Form 4: Camden National EVP Andrew Forbes Disposes of Shares

Executive Vice President Andrew Forbes disposed of 51 shares of Camden National Corp to satisfy tax obligations following the vesting of restricted stock units.

Summary

• Andrew Forbes, Executive Vice President of Camden National Corp, disposed of 51 shares of common stock on April 15, 2026.
• The shares were withheld by the company at a price of $50.38 per share to cover minimum tax withholding obligations.
• Following the transaction, Forbes maintains a total beneficial ownership of 5,350 shares.
• The remaining holdings include ,4590 restricted stock units and restricted shares that are still subject to vesting and forfeiture restrictions.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral, routine administrative event typical of executive compensation cycles in the financial sector.

Positives

• The disposal was a routine tax-related transaction (Code F) rather than a discretionary open-market sale.
• The executive retains a significant majority of his equity stake, holding 5,350 shares post-transaction.
• A substantial portion of the executive's compensation (4,590 units) remains tied to future vesting, aligning interests with long-term shareholders.

Negatives

• The transaction resulted in a minor reduction of the executive's direct share ownership.

Risks

• The 4,590 restricted stock units and shares are subject to forfeiture if vesting conditions are not met.
• Future equity value for the executive is dependent on the market price of CAC common stock.

Future Outlook

The executive continues to hold 4,590 restricted stock units and restricted shares that will vest in future periods, suggesting continued involvement with the company's long-term strategic goals.

Industry Context

StockSavvy.ai notes that 'Code F' transactions are standard administrative procedures in the banking industry, where companies withhold a portion of vested shares to cover an executive's immediate tax liability, and are generally not viewed as a signal of negative sentiment by management.

Comparison to Industry Standards

• The use of restricted stock units as a core component of executive pay is consistent with regional banking peers such as Bar Harbor Bankshares and Northeast Bank.
• The practice of withholding shares for taxes is a standard administrative function across most publicly traded U.S. financial institutions.

Related Party Transactions

• The transaction involves the issuer withholding shares from an executive officer to satisfy tax obligations under an existing compensation plan.

Stakeholder Impact

• Minimal impact on shareholders as this was not an open-market sale and does not dilute existing holdings beyond the original grant terms.

Next Steps

• Monitoring of future Form 4 filings for the remaining 4,590 restricted units as they reach their respective vesting dates.

Key Dates

Recommendation

This filing represents a routine administrative transaction related to executive compensation and does not provide new material information that would alter a standard 'hold' or 'neutral' investment thesis for the company.

Keywords

Camden National Corp, CAC, Insider Trading, Executive Compensation, Form 4, Andrew Forbes, Banking, Restricted Stock Units