Document:

definedcontributionretir

Page 1      DEFINED CONTRIBUTION RETIREMENT PLAN      This Camden National Corporation Amended and Restated Defined Contribution Retirement Plan   (the “Plan”), effective as of February 26, 2013 is an amendment and restatement of the Camden   National Corporation Defined Contribution Retirement Plan, originally effective January 1, 2008.    The Plan is maintained for the benefit of a select group of management employees of the Company   and its participating Subsidiaries, in order to provide such employees with certain deferred   compensation benefits.  The Plan is an unfunded deferred compensation plan that is intended to   qualify for the exemptions provided in sections 201, 301, and 401 of ERISA and is intended to   comply with Section 409A of the Internal Revenue Code of 1986, as amended.   This Plan is a   component plan of the Camden National Corporation 2012 Equity and Incentive Plan (the “2012   Incentive Plan”).  Except as specifically provided herein, this Plan shall be subject to and governed   by all the terms and conditions of the 2012 Incentive Plan, including the powers of the Committee   set forth in Section 2(b) of the 2012 Incentive Plan.  Capitalized terms in this Plan shall have the   meaning specified in the 2012 Incentive Plan, unless a different meaning is specified herein.   SECTION 1:  DEFINITIONS      These words and phrases shall have these meanings unless a different meaning is plainly required   by the context:   1.1 “Beneficiary” shall mean the person or persons entitled to receive the balance credited to a   Participant’s Account under the Plan upon the death of the Participant, as provided in   Section 5.2.   1.2 “Bonus” shall mean the performance-based compensation paid to participants under the   Executive Incentive Plan.    1.3 “Change of Control” shall mean:   (a) Any person or more than one person acting as a group becomes the beneficial owner   (directly or indirectly) of more than 50% of the voting equity interests in the   Company;   (b) Any person or more than one person acting as a group acquires within any 12-month   period 30% or more of the total voting equity interests in the Company;   (c) Any person or more than one person acting as a group acquires during any 12-month   period assets from the Company that have a total gross fair market value equal to or   more than 40% of the total gross fair market value of all of the assets of the   Company immediately before such acquisition; or   (d) The majority of the Board is replaced during any 12-month period by directors   whose appointment or election is not endorsed by a majority of the Board before the   date of such appointment or election.          

 

Page 2   1.4   “Compensation” shall mean gross salary and Bonus payable before pre-tax deferrals with   respect to other benefit plans and deferred compensation arrangements, excluding imputed   income and any items of extraordinary compensation determined by the Administrator to be   excluded for purposes of this Plan.   1.5    "Disability" shall have the same meaning as provided in the 2012 Incentive Plan for Awards   that are determined to be subject to Code Section 409A.   1.6 “Employer” shall mean the Company and each participating Subsidiary.  At such times and   under such conditions as the Board may direct, one or more other Subsidiary may become   participating Subsidiaries or a participating Subsidiary may be withdrawn from the Plan.       1.7 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.    Reference to a specific section of ERISA shall include such section, any valid regulation   promulgated thereunder, and any comparable provision of any future legislation amending,   supplementing or superseding such section.       1.8 “Participant” shall mean an Employee who has become a Participant in the Plan pursuant to   Section 2.1 and has not ceased to be a Participant pursuant to Section 2.2.      1.9 “Participant’s Account” or “Account” shall mean, as to any Participant, the separate account   maintained on the books of the Company in order to reflect his or her interest under the   Plan.        1.10 “Plan” shall mean the Defined Contribution Retirement Plan, as set forth in this instrument   and as hereafter amended from time to time.      1.11 “Plan Year” shall mean the calendar year.      1.12 “Termination of Employment” shall mean a reduction in the services provided by the   Participant to the Employer to a level that is 20% or less than the level of services so   provided for the 36 months immediately preceding such reduction.     SECTION 2:  PARTICIPATION      2.1 Participation.  Participation in the Plan by an Employee must be approved by the   Committee and will begin as of January 1 of the Plan Year following approval by the   Committee.        2.2 Termination of Participation.  An Employee who has become a Participant shall remain a   Participant until his or her entire Vested Amount (as defined below) is distributed or   forfeited, as applicable.     SECTION 3:  PARTICIPANT’S ACCOUNT      3.1 At the direction of the Committee, there shall be established and maintained an Account on   the books of the Company for each Participant.      

