Document:

Exhibit

THIRD AMENDMENT
TO
Camden National Corporation
2012 Equity and Incentive Plan
		
	A.
	The Camden National Corporation 2012 Equity and Incentive Plan (the “Plan”), is hereby amended as follows:

1.Section 16(d) of the Plan is hereby amended by deleting such section in its entirety and substituting the following in lieu thereof:
“(1) If the grantee’s Service terminates due to Retirement, and on the date of Retirement the grantee is at least sixty-five (65) years old and has been employed by the Company or a Subsidiary for at least five (5) consecutive years, then any Award held by the grantee shall become fully vested and exercisable, and any Stock Option held by the grantee may be exercised by the grantee for a period of twelve (12) months from the date of Retirement or until the last day of the original term of the Stock Option, if earlier.
(2) If the grantee’s Service terminates due to Retirement, and on the date of Retirement the grantee is not at least sixty-five (65) years old and/or has not been employed by the Company or a Subsidiary for at least five (5) consecutive years, then any Award held by the grantee shall be vested or exercisable only to the extent vested or exercisable on the date of Retirement. Any shares of Restricted Stock held by the grantee that are not vested on the date of Retirement shall be subject to an optional repurchase right of the Company at the original purchase price. Any vested Stock Option held by the grantee shall be exercisable by the grantee for a period of twelve (12) months from the date of Retirement or until the last day of the original term of the Stock Option, if earlier.”
		
	B.
	Except as otherwise so amended, the Plan is confirmed in all other respects.

C.The effective date of this Amendment is as of April 24, 2018.Exhibit

CAMDEN NATIONAL CORPORATION
Amended and restated MANAGEMENT STOCK PURCHASE PLAN
 
Effective April 24, 2018

		
	I.
	INTRODUCTION

  
The purpose of the Camden National Corporation Amended and Restated Management Stock Purchase Plan (the “Plan”) is to provide equity incentive compensation to selected management employees of Camden National Corporation (the “Company”) and its Subsidiaries. Participants in the Plan may elect to receive Restricted Stock in lieu of a portion of their incentive payment. Restricted Stock is granted at a discount of one-third of the Fair Market Value of the Stock on the date of grant. So long as the participant remains employed by the Company or any of its Subsidiaries for at least two years after the date of grant, his or her Restricted Stock will vest. This Plan is a component plan of the Camden National Corporation 2012 Equity and Incentive Plan (the “2012 Plan”). Notwithstanding anything herein to the contrary, this Plan shall be subject to and governed by all the terms and conditions of the 2012 Plan, including the powers of the Committee set forth in Section 2(b) of the 2013 Plan. Capitalized terms in this Plan shall have the meaning specified in the 2012 Plan, unless a different meaning is specified herein.

		
	II.
	ADMINISTRATION

  
The Plan shall be administered by the Committee. The Committee shall have complete discretion and authority with respect to the Plan and its application, except as expressly limited herein. Determinations by the Committee shall be final and binding on all parties with respect to all matters relating to the Plan.
 
		
	III.
	ELIGIBILITY

 
Management employees of the Company and its Subsidiaries as designated by the Committee shall be eligible to participate in the Plan.
 
		
	IV.
	PARTICIPATION

 
A.                Restricted Stock. Participation in the Plan shall be based on the award of Restricted Stock.
 
B.                 Cost of Restricted Stock. The “Cost” of each share of Restricted Stock shall be equal to two-thirds of the Fair Market Value of the Stock on the date the Restricted Stock is awarded.
 
C.                 Election to Participate. Each participant who is an employee of the Company or any of its Subsidiaries may elect to receive an award of Restricted Stock under the Plan in lieu of either 10 percent or 20 percent of his or her incentive payment by completing a bonus election agreement (“Bonus Election Agreement”). The Committee, in its sole discretion, shall determine which incentive or bonus payments are eligible for such election. The Bonus Election Agreement shall provide that the participant elects to receive Restricted Stock in lieu of 10 percent or 20 percent of any incentive payment. Bonus Election Agreements must be received by the Company before the deadline date established by the Committee in relation to the applicable incentive plan payout schedule. Notwithstanding the foregoing, the Committee may require certain officers to participate in the Plan.
 
D.                Award of Restricted Stock. On the dates that incentive payments are paid, the Company shall award, to each participant who has completed a Bonus Election Agreement and who is an employee of the Company, Restricted Stock as follows: Each such participant shall receive a whole number of Restricted Stock determined by dividing the amount (expressed in dollars) that is equal to 10 percent or 20 percent, as the case may be, of his or her gross incentive payment by the Cost of each share of Restricted Stock awarded on such date. No fractional shares of Restricted Stock will be credited and the amount equivalent in value to the fractional shares of Restricted Share will be paid out to the participant currently in cash. Shares of Restricted Stock are purchased with after-tax dollars (i.e., the entire bonus is considered taxable income).
  
