Attached files
file | filename |
---|---|
10-K - CAMDEN NATIONAL CORP | v176922_10k.htm |
EX-21 - CAMDEN NATIONAL CORP | v176922_ex21.htm |
EX-23 - CAMDEN NATIONAL CORP | v176922_ex23.htm |
EX-32.1 - CAMDEN NATIONAL CORP | v176922_ex32-1.htm |
EX-32.2 - CAMDEN NATIONAL CORP | v176922_ex32-2.htm |
EX-31.1 - CAMDEN NATIONAL CORP | v176922_ex31-1.htm |
EX-31.2 - CAMDEN NATIONAL CORP | v176922_ex31-2.htm |
EX-18.1 - CAMDEN NATIONAL CORP | v176922_ex18-1.htm |
EXHIBIT
#10.19
2010
EXECUTIVE INCENTIVE COMPENSATION PROGRAM
An
Executive Incentive Compensation Program (“Program”) was implemented in January
of 2003. This Program pays incentives to the members of the Executive Management
team for Camden National Corporation (the “Company”), Camden National Bank and
Acadia Trust N.A. This Program is an integral part of an overall management
strategy that enables the CEO of the Company to encourage executives to reach
the fiscal targets in strategic and operating plans.
The
incentive is based on net income before taxes (NIBT). The
Program is set up so the incentive pool is added to target NIBT, so the
incentive pool is funded through increasing NIBT above the target
level. This ensures the shareholders that they receive the results
that were originally planned. The Program will pay out incrementally
when the named company hits 96% of budgeted NIBT. No incentive is paid if NIBT
does not reach 96%. The incentives increase incrementally up to 110% of NIBT
where it is capped. Each month an updated grid is produced showing current and
projected NIBT results for each company.
Each
executive has a targeted incentive percentage based on that position’s
contribution to the overall results of the Company. An executive must have an
overall satisfactory performance rating on their individual performance and
goals before that executive is eligible to participate in the
Program. Each executive’s payout will be based 60% on the named
company’s financial results (per the model) and 40% on each individual
executive’s attainment of their own goals as measured by the CEO of the
Company.
After the
Company’s independent registered public accounting firm audits the year-end
financial results, and the CEO and Compensation Committee have reviewed each
individual’s performance, the incentive amount, if any, will be
distributed.
The
Compensation Committee reserves the right to modify the Executive Incentive
Compensation Program if unexpected anomalies result during the application of
the pre-defined grid.