Form 4: Camden National Corp EVP Michael R. Archer Reports Tax Withholding on Vested Stock
SEC Form 4 Filing
EVP Michael R. Archer of Camden National Corp reports the withholding of shares to cover tax obligations upon the vesting of restricted stock units and shares.
Summary
- On April 25, 2025, Michael R. Archer, EVP of Camden National Corp, had shares withheld to cover tax obligations related to the vesting of restricted stock units and restricted shares.
- A total of 682 shares were withheld to cover taxes on restricted stock units that vested on April 25, 2025.
- An additional 114 shares were withheld to cover taxes on restricted shares that vested on April 25, 2025.
- 72 shares were withheld to cover taxes on restricted shares that vested on April 26, 2025.
- 85 shares were withheld to cover taxes on restricted stock units granted under the issuer's 2022-2024 Long-Term Performance Plan that vested on April 26, 2025.
- The price per share for these transactions was $38.74.
- Following these transactions, Archer beneficially owns 15,893.885 shares of Camden National Corp common stock, which includes 6,788 restricted stock units and restricted shares subject to vesting and forfeiture restrictions.
Sentiment
Score: 7
Explanation: The document reflects standard executive compensation practices and tax obligations, indicating a neutral to slightly positive sentiment as it confirms the executive's equity stake and vesting schedule.
Industry Context
Form 4 filings are standard disclosures required by the SEC when company insiders, like executives and directors, trade in their company's stock. This filing indicates routine tax-related transactions following the vesting of stock awards, which is a common practice.
Comparison to Industry Standards
- Tax withholding on vested equity is a standard practice across publicly traded companies.
- Companies like JPMorgan Chase & Co and Bank of America also report similar transactions via Form 4 filings when their executives' restricted stock units vest.
- The amount of shares withheld for taxes is generally in line with standard tax rates and the executive's overall compensation package, which is comparable to industry norms.
Stakeholder Impact
- Shareholders are informed about executive compensation and ownership structure.
- Employees may be interested in the vesting schedules and tax implications of equity compensation.
Key Dates
| Date | Description |
|---|---|
| 04/25/2025 | Date of earliest transaction: Shares withheld for tax obligations on vested restricted stock units and shares. |
| 04/26/2025 | Shares withheld for tax obligations on restricted shares and restricted stock units that vested. |
| 04/29/2025 | Date of signature by Christopher G. Hutchinson, POA. |
Keywords
Form 4, Beneficial Ownership, Executive Compensation, Stock Withholding, Restricted Stock Units, Camden National Corp, CAC, Michael R. Archer
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