Company: BOH
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0000950170-25-039381
Chunk: 55

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 55
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. 2025 Long-Term Incentive Compensation The Company’s long-term incentive program is also 100% performance-based and awarded in the form of performance units with a three-year cliff vesting schedule. Refer to the Executive Compensation Process and Results sections for details on the long-term incentive program design.

| BANK OF HAWAI'I  •  2025 PROXY STATEMENT | 47 |

| COMPENSATION DISCUSSION AND ANALYSIS |

EXECUTIVE COMPENSATION PROCESS & RESULTS The Committee’s annual process for setting NEOs’ compensation begins in the fourth quarter of each year when the Company’s senior management team sets operating and financial goals for the coming year. Using data and analysis provided by an independent compensation consultant and considering senior management’s operating and financial goals, as well as the market environment, the Committee establishes compensation levels and challenging performance goals for the year. The Committee is responsible for retaining its compensation consultant, WTW, and for determining the terms and conditions of that engagement, including fees to be paid to the consultant. The Committee determines whether the consultant's services are performed objectively. The compensation consultant reports directly to the Committee, takes instructions solely from the Committee, and performs no other services for the Company. The Committee Chair pre-approves all compensation consulting engagements, including the nature, scope and fees of assignments. In 2024, the Committee considered the factors delineated by the SEC in Rule 10C-1 and determined that WTW was an independent compensation consultant and that the firm’s work did not raise a conflict of interest with the Company. WTW helped to ensure that the Company’s executive compensation practices were competitive, appropriately designed, and were aimed at linking executive compensation to the business and strategic objectives of the Company. WTW also provided the Committee with market data and an analysis of competitive compensation for the NEOs. The compensation program is designed and implemented as follows: 1. Review and Set Metric Targets for Balanced Scorecard Assessment 2. Determine Peer Group to benchmark executive compensation levels and practices 3. Complete Performance Assessment 4. Calculate/Determine Short-Term Incentive Amount 5. Determine Long-Term Incentive Award 1. Review and Set Metric Targets for Balanced Scorecard Assessment The Committee leads a robust process to set and measure challenging goals. The Committee continued to engage with shareholders and integrate feedback to revamp the balanced scorecard assessment and further align incentive pay with objective quantitative metrics with the highest impact, related to the Company’s management’s ability to create shareholder value across capital