[Form 4] CAMDEN NATIONAL CORP Insider Trading Activity

Rhea-AI Filing Summary

Camden National Corporation director Maxwell Raina acquired 357 shares of Camden National Corp common stock on 09/19/2025 at a price of $40.22 per share under the company’s 2022 Equity and Incentive Plan in lieu of director fees. Following the transaction, Raina beneficially owns 2,136.359 shares, a total that includes 19.758 shares added via the company’s dividend reinvestment program since the last filing. The Form 4 was filed individually and signed by a POA on 09/23/2025. The filing discloses a routine equity grant and dividend reinvestment activity by a director.

Positive

• Equity-based compensation used to align director incentives, as 357 shares were acquired under the 2022 Equity and Incentive Plan
• Dividend reinvestment participation added 19.758 shares since the last filing, showing continued director participation in company programs

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received equity in lieu of fees, modestly increasing ownership; typical governance practice with no adverse signals.

The reported acquisition of 357 shares under the 2022 Equity and Incentive Plan reflects a standard compensation mechanism for non-employee directors who elect equity rather than cash. Including 19.758 shares from dividend reinvestment, the total beneficial ownership of 2,136.359 shares remains modest relative to institutional holdings. The filing was made individually and executed by a POA, which is common for administrative processing. There are no indications of unusual timing or related-party transactions in the disclosure provided.

Securities Analyst

TL;DR: Small, non-material share acquisition at $40.22 per share; impact on ownership and valuation is immaterial.

The acquisition price of $40.22 for 357 shares is documented and the transaction code indicates an award under the equity plan. The incremental increase of 19.758 shares from DRIP is explicitly noted. From an investor-impact perspective, the transaction size and resulting beneficial ownership do not appear material to company capitalization or control. The disclosure meets Section 16 reporting requirements and provides clear mechanics for the change in holdings.

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
Estimated average burden
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^*

Maxwell Raina

(Last) (First) (Middle)

2 ELM STREET

P.O. 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 Stock	09/19/2025		A		357(1)	A	$40.22	2,136.359(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 19.758 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 Maxwell Raina report on Form 4 for CAC?

The Form 4 reports the acquisition of 357 shares of Camden National Corp common stock on 09/19/2025 at $40.22 per share.

How many shares does Maxwell Raina beneficially own after the reported transaction?

Following the reported transaction, Maxwell Raina beneficially owns 2,136.359 shares.

Were the shares acquired as part of a compensation plan or purchased on the open market?

The shares were acquired under Camden National Corporation’s 2022 Equity and Incentive Plan in lieu of director fees.

Does the filing show participation in a dividend reinvestment program for CAC?

Yes. The filing notes 19.758 shares were acquired since the last filing via the company’s dividend reinvestment program.

When was the Form 4 filed and who signed it?

The Form 4 was executed by a power of attorney, Christopher G. Hutchinson, POA, on 09/23/2025.