Document:

Warner Music Group Corp. Amended and Restated 2005 Omnibus Award Plan

 Exhibit 10.4 
 Warner Music Group Corp. 
 2005 Omnibus Award Plan 
 (Amended and Restated Effective February 26, 2008) 
 1. Purpose 
 The purpose of the Plan is to provide a means through which the Company and its Affiliates may attract able
persons to enter and remain in the employ of the Company and its Affiliates and to provide a means whereby employees, directors and consultants of the Company and its Affiliates can acquire and maintain Common Stock ownership, or be paid incentive
compensation measured by reference to the value of Common Stock, thereby strengthening their commitment to the welfare of the Company and its Affiliates and promoting an identity of interest between stockholders and these persons. 
 So that the appropriate incentive can be provided, the Plan provides for granting Incentive Stock Options, Nonqualified Stock Options, Stock Appreciation
Rights, Restricted Stock, Restricted Stock Units, Phantom Stock Awards, Stock Bonuses and Performance Compensation Awards, or any combination of the foregoing. 
 2. Definitions 
 The following definitions shall be applicable throughout the Plan. 
 (a) “Affiliate” means any entity that directly or indirectly is controlled by, controls or is under common control with the Company.

 (b) “Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation
Right, Restricted Stock, Restricted Stock Unit, Phantom Stock Award, Stock Bonus or Performance Compensation Award granted under the Plan. 
 (c) “Board” means the Board of Directors of the Company. 
 (d) “Cause” means the Company or an Affiliate
having “cause” to terminate a Participant’s employment or service, as defined in any existing employment, consulting or any other agreement between the Participant and the Company or an Affiliate or, in the absence of such an
employment, consulting or other agreement, upon (i) the determination by the Committee that the Participant has ceased to perform his duties to the Company, or an Affiliate (other than as a result of his incapacity due to physical or mental
illness or injury), which failure amounts to an intentional and extended neglect of his duties to such party, (ii) the Committee’s determination that the Participant has engaged or is about to engage in conduct materially injurious to the
Company or an Affiliate, (iii) the Participant having been convicted of, or plead guilty or no contest to, a felony or any crime involving as a material element fraud or dishonesty, (iv) the failure of the Participant to follow the lawful
instructions of the Board or his 

 
direct superiors or (v) in the case of a Participant who is a non-employee director, the Participant ceasing to be a member of the Board in connection
with the Participant engaging in any of the activities described in clauses (i) through (iv) above. 
 (e) “Change in
Control” shall, unless in the case of a particular Award the applicable Award agreement states otherwise or contains a different definition of “Change in Control,” have the meaning set forth in the Certificate of Incorporation of the
Company. 
 (f) “Code” means the Internal Revenue Code of 1986, as amended. Reference in the Plan to any section of the Code shall
be deemed to include any amendments or successor provisions to such section and any regulations under such section. 
 (g)
“Committee” means a committee of at least two people as the Board may appoint to administer the Plan or, if no such committee has been appointed by the Board, the Board. Unless the Board is acting as the Committee or the Board specifically
determines otherwise, each member of the Committee shall, at the time he takes any action with respect to an Award under the Plan, be an Eligible Director. However, the fact that a Committee member shall fail to qualify as an Eligible Director shall
not invalidate any Award granted by the Committee which Award is otherwise validly granted under the Plan. 
 (h) “Common Stock”
means the common stock, par value $0.01 per share, of the Company and any stock into which such common stock may be converted or into which it may be exchanged. 
 (i) “Company” means Warner Music Group Corp. and any successor thereto. 
 (j) “Date of
Grant” means the date on which the granting of an Award is authorized, or such other date as may be specified in such authorization or, if there is no such date, the date indicated on the applicable Award agreement. 
 (k) “Disability” means, unless in the case of a particular Award the applicable Award agreement states otherwise, the Company or an Affiliate
having cause to terminate a Participant’s employment or service on account of “disability,” as defined in any existing employment, consulting or other similar agreement between the Participant and the Company or an Affiliate or, in
the absence of such an employment, consulting or other agreement, a condition entitling the Participant to receive benefits under a long-term disability plan of the Company or an Affiliate or, in the absence of such a plan, the complete and
permanent inability by reason of illness or accident to perform the duties of the occupation at which a Participant was employed or served when such disability commenced, as determined by the Committee based upon medical evidence acceptable to it.

 (l) “Effective Date” means the date upon which the Pricing Committee of the Board sets the price at which the shares of Common
Stock are to be 

  

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sold to a group of underwriters in the underwritten initial public offering of Common Stock, immediately following the recapitalization of the Common Stock
in preparation for such initial public offering. 
 (m) “Eligible Director” means a person who is (i) a “non-employee
director” within the meaning of Rule 16b-3 under the Exchange Act, or a person meeting any similar requirement under any successor rule or regulation and (ii) an “outside director” within the meaning of Section 162(m)
of the Code, and the Treasury Regulations promulgated thereunder; provided, however, that clause (ii) shall apply only with respect to grants of Awards with respect to which the Company’s tax deduction could be limited by
Section 162(m) of the Code if such clause did not apply. 
 (n) “Eligible Person” means any (i) individual regularly
employed by the Company or Affiliate who satisfies all of the requirements of Section 6; provided, however, that no such employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent
that such eligibility is set forth in such collective bargaining agreement or in an agreement or instrument relating thereto; (ii) director of the Company or an Affiliate; or (iii) consultant or advisor to the Company or an Affiliate who
may be offered securities pursuant to Form S-8. 
 (o) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 (p) “Fair Market Value”, on a given date means (i) if the Stock is listed on a national securities exchange, the closing
sales price reported as having occurred on the primary exchange with which the Stock is listed and traded on such date, or, if there is no such sale on that date, then on the last preceding date on which such a sale was reported; (ii) if the
Stock is not listed on any national securities exchange but is quoted in the Nasdaq National Market (the “Nasdaq”) on a last sale basis, the last sales price reported on such date, or, if there is no such sale on that date, then on the
last preceding date on which a sale was reported; or (iii) if the Stock is not listed on a national securities exchange nor quoted in the Nasdaq on a last sale basis, the amount determined by the Committee to be the fair market value based upon
a good faith attempt to value the Stock accurately and computed in accordance with applicable regulations of the Internal Revenue Service. 
 (q) “Good Reason” shall have the meaning, if any, set forth in a Participant’s employment agreement, if any, with the Company or an Affiliate, and shall not apply in respect of any Participant who does not have such an
employment agreement. 
 (r) “Incentive Stock Option” means an Option granted by the Committee to a Participant under the Plan
which is designated by the Committee as an incentive stock option as described in Section 422 of the Code and otherwise meets the requirements set forth herein. 
  

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 (s) “Mature Shares” means shares of Stock owned by a Participant which are not subject to any
pledge or other security interest and have such other requirements as the Committee may determine are necessary in order to avoid an accounting earnings charge on account of the use of such shares to pay the Option Price or satisfy a withholding
obligation in respect of an Option. 
 (t) “Negative Discretion” shall mean the discretion authorized by the Plan to be applied by
the Committee to eliminate or reduce the size of a Performance Compensation Award in accordance with Section 11(d)(iv) of the Plan; provided, that the exercise of such discretion would not cause the Performance Compensation Award to
fail to qualify as “performance-based compensation” under Section 162(m) of the Code. 
 (u) “Nonqualified Stock
Option” means an Option granted by the Committee to a Participant under the Plan which is not designated by the Committee as an Incentive Stock Option. 
 (v) “Option” means an Award granted under Section 7 of the Plan. 
 (w) “Option
Period” means the period described in Section 7(c) of the Plan. 
 (x) “Option Price” means the exercise price for an
Option as described in Section 7(a) of the Plan. 
 (y) “Participant” means an Eligible Person who has been selected by the
Committee to participate in the Plan and to receive an Award pursuant to Section 6 of the Plan. 
 (z) “Parent” means any
parent of the Company as defined in Section 424(e) of the Code. 
 (aa) “Performance Compensation Award” shall mean any Award
designated by the Committee as a Performance Compensation Award pursuant to Section 11 of the Plan. 
 (bb) “Performance
Criteria” shall mean the criterion or criteria that the Committee shall select for purposes of establishing the Performance Goal(s) for a Performance Period with respect to any Performance Compensation Award under the Plan. The Performance
Criteria that will be used to establish the Performance Goal(s) shall be based on the attainment of specific levels of performance of the Company (or Affiliate, division or operational unit of the Company) and shall be limited to the following:

  

	 	(i)	net earnings or net income (before or after taxes); 

  

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	 	(ii)	basic or diluted earnings per share (before or after taxes) or earnings per shares growth; 

  

	 	(iii)	net revenue or net revenue growth; 

  

	 	(iv)	gross profit or gross profit growth; 

  

	 	(v)	net operating profit (before or after taxes) or net operating profit growth; 

  

	 	(vi)	return measures (including, but not limited to, return on assets, capital, invested capital, equity, or sales); 

  

	 	(vii)	cash flow (including, but not limited to, operating cash flow, free cash flow, and cash flow return on capital); 

  

	 	(viii)	earnings before or after taxes, interest, depreciation and/or amortization (EBITDA) or EBITDA growth; 

  

	 	(ix)	operating income before or after depreciation and/or amortization (OIBDA) or OIBDA growth; 

  

	 	(x)	gross or operating margins; 

  

	 	(xi)	productivity ratios; 

  

	 	(xii)	share price (including, but not limited to, growth measures and total stockholder return); 

  

	 	(xiii)	expense targets; 

  

	 	(xiv)	margins; 

  

	 	(xv)	operating efficiency; 

  

	 	(xvi)	objective measures of customer satisfaction; 

  

	 	(xvii)	working capital targets; 

  

	 	(xviii)	measures of economic value added; 

  

	 	(xix)	inventory control; and 

  

	 	(xx)	enterprise value. 

 Any one or more of the Performance
Criterion may be used on an absolute or relative basis to measure the performance of the Company and/or an Affiliate as a whole or any business unit of the Company and/or an Affiliate or any combination thereof, as the Committee may deem
appropriate, or any of the above Performance Criteria as 

  

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compared to the performance of a group of comparator companies, or published or special index that the Committee, in its sole discretion, deems appropriate,
or the Company may select Performance Criterion (xi) above as compared to various stock market indices. The Committee also has the authority to provide for accelerated vesting of any Award based on the achievement of Performance Goals pursuant
to the Performance Criteria specified in this paragraph. To the extent required under Section 162(m) of the Code, the Committee shall, within the first 90 days of a Performance Period (or, if longer or shorter, within the maximum period allowed
under Section 162(m) of the Code), define in an objective fashion the manner of calculating the Performance Criteria it selects to use for such Performance Period. In the event that applicable tax and/or securities laws change to permit
Committee discretion to alter the governing Performance Criteria without obtaining stockholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining stockholder approval. 
 (cc) “Performance Formula” shall mean, for a Performance Period, the one or more objective formulas applied against the relevant Performance
Goal to determine, with regard to the Performance Compensation Award of a particular Participant, whether all, some portion but less than all, or none of the Performance Compensation Award has been earned for the Performance Period. 
 (dd) “Performance Goals” shall mean, for a Performance Period, the one or more goals established by the Committee for the Performance Period
based upon the Performance Criteria. The Committee is authorized at any time during the first 90 days of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code), or at any time
thereafter to the extent allowed under Section 162(m) of the Code, in its sole and absolute discretion, to adjust or modify the calculation of a Performance Goal for such Performance Period in order to prevent the dilution or enlargement of the
rights of Participants based on the following events: 
  

	 	(i)	asset write-downs; 

  

	 	(ii)	litigation or claim judgments or settlements; 

  

	 	(iii)	the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported results; 

  

	 	(iv)	any reorganization and restructuring programs; 

  

	 	(v)	extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 (or any successor pronouncement thereto) and/or in management’s discussion and
analysis of financial condition and results of operations appearing in the Company’s annual report to stockholders for the applicable year; 

  

	 	(vi)	acquisitions or divestitures; 

  

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	 	(vii)	any other specific unusual or nonrecurring events, or objectively determinable category thereof; 

  

	 	(viii)	foreign exchange gains and losses; and 

  

	 	(ix)	a change in the Company’s fiscal year. 

 (ee)
“Performance Period” shall mean the one or more periods of time not less than one (1) year in duration, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of
determining a Participant’s right to, and the payment of, a Performance Compensation Award. 
 (ff) “Phantom Stock Award”
shall mean a cash award whose value is determined based on the change in the value of the Company Common Stock from the Effective Date. 
 (gg) “Plan” means this Warner Music Group Corp. 2005 Omnibus Award Plan. 
 (hh) “Restricted Period” means,
with respect to any Award of Restricted Stock or any Restricted Stock Unit, the period of time determined by the Committee during which such Award is subject to the restrictions set forth in Section 9 or, as applicable, the period of time
within which performance is measured for purposes of determining whether an Award has been earned. 
 (ii) “Restricted Stock Unit”
means a hypothetical investment equivalent to one share of Stock granted in connection with an Award made under Section 9. 
 (jj)
“Restricted Stock” means shares of Stock issued or transferred to a Participant subject to forfeiture and the other restrictions set forth in Section 9 of the Plan. 
 (kk) “Securities Act” means the Securities Act of 1933, as amended. 
 (ll) “Stock” means the Common Stock or such other authorized shares of stock of the Company as the Committee may from time to time authorize
for use under the Plan. 
 (mm) “Stock Appreciation Right” or “SAR” means an Award granted under Section 8 of the
Plan. 
 (nn) “Stock Bonus” means an Award granted under Section 10 of the Plan. 
  

