Bonus Election Agreement between Camden National Corporation and Employee under Management Stock Purchase Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement is between Camden National Corporation and an eligible employee, allowing the employee to choose to receive a portion of their annual incentive bonus as restricted shares of company stock instead of cash. The employee can elect to receive either 10% or 20% of their bonus in stock, which will fully vest after two years of continued employment. The agreement remains in effect for future years unless changed or revoked by the employee, and must be submitted by the end of the year before the bonus is paid.

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EX-10.3 4 dex103.htm FORM OF BONUS ELECTION AGREEMENT Form of Bonus Election Agreement

Exhibit 10.3

 

BONUS ELECTION AGREEMENT

 

This Bonus Election Agreement (“Bonus Election Agreement”) is entered into by and between Camden National Corporation (the “Company”) and                                          (“Participant”), who is an eligible employee of the Company or any of its subsidiaries, pursuant to the terms of the Company’s Management Stock Purchase Plan (the “Plan”) which is a component plan of the Camden National Corporation 2003 Stock Option and Incentive Plan. The Plan provisions are incorporated herein by reference in their entirety and supersede any conflicting provisions contained in this Bonus Election Agreement. Neither this Bonus Election Agreement nor the Plan shall be construed as giving Participant any right to continue to be employed by or perform services for the Company or any subsidiary or affiliate thereof.

 

1. ELECTION TO RECEIVE RESTRICTED SHARES

 

Participant [CHECK ONE]              is required to or              elects to receive restricted shares of the Company’s Common Stock (“Restricted Shares”) in lieu of [CHECK ONE]              10 percent or              20 percent of Participant’s annual incentive bonus which is based upon services to be performed during the calendar year specified in Section 2. Participant will be fully vested in the Restricted Shares two years after the date such Restricted Shares are awarded, provided that Participant has maintained employment with the Company or any of its subsidiaries for such two-year period.

 

2. ELECTION PERIOD

 

This election is entirely contingent on the amount of the annual incentive bonus actually awarded with respect to              and each succeeding calendar year until Participant makes a new election or revokes this election as described below. This Bonus Election Agreement must be received by the Company no later than December 31 of the calendar year prior to the calendar year during which the annual incentive bonus will be paid, or by such other time or times selected by the Administrator in its sole discretion. and will become irrevocable on such date. This Bonus Election Agreement will remain in effect for all subsequent years until Participant makes a new Bonus Election Agreement or revokes this Bonus Election Agreement.

 

CAMDEN NATIONAL CORPORATION   PARTICIPANT
                                                                                                                                                                                                                       
Name:                                                                                                  Name:                                                                                               
Title:                                                                                                    Title:                                                                                                 
Date Received:                                                                                   Date: