preceding
      the taxable year of the Executive in which the Executive has Separated
      From Service with CNC (adjusted for any increase during that year that was
      expected to continue indefinitely if the Executive had not Separated From
      Service).

              

      

       

      
        	
                N.

              	
                “Separation
      from Service” means the date of the Executive’s termination of
      employment with CNC, whether voluntary, or involuntary, including, without
      limitation, by death, or
retirement.

              

      

       

      
        	
                O.

              	
                “Qualifying
      Termination”
      means (a) Involuntary Separation From Service other than for Cause,
      or (b) Separation From Service for Good Reason.  Executive
      will not be deemed to have incurred a Qualifying Termination unless
      Executive executes a release of claims in a form substantially similar to
      the form attached as Exhibit A hereto (the “Release”) following the
      Executive’s Separation From
  Service.

              

      

       

      Section
2 - Reduction in Compensation Proscribed After a Change in Control.

       

      From the
date of a Change in Control to the date within two (2) years of such Change in
Control, Executive shall receive as compensation, while still employed by CNC, a
salary at a rate no less than the highest rate in effect during the one-year
period before the Change in Control.  In addition, during such period,
CNC shall pay and provide for Executive at no cost higher than in effect prior
to the Change in Control, all of her then-current fringe benefits, including but
not limited to health, disability, dental and life insurance, all of which shall
be at levels and amounts no less favorable than levels and amounts in effect as
of the Change in Control.

       

      Section 3
– Cash
Severance

       

      If
Executive experiences a Qualifying Termination within two (2) years following a
Change in Control, Executive shall be entitled to cash severance (as defined
below), plus the benefits provided in Section 4.

       

      
        	
                A.

              	
                Benefit
      Period.  Executive
      shall receive cash severance for a benefit period of eighteen (18)
      months.

              

      

       

      
        	
                B.

              	
                Computation
      of Cash Severance.  Executive’s
      total cash severance shall be equal to the Executive’s Base Salary for the
      Benefit Period.

              

      

    

    
       

      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      
        	
                C.

              	
                Payment
      of Cash Severance.  Upon
      the execution by Executive of a Release of Claims in substantially the
      same form as Exhibit A, payment shall commence within 30 days of the date
      of the Executive’s Qualifying Termination.  CNC shall pay the
      lesser of (1) the total cash severance defined in Section 3.B or (2) the
      Maximum Installment Value to the Executive in continuous payroll period
      installments for the applicable benefit period, commencing within 30 days
      of the date of the Executive’s Qualifying Termination.  The
      excess, if any, of the total cash severance over the Maximum Installment
      Value shall be paid to the Executive in a single cash payment no later
      than 30 days following the Executive’s Qualifying
      Termination.

              

      

       

      
        	
                D.

              	
                Return
      of Payments.  If
      it is determined that Executive at any time misrepresented any financial
      information, any and all payments that have been made to Executive under
      this Agreement shall be due and payable back to CNC within thirty (30)
      days of such notice of the misrepresentation.  Any future
      payments under this Agreement shall be forfeited upon receiving notice of
      such misrepresentation by
  Executive.

              

      

       

      Section
4 – Group Health Benefits.

       

      Upon a
Qualifying Termination, CNC will provide continuation of coverage to the
Executive and her eligible family members of their group medical health plan
coverage.  Such coverage shall continue for the lesser of the Benefit
Period under 3.A or the maximum period permitted under COBRA continuation
coverage.  Executive will be required to pay employee required
premiums in effect to CNC during the COBRA continuation period.

       

      If the
Benefit Period under 3.A is greater than the maximum period permitted under
COBRA continuation, CNC shall pay Executive such amount that, after all Federal,
State and local taxes, would pay for the same coverage as an active employee for
such period that exceeds the COBRA continuation maximum.  Such amount
shall be paid in a single lump sum cash payment no more than 30 days following
the date the Qualifying Termination occurred.

       

      Section
5 – Payments Payable to Estate.

       

      In the
event that any cash payment is payable under this Agreement to Executive, and
Executive dies before receiving such payment, such payment shall be paid to
Executive’s estate.

       

      Section
6 – Impact on Other Compensation and Benefit Programs.

       

      There
will be no duplication between payments made under this Agreement and any
payment or benefit under any other plan, program, agreement, or arrangement.
Except as otherwise specifically provided for herein, payments under this
Agreement will not be considered compensation for purposes of any compensation,
deferred compensation, insurance, pension, savings, or other benefit
plan.

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
       

      Section
7 – Arbitration.