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 (oo) “Stock Option Agreement” means any agreement between the Company and a Participant who
has been granted an Option pursuant to Section 7 which defines the rights and obligations of the parties thereto. 
 (pp) “Strike
Price” means, (i) in the case of a SAR granted in tandem with an Option, the Option Price of the related Option, or (ii) in the case of a SAR granted independent of an Option, the Fair Market Value on the Date of Grant. 
 (qq) “Subsidiary” means any subsidiary of the Company as defined in Section 424(f) of the Code. 
 (rr) “Substitution Award” means an Award that is intended to replace any existing incentive award held by an employee or director of, or
consultant or advisor to, an entity acquired by the Company or an Affiliate of the Company. The terms and conditions of any Substitution Award shall be set forth in an Award agreement and shall, except as may be inconsistent with any provision of
the Plan, to the extent practicable provide the recipient with benefits (including economic value) substantially similar to those provided to the recipient under the existing award which such Substitution Award is intended to replace. 
 (ss) “Vested Unit” shall have the meaning ascribed thereto in Section 9(d) of the Plan. 
 (tt) “Voting Stock” of a person means all classes of capital stock or other interests, including partnership interests, of such person then
outstanding and normally entitled, without regard to the occurrence of any contingency, to vote in the election of directors, managers, or trustee thereof. 
 3. Effective Date, Duration and Shareholder Approval 
 The Plan is effective as of the Effective Date. No Option shall be
treated as an Incentive Stock Option unless the Plan has been approved by the shareholders of the Company in a manner intended to comply with the shareholder approval requirements of Section 422(b)(i) of the Code; provided, that any
Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain such approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained.

 The expiration date of the Plan, on and after which no Awards may be granted hereunder, shall be the tenth anniversary of the Effective
Date; provided, however, that such expiration shall not affect Awards then outstanding, and the terms and conditions of the Plan shall continue to apply to such Awards. 
 4. Administration 
 (a) The Committee shall administer the Plan. The majority of the members of the
Committee shall constitute a quorum. The acts of a majority of the members present at any meeting at which a quorum is present or acts approved in writing by a majority of the Committee shall be deemed the acts of the Committee. 
  

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 (b) Subject to the provisions of the Plan and applicable law, the Committee shall have the power, and in
addition to other express powers and authorizations conferred on the Committee by the Plan, to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of
shares of Stock to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and
under what circumstances Awards may be settled or exercised in cash, shares of Stock, other securities, other Awards or other property, or canceled, forfeited, or suspended and the method or methods by which Awards may be settled, exercised,
canceled, forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, Stock, other securities, other Options, other property and other amounts payable with respect to an Award shall be
deferred either automatically or at the election of the holder thereof or of the Committee; (vii) interpret, administer, reconcile any inconsistency, correct any defect and/or supply any omission in the Plan and any instrument or agreement
relating to, or Award granted under, the Plan; (viii) establish, amend, suspend, or waive such rules and regulations; (ix) appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (x) make any
other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. 
 (c)
Notwithstanding the foregoing, the committee may delegate to any officer of the Company or any Affiliate the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election which is the responsibility of or
which is allocated to the Committee herein, and which may be so delegated as a matter of law, except for grants of Awards to (i) “covered employees” under Code Section 162(m) (other than Awards exempt from the application of Code
Section 162(m)) and (ii) persons subject to Section 16 of the 1934 Act. 
 (d) Unless otherwise expressly provided in the
Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee, may be
made at any time and shall be final, conclusive and binding upon all parties, including, without limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any shareholder. 
 (e) No member of the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Award hereunder.

 5. Grant of Awards; Shares Subject to the Plan 
 The Committee may, from time to time, grant Awards of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Phantom Stock Awards, 

  

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Stock Bonuses and/or Performance Compensation Awards to one or more Eligible Persons; provided, however, that: 
 (a) Subject to Section 13, the aggregate number of shares of Stock in respect of which Awards may be granted under the Plan is 16,916,133 shares;

 (b) Shares of Stock shall be deemed to have been used in settlement of Awards whether or not they are actually delivered or the Fair
Market Value equivalent of such shares is paid in cash; provided, however, that shares of Stock delivered (either directly or by means of attestation) in full or partial payment of the Option Price in accordance with Section 7(b)
shall be deducted from the number of shares of Stock delivered to the Participant pursuant to such Option for purposes of determining the number of shares of Stock acquired pursuant to the Plan. In accordance with (and without limitation upon) the
preceding sentence, if and to the extent an Award under the Plan expires, terminates or is canceled for any reason whatsoever without the Participant having received any benefit therefrom, the shares covered by such Award shall again become
available for future Awards under the Plan. For purposes of the foregoing sentence, a Participant shall not be deemed to have received any “benefit” (i) in the case of forfeited Restricted Stock Awards by reason of having enjoyed
voting rights and dividend rights prior to the date of forfeiture or (ii) in the case of an Award canceled by reason of a new Award being granted in substitution therefor; 
 (c) Stock delivered by the Company in settlement of Awards may be authorized and unissued Stock, Stock held in the treasury of the Company, Stock
purchased on the open market or by private purchase, or a combination of the foregoing; and 
 (d) Subject to Section 13, no person may
be granted Options or SARs under the Plan during any calendar year with respect to more than 6,000,000 shares of Stock. 
 6. Eligibility 

Participation shall be limited to Eligible Persons who have entered into an Award agreement or who have received written notification from the
Committee, or from a person designated by the Committee, that they have been selected to participate in the Plan. 
 7. Options 
 The Committee is authorized to grant one or more Incentive Stock Options or Nonqualified Stock Options to any Eligible Person; provided,
however, that no Incentive Stock Option shall be granted to any Eligible Person who is not an employee of the Company or a Parent or Subsidiary. Each Option so granted shall be subject to the conditions set forth in this Section 7, or to
such other conditions as may be reflected in the applicable Stock Option Agreement. 
  

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 (a) Option Price. The exercise price (“Option Price”) per share of Stock for each
Option which is not a Substitution Award shall be set by the Committee at the time of grant but shall not be less than the Fair Market Value of a share of Stock on the Date of Grant. 
 (b) Manner of Exercise and Form of Payment. No shares of Stock shall be delivered pursuant to any exercise of an Option until payment in full of
the Option Price therefor is received by the Company. Options which have become exercisable may be exercised by delivery of written notice of exercise to the Committee accompanied by payment of the Option Price. The Option Price shall be payable
(i) in cash, check, cash equivalent and/or shares of Stock valued at the Fair Market Value at the time the Option is exercised (including by means of attestation of ownership of a sufficient number of shares of Stock in lieu of actual delivery
of such shares to the Company); provided, that such shares of Stock are Mature Shares; (ii) in the discretion of the Committee, either (A) in other property having a fair market value on the date of exercise equal to the Option
Price or (B) by delivering to the Committee a copy of irrevocable instructions to a stockbroker to deliver promptly to the Company an amount sufficient to pay the Option Price; or (iii) by such other method as the Committee may allow.
Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner which the Committee determines would violate the Sarbanes-Oxley Act of 2002, or any other applicable law or the applicable rules and
regulations of the Securities and Exchange Commission or the applicable rules and regulations of any securities exchange or inter dealer quotation system on which the securities of the Company or any Affiliates are listed or traded. 
 (c) Vesting, Option Period and Expiration. Options shall vest and become exercisable in such manner and on such date or dates determined by the
Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the “Option Period”); provided, however, that notwithstanding any vesting dates set by the Committee, the Committee
may, in its sole discretion, accelerate the exercisability of any Option, which acceleration shall not affect the terms and conditions of such Option other than with respect to exercisability. If an Option is exercisable in installments, such
installments or portions thereof which become exercisable shall remain exercisable until the Option expires. 
 (d) Stock Option
Agreement – Other Terms and Conditions. Each Option granted under the Plan shall be evidenced by a Stock Option Agreement. Except as specifically provided otherwise in such Stock Option Agreement, each Option granted under the Plan shall be
subject to the following terms and conditions: 
 (i) Each Option or portion thereof that is exercisable shall be exercisable
for the full amount or for any part thereof. 
 (ii) Each share of Stock purchased through the exercise of an Option shall be
paid for in full at the time of the exercise. Each Option shall cease to be exercisable, as to any share of Stock, when the Participant purchases the share or exercises a related SAR or when the Option expires. 
  

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 (iii) Subject to Section 12(k), Options shall not be transferable by the Participant
except by will or the laws of descent and distribution and shall be exercisable during the Participant’s lifetime only by him. 
 (iv) Each Option shall vest and become exercisable by the Participant in accordance with the vesting schedule established by the Committee and set forth in the Stock Option Agreement. 
 (v) At the time of any exercise of an Option, the Committee may, in its sole discretion, require a Participant to deliver to the Committee
a written representation that the shares of Stock to be acquired upon such exercise are to be acquired for investment and not for resale or with a view to the distribution thereof and any other representation deemed necessary by the Committee to
ensure compliance with all applicable federal and state securities laws. Upon such a request by the Committee, delivery of such representation prior to the delivery of any shares issued upon exercise of an Option shall be a condition precedent to
the right of the Participant or such other person to purchase any shares. In the event certificates for Stock are delivered under the Plan with respect to which such investment representation has been obtained, the Committee may cause a legend or
legends to be placed on such certificates to make appropriate reference to such representation and to restrict transfer in the absence of compliance with applicable federal or state securities laws. 
 (vi) Each Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date he
or she makes a disqualifying disposition of any Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including any sale) of such Stock before the later of (A) two years after
the Date of Grant of the Incentive Stock Option or (B) one year after the date the Participant acquired the Stock by exercising the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with procedures
established by it, retain possession of any Stock acquired pursuant to the exercise of an Incentive Stock Option as agent for the applicable Participant until the end of the period described in the preceding sentence, subject to complying with any
instructions from such Participant as to the sale of such Stock. 
 (e) Incentive Stock Option Grants to 10% Stockholders.
Notwithstanding anything to the contrary in this Section 7, if an Incentive Stock Option is granted to a Participant who owns stock representing more than ten percent of the voting power of all classes of stock of the Company or of a Subsidiary
or Parent, the Option Period shall not exceed five years from the Date of Grant of such Option and the Option Price shall be at least 110 percent of the Fair Market Value (on the Date of Grant) of the Stock subject to the Option. 
  

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 (f) $100,000 Per Year Limitation for Incentive Stock Options. To the extent the aggregate Fair
Market Value (determined as of the Date of Grant) of Stock for which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company) exceeds $100,000, such excess Incentive
Stock Options shall be treated as Nonqualified Stock Options. 
 8. Stock Appreciation Rights 
 Any Option granted under the Plan may include SARs, either at the Date of Grant or, except in the case of an Incentive Stock Option, by subsequent
amendment. The Committee also may award SARs to Eligible Persons independent of any Option. A SAR shall be subject to such terms and conditions not inconsistent with the Plan as the Committee shall impose, including, but not limited to, the
following: 
 (a) Vesting, Transferability and Expiration. A SAR granted in connection with an Option shall become exercisable, be
transferable and shall expire according to the same vesting schedule, transferability rules and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall become exercisable, be transferable and shall expire in
accordance with a vesting schedule, transferability rules and expiration provisions as established by the Committee and reflected in an Award agreement. 
 (b) Automatic Exercise. If on the last day of the Option Period (or in the case of a SAR independent of an option, the period established by the Committee after which the SAR shall expire), the Fair Market
Value exceeds the Strike Price, the Participant has not exercised the SAR or the corresponding Option, and neither the SAR nor the corresponding Option has expired, such SAR shall be deemed to have been exercised by the Participant on such last day
and the Company shall make the appropriate payment therefor. 
 (c) Payment. Upon the exercise of a SAR, the Company shall pay to the
Participant an amount equal to the number of shares subject to the SAR multiplied by the excess, if any, of the Fair Market Value of one share of Stock on the exercise date over the Strike Price. The Company shall pay such excess in cash or in
shares of Stock valued at Fair Market Value. 
 (d) Method of Exercise. A Participant may exercise a SAR at such time or times as may
be determined by the Committee at the time of grant by filing an irrevocable written notice with the Committee or its designee, specifying the number of SARs to be exercised and the date on which such SARs were awarded. 
 (e) Expiration. Except as otherwise provided in the case of SARs granted in connection with Options, a SAR shall expire on a date designated by
the Committee which is not later than ten years after the Date of Grant of the SAR. 
  