 

Page 3      3.2 Annually, on March 15 (or the closest business day to March 15), beginning during the first   year of participation in the Plan, the Committee will credit each Participant’s Account with   an amount equal to ten (10) percent of the Participant’s Compensation in the prior calendar   year.  This date will be referenced as the Grant Date.       3.3 Annual credits to a Participant’s Account, based on the amount in Section 3.2, shall be   denominated in Deferred Stock Awards (rounded down to the nearest whole share) based on   the fair market value of the Company Stock on the Grant Date.      3.4 Each Participant shall be furnished with periodic statements of his or her Account, at least   annually, reflecting the status of his or her interest in the Plan.   SECTION 4: VESTING AND FORFEITURE   4.1 Vesting in a Participant’s Account is based on years of participation in the Plan.  Vesting   occurs ratably (rounded to the nearest percent) over the period from the first day of   participation until the Participant reaches age 65, at which time the Participant is one   hundred (100) percent vested.  Each Participant will be furnished with a copy of his or her   unique vesting schedule upon approval for participation by the Committee, which will show   the Vested Percentage for each anniversary.       4.2 Anything to the contrary in this Plan notwithstanding, the balance in the Account will be   immediately forfeited, and all rights of the Participant and his or her beneficiaries hereunder   shall become null and void, if the Participant’s employment with the Company is terminated   for Cause.   SECTION 5: DISTRIBUTIONS      5.1 No distributions shall be made from the Account of a Participant until the Participant   Terminates Employment with the Company, except as provided in Section 10 below.  The   portion of the Account to be distributed will be equal to the Deferred Stock Awards in the   Account times the Vested Percentage from Section 4.1, the result being the Vested Amount.    The Vested Amount will be reduced by the amount required to be withheld for income   taxes, and the net Vested Amount will be distributed in shares of Company Stock.  Amounts   contributed to Participants’ accounts prior to 2014 shall be distributed in one lump sum   distribution within ninety (90) days of the Termination of Employment, except as provided   in Section 5.5 below.  For amounts contributed to Participants’ accounts in 2014 and   thereafter, a Participant may elect to have the amounts distributed in installments over 5, 10   or 15 years.  Such election shall be irrevocably made no later than December 31, 2013,   except that, with respect to the first year in which an individual becomes a Participant in   this Plan, that Participant shall make his or her election, with respect to future compensation   only, within 30 days of becoming a Participant.  All shares of Company Stock that are   distributed to “insiders” (as that term is defined in the Securities and Exchange Act of 1933)   shall be subject to the rules and regulations about the purchase and sale of Company Stock.        

 

Page 4   5.2  If the Participant terminates employment due to death or Disability, the Account will be        one hundred (100) percent vested regardless of the actual years of participation in the Plan.    The Participant may designate in writing a Beneficiary to receive any distribution which   may become payable as the result of the Participant’s death.  If no Beneficiary designation   is in effect upon the Participant’s death, the Beneficiary shall be the Participant’s estate.    5.3 Effect of a Change of Control.  If there is a Change of Control, then, notwithstanding any   other provision of this Plan, each Participant’s Account will be one hundred (100) percent   vested.      Vesting shall be accelerated to one hundred (100) percent effective upon the Change   of Control.     The Change of Control itself shall not constitute a distributable event, except with   respect to a special Plan termination under Section 10.4.      5.4 If a Participant under the Plan qualifies as a “Specified Employee” as defined in Code   Section 409A, and the stock of the Company or any affiliate is publicly traded, no   distribution may be made hereunder until six (6) months after the Participant’s separation   from service as defined under Code Section 409A (or, if earlier, the date of death of the   Participant).      5.5 Notwithstanding any other provision in this Plan to the contrary, no distributions may be   made under this Plan prior to the occurrence of a distribution event as defined in Code   Section 409A(a)(2), except and to the extent that the Plan may currently allow or hereafter   be amended to allow an acceleration of payment under one of the applicable exceptions   contained in Treasury Regulation Section 1.409A-3(j)(4).      SECTION 6: BENEFIT CLAIM AND APPEAL PROCEDURES   6.1 Claim for Benefits.  The following Claim and Appeal Procedures are intended to satisfy the   minimum standards of Section 503 of ERISA pursuant to which individuals or estates may   claim Plan benefits and appeal denials of such claims.  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;   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.      6.2  Requests 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     