       

      Subject
to CNC’s right to seek injunctive relief under Section 8 of this Agreement, all
disputes arising out of or relating to this Agreement or to Executive’s
employment or the termination thereof, will be resolved by final and binding
arbitration in Camden, Maine, conducted by the American Arbitration Association
under the Federal Arbitration Act in accordance with its Employment Dispute
Resolution Rules then in effect. This paragraph will apply both during and after
termination of the employment relationship. Either party will have the right to
enforce this Agreement to arbitrate in either federal or state court. The
arbitrator’s fees and expenses shall be payable by CNC.

       

      All
proceedings and documents prepared in connection with any arbitration under this
Agreement will be confidential information and, unless otherwise required by
law, the contents or subject matter thereof will not be disclosed to any person
other than the parties to the proceedings, their counsel, witnesses and experts,
the arbitrator, and, if court enforcement of an arbitration award is sought, the
court and court staff hearing such matter.

       

      Should a
dispute under this Agreement be submitted to arbitration and the Executive
prevails in that arbitration, Executive will be entitled to recover reasonable
expenses incurred in connection with that arbitration, including but not limited
to reasonable attorneys' fees from CNC. Should CNC prevail, or should any
financial award determined by the arbitrator be between the respective amounts
sought by CNC and the Executive, each party will pay its own costs.

       

      Section
8 – Noncompetition and Nonsolicitation Agreement and Business
Protection.

       

      Notwithstanding
anything to the contrary contained elsewhere in this Agreement:

       

      
        	
                A.

              	
                Noncompetition
      Agreement and Nonsolicitation
Agreement

              

      

       

      
        	
                 
      

              	
                1.

              	
                In
      view of Executive’s importance to the success of CNC, Executive and CNC
      agree that CNC would likely suffer significant harm from Executive’s
      competing with CNC during Executive’s term of employment with CNC and for
      some period of time thereafter.  Accordingly, Executive agrees
      that Executive shall not engage in competitive activities while employed
      by CNC and for a period of six (6 months) following Executive’s Qualifying
      Termination.  Executive shall be deemed to engage in competitive
      activities if he shall, without the prior written consent of CNC, (i)
      within fifty (50) miles (by air) of any office of CNC and its
      subsidiaries, render services directly or indirectly, as an employee,
      officer, director, consultant, advisor, partner or otherwise, for any
      organization or enterprise which competes directly or indirectly with the
      business of CNC or any of its affiliates in providing financial products
      or services (including, without limitation, banking, insurance, or
      securities products or services) to consumers and businesses, or (ii)
      directly or indirectly acquires any financial or beneficial interest in
      (except as provided in the next sentence) any organization which conducts
      or is otherwise engaged in a business or enterprise within fifty (50)
      miles (by air) of any office of CNC and its subsidiaries which competes
      directly or indirectly with the business of CNC or any of its affiliates
      in providing financial products or services (including, without
      limitation, banking, insurance or securities products or services) to
      consumers and businesses.  Notwithstanding the preceding
      sentence, Executive shall not be prohibited from owning less than one
      percent (1%) of any publicly traded corporation, whether or not such
      corporation is in competition with
CNC.

              

      

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      
        	
                 
      

              	
                2.

              	
                While
      employed by CNC and for a period of six (6) months following Executive’s
      Qualifying Termination, Executive agrees that Executive shall not, in any
      manner, directly or indirectly, (i) solicit by mail, by telephone, by
      personal meeting, or by any other means, either directly or indirectly,
      any customer or prospective customer of CNC to whom Executive provided
      services, or for whom Executive transacted business, or whose identity
      become known to Executive in connection with Executive’s services to CNC
      (including employment with or services to any predecessor or successor
      entities), to transact business with a person or an entity other than CNC
      or its affiliates or reduce or refrain from doing any business with CNC or
      its affiliates or (ii) interfere with or damage (or attempt to interfere
      with or damage) any relationship between CNC or its affiliates and any
      such customer or prospective customer.  The term “solicit” as
      used in this Agreement means any communication of any kind whatsoever,
      inviting, encouraging or requesting any person to take or refrain from
      taking any action with respect to the business of CNC and its
      subsidiaries.

              

      

       

      
        	
                 
      

              	
                3.

              	
                While
      employed by CNC and for a period of six (6) months following Executive’s
      Qualifying Termination, Executive agrees that Executive shall not, in any
      manner, directly or indirectly, solicit any person who is an employee of
      CNC or any of its affiliates to apply for or accept employment or a
      business opportunity with any other person or
  entity.

              

      

       

      
        	
                 
      

              	
                4.