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 9. Restricted Stock and Restricted Stock Units 
 (a) Award of Restricted Stock and Restricted Stock Units. 
 (i) The Committee shall have the authority (A) to grant Restricted Stock and Restricted Stock Units to Eligible Persons, (B) to
issue or transfer Restricted Stock to Participants, and (C) to establish terms, conditions and restrictions applicable to such Restricted Stock and Restricted Stock Units, including the Restricted Period, as applicable, which may differ with
respect to each grantee, the time or times at which Restricted Stock or Restricted Stock Units shall be granted or become vested and the number of shares or units to be covered by each grant. 
 (ii) Each Participant granted Restricted Stock shall execute and deliver to the Company an Award agreement with respect to the Restricted
Stock setting forth the restrictions and other terms and conditions applicable to such Restricted Stock. If the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant pending
the release of the applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (A) an escrow agreement satisfactory to the Committee, if applicable, and (B) the appropriate blank
stock power with respect to the Restricted Stock covered by such agreement. If a Participant shall fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and stock power, the Award shall be null
and void. Subject to the restrictions set forth in Section 9(b), the Participant generally shall have the rights and privileges of a stockholder as to such Restricted Stock, including the right to vote such Restricted Stock. At the discretion
of the Committee, cash dividends and stock dividends with respect to the Restricted Stock may be either currently paid to the Participant or withheld by the Company for the Participant’s account, and interest may be credited on the amount of
dividends withheld at a rate and subject to such terms as determined by the Committee. The cash dividends or stock dividends so withheld by the Committee and attributable to any particular share of Restricted Stock (and earnings thereon, if
applicable) shall be distributed to the Participant in cash or, at the discretion of the Committee, in shares of Stock having a Fair Market Value equal to the amount of such dividends and earnings, if applicable, upon the release of restrictions on
such share and, if such share is forfeited, the Participant shall have no right to such cash dividends, stock dividends or earnings. 
 (iii) Upon the grant of Restricted Stock, the Committee shall cause a stock certificate registered in the name of the Participant to be issued and, if it so determines, deposited together with the stock powers with an escrow agent
designated by the Committee. If an escrow arrangement is used, the Committee may cause the escrow agent to issue to the Participant a receipt evidencing any stock certificate held by it, registered in the name of the Participant. 
  

 14 

 (iv) The terms and conditions of a grant of Restricted Stock Units shall be reflected in
a written Award agreement. No shares of Stock shall be issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside a fund for the payment of any such Award. At the discretion of the Committee, each
Restricted Stock Unit (representing one share of Stock) may be credited with cash and stock dividends paid by the Company in respect of one share of Stock (“Dividend Equivalents”). At the discretion of the Committee, Dividend Equivalents
may be either currently paid to the Participant or withheld by the Company for the Participant’s account, and interest may be credited on the amount of cash Dividend Equivalents withheld at a rate and subject to such terms as determined by the
Committee. Dividend Equivalents credited to a Participant’s account and attributable to any particular Restricted Stock Unit (and earnings thereon, if applicable) shall be distributed in cash or, at the discretion of the Committee, in shares of
Stock having a Fair Market Value equal to the amount of such Dividend Equivalents and earnings, if applicable, to the Participant upon settlement of such Restricted Stock Unit and, if such Restricted Stock Unit is forfeited, the Participant shall
have no right to such Dividend Equivalents. 
 (b) Restrictions. 
 (i) Restricted Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted
Period, and to such other terms and conditions as may be set forth in the applicable Award agreement: (A) if an escrow arrangement is used, the Participant shall not be entitled to delivery of the stock certificate; (B) the shares shall be
subject to the restrictions on transferability set forth in the Award agreement; (C) the shares shall be subject to forfeiture to the extent provided in Section 9(d) and the applicable Award agreement; and (D) to the extent such
shares are forfeited, the stock certificates shall be returned to the Company, and all rights of the Participant to such shares and as a shareholder shall terminate without further obligation on the part of the Company. 
 (ii) Restricted Stock Units awarded to any Participant shall be subject to (A) forfeiture until the expiration of the Restricted
Period, and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable Award agreement, and to the extent such Restricted Stock Units are forfeited, all rights of the Participant to such Restricted
Stock Units shall terminate without further obligation on the part of the Company and (B) such other terms and conditions as may be set forth in the applicable Award agreement. 
 (iii) The Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock and Restricted Stock Units
whenever it may determine that, by reason of changes in applicable laws or other changes in circumstances arising after the date of the Restricted Stock or Restricted Stock Units are granted, such action is appropriate. 
  

 15 

 (c) Restricted Period. The Restricted Period of Restricted Stock and Restricted Stock Units shall
commence on the Date of Grant and shall expire from time to time as to that part of the Restricted Stock and Restricted Stock Units indicated in a schedule established by the Committee in the applicable Award agreement. 
 (d) Delivery of Restricted Stock and Settlement of Restricted Stock Units. Upon the expiration of the Restricted Period with respect to any
shares of Restricted Stock, the restrictions set forth in Section 9(b) and the applicable Award agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award agreement. If an escrow
arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his beneficiary, without charge, the stock certificate evidencing the shares of Restricted Stock which have not then been forfeited and with respect to which
the Restricted Period has expired (to the nearest full share) and any cash dividends or stock dividends credited to the Participant’s account with respect to such Restricted Stock and the interest thereon, if any. 
 Upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall deliver to the Participant, or his
beneficiary, without charge, one share of Stock for each such outstanding Restricted Stock Unit (“Vested Unit”) and cash equal to any Dividend Equivalents credited with respect to each such Vested Unit in accordance with
Section 9(a)(iv) hereof and the interest thereon or, at the discretion of the Committee, in shares of Stock having a Fair Market Value equal to such Dividend Equivalents and interest thereon, if any; provided, however, that,
if explicitly provided in the applicable Award agreement, the Committee may, in its sole discretion, elect to (i) pay cash or part cash and part Stock in lieu of delivering only shares of Stock for Vested Units or (ii) delay the delivery
of Stock (or cash or part Stock and part cash, as the case may be) beyond the expiration of the Restricted Period. If a cash payment is made in lieu of delivering shares of Stock, the amount of such payment shall be equal to the Fair Market Value of
the Stock as of the date on which the Restricted Period lapsed with respect to such Vested Unit. 
 (e) Stock Restrictions. Each
certificate representing Restricted Stock awarded under the Plan shall bear a legend substantially in the form of the following until the lapse of all restrictions with respect to such Stock as well as any other information the Company deems
appropriate: 
 Transfer of this certificate and the shares represented hereby is restricted pursuant to the terms of the
Warner Music Group Corp. 2005 Omnibus Award Plan and a Restricted Stock Purchase and Award Agreement, dated as of                     ,
between Warner Music Group Corp. and                     . A copy of such Plan and Agreement is on file at the offices of Warner Music Group
Corp. 
 Stop transfer orders shall be entered with the Company’s transfer agent and registrar against the transfer of legended securities. 

 

 16 

 10. Stock Bonus Awards 
 The Committee may issue unrestricted Stock, or other Awards denominated in Stock, under the Plan to Eligible Persons, alone or in tandem with other Awards, in such amounts and subject to such terms and conditions as
the Committee shall from time to time in its sole discretion determine. A Stock Bonus Award under the Plan shall be granted as, or in payment of, a bonus, or to provide incentives or recognize special achievements or contributions. 
 11. Performance Compensation Awards 
 (a)
General. The Committee shall have the authority, at the time of grant of any Award described in Sections 7 through 10 (other than Options and Stock Appreciation Rights granted with an exercise price or grant price, as the case may be,
equal to or greater than the Fair Market Value per share of Stock on the date of grant), to designate such Award as a Performance Compensation Award in order to qualify such Award as “performance-based compensation” under
Section 162(m) of the Code. The Committee shall have the authority to grant cash bonuses under the Plan with the intent that such bonuses shall qualify for the exemption from Section 162(m) of the Code provided pursuant to Treasury
Regulation Section 1.162-27(f)(1), for the reliance period described in Treasury Regulation Section 1.162-27(f)(2). In addition, the Committee shall have the authority to make an award of a cash bonus to any Participant and designate such
Award as a Performance Compensation Award in order to qualify such Award as “performance-based compensation” under Section 162(m). 
 (b) Eligibility. The Committee will, in its sole discretion, designate which Participants will be eligible to receive Performance Compensation Awards in respect of such Performance Period. However, designation of a Participant
eligible to receive an Award hereunder for a Performance Period shall not in any manner entitle the Participant to receive payment in respect of any Performance Compensation Award for such Performance Period. The determination as to whether or not
such Participant becomes entitled to payment in respect of any Performance Compensation Award shall be decided solely in accordance with the provisions of this Section 11. Moreover, designation of a Participant eligible to receive an Award
hereunder for a particular Performance Period shall not require designation of such Participant eligible to receive an Award hereunder in any subsequent Performance Period and designation of one person as a Participant eligible to receive an Award
hereunder shall not require designation of any other person as a Participant eligible to receive an Award hereunder in such period or in any other period. 
 (c) Discretion of Committee with Respect to Performance Compensation Awards. With regard to a particular Performance Period, the Committee shall have full discretion to select the length of such Performance
Period (provided any such Performance Period shall be not less than one (1) year in duration), the type(s) of Performance Compensation Awards to be issued, the Performance Criteria that will be used to establish the Performance Goal(s), the
kind(s) and/or level(s) of the Performance Goals(s) that is(are) to apply to the Company and the Performance Formula. Within the 

  

 17 

 
first 90 days of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code), the Committee
shall, with regard to the Performance Compensation Awards to be issued for such Performance Period, exercise its discretion with respect to each of the matters enumerated in the immediately preceding sentence of this Section 11(c) and record
the same in writing. 
 (d) Payment of Performance Compensation Awards 
 (i) Condition to Receipt of Payment. Unless otherwise provided in the applicable Award agreement, a Participant must be employed by
the Company on the last day of a Performance Period to be eligible for payment in respect of a Performance Compensation Award for such Performance Period. 
 (ii) Limitation. A Participant shall be eligible to receive payment in respect of a Performance Compensation Award only to the extent that: (A) the Performance Goals for such period are achieved; and
(B) the Performance Formula as applied against such Performance Goals determines that all or some portion of such Participant’s Performance Award has been earned for the Performance Period. 
 (iii) Certification. Following the completion of a Performance Period, the Committee shall review and certify in writing whether,
and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, calculate and certify in writing that amount of the Performance Compensation Awards earned for the period based upon the Performance Formula. The
Committee shall then determine the actual size of each Participant’s Performance Compensation Award for the Performance Period and, in so doing, may apply Negative Discretion in accordance with Section 11(d)(iv) hereof, if and when it
deems appropriate. 
 (iv) Use of Discretion. In determining the actual size of an individual Performance Award for a
Performance Period, the Committee may reduce or eliminate the amount of the Performance Compensation Award earned under the Performance Formula in the Performance Period through the use of Negative Discretion if, in its sole judgment, such reduction
or elimination is appropriate. The Committee shall not have the discretion to (a) grant or provide payment in respect of Performance Compensation Awards for a Performance Period if the Performance Goals for such Performance Period have not been
attained; or (b) increase a Performance Compensation Award above the maximum amount payable under Section 5(a) or Section 11(d)(vi) of the Plan. 
 (v) Timing of Award Payments. Performance Compensation Awards granted for a Performance Period shall be paid to Participants as
soon as administratively practicable following completion of the certifications required by this Section 11. 
  

