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Exhibit 4.1

DESCRIPTION OF CAPITAL STOCK
A brief summary of the material terms of our capital stock is set forth below. The description is qualified in its entirety by reference to our Articles of Incorporation, as amended (the “Articles”) and Amended and Restated Bylaws (the “Bylaws”) that are filed as exhibits to the Form 10-K of which this Exhibit is a part. The following description of our capital stock and provisions of our Articles and Bylaws is only a summary of such provisions and instruments, and does not purport to be complete. As used in this Exhibit, the terms “Camden National Corporation,” “Camden,” the “Company,” “we,” “us,” “our,” and other similar references refer only to Camden National Corporation and not to any of its subsidiaries.
Authorized Capital Stock
Our authorized capital stock consists of 40,000,000 shares of common stock, without par value (the “common stock”). The number of authorized shares of our common stock may be increased or decreased (but not below the number of shares then outstanding) by the affirmative vote of a majority of our stock entitled to vote.  At this time, we are not authorized under the terms of our Articles to issue any class or series of preferred stock, and we have no shares of preferred stock issued or outstanding.
Common Stock
The following is a description of the material terms and provisions of our common stock. See the Articles and Bylaws for a more complete description of the terms of our common stock.
General
As of December 31, 2020, we had 14,909,097 shares of common stock issued and outstanding. All shares of common stock will, when issued, be duly authorized, fully paid and nonassessable. 
Dividends
Subject to the preferential rights of any other class or series of stock, holders of shares of our common stock will be entitled to receive dividends out of funds legally available for distribution, if and when they are authorized and declared by our board of directors, in such amounts as our board of directors may determine. 
Our ability to pay dividends on our common stock:
•depends primarily upon the ability of our subsidiary, Camden National Bank, to pay dividends or otherwise transfer funds to us; and
•is subject to policies established by our banking regulators (see “Item 1. Business - Supervision and Regulation” of the Form 10-K of which this Exhibit is a part for a more detailed description of limitations on our ability to pay dividends).

Liquidation Rights
In the event we are liquidated, dissolved or our affairs are wound up, after we pay or make adequate provision for all of our known debts and liabilities, each holder of common stock will receive dividends pro rata out of assets that we can legally use to pay distributions, subject to any rights that are granted to the holders of any class or series of preferred stock.
Preemptive, Redemption, and Conversion Rights
The holders of our common stock do not have any preemptive rights. There are no subscription, redemption, conversion or sinking fund provisions with respect to our common stock.
Voting Rights
Except as otherwise required by law and except as provided by the terms of any other class or series of stock, holders of common stock have the exclusive power to vote on all matters presented to our stockholders, including the election of directors. Holders of common stock are entitled to one vote per share. 
Generally, matters to be voted on by our stockholders must be approved by a majority of the votes cast at a meeting of stockholders in which a quorum is present, including the election of directors in an uncontested election, subject to state law 

Exhibit 4.1

and any voting rights granted to any holders of preferred stock. In any meeting in which directors are to be elected, however, if the number of nominees exceeds the number of directors to be elected, directors will be elected by a plurality of the votes cast.
Other Rights
Subject to the preferential rights of any other class or series of stock, all shares of common stock have equal dividend, distribution, liquidation and other rights, and have no preference, appraisal or exchange rights, except for any appraisal rights provided by Maine law.  Holders of common stock have no conversion, sinking fund or redemption rights, or preemptive rights to subscribe for any of our securities.