		
	V.
	VESTING OF RESTRICTED STOCK

  
A.                Vesting. A participant shall be fully vested in each share of Restricted Stock two years after the date such share of Restricted Stock was awarded.
 

B.                 Settlement Prior to Vesting. If a participant’s employment with the Company terminates for any reason other than Retirement prior to vesting, except as otherwise provided in the participant’s employment agreement, if any, the participant’s non-vested Restricted Stock shall be forfeited back to the Company and he or she shall receive a cash payment equal to the lesser of (a) the Cost of such Restricted Stock or (b) an amount equal to the number of shares such Restricted Stock multiplied by the Fair Market Value of a share of Stock on the date of the participant’s termination of employment. Because the Restricted Stock was purchased on an after-tax basis, this cash payment will not be considered taxable income to the participant.
 
C.                 Special Provision. As soon as a participant in the Plan reaches age sixty-five (65) with at least five (5) years of consecutive service, all Restricted Stock purchased under this Plan that has not yet vested will vest immediately, and any new purchases of Restricted Stock made after qualifying for this Special Provision will be immediately vested upon the date of purchase (and constitute a taxable event unless, with respect to Restricted Stock purchased prior to the participant reaching age sixty-five (65) with at least five (5) years of consecutive service, the participant made a timely Section 83(b) under the Internal Revenue Code of 1986, as amended).
 
		
	VI.
	DIVIDENDS

 
Dividends on Restricted Stock shall be paid currently to the participant, and, unless the participant makes a Section 83(b) election, such dividends are treated as ordinary income (i.e., added to W-2, Box 1 earnings) until such Restricted Stock become vested and distributed. If the participant makes a Section 83(b) election with respect to the Restricted Stock, any dividends paid on such shares will be taxed as dividends.Exhibit 4.7

 

LEVEL ONE BANCORP, INC.

2018 EQUITY INCENTIVE PLAN

 

STOCK APPRECIATION RIGHT AWARD AGREEMENT

 

The Participant specified below has been granted a stock appreciation right (the “SAR”) by LEVEL ONE BANCORP, INC., a Michigan corporation (the “Company”), under the LEVEL ONE BANCORP, INC. 2018 EQUITY INCENTIVE PLAN (the “Plan”).  The SAR shall be subject to the terms of the Plan and the terms set forth in this Stock Appreciation Right Award Agreement (“Award Agreement”).

 

Section 1.        Award.  The Company hereby grants to the Participant the SAR, which represents the right of the Participant to receive the aggregate dollar value of appreciation (“Appreciation”) in the Fair Market Value on Covered Shares.  The Appreciation shall be computed by multiplying (i) the excess, if any, of (A) the Fair Market Value of a Share on the exercise date, over (B) the Exercise Price, times (ii) the number of Covered Shares being settled.  The Appreciation shall be payable by the Company in cash [, Shares, or a combination thereof].  The SAR is in all respects limited and conditioned as provided herein and in the Plan.

 

Section 2.        Terms of Award.  The following words and phrases relating to the SAR shall have the following meanings:

 

(a)        The “Participant” is ______________________________.

 

(b)        The “Grant Date” is ______________________________.

 

(c)        The number of “Covered Shares” is ____________________ Shares.

 

(d)        The “Exercise Price” is $____________________ per Covered Share.

 

Except for words and phrases otherwise defined in this Award Agreement, any capitalized word or phrase in this Award Agreement shall have the meaning ascribed to it in the Plan.

 

Section 3.        Vesting.

 

(a)        Each installment of Covered Shares set forth in the table immediately below (each, an “Installment”) shall become vested and exercisable on the “Vesting Date” for such Installment set forth in the table immediately below; provided that the Participant’s Termination of Service has not occurred prior thereto:

 

	
INSTALLMENT

 
    	
VESTING DATE APPLICABLE TO   INSTALLMENT

 
    
	
[___]% of Covered Shares

 
    	
[Date/Event/Other   Condition]
    
	
[___]% of Covered Shares

 
    	
[Date/Event/Other   Condition]
    
	
[___]% of Covered Shares

 
    	
[Date/Event/Other Condition]
    

 

(b)        [Notwithstanding the foregoing provisions of this Section 3, all the Covered Shares shall become fully vested and immediately exercisable upon the Participant’s Termination of Service due to the Participant’s Disability or death.]