 

Page 5   claimant’s appeal of the denial of his or 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 or 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.   6.3       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.   6.4 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 6.3, 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 or 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 Section 6   has been exhausted.  Judicial review of Administrator action shall be limited to whether   the Administrator acted in an arbitrary and capricious manner.   SECTION 7:  FUNDING      7.1  Unfunded Plan.  All amounts credited to a Participant’s Account under the Plan shall   continue for all purposes to be a part of the general assets of the Company.  The interest of   the Participant in his or her Account, including his or her right to distribution thereof, shall   be an unsecured claim against the general assets of the Company.  Although the Company   may choose to invest a portion of its general assets for purposes of enabling it to make   distributions under the Plan, nothing contained in the Plan shall give any Participant or   beneficiary any interest in or claim against any specific assets of the Company.     

 

Page 6   SECTION 8:  MODIFICATION OR TERMINATION OF PLAN      8.1 Right to Amend or Terminate. The Plan may be amended in whole or in part by a written   instrument adopted by the Board (or the Board’s designee) at any time.  Notice of any   material amendment shall be given in writing to each Participant. No amendment shall   retroactively decrease either the balance of a Participant’s Account or a Participant’s   interest in his or her Account as existing immediately prior to the later of the effective date   or adoption date of such amendment.  No amendment shall change the time or form of any   payment due hereunder unless such change conforms to the requirements of Code Section   409A.     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 at any time.  In the event of any such termination,   each affected Participant shall maintain his or her vesting percentage in his or her Plan   Accounts determined as of the Plan termination date, and shall be entitled to receive a   distribution upon the occurrence of the first Code Section 409A distributable event   thereafter.  Consequently, the Account of each affected Participant shall be distributed in the   manner provided in Section 5 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 the termination   rules under Treasury Regulation 1.409A-3(j)(4)(ix).   8.3  Special Termination.  Notwithstanding any other provisions of the Plan to the contrary, the   Plan shall terminate if:      a.  It is determined to the satisfaction of the Committee that the Plan no longer qualifies as a   “top hat” plan (that is, an unfunded deferred compensation plan designed solely to   benefit a select group of management or highly compensated employees) so as to   minimize ERISA regulation; or      b. 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 Committee 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 Participants’ Accounts shall be distributed upon such   Change of Control in accordance with Section 5 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 credits shall be   made under the Plan after the date of such Plan termination, and distribution of each   Participant’s Account shall be made as of the earliest possible distributable event applicable   thereafter under Section 5, 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.     

 

Page 7   Notwithstanding the foregoing, any distributions upon a Plan termination hereunder shall be   made only at such time and in such manner, and subject to such other conditions (if any are   applicable), as will comply with Code Section 409A and regulations thereunder.   SECTION 9:  CONFIDENTIALITY, NON-COMPETITION AND NON-SOLICIATION       9.1  As a condition of this Agreement, the Executive hereby covenants and agrees that he or she   will abide by the terms of the separately executed Confidentiality, Non-Competition and   Non-Solicitation Agreement (“Non-Competition Agreement”).  If the Executive breaches   the Non-Competition Agreement in any way, any and all benefits and awards due to the   Executive under the terms of this Agreement shall be void and forfeited.  Any benefits   previously distributed to the Executive under this Agreement (“Prior Payments”) shall be   subject to automatic recoupment, and the Executive shall immediately return Prior   Payments to the Company.    SECTION 10:   GENERAL PROVISIONS      10.1 Inalienability.  In no event may either a Participant, a former Participant or his or her   beneficiary, spouse or estate sell, transfer, anticipate, assign, hypothecate, or otherwise   dispose of any right or interest under the Plan; and such rights and interests shall not at any   time be subject to the claims of creditors nor be liable to attachment, execution or other   legal process.  Accordingly, for example, a Participant’s interest in the Plan is not   transferable pursuant to a domestic relations order.      10.2 Rights and Duties.  Neither the Employer nor the Committee shall be subject to any liability   or duty under the Plan except as expressly provided in the Plan, or for any action taken,   omitted or suffered in good faith.      10.3 No Enlargement of Employment Rights.  Neither the establishment or maintenance of the   Plan, nor any action of the Employer or the Committee, shall be held or construed to confer   upon any individual any right to be continued as an Employee nor, upon dismissal, any right   or interest in any specific assets of the Employer other than as provided in the Plan.  The   Employer expressly reserves the right to discharge any Employee at any time.      10.4 Apportionment of Costs and Duties.  All acts required of the Employer under the Plan may   be performed by the Company for itself and its Subsidiaries, and the costs of the Plan may   be equitably apportioned by the Committee among the Company and the other participating   Subsidiaries.  Whenever the Employer is permitted or required under the terms of the Plan   to do or perform any act, matter or thing, it shall be done and performed by any officer or   employee of the Employer who is thereunto duly authorized by the Board.       10.5  Applicable Law.  The provisions of the Plan with the laws of the State of Maine, to the   extent not preempted by federal law.      10.6  Severability.  If any provision of the Plan is held invalid or unenforceable, its invalidity or   unenforceability shall not affect any other provisions of the Plan, and in lieu of each   provision which is held invalid or unenforceable, there shall be added as part of the Plan a     