 18 

 (vi) Maximum Award Payable. Notwithstanding any provision contained in this Plan
to the contrary, the maximum Performance Compensation Award payable to any one Participant under the Plan for a Performance Period is 6,000,000 shares of Stock or, in the event such Performance Compensation Award is paid in cash, the equivalent cash
value thereof on the first or last day of the Performance Period to which such Award relates, as determined by the Committee. The maximum amount that can be paid in any calendar year to any Participant pursuant to a cash bonus Award described in the
last sentence of Section 11(a) shall be $10,000,000. Furthermore, any Performance Compensation Award that has been deferred shall not (between the date as of which the Award is deferred and the payment date) increase (A) with respect to
Performance Compensation Award that is payable in cash, by a measuring factor for each fiscal year greater than a reasonable rate of interest set by the Committee or (B) with respect to a Performance Compensation Award that is payable in shares
of Stock, by an amount greater than the appreciation of a share of Stock from the date such Award is deferred to the payment date. 
 12. General 

 (a) Additional Provisions of an Award. Awards to a Participant under the Plan also may be subject to such other provisions (whether
or not applicable to Awards granted to any other Participant) as the Committee determines appropriate, including, without limitation, provisions (in addition to those provisions of Section 9 providing for the payment of dividends with respect
to Restricted Stock and Dividend Equivalents with respect to Restricted Stock Units) adding dividend equivalent rights or other protections to Participants in respect of dividends paid on Stock underlying any Award, provisions for the forfeiture of
or restrictions on resale or other disposition of shares of Stock acquired under any Award, provisions giving the Company the right to repurchase shares of Stock acquired under any Award in the event the Participant elects to dispose of such shares,
provisions allowing the Participant to elect to defer the receipt of payment in respect of Awards for a specified period or until a specified event, and provisions to comply with Federal and state securities laws and Federal and state tax
withholding requirements; provided, however, that any such deferral does not result in acceleration of taxability of an Award prior to receipt, or tax penalties, under Section 409A of the Code. Any such provisions shall be reflected in the
applicable Award agreement. 
 (b) Privileges of Stock Ownership. Except as otherwise specifically provided in the Plan, no person
shall be entitled to the privileges of ownership in respect of shares of Stock which are subject to Awards hereunder until such shares have been issued to that person. 
 (c) Government and Other Regulations. The obligation of the Company to settle Awards in Stock shall be subject to all applicable laws, rules, and regulations, and to such approvals by governmental agencies as
may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from 

  

 19 

 
offering to sell or selling, any shares of Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities
Act with the Securities and Exchange Commission or unless the Company has received an opinion of counsel, satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and
the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act any of the shares of Stock to be offered or sold under the Plan. If the shares of Stock
offered for sale or sold under the Plan are offered or sold pursuant to an exemption from registration under the Securities Act, the Company may restrict the transfer of such shares and may legend the Stock certificates representing such shares in
such manner as it deems advisable to ensure the availability of any such exemption. 
 (d) Tax Withholding. 
 (i) A Participant may be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the right and is
hereby authorized to withhold from any shares of Stock or other property deliverable under any Award or from any compensation or other amounts owing to a Participant, the amount (in cash, Stock or other property) of any required income tax
withholding and payroll taxes in respect of an Award, its exercise, or any payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the
payment of such withholding and taxes. 
 (ii) Without limiting the generality of clause (i) above, the Committee
may, in its sole discretion, permit a Participant to satisfy, in whole or in part, the foregoing withholding liability (but no more than the minimum required withholding liability) by (A) the delivery of Mature Shares owned by the Participant
having a Fair Market Value equal to such withholding liability or (B) having the Company withhold from the number of shares of Stock otherwise issuable pursuant to the exercise or settlement of the Award a number of shares with a Fair Market
Value equal to such withholding liability. 
 (e) Claim to Awards and Employment Rights. No employee of the Company or an Affiliate,
or other person, shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award. Neither the Plan nor any action taken hereunder shall be
construed as giving any Participant any right to be retained in the employ or service of the Company or an Affiliate. 
 (f) Designation
and Change of Beneficiary. Each Participant may file with the Committee a written designation of one or more persons as the beneficiary who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan
upon his death. A Participant may, from time to time, revoke or change his beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last such designation received by 

  

 20 

 
the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received
by the Committee prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be his or her spouse or, if
the Participant is unmarried at the time of death, his or her estate. 
 (g) Payments to Persons Other Than Participants. If the
Committee shall find that any person to whom any amount is payable under the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such person or his estate (unless a prior claim
therefor has been made by a duly appointed legal representative) may, if the Committee so directs the Company, be paid to his spouse, child, relative, an institution maintaining or having custody of such person, or any other person deemed by the
Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor. 
 (h) No Liability of Committee Members. No member of the Committee shall be personally liable by reason of any contract or other instrument
executed by such member or on his behalf in his capacity as a member of the Committee nor for any mistake of judgment made in good faith, and the Company shall indemnify and hold harmless each member of the Committee and each other employee, officer
or director of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be allocated or delegated, against any cost or expense (including counsel fees) or liability (including any sum paid in settlement
of a claim) arising out of any act or omission to act in connection with the Plan unless arising out of such person’s own fraud or willful bad faith; provided, however, that approval of the Board shall be required for the payment
of any amount in settlement of a claim against any such person. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Articles of
Incorporation or By-Laws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
 (i) Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware. 
 (j) Funding. No provision of the Plan shall require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets
or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a segregated or
separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional
compensation by performance of services, they shall have the same rights as other employees under general law. 
  

 21 

 (k) Nontransferability. 
 (i) Each Award shall be exercisable only by a Participant during the Participant’s lifetime, or, if permissible under applicable law,
by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any
such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided that the designation of a beneficiary shall not constitute an assignment,
alienation, pledge, attachment, sale, transfer or encumbrance. 
 (ii) Notwithstanding the foregoing, the Committee may, in
its sole discretion, permit Awards other than Incentive Stock Options to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award agreement to preserve the purposes
of the Plan, to: 
  

	 	(A)	any person who is a “family member” of the Participant, as such term is used in the instructions to Form S-8 (collectively, the “Immediate Family Members”);

  

	 	(B)	a trust solely for the benefit of the Participant and his or her Immediate Family Members; 

  

	 	(C)	a partnership or limited liability company whose only partners or shareholders are the Participant and his or her Immediate Family Members; or 

  

	 	(D)	any other transferee as may be approved either (a) by the Board or the Committee in its sole discretion, or (b) as provided in the applicable Award agreement;

 (each transferee described in clauses (A), (B), (C) and (D) above is hereinafter referred to as a “Permitted
Transferee”); provided that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply
with the requirements of the Plan. 
 (iii) The terms of any Award transferred in accordance with the immediately preceding
sentence shall apply to the Permitted Transferee and any reference in the Plan, or in any applicable Award agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that (A) Permitted Transferees shall not be
entitled to transfer any Award, other than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement on an
appropriate form covering the shares of Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent 

  

 22 

 
with any applicable Award agreement, that such a registration statement is necessary or appropriate; (C) the Committee or the Company shall not be
required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise; and (D) the consequences of the termination of the
Participant’s employment by, or services to, the Company or an Affiliate under the terms of the Plan and the applicable Award agreement shall continue to be applied with respect to the Participant, including, without limitation, that an Option
shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award agreement. 
 (l) Reliance on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed
to act in good faith, in reliance upon any report made by the independent public accountant of the Company and its Affiliates and/or any other information furnished in connection with the Plan by any person or persons other than himself. 

(m) Relationship to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any pension,
retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan. 
 (n) Expenses. The expenses of administering the Plan shall be borne by the Company and Affiliates. 
 (o) Pronouns.
Masculine pronouns and other words of masculine gender shall refer to both men and women. 
 (p) Titles and Headings. The titles
and headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings shall control. 
 (q) Termination of Employment. Unless an applicable Award agreement provides otherwise, for purposes of the Plan a person who transfers from
employment or service with the Company to employment or service with an Affiliate or vice versa shall not be deemed to have terminated employment or service with the Company or an Affiliate. 
 (r) Severability. If any provision of the Plan or any Award agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any
jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be
construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award and the remainder of the Plan and any such
Award shall remain in full force and effect. 
  

 23 

 (s) Compliance with Applicable Law. Notwithstanding any provision in the Plan to the contrary,
the Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan that it in its sole discretion deems necessary or advisable in order that such Award (i) complies with the legal requirements of any
governmental entity to whose jurisdiction the Award is subject and (ii) does not result in unintended adverse tax consequences to the Company or Participants. 
 (t) 409A of the Code. Notwithstanding other provisions of the Plan or any Award agreements thereunder, no Award shall be granted, deferred, accelerated, extended, paid out or modified under this Plan in a
manner that would result in the imposition of an additional tax under Section 409A of the Code upon a Participant. In the event that it is reasonably determined by the Committee that, as a result of Section 409A of the Code, payments in
respect of any Award under the Plan may not be made at the time contemplated by the terms of the Plan or the relevant Award agreement, as the case may be, without causing the Participant holding such Award to be subject to taxation under
Section 409A of the Code, the Company will make such payment on the first day that would not result in the Participant incurring any tax liability under Section 409A of the Code. 
 13. Changes in Capital Structure 
 Awards granted
under the Plan and any agreements evidencing such Awards, the maximum number of shares of Stock subject to all Awards stated in Section 5(a) and the maximum number of shares of Stock with respect to which any one person may be granted Awards
during any period stated in Sections 5(d) or 11(d)(vi) shall be subject to adjustment or substitution, as determined by the Committee in its sole discretion, as to the number, price or kind of a share of Stock or other consideration
subject to such Awards or as otherwise determined by the Committee to be equitable (i) in the event of changes in the outstanding Stock or in the capital structure of the Company by reason of stock or extraordinary cash dividends, stock splits,
reverse stock splits, recapitalization, reorganizations, mergers, consolidations, combinations, exchanges, or other relevant changes in capitalization occurring after the Date of Grant of any such Award or (ii) in the event of any change in
applicable laws or any change in circumstances which results in or would result in any substantial dilution or enlargement of the rights granted to, or available for, Participants, or which otherwise warrants equitable adjustment because it
interferes with the intended operation of the Plan. Any adjustment in Incentive Stock Options under this Section 13 shall be made only to the extent not constituting a “modification” within the meaning of Section 424(h)(3) of the
Code, and any adjustments under this Section 13 shall be made in a manner which does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. Further, with respect to Awards intended to qualify as
“performance-based compensation” under Section 162(m) of the Code, such adjustments or substitutions shall 

  

 24 

 
be made only to the extent that the Committee determines that such adjustments or substitutions may be made without causing the Company to be denied a tax
deduction on account of Section 162(m) of the Code. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes. 
 Notwithstanding the above, in the event of any of the following: 
 A. The Company is merged or consolidated with another corporation or entity and, in connection therewith, consideration is received by shareholders of the Company in a form other than stock or other equity interests
of the surviving entity; 
 B. All or substantially all of the assets of the Company are acquired by another person; 
 C. The reorganization or liquidation of the Company; or 
 D. The Company shall enter into a written agreement to undergo an event described in clauses A, B or C above, 
 then the
Committee may, in its discretion and upon at least 10 days advance notice to the affected persons, cancel any outstanding Awards and cause the holders thereof to be paid, in cash or stock, or any combination thereof, the value of such Awards based
upon the price per share of Stock received or to be received by other shareholders of the Company in the event. The terms of this Section 13 may be varied by the Committee in any particular Award agreement. 
 14. Effect of Change in Control 
 (a) Except to the
extent provided in a particular Award agreement: 
 (i) In the event of a Participant’s termination of employment without
Cause or voluntary termination for Good Reason, if applicable, in either case following a Change in Control, notwithstanding any provision of the Plan to the contrary, all Options and SARs awarded to such Participant shall become exercisable with
respect to 100 percent of the shares subject to such Option or SAR, and the Restricted Period shall expire with respect to 100 percent of such shares of Restricted Stock or Restricted Stock Units (including a waiver of any applicable Performance
Goals). Notwithstanding the foregoing, the Committee may, upon a Change in Control and in its sole discretion, make any Options and SARs immediately exercisable, and may cause the Restricted Period to expire with respect to any Shares of Restricted
Stock or Restricted Stock Units. 
 (ii) In the event of a Change in Control, all incomplete Performance Periods in effect on
the date the Change in Control occurs shall end on the date of such change, and the Committee shall (A) determine the extent to which Performance Goals with respect to each such Award Period have been met based 

  

 25 

 
upon such audited or unaudited financial information then available as it deems relevant, (B) cause to be paid to each Participant partial or full
Awards with respect to Performance Goals for each such Award Period based upon the Committee’s determination of the degree of attainment of Performance Goals which Awards may be adjusted, at the discretion of the Committee, to reflect the
portion of the Award Period occurring before such Change in Control, and (C) cause all previously deferred Awards to be settled in full as soon as possible, provided, however, that any such payment does not result in acceleration of taxability
of an Award prior to receipt, or tax penalties, under Section 409A of the Code. 
 (b) In addition, in the event of a Change in
Control, the Committee may in its discretion and upon at least 10 days’ advance notice to the affected persons, cancel any outstanding Awards and pay to the holders thereof, in cash or stock, or any combination thereof, the value of such Awards
based upon the price per share of Stock received or to be received by other shareholders of the Company in the event. 
 (c) The obligations
of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to
substantially all of the assets and business of the Company. The Company agrees that it will make appropriate provisions for the preservation of Participants’ rights under the Plan in any agreement or plan which it may enter into or adopt to
effect any such merger, consolidation, reorganization or transfer of assets. 
 15. Nonexclusivity of the Plan 
 Neither the adoption of this Plan by the Board nor the submission of this Plan to the stockholders of the Company for approval shall be construed as
creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options otherwise than under this Plan, and such arrangements may be either
applicable generally or only in specific cases. 
 16. Amendments and Termination 
 (a) Amendment and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any
time; provided, that no such amendment, alteration, suspension, discontinuation or termination shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan
(including as necessary to comply with any applicable stock exchange listing requirement or to prevent the Company from being denied a tax deduction on account of Section 162(m) of the Code); and provided, further, that any such
amendment, alteration, suspension, discontinuance or termination that would materially impair the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of
the affected Participant, holder or beneficiary. The expiration date of the Plan is the tenth anniversary of the Effective Date, as described in Section 3 of the Plan. 
  

