Camden National (CAC) Director Receives 394 Shares as Director Fees

Rhea-AI Filing Summary

Carl John Soderberg, a director of Camden National Corporation (ticker: CAC), reported an acquisition of 394 common shares on 09/19/2025 at a price of $40.22 per share. The shares were issued under the Company’s 2022 Equity and Incentive Plan and were granted in lieu of director fees. Following the transaction, Soderberg beneficially owns 100,419.243 shares. The filing notes that 1,114.364 of those shares were acquired since the last filing through the company’s dividend reinvestment program.

Positive

• Transparent disclosure of director equity grant and dividend reinvestment consistent with Section 16 requirements
• Increased insider ownership: total beneficial ownership reported at 100,419.243 shares may modestly align director interests with shareholders

Negative

• None.

Insights

Financial Analyst

TL;DR: Director received equity compensation and modestly increased ownership; routine corporate governance transaction with limited market impact.

The Form 4 discloses a non-derivative grant of 394 common shares to Director Carl John Soderberg under the 2022 Equity and Incentive Plan, issued in lieu of director fees at an implied price of $40.22 per share. The filing also shows participation in the dividend reinvestment program adding 1,114.364 shares since the prior filing, bringing total beneficial ownership to 100,419.243 shares. This is a standard director compensation and reinvestment disclosure and does not indicate trading around material corporate events. From a financial perspective, the transaction is modest relative to the total outstanding equity and presents no immediate valuation signal.

Corporate Governance Expert

TL;DR: Transaction aligns with typical governance practice—equity in lieu of fees and dividend reinvestment; disclosure meets Section 16 requirements.

The report documents an issuance under the company’s equity plan as compensation for board service, which is a common mechanism to align director interests with shareholders. The Form 4 properly discloses the grant date, price per share, and updated beneficial ownership. The inclusion of dividend reinvestment activity increases transparency about incremental ownership. There are no indications in the filing of related-party conflicts or departures from standard disclosure protocols.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Soderberg Carl John

(Last) (First) (Middle)

2 ELM STREET

PO BOX 310

(Street)

CAMDEN ME 04843

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CAMDEN NATIONAL CORP [ CAC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common	09/19/2025		A		394(1)	A	$40.22	100,419.243(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares acquired under Camden National Corporation's 2022 Equity and Incentive Plan and Amendment in lieu of director fees.

2. Includes 1,114.364 shares acquired since the last filing as a result of participation in the Company's dividend reinvestment program.

Remarks:

	Christopher G. Hutchinson, POA	09/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Carl John Soderberg report on Form 4 for CAC?

He reported an acquisition of 394 common shares on 09/19/2025, issued under the Company’s 2022 Equity and Incentive Plan in lieu of director fees.

At what price were the shares issued in the CAC Form 4 filing?

The shares were reported at a price of $40.22 per share.

How many CAC shares does Soderberg beneficially own after the reported transaction?

Following the reported transaction, he beneficially owns 100,419.243 shares.

Did the Form 4 filing report any dividend reinvestment activity for CAC?

Yes. The filing states that 1,114.364 shares were acquired since the last filing through the company’s dividend reinvestment program.

Was the transaction part of compensation or open-market trading?

The filing indicates the shares were issued in lieu of director fees under the company’s equity plan, not open-market purchases.