 

Page 8   provision that shall be as similar in terms to such invalid or unenforceable provision as may   be possible and be valid, legal, and enforceable.      10.7 Captions.  The captions contained in, and the table of contents prefixed to, the Plan are   inserted only as a matter of convenience and for reference and in no way define, limit,   enlarge or describe the scope or intent of the Plan, nor in any way shall affect the   construction of any provision of the Plan.      10.8 Compliance with Code Section 409A.  This Plan constitutes a so-called non-qualified   deferred compensation plan as defined in Code Section 409A and is intended to comply   with the requirements of Code Section 409A.  Any interpretations or administrative action   required under this Plan shall be made in a manner so as to continue the qualification of the   Plan under Code Section 409A and the Treasury Regulations thereunder.         EXECUTION         IN WITNESS WHEREOF, this Plan, having been first duly adopted by the Board, is hereby   executed below by a duly authorized officer of the Company on this DATE, to take effect as of   February 26, 2013.        CAMDEN NATIONAL CORPORATION          Dated:      By:                     President & CEO                                   SEEN AND AGREED TO:      _________________________________  ____________________________________   Executive      Datedcrpnoncompeteagreement3

1      CONFIDENTIALITY, NON-COMPETITION AND NON-SOLICITATION   This Confidentiality, Non-Competition and Non-Solicitation Agreement (“Agreement”)   is made and effective this DATE, by and between Camden National Corporation, a Maine   Corporation with principal offices in Camden, Knox County, Maine, its successors, assigns,   affiliates and subsidiaries (collectively “Company”) and PARTICIPANT (“Executive”).     WHEREAS, the Company desires to secure the Executive’s services and the Executive   desires to render services to the Company; and        WHEREAS, the Company is engaged in the highly competitive banking and finance   industry; and       WHEREAS, the Company is the owner of various valuable business assets and interests,   including but not limited to, confidential and proprietary information relating to the Company’s   business and the Company’s relationships and goodwill with its clients, all of which have been   developed through considerable effort and expense by and on behalf of the Company, and which   the Company has gone to great lengths and expense to protect; and        WHEREAS, by virtue of employment with the Company the Executive will acquire a   substantial amount of confidential information regarding the operations and business model of   the Company and its affiliates which, if disclosed to third parties, or used to directly or indirectly   compete against the Company or solicit its customers or clients, could cause substantial harm to   the Company;        WHEREAS, the Executive acknowledges that the Company is the owner of such   valuable business assets and interests, including any goodwill built-up or developed by   Executive through the Executive’s relationship with any of the company’s customers;       NOW, THEREFORE, in consideration of the foregoing premises, the mutual covenants   and promises set forth herein, and the Executive’s employment or continued employment with   the Company, the receipt and sufficiency of which is hereby acknowledged, the Company and   the Executive hereby agree as follows:   1. Definitions   For purposes of this Agreement, the following terms have the following meanings:   a. Customer:  Any person or entity that has employed the Company or has purchased or has   inquired about any product or service advertised by the Company, or any person or entity   with whom the Company is preparing to do business in this manner.        b. Confidential Information:  “Confidential Information” means information about the   Company, its Customers, customer prospects, and/or vendors that is not generally known   outside of the Company, which Executive will learn of in connection with his or her   employment with the Company.  Confidential Information includes, without limitation: (1)    Customer files and lists; (2) the names, addresses, telephone numbers or any personally   identifiable information of the Company’s Customers; (3) contracts and legally binding     