 26 

 (b) Amendment of Award Agreements. The Committee may, to the extent consistent with the terms of
any applicable Award agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated Award agreement, prospectively or retroactively; provided
that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially impair the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be
effective without the consent of the affected Participant, holder or beneficiary; and provided, further, that, without stockholder approval, (i) no amendment or modification may reduce the Option Price of any Option or the Strike
Price of any SAR, (ii) the Committee may not cancel any outstanding Option or SAR and replace it with a new Option or SAR (with a lower Option Price or Strike Price, as the case may be) in a manner which would either (A) be reportable on
the Company’s proxy statement as Options which have been “repriced” (as such term is used in Item 402 of Regulation S-K promulgated under the Exchange Act), or (B) result in any “repricing” for financial statement
reporting purposes and (iii) the Committee may not take any other action which is considered a “repricing” for purposes of the shareholder approval rules of any applicable stock exchange. 
 (c) Section 162(m) Approval 
 If so determined
by the Committee, (i) the Plan shall be approved by the stockholders of the Company no later than the first meeting of stockholders at which directors are to be elected that occurs after the close of the third calendar year following the
calendar year in which the Company’s initial public offering occurs, and (ii) the provisions of the Plan regarding Performance Compensation Awards shall be disclosed and reapproved by stockholders of the Company no later than the first
stockholder meeting that occurs in the fifth year following the year that stockholders previously approved such provisions following the Company’s initial public offering, in each case in order for certain Awards granted after such time to be
exempt from the deduction limitations of Section 162(m) of the Code. Nothing in this Section 16(c), however, shall affect the validity of Awards granted after such time if such stockholder approval has not been obtained. 
  

 27Executive Deferred Compensation Plan

 Exhibit 10.9 
 CAMDEN NATIONAL CORPORATION 
 EXECUTIVE DEFERRED COMPENSATION PLAN 
 (As Amended and Restated Effective January 1, 2008) 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I	  	History and Purpose	  	1
			
	ARTICLE II	  	Definitions	  	1
	 Section 2.1.
	  	 Account
	  	1
	 Section 2.2.
	  	 Administrator
	  	1
	 Section 2.3.
	  	 Beneficiary
	  	1
	 Section 2.4.
	  	 Bonus
	  	1
	 Section 2.5.
	  	 Change of Control
	  	2
	 Section 2.6.
	  	 Code
	  	3
	 Section 2.7.
	  	 Company
	  	3
	 Section 2.8.
	  	 Compensation
	  	3
	 Section 2.9.
	  	 Contributing Participant
	  	3
	 Section 2.10.
	  	 Deferred Bonus Election
	  	3
	 Section 2.11.
	  	 Deferred Compensation Agreement
	  	3
	 Section 2.12.
	  	 Deferred Compensation Election
	  	3
	 Section 2.13.
	  	 Disability
	  	3
	 Section 2.14.
	  	 EIP
	  	3
	 Section 2.15.
	  	 Election
	  	4
	 Section 2.16.
	  	 ERISA
	  	4
	 Section 2.17.
	  	 Executive Deferred Compensation Agreement(s)
	  	4
	 Section 2.18.
	  	 Hardship
	  	4
	 Section 2.19.
	  	 Inactive Participant
	  	4
	 Section 2.20.
	  	 Matching Contributions
	  	4
	 Section 2.21.
	  	 New Participant’s Election
	  	4
	 Section 2.22.
	  	 Participant
	  	4
	 Section 2.23.
	  	 Plan
	  	4
	 Section 2.24.
	  	 Plan Year
	  	4
	 Section 2.25.
	  	 Profit Sharing Contributions
	  	5
	 Section 2.26.
	  	 Savings Plan
	  	5
	 Section 2.27.
	  	 Termination of Employment
	  	5
	 Section 2.28.
	  	 Transitional Distribution Election
	  	5
			
	ARTICLE III	  	Participation	  	5
	 Section 3.1.
	  	 Eligibility
	  	5
	 Section 3.2.
	  	 Participation
	  	6
			
	ARTICLE IV	  	Contributions	  	6
	 Section 4.1.
	  	 Participant Deferrals
	  	6
	 Section 4.2.
	  	 Company Contributions
	  	7
			
	ARTICLE V	  	Accounts and Investments	  	8
	 Section 5.1.
	  	 Accounts
	  	8
	 Section 5.2.
	  	 Adjustments
	  	8
	 Section 5.3.
	  	 Investment Transition
	  	9
	 Section 5.4.
	  	 Participant-Directed Investing
	  	9
	 Section 5.5.
	  	 Unfunded Plan
	  	10
			
	ARTICLE VI	  	Distributions	  	10
	 Section 6.1.
	  	 Vesting
	  	10
	 Section 6.2.
	  	 Timing of Distributions
	  	10
	 Section 6.3.
	  	 Forms of Distribution
	  	11
	 Section 6.4.
	  	 Distribution Upon Death
	  	12

  

 - i - 

					
	 Section 6.5.
	  	 Effect of a Change of Control
	  	13
	 Section 6.6.
	  	 Hardship Withdrawals
	  	13
			
	 ARTICLE VII
	  	Benefit Claim and Appeal Procedures	  	13
	 Section 7.1.
	  	 Claim for Benefits
	  	13
	 Section 7.2.
	  	 Request for Review of a Denial of a Claim
	  	14
	 Section 7.3.
	  	 Decision Upon Review of a Denial of a Claim
	  	14
	 Section 7.4.
	  	 Mediation and Litigation of Disputes
	  	14
			
	 ARTICLE VIII
	  	Administration	  	15
	 Section 8.1.
	  	 Amendment
	  	15
	 Section 8.2.
	  	 Company’s Right to Terminate
	  	15
	 Section 8.3.
	  	 Special Termination
	  	15
			
	 ARTICLE IX
	  	Miscellaneous	  	16
	 Section 9.1.
	  	 Separation of Plan; No Implied Rights
	  	16
	 Section 9.2.
	  	 No Right to Company Assets
	  	16
	 Section 9.3.
	  	 No Employment Rights
	  	16
	 Section 9.4.
	  	 Offset
	  	16
	 Section 9.5.
	  	 Protective Provisions
	  	16
	 Section 9.6.
	  	 Non-Assignability
	  	16
	 Section 9.7.
	  	 Gender and Number
	  	17
	 Section 9.8.
	  	 Notice
	  	17
	 Section 9.9.
	  	 Governing Laws
	  	17

  

 - ii - 

 CAMDEN NATIONAL CORPORATION 
 EXECUTIVE DEFERRED COMPENSATION PLAN 
 (As Amended and Restated January 1,
2008) 
 ARTICLE I 
 History and Purpose 
 Camden National Corporation (the “Company”) maintains an Executive Deferred
Compensation Plan (the “Plan”) for the benefit of certain officers and highly compensated managerial employees. The Plan has been implemented and documented through a series of annual deferred compensation agreements with each
participating employee. The Plan enables eligible executives to defer compensation on a non-tax-qualified basis to supplement benefits for their retirement security. The Plan is maintained as a “top hat” plan exempt from ERISA regulations;
that is, an unfunded plan primarily for the benefit of a select group of management or highly compensated employees within the meaning of Section 201(2) and other applicable provisions of ERISA. 
 To simplify Plan documentation, conform the Plan to the new deferred compensation rules under Section 409A of the Internal Revenue Code and commence
participant-directed deemed investing of accounts under the Plan, the Company completely amended and restated the Plan effective as of January 1, 2005. The Plan is hereby amended and further restated by this instrument, effective as of
January 1, 2008, to comply with the final regulation published in 2007 under Code Section 409A. The Plan hereafter shall consist of this document, as amended from time to time, which shall govern the operation of the Plan on and after
January 1, 2008 and shall, to that extent, supersede all prior Plan documents. 
 ARTICLE II 
 Definitions 
 Section 2.1.
Account means the separate bookkeeping account maintained by the Administrator with respect to each Participant in accordance with Article V. A Participant’s Account shall be used solely as a device for the measurement and determination
of the amount to be paid to the Participant as a benefit pursuant to the Plan, subject to the terms and conditions applicable under the Plan. A Participant’s Account shall not constitute or be treated as a trust fund, escrow or other funding
arrangement of any kind. 
 Section 2.2. Administrator means the Compensation Committee of the Company’s Board of Directors
or any person(s) appointed as Plan Administrator by that Committee from time to time. The Administrator shall have exclusive authority and discretion to manage and administer the Plan. 
 Section 2.3. Beneficiary means any individual or other person properly designated by a Participant to be entitled to receive or share in any
benefit due to be paid on or after the Participant’s death, provided such person is surviving, in accordance with Section 6.4 of the Plan. In the absence of a valid designation or in the event no designated Beneficiary survives the
Participant, than the Beneficiary shall be the default person or entity prescribed in Section 6.4. 
 Section 2.4. Bonus
means performance-based compensation within the meaning of Section 409A(a)(4)(B)(iii) of the Code, where the amount of, or entitlement to, that compensation is contingent on the satisfaction of pre-established organizational or individual
performance criteria relating to a performance period of at least twelve (12) months in which the Participant performs services for the Company. Performance criteria will be considered pre- 

 
established if set forth in writing not later than ninety (90) days into the performance period. The criteria must be set at a level that is not
substantially certain to be met at the time the criteria are established. Any bonus that does not meet this definition shall be treated as basic Compensation for purposes of the deferral election timing provisions of Section 4.1 of the Plan.

 Section 2.5. Change of Control means the occurrence of any one of the following events: 
 (i) any “Person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
Exchange Act”) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its Subsidiaries), together with all
“affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Exchange Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company representing 25 percent or more of the combined voting power of the Company’s then outstanding securities having the right to vote in an election of the Board (“Voting Securities”) (in such
case other than as a result of an acquisition of securities directly from the Company); or 
 (ii) persons who, as of the
Effective Date, constitute the Board (the “Incumbent Directors”) cease for any reason, including, without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the
Board, provided that any person becoming a director of the Company subsequent to the Effective Date shall be considered an Incumbent Director if such person’s election was approved by or such person was nominated for election by either
(A) a vote of at least a majority of the Incumbent Directors, or (B) a vote of at least a majority of the Incumbent Directors who are members of a nominating committee comprised, in the majority, of Incumbent Directors; but provided
further, that any such person whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of members of the Board or other actual or threatened solicitation of proxies or consents by or
on behalf of a Person other than the Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent Director; or 
 (iii) the consummation of a consolidation, merger or consolidation or sale or other disposition of all or substantially all of the assets
of the Company (a “Corporate Transaction”); excluding, however, a Corporate Transaction in which the stockholders of the Company immediately prior to the Corporate Transaction, would, immediately after the Corporate Transaction,
beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate more than 50 percent of the voting shares of the corporation issuing cash or securities in the Corporate
Transaction (or of its ultimate parent corporation, if any); or 
 (iv) the approval by the stockholders of any plan or
proposal for the liquidation or dissolution of the Company. 
 Notwithstanding the foregoing, a “Change of Control” shall not be
deemed to have occurred for purposes of the foregoing clause (i) solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of
shares of Voting Securities beneficially owned by any person to 25 percent or more of the combined voting power of all then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the
beneficial owner of any additional shares of Voting Securities (other than 

  

 - 2 - 

 
pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company) and immediately
thereafter beneficially owns 25 percent or more of the combined voting power of all then outstanding Voting Securities, then a “Change of Control” shall be deemed to have occurred for purposes of the foregoing clause (i). 
 The foregoing definition of Change of Control shall apply under this Plan only to the extent that the foregoing Change of Control events constitute a
“change in the ownership” of the Company, a “change in effective control” of the Company, or a “change in the ownership of a substantial portion of the assets” of the Company, as those terms are defined in regulations
under Code Section 409A(a)(2)(A)(v). 
 Section 2.6. Code means the Internal Revenue Code of 1986, as amended from time to
time. References to Code Sections in the Plan shall be deemed to refer also to such regulations and other administrative guidance as the Internal Revenue Service has published regarding the cited statute. 
 Section 2.7. Company means Camden National Corporation, a Maine corporation, and its successors and assigns. 
 Section 2.8. Compensation means gross salary payable before pre-tax deferrals with respect to other benefit plans and deferred
compensation arrangements, excluding imputed income, any Bonus and any items of extraordinary compensation determined by the Administrator to be excluded for purposes of this Plan. 
 Section 2.9. Contributing Participant means a Participant for whom a Deferred Compensation Agreement, Deferred Compensation Election or
Deferred Bonus Election is in effect in accordance with Sections 3.2 and 4.1 of the Plan. 
 Section 2.10. Deferred Bonus
Election means a Participant’s election to defer amounts from his or her Bonus in accordance with Section 4.1 of the Plan. 
 Section 2.11. Deferred Compensation Agreement means a Participant’s agreement to defer amounts from his or her Compensation and/or Bonus for Plan Years ending on or before December 31, 2006, in accordance with
Section 4.1 of the Plan. 
 Section 2.12. Deferred Compensation Election means a Participant’s election to defer
amounts from his or her Compensation for Plan Years beginning on or after January 1, 2007, in accordance with Section 4.1 of the Plan. 
 Section 2.13. Disability means the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or to last for
a continuous period of at least twelve (12) months. To the extent a determination of disability under the Company’s long-term disability plan is consistent with the foregoing definition, the Administrator may rely on such determination for
purposes of this Plan as well. Notwithstanding the foregoing, to the extent required by regulations under Code Section 409, where the Participant is receiving disability income benefits under any Company-maintained short or long-term disability
plan, the Participant shall not be considered to have a Disability for purposes of this Plan as of any date that comes before such benefits have been paid to the Participant, or on the Participant’s behalf, for a period of three consecutive
months. 
 Section 2.14. EIP means the Company’s Executive Incentive Plan, as from time to time in effect. 
  