 

 

(c)        Upon a Change in Control, the SAR shall be treated in accordance with Section 4.1 of the Plan.

 

(d)        The SAR shall not be exercisable on or after the Participant’s Termination of Service, except as to that portion of Covered Shares for which it was exercisable immediately prior to such Termination of Service or became exercisable on the date of such Termination of Service.

 

Section 4.        Expiration.  Notwithstanding any term of this Award Agreement to the contrary, the Participant shall forfeit the SAR in its entirety as of the Company’s close of business on the last business day that occurs prior to the Expiration Date.  The “Expiration Date” shall be the earliest to occur of the following:

 

(a)        the [three-month] anniversary of the Participant’s Termination of Service other than due to the Participant’s Disability, death or Termination of Service for Cause; provided, however, that if the Participant shall die after the date of Termination of Service but before the [three-month] anniversary of the Participant’s Termination of Service, the Expiration Date shall automatically be extended to the [one-year] anniversary of Participant’s Termination of Service;

 

(b)        the [one-year] anniversary of the Participant’s Termination of Service due to the Participant’s Disability or death;

 

(c)        the date of notice of the Participant’s Termination of Service for Cause; or

 

(d)        the 10-year anniversary of the Grant Date.

 

Section 5.        Exercise.

 

(a)        Method of Exercise.  The vested portion of the SAR may be exercised by the Participant in whole or in part by providing notice of exercise to the [Chief Human Resources Officer/Corporate Secretary] of the Company at its corporate headquarters, in a form prescribed by the Committee or by satisfying such other procedures as shall be set forth by the Committee from time to time.  Such notice shall specify the number of Covered Shares that the Participant elects to exercise with respect to the SAR.  In the event this SAR is exercised by any person or persons after the death or Disability of the Participant, such notice shall be accompanied by appropriate proof of the right of such person or persons to exercise this SAR.

 

(b)        Payment of Appreciation.  Following the exercise of all or a portion of the SAR, the Company shall deliver to the Participant the Appreciation, with respect to that portion of the SAR that is exercised, in cash, [, Shares, or a combination thereof], in one lump sum, less any amount necessary to satisfy withholding obligations, and the Company shall have no further obligation with respect to that portion of the SAR that is exercised.

 

(c)        Restrictions.  The SAR shall not be exercisable if and to the extent the Company determines that such exercise would violate any applicable laws or the applicable rules of any securities exchange or similar entity, and shall not be exercisable during any blackout period established by the Company from time to time.

 

Section 6.        Delivery of Shares. Delivery of Shares or other amounts under this Award Agreement and the Plan shall be subject to the following:

 

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(a)        Compliance with Applicable Laws. Notwithstanding any other term of this Award Agreement or the Plan, the Company shall have no obligation to deliver any Shares or make any other distribution of benefits under this Award Agreement or the Plan unless such delivery or distribution complies with all applicable laws and the applicable rules of any securities exchange or similar entity.

 

(b)        Certificates Not Required. To the extent that this Award Agreement and the Plan provide for the issuance of Shares, such issuance may be effected on a non-certificated basis, to the extent not prohibited by applicable law or the applicable rules of any securities exchange or similar entity.

 

Section 7.        Withholding.  The exercise of the SAR, and the Company’s obligation to issue Shares upon exercise, is subject to withholding of all applicable taxes. Except as otherwise provided by the Committee, such withholding obligations may be satisfied (a) through cash payment by the Participant, (b) through the surrender of Shares that the Participant already owns or (c) through the surrender of Shares to which the Participant is otherwise entitled under the Plan; provided, however, that except as otherwise specifically provided by the Committee, such Shares under clause (c) may not be used to satisfy more than the maximum individual statutory tax rate for each applicable tax jurisdiction, or such lesser amount established by the Company.

 

Section 8.        Non-Transferability of SAR.  The SAR, or any portion thereof, is not transferable except as designated by the Participant by will or by the laws of descent and distribution or pursuant to a domestic relations order.  Except as provided in the immediately preceding sentence, the SAR shall not be assigned, transferred, pledged, hypothecated, or otherwise disposed of by the Participant in any way, whether by operation of law or otherwise, and shall not be subject to execution, attachment, or similar process.  Any attempt at assignment, transfer, pledge, hypothecation, or other disposition of the SAR contrary to the provisions hereof, or the levy of any attachment or similar process upon the SAR, shall be null and void and without effect.