Certain Anti-Takeover Provisions
Certain provisions of our Articles and Bylaws, and certain provisions of Maine law applicable to our business, may discourage or make more difficult a takeover attempt that a stockholder might consider in his or her best interest. These provisions may also adversely affect prevailing market prices for our common stock. We believe that the benefits of increased protection give us the potential ability to negotiate with the proponent of an unsolicited proposal to acquire or restructure us and outweigh the disadvantage of discouraging those proposals.
Classified Board
Our board of directors is divided into three classes, each of which serves until the third annual meeting of shareholders after their election, with one class being elected each year.
Advance Notice Requirements
Our Bylaws require that shareholders provide the Company’s Secretary notice not less than 90 days nor more than 120 days before the first anniversary of the preceding year’s annual meeting for the purpose of nominating any director candidate. If the date of the annual meeting is advanced by more than 30 days before or delayed by more than 60 days after the preceding year’s annual meeting, notice will be timely if it is delivered not earlier than 120 days before and not later than 90 days before the annual meeting or 10 days after public announcement of the date of the annual meeting is first made.
Maine Business Corporation Act
As a Maine corporation, we are subject to the Maine Business Corporation Act (the “Act”), certain provisions of which may have an anti-takeover effect.
Section 702 of the Act
Section 702 of the Act provides that special meetings of shareholders may be called only (i) by a majority of the board of directors, (ii) by the person or persons authorized to do so by the Articles or Bylaws, or (iii) by the holders of at least 10% of all the votes entitled to be cast on any issue proposed to be considered at the special meeting, except that the Company may fix a lower percentage, or a higher percentage not exceeding 25% of all the votes entitled to vote on any issue proposed to be considered, of the requisite holders to call a special meeting.  Under our Bylaws, special meetings of stockholders may be called by holders of at least 25% of the shares entitled to vote at the meeting.

Section 1109 of the Act
Section 1109 of the Act is an antitakeover law that generally prohibits us from engaging in a “business combination” with an “interested shareholder” for a period of five years after the date of the transaction in which the person becomes an interested shareholder, unless either (1) the business combination is approved by our board of directors prior to that person becoming an interested shareholder or (2) subsequent to the date of the transaction in which the person becomes an interested shareholder, the business combination is approved by our board of directors and authorized by the holders of a majority of our outstanding voting stock not beneficially owned by the interested shareholder or any affiliate or associate of the interested shareholder or by persons who are either directors or officers and also employees of the Company. 
An “interested shareholder” is any person, firm or entity that is directly or indirectly the beneficial owner of 25% or more of our outstanding voting stock, other than by reason of a revocable proxy given in response to a proxy solicitation conducted in accordance with the Exchange Act which is not then reportable on a Schedule 13D under the Exchange Act. 
We may at any time amend our Articles or Bylaws, by vote of the holders of at least 66 2/3% of our voting stock, to elect not to be governed by Section 1109.

Exhibit 4.1

Section 1110 of the Act
Section 1110 of the Act generally provides our shareholders with the right to demand payment from a person or group of persons which become a “controlling person” of an amount equal to the fair value of each voting share in the Company held by the shareholder. A “controlling person” generally is defined to mean an individual, firm or entity (or group thereof) that has voting power over at least 25% of our outstanding voting shares. Such a demand must be submitted to the controlling person within 30 days after the controlling person provides required notice to our shareholders of the acquisition or transactions which resulted in such person or group becoming a controlling person.Document

Exhibit 10.23

Summary of Executive Annual Incentive Program 
______________________________________________________________________________________________________