 - 3 - 

 Section 2.15. Election means a Participant’s choice to defer any portion of his or her
Compensation or Bonus through a Deferred Compensation Agreement, a Deferred Compensation Election or a Deferred Bonus Election under this Plan. 
 Section 2.16. ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time, and applicable regulations thereunder. 
 Section 2.17. Executive Deferred Compensation Agreement(s) means any agreement(s) entered into between the Company and any Participant annually for any Plan Year ending before January 1, 2007, which
set forth the Participant’s deferral rights for the subject Plan and the terms for management and disposition of the Participant’s Account. Such Agreements, in aggregate, constituted the Plan document prior to the adoption of this
instrument. Such Agreements are incorporated by this reference into this Plan document and shall remain enforceable to the extent not inconsistent with this Plan document, but effective for Plan Years beginning on or after January 1, 2007 the
use of such Agreements shall be discontinued and this Plan instrument shall exclusively govern the operation of the Plan, including Accounts established under such prior Agreements, thereafter. 
 Section 2.18. Hardship means a severe financial hardship of the Participant resulting from (i) an illness or accident suffered by that
individual or by his/her spouse or dependent (as defined in Code Section 152(a)); (ii) loss of the Participant’s property due to casualty (including the need to rebuild a home following damage not otherwise covered by insurance); or
(iii) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the Participant’s control. This definition shall be construed so as to comply with the definition of “unforeseeable emergency”
under Section 409(a)(2)(B)(ii) of the Code. 
 Section 2.19. Inactive Participant means a Participant with an Account
balance under the Plan but who does not have a Deferred Compensation Agreement, Deferred Compensation Election or Deferred Bonus Election in effect under the Plan. 
 Section 2.20. Matching Contributions means contributions made by the Company based on deferral contributions elected by a Participant, in accordance with Section 4.2(a) of the Plan. 
 Section 2.21. New Participant’s Election means an election made in accordance with Section 6.2 below by a Participant upon his or
her initial eligibility to participate in the Plan regarding the form of a possible future benefit distribution. 
 Section 2.22.
Participant means an eligible employee under Section 3.1 who either has a deferral Election in effect (a “Contributing Participant”), has an Account balance to his or her credit under the Plan (an “Inactive
Participant”), or who is a Contributing Participant with an Account balance. 
 Section 2.23. Plan means the Camden National
Corporation Executive Deferred Compensation Plan, as set forth in this instrument and as amended from time to time hereafter. Prior to the adoption of this instrument as a restatement of the Plan, the Plan consisted of a series of annual Executive
Deferred Compensation Agreements made by each Participant and a 409A Transitional Amendment made in February, 2006. Those prior documents are incorporated herein by this reference as governing the terms and operation of the Plan prior to the
adoption of this restatement, but this restatement supersedes those prior documents and controls the terms and operation of the Plan hereafter. 
 Section 2.24. Plan Year means the annual period by which the Plan’s operations are conducted and measured and for all purposes the Plan Year shall be the same as a calendar year. 
  

 - 4 - 

 Section 2.25. Profit Sharing Contributions means any Company contributions made in accordance
with Section 4.2(b) of the Plan. 
 Section 2.26. Savings Plan means the Camden National Corporation Retirement Savings
401(k) Plan, a tax-qualified 401(k) plan, as in effect from time to time. 
 Section 2.27. Termination of Employment means the
Participant ceasing his or her employment with the Company (or any affiliate or subsidiary of the Company) for any reason whatsoever, whether voluntarily or involuntarily, including by reason of retirement, death or Disability; provided, however,
that the employment relationship is treated as continuing intact while the Participant is on military leave, sick leave or other bona fide leave of absence (such as temporary employment by the government) to the extent the period of such leave does
not exceed six (6) consecutive months or, if longer, so long as the Participant’s right to reemployment with the Company is provided either by statute or by contract. For this purpose, in accordance with regulations under Code
Section 409A, a leave of absence shall be considered bona fide only if there is a reasonable expectation that the Participant will resume performing services for the Company. In addition, where a leave of absence (i) is due to a medically
determinable physical or mental impairment that is expected to result in death or can be expected to last for a continuous period of at least six months, and (ii) such impairment causes the Participant to be unable to perform the duties of his
or her position with the Company or any substantially similar position, then the Administrator shall be permitted to extend the foregoing six (6) month maximum period of leave to not more than twenty-nine (29) months of continuous absence
(or such shorter period as is consistent with the Company’s employment policy regarding termination of employment of employees on disability leave). Whether a Termination of Employment has occurred shall be determined by the Administrator based
on whether the facts and circumstances indicate that the Participant and the Company reasonably anticipate that no further services would be performed after a certain date. However, if the Participant and the Company reasonably expect that, after
such certain date, the Participant would not perform more than 20% of the average level of bona fide services performed (measured by time devoted to work or other measure of performance deemed appropriate by the Administrator) by the Participant
over the immediately preceding thirty-six (36) month period of service to the Company (or any shorter period that represents the Participant’s full period of service to the Company), then a Termination of Employment by the Participant
shall be deemed to have occurred as of said certain date for purposes of this Plan. Notwithstanding the foregoing, this definition shall be construed as closely as possible to be consistent with corresponding distributable events under the Savings
Plan, but at all times this definition shall be construed to comply with the definition of “separation from service” under Section 409(A)(a)(2)(A)(i) of the Code and regulations thereunder. 
 Section 2.28. Transitional Distribution Election means a Participant’s election made not later than December 31, 2008 in accordance
with Section 6.2(b), which shall supersede any prior distribution election and govern the manner of the Participant’s Account distribution, subject to any subsequent Hardship Distribution Election, commencing after the Plan Year in which
the Transitional Distribution Election was made. 
 ARTICLE III 
 Participation 
 Section 3.1. Eligibility. Only employees of
the Company (or any subsidiary or affiliate) who are participants in the Company’s Executive Incentive Plan (“EIP”) shall be eligible to participate in this Plan. 
  

 - 5 - 

 Section 3.2. Participation. If the eligible employee executes an appropriate Deferred
Compensation Agreement (for Plan Years ending on or before December 31, 2006), a Deferred Compensation Election (for Plan Years beginning on or after January 1, 2007), or a Deferred Bonus Election (for Plan Years ending on or after
December 31, 2005), that employee will be a Contributing Participant for the Plan Year to which his or her deferral election relates. 
 An individual who has an Account balance attributable to being a Contributing Participant for a previous Plan Year but who is not a Contributing Participant for the current Plan Year shall be considered an Inactive Participant for the
current Plan Year. 
 ARTICLE IV 
 Contributions 
 Section 4.1. Participant Deferrals. 
 (a) On or after January 1, 2008, if an employee first becomes eligible to participate in this Plan by commencing participation in EIP after the start
of a Plan Year, and that employee is not yet participating in any similar deferred compensation plan that is maintained by the Company and is subject to Code Section 409A, then the employee may make a Deferred Compensation Election for the
remainder of that Plan Year if such Election is made (that is, signed and filed) not later than thirty (30) days after the day on which the employee first becomes eligible to participate. Any such initial Deferred Contribution Election shall
not apply to any Compensation earned before the date on which such Election is received from the Participant by the Plan. 
 (b) An employee
who is eligible to participate on or before the start of a Plan Year, and who wishes to be a Contributing Participant for that upcoming Plan Year must execute and file with the Company the appropriate Deferred Compensation Agreement or Deferred
Compensation Election before the start of the Plan Year to which it applies. Except as provided in Section 4.1(a) above, no Deferred Compensation Agreement or Deferred Compensation Election may take effect after the start of the Plan Year to
which it applies. 
 Any Participant who already has an Account balance under the Plan and is eligible to contribute for a subsequent Plan
Year must execute and file their Deferred Compensation Election, if any, before the start of the Plan Year to which that deferred Election applies. Deferred Compensation Elections must be made affirmatively and separately for each Plan Year; such
Elections will not renew automatically. 
 Each Deferred Compensation Agreement or Election shall specify, in such manner as the
Administrator may allow, either the percentage or dollar amount of Compensation to be deferred. 
 (c) Any employee who is eligible to
participate on or before the start of a Plan Year may separately make and file a Deferred Bonus Election stating the percentage or dollar amount of Bonus, if any, to be deferred for that Plan Year. A Deferred Bonus Election may be executed and filed
with the Company no later than six (6) months prior to the end of the calendar year for which the Bonus is earned, provided that the employee has provided services covered by the performance Bonus since the start of that calendar year (or the
date as of which the performance criteria are established for that year, if later) and, at the time the deferred election is made, the Bonus is not substantially certain to be paid and is not readily ascertainable. The conditions stated in this
paragraph shall apply only to the extent required by applicable regulations under Code Section 409A; otherwise a Deferred Bonus Election may be made by the six (6) month advance deadline stated above without regard to the other
conditions of this paragraph. 
  

 - 6 - 

 (d) An eligible employee or Inactive Participant who fails to timely file any election to be a
Contributing Participant in accordance with this Section 4.1 for a particular Plan Year shall not be eligible to become a Contributing Participant for that Plan Year, but his or her eligibility to contribute for a subsequent Plan Year shall not
be affected by such failure to contribute for any prior Plan Year. A Contributing Participant may not modify his or her deferral Election for a given Plan Year once the last date for making that Election in accordance with this Section 4.1 has
passed. 
 Section 4.2. Company Contributions. The Company shall have complete discretion whether or not to make contributions to
the Plan on behalf of Participants and in such amounts and at such times as the Board shall determine. Company contributions, if any, shall be designated as either matching or profit sharing contributions, or both, for the Plan Year for which they
are made. Company contributions are primarily intended to help prevent Participants from being short-changed under the Savings Plan because they make deferral elections under this Plan. 
 (a) Matching Contributions, if any, may be made in any amount up to a maximum for any Plan Year determined as follows: 
  

	 	(i)	Determine the sum of: 

  

	 	(A)	the Participant’s Compensation for the Plan Year and 

  

	 	(B)	any Bonus actually paid to the Participant during the Plan Year. 

  

	 	(ii)	Determine the lesser of: 

  

	 	(A)	the sum determined under (i) above, or 

  

	 	(B)	the IRS limit on eligible compensation under the Savings Plan for the Plan Year. 

 The result shall be the amount of Compensation plus Bonus under this Plan which is eligible for Matching Contributions. 
  

	 	(iii)	Divide the actual amounts deferred by the Participant under the Savings Plan for the Plan Year by the amount determined under (ii) above to determine a hypothetical deferral
percentage of compensation that is eligible for Matching Contributions. 

  

	 	(iv)	Determine the amount of Company matching contributions (as a percentage of compensation) that would be credited to the Participant under the terms of the matching formula used by
the Savings Plan assuming that the Participant’s actual deferral percentage under the Savings Plan for the Plan Year was equal to the hypothetical deferral percentage derived under (iii) above. 

  

	 	(v)	Multiply the percentage from (iv) above by the amount from (ii) above. 

  

	 	(vi)	Subtract the amount of matching contributions actually credited to the Participant’s account under the Savings Plan for the Plan Year from the amount derived under (v) to
determine the amount to be credited as a Matching Contribution to the Participant’s Account under this Plan for the Plan Year. 