 

Section 9.        Heirs and Successors.  This Award Agreement shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring all or substantially all of the Company’s assets or business.  If any rights of the Participant or benefits distributable to the Participant under this Award Agreement have not been settled or distributed at the time of the Participant’s death, such rights shall be settled for and such benefits shall be distributed to the Designated Beneficiary in accordance with the provisions of this Award Agreement and the Plan.  The “Designated Beneficiary” shall be the beneficiary or beneficiaries designated by the Participant in a writing filed with the Committee in such form as the Committee may require.  The Participant’s designation of beneficiary may be amended or revoked from time to time by the Participant in accordance with any procedures established by the Committee.  If a Participant fails to designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any benefits that would have been provided to the Participant shall be provided to the legal representative of the estate of the Participant.  If a Participant designates a beneficiary and the Designated Beneficiary survives the Participant but dies before the provision of the Designated Beneficiary’s benefits under this Award Agreement, then any benefits that would have been provided to the Designated Beneficiary shall be provided to the legal representative of the estate of the Designated Beneficiary.

 

Section 10.      Administration.  The authority to manage and control the operation and administration of this Award Agreement and the Plan shall be vested in the Committee, and the Committee shall have all powers with respect to this Award Agreement as it has with respect to the Plan.  Any interpretation of this Award Agreement or the Plan by the Committee and any decision made by the Committee with respect to this Award Agreement or the Plan shall be final and binding on all persons.

 

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Section 11.      Plan Governs.  Notwithstanding anything in this Award Agreement to the contrary, this Award Agreement shall be subject to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the Corporate Secretary of the Company.  This Award Agreement shall be subject to all interpretations, amendments, rules, and regulations promulgated by the Committee from time to time.  Notwithstanding any term of this Award Agreement to the contrary, in the event of any discrepancy between the corporate records of the Company and this Award Agreement, the corporate records of the Company shall control.

 

Section 12.      Not an Employment Contract.  Neither the SAR nor this Award Agreement shall confer on the Participant any rights with respect to continuance of employment or other service with the Company or a Subsidiary, nor shall they interfere in any way with any right the Company or a Subsidiary may otherwise have to terminate or modify the terms of the Participant’s employment or other service at any time.

 

Section 13.      No Rights as Shareholder.  The Participant shall not have any rights of a Shareholder with respect to the Covered Shares until a stock certificate or its equivalent has been duly issued following exercise of the SAR as provided herein.

 

Section 14.      Amendment.  Without limitation of Section 17 and Section 18 below, this Award Agreement may be amended in accordance with the provisions of the Plan, and may otherwise be amended in writing by the Participant and the Company without the consent of any other person.

 

Section 15.      Governing Law.  This Award Agreement, the Plan, and all actions taken in connection herewith and therewith shall be governed by and construed in accordance with the laws of the State of Michigan, without reference to principles of conflict of laws, except as superseded by applicable federal law.

 

Section 16.      Validity.  If any provision of this Award Agreement is determined to be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Award Agreement shall be construed and enforced as if such illegal or invalid provision had never been included herein.

 

Section 17.      Section 409A Amendment.  The SAR is intended to be exempt from Code Section 409A and this Award Agreement shall be administered and interpreted in accordance with such intent.  The Committee reserves the right (including the right to delegate such right) to unilaterally amend this Award Agreement without the consent of the Participant in order to maintain an exclusion from the application of, or to maintain compliance with, Code Section 409A; and the Participant hereby acknowledges and consents to such rights of the Committee.

 

Section 18.      Clawback.  The SAR and any amount or benefit received under the Plan shall be subject to potential cancellation, recoupment, rescission, payback, or other action in accordance with the terms of any applicable Company or Subsidiary clawback policy (the “Policy”) or any applicable law, as may be in effect from time to time.  The Participant hereby acknowledges and consents to the Company’s or a Subsidiary’s application, implementation, and enforcement of (a) the Policy and any similar policy established by the Company or a Subsidiary that may apply to the Participant, whether adopted prior to or following the date of this Award Agreement and (b) any provision of applicable law relating to cancellation, rescission, payback, or recoupment of compensation, and agrees that the Company or a Subsidiary may take such actions as may be necessary to effectuate the Policy, any similar policy, and applicable law, without further consideration or action.

 

*          *          *          *          *

 

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IN WITNESS WHEREOF, the Company has caused this Award Agreement to be executed in its name and on its behalf, and the Participant acknowledges understanding and acceptance of, and agrees to, the terms of this Award Agreement, all as of the Grant Date.

 

 

	
 
    	
LEVEL   ONE BANCORP, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    
	
 
    	
Print Name:
    	
 
    
	
 
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PARTICIPANT
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Print Name:
    	
 
    
					

 

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