Camden National (CAC) Director Ups Stake to 15,080 Shares

Rhea-AI Filing Summary

On 06/20/2025, Camden National Corporation (CAC) director Craig N. Denekas acquired 454 shares of common stock at $38.57 per share, a transaction valued at roughly $17.5 thousand. The shares were issued under the company’s 2022 Equity and Incentive Plan in lieu of cash director fees, as indicated in the Form 4 filed on 06/23/2025.

After this routine equity-based compensation grant, Denekas’ direct holdings increased to 15,080 shares. The filing is coded “A” (acquisition) and does not reference a Rule 10b5-1 trading plan. No derivative securities were involved.

While stock compensation aligns director interests with shareholders, the small size and compensatory nature of this award mean the event is unlikely to affect Camden National’s valuation, liquidity, or governance profile in a material way.

Insights

Securities Analyst

TL;DR Small, routine director fee stock grant; negligible valuation impact but modest alignment signal.

The 454-share grant (~$17.5k) represents less than 0.01% of Camden National’s shares outstanding, so it is immaterial to earnings per share or book value. Because the acquisition is compensation-related rather than an open-market buy, it carries limited informational content about the director’s view on valuation. Nevertheless, electing equity over cash modestly tightens management–shareholder alignment. Overall, I classify the filing as neutral for investment thesis purposes.

Corporate Governance Expert

TL;DR Equity-paid board fees reinforce alignment; transaction size too small to be governance catalyst.

The grant arises from the 2022 Equity and Incentive Plan, illustrating Camden National’s policy of paying directors partially in stock. Such structures are considered best practice for aligning oversight incentives. However, the incremental 454 shares hardly shift aggregate insider ownership or voting power. With no 10b5-1 framework disclosed and no derivatives involved, governance risk remains unchanged. Impact on shareholder rights or board dynamics is therefore minimal.

Insider Trade Summary

Net Buyer: 454 shares

Net Buy 1 txn

Insider Denekas Craig N

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	454	$38.57	$18K

Holdings After Transaction: Common Stock — 15,080 shares (Direct)

Footnotes (1)

1. F1. Shares acquired under Camden National Corporation's 2022 Equity and Incentive Plan and Amendment in lieu of director fees.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 06/23/2025 - 05:03 PM Learn about SEC filing dates

FAQ

When did Camden National (CAC) file the Form 4?

The Form 4 was filed on 06/23/2025.

How many CAC shares did Director Craig N. Denekas acquire?

He acquired 454 shares of common stock.

What was the purchase price per share in the insider transaction?

The shares were valued at $38.57 each.

What is Denekas’ total CAC share ownership after the transaction?

His direct ownership rose to 15,080 shares.

Was the acquisition made under a 10b5-1 trading plan?

No 10b5-1 plan was indicated in the filing.

Is the transaction material to Camden National shareholders?

Given the small dollar amount and compensatory nature, it is considered not materially impactful.

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^*

Denekas Craig N

(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)
06/20/2025

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	06/20/2025		A		454(1)	A	$38.57	15,080	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.

Remarks:

	Christopher G. Hutchinson, POA	06/23/2025
	** 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.