              	
                The
      parties agree that nothing herein shall be construed to limit or negate
      the common law of torts or trade secrets where it provides broader
      protection than that provided
herein.

              

      

       

      
        	
                B.

              	
                Confidential
      Information

              

      

       

      Executive
has obtained and may obtain confidential information concerning the businesses,
operations, financial affairs, organizational and personnel matters, policies,
procedures and other non-public matters of CNC and its affiliates, and those of
third-parties that is not generally disclosed to persons not employed by CNC or
its subsidiaries.  Such information (referred to herein as the
“Confidential Information”) may have been or may be provided in written form or
orally.  Executive shall not disclose to any other person the
Confidential Information at any time during her employment with CNC or after the
Qualifying Termination, provided that Executive may disclose such Confidential
Information only to a person who is then a director, officer, employee, partner,
attorney or agent of CNC who, in Executive’s reasonable good faith judgment, has
a need to know the Confidential Information.

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      
        	
                C.

              	
                Remedies

              

      

       

      
        	
                 
      

              	
                1.

              	
                Executive
      acknowledges that a violation on Executive’s part of this Section 8 would
      cause immeasurable and irreparable damage to CNC.  Accordingly,
      Executive agrees that notwithstanding Section 7 hereof, CNC shall be
      entitled to injunctive relief in any court of competent jurisdiction for
      any actual or threatened violation of any of the provisions of this
      Section 8, in addition to any other remedies it may
  have.

              

      

       

      
        	
                 
      

              	
                2.

              	
                In
      addition to CNC’s right to seek injunctive relief as set forth in
      subparagraph 1 above of this Section 8.C, in the event that Executive
      shall violate the terms and conditions of this Section 8, CNC may: (i)
      make a general claim for damages and (ii) terminate any payments or
      benefits payable by CNC, if applicable, to
  Executive.

              

      

       

      
        	
                 
      

              	
                3.

              	
                The
      Board shall be responsible for determining whether Executive shall have
      violated this Section 8, and in the absence of Executive’s ability to show
      that the Board has acted in bad faith and without fair dealing, such
      decision will be final and binding.  Upon the request of
      Executive, CNC shall provide an advance opinion as to whether a proposed
      activity would violate the provisions of this
  Agreement.

              

      

       

      Section
9 – Governing Law.

       

      The
provisions of the Policy shall be governed by and construed in accordance with
the applicable provisions of ERISA, the Code, and the laws of the State of
Maine.

       

      Section
10 – Notices and Payments.

       

      All
payments required or permitted to be made under the provisions of this
Agreement, and all notices and other communications required or permitted to be
given or delivered under this Agreement to CNC or to Executive, which notices or
communications must be in writing, shall be deemed to have been given if
delivered by hand, or mailed by first-class mail, addressed as
follows:

    

     

    
      
        	
                A.

              	
                If
      to CNC:

              

      

       

      Camden
National Corporation

      2 Elm
Street

      P.O. Box
310

      Camden,
Maine  04843-0310

      Attn:  Chairman,
Compensation Committee

       

      
        	
                 
      

              	
                B.

              	
                If
      to Executive:

              

      

       

      (Name)

      (Address)

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      CNC or
Executive may, by notice given to the other from time to time and at any time,
designate a different address for making payments required to be made, and for
the giving of notices or other communications required or permitted to be given,
to the party designating such new address.

       

      Section
11 – Payroll Taxes.

       

      Any
payment required or permitted to be made or given to the Executive under this
Agreement shall be subject to the withholding and other requirements of
applicable laws, and to the deduction requirements of any benefit plan
maintained by CNC in which the Executive is a participant and to all reporting,
filing, and other requirements in respect of such payments, and CNC shall use
its best efforts to promptly satisfy all such requirements.

       

      Section
12 – Compliance With Section 409A of the Code.

       

      Cash
Severance and benefits paid under this Policy are intended to be administered to
meet the exemption requirements of Code Section 409A and the regulations
thereunder so that the cash severance and benefit payments do not provide for
the deferral of compensation.

       

      Section
17 – Successor and Assigns.

       

      This
agreement shall inure to the benefit of and be binding upon the successors and
assigns (including successive, as well as immediate, successors and assigns) of
CNC; provided, however, that CNC may not assign this Agreement or any of its
rights or obligations hereunder to any party other than a corporation which
succeeds to substantially all of the business and assets of CNC by merger,
consolidation, sale of assets or otherwise. This Agreement shall inure to the
benefit of and be binding upon the successor and assigns (including successive,
as well as immediate, successors and assigns) of Executive; provided, however,
that the right of Executive under this Agreement may be assigned only to her
personal representative or trustee or by will or pursuant to applicable laws of
descent and distribution.

