4/A: Camden National Corp: Executive Vice President Corrects Beneficial Ownership Report After Clerical Error

Michael R. Archer, EVP of Camden National Corp, files an amended Form 4 to correct a clerical error in a previous filing regarding shares withheld for tax obligations.

Summary

• Michael R. Archer, an Executive Vice President at Camden National Corp, filed an amended Form 4 on March 15, 2024, to correct an error in his initial filing from March 12, 2024.
• The original Form 4 incorrectly reported that 45 shares were withheld to cover tax obligations related to shares vested under the company's Management Stock Purchase Plan on March 8, 2024.
• A clerical error led to the incorrect calculation of withholding obligations, and no shares should have been withheld.
• The amended Form 4 increases the reported number of shares beneficially owned by Archer by 45 shares, bringing the total to 11,689.11 shares of common stock.
• This total includes 7,450 restricted stock units and restricted shares subject to vesting and forfeiture restrictions.

Sentiment

Score: 7

Explanation: The document is a routine correction of a filing error. It doesn't indicate any fundamental issues with the company, but the initial error could raise minor concerns about internal controls. Overall, neutral to slightly positive due to the prompt correction.

Positives

• The company promptly corrected the error in the initial filing, demonstrating transparency.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. Amendments are not uncommon and often reflect corrections or clarifications.

Stakeholder Impact

• The correction ensures accurate information is available to shareholders regarding insider ownership.

Key Dates