Camden National Corporation Financial Planning Fringe Benefit Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement establishes a benefit plan by Camden National Corporation for select officers, allowing them to receive up to $3,000 per year for personal estate or financial planning services. Eligible participants are chosen by the company's Compensation Committee, which also administers the plan and has the authority to amend or terminate it at any time. The plan became effective on January 25, 2005, and unused benefits do not carry over to future years.

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EX-10.1 2 dex101.htm FINANCIAL PLANNING FRINGE BENEFIT PLAN Financial Planning Fringe Benefit Plan

Exhibit 10.1

 

CAMDEN NATIONAL CORPORATION

 

Financial Planning Fringe Benefit Plan

 

1. Introduction. The name of the plan is the Camden National Corporation Financial Planning Fringe Benefit Plan (the “Plan”). The purpose of the Plan is to encourage and enable select officers of Camden National Corporation (the “Company”) and its subsidiaries to engage the services of an advisor for personal estate planning and/or financial planning purposes.

 

2. Eligibility. Participation in the Plan shall be limited to those officers of the Company or its subsidiaries selected by the Compensation Committee of the Board of Directors of the Company (the “Committee”).

 

3. Benefits. Participants in the Plan shall be eligible to receive up to $3,000 per calendar year for personal estate planning and financial planning purposes. Participants may select their own advisors. Any unused benefit under the Plan for a year may not be carried over to another year.

 

4. Administration. The Plan shall be administered by the Committee in its sole discretion. All decisions and interpretations of the Committee shall be binding on all persons. The Committee may amend or terminate the Plan at any time.

 

5. Effective Date. The Plan shall be effective as of January 25, 2005.