  

 - 7 - 

 (b) Profit Sharing Contributions may be made for any Plan Year, in the Company’s discretion, to make
up for any profit sharing contributions not made under the Savings Plan for the same Plan Year because of deferrals made by Participants under this Plan. Any Profit Sharing Contribution made to this Plan for a Plan Year shall be credited only to the
Accounts of Participants (whether Contributing or Inactive) who meet the service and employment requirements for eligibility to share in profit sharing contributions under the Savings Plan for that same Plan Year. Profit Sharing Contributions shall
be allocated as a percentage of the eligible Participant’s combined Compensation plus Bonus for the Plan Year, but any sum of Compensation plus Bonus that exceeds the legal limit on eligible compensation that can be counted under the Savings
Plan for the Plan Year shall not be counted under this Plan for purposes of calculating and allocating Profit Sharing Contributions. The percentage used to allocate Profit Sharing Contributions shall be equal to the percentage, if any, of eligible
compensation that is allocated to eligible Savings Plan participants for the same Plan Year. 
 (c) A one-time “make-up”
contribution shall be made by the Company in accordance with this paragraph. Excess contributions were erroneously made under the Savings Plan for the benefit of certain Participants in this Plan for the calendar years 2002 - 2004. Together with
investment experience adjustments thereon, those excess contributions were removed from the Savings Plan accounts of those affected Participants. The amounts so removed from the Savings Plan shall be credited, respectively, as additional one-time
“make-up” Company contributions to the Accounts of those affected Participants. These “make-up” contributions shall be made and credited on or prior to March 31, 2006 under this Plan to each affected employee who is a
Participant in this Plan on such contribution date. These “make-up” contributions shall be allocated to the respective deferral, matching and profit sharing contribution Accounts of the Participants for whom they are made in the same
proportions as they were so allocated under the respective Participant’s corresponding Savings Plan accounts. 
 ARTICLE V

 Accounts and Investments 
 Section 5.1. Accounts. A bookkeeping Account, with such sub-accounts as the Administrator deems necessary or appropriate, shall be maintained on behalf of each Participant. A Participant’s Account
shall be credited with any deferrals and Company contributions attributable to that Participant. Adjustments to each respective Account shall be made for deemed investment experience, distributions, expenses and corrections (if any) as and to the
extent authorized in this Article V. 
 Section 5.2. Adjustments. 
 (a) Crediting Contributions. Employee deferral contributions shall be credited to the Contributing Participant’s Account as soon as
administratively practical after the paycheck is issued for the payroll period from which such deferral was taken. Matching and Profit Sharing Contributions, if any, shall be made annually not later than the next March 31 following the Plan
Year in which such contribution was earned. Such annual contributions shall be credited as of the date they are made. For this purpose a contribution will be considered made by the Company as of the first date on which it has been approved by the
Company and, where applicable, set aside by the Company or formally declared to the Participants. The one-time “make-up” contributions made under Section 4.2(c) above shall be credited as of the date they are made, as provided
therein. 
 (b) Debiting Withdrawals. Any manner of distribution or withdrawal shall be deducted from the Account of the affected
Participant or Beneficiary as of the date on which such payment is scheduled to be made under the Plan. No interest crediting or investment adjustments shall be made to the Participant’s Account on any distribution or withdrawal amount with
respect to any period after the scheduled date of such distribution or withdrawal. 
  

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 (c) Crediting Investment Experience. The Plan shall allow Participant-directed investing
commencing as of April 1, 2006. Participant-directed investing shall be voluntary and elective for the remainder of 2006, but shall be mandatory for all Participants beginning January 1, 2007. Participants who elect to direct the
investment of their Accounts in accordance with Section 5.3 below shall have the net deemed investment experience of their Account from April 1 through December 31, 2006 credited to or debited from this Account, as the case may be, on
a daily basis. Those Participants shall also have interest on their March 31, 2006 Account balances respectively credited to their Accounts as of December 31, 2006 in the amount of one-quarter of the 5.25% annual fixed rate of return in
effect through March 31, 2006 for all Participant Accounts. This interest credit shall be calculated on the prior Plan Year-end Account balance plus 2006 contributions credited to the Participant’s Account for the period through
March 31, 2006 as if those contributions were made and credited in full as of January 1, 2006. 
 Participants who choose to remain
under the Plan’s fixed income investment formula for all of 2006 will have income equal to a 5.25% annualized interest rate credited to their respective Accounts as of December 31, 2006. The fixed income credits under this
paragraph shall be calculated on a principal amount equal to the sum of the Participant’s December 31, 2005 Account balance plus all the Participant’s 2006 deferral contributions made to this Plan as if those contributions were
made and credited in full as of January 1, 2006. 
 Beginning with the 2007 Plan Year, all Participants shall direct the investment of
their Accounts. Deemed investment experience (including unrealized appreciation or depreciation in the value of the Account’s share of each available investment fund) shall be credited daily to the Participant’s Account based on the
Account balance, adjusted as provided under this Article V, including for contribution credits and distribution debits as made. 
 Section 5.3. Investment Transition. 
 (a) Pre-2006. Prior to April 1, 2006 there shall be no
Participant-directed investing of Accounts under the Plan. For Plan Years ending prior to that date, each Participant’s Account shall be credited annually as of the last day of each Plan Year with fixed interest at the rate of 5.25% per
annum or such other rate as designated by the Company for that Plan Year. That interest credit shall be calculated on the prior Plan Year-end Account balance plus contributions credited to the Participant’s Account for the current Plan Year as
if those contributions were made and credited in full back on the first day of that current Plan Year. Interest shall not be credited for the Plan Year to the Account of any Participant whose benefit distribution has commenced before the last day of
that Plan Year. 
 (b) After 2005. Commencing April 1, 2006, there shall be voluntary Participant-directed investing of Accounts
as described in Section 5.2(b) above. Fixed income investment credits shall continue through March 31, 2006 for all Participants, and through December 31, 2006 for any Participants who do not choose to begin Participant-directed
investing as of April 1, 2006, as described in Section 5.2(b) above. Beginning January 1, 2007, all Participants shall be required to direct the investment of their respective Accounts. The fixed income investment formula
applicable prior to 2007 shall not apply under the Plan to any Plan Year that begins after December 31, 2006. 
 Section 5.4.
Participant-Directed Investing. Commencing April 1, 2006, the same investment funds offered from time to time as investment options under the Savings Plan shall be offered as phantom investment options under this Plan. Participants may
direct how they would prefer their Accounts to be invested from among those investment options. Participants may 

  

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make those phantom investment choices by filing their deemed investment election with the Administrator. Investment elections shall be filed in such manner
as the Administrator approves, which may include (i) online using a designated website, or (ii) by telephone direction through a designated customer service representative. Such investment directions shall be directed to the Administrator
or to such other Plan service provider as the Administrator shall approve and identify to Participants for this purpose. Investment directions may be made separately for current Account balances and for future contribution credits. Participants may
change investment directions by filing an investment election at any time, to take effect prospectively in accordance with Plan procedures. 
 During any period commencing on or after January 1, 2007 for which a Participant has not filed an investment election, the Participant’s Account shall be deemed invested in the default investment option so designated under the
Plan. The default investment option shall be the same default option that applies from time to time under the Savings Plan. It is a conservative money market fund designed primarily to preserve principal, with modest income potential. 
 Participant investment directions shall provide the means of determining the net investment experience credit or debit adjustment to be recorded daily
for each respective Participant’s Account. However, nothing in this Plan shall require that any funds be set aside to provide benefits under this Plan, or that any Participant’s investment directions be followed for any purpose other than
calculating and recording investment adjustments. Hence, investment directions made under this Plan shall be considered phantom or “deemed” investment directions, rather than directions that control actual investments. 
 Section 5.5. Unfunded Plan. The Plan shall continue to be unfunded for purposes of ERISA and the Participants shall remain only unsecured
creditors of the Company with respect to claims for benefits under the Plan. The Company shall not be obligated to make all or any particular contributions called for under the Plan to any separate trust or other funding vehicle. Nothing in this
Plan shall require that any trust be established for purposes of this Plan or that any trust that is so established be fully funded with respect to amounts credited to Participants’ Accounts. 
 ARTICLE VI 
 Distributions

 Section 6.1. Vesting. Vesting refers to the portion of the Participant’s Account that the Participant is entitled
to receive as a benefit distribution when payment comes due under this Article VI. Participants shall not, however, have any vested interest in any particular Account balance before payment comes due. 
 Participants shall be 100% vested at all times in the portion of their Accounts attributable to their own deferrals made under Section 4.1, as well
as Company Matching Contributions made under Section 4.2(a). A Participant’s interest in Profit Sharing Contributions made under Section 4.2(b) shall vest on the same vesting schedule applicable to profit sharing contributions
under the Savings Plan. Make-up contributions made under Section 4.2(c) shall vest on the same basis as applies to the deferral, matching or profit sharing contribution Account to which such contribution is allocated. 
 Section 6.2. Distribution Events and Elections. 
 (a) A Participant shall become entitled to receive a distribution of his or her entire Deferred Compensation Account, payable in the manner provided in this Article VI, upon the 

  

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later of the Participant’s Termination of Employment or the Participant attaining age 55, or upon another date designed by the Participant in accordance
with this Section 6.2. A designated distribution date can only be January 31st, so Participants effectively are permitted to designate the
year in which their distribution will commence. 
 (b) Notwithstanding any prior distribution elections made by the Participant under the
Plan and pursuant to transition rules under Code Section 409A, any Participant who desires to designate a distribution method or date, or who wishes to change a prior distribution election, may file a Transitional Distribution Election during
the period beginning January 1, 2005 and ending December 31, 2008. Such new election shall supersede and nullify any prior distribution election by the Participant, except no new Transitional Distribution Election shall be permitted to
change any payment due during the Plan Year in which such Election is made or to cause any payment to commence during such Plan Year. A Transitional Distribution Election made under this paragraph shall apply to the Participant’s entire
Account, except for any benefit payable during the Plan Year in which such Election is made. The Transitional Distribution Election may designate an optional form of distribution or a distribution date, or both. Except with respect to distributions
payable before or during the Plan Year in which the Transitional Distribution Election is made, all distribution elections made prior to the adoption of the January 1, 2005 Plan restatement will expire and cease to apply immediately upon the
earlier of the Participant’s filing of a Transitional Distribution Election under this Section 6.2(b) or December 31, 2008. 
 (c) Any current Participant who fails to file a Transitional Distribution Election on or before December 31, 2008 shall have his or her benefit distributed in accordance with the default form of distribution applicable under
Section 6.3(a). Any new Participant shall be permitted to elect a designated distribution date and/or method by making a New Participant’s Election. A New Participant’s Election may be made not later than thirty (30) days after
the individual first becomes eligible to participate in the Plan, provided that such Participant is not already participating in any similar deferred compensation plan of the Company that is subject to Code Section 409A; otherwise that
individual’s New Participant’s Election may be made before the first day of any subsequent Plan Year and will be effective only as of the start of such next Plan Year. 
 (d) No acceleration of benefit payments may be permitted, except as provided in Sections 6.4(a), 6.6, 8.2 and 8.3 below or to the extent otherwise
allowed by the Administrator, all in accordance with regulations under Code Section 409A(a)(3). 
 (e) Elections of any type under the
Plan shall be made by the Participant by either signing and filing an approved hard copy election form with the Administrator or by such online procedures as the Administrator may approve for such purpose. Faxed or e-mailed forms may be accepted as
duly filed under such conditions and circumstances as the Administrator shall determine. 
 Section 6.3. Form and Timing of
Distributions. 
 (a) Method of Payment. Three forms of distribution are available under the Plan: 
  

	 	(i)	payment in a single lump sum; 

  

	 	(ii)	payment in substantially equal, annual installments over a period of five (5) years; or 

  

	 	(iii)	payment in substantially equal, annual installments over a period of ten (10) years. 

  

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 The lump sum method shall be the automatic form of payment for Participants whose Termination of Employment is voluntary
and precedes both January 1, 2008 and their attaining age 55, provided that their vested benefit also is less than $50,000. For all other Participants the lump sum method shall be the default form of distribution if no other method is either
specified in the Plan or elected by and validly in effect for the Participant. When installment payments are made, the installments for each year shall be calculated by dividing the then current Account balance by the number of years remaining on
the installment schedule. 
 Except as otherwise provided in the Plan, Participants may file elections choosing any one of the three
distribution options, but only one form of distribution shall apply and it shall apply to the Participant’s entire Account. Form of distribution elections shall be made and changed only in accordance with the election procedures set forth in
Section 6.2 above. 
 Notwithstanding the foregoing, for any Participant who incurs a distribution event on or after January 1,
2008, if the Participant’s vested Account does not exceed the dollar limit then in effect under Code Section 402(g) their benefit must be distributed in a lump sum upon that Participant’s distribution event (whether Termination of
Employment, later attainment of age 55, death or designated distribution date) and shall be payable commencing as provided in Section 6.3(b), regardless of any distribution election by the Participant to the contrary. 
 (b) Timing. (i) With respect to any Participant whose Termination of Employment, or
later attainment of age fifty-five (55), occurred during the twelve (12) month period ending on any January 15th, distributions shall commence as of the next January 31st after such twelve (12) month period ends. Notwithstanding the foregoing, any Participant who has in effect a designated distribution date shall commence receiving their
distribution under the Plan as of January 31st of the calendar year designated by that Participant. Exceptions to those general distribution
timing rules shall apply: (i) if a later date applies under the next paragraph; (ii) as provided for certain death benefits under Section 6.4(a); (iii) for hardship withdrawals under Section 6.6; or (iv) as provided in
the event of Plan termination under Article VIII. In addition, if the Participant’s Termination of Employment, later attainment of age fifty-five (55) or death occurs in the months of November or December preceding the January 31
st distribution date provided above, then distribution instead may commence no later than the fifteenth (15th) day of the third calendar month that begins after such distribution age or event occurs. 
 For any Participant who qualifies as a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i), distribution in connection with a Termination of Employment shall be deferred (except as
provided in Section 6.4(a) below) until the first day of the first calendar month that begins after the sixth (6th) monthly anniversary of the date on which the Participant’s Termination of Employment took effect. This
paragraph shall apply only to further delay distributions where the distribution date determined under the preceding paragraph would arrive before the sixth (6th) monthly anniversary of the Participant’s Termination of
Employment. 
 Section 6.4. Distribution Upon Death. 
 (a) If a Participant dies prior to commencing benefit payments under the Plan, distribution of the Participant’s Account shall be made instead to the
Participant’s surviving Beneficiary in accordance with the method of payment in effect (i.e., on file) on the Participant’s death, with the amount determined as of the Participant’s date of death and payable commencing in accordance
with Section 6.3(b) above. The six (6) month delayed distribution rule for a Termination of Employment by a “specified employee” under Section 6.3(b) shall not apply to distributions upon the Participant’s death,
even if such death caused his or her Termination of Employment. 
  