 

2      documents between the Company and its Customers, vendors, partners or affiliates; (4)   specific product information relating to the Company's current products or to any   products under development; (5) documents relating to inquiries and responses to or from   governmental agencies; (6) financial information of the Company; (7) financial   projections of the business of the Company; (8) any aspect of the Company’s   compensation structure to its employees; (9) information relating to any advertisements   or public relations or other documents produced by or on behalf of the Company for the   purposes of soliciting customers; (10) hardware and software of the Company which is   configured for processing the Company’s business; (11) vendor lists; (12) Company   budgets; (13) Company procedure manuals; (14) Company pricing structures; (15) the   Company’s copyrighted, registered and unregistered materials; (16) formulas, plans,   business models or techniques related to the Company's products; (17) plans for new   products; (18) information or documents, plans or materials prepared by the Company for   the purpose of furthering the Company’s business; and (19) other such information which   relates to the Company’s business, which is not available generally to the public and   which has been developed or acquired by the Company with considerable effort and   expense.        c. Competitive Activities:  Executive shall be deemed to be engaged in “Competitive   Activities” if he or she, without the prior written consent of the Company, (i) directly or   indirectly, through association with any entity, whether as an owner, principal, partner,   employee, agent or consultant, works or consults for or with, or engages in the business   of, any commercial, thrift or savings bank or credit union, or any other entity providing   financial products or services (including without limitation banking, insurance or   securities products or services) (collectively, “Related Business”) that operates an office,   branch or any related physical presence within fifty (50) miles (by air) of any office of   the Company; or (ii) directly or indirectly acquires any financial or beneficial interest in   (except as provided in the next sentence) any organization which conducts or is otherwise   engaged in Related Business and is within fifty (50) miles (by air) of any office of the   Company. Notwithstanding the preceding sentence, Executive shall not be prohibited   from owning less than one percent (1%) of any publicly traded corporation, whether or   not such corporation is in competition with the Company as described in this Paragraph.   d. Solicit:  The term "solicit" as used in this Agreement means any communication of any   kind whatsoever, in whatever form or medium, inviting, encouraging or requesting any   person or entity to take or refrain from taking any action with respect to the business of   the Company.   2. Protection of Confidential Information   a. Restriction on Use of Confidential Information:  The Executive covenants and agrees that   he or she will not, at any time hereafter, by any means, disclose to any person outside the   Company or entity, or use for the Executive’s own benefit, any Confidential Information   concerning the business of the Company, with the exception of those persons to whom   disclosure is expressly authorized in writing by the Company.   b. Obligation Upon Termination:  Upon termination of the Executive’s employment for any   reason, the Executive shall immediately deliver to the Company copies of any     

 

3      documents, in whatever form, in the Executive’s possession containing such confidential   information, and shall not retain copies of any Confidential Information.      3. Prohibition Against Competition      a. Prohibition:  In recognition of Executive's importance to the success of the Company,   Executive and the Company agree that the Company would suffer significant and   irreparable harm from Executive's competing with the Company during Executive's term   of employment with the Company and for a period of one (1) year after Executive’s   termination of employment. Accordingly, Executive agrees that he or she shall not   engage in Competitive Activities (as defined above) with the Company while employed   by the Company and for a period of one (1) year following Executive's termination of   employment, regardless of the reasons for Executive’s termination.        4. Prohibition Against Solicitation   The parties agree that, during the course of the Executive’s employment with the Company, (1)   the Company has provided and/or will provide the Executive with access to close contact with   the Company’s existing, prospective and/or potential clients, Customers and accounts (including   clients, customers, and accounts with whom the Company has developed a close relationship and   significant goodwill); (2) the Executive has and/or will acquire Confidential Information   regarding the relationships between the Company and its clients, Customers and accounts; and   (3) the Executive, on behalf of and for the benefit of the Company and at the Company’s   substantial expense, has developed and maintained, and/or will develop and maintain, close and   unique relationships and significant goodwill with the Company’s clients, Customers and   accounts, including clients, Customers and accounts with whom or which the Executive had a   relationship prior to his/her employment with the Company.  Accordingly, the Company and the   Executive agree as follows:    a.  Prohibition Against Soliciting Customers:  While employed by the Company and for a   period of two (2) years following Executive's termination, Executive agrees that he or she   shall not, in any manner, directly or indirectly, whether independently or through any other   party or entity, whether on behalf of or in conjunction with any entity or person, and   whether for his or her own benefit or account or for the benefit or account of any other   person or entity:   (1) solicit or contact or attempt to solicit or contact any Customer to whom   Executive provided services, or with or for whom Executive transacted business,   or whose identity become known to Executive in connection with Executive's   services to the Company (including employment with or services to any   predecessor or successor entities), for the purpose of selling or providing any   financial products or services or to encourage a Customer to reduce or refrain   from doing any business with the Company;    (2) accept business from any Customer to whom Executive provided services, or   for whom Executive transacted business, or whose identity become known to   Executive in connection with Executive's services to the Company (including   employment with or services to any predecessor or successor entities); or      