       

      Section
18 – Term of the Agreement.

       

      This
Agreement may be unilaterally terminated by CNC effective December 31, 2014
(Original Termination Date) if it takes action at least ninety (90) days
prior to the Original Termination Date.  If no such action is taken by the
Original Termination Date, the New Termination Date shall be the December 31 of
each following year.  This Agreement shall continue in effect unless action
is taken by CNC to terminate this Agreement at least ninety (90) days prior to
such New Termination Date.

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed on and to be
effective on __________, 2009.

     

    
      
        
          	In
      the Presence of:   	 	 	EXECUTIVE 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	
                  (Name) 

                	 
	
                   

                	 	 	
                   

                	 

        

      

      
         

         

        
          
            	In
      the Presence of:   	 	 	CNC	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	
                    

                      Chairman, CNC
      Compensation

                      Committee

                    

                  	 

          

        

      

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

    

     

    
      EXHIBIT
A

       

      RELEASE
OF CLAIMS

       

      1.           Release.  In
consideration of Severance Benefits, Employee, and for those who may in any way
claim through Employee, including her heirs, executors, administrators, and
assigns, hereby releases and discharges Company, and any other person, firm, or
corporation associated or affiliated with it in any capacity, and its officers,
directors, employees, agents, attorneys, successors, and assigns, both past and
present ("Releasees") from any and all claims, causes of action, and suits at
law or in equity, of any kind, including any claims for commissions, bonus,
reimbursements, compensation, damages, debts, reinstatement, transfer,
employment, breach of contract, damages of property or claims for any losses,
injuries or damages of any nature whatsoever, whether disclosed or undisclosed
and whether known or unknown, including but not limited to, any losses,
injuries, or damages resulting from or in any way connected with any employment
relationship between Employee and Releasees or service provided by Employee to
Releasees while so employed, any charges and allegations for claims arising
under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights
Act of 1991, the Civil Rights Act of 1866 (42 U.S.C. §1981), the Maine Human
Rights Act or equivalent act of any other state, the Americans with Disabilities
Act, the Age Discrimination in Employment Act, the Older Workers' Benefit
Protection Act of 1990, the Rehabilitation Act of 1973, the Employee Retirement
Income Security Act of 1974, the Maine Whistleblowers' Protection Act, the Equal
Pay Act, the Family Medical Leave Act, Executive Order 11246, or  any
other employment discrimination laws and regulations, federal or state, as well
as claims for wrongful discharge, tortious breach of the covenant of good faith
and fair dealing, intentional infliction of emotional distress, defamation,
interference with contractual relations, and procurement of the breach of an
employment contract, which Employee now has or ever had.

       

      2.           Age
Discrimination - Waiver of Claims. Employee acknowledges that he has been given
a copy of this Release. Employee further acknowledges that he has had twenty-one
(21) days to consider this Release, seven (7) days to revoke it in writing, and
has been advised to consult with counsel of her own choice regarding this
Release, has carefully read the same, understands the contents and signs this
Release as her own free act.

       

      3.           Confidentiality.  Employee
expressly agrees not to publicize or disclose to any third party at any
time:  this Release or the consideration paid for this
Release.

       

      4.           Non-waiver.  This
agreement does not waive or release any rights, claims, or causes of action that
may arise from acts or omissions occurring after the date I execute this
Release, nor does this agreement waive or release any rights, claims or causes
of action relating to (A) indemnification from CNC and its affiliates with
respect to my activities on behalf of CNC and its affiliates prior to my
termination of employment, (B) compensation or benefits to which I am
entitled under any compensation or benefit plans of CNC or its affiliates or
(C) amounts to which I am entitled pursuant to the Agreement to which a
form of this Release of Claims was attached as Exhibit A. Except as contemplated
by the preceding sentence, I agree not to bring or join any lawsuit or file any
claim against CNC in any court relating to my employment or the termination of
my employment

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
       

      5.           Governing
Law.  This Agreement shall be interpreted and enforced under the laws
of the State of Maine without regard to the conflict of law
principles.

    

     

    
      
        
          	
                  Date:  

                	
                	              
    	 
	 	 	Employee	 
	 	 	 	 
	 	 	 	 

        

      

      
        
          	
                  Camden
      National Corporation 

                	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	
                  Date:

                	 	 	 	 
	 	 	 	 	 	 
	
                  By 

                	        	 	 	
                	 
	
                      

                	
                   

                	 	 	
                	 
	Its 
      	             
    	 
       	 	
                	 

        

      

       

      
        
          
          

        

        
          11

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