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 (b) If a Participant dies after having commenced receiving installment payments under the Plan, then the
Participant’s remaining vested Account balance shall be paid to the Participant’s surviving Beneficiary by continuing payment under the method in effect on the Participant’s death. 
 (c) A Participant may designate any one or more Beneficiary(ies) to receive any remaining portion of the Participant’s Account not yet distributed
as of the date of his or her death. The Beneficiary designation may be filed with the Administrator at any time prior to the Participant’s death. If multiple Beneficiaries are named, they shall share equally in the distribution unless a
different allocation is specified by the Participant on the Beneficiary designation. Primary and secondary Beneficiaries may be designated, with secondary Beneficiaries becoming entitled to a benefit only if no primary Beneficiary survives the
Participant. Changes of Beneficiary designations may be filed at any time during the Participant’s lifetime. Each successively filed change shall cancel and supersede any and all prior Beneficiary designations. Spousal consent shall not be
required as a condition for any Beneficiary designation, nor shall the consent of any designated Beneficiary be required to make any subsequent change in Beneficiary designation valid. If no Beneficiary designation is in effect upon the
Participant’s death, the Beneficiary shall be the Participant’s estate. 
 Section 6.5. Effect of a Change of Control.
If there is a Change of Control then, notwithstanding any other provision of this Plan: 
  

	 	(i)	Vesting shall be accelerated to 100% effective upon the Change of Control. 

  

	 	(ii)	The Change of Control itself shall not constitute a distributable event, except with respect to a special Plan termination under Section 8.3. 

 Section 6.6. Hardship Withdrawals. In the event that the Administrator, upon written petition of the Participant, determines in its sole
discretion that the Participant has suffered a Hardship, the Company may distribute to the Participant as soon as reasonably practical following such determination, an amount, not in excess of the value of the Participant’s Account, necessary
to satisfy the Hardship. A distribution due to Hardship may not be made to the extent the emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the petitioner’s assets (to the
extent such liquidation would not cause severe financial hardship) or by cessation of deferrals under the Plan. The amount necessary to satisfy the Hardship may, upon request, include amounts necessary to pay any federal, state or local income taxes
or penalties reasonably anticipated to result from the distribution. Notwithstanding the foregoing, each determination of Hardship and of the corresponding distributable amount shall be made by the Administrator so as to comply with the conditions
for distribution upon an “unforeseeable emergency” under Code Sections 409(A)(a)(2)(A)(vi) and 409A(a)(2)(B)(ii). For the purpose of determining the order of Hardship withdrawals under this Plan and the Savings Plan, exhaustion
of hardship withdrawal rights under the Savings Plan shall not be required as a condition for receiving a benefit under this Section 6.6. 
 ARTICLE VII 
 Benefit Claim and Appeal Procedures 
 Section 7.1. Claim for Benefits. Any claim for benefits or other rights under the Plan shall be made in writing to the Administrator. If such
claim is wholly or partially denied by the Administrator, the Administrator shall, within a reasonable period of time, but not later than sixty (60) days after receipt of the claim, notify the claimant of the denial of the claim. Such notice of
denial shall be in writing and shall contain: 
 (a) The specific reason or reasons for the denial of the claim; 
  

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 (b) A reference to the relevant Plan provisions upon which the denial is based; 
 (c) A description of any additional material or information necessary for the claimant to perfect the claim, together with an explanation of why such
material or information is necessary; and 
 (d) An explanation of the Plan’s claim review procedure. 
 Section 7.2. Request for Review of a Denial of a Claim. Upon the receipt by the claimant of written notice of the denial of a claim, the
claimant may within ninety (90) days file a written request to the Administrator requesting a review of the denial of the claim. Such review shall include a hearing if deemed necessary by the Administrator. In connection with the
claimant’s appeal of the denial of his/her claim, the claimant may review relevant documents and may submit issues and comments in writing. To provide for fair review and a full record, the claimant must submit in writing all facts, reasons and
arguments in support of his/her position within the time allowed for filing a written request for review. All issues and matters not raised for review will be deemed waived by the claimant. 
 Section 7.3. Decision Upon Review of a Denial of a Claim. The Administrator shall render a decision on the claim review promptly, but no more
than sixty (60) days after the receipt of the claimant’s request for review, unless special circumstances (such as the need to hold a hearing) require an extension of time, in which case the sixty (60) day period shall be extended to
one hundred-twenty (120) days. Such decision shall: 
 (a) Include specific reasons for the decision; 
 (b) Be written in a manner calculated to be understood by the claimant; and 
 (c) Contain specific references to the relevant Plan provisions upon which the decision is based. 
 The decision of the Administrator shall be final and binding in all respects on the Company, the claimant and any other person claiming an interest in
the Plan through or on behalf of the claimant. 
 Section 7.4. Mediation and Litigation of Disputes. 
 (a) Mediation. If a claimant is not satisfied with the denial of his or her claim under the review procedures of Section 7.3, the claimant and
the Company may try to settle the claim in good faith through mediation administered by the American Arbitration Association under its Commercial Mediation Procedures. The parties shall share equally the mediator’s costs and fees, and bear
separately their own respective costs of mediation. All mediation shall be conducted at a mutually agreeable convenient location within the State of Maine. Mediation records shall not be admissible in any subsequent litigation and the positions of
the parties taken in mediation shall not be binding, nor taken as any concession, representation or waiver, outside of the mediation process. 
 (b) Litigation. No litigation may be commenced by or on behalf of a claimant with respect to this Plan until after the claim review and mediation process described in this Article VII has been exhausted. Judicial review of
Administrator action shall be limited to whether the Administrator acted in an arbitrary and capricious manner. 
  

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 ARTICLE VIII 
 Administration 
 Section 8.1. Amendment. The Plan may be amended in whole or in
part by a written instrument adopted by the Board of Directors of the Company (or that Board’s designee) at any time. Notice of any material amendment shall be given in writing to the Administrative Committee and to each Participant, retired
Participant and each Beneficiary of a deceased Participant. No amendment shall retroactively decrease either the balance of a Participant’s Account or a Participant’s interest in his/her Account as existing immediately prior to the later
of the effective date or adoption date of such amendment. 
 Section 8.2. Company’s Right to Terminate. The Company reserves
the sole right to terminate the Plan, in whole or in part, by action of its Board of Directors at any time. In the event of any such termination, each affected Participant shall be deemed to have incurred a Termination of Service on the Plan
termination date. Consequently, the Account of each affected Participant shall be distributed in the manner provided in Section 6.3 (without regard to the six (6) month delay thereunder) to the extent such Plan termination may be treated
as a distributable event under Code Section 409A. Notwithstanding the foregoing, any distributions upon a Plan termination hereunder shall be made in such time and manner, and subject to such other conditions (if any are applicable), as will
comply with Code Section 409A and regulations thereunder. 
 Section 8.3. Special Termination. Notwithstanding any other
provisions of the Plan to the contrary, the Plan shall terminate if 
  

	 	(i)	it is determined to the satisfaction of the Administrator that the Plan no longer qualifies as a “top hat” plan (that is, an unfunded pension benefit plan primarily
benefiting a select group of management or highly compensated employees) so as to minimize ERISA regulation; or 

  

	 	(ii)	a Change of Control occurs and any resulting successor to the Company does not assume the Plan. 

 In such event, the Plan shall terminate as of the date of such Administrator determination or Change of Control. 
 If the Plan termination is due to a Change of Control that qualifies as a distributable event under Code Section 409A, then all Participant’s Accounts (or remaining Account balances, for those in pay status) shall be distributed
upon such Change of Control in accordance with Section 6.3 above as if the Participant had incurred a Termination of Employment on the date of such Change of Control. 
 For any other special Plan termination under this Section 8.3, no further contribution shall be made under the Plan after the date of such Plan
termination, and distribution of each Participant’s Account shall be made in a lump sum as of the earliest possible distributable event applicable thereafter under Article VI, except with respect to any Participant whose Account is assumed
by or transferred to another top hat plan established or maintained by the Company or any successor or affiliate of the Company. 
 Notwithstanding the foregoing, any distributions upon a Plan termination hereunder shall be made in such time and manner, and subject to such other conditions (if any are applicable), as will comply with Code Section 409A and
regulations thereunder. 
  

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 ARTICLE IX 
 Miscellaneous 
 Section 9.1. Separation of Plan; No Implied Rights. The Plan shall
not operate to increase any benefit payable to or on behalf of a Participant (or his Beneficiary) from any other Plan maintained by the Company. Neither the establishment of the Plan nor any amendment thereof shall be construed as giving any
Participant, Beneficiary, or any other person any legal or equitable right unless such right shall be specifically provided for in the Plan or conferred by specific action of the Company in accordance with the terms and provisions of the Plan.
Except as expressly provided in this Plan, the Company shall not be required or be liable to make any payment under this Plan. 
 Section 9.2. No Right to Company Assets. Neither the Participant nor any other person shall acquire by reason of the Plan any right in or title to any assets, funds or property of the Company whatsoever, including, without
limiting the generality of the foregoing, any specific funds, assets or other property which the Company, in its sole discretion, may set aside in anticipation of a liability hereunder. Any benefits which become payable hereunder shall be paid from
the general assets of the Company. The Participant and his/her Beneficiary shall have only a contractual right to the amounts, if any, payable hereunder, unsecured by any asset of the Company. Nothing contained in the Plan constitutes a guarantee by
the Company that the assets of the Company shall be sufficient to pay any benefits due to any person. 
 Section 9.3. No Employment
Rights. Nothing herein shall constitute a contract of employment or of continuing service or in any manner obligate the Company to continue the services of the Participant, or obligate the Participant to continue in the service of the Company,
or as a limitation of the right of the Company to discharge any of its employees, with or without cause. Nothing herein shall be construed as fixing or regulating any Compensation or Bonus payable to any Participant. 
 Section 9.4. Offset. If, at the time payments or installments of payments are to be made hereunder, the Participant or the Beneficiary is
indebted or obligated to the Company, then the payments remaining to be made to the Participant or the Beneficiary may, at the discretion of the Company, be reduced by the amount of such indebtedness or obligation. However, an election by the
Company not to reduce any such payment or payments shall not constitute a waiver of its claim, or prohibit or otherwise impair the Company’s right to offset future payments for such indebtedness or obligation. 
 Section 9.5. Protective Provisions. In order to facilitate the payment of benefits hereunder, each employee who is eligible to participate in
the Plan shall cooperate with the Company by furnishing any and all information requested by the Company, including taking such physical examinations as the Company may deem necessary, and taking such other action as may be requested by the Company.
If the employee refuses to cooperate, he/she shall not become a Participant in the Plan and the Company shall have no further obligation to him/her under the Plan. In such event, the Participant or his/her Beneficiary shall receive a benefit equal
to his/her Account determined and paid in accordance with Articles V and VI above. 
 In addition, any payments made under this Plan
shall be subject to and conditioned upon their compliance with 12 U.S.C. § 1828(k) or any regulations thereunder. 
 Section 9.6.
Non-Assignability. Neither the Participant nor any other person shall have any voluntary or involuntary right to commute, sell, assign, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, or convey in advance of actual
receipt the amounts, if any, payable hereunder, or any part thereof, which are expressly declared to be unassignable and 

  

 - 16 - 

 
non-transferable. No part of the amounts payable shall be, prior to actual payment: (i) subject to seizure or sequestration for the payment of any
debts, judgments, alimony or separate maintenance owed by the Participant or any other person, or (ii) transferable by operation of law in the event of the Participant’s or any other person’s bankruptcy or insolvency. 
 Section 9.7. Gender and Number. Wherever appropriate herein, the masculine may mean the feminine and the singular may mean the plural, or
vice versa. 
 Section 9.8. Notice. Any notice required or permitted to be given under the Plan shall be sufficient if in writing
and hand delivered, or sent by registered or certified mail, and if given to the Company, delivered to the principal office of the Company, directed to the attention of the Administrator. Such notice shall be deemed given as of the date of delivery,
or, if delivery is made by mail, as of the date shown on the postmark or the receipt for registration or certification. 
 Section 9.9.
Governing Laws. The Plan shall be construed and administered according to the laws of the State of Maine. 
 IN WITNESS WHEREOF, this
Plan restatement, having been first duly adopted by the Board, is hereby executed below by a duly authorized officer of the Company on this 27th day of November, 2007, to take effect as of January 1, 2008. 
  

			
	CAMDEN NATIONAL CORPORATION
		
	By:	 	  

	Its:	 	  

  

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