Introduction and Objective
Camden National Bank (the “Company”) is committed to rewarding employees for their contributions to the Company’s success.  The Executive Incentive Program (“EIP” or “Program”) is part of a total compensation package which includes base salary, annual incentives, long-term incentive/equity and benefits.  The EIP is designed to:
•Recognize and reward achievement of the Company’s annual business results
•Focus participants’ attention on key business metrics and fiscal targets in the strategic and operating plans
•Motivate and reward superior performance
•Attract and retain talent needed for the Company’s success
•Be competitive with the market
Plan Year
The EIP plan year follows the Company’s fiscal year, January 1st to December 31st.
Eligibility
Following is a summary of the general guidelines for eligibility to receive an award under the Program.  The Committee may establish different or additional eligibility criteria from time to time and has the discretion to make all determinations under the Program.   
•Eligibility each year may include members of the Executive team and other key positions, as identified by the CEO and approved by the Compensation Committee (“Committee”) for those on the Executive team.  Selection as a participant in one year does not guarantee selection for participation in any future year.  
•Participants must be employed by October 1st of the plan year in order to be eligible for that year’s incentive.  Employees hired between January 1st and October 1st will be eligible to receive a prorated award based on hire date. For example: if an employee were to be hired on May 1st, the employee would be eligible to receive two-thirds of his or her eligible EIP, if any, for the plan year.  Employees hired on or after October 1st of a year are not eligible to receive an award under the Program for that year.
•Participants must be an active employee as of the award payout date to receive an award (for exceptions, see “Terminations Due to Death or Disability”).
•Participant’s performance must be in good standing for the performance period and at the time of payment. Unless otherwise determined by the Committee, participants who terminate employment during the plan year will not be eligible to receive an award and participants who have given notice of resignation or terminate employment after the plan year and before payout are not eligible to receive the incentive award payment (for exceptions, see “Terminations Due to Death or Disability”). 
Incentive Opportunity
Each participant will have an annual target incentive opportunity based on the competitive market for his/her role as determined by the Committee. Unless otherwise determined by the Committee, the target incentive will reflect a percentage of base earnings for the plan year with actual award amounts, if any, to be determined by the Committee and varying based on performance. The maximum payout for each participant will be capped at 200% of his/her target opportunity. 
Performance Measures and Payout Range
The incentive award payout may be based on annual Net Income Before Taxes (NIBT) as compared to budgeted NIBT or such other performance measure or measures as determined by the Committee. The Company’s annual budget includes an assumed incentive award payout at target for each participant, and, as the applicable performance measure exceeds or falls below the budgeted level the incentive pool is adjusted to ensure appropriate funding for the participants. The Committee may set forth on an appendix to this Program summary from time to time, an illustration of the EIP pool funding amount as a percentage of budget based on achievement of the applicable performance measure.  Unless otherwise determined by the Committee, EIP pool funding will begin once the level of the applicable performance measure reaches 96% of budget (threshold), and threshold performance (or minimum acceptable performance) will fund the incentive pool at 20% of target. To fund the incentive pool at target, 

Exhibit 10.23

unless otherwise determined by the Committee, performance measure achievement at 100% of budget is needed.  To fund the maximum of the incentive pool, unless otherwise determined by the Committee, performance measure achievement of 110% of budget must be achieved.  Applicable performance measure results may be adjusted for extraordinary, one-time or other events as determined and approved by the Committee.  
Payout can vary from 0% for below threshold performance, 20% for threshold achievement, 100% for target achievement and 200% for stretch performance achievement. Performance between payout levels at or above threshold (i.e., threshold, target and stretch) will be calculated using straight line interpolation as determined by the Committee.
Individual Performance 
Unless otherwise determined by the Committee, each participant’s payout will be based 60% on the Company’s financial results and 40% on each individual’s achievements, accomplishments and performance as measured by the CEO of the Company in his discretion, except that the Committee shall determine the CEO’s individual performance in its discretion.  
The CEO, with approval from the Committee, may have discretion to provide additional individual funding above 40% for the individual component for exceptional individual performance.  
In applying individual performance discretion, the CEO must remain cost neutral to the funding pool.  Any additions to the pool may be requested and approved by the Committee.
Committee Discretion
The Committee reserves the right to apply discretion to all determinations it makes under the Program, including the payouts as needed to reflect business environment, market conditions, budgetary constraints, compliance, asset credit quality and risk management considerations. The Committee also reserves the right to amend, modify and adjust payouts as necessary.

Exhibit 10.23

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

Exhibit 10.23

The relationship between the participants and the Company is one of at-will employment. The Program does not alter the relationship. The Program and the awards and payments under the Program shall, in all respect, be governed by, and construed and enforced in accordance with the laws of Maine.

Exhibit 10.23

Appendix

The table below illustrates the incentive funding based on NIBT as it compares to budgeted NIBT. Funding will begin once NIBT reaches 96% of budget (threshold). Threshold performance (or minimum acceptable performance) will fund the incentive pool at 20% of target. To fund the incentive pool at target, a NIBT at 100% of budget is needed.  To fund the maximum of the incentive pool, NIBT of 110% of budget must be achieved.  The following table outlines the funding mechanism:

Corporate Performance 
												
	Performance Funding Metric
(Potential Payout Range % of Pool)
	Threshold
(20%)
	Target
(100%)
	Stretch
(200%)

	Net Income Before Tax	96% of
Budget	Budget	110% of
Budget

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