 

4      (3) interfere with or damage (or attempt to interfere with or damage) any   relationship between the Company and any of its Customers.    b.  Prohibition Against Soliciting Company Employees:  While employed by the   Company and for a period of one (1) year following Executive's termination of   employment, Executive agrees that Executive shall not, in any manner, directly or   indirectly, solicit any person who is an employee of the Company or any of its affiliates to   apply for or accept employment or a business opportunity with any person or entity other   than the Company.   5. Equitable Remedies/Right to Injunction:  The Executive agrees that if he or she   breaches any of the provisions of this Agreement, it would cause immeasurable and   irreparable damage to the Company, and money damages would not be adequate to   compensate the Company or to protect and preserve the status quo pending adjudication.    Accordingly, Executive agrees that the Company, in addition to and as a supplement to   such other rights and remedies as may exist in its favor, shall be entitled to injunctive   relief from a court of competent jurisdiction for any actual or threatened violation of any   of the provisions of this Agreement.       6. Amendments:  No modification, amendment or waiver of the provisions of this   Agreement shall be effective unless in writing specifically referring hereto and signed by   both parties.  This is the entire agreement between the parties and there are no oral   understandings or agreements.      7. Other Rights:  This Agreement shall not be construed as, in any way, restricting any   other rights of the Company to protect its trade secrets or confidential and proprietary   information.  All inventions, processes, discoveries, know-how, improvements, patent   rights, trade names and applications acquired during the Executive’s employment with   the Company and arising in whole or in part from performance of the Executive’s duties   or out of utilization of the facilities of the Company shall be and remain the exclusive   property of the Company and the Executive shall have no rights thereto.      8. Waiver:  The failure to enforce at any time any of the provisions of this Agreement or to   require at any time performance by the other party of any of the provisions hereof shall in   no way be construed as a waiver of such provisions or to affect either of the validity of   this Agreement or any part thereof, or the right of either party thereafter to enforce each   and every such provision hereof.      9. Governing Law:  This Agreement shall be construed in accordance with and governed   by the laws of the State of Maine.      10. Savings Clause:  The invalidity or non-enforceability of any particular provision of this   Agreement shall not affect the other provisions hereof, and this Agreement shall be   construed in all respects as if such invalid or non-enforceable provision were omitted.      11. Binding Nature:  This Agreement shall be binding upon and shall inure to the benefit of   the Company, its affiliates and any successors or assigns of the Company, and any such   successor or assign shall be deemed as substituted for the Company under the provisions     

 

5      hereof.  For the purposes of this Agreement, the term “successor” shall mean any person,   firm, corporation or any other business entity which at any time, whether by merger,   purchase, liquidation or otherwise, shall acquire all or substantially all of the assets or   business of the Company.      12. Captions:  The captions contained in, and the table of contents prefixed to, the Plan are   inserted only as a matter of convenience and for reference and in no way define, limit,   enlarge or describe the scope or intent of the Plan, nor in any way shall affect the   construction of any provision of the Plan.      13. Not Employment:  This is not an employment agreement.  The Executive recognizes and   agrees that his or her employment with the Company is at will and can be terminated at   any time by the Company, with or without cause.  This Agreement does not vest in the   Executive any rights to employment whatsoever, and makes no promise of continued   employment.        IN WITNESS WHEREOF, the parties have executed this Agreement as of the   date first written above.            Camden National Corporation (Company)          By: ______________________________              President & CEO                             ______________________________             Executive

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